Document:

EX-10.32

 Exhibit 10.32 

Contract No.: 1809-069382502-01 

 
 

 
 Comprehensive Credit Line Contract 

Contract version number: FB201701 (applicable for companies) 

 The Contract was signed by the following parties on September 25, 2018 in Pudong New Area, Shanghai:

 Applicant: Shanghai Tonggou Information Technology Co., Ltd. 

Domicile (Address): Room 302, 3/F, 1000 Tianyaoqiao Road, Xuhui District, Shanghai
                 
 Legal representative/person in charge: Wang Wei
                                         
                                    

Tel.: ***
                                         
                                         
                                         
                  
 Fax:
                                         
                                         
                                         
                          

Bank: Fubon Bank Co., Ltd., Shanghai Century Avenue Sub-branch (hereinafter referred to as the “Bank”) 

Domicile (Address): 1/F, Block A, 1168 Century Avenue, Pudong New Area, Shanghai
                 
 Legal representative/person in charge: Su Hang
                                         
                                        

Tel.: ***
                                         
                                         
                                         
                      
 Fax:
                                         
                                         
                                         
                              

  

			
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 Part I General 

Chapter I General Terms 
 Article 1
Contract basis 
 1.1 Whereas, the Applicant applies to the Bank for comprehensive credit line, according to the Law of the People’s Republic of
China on Commercial Banks, the Contract Law of the People’s Republic of China and other laws, regulations and rules, the Parties agree as follows upon negotiations on the basis of equality, voluntariness and integrity. 

Article 2 Amount of the credit line and term 
 2.1 Amount:
the amount of the comprehensive credit line that the Bank agrees to provide to the Applicant hereunder is detailed in Article 25.1. When the credit hereunder involves multiple currencies, the amount of the comprehensive credit line is the total
amount of foreign currencies. 
 2.2 The comprehensive credit line can be applied to multi-currency credits. Where the Applicant applies for credit in more
than one currency at the same time, the exchange rate of currencies other than RMB is determined by the Bank itself according to its internal credit exchange rate policies. When the application is made one by one, the Bank determines whether it
exceeds the comprehensive credit line. 
 2.3 The balance of each credit business within the comprehensive credit line may not exceed the amount stipulated
in Article 25.1, whether it is in RMB or other currencies determined after calculating the exchange rate according to the Bank’s internal credit exchange rate policies. 

2.4 The Applicant must apply for quota use to the Bank within the term of the total amount of the comprehensive credit line and the Bank will refuse such
application made by the Applicant beyond the due date. For details of the term of the total amount of the comprehensive credit line, please refer to Article 25.2. 

The Applicant is fully aware and agrees that: 
 1) If
the Applicant applies for the accounts receivable financing amount, the term of the credit limit will be subject to the letter of consent on pledging accounts receivable claims issued by the Bank, subject to the term of the comprehensive credit line
as stipulated in Article 25.2. 
 2) If the Applicant applies for factoring, the term of the credit limit will be subject to the letter of consent on
factoring issued by the Bank, subject to the term of the comprehensive credit line as stipulated in Article 25.2. 
 Article 3 Business type 

3.1 Business types of the comprehensive credit line include: 
 1)
Fixed assets-backed loan business; 
 2) working capital-backed loan business; 

3) accounts receivable financing business (refers to the Applicant’s application for financing from the Bank with the commercial invoice corresponding to
the accounts receivable based on the pledge of its own or third-party’s accounts receivable); 
 4) invoice payable financing business (refers to the
Applicant’s application for trade financing from the Bank with the corresponding commercial invoice upon purchase); 
 5) invoice receivable financing
business (refers to the Applicant’s application for trade financing from the Bank with the corresponding commercial invoice upon sales); 
 6) factoring
business (including recourse factoring, non-recourse factoring, etc.); 

  

			
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 7) import and export business (including but not limited to the issue of international letter of credit, the
issue of an international letter of credit by correspondent banks, issue of a back-to-back international letter of credit, the import documentary bills under the letter
of credit, the import documentary bills under the collection, export documentary bills under the letter of credit, export documentary bills under the collection, packaged loans, overseas payment, guaranteed delivery, etc.); 

8) domestic letter of credit business (including but not limited to the issue of domestic letter of credit, the issue of a domestic letter of credit by
correspondent banks, issue of a back-to-back domestic letter of credit, the documentary bills under the domestic letter of credit, the documentary bills under the
domestic letter of credit, payment on an agent basis at home, packaged loans under domestic letter of credit, etc.); 
 9) bill business (including but not
limited to discounting of bank acceptance bills, discounting of commercial acceptance bills, factoring of trade tickets, issue of bank acceptance bills, etc.); 

10) bank guarantee business (including but not limited to opening a letter of guarantee, opening a standby letter of credit, etc.); 

11) financial derivatives business (including but not limited to spot foreign exchange, forward foreign exchange, foreign exchange options, foreign exchange
swaps, interest rate swaps, etc.). 
 3.2 The specific credit line is divided into a revolving credit facility and a
non-revolving credit line according to whether it can be revolved. 
 The revolving credit line refers to the
revolving amount provided by the Bank to the Applicant. As long as the Applicant’s balance of outstanding credit business including the amount of contingent debt) does not exceed the amount of the credit line, the Applicant can revolve the
amount of the credit line. 
 Non-revolving credit line refers to the application made by the Applicant for handling
one or more credit line business to the extent that the accumulative amount of the credit business (including the amount of contingent debt) does not exceed the amount of the credit line. The Applicant must not revolve this type of credit line. 

Article 4 Facility use 
 4.1 The purpose of the specific
credit line under the comprehensive credit line, the amount, the currency, the revolving method, the longest period for use of the single business, and the use of the joint control will be the Bank Credit Notice issued by Fubon Bank to the Applicant
from time to time (see the attachment for the format). 
 The Applicant is fully aware and agrees that: 

1) If the Applicant applies for the accounts receivable financing amount, regardless of how the contract and the Bank Credit Notice agree, the specific
business conditions (including but not limited to the single buyer’s quota, transfer, the trading conditions, etc.) under the quota shall be subject to the Notice on Pledge of the Accounts Receivable Claim issued by the Bank. 

2) If the Applicant applies for factoring limit, regardless of how the contract and the Bank Credit Notice agree, the specific business conditions
(including but not limited to the granted quota of single buyer, risk-taking percentage, percentage of price disbursed, the trading conditions, etc.) under the quota shall be subject to the Notice on Factoring Business issued by the Bank. 

3) If the Applicant applies for the amount of the derivative business, regardless of how the contract and the Bank Credit Notice agree, the specific amount
calculated by the Bank based on the derivative risk is only used as a reference for the Bank’s internal approved transaction amount, and cannot be used to identify the amount of the claims or the guaranteed amount. The maximum amount under the
financial derivative amount is based on the cumulative amount of the transaction amount stated in the transaction confirmation document for the individual transaction between the Applicant and the Bank. 

4.2 Specific business contracts and business applications 

  

			
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 1) If the Applicant applies for the following credit business, it shall sign the corresponding specific
business contract and related documents with the Bank, including but not limited to the following specific business contracts: 
  

			
	 Business
	  	 Specific business contracts

	Accounts receivable financing business	  	Accounts Receivable Financing Agreement
		
	Factoring business	  	Factoring Agreement
		
	Opening of the Domestic Letters of Credit and the International Letters of Credit by the Correspondent Banks	  	Business Contract on Opening of the Letters of Credit by the Correspondent Banks
		
	Bank Acceptance Bills	  	Acceptance Agreement on Bank Acceptance Bills
		
	Bank Acceptance Bills Discounting	  	Bank Acceptance Bills Discounting Contract
		
	Commercial Acceptance Bills Discounting	  	Commercial Acceptance Bills Discounting Contract
		
	Commercial Note Factoring and Discounting Business	  	Contract on Factoring and Discounting of Commercial Acceptance Bills Drawer
		
	Financial Derivatives Business	  	Financial Transaction Master Agreement, Derivative Product Risk Disclosure, Derivatives Trader Authorization Letter

 2) The Applicant shall promptly sign the reply letter to the Bank Credit Notice issued by from the Bank to the Applicant from
time to time and apply to the Bank for the specific credit line as required by the Bank Credit Notice and the credit policy of the Bank. 
 3) To use the
specific credit line, the Applicant need to apply in advance by submitting the relevant business application to the Bank and it can use the same after it is approved by the Bank. 

4.3 The above specific business contracts, agreements and related business applications, Bank Credit Notices and corresponding transaction vouchers or
confirmation documents issued by Bank are collectively referred to as “specific contracts”. Each specific contract is an integral part hereof and bears the same legal effect as the Contract. 

4.4 Each credit provided by the Bank hereunder is independent. The specific contract submitted by the Applicant for the credit shall constitute the final
agreement and independent contract between the Applicant and the Bank on the terms and conditions of the credit together with the terms hereof. However, if the business application is inconsistent with other transaction vouchers or confirmation
documents issued by the Bank, the Parties agree that other transaction vouchers or confirmation documents issued by the Bank shall prevail. 
 4.5
Conditions precedent: Unless otherwise agreed in the Bank Credit Notice, each use of the credit line by the Applicant must meet the conditions precedent to the credit line use below and be to the satisfaction of the Bank. 

1) The Contract and the guarantee document have been legally valid and the Applicant has signed the Bank Credit Notice and delivered it to the
Bank. 
 2) The Applicant has obtained sufficient authorization and approval from the board of directors or any other competent authority
required to sign and perform the Contract, and reserves the corporate documents, documents, seals, relevant personnel list and signature samples related to the signing of the Contract and duly fills in the relevant documents. 

3) The Applicant has opened an account with the business outlets of Fubon Bank as required by the Bank to complete the business hereunder. 

a) If the Applicant applies for a fixed asset loan quota, the Applicant shall open or designate a fixed asset loan account for the issuance and
payment of the loan as required by the Bank; For a project financing loan, it shall re-open or re-designate a project income account as required by the Bank. All project
income will be included into the account, and the funds in the account will be paid according to the agreed conditions and methods. 

  

			
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 b) To apply for working capital loans, the Applicant shall as required by the Bank, 1. open
or designate loan special accounts for the issuance and use of loans; 2. if the RMB general settlement account is used, in principle, the entrusted payment method will be applied; and 3. specify a special fund withdrawal account. 

4) The Applicant has submitted the relevant business application and the supporting documents relevant to the quota use as required by the
Bank. 
 5) The relevant security right or similar priority has been legally established and effective (if any). 

6) The Applicant or the Guarantor has completed the insurance procedures (if any) as required by the Bank. The Applicant shall insure the
relevant collateral according to the amount, time limit and insurance type required by the Bank and the insurance policy shall indicate the Bank as the first beneficiary. The insurance period may not be shorter than that as required by the Bank. If
the insurance period insured by the Applicant is shorter than that as required by the Bank, when the Applicant’s single credit expiration date exceeds or may exceed the insurance period, the Applicant shall make up the insurance period as
required by the Bank; otherwise, the Bank will have the right to decide whether to grant the credit to the Applicant. 
 7) The Applicant has
paid in full the fees (if any) as agreed in the Contract. 
 8) The Applicant has satisfied all conditions as agreed in the Contract. 

9) The Applicant has completed the legal procedures (if any) such as government license, approval, registration, filing, and delivery related
to the credit granted under the Contract in accordance with the relevant laws and regulations. 
 10) Comply with the Bank’s and
regulator’s requirements for payment control (if any), including but not limited to Article 4.8. 
 11) Other pre-lending conditions as agreed in the Bank Credit Notice. 
 12 The Applicant has obtained the government
license, approval, registration, filing, etc. required for using the loan hereunder for the fixed asset investment, including but not limited to planning approval, project review, land use approval, environmental impact assessment, etc., if any.

 13) Other conditions put forward by the Bank or other documents, projects or evidence required by the Bank. 

The establishment of the above conditions does not mean that the Bank is obliged to provide credit when the above conditions are met. However, if the above
conditions are not met, the Bank has the right to refuse the Applicant’s application for the credit line. 
 4.6 Before or during the quota use, if
the national macro-control policy changes, or the banking regulator requests the Bank to control the credit scale or the credit investment destination, or other reasons not attributable to the Bank make inability for the Bank to let the Applicant
use the quota, the Bank has the right to suspend or terminate the use of the amount, recover the principal and interest of all the loans already issued, and terminate the Contract to which, the Applicant has no objection and it agrees to exempt the
Bank’s liability. 
 4.7 The signing of the Contract between the Applicant and the Bank does not constitute the Bank’s commitment on
granting credit line to the Applicant. For the specific credit business under the Contract, the Applicant shall submit a written application to the Bank in advance (or other forms of application approved by the Bank), and the Bank has the right to
follow the internal and external actual conditions (including but not limited to external regulatory requirements, the satisfaction of the credit granting conditions of the Applicant, internal credit policies of the Bank, approval opinions,
liquidity of funds, etc.) to review and judge whether or not to grant credit to the Applicant, and has the right to review the use of credit by the Applicant per year or from time to time. If the Bank believes that it is necessary to adjust or is
not suitable to continue to grant the credit line to the Applicant, the Bank has the right to adjust the comprehensive credit line and its specific period, and/or cancel all unused credits without prior notice to the Applicant. 

  

			
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 4.8 The Applicant shall comply with the following payment control agreement as required by the Bank: 

1) The payment review documents submitted by the Applicant to the Bank are as follows: 

 

			
	 Terms of payment
	  	 Document

	Entrusted payment	  	The applicant submits to the Bank, 1) payment settlement vouchers; 2) corresponding transaction data for the payment; 3) proof of the availability and use of the principal and/or own funds (if required); 4) proof of progress of the
project (if required); 5) other documents that the Bank may require.
		
	Self payment	  	The Applicant submits to the Bank, 1) payment settlement vouchers; 2) corresponding transaction data for the payment; 3) proof of the availability and use of the principal and/or own funds (if required); 4) proof of progress of the
project (if required); 5) list of planned/actual payment; and 6) other documents that the Bank may require.

 2) Entrusted payment means the Bank pays the loan money, on basis of the Applicant’ drawdown request and
payment instruction, to the Applicant’s counterparty that satisfies the purposes of loan specified in contracts. Self payment means the Bank pays the loan money, on basis of the Applicant’ drawdown request and payment instruction, to the
Applicant’s account and the Applicant makes payment to the counterparty that satisfies the purposes of loan specified in contracts. 

3) Refer to the Bank Credit Notice for the terms of payment between the Applicant and the Bank for the specific credit line. When the
Applicant makes payment to others by using the loan provided by the Bank, the Bank has the right to review on a case-by-case basis and decide whether to pay externally
and what terms of payment will be adopted. If the terms of payment in the business application accepted by the Bank is inconsistent with the Bank Credit Notice, the business application accepted by the Bank shall prevail. 

4) In the event that the bank of deposit of the counterparty of the Applicant is subject to any refund, making the Bank unable to pay the
financing funds to its counterparty in time according to the Applicant’s payment entrustment, the Bank will not bear any responsibility, and the repayment obligations of the Applicant already incurred hereunder will not be affected. For the
amount returned by the Applicant’s Counterparty’s bank of deposit, the Applicant will authorize the Bank to freeze it. 

5) Notwithstanding the above, the Bank has the right to adjust the terms of payment of any credit in accordance with laws, regulations or
regulatory requirements under any of the following cases, and has the right to regard the following event as default event: 
 a) The
Applicant violates the Contract and circumvents the Bank’s entrusted payment requirements by breaking up the whole into parts; 

b) the credit status of the Applicant or the profitability of the main business decreases; 

c) the use of financing funds is abnormal; 

d) The Applicant has not provided the records and information on the use of financing funds in a timely manner as required by the Bank;

 e) the Applicant pays the financing funds in violation hereof; 

f) repeat financing. 
 In order to
avoid ambiguity, this ruling does not affect the Bank’s rights under other terms hereof. 
 Article 5 Interest rate and interest 

5.1 Calculation and adjustment of interest rates 
 The
interest rate and the methods to adjust the interest rate for the credit business under the Contract shall be subject to each business application accepted by the Bank. 

5.1.1 Calculation and adjustment of RMB credit interest rate are as follows: 

1) Floating interest rate: The Applicant and the Bank agree that the Renminbi annual interest rate is the Renminbi loan benchmark interest
rate set by the People’s Bank of China, plus or less a certain percentage as agreed. The future floating ratio is adjusted according to the Bank’s capital status. The credit interest rate shall be subject to the approval of the relevant
business application accepted by the Bank. If the People’s Bank of China adjusts the benchmark interest rate, the credit interest rate will be adjusted accordingly from the date of interest rate adjustment, without further notice to the
Applicant. Unless the Applicant and the Bank otherwise agree, for the short-term ( within one year (included) withdrawal, the interest rate adjustment date is the first day of the month next to the effective date of the interest rate adjustment
announced by the People’s Bank of China; for the medium and long-term (more than one year (excluded)) withdrawal, the interest rate adjustment date is January 1 of the following year when the interest rate adjustment announced by the
People’s Bank of China takes effective. 

  

			
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 2) Fixed interest rate: the Applicant and the Bank agree that the Renminbi annual
interest rate shall be subject to the credit business application accepted by the Bank. Each credit rate is not affected by the adjustment of the benchmark interest rate that may occur during the single credit period. 

3) Relative interest rate: The Applicant and the Bank agree that the Renminbi annual interest rate is the Renminbi loan benchmark interest
rate set by the People’s Bank of China, plus or less a certain percentage as agreed. The interest rate for the credit business under the Contract shall be subject to each business application accepted by the Bank. The interest rate on the date
of issuance of the credit is “agreed interest rate”, and the adjustment of interest rate within the period of use of each credit depends on the Bank’s capital status, but the minimum is not lower than the agreed interest rate at the
time of use; If the People’s Bank of China adjusts the benchmark interest rate, the credit interest rate will be adjusted accordingly from the date of interest rate adjustment, without further notice to the Applicant. If the People’s Bank
of China adjusts the benchmark interest rate, making the interest rate lower than the agreed interest rate, and the credit interest rate is not adjusted with the adjustment of the benchmark interest rate of the People’s Bank of China. Unless
the Applicant and the Bank otherwise agree, for the short-term (within one year (included)) withdrawal, the interest rate adjustment date is the first day of the month next to the effective date of the interest rate adjustment announced by the
People’s Bank of China; for the medium and long-term withdrawal, the interest rate adjustment date is January 1 of the following year when the interest rate adjustment announced by the People’s Bank of China takes effective. 

5.1.2 Calculation and adjustment of foreign currency credit interest rate are as follows: the Applicant and the Bank agree that the interest rate for the
credit business under the Contract shall be subject to each business application accepted by the Bank and subject to adjustment depending on the Bank’s fund position. 

5.1.3 For the interest rate adjustments made in accordance with Articles 5.1 and 26.3, the Parties do not need to sign an agreement or other written
documents separately, and neither party is required to notify the other party or obtain the consent thereof, nor is it necessary to notify the Guarantor or obtain its consent. 

5.2 Interest collection 
 5.2.1 Credit interest payment methods
under the Contract are as follows and subject to the Bank Credit Notice specifically: 
  

			
	Installments on a monthly basis	  	The Applicant shall pay the current interest of each credit on the 21st day of each calendar day according to the actual number of days, and pay the Bank the interest that has occurred but not yet paid for each credit on the due
date thereof.
		
	Installments on a quarterly basis	  	The Applicant shall pay the current interest of each credit on the 21st day of the last month of each calendar quarter according to the actual number of days, and pay the Bank the interest that has occurred but not yet paid for each
credit on the due date thereof.
		
	Payment upon expiration	  	The Applicant shall pay the interest of each credit on the due date thereof to the Bank.
		
	Based on specific contract	  	Calculated according to the interest accrual method of each specific contract.
		
	Direct deduction when use	  	The Bank has the right to deduct the interest payable by the Applicant directly from the credit applied.

  

			
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 5.3 Penalty interest rate 

The penalty interest rate will apply from the date of repatriation, advances or misappropriation. The RMB portion shall be calculated at the interest rate
agreed upon for the credit, plus 50% and the foreign currency portion, the interest rate agreed upon for the credit, plus 3%. If the Applicant does not agree to the interest rate with the Bank when using the credit, the RMB portion will be
calculated according to the penalty interest rate of one thousandth of the daily amount of the actual advance, and the foreign currency portion, 0.026% unless otherwise agreed in the specific contract. The Bank reserves the right to compound
interest on interest that has not been repaid or paid. If the Bank or the People’s Bank of China stipulates to adjust the above interest rate, the Bank reserves the right to adjust the above interest rate. 

Article 6 Expenses 
 6.1 The Applicant shall bear the
relevant expenses under the Contract in accordance with the relevant provisions on the fees and the provisions of the Bank. Other bank fees and other charges uncovered will be implemented by reference to the Bank’s standard rate. The Applicant
confirms that the Bank’s charging standards are clearly known. 
 The Applicant is fully aware and agrees that: 

1) If the Applicant applies for the accounts receivable financing amount, no matter how the Bank Credit Notice agrees, the invoicing fees therefor will be
subject to the letter of consent on pledging accounts receivable claims issued by the Bank. 
 2) If the Applicant applies for factoring amount, no
matter how the Bank Credit Notice agrees on the fees sharing, the invoicing management fees thereunder will be subject to the letter of consent on factoring issued by the Bank. 

6.2 The agreement on fees in the Bank Credit Notice is only for reference. The specific fee is based on the business application and the standard rate
published by the Bank. If the agreement in the business application is inconsistent with the standard fee rate published by the Bank, the business application accepted by the Bank shall prevail. 

6.3 Except for the taxes and fees to be borne by the Bank as stipulated by laws and regulations, any other taxes and expenses under the Contract shall be
borne by the Applicant. 
 6.4 The Applicant agrees and authorizes the Bank to deduct the relevant fees directly from any account opened by the
Applicant in Fubon Bank and the Bank retains the right of recourse against the Applicant for the insufficiency. 
 Article 7 Guarantee 

7.1 The forms of guarantee acceptable to the Bank under the Contract include, but are not limited to, pledges, mortgages, guarantees and other forms of
guarantees recognized by the Bank. 
 7.2 Guarantee corresponding to the specific credit line hereunder is set forth in the Bank Credit Notice. 

7.3 The Guarantor provides guarantee for the credit line of the Applicant under the Contract, and signs the corresponding guarantee documents and other
documents required by the Bank. The guarantee extends to the credit principal, interest (including penalty interest, compound interest) under the Contract, and the liquidated damages and compensation payable by the Applicant to the Bank and all
fees, expenses and losses incurred by the Bank to realize its claims. 
 7.4 Before the debts hereunder are fully settled, if the Bank believes that the
collateral needs to be insured or the insurance procedures shall be maintained, the Applicant shall actively urge the Guarantor to pay the insurance premium in time and take all measures to maintain the renewal and validity of the insurance at any
time and provide the payment certificate of the insurance premium to the Bank. Where the Guarantor fails to perform the above procedures in a timely manner, the Bank has the right to take such measures as it deems necessary to maintain the renewal
and validity of the insurance and confirm the rights and interests of the Bank with all costs incurred being borne by the Guarantor. If the Guarantor refuses to or cannot pay the fees, the Applicant agrees that the Bank may immediately deduct the
aforesaid amount from any account opened by the Applicant in any business outlet of Fubon Bank and retain the right of recourse with respect to any insufficiency. 

  

			
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 Article 8 Repayment 

8.1 Repayment method: there are four forms of repayment in the Contract: 
  

			
	Payment of interest on schedule and repayment of principal on maturity	  	The principal is repaid in one lump sum on the expiration date of the credit on an individual basis. Please refer to the Bank Credit Notice for the interest payment method.
		
		  	If the provisions in the business application accepted by the Bank are inconsistent with the Bank Credit Notice, the business application accepted by the Bank shall prevail.
		
	Matching the principal repayment	  	The Applicant’s loan principal will be evenly repaid in installments. The principal repayment date and the interest payment date fall on 21st day in each month, on which, the Applicant pays the principal and interest of the
first loan. The Applicant pays the remaining principal and interest on the maturity date of the loan.
		
	Average capital plus interest	  	The Applicant’s loan principal and interest will be evenly repaid in installments. The principal repayment date and the interest payment date fall on 21st day in each month, on which, the Applicant pays the principal and
interest of the first loan. The Applicant pays the remaining principal and interest on the maturity date of the loan.
		
	Repayment of principal and interest according to the repayment plan	  	Please refer to the Bank Credit Notice for details of the repayment schedule. If the provisions in the business application accepted by the Bank are inconsistent with the Bank Credit Notice, the business application accepted by the
Bank shall prevail.

 8.2 The specific repayment amount and date will be subject to the confirmation documents issued by the Bank to the Applicant.
The Applicant shall deposit the principal, interest and other amounts payable in the current period in the repayment account contained in the business application one working day before the repayment date. The Bank has the right to actively
deduct the amount on the repayment date, or ask the Applicant to cooperate with the relevant transfer procedures. 
 8.3 At the expiration of each
credit, the Applicant shall pay the debt on time; otherwise it will be treated as a credit overdue or advance payment. 
 8.4 The exchange rates among
various currencies will be affected by market fluctuations and the laws of the currency issue countries. When the repayment is made in a currency different from the credit currency, there may be fluctuations in the repayment amount at the foreign
exchange purchases in the future. The risk will be borne by the Applicant and the Bank will not be liable for the losses incurred by the Applicant. 
 8.5
If the currency in the repayment account is inconsistent with the actual currency, the deduction will be made on the basis of the exchange rate applicable to the Bank on the deduction date, and the relevant risks and losses will be borne by the
Applicant. 
 8.6 Unless otherwise agreed by the parties, the Applicant shall pay off the Bank’s claims in the following order: 1. the cost of
realizing the claims and security rights; 2. damages and compensation; 3. liquidated damages; 4. compound interest and penalty interest; 5. expenses; 6. interest; 7. principal; 8. other payables, but the Bank has the right to change the
above-mentioned settlement order. 
 8.7 Special agreements on repayment for specific credit line are set forth in the Bank Credit Notice. If the provisions
in the business application accepted by the Bank are inconsistent with the Bank Credit Notice, the business application accepted by the Bank shall prevail. 

8.8 Advance repayment: If the Applicant needs to repay in advance, it must notify the Bank in writing 15 working days in advance, and obtain the Bank’s
consent before repayment. Liquidated damages for repayment in advance are stipulated by the Bank Credit Notice. The Applicant shall repay the debt in accordance with Article 8.6, and the interest already charged according to the original agreement
will not be refunded. If the repayment is made in advance and in part, the principal and interest will be re-determined based on the remaining principal from the date of partial repayment. 

  

			
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 8.9 Repayment reservation: the Applicant applying for repayment must access to online banking services. With
the consent of the Bank, the Applicant shall submit an application for repayment at least seven natural days in advance. The Applicant will remit the repayment principal and interest into the repayment account on three natural days before the
scheduled repayment date. Where an Applicant applies for repayment reservation, such applications are irrevocable once being made. The Bank has the right to automatically deduct the repayment principal and interest from the repayment account on the
reserved repayment date according to the Applicant’s appointment repayment request. If there is not enough funds in the repayment account, the repayment application fails. If the repayment is made in advance and in part, the principal and
interest will be re-determined based on the remaining principal from the date of partial repayment. 
 Article 9
The Applicant’s guarantee and commitment 
 The Applicant guarantees and undertakes that: 

9.1 The Applicant has been legally established as a legal person in accordance with or validly existing under the relevant laws and it has the right to sign
the Contract and fulfill its obligations under the Contract according to the laws of its place of establishment. 
 9.2 The Applicant signs the Contract
without violating any laws, regulations and rules on environmental protection, energy conservation and emission reduction, pollution reduction, land and resources management, safe production, etc., and has obtained all the environmental permits
required by it; and promises to strictly comply with such laws, regulations and rules, and comply with environmental permit conditions after signing the Contract. 

9.3 The Applicant has obtained the legal and effective authorization and approval of the board of directors or any other authorities required to sign and
perform the Contract in accordance with its articles of association or other internal management documents. The signing of the Contract is the true meaning of the Applicant and will not result in a breach of (i) the agreement or commitment
signed by it with any third party; or (ii) any law or regulation to which it applies; or (iii) its articles of association. 
 9.4 The Applicant
does not have any procedures, such as litigation, arbitration, enforcement, appeal, reconsideration, and other events or circumstances that may have a material adverse effect on the Applicant or the Applicant’s main property or on the
performance of the Contract. The Applicant’s important assets do not involve any enforcement, seizure, attachment, freezing, lien, or regulatory measures, and there are no circumstances that may lead to such measures. If so, the Applicant shall
immediately notify the Bank. 
 9.5 The Applicant has obtained or will obtain all relevant approvals, permits, filings or registrations required for the
signing and performance of the Contract, including but not limited to the approval of the State Administration of Foreign Exchange and its branches. 
 9.6
The Applicant has obtained the government license, approval, registration, filing, etc. required for using the loan hereunder for the fixed asset investment, including but not limited to planning approval, project review, land use approval,
environmental impact assessment, etc., if any. 
 9.7 Loan projects and their loan matters are in compliance with laws and regulations. Working capital
loans will not be used for investment in fixed assets, equity, etc., and will not be used in areas and uses prohibited by the state for production and operation. The Applicant promises not to misappropriate the working capital loan and will accept
the inspection and supervision in accordance with the Contract. 
 9.8 The Applicant shall provide financial statements, all account opening accounts and
deposit and loan balances and other relevant information required by the Bank within the time limit required by the Bank, ensure that documents, statements, materials and information (including the Guarantor’s documents, statements, materials
and information) provided during the signing and performance of the Contract are true, complete, objective, accurate, legal and valid, and do not contain any false records, misleading statements or major omissions. The financial statements are
prepared in strict accordance with PRC GAAP. The Applicant further undertakes to agree to provide the financial information or other materials with respect to the Applicant and its subsidiaries, related parties and the Guarantor audited by the
auditors from time to time as required by the Bank, and immediately notify the Bank when the business characteristics and scope of the Applicant and its subsidiaries and related parties and the Guarantor change. The Applicant ensures that it
continues to meet the financial indexes of the Bank. 
 For the purpose hereof, with respect to the Applicant, related parties are defined as follows: if
one party controls, jointly controls or exerts significant influence on the other party, and two or more parties are under the control, joint control or significant influence of the other party. For the purpose hereof, control means that one party
has the right to decide the financial and business policies of the other party, and can benefit from the other party’s business activities. Joint control refers to the common control over an economic activity in accordance with the contract and
it exists only when the important financial and operational decisions related to the economic activity require the unanimous consent of the investors sharing control. Significant influence refers to the power to participate in decision-making on the
financial and operating policies of an enterprise, but it cannot control or jointly control the formulation of these policies with other parties. 

  

			
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 9.9 The Applicant will strictly abide by the terms of the Contract and fulfill corresponding obligations and
commitments. 
 9.10 Any guarantee provided by the Applicant or the Guarantor will be fully effective upon completion of the improvement procedures and
there is no dispute of ownership and no guarantee may be cancelled without the consent of the Bank. 
 9.11 The background based on which the Applicant
applies to the Bank for handling business is real and legal and it will not be used for money laundering and other illegal purposes. 
 9.12 The Applicant
does not conceal any event that may affect the financial status and performance ability of the Applicant and the Guarantor. 
 9.13 The Applicant and any of
its shareholders and related parties did not involve any liquidation, bankruptcy, reorganization, merger, division, reorganization, dissolution, capital reduction or similar legal proceedings, nor did it result in any circumstances that may lead to
such legal proceedings. 
 9.14 If the Applicant has or will sign the counter guarantee agreement or similar agreements with the Guarantor hereto with
respect to the guarantee obligations, the agreement will not damage any rights of the Bank under the Contract. 
 9.15 In addition to the above warranties
and commitments, the Applicant further warrants and promises as follows: 
 1) If the Applicant applies for the fixed assets loan amount, the Applicant
guarantees and promises that: a. the capital in the same proportion as the loan is fully available; b. the actual progress of the loan matches the invested amount; c. the Applicant will not evade the entrusted payment method by breaking up the whole
into parts; d. under self payment, the Applicant submits the “planned/actual payment list” to the Bank at least quarterly after the loan is issued; e. in the event of project financing loans, in principle, the Applicant’s own funds
must be used in the same proportion as the loan or the Applicant’s own funds are used up before using the loan. 
 2) If the Applicant applies for the
working capital loan amount, the Applicant guarantees and promises that: a. the Applicant will not evade the entrusted payment method by breaking up the whole into parts; b. under self payment, the Applicant submits the “planned/actual payment
list” to the Bank at least quarterly after the loan is issued. 
 3) If the Applicant applies for the opening of import letter of credit, domestic
letter of credit, guaranteed delivery, import bill, export bill, opening letter of guarantee/standby letter of credit, overseas payment and other credit extension business, the Applicant’s guarantee and commitment must also comply with the
relevant provisions of the special terms of the credit business in Chapter II. 
 4) If the Guarantor is an overseas institution or individual (the
“overseas guarantor”), the Applicant guarantees and promises that: a. it always meets the qualifications for foreign-invested enterprises to handle the foreign-invested domestic loan business, and the total foreign debts do not exceed its
bets during the entire period from the date of signing the Contract to the date when the Applicant repays principal and interest. The Bank’s review of the Applicant’s conditions and bet difference does not exempt the Applicant from the
above warranty obligations; b. to increase new external debt (including but not limited to short-term foreign debt, medium- and long-term foreign debt or new foreign-invested domestic loan business), the Applicant shall obtain the previous consent
of the Bank in writing; c. if the Applicant is subject to equity transfer, change of total investment or registered capital, the change of shareholders or the shareholding structure or the change of business scope, etc., it shall obtain the written
consent of the Bank in advance, and may not affect its obligations and responsibilities under the foreign-invested domestic loan business, nor will it cause it to no longer have the qualifications for the foreign-invested domestic loan business or
make the Applicant’s guarantee performance amount exceeds the allowable registration amount when credit provided by the Bank expires; d. after the overseas guarantor fulfills the guarantee obligations, the Applicant shall promptly handle the
foreign debt registration in accordance with the relevant regulations and the requirements of the Bank and within the time limit required thereby. If the foreign exchange administration imposes punishment as the outstanding principal balance of the
external debt exceeds the sum of the previous year’s unaudited net assets and the external debts, it shall promptly accept punishment; The Applicant shall promptly perform the repayment obligation to the overseas guarantor, and all the
guarantees with respect to the Applicant and the overseas guarantor shall be handled by the parties themselves and may not be involved with the Bank; e. the outstanding principal of the external liabilities formed by the foreign-invested domestic
loan business may not exceed the sum of the unaudited net assets of the previous year and its own external debts; f. provide information as required by the Bank (including but not limited to the unaudited net assets of the Applicant in the previous
year, the current amount of foreign debts available, the amount of foreign-invested domestic loans with domestic financial institutions, debt defaults, and foreign debt registration and settlement, the outstanding principal of external liabilities
arising from foreign-invested domestic loans) and guarantee the truthfulness, completeness, validity and follow-up update of the information and data provided; g. if the Applicant breaches in terms of
guarantee under any foreign-invested domestic loan business after the Contract is signed, the Applicant shall promptly notify the Bank and further promises that the Applicant may not make application hereunder unless the Applicant has paid off all
external liabilities under the foreign-invested domestic loans in which the guarantee has been performed and it has been approved by the State Administration of Foreign Exchange or its authorized branches. 

  

			
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 5) The Applicant agrees to handle the matters uncovered in the Contract and the related documents according
to laws and regulations, the Bank’s related provisions and business practice. 
 Article 10 The Applicant’s rights and obligations 

10.1 The Applicant shall use the loan and/or other credits in accordance with the terms and/or promises hereunder. 

10.2 The Applicant shall accept the Bank’s loan payment management, post-loan management and related inspections and supervision, and provide sufficient
assistance and cooperation. 
 10.3 If the Applicant or the Guarantor is subject to any changes in business license, articles of association, business
scope, registered capital, or legal representative, the Applicant shall notify the Bank in writing and provide the latest relevant materials within ten natural days from the date of the change. 

10.4 In the event of any circumstances that may affect the Applicant’s or the Guarantor’s financial position and ability to perform, including but
not limited to mergers, divisions, capital reductions, equity transfers, foreign investments, substantial increases in debt financing, transfer of material assets and claims, and others that may adversely affect the Applicant’s solvency, the
Bank’s consent must be obtained in advance. 
 10.5 If the Applicant knows that the Guarantor has or may have the following circumstances, the
Applicant shall immediately notify the Bank and actively cooperate with the Bank to implement the safeguard measures for the safe repayment of the principal and interest of the loan and other credits and all related expenses under the Contract: 

1) it incurs difficulty in operations, significant financial loss, loss of assets or other financial crisis; 

2) it is subject to business stoppage, liquidation, business stoppage for internal rectification, or its business license is revoked or canceled or
application for or being filed for bankruptcy, dissolution and other circumstances; 
 3) its controlling shareholders and other affiliates suffer from
major financial crisis in terms of operation or finance, affecting its normal functioning; 
 4) there are significant related party transactions between it
and its controlling shareholders and other affiliates, affecting its normal operation; 
 (5) in the event of any litigation, arbitration or criminal or
administrative penalty that has a material adverse effect on its operation or property status; 
 6) it carries out any changes in business methods such as
joint venture, cooperation, contracting management, recombination, and restructuring; 
 7) its property or collateral is seized, attached or supervised, or
a new guarantee is created on the collateral; 
 8) its shareholders, directors and current senior officers are suspected of major cases or economic
disputes; 

  

			
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 9) the Applicant breaches other contracts; 

10) it is divorce, disappears or dead when the Guarantor is a natural person; 

11) other circumstances that are materially unfavorable to its operations, financial condition or solvency. 

