Document:

EX-4.23

 Exhibit 4.23 

Edition February 2020 
 Working
Capital Loan Contract 
 (Model) 

No. 11201S1720018 
 Lender: Industrial Bank Co.,
Ltd. Suzhou Branch 
 Domicile: 125 Wangdun Road, Suzhou Industrial Park  

Legal representative (person-in-charge): [***] 

Lender: Suzhou Gracell Biotechnologies Co., Ltd.  

Domicile: 218 Sangtian Street, Suzhou Industrial Park  

Legal representative (person-in-charge): /s/ Cao Wei 

Place of contract signing The Industrial Park District/County, Suzhou City  

  
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 Important 

In order to protect your rights and interests, please read carefully before signing this Contract, check and verify the following: 

 

	I.	 You have the right to sign this Contract, and you have obtained full authorization if you need to obtain the
consent of others; 

  

	II.	 You have carefully read and fully understood the terms of this Contract and have paid special attention to the
provisions on liability, exemption or limitation of Industrial Bank’s liability and the provisions in bold; 

  

	III.	 Your company and you have fully understood the meaning of the terms of this Contract and the corresponding
legal consequences, and are willing to accept these terms and conditions; 

  

	IV.	 This Contract provided by Industrial Bank is only a model document, with blank lines after relevant terms
hereof, and “Supplementary Provisions” have been added at the end of this Contract for the Parties to amend, supplement or delete; 

  

	V.	 If you have any questions about this Contract, please consult Industrial Bank in time. 

  
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 The Borrower cannot receive a working capital loan unless the Borrower applies for and the Lender reviews
and approves the loan. In order to clarify their rights and obligations and keep in good faith for each other, the Parties hereto have entered into this Contract in accordance with the applicable laws and regulations of the People’s Republic of
China and through equal consultation, and agree to observe this Contract. 
 Article I Definitions and Interpretations 

Unless otherwise agreed in writing by the Parties hereto, the following terms hereof shall be defined and interpreted as follows: 

 

	1.	 “Working Capital Loan” refers to the local or foreign currency loan the Borrower applies from the
Lender and uses as the working capital for its daily production and operation. 

  

	2.	 “Creditor’s Right” or “Principal Creditor’s Right” refers to the Creditor’s
Right formed according to the financing provided for the Borrower hereunder (including principal, interest, penalty interest, compound interest, penalty, liquidated damages, the Expense Incurred by the Creditor in Realizing the Creditor’s
Right, etc.) that the Borrower (debtor) applies from the Lender (creditor) and the Lender (creditor) reviews and approves. The Creditor’s Right against the Borrower hereunder shall correspond to the Borrower’s debt hereunder.

 “Expense Incurred by the Creditor in Realizing the Creditor’s Right” refers to the litigation
(arbitration) fees, legal fees, travel expenses, execution fees, preservation fees and other expenses for the realization of the Creditor’s Right paid by the Lender when it takes an action, arbitration, applies to a notary agency for the
issuance of an enforcement certificate to realize the Creditor’s Right. 
  

	3.	 The terms in Article V hereof shall be defined and interpreted as follows: 

“Fixed Interest Rate” means the interest rate that remains unchanged during the term of the loan. In case of origination by times, it
means the interest rate remains unchanged between the actual date of each origination and the maturity date of the loan hereunder. 

“Floating Interest Rate” means the interest rate that changes within the period and at the extent agreed upon by the Parties hereto
in the term of the loan. 
 “Floating Period” refers to the frequency of change in Borrowing Rate hereunder agreed upon by the
Parties. In a Floating Period, Borrowing Rate hereunder is determined based on the Pricing Benchmark Rate with the pricing method as stipulated herein, and the interest rate of the loaned hereunder remains unchanged in the Floating Period; At the
end of one Floating Period and when coming to the next Floating Period, the Borrowing Rate is determined on basis of the Pricing Benchmark Rate of the new Floating Period with the pricing method as stipulated herein, and the Borrowing Rate remains
unchanged during the Floating Period. 
 “Pricing Benchmark Interest Rate” means the interest rate standard used to determine the
Borrowing Rate hereunder, including, but not limited to, the quoted interest rate published by China or any related country, region, or market, such as the LPR, SHIBOR, LIBOR, HIBOR, SIBOR, RMB deposit benchmark interest rate of the People’s
Bank of China. 
 “LPR” refers to the Loan Prime Rate calculated and announced by the National Interbank Funding Center authorized
by the People’s Bank of China. Pursuant to banking practice, the Parties agree to determine the applicable rules of the Pricing Benchmark Interest Rate hereunder as LPR of T-1 day, of which,” T”
is the date on which the Borrowing Rate is determined and “T-1” is the previous business day of that day. 

“SHIBOR” refers to Shanghai Interbank Offered Rate announced by the National Interbank Funding Center and applied on the same day.

  
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 “LIBOR” refers to London Interbank Offered Rate in currencies such as
US Dollar, Euro, Japanese Yen, etc. Pursuant to banking practice, the Parties agree to determine the applicable rules of the Pricing Benchmark Interest Rate hereunder as LPR of T-2 day, of which,”
T” is the date on which the Borrowing Rate is determined and “T-2” is the previous business day of that day. 

“HIBOR” refers to Hongkong InterBank Offered Rate applicable for HK Dollar in the financial market of Hong Kong, China. Pursuant to
banking practice, the Parties agree to determine the applicable rules of the Pricing Benchmark Interest Rate hereunder as LPR of T-2 day, of which,” T” is the date on which the Borrowing Rate is
determined and “T-2” is the previous business day of that day. 
 “SIBOR” means
Singapore Inter Bank Offered Rate applicable for Singapore Dollar. Pursuant to banking practice, the Parties agree to determine the applicable rules of the Pricing Benchmark Interest Rate hereunder as LPR of
T-2 day, of which,” T” is the date on which the Borrowing Rate is determined and “T-2” is the previous business day of that day. 

“Central Bank’s RMB Deposit Benchmark Interest Rate” refers to the Benchmark Interest Rate on RMB deposits announced by the
People’s Bank of China and applied on that day. 
 Among them, the currency and specific value of “LPR”, “SHIBOR”,
“LIBOR”, “HIBOR”, “SIBOR” and “Central Bank’s RMB Deposit Benchmark Interest Rate” determined according to the applicable rules of Pricing Benchmark Interest Rate hereunder shall be based on the inquiry
results of Industrial Bank’s core system. The date on which the loan interest rate is determined may be the date on which the loan is actually issued, the execution date hereof or the date of re-pricing.

 “Borrowing Rate” means the interest rate executed by this Contract, which is created by the floating of the number of points
added or subtracted on the basis of the Pricing Benchmark Interest Rate on the date of determining borrowing rate hereunder with the pricing formula of borrowing rate of this Contract, and which is agreed upon by the Parties hereto. 