10.6 The Applicant shall repay the principal and interest and related expenses in the same currency as the loan and other credits in full and on time
according to the Contract; or deposit the aforementioned funds into the designated account in advance as required by the Bank, and may not withdraw, transfer, pledge or otherwise dispose or create any claims on the funds. 

10.7 Any payment made or amount payable by the Applicant to the Bank shall not be deducted from taxes and other fees of any nature. If tax and other expenses
are deducted in accordance with laws and regulations, the Applicant shall make up. 
 10.8 The Applicant agrees to make compensation in full for any
disputes, controversies, claims, expenses, losses, expenses and other payments incurred by the Bank in connection with the provision of credit or any services. 

10.9 The Applicant may not omit to make management and recover the claims fall due or disposes of claims or properties for free or other improper ways. 

10.10 If the Applicant belongs to a group client defined in Article 12.2, it shall timely report the related party transactions involving more than 10% of the
net profit to the Bank, including but not limited to the related party relationship of parties, items, nature, trading amount and corresponding proportion as well as pricing policies (including the transactions without amount or with only a symbolic
amount). 
 10.11 The Applicant may not transfer, assign, update or dispose of any of its rights and/or obligations under the Contract or any interest in
connection with such rights and obligations without the written consent of the Bank. 
 10.12 If the Bank needs to make external payment before the
following business expires, including providing the Applicant with bank guarantees, issuing international letters of credit and domestic letters of credit, entrusting correspondent banks to open international letters of credit and domestic letters
of credit, opening bank acceptance bills, guaranteed delivery, and opening back-to-back international letter of credit and domestic letter of credit, overseas payment,
domestic payment, etc. or due to the beneficiary’s call to the Bank, the Applicant shall deposit sufficient amount or deposit for the Bank to make external payment, and the Bank also has the right to debit the Applicant’s foreign currency
or RMB account in the Bank as the backup payment; and the Applicant agrees to create pledge guarantee on the margin account for guaranteeing its debts due to the Bank and immediately issues a written pledge confirmation to the Bank after depositing
each pledge. Pledge guarantee extends to the debt principal, interest and the expenses incurred by the Bank to realize its claims under the business. The account is only for the Applicant to deposit its cash deposit. Once the money is included into
the deposit account and pledge to the Bank by the Applicant in writing, it is deemed as a specialized deposit and constitutes the pledge property. The pledge will take effect from the date of being included into the deposit account and be deemed to
be delivered to the Bank in an indirect possession and shall be held and controlled by the Bank on behalf of the Applicant. The Applicant may not use the funds in the deposit account without the consent of the Bank. If the provision or deposit is
insufficient for the Bank to make external payment, the Applicant is obliged to pay off the above payment. 
 10.13 other rights and obligations as agreed
hereunder. 
 Article 11 The Bank’s rights and obligations 

9.1 The Bank has the right to review and determine whether to grant a single credit to the Applicant, and to review the use of the credit by the Applicant
each year or from time to time. If the Bank believes that it is necessary to adjust or is not suitable to continue to grant the credit line to the Applicant, the Bank has the right to adjust the comprehensive credit line and its specific period,
and/or cancel unused credits in full or in part or declare that all or part of the Applicant’s credit under the Contract expire immediately without prior notice to the Applicant. 

11.2 The Bank has the right to request the Applicant to provide information related to the credit line, and to investigate the legality, authenticity,
completeness and validity of the information and documents provided by the Applicant. The Bank also has the right to investigate the Applicant’s credit standing. 

  

			
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 11.3 The Applicant agrees that the Bank has the right to disclose any of its information to: 1) any
intended transferee of the Contract or the party entitled to the rights hereunder; 2) the Bank’s offices, branches and other necessary entities; 3) any government, financial, taxation, regulatory and other administrative agencies or judicial
organs; 4) those who provide external professional services to the Bank, including but not limited to lawyers, auditors, etc. 
 11.4 The Bank has the
right to get to know the Applicant’s production, operation and financial activities. 
 11.5 The Bank is entitled to check the use of the loan and/or
other credit lines, the Guarantor’s credit status or the collateral status. 
 11.6 If the Guarantor provides mortgage or pledge, the Bank has the
right to request an assessment agency approved by it to evaluate the value of the pledge. If the value of the collateral (pledge) has dropped significantly and it is no longer sufficient as a guarantee for contractual debts, the Bank has the right
to require the Applicant to return part of the credit or provide other guarantees approved by the Bank. 
 11.7 The Bank has the right to adjust the
credit line according to the exchange rate change, require the Applicant to provide other guarantees or immediately repay the excess. 
 11.8 The Bank
is entitled to require the Applicant to repay in full and on time the principal and interest of the loan and other loans extended under the Contract. The Bank is entitled to make deductions from any account opened by the Applicant in any business
outlet of Fubon Bank, to repay the debts owed by the Applicant in the Contract. 
 11.9 For working capital loans, the Applicant agrees that the Bank has
the right to recover the loan in advance according to the withdrawal of the Applicant’s funds. 
 11.10 If the Bank provides the Applicant with bank
guarantees, issue bank acceptance bills, guaranteed delivery, issue international letters of credit and domestic letters of credit, entrust correspondent banks to open international letters of credit and domestic letters of credit, open back-to-back international letter of credit and domestic letter of credit and other credit lines, the Bank has the right to pay the amount claimed immediately upon receipt of
the demand/claim/payment request, without asking or obtaining the Applicant’s additional consent and the Bank is not obliged to investigate and verify the facts involved in the demand/claim/payment request. 

11.11 The Bank is entitled to transfer the rights and obligations under the Contract and the relevant guarantee documents at any time according to the law and
without the consent of the Applicant, and take such means as it deems appropriate, including but not limited to fax, post, personal service, announcement in the public media, etc., to notify the Applicant of the transfer. The Applicant shall
continue assuming liability to the Bank and its rights transferee and beneficiary in accordance with the Contract. Notwithstanding such assignments, the Contract and related documents will continue to be valid for the Applicant and the Applicant
agrees to continue to be bound by such documents. The Bank has the right to provide a copy of the Contract and any information hereunder to any entity/person who intends or has entered into any type of transfer intent with the Bank. 

11.12 The Bank is entitled to request the Applicant to explain significant and abnormal funds inflows and outflows and supervise the account involved. 

11.13 other rights and obligations as agreed hereunder. 

Article 12 Event of default 
 12.1 Any of the following
matters is considered an event of default under the Contract: 
 1) The Applicant fails to repay in full and on time the principal and interest of the
loan and other expenses under the Contract. 
 2) The Applicant has not used the loan or other credit for the agreed purposes and according to the agreed
terms of payment. 
 3) The Applicant has not obtained the written consent of the Bank to transfer the debt. 

4) The materials provided by the Applicant to the Bank (including but not limited to financial statements, vouchers, basic contracts, etc.) or factual
statement are false or incomplete or contrary to the facts or conceal any important truth. 
 5) The Applicant refuses to, hinders from or fails to
cooperate with the Bank’s supervision and check of the credit use, the Guarantor’s credit status or the collateral status. 
 6) The Applicant and
its related parties breach the Contract or any other contract or agreement signed with any business outlet of Fubon Bank or any other contract or agreement signed with a third party (including but not limited to other financial institutions). 

  

			
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 7) If the Applicant applies for the fixed assets loan amount, the Bank will determine that the
Applicant’s net assets are negative or loss for two consecutive years based on the Applicant’s latest audited annual financial report. 
 8) The
Applicant has not paid any debts under any contract that are due or declared expired before the due date. 
 9) The Applicant fails to accept the bill
issued by it to any other person when it falls due or the guarantee provided to any other person is required to be performed. 
 10) The Applicant’s
business scope or business operations have undergone major changes. 
 11) The Applicant is subject to insolvency, business stoppage, liquidation or its
business license is revoked or canceled or application for or being filed for bankruptcy, dissolution and other circumstances. 
 12) If the credit status
of the Applicant declines, or there is any material adverse event on the management, operation, assets, financial status or solvency, or it breaks through the index constraints or other financial agreements stipulated herein, and it fails to notify
the Bank immediately or fails to make improvement within the period as required by the Bank. 
 13) The Applicant omits to make management and recover the
claims fall due or disposes of claims or properties for free or other improper ways. 
 14) Any guarantee provided by the Applicant or the Guarantor is no
longer valid or the title is disputed or becomes unenforceable or the Bank believes that the value of any such guarantee is substantially depreciated. 

15) The Guarantor violates the guarantee contract, or breaches other contracts entered with any business outlets of Fubon Bank. 

16) The Applicant involves or may be involved in major economic disputes, litigation, arbitration, supervision by the court and other competent authorities or
its accounts or assets are seized, attached, frozen, deducted or enforced, or is investigated or punished by the judiciary or tax, industry and commerce or other authorities according to the law, which may or may have affected the performance of its
obligations under the Contract. 
 17) The Applicant’s shareholders, directors, major individual investors or key officers abnormally change, are
missing or investigated or restricted by the judicial authorities according to the law or the controlling shareholder’s credit status or operating conditions are abnormal, which may or may have affected the performance of their obligations
under the Contract. 
 18) There are significant and abnormal capital inflows and outflows in the designated funds withdrawal account and the Applicant
cannot provide explanatory materials approved by the Bank. 
 19) The Guarantor (natural person) has no capacity for civil conduct, disappears or is dead
without heir, beneficiary, property supervisor (administrator) or guardian, or his heir, beneficiary, property supervisor (administrator) or guardian refuses to perform the Contract; the Guarantor (legal person) enters or may enter into the
suspension, liquidation, dissolution, revocation, bankruptcy, merger, reorganization, separation or major litigation, arbitration or administrative procedures, which can affect its ability to guarantee. 

20) The Applicant or the Guarantor violates other interim/post loan conditions in the Bank Credit Notice. 

21) The Applicant violates Article 4.8. 
 22) The Applicant
breaches any agreements made in specific contracts. 
 23) Without the consent of the Bank, the Applicant disposes of the assets for the fixed assets
investment project or uses the loan under the Contract to establish a guarantee for a third party or allow the existence of the foregoing guarantee. 
 24)
The Guarantor under the Contract has any of the above circumstances or violates the relevant provisions of the Contract or the guarantee contract. 

  

			
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 25) To the Bank’s reasonable judgment, there have been other events that may substantially damage the
Bank’s interests under the Contract and have a material adverse effect on the continued performance of the business, which include but not limited to major changes in the market related to the business handling, foreign exchange supervision,
other nations’ political situation, financial situation or other force majeure events or significant adverse changes in the performance of other parties involved in the business handling. 

  

			
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 12.2 In addition to the event of default as stipulated in Article 12.1, if the Applicant is a group
customer identified by the Bank, the following matters are further regarded as the event of default under the Contract: 
 1) The Applicant provides
false materials or conceals important operating or financial information. 
 2) The original purpose of the loan changes without the consent of the Bank or
the Applicant uses the loan or uses the bank credit to engage in illegal transactions. 
 3) The Applicant uses false contracts with the related parties,
conducts bank discount or pledge to cash funds or credit with the notes receivable, account receivable or other claims with no real trade background. 
 4)
The Applicant refuses to accept the Bank’s supervision and inspection of its use of credit funds and related operating and financial activities. 
 5)
The Applicant is subject to significant mergers, acquisitions and restructurings, etc., which the Bank believes may affect credit security. 
 6) The
Applicant intends to evade the Bank’s claims through related party transactions. 
 7) Other major breaches identified by the Bank. 

A group customer refers to a corporate legal person customer that has one of the following conditions: a) directly or indirectly controlling other
corporate legal persons on the equity or controlled by other corporate legal persons; b) jointly controlled by a third-party corporate legal person; c) directly or indirectly controlling other corporate legal persons in terms of major business
decisions or business management or controlled by other corporate legal persons; d) directly controlled or indirectly controlled by its major individual investors, key officers, and family members closely related to the foregoing (including direct
family relationships within three generations and the kinship within the second generation), among which, the key officers include chairman, legal representative, executive director and general manager; e) there are other associations, that the Bank
deems necessary to conduct credit management as a group customer. 
 Article 13 Treatment in the event of breach 

13.1 When an event of breach occurs, the Bank has the right to take any or several of the following measures: 

1) Requesting the Applicant and the Guarantor to correct breach within a specified period. 

2) Reducing or canceling the credit line under the Contract, or stopping the use of the remaining credit line. 

3) Adjusting RMB credit execution interest rate under the Contract to 45% plus the strike rate on the adjustment date and applying it immediately;
adjusting foreign currency credit execution interest rate under the Contract to 3% plus the strike rate on the adjustment date and applying it immediately. After the Bank makes a decision to raise the interest rate, it shall notify the Applicant in
writing within five working days. 
 4) Terminating or removing the Contract or terminating or removing other contracts entered into by and between
the Applicant and the Bank in whole or in part. 
 5) Requiring the Applicant to provide a full deposit pledge for the payment of bank acceptance
bills, letters of guarantee, standby letter of credit, letter of credit, guaranteed delivery, overseas payment and other credit business that do not fall due. If the Applicant does not provide, penalty interest will incur as agreed in Article 5.3
from the date when the Bank makes payment on its behalf. 
 6) Requiring the Applicant to provide a separate guarantee, mortgage, pledge or other
guarantees approved by the Bank. 
 7) The loan principal and/or interest that the Applicant fails to pay on time is regarded as overdue loan, for
which, penalty interest will incur according to Article 5.3 from the date of delay. 
 8) Declaring that all or part of the Applicant’s credit
under the Contract expire immediately and requiring the Applicant to immediately repay part or all of the loan principal, interest and expenses, and from the date of the breach of contract, all interest and principal that have been issued will be
subject to interest at the interest rate specified in Article 5.3 until the Applicant has paid off all debts. 

  

			
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 9) The Bank directly makes deductions from any account opened by the Applicant in any business outlet of
Fubon Bank, to offset the debts owed by the Applicant in the Contract without notifying the Applicant in advance. The outstanding amount in the account will be deemed falling due in advance. If the currency in the transfer account is inconsistent
with the actual currency, the deduction will be made on the basis of the exchange rate applicable to the Bank on the deduction date, and the relevant risks and losses will be borne by the Applicant. 

10) Disposing of the collateral or pledge, paying off the principal and interest of the loan, or recovering the joint liability of the Guarantor according
to the law, or recovering from the party providing other guarantees. 
 11) Requiring the Applicant to compensate the Bank for the losses caused by
its breach of contract. 
 12) Taking other remedies permitted by the laws and regulations and the Contract. 

13.2 Under the above circumstances, the Applicant assumes all losses caused to the Bank due to breach of contract. In the event of any of the above cases,
the expenses incurred in collecting the principal and interest of the loan, including but not limited to the announcement fee, the service fee, the appraisal fee, the lawyer’s fee, the legal fee, the arbitration fee, the travel expenses, the
property preservation fee, etc., will be assumed by the Applicant. 
 13.3 Where the Bank claims subrogation right against the debtor of the
Applicant according to the law, or requests the court to revoke the Applicant’s waiver of its due debt or transfer of the property without compensation, and at an unreasonably low price, the Applicant shall provide all necessary cooperation and
assistance as required by the Bank, with all expenses incurred by the Bank being borne by the Applicant. 
 Article 14 Effectiveness, modification
and revocation 
 14.1 The Contract will enter into force after the legal representatives (persons in charge) or authorized agents of the Parties sign
the same and affix their official seals hereon. 
 14.2 Where the Bank cannot perform the Contract or cannot perform the same as agreed due to changes in
laws and regulatory regulations or the requirements of the regulatory departments, the Bank has the right to terminate or change the performance of the Contract in accordance with the changes of the laws and regulatory regulations or the
requirements of the regulatory departments. In the event that it thereby terminates or changes the Contract, which makes the Bank cannot perform or perform as agreed, the Bank will be exempted from liabilities. 

14.3 Any changes in the terms of the Contract and other matters uncovered will be made through friendly negotiation in writing and changes or modifications
constitute an integral part hereof. The modification or supplementary agreement will have the same legal force as the Contract. 
 Article 15
Miscellaneous 
 15.1 Rights reserved 
 The Bank’s
tolerance, grace or delay in enforcing or failure to enforce some or all of the rights or benefits of the Bank in the Contract with respect to any breach of contract or delay of the Applicant, will not damage, affect or limit the Bank’s rights
and benefits as a creditor under the Contract and relevant laws, or may not be deemed as a license or endorsement by the Bank of any breach of the Contract, nor shall it be deemed as the Bank’s waiver of the rights to take actions for the
existing or future default or exemption from the Applicant’s obligations and responsibilities. 

  

			
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 15.2 If and in the event that the Contract becomes void, or invalid in law in part for whatever reason, the
Applicant shall assume all the liabilities owed to the Bank under the Contract. In the event of the above cases, the Bank has the right to terminate the Contract and immediately recover all debts owed by the Bank under the Contract from the
Applicant. 
 15.3 The address filled in by the Applicant in the Contract is the confirmed mailing address and the address for service of the legal
instruments. If there is any change, the Applicant shall notify the Bank in writing within ten natural days after the change with the postal cost incurred being borne by the Applicant. The original address is still considered valid until the Bank
receives the Applicant’s notice of change. If the Bank’s address changes, it only needs to be announced at the business premises or through other channels. 

The notices and requirements related to the Contract between the Bank and the Applicant shall be sent by registered mail, EMS or other written forms agreed by
them. Any communication or document made or delivered by the Bank to the Applicant under the Contract or for the Contract shall be deemed to be validly served in the following circumstances: 

a) If delivered by hand, at the time of delivery by hand; 
 b) If
sent by letter, on the second (2) natural day for the same city, the fifth (5) natural day for different cities after the envelope marked with such address is mailed with postage prepaid; 

c) If sent by e-mail or other electronic means of communication, at the time of receipt in a clearly visible form;

 d) If transmitted by telex or fax, at the time of completion of the transmission and receipt of the correct number or fax report; 

e) In the case of notification of transfer or collection by making an announcement in public media or other means, it shall be deemed to have been served to
the other party on the date of the announcement. 
 The Applicant agrees that the Bank entrusts a courier to send notices, documents or other written
documents relating to the Contract. If there is any loss or delay in the process of sending, the Bank will not bear any responsibility. However, the Bank will actively cooperate with the Applicant and take remedial measures to minimize risks and
economic losses. 
 15.4 If any provision hereof is deemed illegal, invalid or unenforceable in any aspect at any time, other provisions hereof will
still be valid, and the legality, validity and enforceability thereof may not be affected or impaired. 
 15.5 If the Bank transfers the claims hereunder,
the Contract continues to apply to the Applicant and the assignee. 
 15.6 During the term of the Contract, if the Bank completes the change of company name
in accordance with the relevant procedures stipulated by laws and regulations, it will not affect all rights and obligations of the Bank under the Contract. The Bank agrees to make an announcement on the business outlets and/or the official website
after the name change is completed. The Bank’s completion of the aforementioned announcement is deemed to have completed its notification obligation to the Applicant. Except with the consent of the Bank, the Applicant has no right to require
the Bank to issue any other form of notice for the change of company name. 
 15.7 Where, from the date of signing the Contract to the debt satisfaction
under the Contract, the Applicant irrevocably authorizes the Bank to handle various credit business for the Applicant, it can check the Applicant’s credit information via the financial credit information base and other credit reporting agencies
legally established and use the credit information. The Bank shall not disclose the Applicant’s credit information to any person without the consent of the Applicant in writing, except in the following cases: (1) disclosure made to any
court, judging agency, regulatory body, government agency that has jurisdiction and regulatory power over the Bank; (2) otherwise made as required by laws and regulations. Where the Bank enters, inquires or uses the Applicant’s information
beyond the above-mentioned scope of use, all the consequences and legal liabilities arising therefrom will be borne by the Bank. The Applicant agrees that the Bank can report the Applicant’s credit information to the financial credit
information base and other credit reporting agencies legally established. The Applicant is fully aware of and understands all contents of the above-mentioned terms on authorization and grants authorizations to the Bank on this basis. 

  

			
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 15.8 The valid vouchers supporting the Bank’s claims under the Contract shall be subject to the
accounting vouchers issued and recorded by the Bank in accordance with its own business regulations. 
 15.9 Without prejudice to other agreements under the
Contract, the Contract is binding upon the Parties and their respective successors and assignees. 
 15.10 The headings of the clauses and sub-clauses of this Contract are inserted for convenience only and shall not affect the meaning and interpretation of any clause hereof. 

15.11 If the Bank needs to entrust other business outlets of Fubon Bank to fulfill the rights and obligations under the Contract due to business needs, or to
transfer its business hereunder to other business outlets of Fubon Bank and the Applicant acknowledges the same. Other business outlets of Fubon Bank authorized by the Bank, or other business outlets of Fubon Bank undertaking the business hereunder
have the right to exercise all the rights under the Contract and file a lawsuit or apply for enforcement to the court in connection with the disputes hereunder in the name of the foregoing business outlets. 

15.12 The Applicant agrees that the Bank will entrust a third party with the accompanying business (including but not limited to debt collection and other
items) related to the Contract, and that the Bank will provide relevant information and materials of the Applicant under the Contract to the above third party for handling the entrustment. 

Article 16 Applicable laws and disputes resolution 

16.1 The Contract is governed by the laws of the People’s Republic of China (excluding Hong Kong Special Administrative Region, Macao Special
Administrative Region and Taiwan region). If a dispute arises between the parties to the Contract in the performance of the Contract, it may be settled through negotiation, failing which, either party may file a lawsuit in the people’s court
with jurisdiction where the Contract is signed or the defendant is located. If other forums are selected, it may be determined in the supplementary clause. During the negotiation and arbitration, the clauses in the Contract not involving the
disputes shall still be fulfilled. 
 Chapter II Particular Conditions of Partial Credit Business 

Article 17 Special clauses under the business of import letter of credit 

17.1 For the purpose hereof, the so-called issue of import letter of credit refers to the act of the issuing bank, at
the application of the applicant (hereinafter referred to as the “applicant” in this clause), to issue to exporter (beneficiary) conditional written payment commitment for the payment against a letter of credit within the prescribed time
limit. 
 17.2 The Applicant agrees that the issuing bank will handle all matters under the letter of credit in accordance with the latest version of the
International Chamber of Commerce’s Uniform Customs and Practice for Documentary Credits, and assume the obligations and responsibilities arising therefrom. 

17.3 The opening of and modification of the letters of credit 

1) If the issuing bank accepts the application from the applicant for issue of a L/C, the L/C shall be issued according to the application submitted by the
applicant, and the final content shall be subject to that set out in the L/C issued by the issuing bank. 
 2) The issuing bank’s request against the
applicant to submit documents or documents related to the opening of the letter of credit, such as trade contracts, etc. will not be construed as obligatory to open a letter of credit in accordance with such documents. 

3) If the applicant needs to amend the letter of credit, it shall submit an application for amendment of the letter of credit to the issuing bank. The
Applicant agrees that the issuing bank will handle matters with respect to the amendment to the letter of credit in accordance with the foregoing Uniform Customs and Practice for Documentary Credits, and assumes the obligations and responsibilities
arising therefrom. Once issued, the Application for Modification of the Letter of Credit will immediately be binding upon the applicant. However, all changes under the letter of credit will not take effect until the beneficiary and the confirming
bank (if any) accept it. If the amendment of the letter of credit involves increasing the amount thereof, deposit or other guarantees shall be provided as required by the issuing bank. 

4) The issuing bank has independent judgment on the modification of the letter of credit. It has the right to refuse to accept the application for
modification submitted by the applicant, and also has the right to make suggestions on the contents of the amendment. If the amendment of the letter of credit involves the amount, currency, interest rate, time limit, etc., and the issuing bank
considers that the obligations of the Guarantor are aggravated, the issuing bank has the right to request the Applicant to increase the deposit or other guarantees, and/or require the Applicant to obtain the written consent of the Guarantor.
Otherwise, the issuing bank has the right to refuse to accept the Applicant’s application for modification. 

  

			
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 5) The modification of the letter of credit does not change the Applicant’s other rights and
obligations in the Contract. 
 6) The Applicant shall pay to the issuing bank all the expenses incurred due to the opening and modification of the letter
of credit (including the relevant bank fees that the foreign beneficiary refuses to bear) as agreed. Unless otherwise agreed by the Parties, the relevant fees shall be based on the billing standards of the issuing bank. 

17.4 External payments under a letter of credit 
 1) During the
validity period of the letter of credit, upon receipt of the notice from the issuing bank, the Applicant shall notify the issuing bank of the handling of the documents within the time specified in the notice. Otherwise, the Applicant will be deemed
to have no refusal to pay the letter of credit and agree that the issuing bank makes external payment/accepts the letter of credit/commits to make payment. 

2) Where the Applicant shall notify the issuing bank of accepting the documents within the time specified in the notice and the issuing bank agrees with the
same, the issuing bank makes external payment/accepts the letter of credit/commits to make payment. The Applicant shall deposit the monies for payment as agreed in the application for opening. 

3) If the Applicant informs the issuing bank of accepting the letter of credit, but the issuing bank disagrees, the issuing bank has the right to decide
whether to refuse to pay according to whether the documents and letter of credit are in conformity; if the Applicant agrees to provide the issuing bank with sufficient deposit or other payment guarantees, the issuing bank has the right to waive the
right to dishonor or to retain the right to dishonor as the case may be. 
 4) In each letter of credit business under the Contract, the Applicant shall
ensure that the relevant payment or acceptance procedures are handled when the issuing bank determines that the documents and the letter of credit are in conformity. 

If the payment or acceptance is refused due to the inconsistency of the documents and the letter of credit, the Applicant shall return the full set of
documents to the issuing bank in writing within the time limit specified in the issuing bank’s notice, and attach the reasons for dishonor in written form. The issuing bank will determine whether to dishonor according to the international
practice. The Applicant acknowledges that the issuing bank has the independent right to determine the reasons for dishonoring the letter of credit, and is entitled to bind the Applicant and the Guarantor accordingly. If the issuing bank believes
that the reason for the refusal of the Applicant is not established or the Applicant has not returned the full set of documents or exceeds the time limit specified in the notice, the issuing bank has the right to independently decide to make
external payment or accept the letter of credit, in which case, the Applicant still bears the obligation to make payment against the letter of credit and the corresponding interest and expenses to the issuing bank. At the same time, if the reason
for the refusal of the issuing bank is determined by the remitting bank or the negotiating bank, the Applicant will assume all the responsibilities and bear the corresponding amounts and interest as well as other items including but not limited to
legal fees, attorney fees, etc. 
 5) Regardless of whether the letter of credit can be dishonored under the Contract, the Applicant shall, at the latest
payment date, transfer the amount payable under the letter of credit to the settlement account opened by the Applicant in the issuing bank for the purpose of repaying the Applicant’s debts under the Contract. Otherwise, the issuing bank has the
right to deduct any amount from any of the Applicant’s accounts for payment of any money and fees under the letter of credit and to notify the Applicant. If the Applicant’s account balance is insufficient and the issuing bank advances the
funds, the issuing bank has the right to charge the Applicants the penalty interest in accordance with Article 5.3 from the date of advance payment. 
 6)
If the provision deposited by the Applicant is insufficient and the issuing bank makes advance payment, Once the payables are paid, it constitutes the debts of the Applicant to the issuing bank under the Contract, and the Applicant shall promptly
pay off the debts. 
 17.5 Supplementary commitments 
 1)
After the letter of credit is issued, if the import and export trade contract amends in relation to the letter of credit, the Applicant shall immediately notify the issuing bank in writing. 

  

			
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 2) After the issuing bank makes advance payment or accepts or honors the letter of credit, the issuing bank
is entitled to dispose of the full set of documents/goods under the letter of credit or other security interests or property rights and interests to which it may be entitled in accordance with any applicable laws or regulations. If the right to
dispose of the full set of documents/goods under the letter of credit belongs to the Applicant in accordance with the applicable laws, regulations or the judgment of the court or arbitration institution with jurisdiction, the Applicant agrees to
unconditionally transfer such right to Party B to the maximum extent permitted by applicable laws and acknowledge all of the issuing bank’s acts and omissions regarding the disposal of the documents/goods. If the right to dispose of the full
set of documents/goods under the letter of credit belongs to the issuing bank in accordance with the applicable laws, regulations or the judgment of the court or arbitration institution with jurisdiction, the issuing bank will reserve such right
until the Applicant redeems the documents or repays the funds advanced by the issuing bank in full. 
 3) For forward bills confirmed or deferred
payments accepted by the issuing bank, the Applicant will not request the issuing bank to stop payment for any reason, and within the scope permitted by laws and regulations, it will waive its right to for any reason apply for freezing or file a
lawsuit with the court requesting for stopping payment under the letter of credit. 
 4) The risk of loss, delay, error, damage, etc. in the process of
postal, telecommunications transmission or other transmission of business correspondence and documents under the letter of credit and the risk arising from the use of third party services by the issuing bank will be borne by the Applicant. 

5) The issuing bank has the right to select the advising bank and the negotiating bank of the letter of credit and other banks to handle the relevant business
according to the needs of the work. 
 6) Before the Applicant has paid the full amount of the letter of credit, the title to the documents under thereunder
and/or the ownership of the goods represented by the documents belong to the issuing bank. The full amount of the above-mentioned letter of credit includes price for goods of the letter of credit (including the increase as a result of amendment to
the letter of credit and/or the increase in foreign overflow), interest, and bank fees (including fees rejected by foreign beneficiaries or bank) 
 as well
as the foreign exchange and RMB funds (including related legal fees, attorney fees, etc.) required for compensating the issuing bank for the letter of credit (including relevant legal fees, attorney fees, etc.). 

7) The Applicant agrees to bear the expenses related to the Contract and its letter of credit, unconditionally repay the issuing bank’s advance payment
and any other monies and expenses under the letter of credit of the Contract, and bear all losses incurred by the issuing bank, including but not limited to advances in principal and interest, liquidated damages, damages and other related expenses.

 8) The letter of credit opened by the issuing bank is independent of any trade contract relationship. The Applicant is responsible for the authenticity
and validity of the basic trade contracts and documents concerning the letter of credit and contents thereof. If there is any dispute or fraud in the trade contract involved in the letter of credit, the Applicant will resolve it on its own, and may
not make any claims or requirements against the issuing bank in any way. 
 9) If the application for the issuance shall be completed in English, the
Applicant shall bear the responsibility for the translational ambiguity arising from the Applicant’s completion in Chinese and/or the responsibilities and consequences arising from the unclear handwriting or ambiguous meaning. 

10) Check is required in time after receiving the copy of the letter of credit and the revised version issued by the issuing bank. If there is any
discrepancy, the issuing bank shall be contacted within two working days after receiving the copy. If not notified, it is considered correct. 
 11) The
Applicant will comply with any applicable foreign exchange regulations and will promptly obtain or procure others to obtain any necessary import and export licenses or other licenses, and will compensate the issuing bank if it does not obtain such
import or export license or other licenses or if there is any defect thereon or if there is no import or export license or other licenses. The Applicant warrants that no shipment or other transaction will be made in respect of any import L/C in
violation of the regulations of the People’s Republic of China or any other applicable countries. 

  

			
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 12) Before the Applicant pays the issuing bank the amount of each import letter of credit and all debts,
commissions, fees and interest related thereto, and before it satisfies all obligations to the issuing bank with respect to the import letter of credit and its related goods, the issuing bank may (but not necessarily) give instructions for the
shipment, destination and delivery of any such goods as deemed appropriate by the issuing bank, as in the case of the Applicant, and directly reach arrangements (including changes or performance of any contract) as deemed appropriate by the issuing
bank with the seller or the shipper or other person. The issuing bank is not liable for any loss arising from any such instructions or arrangements. Any direct intervention by the issuing bank will not affect the Applicant’s obligations to the
issuing bank, and the Applicant shall reimburse the issuing bank for all payments made for any of the above interventions. 
 13) The import letter of
credit referred to in the Contract includes any import letter of credit with an increase in the amount, extension or other modifications. 
 Article 18
Special clauses under the business of guaranteed delivery 
 18.1 The term “guaranteed delivery” as used in the Contract refers to the case
that the applicant for the guaranteed delivery (hereinafter referred to as “the Applicant” in this clause) applies to the issuing bank (accepting bank) for going through the formalities for picking up the goods with the shipping company by
producing the guaranteed delivery document signed by the accepting bank, since the arrival of the goods at the port of destination under the import letter of credit is earlier than the arrival of delivery document at the issuing bank. 

18.2 The Applicant undertakes to be responsible for the authenticity and validity of the original bill of lading and other relevant documents, notes,
applications and their contents corresponding to the guaranteed delivery documents under the Contract, and assumes all responsibility arising therefrom. 

18.3 The Applicant undertakes not to create any form of guarantee on the goods to be picked up without the written consent of the accepting bank. 

18.4 The Applicant undertakes to, upon receipt of the relevant documents, regardless of whether it is in full conformity with the relevant letters of credit
or contracts and the bills and documents under the letter of credit, make payment or acceptance immediately as requested by the accepting bank, and will never propose to refuse to pay or accept for any reason (including but not limited to
discrepancies or fraud). After the accepting bank issues a payment notice, if the Applicant fails to make a payment or acceptance as required by the accepting bank, the accepting bank has the right to deduct directly from the Applicant’s
account and make payment on time. Once the Applicant applies to the accepting bank for issuing a guaranteed delivery document, it means a waiver of the right to refuse to pay due to discrepancies. 

18.5 The Applicant shall, within fifteen days after receiving the original bill of lading, exchange for the original of the guaranteed delivery document under
the Contract with the carrier and return it to the accepting bank. Otherwise, the accepting bank has the right to collect handling charges on the Applicant according to the provisions. 

18.6 The Applicant undertakes not to refuse to pay the letter of credit or to make other claims against the accepting bank on the grounds that the goods do
not conform to the bill of lading or any trade dispute with the exporter. 
 18.7 When the carrier of the bill of lading and its agent or the right assignee
under the Contract claims against the accepting bank as agreed in the guaranteed delivery document, the accepting bank will perform the guarantee liability according to the guaranteed delivery document, and may specifically make payment in any of
the following ways: 
 1) making deductions directly or via the accepting bank from any account opened by the Applicant in any business outlet of Fubon Bank
and notifying the Applicant; 
 2) When the amount of funds in the Applicant’s account is insufficient, the accepting bank will notify the Applicant of
making up the difference; 
 3) making payment by the accepting bank through the realization of counter-guarantee rights; 

4) Advance payment by the accepting bank, and recourse against the Applicant and the counter-guarantor. The monies will ultimately assumed by the Applicant.

 18.8 In the performance of the obligation to deliver the goods under the Contract to the carrier and its agents or rights assignees, the receiving bank
may make external payments without the prior consent of the Applicant, and will only be responsible for the formal examination of supporting documents. It is not liable for the basic contract disputes involved, nor is it affected by any thereof, and
is not liable for the authenticity of the relevant claim documents. 

  

			
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 18.9 If the accepting bank needs to advance payment for the performance of its guaranteed delivery document
under the Contract, it has the right to charge the Applicant interest on the advance payment from the date of advance payment, and recover from the Applicant or through the realization of the counter-guarantee right the capital and interest,
liquidated damages, damages and all other related expenses. 
 18.10 The Applicant guarantees to compensate for any losses incurred to the accepting bank
due to the issuance of the guaranteed delivery document under the Contract, including but not limited to the advance payment, interest and other expenses (including but not limited to legal fees, application execution fees, attorney fees, travel
expenses and other expenses to realize claims, etc.) payable for the guaranteed delivery. 
 Article 19 Special clauses under the business of import bill
advance 
 19.1 For the purpose hereof, the term “import bill advance” means a kind of trade financing operations which the applicant for bill
advance (hereinafter referred to as “Applicant” in this clause) applies for financing to the accepting bank when it requests for foreign currency payments due to trade needs, and requires the accepting bank to make external payment first
and the Applicant repays the principal, interest and related expenses to the accepting bank on the maturity date, including but not limited to the import bill advance under the letter of credit, the import bill advance under the collection and the
foreign exchange bills under the outward remittance. 
 19.2 If the accepting bank accepts the application from the Applicant for the import bill advance
business, it shall deduct the bank fee and other related expenses payable by the beneficiary (if any) and then make payment according to the currency and amount agreed in the application for import bill advance accepted by the accepting bank to the
account designated by the remitting bank. 
 19.3 The Applicant has the right to request the accepting bank to make timely payment in accordance with the
Contract after signing the Contract and related documents and accepting the approval of the accepting bank. However, the Applicant must repay the principal and interest and the other expenses and losses that the Applicant should bear in strict
accordance with the agreed time limit. 
 19.4 If the Applicant applies for bill payment to pay the amount of the letter of credit/handling the letter of
credit and therefore pays deposit under the letter of credit to the accepting bank, the remaining part is automatically transferred to the deposit for the import bill advance. 

19.5 After the accepting bank’s external payment (ie, payment of consideration), the Applicant agrees that the full set of documents/goods under the
import business corresponding to the import bill advance business is fully vested in the accepting bank, which may retain such rights until the Applicant fully repays the trade financing provided by the accepting bank. 