 

	4.	 The term “Significant Transaction” as stipulated in Article XIII hereof means (including but not
limited to): Any transaction that is determined to occur or potentially seriously affect the Borrower’s basic corporate structure, change in its shareholders, contingent liability, cash flow, profitability, core trade secret, core
competitiveness, important assets, major creditor’s right and liability, solvency, ability to perform this Contract, or any other transaction that the Lender and/or the Borrower considers to constitute a Significant Transaction.

  

	5.	 The term “Significant Transaction” as stipulated in Article XIII hereof means (including but not
limited to): any identified or potential event that will seriously affect the ability of the officers of the Borrower to perform their duties, the employment and dismissal of the employees engaged in the core business, core trade secrets, core
competitiveness, basic structure, change in the shareholders, the contingent liabilities, survival, legitimacy of business, stability, development, profitability, solvency, ability to perform this Contract of the Borrower and any other event that
the Lender and/or the Borrower consider(s) to constitute a Significant Event. 

  

	6.	 The term “Business Day” herein refers to the business day of the Lender’s bank. During the
performance hereof, if a withdrawal or repayment date is a non-Business Day, it will be extended to the next Business Day. 

Article II Loan Amount 
 The Lender agrees to give the
Borrower a loan of RMB (in words) NINE MILLION, NINE HUNDRED AND NINETY THOUSAND YUAN only (“the Loan”). 

  
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 Article III Loan Purpose 

The Loan hereunder shall be used to pay loans, staff wages, utilities, working capital, etc. The Borrower shall not divert the Loan for any other
purpose without the written consent of the Lender. 
 Article IV Loan Term 
  

	1.	 The term of the Loan is twelve (12) months, from December 11,
2020 to December 10, 2021. 

  

	2.	 In the case where the Loan is disbursed at a time, the origination date of the Loan shall be the date of the
actual origination as recorded in the borrowing document and voucher. If the actual origination date is later than the origination date of the Loan as recorded in the preceding paragraph, the maturity date of the Loan shall be extended accordingly.

  

	3.	 The schedule for the withdrawals of the Loan: 

The Borrower shall apply to the Lender for withdrawal three (3) Business Days before the date of each withdrawal or at any other time
required in writing by the Lender. 
 If the Borrower fails to withdraw the Loan according to the above schedule of withdrawal, the Lender
shall have the right to require the Borrower to pay             /            /10,000 of the amount of the
Loan to be withdrawn in the current period as liquidated damages. 
  

	4.	 The Lender shall disburse the Loan in accordance with Article VII hereof, subject to the withdrawal
prerequisites as stipulated in Article VII hereof. 

  

	5.	 The Lender shall have the right to adjust the schedule of withdrawals of the Loan according to whether the Loan
meets the requirements of the applicable laws, regulations and policies and the withdrawal prerequisites, the conditions for the disbursement of the Loan as stipulated herein, the time for the signing of the corresponding guarantee contract for this
Contract and the processing of the guarantee formalities, and other factors as the Lender deems necessary. 

  

	6.	 Where the Loan is withdrawn by times, the date of each origination shall be the actual origination date as
recorded in the borrowing document and voucher; and the same maturity dates shall be applied, that is, the maturity date of each origination shall be the same one as determined by the borrowing document or voucher of the first origination.

  

	7.	 If the Lender collects the Loan in advance in any circumstance as stipulated herein, the maturity date of the
Loan shall be deemed to shift to an earlier date accordingly. 

 Article V Borrowing Rate and Interest Calculation and Collection

  

	1.	 Borrowing Rate 

  
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	 	(i)	 The Pricing Benchmark Interest Rate in (1) below shall be executed: 

 

	 	(1)	 LPR one year. 

 

	 	(2)	 SHIBOR, / (term). 

 

	 	(3)	 LIBOR, / (term). 

  

	 	(4)	 HIBOR, / (term). 

  

	 	(5)	 SIBOR, / (term). 

  

	 	(6)	 The Central Bank’s RMB Deposit Benchmark Interest Rate,
    /    (term). 

 Among them, RMB fixed rate loan shall
choose LPR as Pricing Benchmark Interest Rate. 
  

	 	(ii)	 The pricing formula for the Borrowing Rate: Borrowing Rate = Pricing Benchmark Interest Rate + 0.85%
or    / %. 

  

	 	(iii)	 The interest rate of the Loan (i.e. annual interest rate, the same below) in (1) below shall be executed:

  

	 	(1)	 Fixed Interest Rate. The interest rate shall be determined as B below: 

 

	 	A.	 The Borrowing Rate is determined according to the benchmark interest rate and pricing formula of the actual
origination date, and the interest rate between the actual origination date and the maturity date of the Loan hereunder shall remain unchanged. 

  

	 	B.	 According to the Pricing Benchmark Interest Rate on the execution date hereof and the pricing formula, the
Fixed Interest Rate of the Loan hereunder shall be annualized interest rate of 4.70%. If the actual origination date is adjusted by the Pricing Benchmark Interest Rate, the value of the addition and subtraction points in the pricing formula be
adjusted accordingly. The above-mentioned annualized interest rate stipulated herein shall remain unchanged. 

  

	 	(2)	 Floating Interest Rate. The Borrowing Rate shall be determined according to the Pricing Benchmark Interest Rate
on the actual origination date and the re-pricing date and the pricing formula, and the interest shall be calculated by segments. The re-pricing date shall be the date
in      below: 

  

	 	A.	 The Floating Period is             (month /
quarter / half year / year / other), the corresponding day of each full period from the actual origination date of the Loan shall be re-pricing date of this Contract; and if the month has no such corresponding
day, the last day of the month shall be regarded as the corresponding day. 

  

	 	B.	
                       
                             . 

During the term of the Loan, unless otherwise agreed herein, if the interest rate of the Loan is adjusted in accordance with this Contract,
the Borrower will not be notified. 
  

	 	(3)	 Other interest rates:
                                         
           . 

  

	 	(4)	 The Pricing Benchmark Interest Rate corresponding to the Loan shall be fixed on the actual origination date (or
the re-pricing date, if any) of each loan. 

  

	 	(5)	 In respect of the Loan hereunder, if China or the relevant country/region cancels the Pricing Benchmark
Interest Rate hereunder, or when the market no longer publishes the benchmark interest rate, or when the regulatory authority requires, the Lender shall have the right to notify the Borrower after
re-determining the Borrowing Rate according to the interest rate polices of China or the relevant country/region in the same period, under the principle of fairness and good faith, and taking into account
industry practice, interest rate status and other factors. If the Borrower has any objection, it shall negotiate with the Lender. If negotiation fails within five (5) Business Days from the date of the Lender’s notice, the Lender shall
have the right to require the Borrower to repay the Loan in advance, and the Borrower shall immediately discharge the remaining principal and interest of the Loan. If the Lender requests or the national, regulatory policy requires the Borrower to
sign a supplementary agreement on the relevant matters, the Borrower shall cooperate. 

  
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	2.	 Loan Interest Repayment Method 

 

	 	(i)	 Calculation of Loan Interest. The interest on the principal of the Loan shall be calculated from the date on
which the Lender transfers the principal to the Borrower’s account in accordance with this Contract. The daily accrued interest on the Loan = the balance of the loan on the day * the applicable interest rate. The conversion between the daily
interest rate and annual interest rate shall be carried out in accordance with the regulations of the People’s Bank of China and international practice. 

  

	 	(ii)	 The repayment of the interest on the Loan shall be effected in accordance with (1) below:

  

	 	(1)	 It is agreed that the 21st day of each month (month/quarter-end
month/half year-end month, year-end month/any other period) shall be the interest payment day of the Loan hereunder. The Borrower shall pay the interest to the Lender on
the interest payment day for the loan of the current term and settle the remaining principal and interest upon maturity of the Loan. 

  

	 	(2)	 The corresponding day (or the last day of the month if no such corresponding day) of every full month/quarter-end month/half year-end month, year-end month/any other period from the actual origination date of the Loan shall be the
interest payment day of each term of the Loan. The Borrower shall pay the interest to the Lender on the interest payment day for the loan of the current term and settle the remaining principal and interest upon maturity of the Loan.

  

	 	(3)	 The first interest payment day shall be Month/Day/Year. The corresponding day (or the last day of the
month if no such corresponding day) of every full month/quarter-end month/half year-end month, year-end month/any other period
from the first interest payment day shall be the interest payment day of each term of the Loan. The Borrower shall pay the interest to the Lender on the interest payment day for the loan of the current term and settle the remaining principal and
interest upon maturity of the Loan. 

  

	 	(4)	 Other repayment methods:
                                         
           . 

  

	3.	 Penalty Interest and Compound Interest 

 

	 	(i)	 If the Borrower fails to use the Loan for the purposes as specified herein, the Lender shall, from the date
of misappropriation, have the right to collect the penalty interest on the misappropriated loan, with the penalty interest rate being 100% above the interest rate of the Loan hereunder. If the Borrower fails to repay the Loan on time and has not
reached an agreement with the Lender on the extension thereof, that is, if the Loan is overdue, the Lender shall have the right to collect a penalty interest on the overdue loan from the overdue date of the Loan at 50% higher than the interest rate
of the Loan. For the interest not paid on time (including the interest before and after the maturity of the Loan, misappropriation of penalty interest and overdue penalty interest), the Lender shall have the right to collect compound interest at the
overdue penalty interest rate as stipulated herein. If the Loan is overdue and not used for the purposes as specified herein, the penalty interest rate shall be the higher one. 

  
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	 	(ii)	 If the Borrowing Rate is fixed, the penalty interest rate shall also be fixed. If the Borrowing Rate is the
Floating Interest Rate, the penalty interest rate shall be also a Floating Interest Rate, and its Floating Period shall be consistent with the Floating Period of the Borrowing Rate. 

 

	 	(iii)	 The penalty interest and compound interest shall be calculated and collected the loan interest repayment method
as agreed herein. 

 Article VI Withdrawal Prerequisites 
  

	1.	 The Borrower may apply to the Lender for the origination of the Loan hereunder only after the Borrower has met
the following withdrawal prerequisites: 

  

	 	(i)	 The Borrower shall have served the following documents to the Lender, the circumstances specified therein shall
keep unchanged and remain in force, or the Borrower shall have explained and stated the changes to the satisfaction of the Lender: 

  

	 	(1)	 The loan application that shall include, but not be limited to: the name, amount, use, term, repayment plan and
repayment source of the Loan; 

  

	 	(2)	 The Borrower’s legal and valid business license, articles of association, loan card and password/credit
code, the legal representative registered with the competent administration for industry and commerce, the list of the members of the board of directors, principal responsible persons, chief financial officer and their signature samples, the valid
identification documents of the legal representative or his/her authorized representative, and other corporate documents deemed necessary by the Lender; 

  

	 	(3)	 The resolution of the board of directors or the board of shareholders on approving to apply to the Lender for
the Loan hereunder and to specify the purpose of the Loan and the terms and conditions of the Loan required by the Lender, which is adopted at the meeting of the board of directors or the board of shareholders held in accordance with legal
procedures and by a vote of a quorum of directors or shareholders and is true, lawful and valid, or any other document the Lender thinks necessary; 

  

	 	(4)	 The annual reports (with audit reports and notes) approved by the Lender for the latest three years, the
financial statements for the latest period and the same period last year, or the annual statements since its establishment if it has been less than 3 years since the establishment of the Borrower; 

 

	 	(5)	 The information on the affiliates; 

 

	 	(6)	 The relevant contracts, vouchers or information such as purchase contract, order contract, debt certificate,
etc. shall be provided if a temporary Working Capital Loan is applied for; 

  

	 	(7)	 The proof of ownership and value appraisal report of the charged/pledged property if charge/pledge guarantee is
adopted; and the charge/pledge registration formalities required by the applicable laws and regulations have been properly completed, and the relevant ownership documents, registration documents and other originals have been filed the Lender as
required by the Lender; If third-party guarantee is to be adopted, the relevant guarantee documents shall be provided according to 2 to 4 above, and this guarantee contract shall have entered into force; And the above guarantee shall remain in
force; 

  
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	 	(8)	 If the Lender requests an insurance on the charged/pledged property, the formalities for the insurance with the
Lender as the first beneficiary shall have been completed and the original insurance policy shall have been filed with the Lender; and the insurance shall continue to be valid; If the Borrower provides a charge/pledge, the Borrower shall hereby
transfer to the Lender the right to claim the insurance premium due to the occurrence of the insurance event; 

  

	 	(9)	 The special industry production and operation license or enterprise qualification grade certificate issued by
the competent reviewing and approving authority shall be provided if the Borrower is an enterprise from the special industry; 

  

	 	(10)	 If either Party hereto requests to go through notarization and other formalities, the relevant notarization
procedures shall have been completed; 

  

	 	(11)	 If the Borrower has opened an account with the Lender in accordance with the Lender’s request, the
Borrower shall voluntarily accept the Lender’s credit supervision and payment and settlement supervision; 

  

	 	(12)	 When applying for a loan for foreign exchange projects, the Borrower must provide valid certificates for the
use of the foreign exchange loan and the approval of the competent authority, and comply with the applicable foreign exchange management policies; 

  

	 	(13)	 The VAT, business tax and income tax returns required by the Lender; and 

 

	 	(14)	 The other documents, statements, vouchers and other information required by the Lender. 