If the right to dispose of the full set of documents/goods under the import bill advance belongs to the Applicant in accordance with the applicable laws,
regulations or the judgment of the court or arbitration institution with jurisdiction, the Applicant agrees to unconditionally transfer such right to the accepting bank to the maximum extent permitted by applicable laws and acknowledge all of the
accepting bank’s acts and omissions regarding the disposal of the documents/goods. 
 19.6 For the Applicant’s application to the accepting bank
for holding documents/goods, and repayment to the accepting bank’s financing with sales proceeds, the Applicant only acts as the trustee of the accepting bank, including but not limited to the custody of relevant documents, and handling of the
storage, custody, transportation, processing, sales and insurance of the goods under the documents, as well as depositing the money into the account designated by the accepting bank. Therefore, the Applicant promises that the proceeds from the sales
of the business under the import bill advance will be used first to repay the principal and other fees and charges of the Applicant at the receiving bank, and the Applicant may not postpone the payment or otherwise dispose of the goods in non-currency manner or below the market price, nor sell them to any person against whom the Applicant is not entitled to claim compensation. In addition, the Applicant shall not pledge/collateralize the goods
indicated on the documents to the other person or subject the goods to any lien before the financing principal and interest and the expenses are paid off. 

19.7 As entrusted by the accepting bank, at the request thereof, the Applicant shall submit details of the goods including any accounts, sales income or the
sales contract related thereto to the accepting bank; the accepting bank shall have the right to inspect the goods at any time or re-occupy the same. In addition, when the Applicant sells the goods to a third
party, it shall indicate to the third party the identity of the trustee as the accepting bank, and also notify the accepting bank when entering into the contract for processing the goods with any third party. 

  

			
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 19.8 Except those to be assumed by the accepting bank as required by laws and regulations, all expenses
incurred in connection with the goods during the custody of the Applicant (including but not limited to insurance, warehousing, transportation, terminal charges, etc.) shall be borne by the Applicant, who undertakes to insure all possible risks of
the goods at the market price thereof, list the accepting bank as the primary beneficiary on the original of the insurance policy. If the insured goods are damaged, the accepting bank is entitled to directly claim from the insurance company. 

19.9 Before the full repayment of principal and interest as well as expenses, upon request by the accepting bank, the Applicant shall sign the relevant
documents or perform the relevant procedures deemed necessary by the accepting bank to confirm the accepting bank’s ownership of the goods represented by the above-mentioned documents. The accepting bank has the right to dispose of the relevant
documents and goods in such manner as it deems necessary, and if the proceeds are insufficient to settle the financing principal and interest, the Applicant shall otherwise raise funds in this regard. 

19.10 If the Applicant expressly indicates inability to repay or the accepting bank believes with definite evidence that the Applicant is unable to repay the
financing principal and interest and expenses as agreed, the accepting bank has the right to dispose of the relevant goods or related documents and use the proceeds to settle the debts owed by the Applicant. When the above proceeds are insufficient
to pay off all debts, the accepting bank still has recourse to the Applicant. 
 19.11 All records, contents, endorsements, etc. of the relevant documents
and the possession and control of the documents by the accepting bank under the import bill advance shall not be regarded as any form of reduction or exemption of the debts owed by the Applicant to the accepting bank, compensation or other forms of
reduction thereof. The Applicant undertakes not to claim any compensation, recourse or other rights against the accepting bank for the foregoing reasons. 

Article 20 Special clauses under the business of export bill advance 

20.1 For the purpose hereof, the export bill advance refers to an act of financing by paying for the goods by the accepting bank to the Applicant before the
issuing bank or the importer makes payment, after the Applicant submits the letter of credit and/or relevant documents to the accepting bank upon goods delivery, including but not limited to the export bill advance under the letter of credit and the
export bill advance under the collection. 
 20.2 Once the fund under the export bill advance hereunder is issued by the accepting bank, it constitutes the
debts of the Applicant to the accepting bank. The Applicant agrees to transfer the accounts receivable arising from the corresponding export sales contract to the accepting bank. If the accounts receivable are insufficient to repay the accepting
bank’s principal, interest and all other losses of the export bill under the Contract, the Applicant agrees and authorizes the accepting bank to deduct the corresponding fund from the remittance from the foreign importer (buyer). The funds
shall be used preferentially to repay the principal and interest, fees and all other losses of the accepting bank under the Contract; Moreover, it promises to raise sufficient funds for the repayment of the principal, interest and all other losses
of the export bills under the Contract; otherwise, the accepting bank has the right to pursue and recover from the Applicant and directly deduct the corresponding amount from the foreign currency account or any other account with the accepting bank
for repayment of the above amount. 
 20.3 The Applicant shall make sure that there is sufficient funds in the account opened with the accepting bank before
the maturity date of the export bill under the Contract, and the accepting bank shall have the right to make deduction from the account. Where the Applicant fails to repay in full debts that fall due to the accepting bank on time, the accepting bank
has the right to deduct directly from any of the Applicant’s accounts. If the Applicant fails to pay the amount due, the accepting bank has the right to exercise the security right or to take other measures to realize its claims. 

20.4 Prior to the satisfaction of the principal and interest and other expenses hereof, the accepting bank has the right to directly use the proceeds received
under the export bill without the consent of the Applicant to repay the principal and interest and other expenses of the export bill until all the debts have been settled. 

20.5 If the accepting bank accepts the Applicant’s application for export bills, it shall, in the currency and amount specified by the Application for
the Export Bill Advance as accepted by it, pay to the Applicant or the payee designated thereby after deducting the Applicant’s interest, post and telecommunications charges, bank charges (including foreign bank fees) and other related expenses
in advance. 

  

			
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 20.6 If the accepting bank simultaneously handles the packaged loan business with the export bill advance
under the letter of credit, the Applicant agrees that the loan borrowed for the export bill will be used by the accepting bank first in the order set forth in Article 8.6 to charge against the loan principal, interest and expenses provided by the
Applicant for the packaged loan business and the balance will be paid to the Applicant. 
 20.7 The Applicant agrees that the accepting bank has the right
to automatically use the corresponding amount to repay the debt of the Applicant’s export bill after receiving the proceeds from the export bill, without notifying the Applicant. 

20.8 Applicant’s confirmation 
 1) Once the Applicant
delivers the documents to the accepting bank and the accepting bank pays the money to the Applicant, the accepting bank will be entitled to dispose of the full set of documents/goods under the L/C/collection or other security interests or property
rights and interests to which it may be entitled in accordance with any applicable laws. The accepting bank shall retain such rights and interests until its claims are fully satisfied. When the accepting bank is unable to obtain compensation for
various reasons, it has the full right to make an absolute auction, resale and sale of the goods under the documents delivered by the Applicant, and to be compensated by using the proceeds on a priority basis. 

2) As for any export bill advance subject to nonconformity between documents and certificates, the accepting bank shall have the right to request the advance
repayment by the Applicant under documentary bills and other remedial measures as specified in the Contract, when the recovery of receivables in relation to the exported goods are affected by any factor. 

20.9 If the accepting bank requires the Applicant to insure short-term export credit insurance with its approved insurance company (the “insurer”),
the Applicant shall abide by the following agreement: 
 1) If the Applicant changes the terms of payment of the import and export sales contract, the
payment term and other contents as agreed in the Contract, it must obtain the prior written consent of the insurer. After obtaining the written consent of the insurer, the Applicant is obliged to submit the revised contract and the written approval
document of the insurer to the accepting bank for retention. 
 2) The Applicant must report all the exports within the scope of the corresponding insurance
policy to the insurer in full according to the reporting method and format prescribed by the insurer, and pay the insurance premium in time and in full. At the same time, the Applicant is obliged to entrust all the above-mentioned declared export
settlement services to the accepting bank for settlement. 
 3) The Applicant is obliged to fully perform the obligations under the insurance contract. if
there is an insured event under the insurance, the Applicant must promptly notify and claim in accordance with the insurance contract, and submit the Probable Loss Notice, Claims Application and the related claim documents to the insurer. At the
same time, the relevant documents will be copied to the accepting bank. If the accepting bank deems it necessary, the Applicant is obliged to authorize the accepting bank to make a claim on its behalf. 

4) The Applicant will fully fulfill its obligations under the above insurance policy and other relevant legal documents, and the breach of contract under the
above-mentioned legal documents will not occur. Otherwise, it will be treated as the default of the Applicant under the Contract. 
 20.10 The
Applicant’s supplementary commitment 
 1) Whiling submitting a business application to the accepting bank, the Applicant shall provide the accepting
bank with a full set of commercial documents according to the Uniform Customs and Practice for Documentary Credits, the International Chamber of Commerce Publication No. 600, the Uniform Rules for Collection, International Chamber of Commerce
Publication No. 522 and the corresponding revised versions, supplementary documents and international practices. The accepting bank will send the documents as required. 

2) The Applicant undertakes to abide by the Uniform Customs and Practice for Documentary Credits No. 600, the Uniform Customs Collection No. 522 and
the administrative provisions of the accepting bank regarding export bills. 
 3) There is no relationship between the Applicant and the importer. 

4) The Applicant shall provide a timely explanation of the sales of the goods under the export as required by the accepting bank. 

  

			
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 5) The Applicant shall inform the accepting bank in writing of any serious difficulty in the sales of the
goods under the export in a timely manner. 
 6) The Applicant undertakes to assume all responsibility arising from any discrepancies or other problems in
the documents submitted by the accepting bank. Whether the document discrepancies raised by the issuing bank or other banks are established, the Applicant agrees to the result of the accepting bank, and the Applicant will assume the resulting risks.

 7) Upon receipt of the bill, the accepting bank has the right to process the document as it sees fit. The accepting bank has the right to recourse to the
Applicant if the payer fails to pay the full amount of the letter of credit/collection note to the negotiating bank for whatever reasons in a timely manner. 

8) The fees and losses suffered by the accepting bank due to the receipt of the repayment of the issuing bank or the reimbursing bank or any measures taken to
preserve the goods shall be borne by the Applicant. 
 9) All matters concerning the export bills not covered are handled in accordance with the relevant
provisions of the accepting bank. 
 10) The Applicant obtains the acceptance bill under the usance letter of credit in a legal, good faith and honest
manner. 
 11) The Applicant is responsible for the authenticity, validity, accuracy and completeness of the documents or letters of credit provided by it,
and the bank disclaims any responsibility for verification. 
 12) The Applicant assumes all responsibilities for the legitimacy of underlying transactions
on the bill. 
 20.11 In addition to the circumstances stipulated in the Contract, the following circumstances also constitute or are deemed as the
Applicant’s breach of contract: 
 1) The foreign bank or payer refuses to pay, delays the payment or makes any deduction due to discrepancies in the
documents or any other reasons; 
 2) The foreign bank or payer refuses to pay, delays the payment or makes any deduction due to the turmoil in the place
where the issuing bank or the payer is located, the outbreak of war, the financial crisis, the bankruptcy of the issuing bank or the payer, and the event of force majeure; 

3) The foreign bank or payer refuses to pay, delays the payment or makes any deduction due to any loss or delay, failure in telecommunications or other
reasons during the delivery of the documents; 
 4) the bill accepting bank is considered by the accepting bank unable to fulfill payment obligations in
view of its deteriorated financial position; 
 5) the bill accepting bank is or probably is dissolved, revoked, closed down or declared bankrupted; 

6) the bill accepting bank is subject to freezing of funds or injunction of dishonor as declared by court; 

7) the bill accepting bank fails to make payment on time since it is frozen or stopped by court or prevented by other property preservation measures; 

8) the bill accepting bank has its major property damaged, attached, seized, frozen, confiscated, auctioned or disposed or requisitioned; 

9) the bill accepting bank is considered by the accepting bank to be affected by any major litigation or arbitration in which it is involved, as to its
performance of payment obligation; 
 10) the bill accepting bank is unable to make corresponding exchange payment due to the foreign exchange control in
its country; 
 11) the bill accepting bank is probably affected by other events in its country as to the accepting bank’s payment ability, as the
accepting bank believes. 
 Article 21 Special clauses under the business of domestic letter of credit 

21.1 For the purpose hereof, the domestic letter of credit refers to a commitment of the issuing bank to make payment against the letter of credit at the
application of the Applicant. 
 21.2 Opening and modification of the domestic letter of credit 

1) If the Applicant applies for the opening of the letter of credit, it shall fill in an application, the letter of commitment of the Applicant and submit the
relevant purchase and sale contract. The matters recorded in the application and the letter of commitment shall be complete and clear, and signed and sealed by the Applicant. The signature and seal shall be consistent with those reserved by the
bank. 

  

			
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 2) The domestic letter of credit business that needs to be reported to the relevant administrative
department of the country for approval must be approved in accordance with the relevant provisions. 
 3) If the issuing bank accepts the application from
the Applicant for issue of a L/C, the L/C shall be issued according to the application and letter of commitment submitted by the Applicant, and the final content shall be subject to that set out in the L/C issued by the issuing bank. 

4) The issuing bank’s request against the applicant to submit documents or documents related to the opening of the letter of credit, such as trade
contracts, etc. will not be construed as obligatory to open a letter of credit in accordance with such documents. 
 5) If the Applicant needs to amend the
letter of credit, it shall submit an application and the letter of commitment for amendment of the letter of credit and issue a written certificate proving the benefiary’s consent to the said amendment to the issuing bank. The Applicant agrees
that the issuing bank may deal with the modification under the said letter of credit in accordance with the Measures for the Settlement of Domestic Letter of Credit and assumes obligations and responsibilities arising therefrom. Once issued, the
Application for Modification of the Letter of Credit will immediately be binding upon the applicant. However, all changes under the letter of credit will not take effect until the beneficiary and the confirming bank (if any) accept it. 

6) The issuing bank has independent judgment on the modification of the letter of credit. It has the right to refuse to accept the application for
modification submitted by the applicant, and also has the right to make suggestions on the contents of the amendment. If the amendment of the letter of credit involves the amount, currency, handling charges, time limit, etc., and the issuing bank
considers that the obligations of the Guarantor are aggravated, the issuing bank has the right to request the Applicant to increase the deposit or other guarantees, and/or require the Applicant to obtain the written consent of the Guarantor.
Otherwise, the issuing bank has the right to refuse to accept the Applicant’s application for modification. 
 7) The modification of the letter of
credit does not change the Applicant’s other rights and obligations in the Contract. 
 8) The Applicant shall pay to the issuing bank all the expenses
incurred due to the opening and modification of the letter of credit (including the relevant bank fees that the beneficiary refuses to bear) as agreed. Unless otherwise agreed by the Parties, the relevant fees shall be based on the billing standards
of the issuing bank. 
 21.3 External payments under a domestic letter of credit 

1) During the validity period of the letter of credit, upon receipt of the notice from the issuing bank, the Applicant shall notify the issuing bank of the
handling of the documents within the time specified in the notice. Otherwise, the Applicant will be deemed to have no refusal to pay the documents and agree that the issuing bank makes an external payment/commits to make payment. 

2) Where the Applicant shall notify the issuing bank of accepting the documents within the time specified in the notice and the issuing bank agrees with the
same, the issuing bank makes external payment/commits to make payment. The Applicant shall deposit the monies for payment as agreed. 
 3) If the Applicant
informs the issuing bank of accepting the documents, but the issuing bank disagrees, the issuing bank has the right to decide whether to refuse to pay according to whether the documents are in conformity; if the Applicant agrees to provide the
issuing bank with sufficient deposit or other payment guarantees, the issuing bank has the right to waive the right to dishonor or to retain the right to dishonor as the case may be. 

4) In each letter of credit business under the Contract, the Applicant shall ensure that the relevant payment procedures are handled when the issuing bank
determines that the documents are in conformity. If the payment is refused due to the inconsistency of the documents and the letter of credit, the Applicant shall return the full set of documents to the issuing bank in writing within the time limit
specified in the issuing bank’s notice, and attach the reasons for dishonor in written form. The issuing bank will determine whether to dishonor according to the Measures for Settlement of Domestic Letter of Credit or its updates as at the
issue date of the letter of credit. The Applicant acknowledges that the issuing bank has the independent right to determine the reasons for dishonoring the letter of credit, and is entitled to bind the Applicant and the Guarantor accordingly. If the
issuing bank believes that the reason for the refusal of the Applicant is not established or the Applicant has not returned the full set of documents or exceeds the time limit specified in the notice, the issuing bank has the right to independently
decide to make external payment, in which case, the Applicant still bears the obligation to make payment against the letter of credit and the corresponding interest and expenses to the issuing bank. At the same time, if the reason for the refusal of
the issuing bank is determined by the remitting bank or the negotiating bank, the Applicant will assume all the responsibilities and bear the corresponding amounts and interest as well as other items including but not limited to legal fees, attorney
fees, etc. 

  

			
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 5) Regardless of whether the letter of credit can be dishonored under the Contract, the Applicant shall, at
the latest payment date, transfer the amount payable under the letter of credit to the settlement account opened by the Applicant in the issuing bank for the purpose of repaying the Applicant’s debts under the Contract. Otherwise, the issuing
bank has the right to deduct any amount from any of the Applicant’s accounts for payment of any money and fees under the letter of credit and to notify the Applicant. If the Applicant’s account balance is insufficient and the issuing bank
advances the funds, the issuing bank has the right to charge the Applicants the penalty interest in accordance with Article 5.3 from the date of advance payment. 

6) If the provision deposited by the Applicant is insufficient and the issuing bank makes advance payment, Once the payables are paid, it constitutes the
debts of the Applicant to the issuing bank under the Contract, and the Applicant shall promptly pay off the debts. 
 21.4 Buyer’s financing rules
under domestic letter of credit 
 1) For the purpose of this clause, the buyer’s financing business under domestic letters of credit includes
buyer’s negotiation and domestic payment business under domestic letters of credit. 
 2) Conditions precedent: 

(a) The Applicant shall satisfy the conditions precedent as stated in the Contract before applying to the accepting bank for handling the buyer’s
financing business; 
 (b) It is shall declared in the letter of credit that the Measures for Settlement of Domestic Letter of Credit issued by the
People’s Bank of China or a current valid updated version thereof on the issuance date of such L/C apply and the form and substance of the L/C shall be confirmed by the accepting bank. 

3) Application: the Applicant needs to submit an application for the buyer’s negotiation/payment under domestic letter of credit for each application
(the “buyer’s financing demands”). 
 4) Terms of payment: 

(a) Subject to the satisfaction of the conditions precedent to financing, if the accepting bank accepts the application from the Applicant for the buyer’s
financing, it shall deduct the bank fee and other related expenses payable by the beneficiary (if any) from the amount as agreed in the application for the buyer’s negotiation/payment under the domestic letter of credit accepted by it and then
make payment to the negotiating bank or beneficiary. 
 (b) The term of financing and other relevant specific matters shall be subject to the application.

 (c) Under the domestic payment service, the accepting bank has the right to choose the agent bank. 

5) Applicant’s confirmation: 
 (a) If the Applicant applies
for financing to pay the letter of credit/handling the letter of credit and therefore pays deposit under the letter of credit to the accepting bank, the remaining part is automatically transferred to the deposit for the financing business. 

(b) The accepting bank will be entitled to dispose of the full set of documents/goods under the buyer’s financing demands or other security interests or
property rights and interests to which it may be entitled in accordance with any applicable laws or regulations. If the right to dispose of the full set of documents/goods under the buyer’s financing demands belongs to the Applicant in
accordance with the applicable laws, regulations or the judgment of the court or arbitration institution with jurisdiction, the Applicant agrees to unconditionally transfer such right to the accepting bank to the maximum extent permitted by
applicable laws and acknowledge all of the accepting bank’s acts and omissions regarding the disposal of the documents/goods. If the right to dispose of the full set of documents/goods under the buyer’s financing demands/payment business
belongs to the accepting bank in accordance with the applicable laws, regulations or the judgment of the court or arbitration institution with jurisdiction, the accepting bank will reserve such right until the Applicant repays the funds financed by
the accepting bank in full. 

  

			
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 (C) For the Applicant’s application to the accepting bank for holding documents/goods, and repayment to
the accepting bank’s financing/payment with sales proceeds, the Applicant only acts as the trustee of the accepting bank, including but not limited to the custody of relevant documents, and handling of the storage, custody, transportation,
processing, sales and insurance of the goods under the documents, as well as depositing the money into the account designated by the accepting bank. The Applicant shall indicate this identity to a third party when selling goods thereto. 

(d) All expenses incurred in connection with the goods during the custody of the Applicant (including but not limited to insurance, warehousing,
transportation, terminal charges, etc.) shall be borne by the Applicant unless otherwise stipulated in laws and regulations, who undertakes to insure all possible risks of the goods at the market price thereof, list the accepting bank as the primary
beneficiary on the original of the insurance policy and submit it to the accepting bank for custody purpose. If the insured goods are damaged, the accepting bank is entitled to directly claim from the insurer. 

(e) Without the permission of the accepting bank, the Applicant may not process the goods by way of permitting deferred payment or any non-monetary method or selling them at a rate below market price. The Applicant does not mortgage or pledge the goods to any other person, or create or allow any creation of lien on them. At the request of the
accepting bank, the Applicant shall submit details of the goods including any accounts, sales income or the sales contract related thereto to the accepting bank; the accepting bank shall have the right to inspect the goods at any time or re-occupy the same. 
 6) Supplementary commitment: the Applicant undertakes that proceeds from the sales of goods under
domestic letter of credit will be first used to repay the Applicant’s financing to the accepting bank. 
 21.5 Seller’s negotiation rules under
domestic letters of credit 
 1) Conditions precedent: 
 (a)
The Applicant shall satisfy the conditions precedent as stated in the Contract before applying to the accepting bank for handling the seller’s negotiation business; 

(b) It is shall declared in the letter of credit that the Measures for Settlement of Domestic Letter of Credit issued by the People’s Bank of China or a
current valid updated version thereof on the issuance date of such L/C apply and the form and substance of the L/C shall be confirmed by the accepting bank. 

2) Application: after the Contract takes effect, the Applicant needs to submit an application for the seller’s negotiation under domestic letter of
credit for each application (the “seller’s negotiation demands”). 
 3) Payment: if the accepting bank accepts the application from the
Applicant for the seller’s negotiation under domestic letters of credit, it shall deduct the interest, postage, bank fee and other related expenses (if any) from the amount as agreed in the application for the seller’s negotiation under
the domestic letters of credit accepted by it and then make payment to the Applicant or the payee designated thereby. 
 4) The Applicant agrees that the
accepting bank has the right to automatically use the corresponding amount to repay the debt of the Applicant after receiving the proceeds from the negotiation, without notifying the Applicant. 

5) Interest and expenses: in order to handle the transaction, the Applicant agrees to pay interest and expenses to the accepting bank, subject to the
application for the seller’s negotiation demands under the domestic letter of credit. 
 6) Applicant’s confirmation: 

(a) Once the Applicant delivers the documents to the accepting bank and the accepting bank pays the money to the Applicant, the accepting bank will be entitled
to dispose of the full set of documents/goods under the domestic letter of credit or other security interests or property rights and interests to which it may be entitled in accordance with any applicable laws and regulations. The accepting bank
shall retain such rights and interests until its claims are fully satisfied. When the accepting bank is unable to obtain compensation for various reasons, it has the full right to make an absolute auction, resale and sale of the goods under the
documents delivered by the Applicant, and to be compensated by using the proceeds on a priority basis. 

  

			
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 (b) As for the seller’s negotiation subject to nonconformity between documents and certificates, the
accepting bank shall have the right to request the advance repayment by the Applicant under domestic letter of credit and other remedial measures as specified in the Contract, when the recovery of receivables in relation to the exported goods are
affected by any factor. 
 (c) If any refusal of payment, deferred payment or deduction from the payer of L/C results from any unconformity in the
documents, any loss of documents in the mail delivery, delayed delivery, telecommunications default, or any other reasons not caused by the accepting bank, the accepting bank may press for payment of principal and interest, expenses of and on funds
or the insufficiency or all losses. The accepting bank shall also be entitled to dispose of the documents and the goods under the seller’s negotiation under domestic letters of credit by itself at its discretion, compensated from the proceeds
and press for payment against the Applicant for the insufficiency. 
 7) Supplementary commitment: 

(a) The Applicant shall provide a timely explanation of the sales of the seller’s goods under the domestic letters of credit as required by the accepting
bank. 
 (b) The Applicant shall inform the accepting bank in writing of any serious difficulty in the sales of the goods under the domestic letters of
credit in a timely manner; 
 (c) The accepting bank has the right to determine the amount, method and time limit, and to collect interest from the
Applicant according to the interest calculation method stipulated by the negotiating bank; 
 (d) The Applicant undertakes to assume all responsibility
arising from any discrepancies or other problems in the documents submitted by the accepting bank. Whether the document discrepancies raised by the issuing bank or other banks are established, the Applicant agrees to the result of the accepting
bank, and the Applicant will assume the resulting risks; 
 (e) The fees and losses suffered by the accepting bank due to the receipt of the repayment of
the issuing bank or any measures taken to preserve the goods shall be borne by the Applicant; 
 (f) All matters concerning the seller’s negotiation
not covered are handled in accordance with the relevant provisions of the accepting bank; 
 (g) If the accepting bank simultaneously handles the
seller’s negotiation demands under the domestic letters of credit together with packaged loan business, the Applicant agrees that the loan borrowed for the seller’s negotiation will be used by the accepting bank first in the order set
forth in Article 8.6 to charge against the loan principal, interest and expenses provided by the Applicant for the packaged loan business and the balance will be paid to the Applicant. 

Article 22 Special clauses under the business of letter of guarantee/standby letter of credit 

22.1 Opening and modification of the letters of guarantee/standby letters of credit 

1) If the bank accepts the Applicant’s application for opening a letter of guarantee/standby letter of credit, the letter of guarantee/standby letter of
credit shall be issued as agreed by both parties. 
 2) The letter of guarantee/standby letter of credit to be issued by the bank shall refer to the
application submitted by the Applicant to the bank and the final content shall be subject to that set out in the letter of guarantee/standby letter of credit. 

3) The Applicant shall provide a margin guarantee when applying for the opening of the letter of guarantee/standby letter of credit. If the bank accepts the
Applicant’s application, the Applicant agrees that the bank has the right to transfer the corresponding margin into the margin account from the agreed margin debit account in accordance with the agreed margin ratio (margin = maximum amount
applied * margin ratio). If the currency of the letter of guarantee/standby letter of credit does not match that of the margin, the Applicant agrees that the bank may convert it according to the exchange rate applicable to the bank. Modification of
the letters of guarantee/standby letters of credit 
 Where additional margin is required due to the increase in the amount, this paragraph will apply. 

4) If the Applicant needs to amend the letter of guarantee/standby letter of credit, it shall submit a written application for amendment to the bank. 

5) If the amendment of the letter of guarantee/standby letter of credit involves the amount, currency, interest rate, time limit or others that the bank deems
necessary to increase the guarantee, the bank has the right to request the Applicant to increase the margin and/or require the Applicant to obtain the written consent of the Guarantor. Otherwise, the bank has the right to refuse to accept the
Applicant’s application for modification. 

  

			
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 6) The modification of the letter of guarantee/standby letter of credit does not change the Applicant’s
other rights and obligations in the Contract. 
 22.2 The Applicant agrees that in the period of validity of the letter of guarantee/standby letter of
credit, if the claim under the letter of guarantee/standby letter of credit occurs, and the beneficiary’s claim file meets the letter of guarantee/standby letter of credit after being reviewed by the bank, the bank has the right to make payment
by using the provision directly made by the Applicant. If the provision deposited by the Applicant is insufficient and the bank makes advance payment, once the amount claimed is paid, it constitutes the debts of the Applicant to the bank under the
Contract. The Applicant will assume interest penalty as agreed in Article 5.3. 
 22.3 Supplementary commitments 

1) Any commitments made by the bank in the relevant documents of the letter of guarantee/standby letter of credit, any restrictions on the rights, and any
expenses incurred shall be made at the request of the Applicant, and therefore any losses suffered by the bank shall be assumed by the Applicant. The bank has the right to directly deduct from any of the accounts opened by the Applicant in each
business outlet of Fubon Bank, without prior notice to the Applicant. 
 2) If the letter of guarantee/standby letter of credit is entrusted to other
banks, the Applicant agrees to bear all risks and responsibilities of the bank for the transfer under the transfer of the letter of guarantee/standby letter of credit. 

3) The Applicant shall immediately notify the bank of any circumstances affecting the bank’s guarantee liability, such as the basic contract on which the
letter of guarantee/standby letter of credit is based, the execution, modification, alteration or termination of the underlying transaction. 
 4) The
Applicant shall cooperate with the bank to handle the relevant procedures at the time of performance under external guarantees. 
 5) During the validity
period of the letter of guarantee/standby letter of credit, if the claim thereunder occurs, the bank may exercise absolute and final discretion to and independently decide whether to make payment or refuse to pay the beneficiary’s claim,
without obtaining the written or verbal consent of the Applicant, and without considering whether to cite the Applicant’s defense against the beneficiary or other claimants under the basic contract. Moreover, the bank has the right to directly
make payment by using the provision or margin deposited by the Applicant in accordance with the business application. The bank is exempted from the truth, accuracy and validity of the claim file submitted by the beneficiary under the letter of
guarantee/standby letter of credit. 
 6) If the provision deposited by the Applicant is insufficient and the bank makes advance payment, once the amounts
demanded are paid, it constitutes the debts of the Applicant to the bank and the Applicant shall promptly pay off the debts. 
 7) The Applicant shall
cooperate with the bank to handle the relevant procedures at the time of performance under external guarantees, and compensate the bank for losses caused by the inability to obtain the approval of the foreign exchange administration in a timely
manner. The risk of loss, delay, error, damage, etc. in the process of postal, telecommunications transmission or other transmission of business correspondence and documents under the letter of guarantee and the standby letter of credit and the risk
arising from the use of third party services by the bank will be borne by the Applicant. 
 8) The Applicant shall use the limit under the letter of
guarantee/standby letter of credit in accordance with the purposes stipulated in the Contract. The funds under the letter of guarantee/letter of credit issued will not be directly or indirectly through any three parties transferred back for domestic
use in the form of borrowing, equity investment or securities investment. 
 9) If the letter of guarantee/standby letter of credit has no express lapse
date, is governed by foreign laws or practices, or has no express guarantee amount, etc., the Applicant agrees to compensate for all risks, liabilities and losses that may be caused to the bank. 

  

			
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 Article 23 Special clauses under the business of overseas agent payment 

23.1 Overseas agent payment means the business that the bank entrusts an overseas agent bank to pay the corresponding amount to the designated payee for the
payables, and promises to repay the principal, interest, tax and related expenses paid by the agent bank in full and on time. The Applicant agrees that the claim-debt relationship between the Applicant and the bank is constituted when the overseas
agent payment makes payment as entrusted by the bank. 
 23.2 The fees charged by the correspondent agent bank for the overseas payment service will be
charged separately according to the agent bank’s charging standard. 
 23.3 The accepting bank has the right to choose the agent bank. 

23.4 If the Applicant fails to repay the principal, tax and related expenses of the agent bank in full and in time, the bank has the right to charge the
penalty interest in accordance with Article 5.3 for the above principal and interest, taxes and related expenses. 
 23.5 Matters not covered by this
clause refer to Article 19 on import bill advance. 
 Article 24 Right to sell 

24.1 In the event of any event of default as described in Article 12 of the General Provisions of Chapter I, or where the bank considers it appropriate after
considering the achievable value of any or all of the goods or documents referred to in the Contract, the bank may, at its sole discretion, consider to sell or otherwise dispose of such goods or documents in a suitable manner, without making any
payment or notifying any person, regardless of whether the Applicant’s contingent liabilities or other liabilities to the bank actually expire or not, except expressly prohibited by applicable laws. The bank or any of its agents will not be
liable for any loss that may occur in the exercise of the above right to sell or dispose and the bank will not be held liable for any action or omission by any broker, auction house or other persons employed for any such sale or disposal. 

24.2 Any proceeds of sale or disposal, after payment of all expenses and other expenses related thereto and any previous claims, will be used to pay the
amount owed by the Applicant at the time or to become owed to the bank. The certificate duly signed by any two authorized officers of the bank with respect to the exercisable right to sell or dispose is the final proof of the fact that any goods or
documents may be transferred to any buyer or other person. The Applicant shall compensate the bank for any claims that the buyer or other person may have against the bank for any defects in the ownership of the goods or documents by the Applicant.

 (Where the special terms of the credit business in Chapter II are inconsistent with the general provisions of Chapter I, Chapter II will prevail.) 

  

			
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 Part II Special Terms 

Article 25 Amount of the comprehensive credit line and term 

25.1 The comprehensive credit line provided by the bank to the Applicant under the Contract is equivalent to (currency) RMB (in figures) 5,000,000 (in words:
RMB Five Million Only). 
 25.2 The term of the total credit line hereunder is from September 17, 2018 to September 30, 2021. 

Article 26 Miscellaneous 
 26.1 Specific credit line and
conditions hereunder are subject to the Bank Credit Notice (No.069382502-01). 
 26.2 Alternative clauses 

☑ None. 
 ☐ As regards to any credit contract, loan
contract or similar agreement originally signed by the Applicant and the bank before the effective date hereof (including any supplements, amendments, changes and additions to it from time to time, the “original credit contract”), the
Contract serves to renew and change the original credit contract and will replace it as of the effective date hereof. 
 However, if the specific business
under the original credit contract still has an outstanding balance, it shall be deemed to occupy the amount of comprehensive credit under the Contract. 

☐ As regards to any contract (No.XX) signed by the Applicant and the bank (including any supplements, amendments, changes and additions to it from time
to time, the “original credit contract”), the Contract serves to renew and change the original credit contract and will replace it as of the effective date hereof. However, if the specific business under the original credit contract still
has an outstanding balance, it shall be deemed to occupy the total amount of comprehensive credit under the Contract. 
 26.3 Notwithstanding Articles
5.1.1 and 5.1.2, when the Applicant applies for the fixed asset loan business, and major changes take place, including but not limited to market interest rate fluctuations and other market changes, regulatory indicators adjustment, and changes in
industry conditions, changes in laws and regulations, changes in the country’s currency and/or credit policies, and changes in the project needing funds, the Bank has the right to notify the Applicant from time to time of adjusting the credit
interest rate. If the Applicant disagrees with the adjustment, it shall, within ten working days after the bank issues the interest rate adjustment notice, send a written notice of disapproval to the bank, and all the credits it has used expires in
advance on the day next to the date when the bank receives the foregoing written notice (hereinafter referred to as “early due date”), in which case, the Applicant shall pay all debts to the bank before the early due date. Within ten
working days from the date of the issuance of the interest rate adjustment notice by the bank, the interest on the credit used by the Applicant will be calculated according to the interest rate before the bank’s adjustment; from the day next to
the expiration of the said ten working days, according to the bank’s adjusted interest rate. If the bank does not receive the Applicant’s notice on disagreement with the adjustment of interest rate within ten working days after the
interest rate adjustment notice, the Applicant will be deemed to have agreed to the adjustment. 
  

			
	26.4	 	 
	 	 	 
	 	 	 

  

			
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 (The remainder of this page is intentionally left blank) 

Signature Page 
 The parties hereby
confirm that, at the time of signing the Contract, the bank has explained in details all the terms (especially the part in black bold), which are fully discussed by both parties. The Applicant has no doubt about the terms of the Contract and has an
exact and unambiguous understanding of the legal meaning of the parties’ rights and obligations, limitations on liability or exemption or authorization clauses. 

Applicant (official seal): Shanghai Tonggou Information Technology Co., Ltd. (seal)  

Legal representative or authorized agent (signature and seal): Wang Wei (seal) 

Bank (signature and seal): Fubon Bank(China) Co., Ltd., Shanghai Century Avenue Sub-Branch (seal) 

Legal representative or authorized agent (signature and seal): Su Hang (seal) 

Signed in: Pudong New District, Shanghai 
  

					
		 	Guaranteed by	  	 Wang Jing (seal)

Niu Xiaoting (seal)

		 	Guaranteed on	  	9/25/2018

  

			
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 Appendix: 

Bank Credit Notice of Fubon Bank (Format) 

Numbering: 
 Dear , 

Based on the application materials provided by you to us, we agree to grant you a non-commitment credit line equal to
the (currency) (amount), as shown in the table below. This bank credit notice is an integral part of the comprehensive credit line contract (No.XX, including any supplements, amendments, changes and additions to it from time to time). If this notice
is inconsistent with the comprehensive credit line contract, the former shall prevail. 
  

							
	Sub-limit I:
				
	Name:	  		  		  	
				
	Purpose:	  		  		  	
				
	Currency and amount:	  		  		  	
		
	Revolving or not:	  	☐ Revolving ☐ Non-revolving
		
	Maximum term for each credit:	  	No later than.
		
	Guaranteed by:	  	 1.  The promissory guarantee equivalent to ___ provided by ___ .

 
 2.  Joint liability guarantee
provided by ___ (the maximum guarantee contract/joint guarantee/letter of guarantee).
  

3.  ___ deposit pledge guarantee provided based on the risk factor of our financial derivative
products.
  
 4.  ___ deposit pledge
guarantee/overseas deposit pledge guarantee/Hong Kong deposit pledge/financial products pledge guarantee in an amount of ___ provided by .
  

5.  the standby letter of credit in an amount of ___ issued by the financial institution approved by
us.
  
 6.  pledge guarantee for
accounts receivable that is established by ___ for the benefit of us on the accounts receivable claims.
  