 

	 	(ii)	 The Borrower shall be established in accordance with law; its production and operation shall be lawful and
compliant; and it shall have the ability to continue business operations and a legal source of repayment; 

  

	 	(iii)	 The purpose of the Loan shall be clear, lawful and compliant; 

 

	 	(iv)	 The representations and undertakings made by the Borrower under Article XI hereof shall remain true and valid;
No default or potential default shall have occurred on or before the date of application for the origination of the Loan; 

  

	 	(v)	 The Borrower shall have completed a debit note or loan voucher relating to the Loan. The loan re-deposit certificate is an integral part of this Contract, which shall have the same legal effect as this Contract. If the amount, the term or the Borrowing Rate of the Loan hereunder is inconsistent with the
records of the debit note or the loan certificate, the records of the debit note or loan certificate shall prevail; 

  

	 	(vi)	 The Borrower shall have a good credit status and have no significant bad records; if the Borrower is a new
legal person, the controlling shareholder shall have a good credit status and no significant bad records; 

  

	 	(vii)	 Other withdrawal prerequisites required by the Lender. 

 

	2.	 The Lender’s performance of its obligations hereunder is subject to the satisfaction of the withdrawal
prerequisites as stipulated in this Article. The Lender shall have the right to unilaterally decide to reduce or waive part of the withdrawal prerequisites, and the Borrower or the guarantor may not use the withdrawal prerequisites as a defense
of the Lender.  

  
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	3.	 The Lender shall have the right to adjust the issuance of the Loan according to whether the financing project
meets the applicable laws, regulations and policies, the withdrawal prerequisite required by the Lender, the signing of the guarantee contract corresponding to this Contract and the processing time of the guarantee formalities.

  

	4.	 The Borrower hereby agrees that: After the signing of this Contract, the Lender shall have the right to stop
the origination of the Loan, stop the disbursement of the loan or terminate this Contract if any withdrawal by the Borrower fails to meet the withdrawal prerequisites or the disbursement conditions of the Loan as stipulated herein, and the liability
or loss arising therefrom shall be borne by the Borrower itself. The Lender shall notify the Borrower of the termination of this Contract, the period of objection of the Borrower shall be five (5) Business Days, from the date of serving the
notice to the Borrower in the manner as agreed herein. If the Borrower does not raise any objection, this Contract shall be terminated automatically after the expiration of the objection period. If the Borrower has any objection but the Parties
hereto fail to negotiate within five (5) Business Days after the expiration of the objection period, the Lender shall have the right to receive the Loan in advance as agreed herein. 

 

	5.	 According to the review by the Lender, if the Borrower meets the withdrawal prerequisites as stipulated herein,
the Lender shall disburse the Loan in accordance with Article VII hereof. 

 Article VII Account Monitoring and Disbursement of the
Loan 
  

	1.	 Account Monitoring 

According to the applicable laws and regulations of the State and the applicable regulatory system, the Borrower undertakes to meet the
withdrawal prerequisites as stipulated herein before applying for the Loan, and to accept the supervision of the Lender to use the Loan for the agreed purpose. The Lender shall have the right to monitor the basic deposit account, general deposit
account and special deposit account opened by the Borrower, and supervise and control the origination, disbursement and repayment of the Loan in the manner as stipulated herein. 

The Borrower shall designate the following account as the special fund recovery account and provide the entry and exit of the funds of the
account in a timely manner: 
 A/C name: Suzhou Gracell Biotechnologies Co., Ltd. Account: [***] 

Bank of deposit: Suzhou Branch of Industrial Bank Co., Ltd.  

The Lender may sign a separate account management agreement with the Borrower according to the Borrower’s credit status and financing
situation, to clearly set forth the management of the entry and exit of the funds returned to the designated account. The Lender shall have the right to withdraw the Loan in advance according to the Borrower’s return of funds. 

 

	2.	 Disbursement of the Loan 

 

	 	(i)	 The Lender shall have the right to manage and control the disbursement of the Loan by means of the
Lender’s fiduciary disbursement or the Borrower’s own disbursement. 

  

	 	(1)	 The Lender’s “Fiduciary Disbursement” means that the Borrower authorizes the Lender to disburse
the Loan to the Borrower’s transaction counterparty for the purpose as specified herein. 

 If the Lender’s
Fiduciary Disbursement is adopted, before the Loan is issued, the Borrower shall provide the relevant transaction information in accordance with the purposes as stipulated herein, and after review and approval by the Lender, the Loan shall be
disbursed to the Borrower’s transaction counterparty in time through the Borrower’s account. 

  
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 Where the Lender’s Fiduciary Disbursement is adopted, after the Loan is disbursed to
the Borrower’s transaction counterparty, if the Loan is returned due to the revocation, cancellation and invalidity of the basic transaction contract, the Lender shall have the right to collect the Loan in advance in accordance with Article XII
hereof. 
  

	 	(2)	 The Borrower’s “Own Disbursement” means that, after the Lender has disbursed the Loan to the
Borrower’s account, the Borrower shall independently disburse the Loan to its transaction counterparty who conforms to the purpose as stipulated herein. 

If the Borrower’s Own Disbursement is adopted, the Borrower shall regularly report to the Lender the disbursement of the Loan, and the
Lender shall have the right to check whether the disbursement of the Loan conforms to the agreed purpose by means of account analysis, certificate inspection, on-site investigation, etc. 

 

	 	(ii)	 Fiduciary Disbursement 

The Lender’s Fiduciary Disbursement shall be adopted in any one of the following circumstances: 

 

	 	(1)	 Where a new credit business relationship between the Borrower and the Lender is established and the internal
rating of the Borrower at the Lender is at most B3, “New Credit Business Relationship” refers to the initial credit business relationship between the Lender and the Borrower or no credit business relationship has occurred within two
(2) years; 

  

	 	(2)	 Where the Working Capital Loan is used for replacement; 

 

	 	(3)	 Where the object of payment is clear or the amount of a single disbursement exceeds RMB TEN MILLION
(inclusive) (in case of foreign currency loan, the loan shall be converted at the intermediate price announced by the Lender on the disbursement date); 

  

	 	(4)	 Others _/_. 

  

	 	(iii)	 In the course of the origination and disbursement of the Loan, where the Borrower has any of the following
circumstances, the Borrower shall, at the request of the Lender, supplement the origination and disbursement conditions for the Loan, and the Lender shall have the right to adopt more stringent conditions for the origination and disbursement of the
Loan, and shall have the right to stop the origination and disbursement of the Loan, and take appropriate measures in accordance with Article XIV 2 hereof: 

  

	 	(1)	 Where its credit status declines; 

 

	 	(2)	 The main business of Party A does not have strong profitability; 

 

	 	(3)	 The loan funds are used abnormally; 

 

	 	(4)	 Any other circumstance that the Lender thinks proper. 

Article VIII Repayment of the Principal and Interest of the Loan 
  

	1.	 The principal of the Loan hereunder shall be repaid in the (2) way as follows:

  
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	 	(1)	 Repay the principal of the Loan in instalments, the amount and date of repayment of which are as follows:

 If the Lender adjusts the schedule for the withdrawals of the Loan, the repayment date and amount of the Loan in
installments as stipulated in this Article shall remain unchanged, and the Borrower shall repay the principal of the Loan on time. 
  

	 	(2)	 Full repayment of the principal of the Loan at a time on the maturity date. 

(3) Other means of repayment of the principal amount of the Loan:
            /             
  

	2.	 The Borrower shall repay the principal and interest of the Loan hereunder to the Lender in full and on time on
the repayment date and interest payment date as stipulated herein. 

  

	3.	 If the repayment date is a non-Business Day of the Lender, it will be
postponed to the next Business Day of the Lender, and the non-Business Day of the Lender will be counted into the actual number of days occupied by the Loan. When repaying the principal of the last portion of
the Loan, the Borrower shall pay off the interest on the principal and thereby shall not be bound by the interest payment date as stipulated in Article V hereof. 

 

	4.	 If the Borrower fails to repay the Loan hereunder on time and needs to extend the time limit for the repayment,
it shall submit a written loan extension application to the Lender thirty (30) Business Day before the maturity date of the Loan. Upon examination and approval by the Lender, the Parties hereto shall separately sign the Loan
Extension Contract as a supplementary contract hereto. 

  

	5.	 Prepayment 

The Borrower shall repay the principal and interest of the Loan on the date agreed herein. 

If the Borrower requests partial or full repayment of the principal and interest of the Loan in advance, it shall notify the Lender in writing
seven (7) Business Days in advance and obtain the written consent of the Lender. With the consent of the Lender, the Borrower shall, after returning part of the principal and interest of the Loan in advance, negotiate with the Lender to
determine the number of repayment periods, repayment time and repayment amount thereafter. The interest on the principal of the Loan prepaid shall be calculated according to the actual term of use and at the interest rate agreed herein. The Lender
will no longer adjust the interest on the Loan received prior to prepayment. 
 If the Borrower requests a prepayment, the Lender shall have
the right to require the Borrower to pay liquidated damages at         /        % of the prepayment amount. 

 

	6.	 If the Borrower fails to perform its obligations as stipulated herein, the Borrower hereby irrevocably
authorizes the Lender to withhold funds directly from any account opened by the Borrower with the Lender and all branches and subsidiaries of Industrial Bank without judicial proceedings, including but not limited to principal and interest of the
Loan (including principal, interest, Penalty Interest, Compound Interest), penalties, liquidated damages and Expense Incurred by the Lender in Realizing the Creditor’s Right. The Borrower agrees that the Lender shall have the right to determine
the order of withholding. If the currency of the account is inconsistent with the currency of the Loan, the Lender shall have the right to withhold the fund by converting the fund into the currency of the Loan at the intermediate price announced by
the Lender on the date of withholding. If any account under this Article involves the products such as wealth management products or structured deposits, the Borrower shall irrevocably authorize the Lender to initiate a redemption application or
take other necessary measures directly on behalf of the Borrower in order to ensure that the Lender withholds the above amount smoothly, the Borrower shall provide all necessary cooperation.  

  
 - 12 - 

 Article IX Guarantee 
  

	1.	 The guarantee contracts hereunder include, but are not limited to: 

 

	 	(1)	 The Maximum Guarantee Contract (Contract Name), numbered [***], by means of guarantee,
with Gracell Bioscience (Shanghai) Co., Ltd. as the guarantor; 

  

	2.	 In addition to the above signed guarantee contract(s), in the event of exchange rate fluctuation or any other
event that the Lender deems may affect the performance of the Borrower or the guarantor, the Lender shall have the right to require the Borrower to supplement the security or provide a new guarantee and sign the relevant guarantee contract, and the
Borrower shall cooperate with the Lender. 

  

	3.	 The Lender shall have the right not to perform the obligations hereunder such as the origination of the Loan
until the guarantee contract is signed and the guarantee formalities are completed. 

 Article X Rights and Obligations of the Parties

  

	1.	 Rights and Obligations of the Lender 

 

	 	(i)	 Rights of the Lender: 

 

	 	(1)	 The right to require the Borrower to repay the principal and interest of the Loan on time;

  

	 	(2)	 The right to require the Borrower to provide all information related to the Loan; 

 

	 	(3)	 The right to know the Borrower’s production, operation and financial situation; 

  
 - 13 - 

	 	(4)	 The right to supervise the Borrower to use the Loan for the purposes as stipulated herein;

  

	 	(5)	 The right to monitor the use of the Loan and make requests; 

 

	 	(6)	 The Borrower shall have the right to withhold the principal and interest of the Loan (including principal,
interest, penalty interest, compound interest), penalties, liquidated damages and Expense Incurred by the Lender in Realizing the Creditor’s Right directly from any account opened by the Borrower with the Lender and all branches and
subsidiaries of Industrial Bank without judicial proceedings. If the money in the account is inconsistent with the currency of the Loan, the Lender shall have the right to convert it into the currency of the Loan at the intermediate price announced
by the Lender on the day of withholding; If any account under this Article involves the products such as wealth management products or structured deposits, the Borrower shall irrevocably authorize the Lender to initiate a redemption application or
take other necessary measures directly on behalf of the Borrower in order to ensure that the Lender withholds the above amount smoothly. 

  

	 	(7)	 The Lender shall have the right at any time to transfer all or part of the Creditor’s Right and security
interest hereunder to a third party without the consent of the Borrower. If the Lender transfers the Loan and security interest hereunder, the Borrower shall still bear all the obligations hereunder; 

 

	 	(8)	 If the Borrower fails to repay the principal and interest of the Loan as stipulated herein, or fails to fulfill
the matter of repayment of principal and interest, or violates any of the obligations as stipulated herein, the Lender shall have the right to submit and disclose the information of the Borrower’s breach of contract to the People’s Bank of
China and the credit reporting institutions and credit reporting systems established or approved by it, or banking associations, banking supervisory bodies or other administrative/judicial/supervisory authorities and the information management
systems or news media established and approved by them, and to take legal measures such as clearing, litigation, arbitration or applying to a notary agency for an enforcement certificate, and take or jointly take with other banking financial
institutions the measures to reduce or stop credit, stop opening new settlement accounts, stop the Borrower’s legal representative/ the Borrower’s new credit card and other joint measures to punish the Borrower for its breach of trust and
protect the rights of the Lender; 

  

	 	(9)	 The Lender shall have the right to unilaterally decide to collect the Loan in advance according to the
Borrower’s funds recovered; 

  

	 	(10)	 When the Lender thinks that it is possible to affect the security of its Creditor’s Right, such as
exchange rate fluctuation, the Borrower shall have the obligation to supplement the pledge guarantee such as security according to the Lender’s request, or implement other risk mitigation measures approved by the Lender; 

 

	 	(11)	 The Lender shall be entitled to other rights as stipulated in laws, regulations, rules or this Contract.