7.  pledge guarantee for accounts receivable that is established by ___ for the benefit of us on the rent
receivable claims.
  
 8.  the bank
acceptance bill / commercial acceptance bill pledge guarantee in an amount of ___ provided by ___.
  

9.  The following collateral guarantees.

				
	 	  	 No.
	  	 Type
	  	 Location

		  		  		  	
		  		  		  	

  

			
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	Terms of payment:	  	 ☐ To be reviewed on an individual basis. The entrusted payment standard is handled in accordance with our provisions.

 
 ☐ Loan funds will be paid by using the entrusted payment.

 
 ☐ The loan funds individually exceeding 5% of the total investment amount of the
project or in an amount of RMB 5 million (or the equivalent in foreign currency) shall be paid by the entrusted payment method. Other loan funds will be self-paid.
  

☐
Others:                                        
                    
  

☐ Not applicable
  

	Annual interest rate:	  	 1. For Renminbi quotas:
  

☐ Floating interest rate: (up/down) or (plus/minus) % based on the applicable XX-year benchmark loan interest
rate announced by the People’s Bank of China on the withdrawal date. If the above interest rate is inconsistent with the application, the final interest rate in the application accepted by us will govern. If the People’s Bank of China
adjusts the benchmark interest rate, the credit interest rate will be adjusted accordingly from the date of interest rate adjustment (as defined below), without further notice to you.

 
 Interest rate adjustment date: Unless you and the Bank otherwise agree, for the
short-term ( within one year (included) withdrawal, the interest rate adjustment date is the first day of the month next to the effective date of the interest rate adjustment announced by the People’s Bank of China; for the medium and long-term
(more than one year (excluded)), the interest rate adjustment date is January 1 of the following year when the interest rate adjustment announced by the People’s Bank of China takes effective.

 
 ☐ Fixed interest rate: (up/down) or (plus/minus) % based on the applicable XX-year benchmark loan interest rate announced by the People’s Bank of China on the withdrawal date unless we agree to make adjustment. If the above interest rate is inconsistent with the application, the final
interest rate in the application accepted by us will govern; provided however that, the interest rate set forth in the application may not be lower than the abovementioned rate. Each credit rate is not affected by the adjustment of the benchmark
interest rate that may occur during the single credit period.
  
 ☐ Relatively
floating interest rate: not lower than (up/down) or (plus/minus) % based on the applicable XX-year benchmark loan interest rate announced by the People’s Bank of China on the withdrawal date and the final
interest rate in the application accepted by us will govern. If the People’s Bank of China adjusts the benchmark interest rate, the credit interest rate will be adjusted accordingly from the date of interest rate adjustment (as defined below),
without further notice to you. However, if the People’s Bank of China adjusts the benchmark interest rate, making the interest rate lower than the agreed interest rate, the agreed interest rate will remain unchanged regardless of changes in the
benchmark interest rate of the People’s Bank of China.
  
 Interest rate adjustment
date: Unless you and the Bank otherwise agree, for the short-term ( within one year (included) withdrawal, the interest rate adjustment date is the first day of the month next to the effective date of the interest rate adjustment announced by the
People’s Bank of China; for the medium and long-term (more than one year (excluded)), the interest rate adjustment date is January 1 of the following year when the interest rate adjustment announced by the People’s Bank of China takes
effective.

  

			
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		  		  	 ☐ To be determined based on the specific contract
  

☐ Not applicable
  

2. For foreign currency quotas:
  

☐ the annual interest rate may not be lower than the interest rate on the withdrawal date (term and interest rate type) plus/minus % (tax included/tax
excluded)/the bank’s foreign currency loan interest rate. The final interest rate is subject to the application accepted by the bank.
  

☐ Not applicable
  

	Interest-bearing methods:	  	☐ Renminbi	  	 ☐ On a monthly basis ☐ On a quarterly basis ☐ Upon expiration ☐ Based on specific contract

 
 ☐ Direct deduction when use ☐ Others:

  

			
	Contract version No.: FB201701 (company)	  	Page 38/40

											
		  		  	 ☐ Not applicable
  

(For definitions, see Section 5.2.1 of the comprehensive credit line contract)

 

		  	☐ Foreign currency	  	 ☐ Upon expiration ☐ Direct deduction when use ☐ Others:    

 
 ☐ Not applicable

 
 (For definitions, see Section 5.2.1 of the comprehensive credit line contract)

 

	Repayment	  	 1. Ways to make repayment:
  

☐ the principal will be repaid upon expiration with the interest paid on schedule, subject to the interest-bearing methods described in the sub-limit;
  
 ☐ Matching the principal
repayment;
  
 ☐ Average capital plus interest;

 
 ☐ Subject to the following repayment scheme, with the interest-bearing method
being listed in the “interest-bearing method”

						
	 	  	 	  	 	  	 Repayment date
	  	
Principal to be repaid
(currency and amount)
	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
		  		  	 ☐ Not applicable
  

Regardless of which of the above repayment methods is selected, you are required to repay the full principal and interest on the expiration date of the single
credit.
  
 2. Advance repayment: If you need to repay in advance, you must notify us in
writing 15 working days in advance, and obtain our consent before repayment. You should pay liquidated damages at XX% of the amount repaid in advance at the same time.
  

3. Repayment reservation: ☐ Not applicable. ☐ Applicable, the Applicant shall pay liquidated damages at XX% of the amount repaid in advance on the
repayment date.
  

	Expenses:	  	 1) Fee (for reference): .
  

The final rate is based on the fees stated in the application/accounts receivable pledge agreement/ factoring agreement accepted by the bank.

 
 2) Other bank fees and other charges uncovered will be implemented by reference to our
announced rate.
  

	Other pre-lending conditions:	  		  		  		  	
	Other interim/post loan conditions:	  		  		  		  	

 1. The outstanding total balance (whether current or future, and whether actual or contingent) under the Bank Credit Notice
shall not exceed (currency) (amount) _________ . 
 2. At any time, the outstanding total balance under sub-limit XX and sub-limit XX (whether current or
future, and whether actual or contingent) under the Bank Credit Notice shall not exceed (currency) (amount) _________ . 
 3. At any time, the outstanding
total balance under sub-limit XX and sub-limit XX under the Bank Credit Notice (No.XX) sent by us to XX (whether current or future, and whether actual or contingent) under the Bank Credit Notice shall not exceed (currency) (amount) _________ . 

  

			
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 4. At any time, the outstanding total balance under sub-limit XX (whether current or future, and whether
actual or contingent) under the Bank Credit Notice shall not exceed (currency) (amount) _________ . 
 Compliance control: 

You are kindly advised to complete the relevant legal documents and procedures within six months since XX. Otherwise, we have the right to ask you to update
your credit standing for re-examination before the quota is used. TOC 
 The notice is made in XX and you shall
promptly sign the reply letter together with this notice and serve them on us. The credit extension business as set out herein can be applied from the date of delivery of this notice to us. Please note that the relevant legal documents and the
relevant procedures shall be completed and the loan conditions, be improved, and the application for specific credit shall be made to us according to the comprehensive credit contract and this notice. If the provisions in the application accepted by
us are inconsistent with the notice, the business application accepted by us shall prevail. 
 The notice is used as a change to the Bank Credit Notice
(No.XX) and will replace the original content. 
 Fubon Bank Co., Ltd.     

Date 
  

 
 Reply to the Bank Credit Notice

 To: Fubon Bank Co., Ltd.     

The Company has received the Bank Credit Notice (No.XX) sent by you. The Company confirms that it knows the credit line granted to the Company and agrees to
accept the above credit conditions. The Company will complete legal documents and the relevant procedures and improve the loan conditions as required by you before using the credit and make an application for specific credit according to the
comprehensive credit contract and this notice. 
 Company (common seal): 

Legal representative or authorized agent (signature and seal): 

Date:             Date 

  

			
	Contract version No.: FB201701 (company)	  	Page 40/40

 Wang Ying 

Contract No.: 1809-069382502-01-G1 

 
 

 
 Maximum Guarantee Contract 

Contract version number: FB201603 (Corporate) 

 This Contract, dated September 25, 2018, was made and entered into by and between by the following
parties: 
 Guarantor: Wang Ying 
 Domicile (Address): Room 302,
3/F, 1000 Tianyaoqiao Road, Xuhui District, Shanghai 
 Tel.: 61132270    Fax: ____________________ 

(For an institution) Legal representative/person in charge: ______________ 

(For a natural person) Certificate Type: __________ Certificate Number: _______________ 

Creditor: Fubon Bank (China) Co., Ltd. Shanghai Century Avenue Branch 

Domicile (Address): 1168 Century Avenue, Pudong New Area, Shanghai 

Legal representative/person in charge: Su Hang 
 Tel.: 021-20619888    Fax:____________________ 

  

			
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 In order to ensure the smooth performance of the main contract (hereinafter referred to as the main
contract) stipulated in Article 13, and ensure the realization of the creditor’s rights, the guarantor is willing to provide the maximum joint and several liability guarantee for the realization of a series of the creditor’s rights under
the main contract. The parties, intending to be legally bound hereby, entered into this Contract upon consensus through negotiation in accordance with relevant laws, regulations and rules. 

Part I General Terms 
 Article 1 The
secured main creditor’s right 
 1.1 The main creditor’s right secured hereunder is each creditor’s right under the main contract. The
specific type, amounts, term, interest rate, and debt performance period of each single business under the main contract shall be determined by the creditor and the debtor in the specific business under the main contract. 

1.2 The maximum principal amount of the creditor’s right secured by guarantee by the guarantor hereunder is set forth in Article 14 hereof. The
maximum principal amount of the creditor’s right only refers to the ceiling of the principal balance of the secured debt (as defined in Article 2.1). Given that the principal of the secured debt does not exceed the said ceiling, the guarantor
agrees to assume joint and several liability guarantee for all payables within the scope of guarantee stated in Article 2 hereof. The guarantor shall not claim no guarantee liability solely on account of the fact that the total amount of all
payables within the scope of guarantee referred to in Article 2 hereof exceeds the maximum principal amount of the creditor’s rights as specified in Article 14 hereof. 

Article 2 Scope of Guarantee 
 2.1 The guarantor’s
guarantee covers any debts payable by the debtor to the creditor at any time now or in the future under the main contract, including but not limited to the principal, interest, compound interest, penalty interest, liquidated damages, damages, and
other amounts payable by the debtor to the creditor (including but not limited to related handling fees, miscellaneous fees and other expenses), the expenses incurred by the creditor for realization of the creditor’s rights (including but not
limited to litigation fees, arbitration fees, security fees, enforcement fees, attorney’s fees, evaluation fees, auction fees, notary fees, announcement fees, service fees, etc.) and other losses (hereinafter referred to as the “secured
debt”). 
 2.2 The single creditor’s right incurred during the determination period (as defined in Article 13) of the main creditor’s
right, even if its expiry date exceeds the determination period of the main creditor’s right, or the contingent creditor’s right incurred during the determination period of the main creditor’s right, even if the time of its conversion
into the actual creditor’s right exceeds the determination period of the main creditor’s right, fall within the scope of guarantee hereunder. 

2.3 The guarantor agrees that in the event of an increase in the principal, interest, penalty interest, and compound interest payable by the debtor as a
result of the creditor’s adjustment of the interest rate, interest accrual or settlement method according to the contract or the changes in the national interest rate policy, or the change in the principal amount of the debt actually payable
due to changes in exchange rate, the increase shall also fall within the scope of guarantee. 
 Article 3 Mode of Guarantee 

3.1 The guarantee under this contract is joint and several liability guarantee. If there is more than one guarantor under the main contract, each guarantor
shall bear joint and several liability for the creditor with respect to the entire secured debt. In case of any event of default under the main contract on the part of the debtor, the creditor shall have the right to directly request any guarantor
to assume the guarantee liability within the scope of guarantee. 
 3.2 Where the creditor declares earlier maturity of the debtor’s debt according
to the main contract, the guarantor shall assume the guarantee liability ahead of time. 

  

			
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 3.3 The guarantor acknowledges that if the debtor fails to perform its debts as agreed in the main
contract, regardless of whether the creditor has any other security interest (including but not limited to guarantee, mortgage, pledge, letter of guarantee and other forms of security) in the creditor’s rights under the main contract, the
creditor shall have the right to require the guarantor to assume the guarantee liability within the scope of guarantee as stipulated herein, without first exercising the other security interest. The guarantor hereby expressly waives the defense
against the claim of first exercising the real security provided by the debtor. If the creditor waives its security interest over the collateral (including the collateral provided by the debtor) or other guarantors, the Guarantor shall still assume
full liability for guarantee as stipulated herein. 
 3.4 The guarantee established herein, as a continuing guarantee for the debtor’s repayment
and performance of all the obligations under the main contract, shall not be released by reason of partial payment or repayment of the secured debt, in which case the guarantor shall still assume guarantee liability for the outstanding debt within
the scope of guarantee according to this Contract. 
 Article 4 Guarantee Period 

4.1 The guarantee period is two years from the date on which each fund raised under the main contract expires, the date on which the creditor advances the
payment, the maturity date of the bill or the similar debt performance deadline (collectively referred to as the “debt performance deadline”). 

4.2 Where the main contract stipulates repayment in installments, the Guarantor shall bear the guarantee liability for the repayment obligation in each
installment under the main contract respectively. The guarantee period shall be from the expiration of the debt performance deadline of each installment until two years after the expiration of the debt performance deadline of the last installment.

 4.3 “Maturity” and “expiration” referred to herein include the case where the creditor declares earlier maturity. Where the creditor
declares earlier maturity of the main creditor’s right, the date of earlier maturity announced by the creditor shall be the expiry date of the debt performance deadline. 

4.4 The guarantor agrees that if the creditor and the debtor reach an agreement on extension of the debt performance deadline, the guarantee period shall
terminate two years after the expiry date of each new debt performance deadline specified in the extension agreement. 
 Article 5 Performance of
Guarantee Liability 
 5.1 Provided that the creditor submits to the Guarantor a debt collection notice stating the guarantee contract number and the
amount of the main debt, the Guarantor shall immediately perform the liquidation obligation upon receipt of the notice. 
 5.2 Where the Guarantor shall
perform the guarantee liability hereunder, the creditor shall have the right to deduct any amount from any account opened by the Guarantor with any business office of Fubon Bank (China) Co., Ltd. for liquidation of the debts due, without giving
notice to the Guarantor. Even if all or part of the aforesaid amount has been deposited for a fixed period of time, or it requires a certain period of notice, and the fixed period or notice period has not expired or such notice has not been issued,
the above rights of the creditor shall not be restricted or affected in any way, and the creditor is not required to assume any liability or make any compensation to the Guarantor for deducting such undue amount. Unless otherwise agreed by the
parties, the creditor shall have the right to determine the liquidation order with the proceeds from deduction. If the currency of the proceeds from deduction is inconsistent with that of the amount to be liquidated, it shall be converted at the
exchange rate applicable to the creditor on the same day of deduction, and the exchange rate risk shall be borne by the Guarantor. When the creditor deems it necessary, the Guarantor shall execute all documents and take all actions as necessary to
authorize the creditor to deal with the claim and recourse of all due creditor’s right of the Guarantor; and execute all documents and take all actions as necessary to create a pledge in the proceeds therefrom for the creditor. 

5.3 The main creditor’s right shall be determined upon the occurrence of any of the following: 

(1) the determination period of the main creditor’s right expires; 

(2) Any event of default set forth herein occurs and the creditor decides to determine the creditor’s right; 

  

			
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 (3) The creditor declares earlier maturity of the entire secured debt according to the main contract or
applicable laws; 
 (4) Other circumstances where the secured debt shall be determined as prescribed by law. 

Any and all secured debts that are outstanding at the time of determination of the main creditor’s right, regardless of whether the performance deadline
of such debt has expired or is conditional, shall fall within the scope of the main creditor’s right. At the time of determination of the main creditor’s right, any and all amounts set forth in Article 2, regardless of whether or not they
have occurred then, shall fall within the scope of the main creditor’s right. 
 5.4 While exercising its rights hereunder in accordance with law, the
creditor shall not be liable for any loss incurred thereby to the Guarantor, unless such loss is attributed to its intentional or gross negligence. 
 5.5
The creditor shall have the right to confirm the liquidation order according to the main contract with respect to the proceeds from the creditor’s execution of the guarantee after payment of the execution fee in priority. 

Article 6 Representations and Covenants 
 6.1 The
Guarantor represents as follows: 
 (1) If the Guarantor is an institution (meaning a legal person or an unincorporated organization, referred to as
“institution” herein), the Guarantor is duly registered and existing, and has the full capacity for civil right and civil conduct required to execute and deliver this Contract; if the Guarantor is a natural person, the Guarantor has the
full capacity for civil right and civil conduct required to execute and deliver this Contract. 
 (2) The Guarantor has carefully read and fully understood
the content of this Contract, the execution and performance of this Contract is based on the Guarantor’s manifestation of genuine intention; the execution and performance of this Contract will neither contravene the laws and regulations
governing the Guarantor, nor violate any agreement, contract, and other legal documents binding upon the Guarantor. 
 (3) This Contract constitutes a
legal, valid and legally binding obligation of the Guarantor. The guarantee set up hereunder is unconditional and is not subject to any other priority. 

(4) If the Guarantor is an institution, the Guarantor has obtained legal and valid authorization in accordance with its articles of association or other
internal management documents; the Guarantor has obtained or will obtain all relevant approvals, permits, filings or registrations required for execution and performance of this Contract. 

(5) All documents, financial statements, vouchers and other materials submitted by the guarantor to the creditor hereunder are true, complete, accurate and
valid. 
 (6) The guarantor undertakes to submit any documents and materials required at any time at the request of the creditor. The guarantor undertakes
that all documents and materials submitted to the creditor are accurate, true, complete and valid, and the documents submitted in photocopies are consistent with the original. 

(7) The guarantor has not concealed from the creditor any event that may affect its financial condition and ability to perform the contract. In the event of
any circumstances that may affect the guarantor’s financial condition and ability to perform the contract, including but not limited to transfer of major assets or equity transfer, incurring significant liabilities, and involvement in major
litigation or arbitration cases, or loss of civil capacity, etc, the guarantor shall notify the creditor on the date of occurrence or on the date when being aware that it will occur. 

(8) Where the debt under the main contract is not fully settled after the guarantor’s performance of the guarantee liability, the guarantor covenants
that its claim (including pre-exercise) of the right of subrogation or recourse against the debtor or any other guarantor shall not harm the creditor’s interests in any way and agrees that the liquidation
of the debt under the main contract takes precedence over the realization of the guarantor’s right of subrogation or recourse. 

  

			
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 (9) The guarantor covenants to supervise the use of the debt by the debtor, and the guarantor accepts and
cooperates with the creditor in the verification of its qualification, capacity for performing vicarious liability, credit standing and investment. 
 (10)
The guarantor is willing to assume the guarantee liability with all the property owned. Before the settlement of the secured debt, the guarantor covenants not to provide guarantee to any third party without the written consent of the creditor. If
the guarantor’s property then is not sufficient to cover the guarantee liability, the guarantor undertakes to continue to be liable for liquidation of the insufficiency. 

(11) The guarantor is not involved in any economic, civil, criminal, administrative proceedings, or similar arbitral proceedings that may have a material
adverse effect on it, nor does it have any circumstances that could lead to its involvement in such proceedings or similar arbitral proceedings. 
 (12) No
important assets of the guarantor is subject to any enforcement, seizure, detention, freezing, lien, or regulatory measures, or is under any circumstances that may lead to such measures. 

6.2 If the guarantor is an institution, the guarantor further covenants as follows: 

(1) None of the guarantor and any of its shareholders and affiliates has been involved in any liquidation, bankruptcy, reorganization, consolidation (merger),
spinoff, restructuring, dissolution, capital reduction or similar legal proceedings, and no circumstances that may lead to such legal proceedings has occurred to them. 

(2) Submit the financial statements (including but not limited to annual reports, semi-annual reports, quarterly reports and monthly statements) and other
relevant materials to the creditor on a regular or timely basis as required by the creditor. 
 (3) If the guarantor has entered into or will enter into a
counter-guarantee agreement or similar agreement with the debtor with respect to its guarantee obligations hereunder, such agreement will not prejudice any rights of the creditor hereunder. 

(4) The guarantor cannot undergo merger, spinoff, capital reduction, equity transfer, foreign investment, substantial increase in debt financing, transfer of
major assets and claims, and other matters that may adversely affect the guarantor’s guarantee ability unless the prior consent of the creditor is obtained. 

(5) Under any of the following circumstances, the guarantor shall promptly notify the creditor: 

a) any change in the articles of association, business scope, registered capital, and legal representative; 

b) changing the business mode by carrying out any form of joint operation, establishing joint venture with, cooperating with foreign investors,
contracting, restructuring, institutional shift, planned listing or otherwise; 
 c) being involved in a major litigation or arbitration, or
having the property or collateral being seized, detained or regulated, or creating a new security interest in the collateral; 
 d)
discontinuation of business, dissolution, liquidation, suspension of business for rectification, being revoked, being revoked of business license, and (being filed) filing for bankruptcy; 

e) Any of its shareholders, directors and current officers is suspected of being involved in major cases or economic disputes; 

f) an event of default under any other contract; 

g) running into trouble in operation and deterioration of financial condition. 

6.3 If the guarantor is a natural person, the guarantor represents and covenants as follows: 

  

			
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 (1) The guarantor accepts the creditor’s supervision and inspection of the financial status of the
guarantor, and assists and cooperates with the creditor in this regard. The guarantor shall submit the credit reference documents, including but not limited to individual income tax return, deposit certificate, personal credit report, etc., as
required by the creditor. 
 (2) The guarantor has not concealed from the creditor the significant liabilities that have been borne as at the date of
execution of this Contract. 
 (3) This Contract is not terminated or adversely affected by the guarantor’s death. The guarantor voluntarily assumes
the liability for satisfaction with the entire estate. The guarantor’s estate administrator and inheritor are fully bound by the guarantee contract. 

(4) Before fulfillment of the debt under the main contract, the guarantor shall not maliciously transfer or damage the personal property. 

6.4 The guarantor’s representations and undertakings above shall remain true and correct until full settlement of the secured debt, and the guarantor
will submit further documentation as required by the creditor from time to time. 
 Article 7 Event of Default and Handling 

7.1 Any of the following matters shall constitute an event of default event on the part of the guarantor hereunder: 

(1) The guarantor fails to (or expressly indicates or indicates by act it will not) duly perform the guarantee liability on time and in full
as stipulated herein ; 
 (2) Any document, information provided by the guarantor or any of the representations, statements, or
covenants made by it is untrue, inaccurate, incomplete, illegal or invalid, or is false, fraudulent, contains material omission, material concealment or misleading information; 

(3) Occurrence of any circumstance that may affect the guarantor’s financial status and ability to perform the contract , including but
not limited to the transfer of major assets or equity, undertaking material liabilities, involvement in major litigation or arbitration or enforcement cases, and material adverse changes in financial condition, generation of unfavorable credit
records, loss of civil capacity, disputes or incidents involving changes in marriage, support/dependency/foster relationship relationships, or division of community property; 

(4) If the guarantor is an institution, the guarantor terminates business or dissolves, is revoked or goes bankrupt; 

(5) If the guarantor is a natural person, the guarantor is deceased, declared deceased, missing or declared missing, or becomes a person
with limited capacity for civil conduct or a person without civil capacity; 
 (6) The guarantor becomes unemployed, undergoes
business changes, is subject to administrative, criminal enforcement measures, punishment or other criminal sanctions; 
 (7) This
Contract is made invalid or is revoked for reasons attributable to the guarantor; 
 (8) other events or acts that have or may have a
material adverse effect on the main creditor’s right or security interest on the part of the guarantor; 
 (9) violation of other
provisions herein or occurrence of any other event that will affect its rights hereunder as the creditor considers on the part of the guarantor. 

7.2 Upon occurrence of any event of default set forth in the preceding paragraph, the creditor shall have the right to take the following measures
separately or simultaneously depending on the circumstances: 
 (1) require the guarantor to correct its breach of contract within a
time limit and fulfill the guarantee liability in a timely manner; 

  

			
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 (2) suspend or terminate the acceptance of the business application under other contracts
between the guarantor and the creditor or other business offices of Fubon Bank (China) Co., Ltd. in whole or in part; suspend or terminate the issuance and processing of the loans that have not yet been issued, and trade financing that has not yet
been processed in whole or in part; 
 (3) Declare immediate maturity of the outstanding credit principal and interest and other
payables under other contracts between the guarantor and the creditors or other business offices of Fubon Bank (China) Co., Ltd. in whole or in part, and require the debtor to repay the debts owed; 

(4) terminate or rescind other contracts between the guarantor and the creditor in whole or in part; 

(5) require the guarantor to compensate for any and all direct and indirect losses caused to the creditor by its breach of contract;

 (6) Take the deduction measures specified in Article 5.2 hereof; 

(7) Determine the main creditor’s right as stipulated in Article 5.3 and require the guarantor to perform the guarantee liability
hereunder; 
 (8) require the guarantor to provide other guarantees recognized by the creditor; 

(9) Other measures as the creditor deems necessary. 

Article 8 Relationship with the Main Contract 
 8.1 The
rights and interests of the creditor hereunder shall not be affected in any way by any grace, extension granted by the creditor to the debtor, any revision, modification or substitution made by the creditor and the debtor to any terms of the main
contract or the specific contracts or other business documents under the main contract (including but not limited to the change of the terms concerning type, amount, currency, term, interest rate, exchange rate, use, repayment method, rights and
obligations of the credit business). If any of the above circumstances occurs, it shall be deemed that the guarantor’s prior consent has been obtained. The guarantor shall assume the guarantee liability for the secured debt after the change,
and the guarantor shall not be released from its guarantee liability, without further consent from the guarantor. Where the main contract provides for issuance of a letter of credit, a letter of guarantee or a standby letter of credit by the
creditor to the debtor, the creditor and the debtor may modify the letter of credit, letter of guarantee or standby letter of credit under the main contract without obtaining the consent of the guarantor or otherwise giving notice to the guarantor.
Such modification is deemed to have been approved by the guarantor beforehand and shall not mitigate or release the guarantor from the guarantee liability. However, where the creditor and the debtor agree upon extension of the valid term of the
credit line under the main contract or increase of the amount of the credit line under the main contract without the consent of the guarantor, the guarantor shall only assume the guarantee liability for the debt under the main contract before the
change in accordance with this Contract. If the creditor adjusts the fee or rate and the interest accrual method according to the terms of the financing documents or the changes in the national interest rate policy, resulting in an increase in the
interest and expenses payable by the debtor, the increase shall also fall within the scope of guarantee on the part of the guarantor. 
 8.2 The
guarantee of this Contract is an unconditional and irrevocable guarantee, and shall not be affected by any agreement or document signed between the debtor and any unit, shall not be affected by any contract, agreement, guarantee, tacit agreement,
dispute or controversy between the debtor and the creditor or between the guarantor and the debtor, and shall not change due to the merger, spinoff, reorganization into joint stock company, capital increase/decrease, joint venture, association,
renaming, bankruptcy, insolvency, loss of business qualification, change of the organization’s articles of association on the part of the debtor. 

Article 9 Reservation of Rights 
 9.1 If a party fails to
exercise some or all of its rights hereunder, or fails to require the other party to perform and assume some or all of its obligations and responsibilities, it shall not constitute the party’s waiver of such rights or exemption of such
obligations and responsibilities. 

  

			
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 9.2 Any grace, extension or moratorium on the rights hereunder granted by one party to the other party shall
not affect any of its rights under this Contract and laws and regulations, nor shall it be deemed a waiver of such rights. 
 Article 10 Governing Law
and Dispute Resolution 
 10.1 This Contract is governed by the laws of the People’s Republic of China (excluding Hong Kong Special Administrative
Region, Macao Special Administrative Region and Taiwan). 
 10.2 Any dispute concerning this Contract shall be subject to the jurisdiction of the competent
people’s court as stipulated in the main contract. Any other forum selected may be agreed upon in the supplementary provisions. For the duration of the dispute, the parties hereto shall continue to perform the terms not in dispute. If either
party files a lawsuit in the court with respect to any dispute, the litigation cost, the reasonable attorney’s fee incurred by the other party and other expenses arising from the proceedings (including but not limited to property preservation
fee, travel expenses, notarization fee, translation fee, evaluation and auction fees, execution fee, etc.) shall be borne by the defaulting party. 

Article 11 Entry into Force, Modification and Rescission of the Contract 

11.1 This Contract shall enter into force upon signing by the guarantor and the creditor. 

11.2 This Contract may be modified or revised in writing as agreed upon by the parties. Any modification or revision shall constitute an integral part of this
Contract. 
 11.3 Except as otherwise provided by laws and regulations or otherwise agreed by the parties, this Contract may not be terminated until all the
rights and obligations hereunder have been fulfilled. 
 Article 12 Miscellaneous 

12.1 The headings of the clauses and sub-clauses of this Contract are inserted for convenience only and shall not
affect the meaning and interpretation of any clause hereof. 
 12.2 The valid certificate of the creditor’s right hereunder shall be subject to the
accounting voucher issued and kept by the creditor in accordance with its own business regulations. 
 12.3 Notice 

The address of the guarantor set forth herein is the confirmed mailing address and the address for service of legal instruments. In case of any change, the
guarantor shall notify the creditor in writing within ten natural days after the change, with the postal cost incurred borne by the guarantor. The original address shall be still deemed valid before the creditor receives the notice of change from
the guarantor. If the address of the creditor changes, the creditor only needs to make an announcement at the premises or through other means. 
 Any
notices and requests concerning this Contract between the creditor and the guarantor shall be sent by registered mail, EMS or made in any other written form as agreed by the parties. Any communication or document made or delivered by the creditor to
this guarantor under this contract or for the purpose of this contract shall be deemed to have been served under the following circumstances: 
 a) If
delivered by hand, at the time of delivery by hand; 
 b) If sent by letter, on the second (2) natural day for the same city, the fifth
(5) natural day for different cities after the envelope marked with such address is mailed with postage prepaid; 

  

			
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 c) If sent by e-mail or other electronic means of communication, at
the time of receipt in a clearly visible form; 
 d) If transmitted by telex or fax, at the time of completion of the transmission and receipt of the
correct number or fax report; 
 e) In the case of notification of transfer or collection by making an announcement in public media or other means, it shall
be deemed to have been served to the other party on the date of the announcement. 
 The guarantor agrees that the creditor may entrust the courier
agency to send notices, receipts or other written documents relating to this Contract. In case of any loss or delay in the process of sending, the creditor shall take no responsibility. The creditor undertakes actively cooperate with the guarantor
and take remedy measures to minimize risks and economic losses. 
 12.4 The guarantor acknowledges that the creditor may entrust another business office
of Fubon Bank (China) Co., Ltd. to fulfill the rights and obligations hereunder, or put the business hereunder under the management of another business office of Fubon Bank (China) Co., Ltd. as required. The other business office of Fubon Bank
(China) Co., Ltd. authorized by the creditor, or the other business office of Fubon Bank (China) Co., Ltd. that undertakes the business hereunder shall have the right to exercise all the rights hereunder and have the right to file a lawsuit in or
apply for enforcement to the court in the name of the business office with respect to the dispute hereunder. 
 12.5 The guarantor may not transfer any
rights and obligations hereunder to a third party without the written consent of the creditor. Where the creditor assigns the creditor’s right under the main contract to a third party in whole or in part and notifies the guarantor (without
otherwise obtaining the consent or approval of the guarantor), the guarantor agrees that the creditor shall transfer the security right set hereunder at the same time, and the guarantor shall assume the guarantee liability to the assignee within the
scope of guarantee stipulated herein, and agree to take any action or sign any document to cooperate with the creditor to complete the said assignment. The guarantor shall continue to assume responsibility for the creditor and its assignee and
beneficiary in accordance with this Contract. 
 12.6 Except for the expenses to be borne by the creditor as explicitly stipulated by laws and regulations,
any expenses hereunder shall be borne by the guarantor. 
 12.7 Without prejudice to other terms herein, if the guarantor is an institution, this Contract
shall be legally binding on the parties and their respective legal successors and assignees. 
 12.8 If a clause or a portion of a clause hereof is invalid
now or will become invalid in the future, the invalid clause or invalid portion shall not affect the validity of this Contract and other clauses of this Contract or other contents of such clause. 

12.9 During the period from the date of execution of the main contract until the settlement of the debt under the main contract, the guarantor irrevocably
authorizes the creditor to inquire the guarantor’s credit information with the financial credit information basic database and other duly established credit reference agencies and use such credit information while the guarantor assumes the
guarantee liability to the creditor in handling various credit businesses for the debtor. Without the written consent of the guarantor, the creditor may not disclose the guarantor’s credit information to any person except in the following
cases: (1) Disclosure to any court, tribunal, regulatory agency, or government agency that has jurisdiction and regulatory power over the creditor; (2) Other disclosures as required by laws and regulations. If the creditor enters, inquires
or uses the guarantor’s information beyond the above-mentioned purposes of use, the creditor shall bear any and all the consequences and legal liabilities arising therefrom. The guarantor agrees that the creditor may submit the guarantor’s
credit information to the financial credit information basic database and other duly established credit reference agencies. The guarantor is fully aware of and understands the entire contents of the foregoing authorization terms and authorizes the
creditor on this basis. 
 12.10 The guarantor shall notarize this Contract when the creditor deems it necessary. Such notarization shall be enforceable
and the guarantor undertakes that the guarantor is willing to accept enforcement in accordance with law in the event of non-performance or partial non-performance of
obligations on the part of the debtor or the guarantor. 

  

			
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 12.11 The guarantor shall compensate the creditor for any and all losses and expenses incurred as a
result of the guarantor’s failure to perform its obligations and covenants hereunder. 
 12.12 The guarantor agrees that the creditor may entrust a
third party to handle the accompanying business (including but not limited to debt collection and other matters) related to this Contract in accordance with laws and regulations, and the guarantor agrees that the creditor may submit the relevant
information and materials of the guarantor hereunder to the third party for handle the matters entrusted. 
 12.13 This Contract is made in duplicate, with
each party holding one copy, which have the same legal effect. 
 Part II Special Terms 

Article 13 Main Contract 
 The main contract refers to the
comprehensive credit line contract, No.: 1809-069382502-01, concluded by and between the creditor and the debtor Shanghai Tong Gou Information Technology Co., Ltd. (including any revisions, amendments,
modifications and supplementations made thereto from time to time). Principal’s claims will be determined between September 17, 2018 and September 30, 2021. 

Article 14 Maximum Principal Amount of the Creditor’s Right 

The maximum principal amount of the creditor’s right secured hereunder (i.e., the ceiling which the balance of the principal of the secured debt may not
exceed) is equivalent to (currency) RMB (amount) five million Yuan only. 
 Article 15 Other Matters as Agreed upon by the Parties 

15.1 ☐ The guarantor agrees to include the unsettled debt of the debtor (including other institutions of the creditor) under the ____________ No.
____________ concluded by and between the debtor and the creditor (including any revisions, amendments, modifications and supplementations made thereto from time to time) in the scope of the maximum amount guarantee of this Contract. 

 

			
		
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 (Signature page to follow) 

Signature Page 
 The parties hereby
acknowledge that at the time of signing this Contract, the creditor has elaborated on all the terms (especially those in bold font) and, through thorough discussion by the parties, the guarantor has no doubt about all the terms of this Contract and
has acquired an accurate and correct understanding of the legal meanings of the terms concerning the relevant rights and obligations of the parties hereto and limitation of liability or exemption or authorization. 

Guarantor: 
 [If the guarantee is an institution] 

Legal representative or authorized agent (Signature/Seal): 
 [If
the guarantee is a natural person] 
 The Guarantor or authorized agent (Signature/Seal): /s/ Wang Ying 

Official seal: 
 Creditor: 

Legal representative or authorized agent (signature and seal): 

Seal: 
 Fubon Bank (China) Co., Ltd. Shanghai Century Avenue
Branch (Seal) 
  

					
		  	Guaranteed by	  	Wang Jing (seal)
			
		  	Guaranteed on	  	9/25/2018

  

			
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 Contract No.: 1809-069382502-01-G2 
  
 

 
 Maximum Guarantee Contract 

Contract version number: FB201603 (Corporate) 

 This Contract, dated September 25, 2018, was made and entered into by and between by the following
parties: 
 Guarantor: Zeng Qingchun 
 Domicile (Address): Room
302, 3/F, 1000 Tianyaoqiao Road, Xuhui District, Shanghai 
 Tel.: 61132270    Fax: ____________________ 

(For an institution) Legal representative/person in charge: _______________ 

(For a natural person) Certificate Type: ___________ Certificate Number: _______________ 

Creditor: Fubon Bank (China) Co., Ltd. Shanghai Century Avenue Branch 

Domicile (Address): 1/F, Block A, 1168 Century Avenue, Pudong New Area, Shanghai 

Legal representative/person in charge: Su Hang 
 Tel.: 021-20619888    Fax:____________________ 

  

			
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 In order to ensure the smooth performance of the main contract (hereinafter referred to as the main
contract) stipulated in Article 13, and ensure the realization of the creditor’s rights, the guarantor is willing to provide the maximum joint and several liability guarantee for the realization of a series of the creditor’s rights under
the main contract. The parties, intending to be legally bound hereby, entered into this Contract upon consensus through negotiation in accordance with relevant laws, regulations and rules. 

Part I General Terms 
 Article 1 The
secured main creditor’s right 
 1.1 The main creditor’s right secured hereunder is each creditor’s right under the main contract. The
specific type, amounts, term, interest rate, and debt performance period of each single business under the main contract shall be determined by the creditor and the debtor in the specific business under the main contract. 

1.2 The maximum principal amount of the creditor’s right secured by guarantee by the guarantor hereunder is set forth in Article 14 hereof. The
maximum principal amount of the creditor’s right only refers to the ceiling of the principal balance of the secured debt (as defined in Article 2.1). Given that the principal of the secured debt does not exceed the said ceiling, the guarantor
agrees to assume joint and several liability guarantee for all payables within the scope of guarantee stated in Article 2 hereof. The guarantor shall not claim no guarantee liability solely on account of the fact that the total amount of all
payables within the scope of guarantee referred to in Article 2 hereof exceeds the maximum principal amount of the creditor’s rights as specified in Article 14 hereof. 

Article 2 Scope of Guarantee 
 2.1 The guarantor’s
guarantee covers any debts payable by the debtor to the creditor at any time now or in the future under the main contract, including but not limited to the principal, interest, compound interest, penalty interest, liquidated damages, damages, and
other amounts payable by the debtor to the creditor (including but not limited to related handling fees, miscellaneous fees and other expenses), the expenses incurred by the creditor for realization of the creditor’s rights (including but not
limited to litigation fees, arbitration fees, security fees, enforcement fees, attorney’s fees, evaluation fees, auction fees, notary fees, announcement fees, service fees, etc.) and other losses (hereinafter referred to as the “secured
debt”). 
 2.2 The single creditor’s right incurred during the determination period (as defined in Article 13) of the main creditor’s
right, even if its expiry date exceeds the determination period of the main creditor’s right, or the contingent creditor’s right incurred during the determination period of the main creditor’s right, even if the time of its conversion
into the actual creditor’s right exceeds the determination period of the main creditor’s right, fall within the scope of guarantee hereunder. 

2.3 The guarantor agrees that in the event of an increase in the principal, interest, penalty interest, and compound interest payable by the debtor as a
result of the creditor’s adjustment of the interest rate, interest accrual or settlement method according to the contract or the changes in the national interest rate policy, or the change in the principal amount of the debt actually payable
due to changes in exchange rate, the increase shall also fall within the scope of guarantee. 
 Article 3 Mode of Guarantee 

3.1 The guarantee under this contract is joint and several liability guarantee. If there is more than one guarantor under the main contract, each guarantor
shall bear joint and several liability for the creditor with respect to the entire secured debt. In case of any event of default under the main contract on the part of the debtor, the creditor shall have the right to directly request any guarantor
to assume the guarantee liability within the scope of guarantee. 
 3.2 Where the creditor declares earlier maturity of the debtor’s debt according
to the main contract, the guarantor shall assume the guarantee liability ahead of time. 

  

			
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 3.3 The guarantor acknowledges that if the debtor fails to perform its debts as agreed in the main
contract, regardless of whether the creditor has any other security interest (including but not limited to guarantee, mortgage, pledge, letter of guarantee and other forms of security) in the creditor’s rights under the main contract, the
creditor shall have the right to require the guarantor to assume the guarantee liability within the scope of guarantee as stipulated herein, without first exercising the other security interest. The guarantor hereby expressly waives the defense
against the claim of first exercising the real security provided by the debtor. If the creditor waives its security interest over the collateral (including the collateral provided by the debtor) or other guarantors, the Guarantor shall still assume
full liability for guarantee as stipulated herein. 
 3.4 The guarantee established herein, as a continuing guarantee for the debtor’s repayment
and performance of all the obligations under the main contract, shall not be released by reason of partial payment or repayment of the secured debt, in which case the guarantor shall still assume guarantee liability for the outstanding debt within
the scope of guarantee according to this Contract. 
 Article 4 Guarantee Period 

4.1 The guarantee period is two years from the date on which each fund raised under the main contract expires, the date on which the creditor advances the
payment, the maturity date of the bill or the similar debt performance deadline (collectively referred to as the “debt performance deadline”). 

4.2 Where the main contract stipulates repayment in installments, the Guarantor shall bear the guarantee liability for the repayment obligation in each
installment under the main contract respectively. The guarantee period shall be from the expiration of the debt performance deadline of each installment until two years after the expiration of the debt performance deadline of the last installment.

 4.3 “Maturity” and “expiration” referred to herein include the case where the creditor declares earlier maturity. Where the creditor
declares earlier maturity of the main creditor’s right, the date of earlier maturity announced by the creditor shall be the expiry date of the debt performance deadline. 

4.4 The guarantor agrees that if the creditor and the debtor reach an agreement on extension of the debt performance deadline, the guarantee period shall
terminate two years after the expiry date of each new debt performance deadline specified in the extension agreement. 
 Article 5 Performance of
Guarantee Liability 
 5.1 Provided that the creditor submits to the Guarantor a debt collection notice stating the guarantee contract number and the
amount of the main debt, the Guarantor shall immediately perform the liquidation obligation upon receipt of the notice. 
 5.2 Where the Guarantor shall
perform the guarantee liability hereunder, the creditor shall have the right to deduct any amount from any account opened by the Guarantor with any business office of Fubon Bank (China) Co., Ltd. for liquidation of the debts due, without giving
notice to the Guarantor. Even if all or part of the aforesaid amount has been deposited for a fixed period of time, or it requires a certain period of notice, and the fixed period or notice period has not expired or such notice has not been issued,
the above rights of the creditor shall not be restricted or affected in any way, and the creditor is not required to assume any liability or make any compensation to the Guarantor for deducting such undue amount. Unless otherwise agreed by the
parties, the creditor shall have the right to determine the liquidation order with the proceeds from deduction. If the currency of the proceeds from deduction is inconsistent with that of the amount to be liquidated, it shall be converted at the
exchange rate applicable to the creditor on the same day of deduction, and the exchange rate risk shall be borne by the Guarantor. When the creditor deems it necessary, the Guarantor shall execute all documents and take all actions as necessary to
authorize the creditor to deal with the claim and recourse of all due creditor’s right of the Guarantor; and execute all documents and take all actions as necessary to create a pledge in the proceeds therefrom for the creditor. 

5.3 The main creditor’s right shall be determined upon the occurrence of any of the following: 

(1) the determination period of the main creditor’s right expires; 

(2) Any event of default set forth herein occurs and the creditor decides to determine the creditor’s right; 

  

			
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 (3) The creditor declares earlier maturity of the entire secured debt according to the main contract or
applicable laws; 
 (4) Other circumstances where the secured debt shall be determined as prescribed by law. 

Any and all secured debts that are outstanding at the time of determination of the main creditor’s right, regardless of whether the performance deadline
of such debt has expired or is conditional, shall fall within the scope of the main creditor’s right. At the time of determination of the main creditor’s right, any and all amounts set forth in Article 2, regardless of whether or not they
have occurred then, shall fall within the scope of the main creditor’s right. 
 5.4 While exercising its rights hereunder in accordance with law, the
creditor shall not be liable for any loss incurred thereby to the Guarantor, unless such loss is attributed to its intentional or gross negligence. 
 5.5
The creditor shall have the right to confirm the liquidation order according to the main contract with respect to the proceeds from the creditor’s execution of the guarantee after payment of the execution fee in priority. 

Article 6 Representations and Covenants 
 6.1 The
Guarantor represents as follows: 
 (1) If the Guarantor is an institution (meaning a legal person or an unincorporated organization, referred to as
“institution” herein), the Guarantor is duly registered and existing, and has the full capacity for civil right and civil conduct required to execute and deliver this Contract; if the Guarantor is a natural person, the Guarantor has the
full capacity for civil right and civil conduct required to execute and deliver this Contract. 
 (2) The Guarantor has carefully read and fully understood
the content of this Contract, the execution and performance of this Contract is based on the Guarantor’s manifestation of genuine intention; the execution and performance of this Contract will neither contravene the laws and regulations
governing the Guarantor, nor violate any agreement, contract, and other legal documents binding upon the Guarantor. 
 (3) This Contract constitutes a
legal, valid and legally binding obligation of the Guarantor. The guarantee set up hereunder is unconditional and is not subject to any other priority. 

(4) If the Guarantor is an institution, the Guarantor has obtained legal and valid authorization in accordance with its articles of association or other
internal management documents; the Guarantor has obtained or will obtain all relevant approvals, permits, filings or registrations required for execution and performance of this Contract. 

(5) All documents, financial statements, vouchers and other materials submitted by the guarantor to the creditor hereunder are true, complete, accurate and
valid. 
 (6) The guarantor undertakes to submit any documents and materials required at any time at the request of the creditor. The guarantor undertakes
that all documents and materials submitted to the creditor are accurate, true, complete and valid, and the documents submitted in photocopies are consistent with the original. 

(7) The guarantor has not concealed from the creditor any event that may affect its financial condition and ability to perform the contract. In the event of
any circumstances that may affect the guarantor’s financial condition and ability to perform the contract, including but not limited to transfer of major assets or equity transfer, incurring significant liabilities, and involvement in major
litigation or arbitration cases, or loss of civil capacity, etc, the guarantor shall notify the creditor on the date of occurrence or on the date when being aware that it will occur. 

(8) Where the debt under the main contract is not fully settled after the guarantor’s performance of the guarantee liability, the guarantor covenants
that its claim (including pre-exercise) of the right of subrogation or recourse against the debtor or any other guarantor shall not harm the creditor’s interests in any way and agrees that the liquidation
of the debt under the main contract takes precedence over the realization of the guarantor’s right of subrogation or recourse. 

  

			
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 (9) The guarantor covenants to supervise the use of the debt by the debtor, and the guarantor accepts and
cooperates with the creditor in the verification of its qualification, capacity for performing vicarious liability, credit standing and investment. 
 (10)
The guarantor is willing to assume the guarantee liability with all the property owned. Before the settlement of the secured debt, the guarantor covenants not to provide guarantee to any third party without the written consent of the creditor. If
the guarantor’s property then is not sufficient to cover the guarantee liability, the guarantor undertakes to continue to be liable for liquidation of the insufficiency. 

(11) The guarantor is not involved in any economic, civil, criminal, administrative proceedings, or similar arbitral proceedings that may have a material
adverse effect on it, nor does it have any circumstances that could lead to its involvement in such proceedings or similar arbitral proceedings. 
 (12) No
important assets of the guarantor is subject to any enforcement, seizure, detention, freezing, lien, or regulatory measures, or is under any circumstances that may lead to such measures. 

6.2 If the guarantor is an institution, the guarantor further covenants as follows: 

(1) None of the guarantor and any of its shareholders and affiliates has been involved in any liquidation, bankruptcy, reorganization, consolidation (merger),
spinoff, restructuring, dissolution, capital reduction or similar legal proceedings, and no circumstances that may lead to such legal proceedings has occurred to them. 

(2) Submit the financial statements (including but not limited to annual reports, semi-annual reports, quarterly reports and monthly statements) and other
relevant materials to the creditor on a regular or timely basis as required by the creditor. 
 (3) If the guarantor has entered into or will enter into a
counter-guarantee agreement or similar agreement with the debtor with respect to its guarantee obligations hereunder, such agreement will not prejudice any rights of the creditor hereunder. 

(4) The guarantor cannot undergo merger, spinoff, capital reduction, equity transfer, foreign investment, substantial increase in debt financing, transfer of
major assets and claims, and other matters that may adversely affect the guarantor’s guarantee ability unless the prior consent of the creditor is obtained. 

(5) Under any of the following circumstances, the guarantor shall promptly notify the creditor: 

a) any change in the articles of association, business scope, registered capital, and legal representative; 

b) changing the business mode by carrying out any form of joint operation, establishing joint venture with, cooperating with foreign investors, contracting,
restructuring, institutional shift, planned listing or otherwise; 
 c) being involved in a major litigation or arbitration, or having the property or
collateral being seized, detained or regulated, or creating a new security interest in the collateral; 
 d) discontinuation of business, dissolution,
liquidation, suspension of business for rectification, being revoked, being revoked of business license, and (being filed) filing for bankruptcy; 
 e) Any
of its shareholders, directors and current officers is suspected of being involved in major cases or economic disputes; 
 f) an event of default under any
other contract; 
 g) running into trouble in operation and deterioration of financial condition. 

  

			
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 6.3 If the guarantor is a natural person, the guarantor represents and covenants as follows: 

(1) The guarantor accepts the creditor’s supervision and inspection of the financial status of the guarantor, and assists and cooperates with the creditor
in this regard. The guarantor shall submit the credit reference documents, including but not limited to individual income tax return, deposit certificate, personal credit report, etc., as required by the creditor. 

(2) The guarantor has not concealed from the creditor the significant liabilities that have been borne as at the date of execution of this Contract. 

(3) This Contract is not terminated or adversely affected by the guarantor’s death. The guarantor voluntarily assumes the liability for satisfaction with
the entire estate. The guarantor’s estate administrator and inheritor are fully bound by the guarantee contract. 
 (4) Before fulfillment of the debt
under the main contract, the guarantor shall not maliciously transfer or damage the personal property. 
 6.4 The guarantor’s representations and
undertakings above shall remain true and correct until full settlement of the secured debt, and the guarantor will submit further documentation as required by the creditor from time to time. 

Article 7 Event of Default and Handling 
 7.1 Any of
the following matters shall constitute an event of default event on the part of the guarantor hereunder: 
 (1) The guarantor fails to (or expressly
indicates or indicates by act it will not) duly perform the guarantee liability on time and in full as stipulated herein ; 
 (2) Any document,
information provided by the guarantor or any of the representations, statements, or covenants made by it is untrue, inaccurate, incomplete, illegal or invalid, or is false, fraudulent, contains material omission, material concealment or misleading
information; 
 (3) Occurrence of any circumstance that may affect the guarantor’s financial status and ability to perform the contract ,
including but not limited to the transfer of major assets or equity, undertaking material liabilities, involvement in major litigation or arbitration or enforcement cases, and material adverse changes in financial condition, generation of
unfavorable credit records, loss of civil capacity, disputes or incidents involving changes in marriage, support/dependency/foster relationship relationships, or division of community property; 

(4) If the guarantor is an institution, the guarantor terminates business or dissolves, is revoked or goes bankrupt; 

(5) If the guarantor is a natural person, the guarantor is deceased, declared deceased, missing or declared missing, or becomes a person with limited
capacity for civil conduct or a person without civil capacity; 
 (6) The guarantor becomes unemployed, undergoes business changes, is subject to
administrative, criminal enforcement measures, punishment or other criminal sanctions; 
 (7) This Contract is made invalid or is revoked for reasons
attributable to the guarantor; 
 (8) other events or acts that have or may have a material adverse effect on the main creditor’s right or
security interest on the part of the guarantor; 
 (9) violation of other provisions herein or occurrence of any other event that will affect its
rights hereunder as the creditor considers on the part of the guarantor. 
 7.2 Upon occurrence of any event of default set forth in the preceding
paragraph, the creditor shall have the right to take the following measures separately or simultaneously depending on the circumstances: 
 (1)
require the guarantor to correct its breach of contract within a time limit and fulfill the guarantee liability in a timely manner; 

  

			
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 (2) suspend or terminate the acceptance of the business application under other contracts between the
guarantor and the creditor or other business offices of Fubon Bank (China) Co., Ltd. in whole or in part; suspend or terminate the issuance and processing of the loans that have not yet been issued, and trade financing that has not yet been
processed in whole or in part; 
 (3) Declare immediate maturity of the outstanding credit principal and interest and other payables under other
contracts between the guarantor and the creditors or other business offices of Fubon Bank (China) Co., Ltd. in whole or in part, and require the debtor to repay the debts owed; 

(4) terminate or rescind other contracts between the guarantor and the creditor in whole or in part; 

(5) require the guarantor to compensate for any and all direct and indirect losses caused to the creditor by its breach of contract; 

(6) Take the deduction measures specified in Article 5.2 hereof; 

(7) Determine the main creditor’s right as stipulated in Article 5.3 and require the guarantor to perform the guarantee liability hereunder; 

(8) require the guarantor to provide other guarantees recognized by the creditor; 

(9) Other measures as the creditor deems necessary. 

Article 8 Relationship with the Main Contract 
 8.1 The
rights and interests of the creditor hereunder shall not be affected in any way by any grace, extension granted by the creditor to the debtor, any revision, modification or substitution made by the creditor and the debtor to any terms of the main
contract or the specific contracts or other business documents under the main contract (including but not limited to the change of the terms concerning type, amount, currency, term, interest rate, exchange rate, use, repayment method, rights and
obligations of the credit business). If any of the above circumstances occurs, it shall be deemed that the guarantor’s prior consent has been obtained. The guarantor shall assume the guarantee liability for the secured debt after the change,
and the guarantor shall not be released from its guarantee liability, without further consent from the guarantor. Where the main contract provides for issuance of a letter of credit, a letter of guarantee or a standby letter of credit by the
creditor to the debtor, the creditor and the debtor may modify the letter of credit, letter of guarantee or standby letter of credit under the main contract without obtaining the consent of the guarantor or otherwise giving notice to the guarantor.
Such modification is deemed to have been approved by the guarantor beforehand and shall not mitigate or release the guarantor from the guarantee liability. However, where the creditor and the debtor agree upon extension of the valid term of the
credit line under the main contract or increase of the amount of the credit line under the main contract without the consent of the guarantor, the guarantor shall only assume the guarantee liability for the debt under the main contract before the
change in accordance with this Contract. If the creditor adjusts the fee or rate and the interest accrual method according to the terms of the financing documents or the changes in the national interest rate policy, resulting in an increase in the
interest and expenses payable by the debtor, the increase shall also fall within the scope of guarantee on the part of the guarantor. 
 8.2 The
guarantee of this Contract is an unconditional and irrevocable guarantee, and shall not be affected by any agreement or document signed between the debtor and any unit, shall not be affected by any contract, agreement, guarantee, tacit agreement,
dispute or controversy between the debtor and the creditor or between the guarantor and the debtor, and shall not change due to the merger, spinoff, reorganization into joint stock company, capital increase/decrease, joint venture, association,
renaming, bankruptcy, insolvency, loss of business qualification, change of the organization’s articles of association on the part of the debtor. 

Article 9 Reservation of Rights 
 9.1 If a party fails to
exercise some or all of its rights hereunder, or fails to require the other party to perform and assume some or all of its obligations and responsibilities, it shall not constitute the party’s waiver of such rights or exemption of such
obligations and responsibilities. 

  

			
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 9.2 Any grace, extension or moratorium on the rights hereunder granted by one party to the other party shall
not affect any of its rights under this Contract and laws and regulations, nor shall it be deemed a waiver of such rights. 
 Article 10 Governing Law
and Dispute Resolution 
 10.1 This Contract is governed by the laws of the People’s Republic of China (excluding Hong Kong Special Administrative
Region, Macao Special Administrative Region and Taiwan). 
 10.2 Any dispute concerning this Contract shall be subject to the jurisdiction of the competent
people’s court as stipulated in the main contract. Any other forum selected may be agreed upon in the supplementary provisions. For the duration of the dispute, the parties hereto shall continue to perform the terms not in dispute. If either
party files a lawsuit in the court with respect to any dispute, the litigation cost, the reasonable attorney’s fee incurred by the other party and other expenses arising from the proceedings (including but not limited to property preservation
fee, travel expenses, notarization fee, translation fee, evaluation and auction fees, execution fee, etc.) shall be borne by the defaulting party. 

Article 11 Entry into Force, Modification and Rescission of the Contract 

11.1 This Contract shall enter into force upon signing by the guarantor and the creditor. 

11.2 This Contract may be modified or revised in writing as agreed upon by the parties. Any modification or revision shall constitute an integral part of this
Contract. 
 11.3 Except as otherwise provided by laws and regulations or otherwise agreed by the parties, this Contract may not be terminated until all the
rights and obligations hereunder have been fulfilled. 
 Article 12 Miscellaneous 

12.1 The headings of the clauses and sub-clauses of this Contract are inserted for convenience only and shall not
affect the meaning and interpretation of any clause hereof. 
 12.2 The valid certificate of the creditor’s right hereunder shall be subject to the
accounting voucher issued and kept by the creditor in accordance with its own business regulations. 
 12.3 Notice 

The address of the guarantor set forth herein is the confirmed mailing address and the address for service of legal instruments. In case of any change, the
guarantor shall notify the creditor in writing within ten natural days after the change, with the postal cost incurred borne by the guarantor. The original address shall be still deemed valid before the creditor receives the notice of change from
the guarantor. If the address of the creditor changes, the creditor only needs to make an announcement at the premises or through other means. 
 Any
notices and requests concerning this Contract between the creditor and the guarantor shall be sent by registered mail, EMS or made in any other written form as agreed by the parties. Any communication or document made or delivered by the creditor to
this guarantor under this contract or for the purpose of this contract shall be deemed to have been served under the following circumstances: 
 a) If
delivered by hand, at the time of delivery by hand; 
 b) If sent by letter, on the second (2) natural day for the same city, the fifth
(5) natural day for different cities after the envelope marked with such address is mailed with postage prepaid; 

  

			
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 c) If sent by e-mail or other electronic means of communication, at
the time of receipt in a clearly visible form; 
 d) If transmitted by telex or fax, at the time of completion of the transmission and receipt of the
correct number or fax report; 
 e) In the case of notification of transfer or collection by making an announcement in public media or other means, it shall
be deemed to have been served to the other party on the date of the announcement. 
 The guarantor agrees that the creditor may entrust the courier
agency to send notices, receipts or other written documents relating to this Contract. In case of any loss or delay in the process of sending, the creditor shall take no responsibility. The creditor undertakes actively cooperate with the guarantor
and take remedy measures to minimize risks and economic losses. 
 12.4 The guarantor acknowledges that the creditor may entrust another business office
of Fubon Bank (China) Co., Ltd. to fulfill the rights and obligations hereunder, or put the business hereunder under the management of another business office of Fubon Bank (China) Co., Ltd. as required. The other business office of Fubon Bank
(China) Co., Ltd. authorized by the creditor, or the other business office of Fubon Bank (China) Co., Ltd. that undertakes the business hereunder shall have the right to exercise all the rights hereunder and have the right to file a lawsuit in or
apply for enforcement to the court in the name of the business office with respect to the dispute hereunder. 
 12.5 The guarantor may not transfer any
rights and obligations hereunder to a third party without the written consent of the creditor. Where the creditor assigns the creditor’s right under the main contract to a third party in whole or in part and notifies the guarantor (without
otherwise obtaining the consent or approval of the guarantor), the guarantor agrees that the creditor shall transfer the security right set hereunder at the same time, and the guarantor shall assume the guarantee liability to the assignee within the
scope of guarantee stipulated herein, and agree to take any action or sign any document to cooperate with the creditor to complete the said assignment. The guarantor shall continue to assume responsibility for the creditor and its assignee and
beneficiary in accordance with this Contract. 
 12.6 Except for the expenses to be borne by the creditor as explicitly stipulated by laws and regulations,
any expenses hereunder shall be borne by the guarantor. 
 12.7 Without prejudice to other terms herein, if the guarantor is an institution, this Contract
shall be legally binding on the parties and their respective legal successors and assignees. 
 12.8 If a clause or a portion of a clause hereof is invalid
now or will become invalid in the future, the invalid clause or invalid portion shall not affect the validity of this Contract and other clauses of this Contract or other contents of such clause. 

12.9 During the period from the date of execution of the main contract until the settlement of the debt under the main contract, the guarantor irrevocably
authorizes the creditor to inquire the guarantor’s credit information with the financial credit information basic database and other duly established credit reference agencies and use such credit information while the guarantor assumes the
guarantee liability to the creditor in handling various credit businesses for the debtor. Without the written consent of the guarantor, the creditor may not disclose the guarantor’s credit information to any person except in the following
cases: (1) Disclosure to any court, tribunal, regulatory agency, or government agency that has jurisdiction and regulatory power over the creditor; (2) Other disclosures as required by laws and regulations. If the creditor enters, inquires
or uses the guarantor’s information beyond the above-mentioned purposes of use, the creditor shall bear any and all the consequences and legal liabilities arising therefrom. The guarantor agrees that the creditor may submit the guarantor’s
credit information to the financial credit information basic database and other duly established credit reference agencies. The guarantor is fully aware of and understands the entire contents of the foregoing authorization terms and authorizes the
creditor on this basis. 
 12.10 The guarantor shall notarize this Contract when the creditor deems it necessary. Such notarization shall be enforceable
and the guarantor undertakes that the guarantor is willing to accept enforcement in accordance with law in the event of non-performance or partial non-performance of
obligations on the part of the debtor or the guarantor. 

  

			
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 12.11 The guarantor shall compensate the creditor for any and all losses and expenses incurred as a
result of the guarantor’s failure to perform its obligations and covenants hereunder. 
 12.12 The guarantor agrees that the creditor may entrust a
third party to handle the accompanying business (including but not limited to debt collection and other matters) related to this Contract in accordance with laws and regulations, and the guarantor agrees that the creditor may submit the relevant
information and materials of the guarantor hereunder to the third party for handle the matters entrusted. 
 12.13 This Contract is made in duplicate, with
each party holding one copy, which have the same legal effect. 
 Part II Special Terms 

Article 13 Main Contract 
 The main contract refers to the
comprehensive credit line contract, No.: 1809-069382502-01, concluded by and between the creditor and the debtor Shanghai Tong Gou Information Technology Co., Ltd. (including any revisions, amendments,
modifications and supplementations made thereto from time to time). Principal’s claims will be determined between September 17, 2018 and September 30, 2021. 

Article 14 Maximum Principal Amount of the Creditor’s Right 

The maximum principal amount of the creditor’s right secured hereunder (i.e., the ceiling which the balance of the principal of the secured debt may not
exceed) is equivalent to (currency) RMB (amount) five million Yuan only. 
 Article 15 Other Matters as Agreed upon by the Parties 

15.1 ☐ The guarantor agrees to include the unsettled debt of the debtor (including other institutions of the creditor) under the ____________ No.
____________concluded by and between the debtor and the creditor (including any revisions, amendments, modifications and supplementations made thereto from time to time) in the scope of the maximum amount guarantee of this Contract. 

 

			
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 (Signature page to follow) 

Signature Page 
 The parties hereby
acknowledge that at the time of signing this Contract, the creditor has elaborated on all the terms (especially those in bold font) and, through thorough discussion by the parties, the guarantor has no doubt about all the terms of this Contract and
has acquired an accurate and correct understanding of the legal meanings of the terms concerning the relevant rights and obligations of the parties hereto and limitation of liability or exemption or authorization. 

Guarantor: 
 [If the guarantee is an institution] 

Legal representative or authorized agent (Signature/Seal): 

Official seal: 
 [If the guarantee is a natural person] 

The Guarantor or authorized agent 
 (Signature/Seal): /s/ Zeng
Qingchun 
 Creditor: 
 Legal representative or
authorized agent (signature and seal): 
 Seal: 
 Fubon Bank
(China) Co., Ltd. Shanghai Century Avenue Branch (seal) 
  

					
		 	Guaranteed by	  	 Wang Jing
 (seal)

			
		 	Guaranteed on	  	9/25/2018

  

			
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 ECMOHO 

Contract No.:
1809-069382502-01-G3 
  

 
 Maximum Guarantee Contract 

Contract version number: FB201603 (Corporate) 

 This Contract, dated September 25, 2018, was made and entered into by and between by the following
parties: 
 Guarantor: Shanghai ECMOHO Health Biotechnology Co., Ltd. 

Domicile (Address): Room 302, 3/F, 1000 Tianyaoqiao Road, Xuhui District, Shanghai 

Tel.: 61132270    Fax: ____________________ 

(For an institution) Legal representative/person in charge: Wang Ying ___ 

(For a natural person) Certificate Type: ___________ Certificate Number: _______________ 

Creditor: Fubon Bank (China) Co., Ltd. Shanghai Century Avenue Branch 

Domicile (Address): 1168 Century Avenue, Pudong New Area, Shanghai 

Legal representative/person in charge: Su Hang 
 Tel.: 021-20619888    Fax:____________________ 

  

			
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 In order to ensure the smooth performance of the main contract (hereinafter referred to as the main
contract) stipulated in Article 13, and ensure the realization of the creditor’s rights, the guarantor is willing to provide the maximum joint and several liability guarantee for the realization of a series of the creditor’s rights under
the main contract. The parties, intending to be legally bound hereby, entered into this Contract upon consensus through negotiation in accordance with relevant laws, regulations and rules. 

Part I General Terms 
 Article 1 The
secured main creditor’s right 
 1.1 The main creditor’s right secured hereunder is each creditor’s right under the main contract. The
specific type, amounts, term, interest rate, and debt performance period of each single business under the main contract shall be determined by the creditor and the debtor in the specific business under the main contract. 

1.2 The maximum principal amount of the creditor’s right secured by guarantee by the guarantor hereunder is set forth in Article 14 hereof. The
maximum principal amount of the creditor’s right only refers to the ceiling of the principal balance of the secured debt (as defined in Article 2.1). Given that the principal of the secured debt does not exceed the said ceiling, the guarantor
agrees to assume joint and several liability guarantee for all payables within the scope of guarantee stated in Article 2 hereof. The guarantor shall not claim no guarantee liability solely on account of the fact that the total amount of all
payables within the scope of guarantee referred to in Article 2 hereof exceeds the maximum principal amount of the creditor’s rights as specified in Article 14 hereof. 

Article 2 Scope of Guarantee 
 2.1 The guarantor’s
guarantee covers any debts payable by the debtor to the creditor at any time now or in the future under the main contract, including but not limited to the principal, interest, compound interest, penalty interest, liquidated damages, damages, and
other amounts payable by the debtor to the creditor (including but not limited to related handling fees, miscellaneous fees and other expenses), the expenses incurred by the creditor for realization of the creditor’s rights (including but not
limited to litigation fees, arbitration fees, security fees, enforcement fees, attorney’s fees, evaluation fees, auction fees, notary fees, announcement fees, service fees, etc.) and other losses (hereinafter referred to as the “secured
debt”). 
 2.2 The single creditor’s right incurred during the determination period (as defined in Article 13) of the main creditor’s
right, even if its expiry date exceeds the determination period of the main creditor’s right, or the contingent creditor’s right incurred during the determination period of the main creditor’s right, even if the time of its conversion
into the actual creditor’s right exceeds the determination period of the main creditor’s right, fall within the scope of guarantee hereunder. 

2.3 The guarantor agrees that in the event of an increase in the principal, interest, penalty interest, and compound interest payable by the debtor as a
result of the creditor’s adjustment of the interest rate, interest accrual or settlement method according to the contract or the changes in the national interest rate policy, or the change in the principal amount of the debt actually payable
due to changes in exchange rate, the increase shall also fall within the scope of guarantee. 
 Article 3 Mode of Guarantee 

3.1 The guarantee under this contract is joint and several liability guarantee. If there is more than one guarantor under the main contract, each guarantor
shall bear joint and several liability for the creditor with respect to the entire secured debt. In case of any event of default under the main contract on the part of the debtor, the creditor shall have the right to directly request any guarantor
to assume the guarantee liability within the scope of guarantee. 
 3.2 Where the creditor declares earlier maturity of the debtor’s debt according
to the main contract, the guarantor shall assume the guarantee liability ahead of time. 

  

			
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 3.3 The guarantor acknowledges that if the debtor fails to perform its debts as agreed in the main
contract, regardless of whether the creditor has any other security interest (including but not limited to guarantee, mortgage, pledge, letter of guarantee and other forms of security) in the creditor’s rights under the main contract, the
creditor shall have the right to require the guarantor to assume the guarantee liability within the scope of guarantee as stipulated herein, without first exercising the other security interest. The guarantor hereby expressly waives the defense
against the claim of first exercising the real security provided by the debtor. If the creditor waives its security interest over the collateral (including the collateral provided by the debtor) or other guarantors, the Guarantor shall still assume
full liability for guarantee as stipulated herein. 
 3.4 The guarantee established herein, as a continuing guarantee for the debtor’s repayment
and performance of all the obligations under the main contract, shall not be released by reason of partial payment or repayment of the secured debt, in which case the guarantor shall still assume guarantee liability for the outstanding debt within
the scope of guarantee according to this Contract. 
 Article 4 Guarantee Period 

4.1 The guarantee period is two years from the date on which each fund raised under the main contract expires, the date on which the creditor advances the
payment, the maturity date of the bill or the similar debt performance deadline (collectively referred to as the “debt performance deadline”). 

4.2 Where the main contract stipulates repayment in installments, the Guarantor shall bear the guarantee liability for the repayment obligation in each
installment under the main contract respectively. The guarantee period shall be from the expiration of the debt performance deadline of each installment until two years after the expiration of the debt performance deadline of the last installment.

 4.3 “Maturity” and “expiration” referred to herein include the case where the creditor declares earlier maturity. Where the creditor
declares earlier maturity of the main creditor’s right, the date of earlier maturity announced by the creditor shall be the expiry date of the debt performance deadline. 

4.4 The guarantor agrees that if the creditor and the debtor reach an agreement on extension of the debt performance deadline, the guarantee period shall
terminate two years after the expiry date of each new debt performance deadline specified in the extension agreement. 
 Article 5 Performance of
Guarantee Liability 
 5.1 Provided that the creditor submits to the Guarantor a debt collection notice stating the guarantee contract number and the
amount of the main debt, the Guarantor shall immediately perform the liquidation obligation upon receipt of the notice. 
 5.2 Where the Guarantor shall
perform the guarantee liability hereunder, the creditor shall have the right to deduct any amount from any account opened by the Guarantor with any business office of Fubon Bank (China) Co., Ltd. for liquidation of the debts due, without giving
notice to the Guarantor. Even if all or part of the aforesaid amount has been deposited for a fixed period of time, or it requires a certain period of notice, and the fixed period or notice period has not expired or such notice has not been issued,
the above rights of the creditor shall not be restricted or affected in any way, and the creditor is not required to assume any liability or make any compensation to the Guarantor for deducting such undue amount. Unless otherwise agreed by the
parties, the creditor shall have the right to determine the liquidation order with the proceeds from deduction. If the currency of the proceeds from deduction is inconsistent with that of the amount to be liquidated, it shall be converted at the
exchange rate applicable to the creditor on the same day of deduction, and the exchange rate risk shall be borne by the Guarantor. When the creditor deems it necessary, the Guarantor shall execute all documents and take all actions as necessary to
authorize the creditor to deal with the claim and recourse of all due creditor’s right of the Guarantor; and execute all documents and take all actions as necessary to create a pledge in the proceeds therefrom for the creditor. 

5.3 The main creditor’s right shall be determined upon the occurrence of any of the following: 

(1) the determination period of the main creditor’s right expires; 

(2) Any event of default set forth herein occurs and the creditor decides to determine the creditor’s right; 

  

			
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 (3) The creditor declares earlier maturity of the entire secured debt according to the main contract or
applicable laws; 
 (4) Other circumstances where the secured debt shall be determined as prescribed by law. 

Any and all secured debts that are outstanding at the time of determination of the main creditor’s right, regardless of whether the performance deadline
of such debt has expired or is conditional, shall fall within the scope of the main creditor’s right. At the time of determination of the main creditor’s right, any and all amounts set forth in Article 2, regardless of whether or not they
have occurred then, shall fall within the scope of the main creditor’s right. 
 5.4 While exercising its rights hereunder in accordance with law, the
creditor shall not be liable for any loss incurred thereby to the Guarantor, unless such loss is attributed to its intentional or gross negligence. 
 5.5
The creditor shall have the right to confirm the liquidation order according to the main contract with respect to the proceeds from the creditor’s execution of the guarantee after payment of the execution fee in priority. 

Article 6 Representations and Covenants 
 6.1 The
Guarantor represents as follows: 
 (1) If the Guarantor is an institution (meaning a legal person or an unincorporated organization, referred to as
“institution” herein), the Guarantor is duly registered and existing, and has the full capacity for civil right and civil conduct required to execute and deliver this Contract; if the Guarantor is a natural person, the Guarantor has the
full capacity for civil right and civil conduct required to execute and deliver this Contract. 
 (2) The Guarantor has carefully read and fully understood
the content of this Contract, the execution and performance of this Contract is based on the Guarantor’s manifestation of genuine intention; the execution and performance of this Contract will neither contravene the laws and regulations
governing the Guarantor, nor violate any agreement, contract, and other legal documents binding upon the Guarantor. 
 (3) This Contract constitutes a
legal, valid and legally binding obligation of the Guarantor. The guarantee set up hereunder is unconditional and is not subject to any other priority. 

(4) If the Guarantor is an institution, the Guarantor has obtained legal and valid authorization in accordance with its articles of association or other
internal management documents; the Guarantor has obtained or will obtain all relevant approvals, permits, filings or registrations required for execution and performance of this Contract. 

(5) All documents, financial statements, vouchers and other materials submitted by the guarantor to the creditor hereunder are true, complete, accurate and
valid. 
 (6) The guarantor undertakes to submit any documents and materials required at any time at the request of the creditor. The guarantor undertakes
that all documents and materials submitted to the creditor are accurate, true, complete and valid, and the documents submitted in photocopies are consistent with the original. 

(7) The guarantor has not concealed from the creditor any event that may affect its financial condition and ability to perform the contract. In the event of
any circumstances that may affect the guarantor’s financial condition and ability to perform the contract, including but not limited to transfer of major assets or equity transfer, incurring significant liabilities, and involvement in major
litigation or arbitration cases, or loss of civil capacity, etc, the guarantor shall notify the creditor on the date of occurrence or on the date when being aware that it will occur. 