  

	 	(ii)	 Obligations of the Lender: 

 

	 	1.	 The Lender shall originate and disburse the Loan as agreed herein. 

 

	 	2.	 The Lender shall keep the Borrower’s debt, finance, production and operation confidential, except in the
following cases: 

  

	 	(1)	 Required to be disclosed by laws and regulations; 

  
 - 14 - 

	 	(2)	 Required to be disclosed according to the regulations or requirements of regulatory bodies;

  

	 	(3)	 Disclosure to the Lender’s partner, etc. 

 

	2.	 Rights and Obligations of the Borrower 

 

	 	(i)	 The Borrower shall have the following rights: 

 

	 	(1)	 The right to withdraw and use the whole Loan as agreed herein; 

 

	 	(2)	 The right to require the Lender to undertake the obligation of confidentiality in accordance with this
Contract. 

  

	 	(ii)	 

  

	 	1.	 The Borrower shall truthfully provide the documents and information requested by the Lender, as well as the
information on all opening banks, accounts and balances of deposits and loans, and shall cooperate with the Lender in the investigation, examination and inspection; 

 

	 	2.	 The Borrower shall accept the supervision or inspection of the Lender over the use of the Loan and its related
production, operation and financial activities, and shall take reasonable measures on the Lender’s suggestions or requirements in a timely manner; 

  

	 	3.	 The Borrower shall use the Loan for the purposes as stipulated herein and shall not divert it for any other
purpose, and shall not use the Loan for the investment in fixed assets; It shall not use the Loan in the fields or purposes where the State prohibits; The Borrower shall not borrow to engage in equity investment , etc.; The Borrower shall not borrow
money to buy and sell securities, futures, real estate, etc.; The Borrower shall not borrow money to engage in inter-enterprise lending and any other illegal activity restricted by the State; The Borrower shall not divert or misappropriate the Loan
in any other way; 

  

	 	4.	 In accordance with Article VII hereof, the Borrower shall accept the Lender’s account monitoring and loan
fund disbursement management; 

  

	 	5.	 The Borrower shall repay the principal and interest of the Loan in full and on time as agreed herein;

  

	 	6.	 Without the written consent of the Lender, the Borrower shall not transfer the debt hereunder in whole or in
part to any third party; 

  

	 	7.	 The Borrower shall not in any way reduce its registered capital; Without the written consent of the Lender, the
Borrower shall not extend the subscription period of the registered capital; 

  

	 	8.	 The Borrower shall notify the Lender in writing at least thirty (30) Business Days in advance and obtain
the written consent of the Lender before any major matters such as merger, division, equity transfer, foreign investment, substantial increase in debt financing, and actively take the safeguard measures for the full repayment of the principal and
interest of the Loan hereunder as required by the Lender. The above major matters shall include, but not be limited to: 

  

	 	(1)	 substantially increasing debt financing by applying to third parties such as banks for loans or liabilities, or
providing loans for third parties, or providing security for third-party obligations, etc., which affects or may affect the repayment of principal and interest on the Loan hereunder; 

 

	 	(2)	 making major changes in property rights and adjustments in the mode of operation (including, but not limited
to, joint ventures and cooperation contracts with foreign investors, or the investors from Hong Kong, Macao and Taiwan of China; revocation, closure, suspension or transferring to other production; separation, merger, consolidation or merger;
reorganization, formation or conversion into joint-stock company; foreign investment; equity and management transactions involving or investing in joint-stock companies or investment companies in fixed assets such as houses, machinery and equipment
or trademarks, patents, proprietary technology, land use rights and other intangible assets, such as leasing, contracting, joint ventures and trusteeship); 

  
 - 15 - 

	 	(3)	 Up to 5% change in equity (including but not limited to equity transfer, custody, escrow and pledge).

  

	 	9.	 The Borrower shall notify the Lender in writing within seven (7) Business Days from the date of occurrence
or possible occurrence of any of the following circumstances, and shall actively take the safeguard measures for full repayment of the principal and interest of the Loan hereunder as required by the Lender: 

 

	 	(1)	 significant financial loss, loss of assets or any other financial crisis; 

 

	 	(2)	 suspending business, being revoked or cancelled of business license, applying or being applied for bankruptcy
or dissolution; 

  

	 	(3)	 a major crisis in the operation or finance of its controlling shareholders and other affiliates, which affects
its normal operation; 

  

	 	(4)	 the change of the Borrower’s legal representative, directors or officers, affecting its normal operation;

  

	 	(5)	 Up to 5% change in the guarantor’s equity (including but not limited to equity transfer, custody,
escrow and pledge); 

  

	 	(6)	 a significant connected transaction between the Borrower and its controlling shareholders and other affiliates,
affecting its normal operation; 

  

	 	(7)	 any litigation, arbitration or criminal or administrative penalty that has significant adverse consequences for
its operation or property status; 

  

	 	(8)	 any other major matter that may affect its solvency. 

 

	 	10.	 At the request of the Lender (such request shall be notified of the Borrower in advance in a reasonable manner,
unless prior notice is not required as a result of a default or potential default event or due to a specific environment), the Lender’s representative shall be allowed to perform the following activities during normal office hours:

  

	 	(1)	 visiting the place where the Borrower carries out business activities; 

 

	 	(2)	 inspecting the premises, facilities, factories and equipment of the Borrower; 

 

	 	(3)	 accessing the Borrower’s book records and all other records; 

 

	 	(4)	 asking the employees, agents, contractors and subcontractors of the Borrower who know or may know the relevant
information required by the Lender. 

  

	 	11.	 The Borrower undertakes to maintain the financial position of current assets and net assets, the ratio of
assets to liabilities and the current ratio of assets within the following scope required by the Lender during the term of the Loan hereunder:
            /            . 

  
 - 16 - 

	 	12.	 For a collection letter or document sent or otherwise served by the Lender to the Borrower, the Borrower must
sign and hand over the receipt to the Lender. 

 Article XI Representations and Undertakings of the Borrower 

The Borrower voluntarily makes the following representations and undertakings and assumes legal responsibility for the authenticity thereof: 

 

	1.	 The Borrower is a legal entity established duly and existing valid under the law of the People’s Republic
of China and has the full civil capacity. The Borrower undertakes to provide relevant certificates, licenses, certificates and other documents required by the Lender as required by the Lender. 