(8) Where the debt under the main contract is not fully settled after the guarantor’s performance of the guarantee liability, the guarantor covenants
that its claim (including pre-exercise) of the right of subrogation or recourse against the debtor or any other guarantor shall not harm the creditor’s interests in any way and agrees that the liquidation
of the debt under the main contract takes precedence over the realization of the guarantor’s right of subrogation or recourse. 

  

			
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 (9) The guarantor covenants to supervise the use of the debt by the debtor, and the guarantor accepts and
cooperates with the creditor in the verification of its qualification, capacity for performing vicarious liability, credit standing and investment. 
 (10)
The guarantor is willing to assume the guarantee liability with all the property owned. Before the settlement of the secured debt, the guarantor covenants not to provide guarantee to any third party without the written consent of the creditor. If
the guarantor’s property then is not sufficient to cover the guarantee liability, the guarantor undertakes to continue to be liable for liquidation of the insufficiency. 

(11) The guarantor is not involved in any economic, civil, criminal, administrative proceedings, or similar arbitral proceedings that may have a material
adverse effect on it, nor does it have any circumstances that could lead to its involvement in such proceedings or similar arbitral proceedings. 
 (12) No
important assets of the guarantor is subject to any enforcement, seizure, detention, freezing, lien, or regulatory measures, or is under any circumstances that may lead to such measures. 

6.2 If the guarantor is an institution, the guarantor further covenants as follows: 

(1) None of the guarantor and any of its shareholders and affiliates has been involved in any liquidation, bankruptcy, reorganization, consolidation (merger),
spinoff, restructuring, dissolution, capital reduction or similar legal proceedings, and no circumstances that may lead to such legal proceedings has occurred to them. 

(2) Submit the financial statements (including but not limited to annual reports, semi-annual reports, quarterly reports and monthly statements) and other
relevant materials to the creditor on a regular or timely basis as required by the creditor. 
 (3) If the guarantor has entered into or will enter into a
counter-guarantee agreement or similar agreement with the debtor with respect to its guarantee obligations hereunder, such agreement will not prejudice any rights of the creditor hereunder. 

(4) The guarantor cannot undergo merger, spinoff, capital reduction, equity transfer, foreign investment, substantial increase in debt financing, transfer of
major assets and claims, and other matters that may adversely affect the guarantor’s guarantee ability unless the prior consent of the creditor is obtained. 

(5) Under any of the following circumstances, the guarantor shall promptly notify the creditor: 

a) any change in the articles of association, business scope, registered capital, and legal representative; 

b) changing the business mode by carrying out any form of joint operation, establishing joint venture with, cooperating with foreign investors, contracting,
restructuring, institutional shift, planned listing or otherwise; 
 c) being involved in a major litigation or arbitration, or having the property or
collateral being seized, detained or regulated, or creating a new security interest in the collateral; 
 d) discontinuation of business, dissolution,
liquidation, suspension of business for rectification, being revoked, being revoked of business license, and (being filed)filing for bankruptcy; 
 e) Any
of its shareholders, directors and current officers is suspected of being involved in major cases or economic disputes; 
 f) an event of default under any
other contract; 
 g) running into trouble in operation and deterioration of financial condition. 

  

			
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 6.3 If the guarantor is a natural person, the guarantor represents and covenants as follows: 

(1) The guarantor accepts the creditor’s supervision and inspection of the financial status of the guarantor, and assists and cooperates with the creditor
in this regard. The guarantor shall submit the credit reference documents, including but not limited to individual income tax return, deposit certificate, personal credit report, etc., as required by the creditor. 

(2) The guarantor has not concealed from the creditor the significant liabilities that have been borne as at the date of execution of this Contract. 

(3) This Contract is not terminated or adversely affected by the guarantor’s death. The guarantor voluntarily assumes the liability for satisfaction with
the entire estate. The guarantor’s estate administrator and inheritor are fully bound by the guarantee contract. 
 (4) Before fulfillment of the debt
under the main contract, the guarantor shall not maliciously transfer or damage the personal property. 
 6.4 The guarantor’s representations and
undertakings above shall remain true and correct until full settlement of the secured debt, and the guarantor will submit further documentation as required by the creditor from time to time. 

Article 7 Event of Default and Handling 
 7.1 Any of
the following matters shall constitute an event of default event on the part of the guarantor hereunder: 
 (1) The guarantor fails to(or expressly
indicates or indicates by act it will not) duly perform the guarantee liability on time and in full as stipulated herein; 
 (2) Any document,
information provided by the guarantor or any of the representations, statements, or covenants made by it is untrue, inaccurate, incomplete, illegal or invalid, or is false, fraudulent, contains material omission, material concealment or misleading
information; 
 (3) Occurrence of any circumstance that may affect the guarantor’s financial status and ability to perform the contract ,
including but not limited to the transfer of major assets or equity, undertaking material liabilities, involvement in major litigation or arbitration or enforcement cases, and material adverse changes in financial condition, generation of
unfavorable credit records, loss of civil capacity, disputes or incidents involving changes in marriage, support/dependency/foster relationship relationships, or division of community property; 

(4) If the guarantor is an institution, the guarantor terminates business or dissolves, is revoked or goes bankrupt; 

(5) If the guarantor is a natural person, the guarantor is deceased, declared deceased, missing or declared missing, or becomes a person with limited
capacity for civil conduct or a person without civil capacity; 
 (6) The guarantor becomes unemployed, undergoes business changes, is subject to
administrative, criminal enforcement measures, punishment or other criminal sanctions; 
 (7) This Contract is made invalid or is revoked for reasons
attributable to the guarantor; 
 (8) other events or acts that have or may have a material adverse effect on the main creditor’s right or
security interest on the part of the guarantor; 
 (9) violation of other provisions herein or occurrence of any other event that will affect its
rights hereunder as the creditor considers on the part of the guarantor. 
 7.2 Upon occurrence of any event of default set forth in the preceding
paragraph, the creditor shall have the right to take the following measures separately or simultaneously depending on the circumstances: 
 (1)
require the guarantor to correct its breach of contract within a time limit and fulfill the guarantee liability in a timely manner; 

  

			
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 (2) suspend or terminate the acceptance of the business application under other contracts between the
guarantor and the creditor or other business offices of Fubon Bank (China) Co., Ltd. in whole or in part; suspend or terminate the issuance and processing of the loans that have not yet been issued, and trade financing that has not yet been
processed in whole or in part; 
 (3) Declare immediate maturity of the outstanding credit principal and interest and other payables under other
contracts between the guarantor and the creditors or other business offices of Fubon Bank (China) Co., Ltd. in whole or in part, and require the debtor to repay the debts owed; 

(4) terminate or rescind other contracts between the guarantor and the creditor in whole or in part; 

(5) require the guarantor to compensate for any and all direct and indirect losses caused to the creditor by its breach of contract; 

(6) Take the deduction measures specified in Article 5.2 hereof; 

(7) Determine the main creditor’s right as stipulated in Article 5.3 and require the guarantor to perform the guarantee liability hereunder; 

(8) require the guarantor to provide other guarantees recognized by the creditor; 

(9) Other measures as the creditor deems necessary. 

Article 8 Relationship with the Main Contract 
 8.1 The
rights and interests of the creditor hereunder shall not be affected in any way by any grace, extension granted by the creditor to the debtor, any revision, modification or substitution made by the creditor and the debtor to any terms of the main
contract or the specific contracts or other business documents under the main contract (including but not limited to the change of the terms concerning type, amount, currency, term, interest rate, exchange rate, use, repayment method, rights and
obligations of the credit business). If any of the above circumstances occurs, it shall be deemed that the guarantor’s prior consent has been obtained. The guarantor shall assume the guarantee liability for the secured debt after the change,
and the guarantor shall not be released from its guarantee liability, without further consent from the guarantor. Where the main contract provides for issuance of a letter of credit, a letter of guarantee or a standby letter of credit by the
creditor to the debtor, the creditor and the debtor may modify the letter of credit, letter of guarantee or standby letter of credit under the main contract without obtaining the consent of the guarantor or otherwise giving notice to the guarantor.
Such modification is deemed to have been approved by the guarantor beforehand and shall not mitigate or release the guarantor from the guarantee liability. However, where the creditor and the debtor agree upon extension of the valid term of the
credit line under the main contract or increase of the amount of the credit line under the main contract without the consent of the guarantor, the guarantor shall only assume the guarantee liability for the debt under the main contract before the
change in accordance with this Contract. If the creditor adjusts the fee or rate and the interest accrual method according to the terms of the financing documents or the changes in the national interest rate policy, resulting in an increase in the
interest and expenses payable by the debtor, the increase shall also fall within the scope of guarantee on the part of the guarantor. 
 8.2 The
guarantee of this Contract is an unconditional and irrevocable guarantee, and shall not be affected by any agreement or document signed between the debtor and any unit, shall not be affected by any contract, agreement, guarantee, tacit agreement,
dispute or controversy between the debtor and the creditor or between the guarantor and the debtor, and shall not change due to the merger, spinoff, reorganization into joint stock company, capital increase/decrease, joint venture, association,
renaming, bankruptcy, insolvency, loss of business qualification, change of the organization’s articles of association on the part of the debtor. 

Article 9 Reservation of Rights 
 9.1 If a party fails to
exercise some or all of its rights hereunder, or fails to require the other party to perform and assume some or all of its obligations and responsibilities, it shall not constitute the party’s waiver of such rights or exemption of such
obligations and responsibilities. 

  

			
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 9.2 Any grace, extension or moratorium on the rights hereunder granted by one party to the other party shall
not affect any of its rights under this Contract and laws and regulations, nor shall it be deemed a waiver of such rights. 
 Article 10 Governing Law
and Dispute Resolution 
 10.1 This Contract is governed by the laws of the People’s Republic of China (excluding Hong Kong Special Administrative
Region, Macao Special Administrative Region and Taiwan). 
 10.2 Any dispute concerning this Contract shall be subject to the jurisdiction of the competent
people’s court as stipulated in the main contract. Any other forum selected may be agreed upon in the supplementary provisions. For the duration of the dispute, the parties hereto shall continue to perform the terms not in dispute. If either
party files a lawsuit in the court with respect to any dispute, the litigation cost, the reasonable attorney’s fee incurred by the other party and other expenses arising from the proceedings (including but not limited to property preservation
fee, travel expenses, notarization fee, translation fee, evaluation and auction fees, execution fee, etc.) shall be borne by the defaulting party. 

Article 11 Entry into Force, Modification and Rescission of the Contract 

11.1 This Contract shall enter into force upon signing by the guarantor and the creditor. 

11.2 This Contract may be modified or revised in writing as agreed upon by the parties. Any modification or revision shall constitute an integral part of this
Contract. 
 11.3 Except as otherwise provided by laws and regulations or otherwise agreed by the parties, this Contract may not be terminated until all the
rights and obligations hereunder have been fulfilled. 
 Article 12 Miscellaneous 

12.1 The headings of the clauses and sub-clauses of this Contract are inserted for convenience only and shall not
affect the meaning and interpretation of any clause hereof. 
 12.2 The valid certificate of the creditor’s right hereunder shall be subject to the
accounting voucher issued and kept by the creditor in accordance with its own business regulations. 
 12.3 Notice 

The address of the guarantor set forth herein is the confirmed mailing address and the address for service of legal instruments. In case of any change, the
guarantor shall notify the creditor in writing within ten natural days after the change, with the postal cost incurred borne by the guarantor. The original address shall be still deemed valid before the creditor receives the notice of change from
the guarantor. If the address of the creditor changes, the creditor only needs to make an announcement at the premises or through other means. 
 Any
notices and requests concerning this Contract between the creditor and the guarantor shall be sent by registered mail, EMS or made in any other written form as agreed by the parties. Any communication or document made or delivered by the creditor to
this guarantor under this contract or for the purpose of this contract shall be deemed to have been served under the following circumstances: 
 a) If
delivered by hand, at the time of delivery by hand; 
 b) If sent by letter, on the second (2) natural day for the same city, the fifth
(5) natural day for different cities after the envelope marked with such address is mailed with postage prepaid; 

  

			
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 c) If sent by e-mail or other electronic means of communication, at
the time of receipt in a clearly visible form; 
 d) If transmitted by telex or fax, at the time of completion of the transmission and receipt of the
correct number or fax report; 
 e) In the case of notification of transfer or collection by making an announcement in public media or other means, it shall
be deemed to have been served to the other party on the date of the announcement. 
 The guarantor agrees that the creditor may entrust the courier
agency to send notices, receipts or other written documents relating to this Contract. In case of any loss or delay in the process of sending, the creditor shall take no responsibility. The creditor undertakes actively cooperate with the guarantor
and take remedy measures to minimize risks and economic losses. 
 12.4 The guarantor acknowledges that the creditor may entrust another business office
of Fubon Bank (China) Co., Ltd. to fulfill the rights and obligations hereunder, or put the business hereunder under the management of another business office of Fubon Bank (China) Co., Ltd. as required. The other business office of Fubon Bank
(China) Co., Ltd. authorized by the creditor, or the other business office of Fubon Bank (China) Co., Ltd. that undertakes the business hereunder shall have the right to exercise all the rights hereunder and have the right to file a lawsuit in or
apply for enforcement to the court in the name of the business office with respect to the dispute hereunder. 
 12.5 The guarantor may not transfer any
rights and obligations hereunder to a third party without the written consent of the creditor. Where the creditor assigns the creditor’s right under the main contract to a third party in whole or in part and notifies the guarantor (without
otherwise obtaining the consent or approval of the guarantor), the guarantor agrees that the creditor shall transfer the security right set hereunder at the same time, and the guarantor shall assume the guarantee liability to the assignee within the
scope of guarantee stipulated herein, and agree to take any action or sign any document to cooperate with the creditor to complete the said assignment. The guarantor shall continue to assume responsibility for the creditor and its assignee and
beneficiary in accordance with this Contract. 
 12.6 Except for the expenses to be borne by the creditor as explicitly stipulated by laws and regulations,
any expenses hereunder shall be borne by the guarantor. 
 12.7 Without prejudice to other terms herein, if the guarantor is an institution, this Contract
shall be legally binding on the parties and their respective legal successors and assignees. 
 12.8 If a clause or a portion of a clause hereof is invalid
now or will become invalid in the future, the invalid clause or invalid portion shall not affect the validity of this Contract and other clauses of this Contract or other contents of such clause. 

12.9 During the period from the date of execution of the main contract until the settlement of the debt under the main contract, the guarantor irrevocably
authorizes the creditor to inquire the guarantor’s credit information with the financial credit information basic database and other duly established credit reference agencies and use such credit information while the guarantor assumes the
guarantee liability to the creditor in handling various credit businesses for the debtor. Without the written consent of the guarantor, the creditor may not disclose the guarantor’s credit information to any person except in the following
cases: (1) Disclosure to any court, tribunal, regulatory agency, or government agency that has jurisdiction and regulatory power over the creditor; (2) Other disclosures as required by laws and regulations. If the creditor enters, inquires
or uses the guarantor’s information beyond the above-mentioned purposes of use, the creditor shall bear any and all the consequences and legal liabilities arising therefrom. The guarantor agrees that the creditor may submit the guarantor’s
credit information to the financial credit information basic database and other duly established credit reference agencies. The guarantor is fully aware of and understands the entire contents of the foregoing authorization terms and authorizes the
creditor on this basis. 
 12.10 The guarantor shall notarize this Contract when the creditor deems it necessary. Such notarization shall be enforceable
and the guarantor undertakes that the guarantor is willing to accept enforcement in accordance with law in the event of non-performance or partial non-performance of
obligations on the part of the debtor or the guarantor. 

  

			
	Contract version number: FB201603 (Corporate)	  	Page 9 of 11

 12.11 The guarantor shall compensate the creditor for any and all losses and expenses incurred as a
result of the guarantor’s failure to perform its obligations and covenants hereunder. 
 12.12 The guarantor agrees that the creditor may entrust a
third party to handle the accompanying business (including but not limited to debt collection and other matters) related to this Contract in accordance with laws and regulations, and the guarantor agrees that the creditor may submit the relevant
information and materials of the guarantor hereunder to the third party for handle the matters entrusted. 
 12.13 This Contract is made in duplicate, with
each party holding one copy, which have the same legal effect. 
 Part II Special Terms 

Article 13 Main Contract 
 The main contract refers to the
comprehensive credit line contract, No.: 1809-069382502-01, concluded by and between the creditor and the debtor Shanghai Tong Gou Information Technology Co., Ltd. (including any revisions, amendments,
modifications and supplementations made thereto from time to time). Principal’s claims will be determined between September 17, 2018 and September 30, 2021. 

Article 14 Maximum Principal Amount of the Creditor’s Right 

The maximum principal amount of the creditor’s right secured hereunder (i.e., the ceiling which the balance of the principal of the secured debt may not
exceed) is equivalent to (currency) RMB (amount) five million Yuan only. 
 Article 15 Other Matters as Agreed upon by the Parties 

15.1 ☐ The guarantor agrees to include the unsettled debt of the debtor (including other institutions of the creditor) under the ____________ No.
____________ concluded by and between the debtor and the creditor (including any revisions, amendments, modifications and supplementations made thereto from time to time) in the scope of the maximum amount guarantee of this Contract. 

 

			
	15.2	 	 
	 	 	 
	 	 	 

 [The remainder of this page is intentionally left blank] 

  

			
	Contract version number: FB201603 (Corporate)	  	Page 10 of 11

 (Signature page to follow) 

Signature Page 
 The parties hereby
acknowledge that at the time of signing this Contract, the creditor has elaborated on all the terms (especially those in bold font) and, through thorough discussion by the parties, the guarantor has no doubt about all the terms of this Contract and
has acquired an accurate and correct understanding of the legal meanings of the terms concerning the relevant rights and obligations of the parties hereto and limitation of liability or exemption or authorization. 

Guarantor: 
 [If the guarantee is an institution] 

Legal representative or authorized agent (Signature/Seal):    (Signature/Seal): Wang Ying (seal) 

Official seal: Shanghai ECMOHO Health Biotechnology Co., Ltd. (seal) 

[If the guarantee is a natural person] 
 The Guarantor or
authorized agent 
 Creditor: 
 Legal representative or
authorized agent (signature and seal): Su Hang (seal) 
 Seal: 

Fubon Bank (China) Co., Ltd. Shanghai Century Avenue Branch (seal) 

 

			
	Guaranteed by	 	Wang Jing (seal), Niu Xiaoting (seal)
	Guaranteed on	 	9/25/2018

  

			
	Contract version number: FB201603 (Corporate)	  	Page 11 of 11EX-10.35

 Exhibit 10.35 

2018 version 
 China Merchants
Bank Co., Ltd. 
 Shanghai Branch 

Credit Agreement 

(Applicable to the case where no loan contract is separately signed for the working capital loan) 

  
 1 

 Credit Agreement 

(Applicable to the case where no loan contract is separately signed for the working capital loan) 

No.: 9602190301 
 Creditor: China Merchants Bank
Co., Ltd. Shanghai Tianyaoqiao Sub-branch (hereinafter referred to as “Party A”) 
 Main responsible
person: Zhu Haoping 
 Credit Applicant: Shanghai ECMOHO Health Biotechnology Co., Ltd. (hereinafter referred to as “Party B”) 

Legal representative / main responsible person: Wang Ying 
 Upon
application by Party B, Party A agrees that it will provide credit to Party B for use by Party B. Party A and Party B have reached the Agreement in accordance with the relevant laws with respect to the following articles after mutual negotiation.

 Article 1 Credit line 
 1.1 Party A provides the
amount in an currency equal to RMB 15 million(including other market equivalents, with the exchange rate converted according to the foreign exchange rate announced by Party A when the specific business actually occurs, including the circulating
credit line and/or one-time line). 
 The category of credit business under the credit line includes but is not
limited to, loan/order loan, trade financing, bill discounting, commercial bill acceptance, commercial acceptance bill security, international/domestic guarantee, customs tax payment guarantee, corporate account overdraft, derivative transaction,
and gold lease and other one or more credit business. 
 The circulating line refers to the maximum amount of the sum of the principal balances of one or
more of the credit business mentioned in the preceding article that Party A provides to Party B during the credit period. 
 The one-time credit line refers that the cumulative amount of various credit businesses mentioned in the preceding article provided by Party A during the credit period shall not exceed the amount of one-time credit line stipulated in the Agreement. Party B shall not re-use the one-time credit line; the corresponding amount of the
multiple credit services applied by Party B shall occupy the one-time credit line until they completely occupy the line accumulatively. 

“Trade financing” includes but is not limited to international/domestic letters of credit, import bill advance, delivery guarantees, import
collection and bills, packaged loans, export negotiation, export negotiations, export collection bills, import/export remittance financing, credit insurance financing, factoring, bill payment and other business varieties. 

  
 2 

 1.2 If Party A handles the import factoring and domestic buyer factoring business with Party B as the payer,
Party A’s account receivables accepted from Party B in this business shall occupy the above credit line; if Party B applies to Party A for handling the domestic seller’s factoring or export factoring business, the basic acquisition amount
(basic acquisition amount) provided by Party A to Party B with its own funds or other funds of legal source in this business occupies the above credit line. 

1.3 Party A, according to the needs of its internal procedures, entrusts other branches of China Merchants Bank to open the letter of credit to the
beneficiary after opening the Letter of Credit. The opening of certificate and the documentary bills and delivery guarantee business occurring thereunder occupy the above credit line; 

When opening the import license business, if the import bill is actually incurred after the same letter of credit, the opening license for import and the
import bill advance will occupy the same amount at different stages. That is to say, when the import bill advance business occurs, the amount recovered after the letter of credit is used for overseas payment is used to handle the import bill
advance, which is regarded as the same amount of occupying the original opening license for import. 
 1.4 The credit line does not include the portion of
the credit amount corresponding to the margin or pledge guarantee of deposit receipt provided by Party B or third party under the Agreement for a single specific business, the same as below. 

1.5 Where the specific business under (fill out the text name of the Agreement) with No. / signed by and between Party A (or Party A’s affiliated
institutions) or / and Party B have an unliquidated balance, it will be automatically included in the Agreement, and directly occupy the credit line under the Agreement. 

Article 2 Credit period 
 The credit period is 12 months,
from March 18, 2019 to March 17, 2020. Party B shall submit an application for use of credit to Party A during the period, and Party A shall not accept the application for use of credit submitted by Party B beyond the due date of the
credit period, unless otherwise provided in the Agreement. 
 Article 3 Use of credit lines 

3.1 Type and scope of line 
 The type of credit line under the
Agreement (circulating line or one-time line) and the applicable types of credit service, the amount of credit line corresponding to each type of credit service, whether the various types of credit service are
adjustable, and the specific conditions of use are subject to the approval of Party A. If Party A makes adjustments to Party A’s the original approval opinions according to the application of Party B during the credit period, the subsequent
approval opinions issued by Party A constitute supplements and changes to the original approval opinions, and so on. 
 3.2 The specific business agreement
(whether a single agreement/application or a framework agreement) signed by Party A and Party B with respect to various specific businesses under the credit constitutes an integral part of the Agreement and jointly agree the arrangement for rights
and obligation involved in the specific business. 

  
 3 

 Party B shall apply for the sum under the credit line one by one and submit the materials requested by Party
A, which shall be examined and approved one by one. Party A has the right to comprehensively consider whether to agree in combination with the internal management requirements and the operation of Party B, and has the right to unilaterally refuse
Party B’s application for use without bearing any form of legal responsibility for Party B. In the event of any inconsistency between this article and other articles, the agreement in this article shall prevail. 

The business elements such as the specific amount, term, interest rate, fee and use of each loan or other credit are determined by the specific business
agreement, the relevant business documents confirmed by Party A, and the business records of Party A’s system. 
 3.3 If Party B applies for a working
capital loan within the credit line, Party A and Party B need not separately sign the Loan Contract. When Party B applies for the payment, it shall submit the withdrawal application, the loan note and the information submitted by Party B according
to the different requirements of self-payment and entrusted payment (the application, loan note, etc. may be affixed with Party B’s seal in Party A or other ways approved by Party A). Party A shall approve the application one by one. The actual
release amount, the period of termination, the purpose, and the interest rate and other matters of each withdrawal shall be subject to the loan note and the business records of Party A’s system. The loan note and the contents not stated in
Party A’s system are still subject to the Agreement. 
 The withdrawal application, loan note and business records of Party A’s system constitute
an integral part of the Agreement. 
 3.4 Each loan or other credit within the credit line shall be determined according to the business needs of Party B
and the business management regulations of Party A. The due date of specific business may be later than the due date of the credit period (except as otherwise requested by Party A). 

☐ 3.5 During the credit period, Party A shall have the right to conduct an assessment of Party B’s operation and financial status on a regular
basis each year, and adjust the credit line available to Party B in conjunction with the assessment (if it is subject to this article, you can choose ✓ in ☐). 

Article 4 Provisions on loan interest rate of working capital 

4.1 The interest rate of any loan under the Agreement shall be defined by Party B in the corresponding withdrawal application and determined upon examined and
approved by Party A. If it is inconsistent with the loan note, the loan note shall prevail. 
 4.2 Party A has the right to adjust the floating
proportion and/or basic point of working capital loans regularly or irregularly in accordance with changes in relevant national policies, changes in domestic credit market prices or changes in Party A’s own credit policies. Once Party A decides
to adjust, it shall notify Party B in advance. The adjustments shall take effect after Party A notifies Party B. The relevant loans newly drawn by Party B and the specific floating proportions and/or basic points of the outstanding loans before the
notice takes effect are not determined in accordance with Party A’s notice. 
 In the event of any conflict or inconsistency between the article
and any other agreements of the Agreement, the article shall prevail. 

  
 4 

 4.3 If Party B fails to use the loan as agreed, the part that is not used according to the agreed purpose
shall be subject to 100% interest-bearing on the basis of the original interest rate from the date of change of use. The original interest rate is the interest rate applicable before the loan is changed. 

If Party B fails to repay the loan on time, its outstanding portion shall be subject to 50% interest-bearing on the basis of the original interest rate from
the date of (overdue loan interest rate). The original interest rate refers to the interest rate applicable before the loan maturity date (including the date of acceleration of maturity) (if the interest rate is the floating interest rate, it will
be the last floating period before the loan maturity date (including the date of acceleration of maturity). 
 If the loan is overdue at the same time and
is not used as the agreed use, the interest will be calculated at the higher one as stated above. 
 4.4 During the loan period, if the People’s Bank
of China adjusts the loan interest rate, it will be implemented in accordance with the relevant regulations of the People’s Bank of China. 
 4.5 Loan
interest shall be calculated based on the actual loan amount and the actual number of days occupied from the date of the loan into Party B’s account. Each interest shall be calculated once, and the interest-bearing date shall be the 20th day of
the last month of each quarter. The conversion of the daily interest rate is carried out in accordance with the relevant regulations of the People’s Bank of China or international practices. 

If the loan maturity date is a holiday or festival, the loan is automatically extended to the first working day after the holiday or festival, and the
interest is calculated according to the actual number of days of loan funds. 
 4.6 Party B shall pay interest on the date of each interest-bearing day, and
Party A may directly deduct the money from Party B’s any account in China Merchants Bank. If Party B fails to pay interest on time, it shall calculate the interest rate for the payable but unpaid interest at the overdue loan interest rate
stipulated in the article. 
 Article 5 Guarantee Clause 

5.1 All debts owed by Party B to Party A under the Agreement shall be jointly and severally guaranteed by Wang Ying, Zeng Qingchun and Shanghai Tong Gou
Information Technology Co., Ltd., which shall issue a separate Letter of Guarantee to Party A. And/or 
 5.2 All debts owed by Party B to Party A under the
Agreement shall be 
 Mortgaged (pledged) with the property that it is entitled to dispose of according to law, the Parties shall sign a separate guarantee
contract. 
 If the Guarantor fails to sign the guarantee text and complete the guarantee procedures in accordance with the provisions of this article
(including where the debtor of accounts receivable raise a plea against the accounts receivable before the pledge of the accounts receivable), Party A has the right to refuse to provide credit to Party B. 

  
 5 

 5.3 In the case that the mortgagor provides a real estate mortgage guarantee for all debts owed by Party B
to Party A under the Agreement, if Party B shall immediately inform Party A if it knows that the collateral has been or may be included in the government demolition and collection plan, and urges the mortgagor to continuously provide guarantees for
Party B’s debts in accordance with the mortgage contract with the compensation goods provided by the demolition party and complete the corresponding guarantee procedures in a timely manner, or take other safeguard measures approved by Party A
as required by Party A. 
 In case the collateral has the above circumstances, if the guarantee needs to be reset or other safeguard measures are taken, the
relevant expenses incurred shall be borne by the mortgagor, and Party B shall be jointly and severally liable for the expenses. Party A has the right to deduct these fees directly from Party B’s account. 

Article 6 Party B’s rights and obligations 
 6.1
Party B has the following rights: 
 6.1.1 it has the right to require Party A to provide loans or other credits within the credit line in accordance with
the conditions stipulated in the Agreement; 
 6.1.2 it has right to use the credit line as stipulated in the Agreement; 

6.1.3 It has the right to require Party A to keep confidential the production, operation, property, account and other conditions provided by Party B, except
as otherwise provided by laws and regulations or otherwise required by the regulatory body; 
 6.1.4 After obtaining the consent of Party A, it has the
right to transfer the debt to a third party. 
 6.2 Party B shall bear the following obligations: 

6.2.1 it shall truly provide documents and materials (including but not limited to providing their true financial books/statements and annual financial reports
in accordance with the cycle required by Party A, major decisions on production, operation and management, and materials on change withdrawals/ use of money, information related to collateral, etc.) required by Party A, as well as all bank of
deposit, account numbers and balance of deposits and loans, and cooperate with Party A’s investigation, review and inspection; 
 6.2.2 It shall be
subject to Party A’s supervision over its use of credited funds and related production, operation and financial activities; 
 6.2.3 Loans and/or other
credits shall be used in accordance with the Agreement and the agreed and/or promised purposes of each specific contract; 
 6.2.4 The principal and
interest of loans, advances and other credited debts shall be repaid in full and on time in accordance with the Agreement and various specific contracts; 

6.2.5 If all or part of the debts under the Agreement are transferred to a third party, it shall obtain the written consent from Party A; 

6.2.6 Under the following circumstances, Party B shall immediately notify Party A and actively cooperate with Party A to implement the safeguard measures for
the safe repayment of the principal and interest of loans, advances and other credited debts as well as all related expenses under the Agreement: 
 6.2.6.1
A major financial loss, asset loss or other financial crisis occurs; 
 6.2.6.2 Provide loans or guarantees to any third party, or provide the mortgage
(pledge) guarantee with their own property (rights) 

  
 6 

 6.2.6.3 In the event of suspension of business, revocation or cancellation of business license, application
or application for bankruptcy, dissolution, etc.; 
 6.2.6.4 A major crisis in the operation or finance of its controlling shareholders and other affiliates
affects its normal operation; 
 6.2.6.5 If the related-party transaction between the controlling shareholders and other affiliates has the amount reaching
more than 10% of the net assets of Party B; 
 6.2.6.6 Any litigation, arbitration or criminal or administrative punishment that has a material adverse
effect on its business or property status; 
 6.2.6.7 There are other significant events that may affect their ability to pay their debts. 

6.2.7 Do not succumb to the management and recourse of their due claims, or dispose of existing primary properties in a
non-reimbursable and other improper manner. 
 6.2.8 Party B must obtain the written consent of Party A before major
matters such as consolidation (merger), separation, restructuring, joint venture (cooperation), transfer of property right (equity), stock system reform, foreign investment and increase in debt financing. 

6.2.9 Party B shall (tick “✓“ at ☐) in accordance with the requirements of Party A: 

☒ insure the core assets and designate Party A as the first-ranked beneficiary; 

☒ it may not sell or mortgage the /assets designated by Party A before the credited debts are settled; 

☒ The dividends paid to its shareholders before the credited debts are settled are subject to the following restrictions as required by Party A: 

                          
                                         
 /                                        
                                         
                    
 ☒ Others:
                                         
                       /                  
                                         
                              

6.2.10 In the case of dynamic pledge of accounts receivable, Party B guarantees that the credit balance at any time during the credit period is less than z%
of the balance of the pledged accounts receivable; otherwise, Party B must provide new accounts receivable approved by Party A for pledge or deposit of margin until the balance of the pledged accounts receivable × / % + effective margin
> credit balance. 
 6.2.11 Under the case of Party B providing the pledge of margin, if the balance of the margin account is insufficient to offset the
amount of the specific business amount is /% due to fluctuations in exchange rate, Party B is obliged to add the margin of corresponding amount or other guarantee as required by Party A. 

6.2.12 Ensure that the sales payment under the import item is returned from the designated account of Party A; under the export negotiation, Party A will
transfer the notes and/or documents under the letter of credit. 

  
 7 

 Article 7 Party A’s rights and obligations 

7.1 Party A has the following rights: 
 7.1.1 Have the right to
request Party B to return the principal and interest of the loan, advance and other credited debts under the Agreement and the specific contract in full and on time; 

7.1.2 Have the right to request Party B to provide information related to the use of its credit line; 

7.1.3 Have the right to know the production , operation and financial activities of Party B; 

7.1.4 Have the right to supervise the use of loans and/or other credits by Party B in accordance with the purposes agreed in the Agreement and the specific
contracts; have the right to directly suspend or limit the Bank’s online banking function of Party B’s account (including but not limited to the restrictions such as closing the online banking, presetting the payment object list / single
payment limit / staged payment limit ), limiting the sale of settlement documents, or limiting the payment and exchange function of non-counter channels such as telephone banking and mobile banking of Party
B’s account as needed by the business; 
 7.1.5 after accepting Party B’s application for the opening of the letter of credit, have the right to
entrust other branches of China Merchants Bank located at the beneficiary’s place to issue the Letter of Credit to the beneficiary according to the needs of its internal processes; 

7.1.6 Have the right to directly deduct the money from the account opened by Party B at any institution of China Merchants Bank, to repay the debts owed by
Party B under the Agreement and each specific contract (when the credited debts is not expressed in RMB, it has the right to directly return the credit principal and interest and expenses from the RMB accounts of Party B according to the exchange
rate published by Party A at the time of deduction. 
 7.1.7 Have the right to transfer its claims to which Party B is entitled and has the right to notify
Party B of the transfer in the manner it deems appropriate, including but not limited to fax, post, personal delivery, announcement in the public media, etc., and require Party B to repay; 

7.1.8 Have the right to supervise the account of Party B and entrust other institutions of China Merchants Bank other than Party A to supervise Party B’s
account, and control the payment of loan funds according to the loan use and payment scope agreed by the Parties; 
 7.1.9 Other rights under the Agreement.

 7.2 Party A undertakes the following obligations: 
 7.2.1
Release the loans or other credits to Party B within the credit line in accordance with the conditions stipulated in the Agreement and each specific contract; 

7.2.2 Party B’s assets, finance, production and operation shall be kept confidential, except as otherwise provided by laws and regulations and by the
regulatory body. 

  
 8 

 Article 8 Party B specifically guarantees the following matters 

8.1 Party B is formally established and legally existing under the laws of China. Entities with legal personality. Its procedures for registration and annual
report publicity are true, legal and valid, and it have sufficient civil capacity to sign and perform the Agreement; 
 8.2 The signing and performance of
the Agreement has been fully authorized by the Board of Directors or any other authorized institution; 
 8.3 The documents, materials, and vouchers
provided by Party B regarding Party B, the Guarantor, the mortgagor (the pledger), and the collateral (pledge) are true, accurate, complete and valid, without any major errors or omissions that are inconsistent with the facts; 

8.4 Strictly abide by the specific business agreements and the various letters and related documents issued to Party A; 

8.5 There were no lawsuits, arbitrations or criminal or administrative punishment that may have significant adverse consequences for Party B or Party B’s
main property at the time of signing the Agreement, and such litigation, arbitration or criminal or administrative punishment will not occur during the execution of the Agreement. If the above occur, , Party B shall immediately notify Party A; 

8.6 Strictly abide by the laws and regulations of the State in business activities, carry out various business in strict accordance with the business scope
stipulated by the business license of Party B or approved according to law, and go through the formalities for annual check of registration and the procedures for renewal /extension of the business period on time; 

8.7 Maintain or improve the existing management level, ensure the preservation and appreciation of existing assets, do not waive any outstanding claims, and
do not dispose of existing major assets by unpaid or other improper means; 
 8.8 Without the permission of Party A, Party B shall not pay off other
long-term debts in advance, and / or / ; 
 Party B guarantees that the financial indicators of Party B during the period of working capital loan are not
lower than the following requirements: 

                          
                                         
                         /                
                                         
                        
 8.9 At the
time of signing and performing the Agreement, Party B did not have any other major events affecting the performance of Party B’s obligations under the Agreement. 

8.10 Under the credit, the loan project applied for meets the requirements of laws and regulations, is not used for investment in fixed assets, equity, etc.,
and is not legally used for speculative buying and selling of securities, futures and real estate, is not used for mutual borrowing for illegal income; not used in areas and uses prohibited by the state for production or operation; not used for
purposes other than those specified in the Agreement and the withdrawal application; 
 If the loan fund is paid by the Borrower’s self-payment method,
Party B shall summarize and report the payment of loan fund to Party A on a regular basis (at least on a monthly basis). Party A has the right to pass account analysis, certificate inspection, on-site
investigation, etc. 