 

	2.	 The Borrower has sufficient capacity to perform all its obligations and responsibilities hereunder and does not
relieve or absolve the Borrower of its liability for any instruction, change in financial position, or any agreement with any entity. 

  

	3.	 The Borrower has full authorization and legal right to sign this Contract, has obtained and fulfilled all its
internal approval and authorization or other relevant formalities necessary for the execution and performance hereof, and has obtained and fulfilled all necessary approval, registration, authorization, consent, permission or other relevant
formalities necessary for the signing and performance of this Contract from any governmental agency or any other authority, and remains fully lawful and valid for any approval, registration, consent, permission, authorization or any other relevant
formalities required for the signing of this Contract. 

  

	4.	 The Borrower signs this Contract in full conformity with the relevant articles of association, internal
decisions of the Borrower and the resolutions of the board of shareholders and the board of directors of the Borrower, and it undertakes that such internal decisions, resolutions of the board of shareholders and the board of directors will be in
full conformity with the laws and regulations of the State and its articles of association, and there will be no circumstances of invalidity, ineffectiveness or revocability. This Contract also does not conflict with or contradict against any of the
Borrower’s articles of association, internal decisions, resolutions of the board of shareholders and the board of directors and policies. 

  

	5.	 The signing and performance of this Contract is based on the true intention of the Borrower. The loan financing
meets the applicable laws and regulations, and the signing and performance of this Contract does not violate any law, regulation, rule or contract binding on the Borrower. This Contract is legal and effective and enforceable. If this Contract is
invalid due to defects in the rights of the Borrower at the time of signing and performing this Contract, the Borrower will immediately and unconditionally compensate the Lender for all losses. 

 

	6.	 All documents, financial statements and other information provided by the Borrower for the Lender hereunder are
true, complete, accurate and effective, and the financial indicators required by the Lender are maintained continuously. 

  

	7.	 The Borrower agrees that the borrowing hereunder shall be subject to the rules, regulations and practices of
the Lender. The Lender shall have the right to withdraw the Loan in advance according to the Borrower’s return of funds. 

  

	8.	 If the Borrower fails to perform its obligations as agreed herein, the Borrower hereby authorizes the Lender to
withhold the principal and interest of the Loan (including principal, interest, penalty interest, compound interest), penalties, liquidated damages and Expense Incurred by the Lender in Realizing the Creditor’s Right directly from any account
opened by the Borrower with the Lender and all branches and subsidiaries of Industrial Bank without judicial proceedings. The Borrower agrees that the Lender has the right to determine the order of withholding. If the currency of the account is
inconsistent with the currency of the Loan, the Lender shall have the right to withhold the fund by converting the fund into the currency of the Loan at the intermediate price announced by the Lender on the date of withholding. If any account under
this Article involves the products such as wealth management products or structured deposits, the Borrower shall irrevocably authorize the Lender to initiate a redemption application or take other necessary measures directly on behalf of the
Borrower in order to ensure that the Lender withholds the above amount smoothly, the Borrower shall provide all necessary cooperation. 

  
 - 17 - 

	9.	 Whether before or after the signing of this Contract, if the Borrower submits any documents relating to the
specific transaction to the Lender for review, the Borrower guarantees the authenticity of all the documents, and the Lender will only make a decision on the superficial authenticity of the transaction documents. The Lender is neither substantially
involved in and aware of the specific transaction nor liable for the same. 

  

	10.	 The Borrower acknowledges that, except those having been disclosed in writing to the Lender, the Borrower has
not concealed any of the following events that have occurred or are about to occur that may cause the Lender to disagree with the origination of the Loan hereunder: 

 

	 	(i)	 The obligations or contingent liabilities of the Borrower, including, but not limited to, any mortgage, pledge,
lien and any other encumbrance not disclosed to the Lender on the Borrower’s assets or proceeds; 

  

	 	(ii)	 The serious violation of discipline, violation of laws or claim for compensation involving the Borrower or the
principal officers of the Borrower; 

  

	 	(iii)	 The breach of contract by the Borrower in respect of the creditor’s right and liability contract between
the Borrower and any other creditor; 

  

	 	(iv)	 No action, arbitration or administrative penalty against the Borrower or its property has occurred, has not
been concluded or may have occurred in respect of the Borrower, whether on its own initiative or by a third party, and no liquidation or closure or other similar proceedings against the Borrower have occurred; 

 

	 	(v)	 Any other circumstance that may affect the financial position and solvency of the Borrower.

  

	11.	 The Borrower undertakes to use the Loan hereunder for the purposes as specified herein only, other than any
other purpose contrary thereto. The Borrower shall accept and cooperate with the Lender to carry out loan disbursement management, post-loan management and related inspection at any time, cooperate with the Lender to supervise, inspect and check the
Borrower’s use of the Loan and the Borrower’s production and operation, financial activities, material inventory, assets and liabilities, bank deposits, cash inventory, etc., and shall meet other requirements that the Lender deems
necessary or appropriate. 

  

	12.	 The Borrower shall provide full, effective or other acceptable security as the Lender deems appropriate. If the
guarantee hereunder involves real estate mortgage, the Borrower shall fulfill the obligation to inform the Lender in time when it knows the information that the mortgaged house will be demolished; If the mortgaged house is demolished and the
Borrower is compensated with the ownership to any other real estate, the Lender shall have the right to require the Borrower to discharge the debt in advance, or to reset the mortgage and sign a new mortgage agreement. After the original mortgaged
real estate is destroyed and before the registration of the new mortgage is processed, the Borrower shall provide the guarantee from another guarantor with guarantee conditions; For the demolition of real estate compensated, the Borrower shall be
responsible for requiring the mortgagor to continue to provide guarantee for the Main Creditor’s Right by opening a special security account or deposit certificate, etc. 

 

	13.	 The Borrower shall not reduce the registered capital in any way. Without the prior written consent of the
Lender, part or all of the debts hereunder shall not be transferred to a third party. Without the written consent of the Lender, any debt of the Borrower or any other creditor (except any other branch of Industrial Bank) shall not be paid off in
advance until all debts hereunder are discharged. 

  
 - 18 - 

	14.	 The Borrower shall notify the Lender of any major adverse event affecting the Borrower’s solvency in time
and obtain the written consent of the Lender before undertaking such major matters as merger, division, equity transfer, foreign investment, substantial increase in debt financing, etc. 

 

	15.	 In the event of litigation or arbitration or any other dispute between the Lender and the Borrower or any third
party concerned as a result of the performance of its obligations hereunder, resulting in the Lender being forced to become involved in a dispute between the Borrower and any third party, the Borrower shall bear the costs of litigation or
arbitration, legal fees, etc. arising therefrom. 