  
 9 

 Way to check whether the loan payment is in accordance with the agreed purpose. 

8.11 /                 

Article 9 Special provisions on working capital loans 

9.1 Withdrawals and payments 
 The method of using working
capital loans by Party B under the Agreement includes self-payment and entrusted payment. 
 9.1.1 Self payment 

The self-payment is that, after Party A releases the loan funds to Party B’s account according to the withdrawal application of Party B, Party B will
independently pay Party B’s counterparty in accordance with the agreed use of the Agreement. 
 9.1.2 Entrusted payment 

The entrusted payment is that, Party A, based on Party B’s withdrawal application and payment entrustment, pays the loan funds from Party B’s
account to Party B’s counterparty in accordance with the agreed use. For the loan funds using the entrusted payment method, Party B authorizes Party A to pay the loan funds to Party B’s counterparty from Party B’s account on the day
of releasing the loan (or the next working day after the loan is released). 
 9.1.3 Party B shall use the full-amount entrusted payment method
unconditionally under the following circumstances; 
 9.1.3.1 Party B’s single withdrawal exceeds RMB 5 million (including, or equivalent in
foreign currency); 
 9.1.3.2 Party A requires Party B to adopt the method of entrusted payment according to regulatory requirements or for risk management
and control needs. 
 9.1.4 If the entrusted payment is adopted, the external payment it shall be approved by Party A after the loan is released. Party B
shall not evade Party A’s supervision by means of online banking, reversing the cheque, and breaking up the whole into parts. 
 9.2 Early repayment

 9.2.1 If Party B applies for early repayment, it shall submit a written application to Party A 7 working days before the date of planned early repayment,
and pay Party A the liquidated damages for early repayment. Early repayment of liquidated damages = amount of early repayment × proportion of liquidated damages (/ %). After Party A reviewed and approved Party B’s application for early
repayment, Party B shall pay Party A the early repayment of liquidated damages in full within the time required by Party A; otherwise, Party A still has the right to refuse Party B’s application for early repayment. Party A is entitled to but
not obliged to properly deduct and exempt the liquidated damages of Party B’s early repayment in accordance with factors such as the remaining period of the loan at the time of Party B’s early repayment. 

9.2.2 Where Party B repay the loan in advance, the interest rate shall still be calculated in accordance with the Agreement, and the interest payable shall be
calculated according to the actual loan term. 

  
 10 

 9.3 Loan extension 

When Party B cannot repay the loan under the Agreement on time and needs to the loan extension, it shall submit a written application to Party A one month
before the relevant loan expires; if Party A approves the extension upon the review, Party A and Party B shall sign the extension agreement separately. If Party A disagree on the extension, the borrowings and interest payables already occupied by
Party B shall be repaid in accordance with the Agreement and the receipt for corresponding borrowings. 
 ☐ 9.4 Special loan account (if applicable,
please mark “✓” at “☐”) 
 The release and payment of all loan funds under the Agreement must be processed through the
following accounts: 
 Account name: Shanghai ECMOHO Health Biotechnology Co., Ltd. 

Account No.: **** 
 Bank of deposit: China Merchants Bank Co.,
Ltd. Shanghai Tianyaoqiao Sub-branch. 
 9.5 Monitor of Party B’s loan account 

9.5.1 Party A and Party B agree to designate the following account for Party B’s fund withdrawal account: 

Account name: Shanghai ECMOHO Health Biotechnology Co., Ltd. 

Account No.: **** 
 Bank of deposit: China Merchants Bank Co.,
Ltd. Shanghai Tianyaoqiao Sub-branch. 
 9.5.2 The account monitoring requirements are listed as follows:
                 /         

Party A has the right to recover the loan in advance according to the withdrawal of funds from Party B. That is, when the account has funds withdrawn, the
loan corresponding to the amount of the funds withdrawn will be considered as early due, and Party A has the right to deduct the funds directly from the account to repay the loan; 

9.6 Party B shall provide the receipts and payments of the funds of the above account on a quarterly basis, and cooperate with Party A in monitoring the
relevant accounts and funds withdrawn. 
 Article 10 Event of default and handling 

10.1 If Party B occurs in one of the following circumstances, it shall be deemed that an event of default has occurred: 

10.1.1 Where Party B fails to perform or violates the obligations set forth in the Agreement; 

10.1.2 Where the statement about guarantees in the Agreement are untrue or incomplete, or Party B violates the requirements of this article and fails to make
correction according to Party A’s requirements; 
 10.1.3 Where the loan is not withdrawn or used in accordance with the Agreement, or if the funds of
funds withdrawal account fails to be used as required by Party A, or do not accept Party A’s supervision and do not make correction immediately according to Party A’s request; 

10.1.4 Where Party B has a major breach of contract under a legally valid contract with other creditors and has not been successfully resolved within three
months from the date of default. 

  
 11 

 The above-mentioned major breach of contract means that Party B’s creditors have the right to claim
compensation amount of RMB/10,000 or more due to its default. 
 10.1.5 Party B’s new three board listings encountered major obstacles or suspension of
listing applications; new three board market issued a warning letter, ordered corrections, restrictions on securities account transactions and other self-regulatory measures to Party B for more than three times or was given a disciplinary punishment
and terminated for listing. 
 10.1.6 There are other situations in which Party A believes that it has damaged the legitimate rights and interests of Party
A. 
 10.2 If the Guarantor has one of the following circumstances, Party A believes that it may affect the Guarantor’s ability to guarantee, so it
requires the Guarantor to exclude the adverse impact caused by it, or requires Party B to increase or replace the guarantee condition. If the Guarantor and Party B fail to cooperate, it shall be deemed as having the default event: 

10.2.1 Where any circumstance similar to that described in Article 6.2.6 of the Agreement occurs, or Party A’s consent is not obtained when the
circumstances described in Article 6.2.8 occur; 
 10.2.2 When the irrevocable Letter of Guarantee is issued, its actual ability to assume the guarantee
responsibility is concealed, or the authorization of the competent authority is not obtained; 
 10.2.3 Party B fails to go through the annual inspection
registration procedures and the extension of the business period/extension procedures; 
 10.2.4 Be negligent in managing and recovering its due claims, or
to dispose of existing major assets by unpaid or other improper means; 
 10.2.5 The Guarantor fails to perform or violates the obligations stipulated in
the Letter of Guarantee/commitment issued by it. 
 10.3 If the mortgagor (or pledgor) has one of the following circumstances, Party A believes that the
mortgage (or pledge) may not be established or the collateral (or pledge) is lack of value, which requires the mortgagor (or pledgor) to exclude the adverse effect arising therefrom, or requires Party B to increase or replace the guarantee
conditions, and the mortgagor (or the pledgor) and Party B fail to cooperate, it shall be deemed that the breach of contract has occurred: 
 10.3.1 There is
no ownership or disposition right of the collateral (or pledge), or there is a dispute over the ownership; 
 10.3.2 The collateral (or pledge) has been
leased, seized, detained, supervised, has legal prior priority (including but not limited to priority of construction project payment), and/or the above situation have been concealed; 

10.3.3 The mortgagor shall, without the prior written consent of Party A, arbitrarily transfer, lease,
re-collateralize or dispose of the collateral in any other improper manner, or use the proceeds from disposal of the collateral to repay the debts owed by Party B to Party A without the written consent of
Party A.; 

  
 12 

 10.3.4 The mortgagor does not properly keep, maintain and repair the collateral, as a result, the value of
the collateral is obviously damaged; or the mortgagor’s behavior directly jeopardizes the collateral, resulting in a decrease in the value of the collateral; or the mortgagor does not insure the collateral at the request of Party A during the
mortgage period; 
 10.3.5 The collateral has been or may be included in the scope of government demolition and collection, and the mortgagor fails to
immediately informed Party A and fulfilled the relevant obligations as stipulated in the mortgage contract; 
 10.3.6 Where the mortgagor uses its mortgage
real estate at China Merchants Bank to provide the residual value guarantee for the business under the Agreement, before the Party B pays off the credit under the Agreement, the mortgagor settles its personal mortgage loans in advance without the
consent of Party A; 
 10.3.7 Where the mortgagor (or pledgor) fails to perform or violates the obligations stipulated in the guarantee contract/ letter of
commitment signed by it. 
 10.4 When the guarantee under the Agreement includes the pledgor of the accounts receivable, the debtor of the accounts
receivable has obviously deteriorated operation, transferred the property/surreptitiously withdrawn funds to avoid the debt, colluded with the pledgor of the accounts receivable to change the return path, resulting in the returns of accounts
receivable does not enter the special account of returns, lose business reputation, lose or may lose the ability to perform the contract or other major events affecting its solvency, Party A has the right to request Party B to provide corresponding
guarantee or provide new effective accounts receivable for pledge; if Party B fails to do so, it is deemed that an event of default has occurred. 
 10.5 In
the event of any of the above default event, Party A shall take the following measures, separately or simultaneously: 
 10.5.1 Cut down the credit line
under the Agreement, or stop the use of the remaining credit line; 
 10.5.2 Recover the principal and interest of the loan that have been issued within the
credit line in advance and related expenses; 
 10.5.3 For the bill of exchange accepted or the Letter of Credit, Letter of Guarantee, and delivery
guarantee letter opened by Party A during the credit period, Party A may request Party B to increase the deposit regardless of whether Party A has advanced the payment, or transfer the deposits of Party B’s other accounts opened at Party A to
its margin account as a deposit for the settlement of Party A’s advances under the Agreement, or hand over the corresponding funds to a third party for deposit as Party A’s margin advanced for Party B. 

10.5.4 For Party A’s claims of unliquidated accounts receivable transferred from Party B under factoring business, Party A has the right to require Party
B to immediately fulfill the repurchase obligations and take other recovery measures in accordance with the relevant specific business agreements; Party A’s claims to Party B’s accounts receivable accepted under factoring business have the
right to immediately seek recourse from Party B. 
 10.5.5 Party A may also directly request Party B to provide other property acceptable to Party A as a
new guarantee, if Party B fails to provide new guarantee as required, Party B shall bear the liquidated damages equivalent to __% of the credit line under the Agreement. 

  
 13 

 10.5.6 directly freeze/deduct the deposits of any settlement account and/or other accounts opened by Party B
at China Merchants Bank; 
 10.5.7 For the working capital loan under the credit line, change the entrusted payment conditions for loan fund, and cancel the
use of the loan by Party B in a “self-paying” manner; 
 10.5.8 Seek recourse in accordance with the Agreement. 

10.6 For the funds requisitioned by Party A, the repayment shall be made in the order from the last to the first in accordance with the actual maturity date
of each credit. The specific order of repayment of each credit shall be settled in the order of expenses, liquidated damages, compound interest, penalty interest, interest, and principal of credit, until all principal and interest as well as all
related expenses are paid off. 
 Party A has the right to unilaterally adjust the above repayment order, unless otherwise required by laws and regulations.

 Article 11 Alteration and dissolution of the Agreement 

The Agreement may be changed and dissolved by Party A with written agreement through mutual consultation. The Agreement is still valid until a written
agreement is reached. Neither party may unilaterally change, modify or revoke the Agreement without authorization. 
 Article 12 Miscellaneous 

12.1 During the period when the Agreement come into force, Party A shall not injure, influence or limit Party A’s relevant laws in accordance with any
tolerance, grace or delay in the execution of Party B’s rights or rights in Party B’s breach of contract or delay. The provisions and the Agreement shall be deemed as a licensee’s license or recognition of any breach of the Agreement,
and shall not be deemed as Party A’s right to waive action against existing or future breaches. 
 12.2 Party B shall be liable for repayment of all
debts owed by Party A under the Agreement, when the Agreement it is legally invalid, or some of the terms hereof are invalid for whatever reason. In the event of the above case, Party A has the right to terminate the performance of the Agreement and
may immediately recover from Party B all debts owed by it under the Agreement. 
 If the applicable laws and policy requirements change, resulting in
increase in costs arising from Party A’s performance of obligations under the Agreement, Party B shall compensate Party A for the increased costs incurred by Party A. 

12.3 Notices, requests or other documents related to the Agreement between Party A and Party B shall be sent in writing (including but not limited to letters,
faxes, e-mails, Party A’s online banking, SMS or WeChat, etc.). 
 Party A’s contact address: No. 86,
Tianyaoqiao Road, Xuhui District 

  
 14 

 E-mail: zhangzushi@cmbchina.com Fax number: **** 

Contact mobile number: **** Entity WeChat number:                  

Party B’s contact address: 2-3/F, No. 1000 Tianyaoqiao Road, Xuhui District 

E-mail: ****Fax number: **** 

Contact mobile number: **** Entity WeChat number:              

12.3.1 Where the delivery is made by hand (including but not limited to lawyer/notary’s delivery, express delivery, etc.), the recipient’s signature
for receipt is deemed to be served (where the delivery is rejected by the recipient, it will be deemed to be served after seven days as of the date of rejection/return or date of being sent (whichever is earlier) ; if it is submitted by postal
letter, it will be deemed to be served after 7 days of delivery; where the delivery is made by fax, email, Party A‘s online banking notice, SMS or WeChat and other electronic means, the date on which the sender’s corresponding system
displays the successful transmission is regarded as the delivery date. 
 If Party A informs Party B of the transfer of claim or makes a collection of Party
B by means of public announcement, it shall be deemed to have been served on the date of the announcement. 
 Any party that changes the contact address, e-mail address, fax number or mobile phone number or WeChat number shall notify the other party of the changed information within five working days from the date of the change; otherwise, the other party shall have
the right to serve according to the original contact address or information. . If the delivery is unsuccessful because the contact address changes, the date of return or the 8th day after the date of delivery (whichever is earlier) will be deemed to
be the date of delivery. The changer is responsible for the losses arising therefrom and does not affect the legal effect of the delivery. 
 12.3.2 The
above contact address, e-mail address, fax number, mobile phone number and WeChat number shall be used as the delivery address of their respective notarization documents and judicial documents (including but
not limited to the indictment/arbitration application, evidence, subpoena, responding notice, notice of proof, notice of court session, notice of hearing, judgment/arbitration, ruling, mediation, notice of performance within the deadline and other
legal documents at the trial and execution stage, and the appellate court or notary office deliver the documents to the delivery address in the written method as agreed herein is considered as valid delivery (the specific delivery criteria are
implemented in accordance with the provisions of Article 12.3.1 above). 
 12.4 The Parties agree that, with respect to each business application under the
trade financing business, Party B shall affix the reserved seal according to the Authorization Letter of Reserved Seal provided by it to Party A, and the Parties shall recognize the validity of the signature. 

12.5 The Parties unanimously agree that, if Party B submits various applications or business vouchers of credit business through the online corporate
banking system, it shall be deemed as the true meaning of Party B. Party A has the right to fill in relevant business vouchers according to the application information sent online, and Party B recognizes its authenticity, accuracy and legality.

  
 15 

 12.6 The written supplemental agreement reached between Party A and Party B on the matters not covered and
changed of the Agreement and the specific contracts under the Agreement are appendixes to the Agreement and constitute an integral part of the Agreement. 

12.7 In order to facilitate business processing, Party A’s various operations (including but not limited to the acceptance of applications, data review,
release of loan, transaction confirmation, deduction, inquiry, receipt printing, collection, deduction of payment, etc. and various notifications) involving transactions may be handled by any business outlet within Party A’s jurisdiction which
generates, signs or issues relevant letters,. the business operations and letters of the outlets within Party A’s jurisdiction shall be deemed to be binding upon Party B. 

12.8 The Appendixes to the Agreement form an integral part of the Agreement and are automatically applicable to the specific business that actually occurs
between the Parties. 
 12.9 The Agreement involves notarization (except for the enforcement of notarization) or other matters entrusting a third party to
provide services, and the relevant expenses shall be borne by the entrusting party itself. If the Parties jointly act as the principal, they will bear 50% respectively. In the event that Party B cannot repay the debts owed by Party A under the
Agreement, Party A shall bear all the expenses such as attorney fees, legal fees, travel expenses, announcement fees, and delivery fees incurred for realizing the claim. Party B authorizes Party A to directly deduct the money from Party B’s
bank account in Party A. If there are any shortfall, Party B guarantees to repay the amount after receiving the notice from Party A, without Party A’s provision of any proof. 

12.10
/                                         
        
 Article 13 Applicable law and settlement of disputes 

13.1 The conclusion, interpretation and settlement of disputes of the Agreement shall be governed by the laws of the People’s Republic of China (excluding
laws in Hong Kong, Macao and Taiwan), and the rights and interests of the Parties shall be guaranteed by the laws of the People’s Republic of China. 

13.2 The disputes arising during the performance of the Agreement by Party A and Party B shall be settled by the Parties through negotiation. Any Party may
(choose “✓” in ☐ among three) after failure to reach an agreement: 
 ☑ 13.2.1 Prosecute to the people’s court at the place
where the Agreement is signed; 
 ☐ 13.2.2 File an lawsuit to the people’s court at the locality of Party A; 

☐ 13.2.3 Apply to the arbitration (fill in the name of the specific arbitration institution), with the place of arbitration located at. 

13.3 After the Agreement and each specific contract have been processed by Party A and Party B for the notarization of the effect of enforcement, Party A may,
in order to recover the debts owed by Party B under the Agreement and each specific contract, directly apply to the competent people’s court for enforcement. 

  
 16 

 Article 14 Effectiveness of the Agreement 

The Agreement shall come into force after signed (or named) by the legal representative/main principal of Party A and Party B or their authorized agents and
affixed with entity’s official seal or special contract seal, and shall expire automatically on the date of expiration of the credit period or on the date when all debts owed by Party B to Party A and all other related expenses are settled on
the date of completion of the settlement (subject to the later one of the two) 
 Article 15 Supplementary provisions 

The Agreement is made in quadruplicate, and Party A, Party B and the Guarantor and Shanghai Branch hold one copy respectively and have the same legal effect.

 Appendix 1: Special Terms for Yin Guantong (Customs Taxes and dues Fees Payment Guarantee Business) 

Appendix 2: Special Terms for Buyer/Import Factoring Business 

Appendix 3: Special Terms for Order Loan Business 
 Appendix 4:
Special Terms for Commercial Acceptance Bills 
 Appendix 5: Special Terms for Derivative Transactions 

Appendix 6: Special Terms for the Gold Leasing Business 

Appendix 7: Special Terms for Cross-Border Trade Financing Business 

  
 17 

 Appendix 1: Special Terms for Yinguantong (Customs Taxes and Fees Payment Guarantee Business) 

Article 1 Party B applies to Party A for customs tax payment guarantee business within the credit line. Customs tax payment guarantee business refers that,
Party B logins on the electronic port/Shanghai Oriental Electronic Payment Website to send online payment bank guarantee order to Party A. Within the credit limit, Party B will make a commitment on payment guarantee of tax payable to the Customs in
the form of electronic payment guarantee documents through the electronic port/Shanghai Oriental Electronic Payment Website (where the payable tax of guarantee will be paid to the national treasury when the tax payment period expires, which is
reflected in system, that Party A sends the information about “successful payment” to the electronic port / Shanghai Oriental Electronic Payment Website, to achieve the first customs clearance procedures of goods, and pay the taxes and
fees of relevant import and export within the payment period stipulated by the Customs. 
 Party A’s advance payment (whether or not it occurs during
the credit period) and related interest and expenses directly constitute Party B’s financing debts to Party A and are included in the scope of credit guarantee. 

Article 2 Party B shall deposit a certain amount of funds in Party A as the margin according to the proportion requested by Party A (the account number shall
be automatically generated or entered when the fund is deposited), and provide counter-guarantee for Party A’s tax payment guarantee. 
 Article 3
Party A shall issue an electronic payment guarantee document to the customs in the capacity of the Guarantor. Party B shall know and confirm that the electronic payment guarantee documents have the nature of independent Letter of Guarantee, and the
guarantee liability assumed by Party A to the Customs is the guarantee of independence. 
 Article 4 Party B shall send a withholding order to Party A
through the electronic port/Shanghai Dongfang Electronic Payment Website, and Party A shall make a payment guarantee commitment to the Customs according to the withholding order sent online by Party B. Party B grants Party A the right to deduct the
principal and interest of the guarantee commitment from relevant margin accounts and the right to fill in the relevant business certificate according to the withholding instructions issued online. 

The specific time and amount of Party A’s commitment to make each payment guarantee within the credit line shall be subject to the Party B’s online
payment bank guarantee order (payment guarantee withholding order) received by Party A or saved by its online system. Party B must, during the credit period, send a payment guarantee withholding order to Party A, which will not be accepted by Party
A beyond the period. 
 Party A shall determine the due date of the single payment guarantee commitment according to the “payment period” (i.e.
“due date of taxable tax”) specified by the actual deduction order sent to Party A by the electronic port/Shanghai Dongfang Electronic Payment Website. 

Article 5 Party B shall not use the credit line for handling the customs taxes and fees payment guarantee business for __ months. After that, Party A has the
right to refuse to handle the business for Party B. 

  
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 Article 6 Party B authorizes Party A that, when Party B’s tax payable expires, Party A has the right to
directly deduct the payment from Party B’s account (including margin account) to Customs without notice to Party B or Party B’s consent. If the account amount is insufficient to pay, Party B guarantees that it will remit all the
insufficient amount into the designated account of tax payment within 3 days before the due date of tax payable, for payment upon expiration. If Party B fails to make up the payment in time, Party A shall bear the obligation of payment guarantee
commitment and shall have the right to recover from Party B after Party B paying the advance to national treasury, and shall have the right to collects liquidated damages from Party B according to the actual days at the annual interest rate __% from
the date of the advance payment. 
 Article 7 Party A shall collect the guarantee fee from Party B on a quarterly basis according to the actual transaction
amount of online payment bank guarantee business according to the __%/year rate standard. 
 Article 8 If Party B fails to fulfill its obligations under the
Credit Agreement or this Appendix, or if any statement, commitment or guarantee made by it is untrue, Party A shall have the right to take the various measures for handling breach of contract as stipulated in the Credit Agreement, and shall be
entitled to charge 100% margin from Party B in accordance with the total amount of the guarantee for which Party A has provided a payment guarantee commitment and no claim occurs. 

  
 19 

 Appendix II: Special Terms for the Buyer/Import Factoring Business 

Article 1 Definition terms 
 1.1 The buyer/import factoring
business refers to that Party A serves as the buyer/import factor . After the seller/export factor accepts the accounts receivable with Party B as the debtor of the accounts receivable under the business contract, to provide comprehensive factoring
services including approved payments, collection of accounts receivable and management for the buyer/import factor. 
 Under the buyer/import factoring
business, if Party B’s buyer’s credit risk occurs, Party A shall bear the payment obligation for approval to the seller/export factor; if there is a dispute during the performance of the business contract, Party A shall have the right to
transfer the accounts receivable accepted to the seller/export factor. 
 1.2 The seller/export factor is the party who signs the factoring business
agreement with the supplier/service provider (creditor of accounts receivable) under the business contract, and accepts the accounts receivable held by the creditors account receivable. Party A can act as both a buyer/import factor and a
seller/export factor. 
 1.3 Disputes refer to Party B’s defense, counter-claim or offset or similar acts for accounts receivable accepted by Party A
among the debtors of accounts receivable and Party B due to the disputes related to the goods, services, invoices or any other business contract, as well as third-party actions such claims for accounts receivable under the Agreement, and application
for check, freezing and deduction; any receivables accepted by Party A due to non-buyer credit risk cannot be fully or partially realized, it is considered as a dispute. 

1.4 Business contract: it refers to the transaction contract signed by Party B and the creditors of the accounts receivable for the purpose of commodity
transactions and/or service transactions, with credit sales as the settlement method. 
 1.5 Approved payment/guaranteed payment means that, after Party
B’s buyer’s credit risk occurs, Party A shall pay the corresponding amount of accounts receivable to the seller/export factor within a certain period after the due date of the accounts receivable. 

Article 2 Upon Party B’s application, Party A agrees to handle the buyer’s factoring business for it within the credit line. The money and relevant
expenses paid by Party A as the buyer’s factor for performing the approved payment liability shall be deemed as the credit issued to Party B under Party A’s Credit Agreement. 

As long as Party A has transferred the accounts receivable during the credit period, Party A has the right to seek recourse from Party B in accordance with
the Credit Agreement and the agreement of the business contract, even if Party A performs the approved payment liability within the credit period. 

Article 3 Buyer/Importing Factoring Fee 
 Factoring fee: it
refers to the business management fee that should be charged for the buyer/import factoring service provided by Party A. Party A shall charge the fees from Party B at a certain percentage of the amount of accounts receivable at the time of transfer
and delivery, the specific rate standard is reasonably determined by Party A in accordance with its business rules. 

  
 20 

 Article 4 Party B shall waive the right to argue for disputes arising during the performance of the business
contract. In view of this, regardless of whether there are other agreements, if Party B fails to pay out in accordance with the business contract, Party B shall be deemed to have the buyer’s credit risk, and Party A will make the approved
payment. Moreover, Party B has no objection to this. 

  
 21 

 Appendix III: Special Terms for Order Loan Business 

Article 1 The order loan business is that, Party A, based on the business contract (or project contract) signed by Party B and its downstream customers
(payers), issues the loan business used for performance of the daily production and operation of the business contract (or performance of the project contract) sales return (or project payment) is the loan business of the first repayment source.

 Article 2 Party B shall open a special account for the sale of goods under Party A’s business contract (or project contract). All sales under the
business contract (or project contract) for applying for the order must be directly returned to the special account, and may not be used without the approval of Party A, and the special account may not be changed. Party B shall notify the payer that
the account is the only account for the sales return. Party A has the right to deduct the funds from the special account for the repayment of the principal and interest, penalty interest and other related expenses of the order loan financing. 

Article 3 When the following circumstances occur, Party A may immediately stop the use of Party B’s quota under the Credit Agreement, and take measures
to deal with breach of contract in accordance with the Credit Agreement: 
 3.1 The downstream customers of Party B have delayed the payment for three
consecutive periods, and Party A has reasonably judged that their financial situations have deteriorated, which is not conducive to protecting Party A’s claims; 

3.2 Party B’s qualification as the supplier has been cancelled by the downstream customer. Party B’s supply of goods to the downstream customer is
not timely, the quality of product supplied is unstable, and without the approval of downstream customers, the construction is not completed according to the agreed progress of the project contract, and the practice qualification of Party B is
lowered, resulting in its qualifications not meeting the requirements of downstream customers, and Party A reasonably judges that Party B has operational difficulties, its financial situation has deteriorated, or the downstream customers’
collection is less than the total monthly repayment amount of Party B of each financing contract under the credit, or the downstream customers did not make a payment in installments in accordance with the project contract for the consecutive second
period. 

  
 22 

 Appendix IV: Special Terms and Conditions for Commercial Acceptance Bills 

Article 1 The business acceptance bills labeling business is a business in which Party Bdiscounts the commercial acceptance bill accepted by Party B or allows
the holder to handle the discount at the any branch of China Merchants Bank (hereinafter referred to as “other discounted acceptance bank”). The holder (hereinafter referred to as the “discount applicant”) may apply to Party A or
other discounted acceptance bank for discounting by virtue of the commercial acceptance bill. The discounted business occupies the credit line under the Agreement. 

In view of the fact that Party A’s provision for Party B with acceptor’s discounted service of commercial acceptance bills is the precondition for
other discounted acceptance banks to accept the ticket holder’s application for discounting. Other discounted accepting banks have the right to transfer the discounted bills to Party A after handling discount, Party A is obliged to accept the
transfer, for Party A’s commercial acceptance bills accepted by Party A from other discounted acceptance banks, Party B commits that it will unconditionally pay the bill payment on the expiration date, and the Parties have no objection to this.

 Article 2 The commercial acceptance bills mentioned in this article include both paper commercial acceptance bills and electronic commercial acceptance
bills (hereinafter referred to as “e-commerce bills”), which includes both commercial acceptance bills with interest paid by discount applicants and commercial acceptance bills with interest paid by
the buyer. 
 The discounted business of commercial acceptance bills with interest paid by the buyer is the discounted business of the bills when the
commercial acceptance bills issued and accepted by Party B is discounted, the discount interest is paid by Party B. 
 Article 3 During the credit period,
Party B must open a security account for commercial acceptance bill in Party A (the account number shall be generated or recorded by the Party A’s system when the margin is deposited), and deposit a certain amount into the margin account at the
proportion required by Party A as the payment margin for the commercial acceptance bills that they have accepted by it and promised to be discounted by Party A. 

Party B shall deposit the full amount of the bill payables in the margin account opened by Party A before the expiration of each commercial acceptance bill
for payment of bills upon expiration. 
 Article 4 During the credit period, the discount applicant may apply to Party A for discount on the commercial
acceptance bill accepted by Party B directly, or apply to other discounted acceptance banks for discount. Party A or other discounted acceptance banks have the right to conduct qualification examinations on discount applicants, and have the right to
request Party B to conduct audit verification and decide whether to apply for discount at one’s sole discretion. 
 Other discounted acceptance banks
have the right to endorse and transfer the commercial acceptance bills discounted to Party A in accordance with the relevant provisions of China Merchants Bank after the discount is handled. After Party A has discounted or accepted commercial
acceptance bills from other discounted acceptance banks, Party B shall pay Party A unconditionally and in full and timely to the Party A when the payment is made by Party B. 

Article 5 The opening and discounting of each e-commerce ticket shall be based on the business information stored in
the PBOC electronic billing system, or the business records such as customer statements filled or printed accordingly. Party A’s business records are an integral part of the Agreement and have the same legal effect as the Agreement. Party B
acknowledges its accuracy, authenticity and legality. 

  
 23 

 Article 6 Any dispute arising from the basic contract of the commercial acceptance bills discounted by Party
A within the credit line shall be settled by Party B and the relevant parties; before each bill expires, Party B shall still be obliged to pay the margin and bill payment in full and in time in accordance with the foregoing agreement. 

Article 7 If Party A has discounted the commercial bill accepted by Party B or has accepted the commercial bill accepted by Party B from other discounted
acceptance banks, if Party B fails to deliver the bill payment in full before the expiration date of the commercial acceptance bill, Party A has the right to deduct the money from any deposit account opened by Party B at China Merchants Bank for
payment. The advances made by Party A because Party B fails to make complete delivery and its balance of the account is insufficient, Party A shall collect the penalty interest from Party B at 0.05% of advances according to the relevant provisions
of the Payment and Settlement Measures. 

  
 24 

 Appendix V: Special Terms for Derivative Transactions 

Article 1 In respect of a derivative product transaction made with respect to Party A’s acceptation of Party B’s application, it may occupy a credit
line according to a certain percentage of the nominal principal/transaction amount of the transaction, or when a floating loss occurs in the derivative product transaction, Party A may, according to the specific agreement of the Parties, add the
occupation of Party B’s credit line (when each transaction occurs, Party A determines the amount of credit line to be specifically occupied according to the type, duration and risk of the transaction, and the risk degree coefficient of the
business corresponding to the credit line deducted) the amount of the credit line actually occupied shall be subject to the records of the transaction documents such as the quota occupation notice and/or the transaction confirmation/certificate
issued by Party A. 
 Article 2 Where there is a derivative transaction with a balance or loss during the credit period, regardless of whether the
transaction occurred within the credit period, the credit line shall be occupied in accordance with the provisions of the preceding article. 

  
 25 

 Appendix VI: Special Terms on Gold Leasing Business 

Article 1 “Gold leasing” business refers to the physical gold leased by Party A from Party B. After the expiration, Party B will return the gold with
the same attribute as the cargo and the same quantity, and pay the lease fee to Party A in RMB on time. 
 Article 2 Party A may handle the gold leasing
business for Party B within the credit period and the credit line according to the application of Party B. The physical gold leased by Party A shall occupy the credit line according to the agreed value of the gold lease agreement signed by the
Parties and constitute the debts owed by Party B to Party A. 

  
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 Appendix VII: Special Terms for Cross-Border Trade Financing Operations 

Article 1 Cross-border linkage trade financing business refers to the cross-border trade financing business applied by Party B to Party A based on the real
cross-border trade background between it and the overseas companies, which is provided by Party A and China Merchants Bank’s overseas institutions (hereinafter referred to as “linkage platform”) through the cooperation. 

Article 2 The specific varieties of cross-border linkage trade financing business include:
back-to-back letter of credit, entrusted issuance of certificate, entrusted overseas financing, bill payment, overseas credit of Letter of Guarantee and cross-border
trade financing direct train. The specific meanings and business rules of each business variety are stipulated by specific business agreements. 
 Article 3
Under the back-to-back letter of credit, the parent certificate applied to be opened by Party B to Party A directly occupies the credit line under the Agreement. Under
such the parent certificate, the documentary bill or advances (whether or not the credit period occurs) and the corresponding interest and expenses for Party A’s performance of the obligation to open the certificate constitute Party B’s
financing debts owed by Party B to Party A and are included in the scope of credit guarantee. 
 Under the entrusted opening of certificate/entrusted
overseas financing, Party A entrusts the linkage platform to accept the letter of credit applied to be opened by the overseas company or the trade financing provided according to the application of Party B, which occupy the credit line under the
Agreement. If Party A issues the import collection documentary bills or the advance payment to Party B for external payment under the import collection, the documentary bill or advances (whether or not the credit period occurs) and the related
interest and expenses for Party A’s performance of the obligation to open the certificate constitute Party B’s financing debts owed by Party B to Party A and are included in the scope of credit guarantee. 

Under the bill payment, Party A shall directly occupy the credit line under the Agreement to add the payment for Party B’s acceptance bills according to
the application of Party B. If Party B fails to cash the bills on time and in full, Party A has the right to directly advance the bills to be paid. Such advances (whether or not they occur during the credit period) and related interest and expenses
are included in the scope of credit guarantee. 
 Under the overseas credit business of Letter of Guarantee, Party A directly occupies the credit line under
the Agreement in accordance with the Letter of Guarantee/back-up letter of credit issued by Party B. After the overseas company transfers the collection interest
(non-claim right) under the Letter of Guarantee to the linkage platform, if the linkage platform claims against Party A according to the Letter of Guarantee/ back-up
letter of credit, advances (whether or not they occur during the credit period) constitute Party B’s financing debts owed by Party B to Party A and are included in the scope of credit guarantee. 

Under the cross-border trade financing direct train business, after Party A’s application for approval of its trade financing, Party A’s trade
financing provided directly to Party B by the linkage platform occupies the credit line under the Agreement. If Party B fails to repay the trade financing amount of the linkage platform on time and in full, Party A has the right to return it by way
of documentary bill or advance, and the relevant documentary bills or advances (whether or not they occurs during the credit period) and related interest and expenses directly constitute Party B’s financing debts owed by Party B to Party A and
are included in the scope of credit guarantee. 

  
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 Special notes: 

All terms of the Agreement (including attachments) are fully negotiated by the Parties. The Bank has drawn the attention of other parties to the provisions on
exempting or restricting its liability, unilateral possession of certain rights, increasing the liability of other parties or limiting the rights of other parties, and has a comprehensive and accurate understanding on such provisions. The Bank has
provided corresponding instructions to the above provisions at the request of other parties. The Parties to the contract have an understanding of the terms of the Agreement. 

(There is no text hereunder) 

  
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 (This page is the signing page of the Credit Agreement No. 9602190301) 

Party A: (Seal) 
 China Merchants Bank Co., Ltd. Shanghai
Tianyaoqiao Sub-branch (Seal) 
 Principal or authorized agent (Signature/Seal): Zhu Haoping (Seal) 

Party B: (Seal) 
 Shanghai ECMOHO Health Biotechnology Co., Ltd.
(Seal) 
 Legal representative / principal responsible person or authorized agent (Signature/Seal): Wang Ying (seal) 

 

			
		 	 Signed on: March 12, 2019
 Signing
place: Xuhui District, Shanghai

  
 29 

 Guarantee Cooperation Agreement 

Numbering:    Year No. 9602190301 

Guarantor: China Merchants Bank Co., Ltd. Shanghai Tianyaoqiao Sub-branch (hereinafter referred to as Party A) 

Principal /Applicant: Shanghai ECMOHO Health Biotechnology Co., Ltd. (hereinafter referred to as Party B) 

The Parties have entered into the Agreement by consensus in accordance with the relevant laws, regulations and rules and regulations. The Agreement is an
agreement between Party A and Party B on the rights and obligations of the parties in handling the Letter of Guarantee business, but does not constitute any commitment by Party A to issue a Letter of Guarantee to Party B. Under the Agreement, Party
B must apply for one Letter of Guarantee from Party A each time and Party A shall review and grant approval to the Letter of Guarantee one by one. After equal and voluntary consultations between the two parties, the parties agree as follows: 

1. When Party B specifically applies for the issuance of a Letter of Guarantee, it is not necessary to sign a separate guarantee agreement with Party A, but it
must submit an application for the issuance of a Letter of Guarantee to Party A, and Party A will approve and handle it one by one. Party A has the right to accept or refuse to issue certain letter or letters of guarantee business to Party B as the
actual situation. 
 2. The application and opening of each Letter of Guarantee shall be based on the application for the Letter of Guarantee submitted by
Party B and the Letter of Guarantee issued by Party A. (If the two are inconsistent, the Letter of Guarantee issued by Party A shall prevail.) The Letter of Guarantee application is an integral part of the Agreement. 

3. If Party B applies for the opening of a Letter of Guarantee online, Party B shall submit an application for a Letter of Guarantee to Party A and sign it at
the request of Party A. If Party B affixes a reserved seal to the application for the Letter of Guarantee, Party A and Party B shall approve the validity of the seal. Party B may submit all the information of the guarantee business through Party
A’s online banking system, including but not limited to the application for Letter of Guarantee, trade background materials, etc., and the digital signature/electronic signature generated by digital certificate is used as a valid signature for
applying for business. Party A has the right to fill in the relevant business documents according to the application information sent online, and Party B recognizes it can be authentic, accurate and legal. 

4. Party B is aware that there may be more than one business under the Agreement. Party B may deposit the full amount of deposit at one time or deposit the
deposit into the agreed margin account from time to time according to the requirements of the business, as a guarantee for the guarantee business. 
 When
the beneficiary makes a claim against Party A in accordance with the guarantee, Party A shall not be required to notify or obtain the consent of Party B, and shall have the right to deduct the corresponding amount from Party B’s margin account
and pay the beneficiary. 

  
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 Party B fully recognizes the above operation mode, and confirms that the deposit/deduction of deposit in the
same margin account from time to time does not affect the specification of the deposit. Party B continues to provide guarantees for the Letter of Guarantee business with funds in the margin account. 

The corresponding deposit/deduction of the specific margin and the corresponding relationship with the guarantee of the margin guarantee shall be subject to
the business information/business records held by Party A. Party B recognizes the authenticity, accuracy and legality of such business information/business records. 

5. Party B shall, at the request of Party A, provide Party A with the original of the following documents or a copy signed by the representative of Party B
and stamped with the official seal to prove true and complete; 
 5.1 Party B and/or the sponsor’s business license of the legal person; 

5.2 Party B and/or the Guarantor’s articles of association; 

5.3 Full list of directors and signature samples; 
 5.4 Agree to
Party B’s resolutions of the board of directors or shareholders’ meeting that Party B signs and implements the Agreement; 
 5.5 The contract
signed by Party B or the Guarantor and the beneficiary; or the bidding documents of the beneficiary, the bidder’s bidding documents; 
 5.6 Party
B’s financial statements and audit reports for the previous year, as well as the financial statements for the month prior to the application; 
 5.7
Ownership documents of collateral or pledge (if collateral or pledge); 
 5.8 Other information required by Party A. 

The above procedures or materials are subject to Party A’s actual requirements and are the rights and obligations of Party A, and the completeness of
the procedures or materials does not affect the validity of the Agreement. 
 6. Party B hereby declares, promises and guarantees to Party A as
follows: 
 6.1 Party B is a legal entity formally established and validly existing in accordance with the laws of the People’s Republic of China,
and has sufficient civil capacity to sign and perform the Agreement; 
 6.2 Party B has the legal qualification to sign and perform the Agreement, and the
signing and performance of this contract has been fully authorized by the Board of Directors or any other authorized institution; 
 6.3 Party B or the
Guarantor has the legal right to sign the contract with the beneficiary and has sufficient capacity to perform the contract signed with the beneficiary; Party B guarantees that Party B or the Guarantor will perform the contract signed with the
beneficiary and is obliged to notify Party A the performance and problems incurred; 
 6.4 Party B accepts and approves the contents of the Letter of
Guarantee issued by Party A to the beneficiary; 
 6.5 Party B guarantees that Party A will not suffer any damages and losses due to the issuance of the
Letter of Guarantee (including the exchange rate loss suffered by the guarantee currency and the currency of the payment); 
 6.6 Party B unconditionally
agrees that Party A shall handle all matters under the guarantee in accordance with the relevant laws and/or in accordance with international practice without any other agreement, and assume the responsibility arising therefrom; 

6.7 Party B guarantees that when the beneficiary claims to Party A, Party B unconditionally assumes the first payment responsibility; 

6.8 Party B guarantees that the items under the guarantee letter are in compliance with the relevant national laws and regulations and the legal requirements
of anti-money laundering, counter-terrorism financing, anti-tax evasion, and comply with China Merchants Bank’s anti-money laundering policy. All economic and legal responsibilities arising from the
project itself shall be borne by Party B and there is no association with Party A; 

  
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6.9 Party B agrees to pay the full amount of the fees payable by Party A under the above guarantees in accordance with the provisions of the Agreement; 

6.10 Party B agrees that Party A is only obliged to review the apparent authenticity of the claim documents, documents or certificates (hereinafter
collectively referred to as “claim documents”) submitted by the beneficiaries under the guarantee, and is not responsible for the truthfulness of the facts stated in the claim documents; 

6.11 Party B agrees that when the funds in the margin account are insufficient due to fluctuations in exchange rates or possible fluctuations or changes in
the Letter of Guarantee, Party B will deposit sufficient funds from time to time as required by Party A. The funds shall be deemed to be specific from the date of deposit into the margin account and handed over to Party A’s possession. As Party
B’s pledge guarantee for fulfilling the obligations under the Agreement, Party B shall not use the funds without Party A’s permission; 
 6.12
Party B agrees that Party A shall not be liable for any delays, losses, omissions or other errors in the process of handling the Letter of Guarantee, such as postal and telecommunications; 

6.13 If Party B applies for Party A to open a subordinate Letter of Guarantee, Party B agrees that before the original of the Letter of Guarantee will be
returned to Party A (or authorized agent of Party A) for cancellation, Party B has no right to request Party A to release the collateral under the application for the Letter of Guarantee/credit agreement or Party B’s credit line. Party A has
the right to refuse the acceptance of such application by Party B without any liability to Party B; 
 6.14 Party B guarantees to submit Party A’s
financial statements and other materials required by Party A on a quarterly basis. 
 7. Claims under the Letter of Guarantee 

7.1 Party B irrevocably recognizes: If the beneficiary makes a claim against Party A, Party A has the right to independently judge whether the claim and the
amount of the claim meet the guarantee agreement, Party A has the right to independently judge whether to pay or refuse to pay. Party A does not need to notify Party B in advance or obtain the consent of Party B before Party A pays externally or
refuses to pay. 
 7.2 When Party A pays externally, Party A shall have the right to directly transfer funds from Party B’s margin account or other
deposit account or entrust other financial institutions to deduct Party B deposits (in the margin or other deposit account) without notice or consent from Party B. (When the funds are different from the payment currency, Party A shall not be
required to notify or obtain the consent of Party B, and shall have the right to handle the settlement and sale of foreign exchange / foreign exchange transactions to pay the beneficiary.) If the deposit in the Party B account is insufficient to
repay, Party B guarantees that all the insufficient amounts will be remitted to the account designated by Party A within three working days after receiving the notice from Party A to be repaid. 

7.3 When Party A pays externally to the beneficiary for the advancement of Party B due to the need to fulfill the guarantee obligation, if Party B’s
balances in margin account and other deposit account are insufficient and Party B fails to make up the payment according to Party A’s notice, Party A has the right to dispose the collateral and pledge in accordance with the law, and has the
right to seek recourse from Party B and its successors and assignees. 
 7.4 If Party A refuses to make the compensation, the compensation and/or liability
for compensation arising from or that may generate from the refusal of compensation and related expenses (including but not limited to litigation or arbitration fees, etc.), whether or not exceeding the guarantee amount agreed in the Letter of
Guarantee or the amount of Letter of Guarantee, will constitute Party B’s debts to Party A under the Agreement and will be included in the scope of guarantee for the relevant counter-guarantee measures that provide guarantees for the debts
under the Agreement. 
 7.5 When the advance payment mentioned in the preceding article occurs, Party A is entitled to charge the liquidated damages from
Party B according to the following criteria: 
 If the advances are given in RMB, the liquidated damages = the amount of the advances × the date of the
advance payment and the number of days of the actual advance payment, the benchmark interest rate of the financial institution announced by the People’s Bank of China × 150% × actual days of advance payment/ 360; if is the advance
is given in foreign currency, liquidated damages = amount of advances × LBOR for the same period × 130% ×actual days of advance payment / 360. 

  
 3 

 
Upon receipt of Party A’s notice of recovery, Party B shall immediately and unconditionally repay Party A the principal of the advance payment and interest, penalty interest, compound
interest, liquidated damages and related expenses in full. 
 7.6 Party A has the right to collect the money from Party B by the means that it deems
appropriate, including but not limited to fax, post, personal delivery, announcement in public media, etc. 
 7.7 Special agreement on an independent Letter
of Guarantee 
 If Party B requests A to open an independent guarantee letter to the beneficiary, Party A has the right to independently review the claim
documents based on the letter of guarantee. Whether the claim documents submitted by the beneficiary meet the requirements of the letter of guarantee shall be subject to the opinions of Party A. Party A is entitled to accept or reject the
discrepancies in the claim form of the letter of guarantee. Where Party A believes that the documents submitted by the beneficiary meet the requirements of the Letter of Guarantee (including the case where Party A accepts the discrepancies in the
claim documents), it has the right to directly deduct Party B’s account funds or advances for external compensation without prior notice to Party B or Party B’s consent. 

In the event of any inconsistency between this article and other articles of the Agreement, the effect of this article shall prevail. 

8. Modification and cancellation of the Letter of Guarantee 

8.1 When Party B requests Party A to modify the contents of the Letter of Guarantee, Party A shall submit a written application for modification of Letter of
Guarantee to Party A as required by Party A and provide corresponding guarantee/guarantee measures. 
 8.2 Party A has the right not to accept Party
B’s application for modification/cancellation of Letter of Guarantee. Party B has known that the modification and cancellation of the Letter of Guarantee must be confirmed by the beneficiary in writing to be executed. 

8.2 Party B may affix Party B’s reserved seal to the application for modification/cancellation of the Letter of Guarantee. Party A and Party B
unanimously approve the validity of the seal. 
 9. Expenses 

Party B shall pay Party A the expenses in accordance with the following provisions, and hereby authorizes that Party A shall have the right to deduct the
expenses directly from Party B’s deposit account when any of the following expenses becomes payable. If the balance of the deposit is insufficient, Party B shall guarantee that, within seven working days after the receipt of notice from Party
A, it will remit the insufficient amount to the account designated by Party A. 
 9.1 Guarantee fees 

The handling fees of guarantee shall be subject to Party A’s standards when specific business is handled, and subject to the agreement of the application
for the Letter of Guarantee. 
 9.2 Other expenses 
 9.2.1 If
the agreement involves notarization (except for the enforcement of notarization) or other matters entrusting a third party to provide services, the relevant expenses shall be independently undertaken by Party B. If the Parties jointly act as the
principal, they will bear 50% respectively. 
 9.2.2 Under the case that Party B cannot return/liquidate the debts (advances) owed by Party A under the
Agreement, the attorney fees, legal fees, travel expenses, announcement fees, delivery fees, etc. for the realization of claim shall be borne by Party B in full. 

10. Notice 
 10.1 Notices, requests or other documents
related to the Agreement between Party A and Party B shall be sent in writing (including but not limited to letters, faxes, e-mails, Party A’s online banking, SMS or WeChat, etc.). 

Party A’s contact address: No. 86, Tianyaoqiao Road, Xuhui District 

E-mail: **** Fax No.: **** 

Contact mobile number: **** Entity WeChat number: 
 Party B’s
contact address: 2-3/F, No.1000 Tianyaoqiao Road, Xuhui District 
 E-mail:
**** Fax number: **** 
 Contact mobile number: **** Entity WeChat number: 

  
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 10.1.1 Where the delivery is made by hand (including but not limited to lawyer/notary’s delivery,
express delivery, etc.), the recipient’s signature for receipt is deemed to be served (where the delivery is rejected by the recipient, it will be deemed to be served after seven days as of the date of rejection/return or date of being sent
(whichever is earlier) ; if it is submitted by postal letter, it will be deemed to be served after 7 days of delivery; where the delivery is made by fax, email, Party A‘s online banking notice, SMS or WeChat and other electronic means, the date
on which the sender’s corresponding system displays the successful transmission is regarded as the delivery date. 
 If Party A informs Party B of the
transfer of claim or makes a collection of Party B by means of public announcement, it shall be deemed to have been served on the date of the announcement. 

Any party that changes the contact address, e-mail address, fax number or mobile phone number or WeChat number shall
notify the other party of the changed information within five working days from the date of the change; otherwise, the other party shall have the right to serve according to the original contact address or information. If the delivery is
unsuccessful because the contact address changes, the date of return or seven days after the date of being sent (whichever is earlier) will be deemed to be the date of delivery. The changer is responsible for the losses arising therefrom and does
not affect the legal effect of the delivery. 
 10.1.2 The above contact address, e-mail address, fax number, mobile
phone number and WeChat number shall be used as the delivery address of their respective notarization documents and judicial documents (including but not limited to the indictment/arbitration application, evidence, subpoena, responding notice,
notice of proof, notice of court session, notice of hearing, judgment/arbitration, ruling, mediation, notice of performance within the deadline and other legal documents at the trial and execution stage, and the appellate court or notary office
deliver the documents to the delivery address in the written method as agreed herein is considered as valid delivery (the specific delivery criteria are implemented in accordance with the provisions of Article 10.1.1 above). 

11. Other matters 
 11.1 Party B confirms that Party
A’s business operations under the Agreement (including but not limited to acceptance of applications, data review, opening of letters of guarantee, advances, confirmation of transactions, deductions, inquiries, printing of receipts, collections
and deduction, collection of guarantees) and sending/receiving various types of notices, etc.) can be handled by any business outlet within the jurisdiction of Party A, and the business outlet can generate, issue or issue relevant letters, and the
business operations and letters issued by any of the operating outlets within Party A’s jurisdiction shall be deemed as the behavior of Party A, and binding upon the Parties, and Party B has no objection to this. 

11.2 If the format of the Letter of Guarantee is provided by Party B or the Guarantor and does not agree to adjust the contents of the Letter of Guarantee,
but the content/nature of the Letter of Guarantee is inconsistent with the content/nature stated in the application for Letter of Guarantee submitted by Party B, Party B shall amend the application for the Letter of Guarantee / submit a new
application for the Letter of Guarantee to ensure that the content/nature of the application for Letter of Guarantee and those in the Letter of Guarantee are consistent; otherwise, Party A has the right to refuse to accept the application for Letter
of Guarantee opened by Party B. 
 11.3
                            /
                                         
                                         
                                         
                                         
         
 12. Applicable law and dispute resolution 

The Agreement shall apply to and be governed by the laws of the People’s Republic of China In the course of performance of the Agreement, if any
controversy or dispute occur, the Parties concerned shall first resolve such controversy or dispute through consultation. If such controversy or dispute cannot be resolved through consultation, it may be necessary to select one of them by means of
“✓”: 
 (✓) “12.1 file a lawsuit to the People’s Court at the locality of Party A; or 

(    ) 12.2 Apply to     /         Arbitration Commission
for arbitration; 

  
 5 

 13. The Agreement shall become effective from the date on which the Parties have the right to sign and
affix the official seal of the entity/contract, and automatically apply to all the letters of guarantee issued by Party A for Party B after the signing of the Agreement. Any party intending to terminate the cooperation must notify the other party in
writing in advance. The Agreement is automatically terminated after 30 days as of the day when the other party receives the notice, but the outstanding business that has occurred before the termination of the Agreement still applies to the
provisions of the Agreement. The Agreement shall remain in force if either party terminates the Agreement without prior written notice to the other party. 

14. According to relevant national financial laws and regulations, if Party A is suspected of money laundering, terrorist financing or economic sanctions,
Party B is entitled to take corresponding trading restrictions (including but not limited to the termination of business handling, suspension of financial transactions, refusal of transfer, and conversion of financial assets). 

Special Note: 
 All terms of the Agreement are fully
negotiated by the Parties. The Bank has drawn the attention of other parties to the provisions on exempting or restricting its liability, unilateral possession of certain rights, increasing the liability of other parties or limiting the rights of
other parties, and has a comprehensive and accurate understanding on such provisions. The Bank has provided corresponding instructions to the above provisions at the request of other parties. The Parties to the contract have an understanding of the
terms of the Agreement. 

  
 6 

 (This page is left for signature) 

Party A (Seal): 
 China Merchants Bank Co., Ltd. Shanghai
Tianyaoqiao Sub-branch (Seal) 
 Main responsible person or authorized agent (signature/seal): 

Zhu Pinghao (seal) 
 Party B (Seal): 

Shanghai ECMOHO Health Biotechnology Co., Ltd. (Seal) 
 Legal
representative or authorized agent (signature/seal): Wang Ying (Seal) 
 Signed on: March 12, 2019 

  
 7 

 2017 version 

Shanghai Branch of China Merchants Bank Co., Ltd. 

Maximum irrevocable Letter of Guarantee 

  
 1 

 Maximum irrevocable Letter of Guarantee 

No.: 9602190301 
 To: China Merchants Bank Co.,
Ltd. Shanghai Tianyaoqiao Sub-branch 
 In view of the fact that the Bank and Shanghai ECMOHO Health Biotechnology
Co., Ltd. (hereinafter referred to as the “Applicant”) signed the “/Credit Agreement” numbered “9602190301” (hereinafter referred to as “the “Credit Agreement”), agreeing to provide the Applicant with a
credit line (hereinafter referred to as “credit line”) totaling RMB15 million (including amount equivalent to other currencies) during the credit period stipulated in the Credit Agreement (hereinafter referred to as “credit
period”, that is, during the determination period of claim). 
 Upon request by the Applicant, the Guarantor agrees to issue this Letter of
Guarantee and voluntarily assumes joint and several liability for all debts owed to the Bank by the Applicant under the Credit Agreement. The specific guarantees are as follows: 

1. This Letter of Guarantee is the maximum Letter of Guarantee. 

1.1 During the credit period, the Bank may provide credit to the Applicants in batches. The types of specific credit business and the amount of credit, whether
the use of the various types of credit business can be adjusted, and the specific conditions of use are subject to the approval of the Bank. During the crediting period, the Bank makes an adjustment to the original approval opinion according to the
application of the Applicant, the subsequent approval opinions issued by the Bank constitute a supplement and change to the original approval opinion, and so on. 

The expiration date of each specific business may be later than the expiration date of the credit period as stipulated in the Credit Agreement. 

1.2 Upon the expiration of the credit period, if the loan, advance or other credit granted by the Bank to the Applicant still has a balance, the Guarantor
shall be liable for the joint liquidation within the scope of the guarantee determined in Article 2 of this guarantee; before the expiration of the credit period, if the Bank seek recourse from the Applicant in advance according to the Credit
Agreement and/or the specific contract provisions, the Guarantor shall also bear the joint guarantee responsibility within the scope of the guarantee determined in Article 2 of this Letter of Guarantee. 

1.3 The commercial acceptance bills, letter of credit (including entrusted issuance of certificates, transfer of credit, the same as below), Letter of
Guarantee, delivery guarantee letter, cross-border linkage trade financing and other credit business provided by the Bank for the Applicant during the credit period, even if no advances have been incurred upon the expiration of the credit period,
but after the expiration of the credit period, the Bank actually incurred advances under the aforementioned business, and all the debts incurred by the Applicant shall be jointly and severally guaranteed by the Guarantor with the scope of guarantee
as determined by Article 2 of the Letter of Guarantee. 
 The joint guarantee responsibility shall be borne within the scope of the guarantee
determined in Article 2 of the Letter of Guarantee. 
 1.4 During the performance of each specific business under the “Credit Agreement”,
the Bank and the Applicant shall reach an extension schedule or change the relevant terms on the time limit, interest rate and amount of each specific business, or the Bank shall grant the credit according to the credit period during the guarantee
period. The agreement and/or the specific business agreement stipulate that the interest rate adjustment may be obtained without the consent of the Guarantor or the Guarantor, and the Guarantor shall approve it without affecting the guaranty
liability of the Guarantor under this guarantee. 
 1.5 If the documents received by the Bank in the letter of credit business under the credit
agreement have been discriminated by the Bank, but the Applicant accepts the discrepancies, the principal and interest of the debt incurred by the Bank based on the external acceptance or payment, the Guarantor The warranty liability shall still be
borne in accordance with the provisions of this guarantee, and no defense shall be filed because the Bank accepts the discrepancy without obtaining the consent of the Guarantor or notifying the Guarantor. 

1.6 The modification of the letter of credit, the Letter of Guarantee (or standby letter of credit) under the credit, the extension of the term of the
letter of credit after the acceptance of the forward letter of credit or the commitment to pay the due date, etc., without the consent of the Guarantor or the notification of the Guarantor, and the Guarantor It is recognized that it does not affect
the warranty liability of the Guarantor in accordance with this guarantee. 

  
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1.7 The Guarantor confirms that the specific business agreement signed by the Bank and the Applicant for each specific business under the credit (whether a single agreement/application or a
framework agreement) constitutes an integral part of the Credit Agreement. Agreement on rights and obligations arrangements involving specific businesses. 

The Guarantor confirms that the specific amount, duration, use and other business elements of the actual credit business between the Bank and the Applicant
are subject to the specific business agreement, the business vouchers produced by the Bank and the business records of the system. 
 1.8 In respect of the
business of the Letter of Guarantee/customs tax payment guarantee/ticket guarantee paid by the applicant for application for use of credit granting, the transfer of the interest or interest of the relevant guarantee letter does not affect the
warranty obligation of the Guarantor under this guarantee. The Guarantor promises not to raise any defense on this ground. 
 2. Guarantee scope 

2.1 The scope of the guarantee provided by the Guarantor is the sum of the loan and other credit principal provided by the Bank to the Applicant within the
credit line under the Credit Agreement (the maximum amount is RMB 15 million), and interest, penalty interest, compound interest, liquidated damages, factoring costs and other related expenses to realize claim. including but not limited to: 

2.1.1 The balance of the loan principal and the corresponding interest, penalty interest, compound interest, liquidated damages and related expenses issued by
the Bank in accordance with the specific contracts under the Credit Agreement; 

  
 3 

 2.1.2 The principal of the advance payment and interest, penalty interest, compound interest, liquidated
damages and related expenses made by the Bank for the Applicants due to the performance of the commercial bills, letter of credit, Letter of Guarantee/customs tax payment guarantee/ bill payment, delivery guarantee letter, etc. under the Credit
Agreement, as well as the debts of the Applicants to the Bank formed by the factoring provided by the commercial bill accepted by the Applicants; 
 2.1.3
Under the factoring business, the claims of accounts receivable and the corresponding overdue liquidated damages (the overdue fines, fees) accepted by the Bank to the Applicant, and/or the basic purchase amount (basic acquisition amount) paid to the
Applicant with the Bank’s own funds or other legal source funds and related factoring fees; 
 2.1.4 The balance of the advances and payment principal,
interest, penalty interest, compound interest, liquidated damages and related expenses made by the Bank as entrusted in the trade finance business under the Credit Agreement; 

2.1.5 Under the Credit Agreement, the Bank will handle the cross-border linkage trade financing business such as entrusted issuance of certificate, entrusted
overseas financing or cross-border trade direct trains for the Applicants, the documentary bills or advances for return of the linkage platform financing (whether or not it occurs during the credit period) and the interest, penalty interest,
compound interest, liquidated damages and related expenses are generated according to the specific business agreement; 
 2.1.6 After the Bank issues the
letter of credit as requested by the applicant, the Bank entrusts other branches of China Merchants Bank to issue the letter of credit to the beneficiary, under the letter of credit, the advances made by the Bank for the Applicant for performance of
obligation to issue the certificate and the import bills arising therefrom, the balance of the guaranteed debt for delivery and the interest, penalty interest, compound interest, liquidated damages and related expenses; 

2.1.7 The Applicant’s all debts to the Bank under the derivatives transaction, gold leasing business, etc.; 

2.1.8 The balance of the specific business under / (fill out the name of the agreement text here) previously signed by the Bank (or its affiliates) or / and
the Applicant; 
 2.1.9 All expenses incurred by the Bank in recovering the debt from the Applicant (including but not limited to legal fees, attorney fees,
announcement fees, delivery fees, travel expenses, etc.). 
 2.2 For the circulating credit, if the loan or other credit principal provided by the Bank to
the Applicant exceeds the credit limit amount, the Guarantor shall not assume the guarantee responsibility for the portion of the credit balance exceeding the credit line, and shall be jointly and severally liable for the amount of the loan not
exceeding the credit line or other portion of the credit principal and its interest, fines, compound interest, liquidated damages, related expenses, etc. 

  
 4 

 
Notwithstanding the foregoing, the Guarantor specifies that: even if, during the credit period, the balance of the loan or other credit principal provided by the applicant exceeds the amount of
the credit line, however, when the Bank requires the Guarantor to assume the guarantee responsibility, the sum of the principal of various credits does not exceed the credit limit. The Guarantor may not raise a plea on the grounds of the foresaid
agreement, and shall bear the joint and several guarantee responsibility for all credit principals and their interest, penalty interest, compound interest, liquidated damages, related expenses, etc. (specifically subject to the scope of Article
2.1). 
 2.3 During the credit period, the Bank handles the repayment for new loan, conversion of old loans or the debts under letters of credit,
Letter of Guarantees, bills, etc. for the Applicants (regardless of such old loans, letters of credit, letters of guarantee, bills and other business occurs within or before the credit period), the Guarantor confirms that the debts arising therefrom
is included in its scope of guarantee liability. 
 2.4 When an Applicant applies for import opening business, if the import bill is actually incurred
under the same letter of credit, the import license and the import bill will occupy the same amount according to the different stages. That is, when the import bill business occurs, the amount recovered after the letter of credit is paid out is used
for the import bill again, which is regarded as the same amount of the original import license, and the Guarantor confirms this. 
 3. Guarantee method

 The Guarantor confirms that it is jointly and severally liable for all debts of the Applicant within the scope of the guarantee specified in Article
2. If the Applicant fails to timely repay the principal and interest and related expenses of the loans, advances and other credited debts owed to the Bank in accordance with the Credit Agreement and/or the specific contract, or when any other
default event under the Credit Agreement and/or the specific contract, the Bank has the right to seek recourse from the Guarantor directly without first having to pursue or file a lawsuit against the Applicant. Even if all the debts of the guarantee
Applicant under the Credit Agreement can be repaid in time and there is a separate mortgage or pledge or other guarantee, the Bank is also entitled to seek recourse from the Guarantor with respect to all the debts of the Applicant under the Credit
Agreement, without handling the goods, or documents under the collateral, pledge or trade finance, and without recourse from other Guarantors. 
 The
claim notice issued by the Bank is final and the Guarantor has no objection to this. The Guarantor agrees that, it will repay the Applicant all the debts under the Credit Agreement within five days after receiving the written notice of claim from
the Bank, without any certificates or other documents issued from the Bank. Unless the obvious and major errors occur, the Guarantor accepts that the amount of money from the Bank’s claim is accurate. 

The Bank has the right to urge the Guarantor to make a payment in a manner deemed appropriate, including but not limited to faxing, mailing, special person
delivery, public announcements, etc. 
 4. Period of guaranteed liability 

The period of guaranteed liability of the Guarantor is the period from the date of the effective date of this Letter of Guarantee to the maturity date of each
loan or other finance under the Credit Agreement or the advance date of each advance payment plus another three years. 

  
 5 

 For any specific credit extension, the warranty period will continue until the expiration of the extension
period plus another three years. 
 5. Independence of Letter of Guarantee 

This guarantee is independent, continuous and valid, irrevocable and unconditional, and is not affected by the Credit Agreement and the validity of specific
contracts, and is not affected by any agreement or document signed between the Applicant and any entity/individual, will also have no change due to the Applicant’s fraud, reorganization, suspension, dissolution, liquidation, bankruptcy, merger
(merger), separation, restructuring, expiration of the business period, etc., and is not affected by any time grace and extension given by the Bank to the Applicant or delay in the exercise of the right to recover the amount owed by the Applicant in
accordance with the relevant agreement. 
 In the case of a mortgage, pledge guarantee or other Guarantor at the same time, the Bank shall be
entitled to claim the security right separately, successively or simultaneously to the mortgagor/pledgor or Guarantor (including the Guarantor); the Bank’s waiver, change or release of the mortgage or pledge guarantee, or the change or release
of the other Guarantor’s guarantee responsibility, or the delay of claiming the right to the mortgagor/pledgor or other Guarantor shall not affect the Guarantor’s guaranty liability under the Letter of Guarantee. The Guarantor is still
obliged to bears joint and several liability for all credited debts owed by the Applicant to the Bank according to the Letter of Guarantee. 
 6. The
Guarantor specifically states and guarantees the following: 
 6.1 The Guarantor is legally established, and a legal person with the Guarantor’s
qualification, or other organization with the Guarantor’s qualification, or the Guarantor is a natural person with full civil capacity, and is willing to provide the guarantee with the assets owned or punishable by the Guarantor; 

6.2 The Guarantor’s issuance of this Letter of Guarantee has been fully authorized or approved by the authorities including the higher authorities/board
of directors; 
 6.3 The issuance of this Letter of Guarantee is the true meaning of the Guarantor, without factors of fraud or coercion; 

6.4 Before the invalidation of this Letter of Guarantee, the total amount of all external guarantees (including foreign currency translation) of the Guarantor
shall not exceed the total owner’s equity of the Guarantor; 
 6.5 Provide financial books/statements and annual financial reports to the Bank in a
timely manner as required by the Bank, and promptly inform the Bank of the Guarantor’s major decisions and changes in the production, operation and management; 

6.6 The financial information and all other documents provided by the Guarantor to the Bank are true and legal, and the legal representative or other
responsible person of the Guarantor has unshakable legal responsibility for this; 

  
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 6.7 The letter of “guarantee” is issued according to the requirements of the Bank; 

6.8 Any change in the business registration, organization structure, shareholding structure, business operation or financial status of the Guarantor, or debt
restructuring, major related party transactions, etc., shall not affect the legal binding force of this guarantee to the Guarantor, such as the above changes The Guarantor is obliged to notify the Bank immediately if it may affect the ability of the
Guarantor to perform this guarantee; 
 6.9 The successor or assignee of the Guarantor is bound by all the terms of this Letter of Guarantee. The Guarantor
will not transfer the above warranty obligations without the written consent of the Bank; 
 6.10 The Guarantor fails to settle the guaranteed debts in
accordance with the provisions of this Letter of Guarantee. The Bank has the right to freeze/deduct any funds of the accounts opened by the Guarantor opened at China Merchants Bank or entrust other financial institutions to freeze/deduct the funds
of the accounts opened by the Guarantor in the institution (if the guaranteed debt is not RMB, the Bank has the right to purchase the exchange directly from the Guarantor’s RMB account according to the exchange rate announced by the Bank at the
time of deduction), until all debts owed by the Applicant to the Bank under the Credit Agreement are paid off. The Bank is entitled to seek recourse for the shortfall from the Guarantor. 

6.11 The Guarantor commits that during the validity period of the Credit Agreement, the equity of the Applicant held by the Guarantor will not add the pledge
guarantee for the third party other than the Bank. 
 6.12
                                         
                   /                      
                                         
  
 7. Not considered a waiver 
 During the
period of validity of this Letter of Guarantee, the Bank’s any tolerance, grace or delay in implementation of interests or rights to which the Bank is entitled within the Credit Agreement and the Letter of Guarantee shall not damage, influence
or limit the interests and rights of the Bank as a creditor in accordance with the relevant laws and this Letter of Guarantee, nor can regard it as the Bank’s waiver of the right to take action against existing or future breaches. 

8. Terms 
 Terms used in this Letter of Guarantee have the
same meaning as those specified in the Credit Agreement unless otherwise expressly stated. 
 9. Notice 

9.1 The Bank’s notices, requests or other documents related to the Letter of Guarantee shall be sent in writing (including but not limited to letters,
faxes, e-mails, Party A’s online banking, SMS or WeChat). 
 Contact address of the Guarantor: No.1000,
Tianyaoqiao Road 
 E-mail:     / fax number:
        /         
 Contact mobile number:
    / WeChat number:         /         

  
 7 

 
(When the Guarantor is the entity, the entity’s e-mail / WeChat number is retained; when the Guarantor is individual, the personal e-mail/WeChat number is retained) 
 9.2 Where the delivery is made by hand (including but not limited to
lawyer/notary’s delivery, express delivery, etc.), the recipient’s signature for receipt is deemed to be served (where the delivery is rejected by the recipient, it will be deemed to be served after seven days as of the date of
rejection/return or date of being sent (whichever is earlier) ; If it is served by postal letter, it will be deemed to be served after 7 days of delivery; 

where the delivery is made by fax, email, Party A‘s online banking notice, SMS or WeChat and other electronic means, the date on which the sender’s
corresponding system displays the successful transmission is regarded as the delivery date. 
 If the Bank notifies the Guarantor of the transfer of the
Guarantor’s creditor’s right by way of announcement in the public media or urges the Guarantor to make a payment, it shall be deemed to have been served on the date of the announcement. 

If the Guarantor changes the contact address, e-mail address, fax number or mobile phone number or WeChat number, it
shall notify the Bank of the changed information within five working days from the date of the change; otherwise, the Bank shall have the right to make the delivery according to the original contact address or information. If the delivery is
unsuccessful because the contact address changes, the date of return or the 8th day after the date of delivery (whichever is earlier) 
 will be deemed to
be the date of delivery. The Guarantor bears the losses arising therefrom and does not affect the legal effect of the delivery. 
 9.3 The above contact
address, e-mail address, fax number, mobile phone number and WeChat number shall be used as the delivery address of the Guarantor’s notarization documents and judicial documents (including but not limited
to the indictment/arbitration application, evidence, subpoena, responding notice, notice of proof, notice of court session, notice of hearing, judgment/arbitration, ruling, mediation, notice of performance within the deadline and other legal
documents at the trial and execution stage, and the appellate court or notary office deliver the documents to the delivery address in the written method as agreed herein is considered as valid delivery (the specific delivery criteria are implemented
in accordance with the provisions of Article 9.2 above). 
 10. Transfer 

Regardless of whether the claim of the maximum guarantee warranty is determined, the Bank transfers all the claims under the Credit Agreement to a third party,
and the maximum guarantee is transferred to the transferee of the claim with right. 
 After the creditor’s rights guaranteed by this Letter of
Guarantee are determined, if the Bank transfers part of the creditor’s rights, the guarantee right of the Guarantor will be transferred accordingly, and the Bank will jointly share the security interest to the Guarantor with the transferee with
creditor’s right with the part of the creditor’s right untransferred and partially transferred. Before the creditor’s rights guaranteed by this Letter of Guarantee is determined, if the Bank transfers part of the creditor’s
rights, the security interest will be transferred in part, and the maximum amount of the Bank’s main creditor’s right guaranteed by the original maximum guarantee will be reduced accordingly (that is, the maximum amount of the Bank’s
main creditor’s right guaranteed by the original maximum guarantee deducting the amount of the creditor’s right partially transferred. After the main creditor’s right untransferred of the Bank is determined, the Bank will jointly
share the security interest to Guarantor with the transferee with creditor’s right with the part of the creditor’s right untransferred and partially transferred. 

  
 8 

 11. Other terms 

11.1 The Guarantor confirms that the operations which the Bank handles the specific business for Applicant and the operations of the Bank involved in this
Letter of Guarantee may be processed by any business outlet within the jurisdiction of the Bank, with relevant letters signed or issued. The business operations and letters of the outlets within the jurisdiction of the Bank shall be deemed to be
binding upon the Parties. 
 11.2
/                                     

12. Dispute and dispute resolution 
 The Letter of
Guarantee applies to the laws of the People’s Republic of China (excluding Hong Kong, Macao, and Taiwan laws). Due to disputes and disputes arising from this guarantee, the Guarantor agrees to resolve the dispute resolution method as stipulated
in the Credit Agreement. 
 13. Effectiveness of Letter of Guarantee 

13.1 When the Guarantor is a legal person or other organization, this Letter of Guarantee shall take effect as of the date when the Guarantor’s legal
representative/ principal responsible person or its authorized agent signs/caps the seal and affixes the Guarantor’s official seal/special contract seal. 

13.2 When the Guarantor is a natural person, this Letter of Guarantee shall take effect as of the date of signature by the Guarantor. 

14. Supplementary provisions 
 This Letter of Guarantee is
made in quadruplicate, one for the Bank, responsible, Applicant, Guarantor and Shanghai Branch respectively, and has the same legal effect. 
 Special
Note: 
 All the terms of the Letter of Guarantee have been explained by the Bank to the Guarantor. The Guarantor confirms that its understanding of
the terms of this Letter of Guarantee is exactly the same as that of the Bank. At the same time, the Bank has brought the Guarantor’s attention to the terms of exemption or restriction of the Bank’s liability, the Bank’s unilateral
possession of certain rights, the increase of the Guarantor’s liability or the limitation of the Guarantor’s rights, and a comprehensive and accurate understanding of it. 

(There is no text hereunder) 

  
 9 

 (This page is the signing page of the Maximum Irrevocable Letter of Guarantee numbered (9602190301) 

Sign this column when the Guarantor is a legal person or other organization: 

Guarantor:     (Seal) 
 Legal representative /
principal responsible person or authorized agent (signed or sealed): 
 Main bank of deposit and account number: 

Sign this column when the Guarantor is a natural person: 

Guarantor (signature): 
 /s/ Jia Qingchun 

/s/ Wang Ying 
 Name of Guarantor’s certificate: 

Guarantor’s ID card No.: 
 Guarantor’s nationality: 

Guarantor’s bank of deposit: 
 Guarantor’s settlement
account: 
 Telephone: 
 Signed on:
March 12, 2019 

  
 10

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