  

	16.	 The Borrower shall handle the settlement hereunder through the settlement account opened at the Lender.

  

	17.	 The Borrower undertakes that the information published by the Borrower in the National Enterprise Credit
Information Publicity System is true, complete, legal and effective, and undertakes to continuously agree with the Lender to inquire about the information that the enterprise chooses to publish or not to publish in the system. If the Lender requests
capital verification, the Borrower shall agree to verify the capital as required by the Lender and to provide a capital verification report issued by a professional institution. 

 

	18.	 The Borrower hereby declares and authorizes that: the Lender will have the right to carry out the necessary
investigation of the Borrower’s credit status in accordance with the laws and regulations, and the relevant policies of China, including querying the Borrower’s credit information from the basic database of financial credit information
established by China. And, according to the need of the People’s Bank of China on the construction of corporate and personal credit information, the relevant credit information can be submitted to the national basic database of financial credit
information, and can be legally queried within the scope of authorization. 

  

	19.	 The Borrower hereby declares and authorizes that: The Lender will have the right to submit the information and
other relevant information about this Contract to the administrative/ judicial/supervisory authorities, institutions, bank regulators, banking associations, etc. and the other information management systems established and approved by them in
accordance with their needs of relevant information management, and the Borrower hereby allows the relevant information to be legally accessed to. 

  

	20.	 If the Borrower breaches this Contract, or has a circumstance that may endanger the Lender’s realization
of the Creditor’s Right, the Lender shall have the right to require accelerating the expiration of the Borrower’s shareholders’ subscription obligation, and the Borrower undertakes that its shareholders will subscribe for the capital
in time as required by the Lender. The Lender shall have the right to require the Borrower and its shareholders not to distribute dividends. 

  

	21.	 The Borrower undertakes that the transaction background of the Loan is true and legal and is not used for
illegal purposes such as money laundering. 

  

	22.	 The Borrower irrevocably undertakes that, where it breaches any contractual obligations hereunder, the Lender
may submit and disclose the information of the Borrower’s breach of contract to the People’s Bank of China and the credit information agencies and credit information systems it has established or approved, or to the banking associations,
banking supervisory bodies or other administrative/judicial/supervisory authorities and the information management systems or news media they have established or approved. 

  
 - 19 - 

 Moreover, the Borrower irrevocably authorizes the relevant banking associations to share and
even publicize the information of the Borrower’s discredit among the banking financial institutions and the public in a suitable way. 

The Borrower is aware that the Lender has the right to take all measures in accordance with this Contract, and that the Lender has the right to
take or the Lender and other banking financial institutions have the right to jointly take measures to reduce or stop credit grant, stop opening new settlement accounts, and suspend the Borrower’s legal representative / Borrower’s new
credit cards to punish the Borrower for its breach of trust and protect the rights of the Lender. 
  

	23.	 The other representations and undertakings of the Borrower:
                    /                   
         . 

 Article XII Earlier Collection of the Loan 

 

	1.	 During the term of the Loan, where the Borrower or the guarantor (including the warrantor, mortgagor or
pledgor, the same hereinafter) has any of the following circumstances, the Lender shall have the right to unilaterally decide to stop disbursing the portion of the Loan that the Borrower has not yet used, and collect in advance part or all of the
principal and interest of the portion of the Loan originated. In the case where the Loan is to be repaid in instalments, if the Lender intends to collect in advance of one portion of the in accordance with this Contract, the other unexpired portions
of the Loan shall be deemed to be due in advance: 

  

	 	(i)	 Where the Borrower provides false materials or conceals important operating financial facts, or any of the
certificates and documents submitted to the Lender and the representations and undertakings made by it in Article XI hereof is proved to be untrue, inaccurate, incomplete or intentionally misleading; 

 

	 	(ii)	 Where the Borrower change the original purpose of the Loan without the consent of the Lender, misappropriates
the Loan or uses the Loan to engage in illegal or breaching transactions; 

  

	 	(iii)	 Party A shall not realize bank discount or pledge, or take bank funds or credit by false contracts with related
parties, and notes receivable, accounts receivable and other creditor’s rights without actual trading background; 

  

	 	(iv)	 Where the Borrower refuses to accept the Lender’s supervision and inspection over its use of the Loan and
its related operating financial activities; 

  

	 	(v)	 Where the Borrower undergoes major matters such as merger, division, acquisition, reorganization, equity
transfer, foreign investment and substantial increase in debt financing, which the Lender considers may affect the safety of the Loan; 

  

	 	(vi)	 Where the Borrower intentionally evades from the Creditor’s Right through connected transactions;

  

	 	(vii)	 Where the credit standing of the Borrower is deteriorating and its solvency (including the ability to discharge
contingent liabilities) is weakening obviously; 

  

	 	(viii)	 Where the Borrower or the Borrower’s affiliates and the guarantor or the guarantor’s affiliates have
a cross-default as stipulated in Article XV hereof; 

  

	 	(ix)	 Where the Borrower fails to repay the principal and interest of the Loan hereunder on time;

  

	 	(x)	 Where the Borrower ceases to pay its debts or is unable or indicates that it is unable to pay its debts due;

  
 - 20 - 

	 	(xi)	 Where the Borrower is closed down, wound up, declared bankrupt, dissolved, revoked its business license,
cancelled, and is undergoing deteriorated financial conditions; 

  

	 	(xii)	 Where the Borrower fails to perform the obligations as stipulated in Article X and Article XIII hereof and the
other obligations as stipulated herein, or the guarantor fails to perform the obligations as stipulated in the guarantee contract; 

  

	 	(xiii)	 Where the value of the collateral or pledge used for security has been or may be significantly reduced, or the
right to pledge must be realized before the maturity of the Loan; 

  

	 	(xiv)	 Where any of the legal representative, the individual principal investors, the directors, supervisors and
officers of the Borrower or the guarantor is abnormally changed, disappears, or investigated or restricted of personal freedom by the competent juridical authority, which has affected or may affect the performance of their obligations hereunder;

  

	 	(xv)	 Where the Borrower/the guarantor or the controlling shareholder, the actual controller of the Borrower/the
guarantor or its affiliates are involved in a major litigation, arbitration or any other dispute, or their significant assets are seized, frozen, withheld, enforced or otherwise taken with similar effect, which may endanger or impair the rights and
interests of the Lender; 

  

	 	(xvi)	 Any other event agreed upon herein, or any other event that endangers, impairs or may endanger or impair the
rights and interests of the Lender according to the recovery of the funds of the Borrower. 

  

	2.	 In the case of the above-mentioned earlier loan collection, the Lender may unilaterally decide whether to grant
the Borrower a certain grace period depending on the Borrower’s production and operation, financial situation and the recovery of funds. If the Lender gives the Borrower a grace period within which the Borrower has not taken remedial measures
or the remedial measures taken do not meet the requirements of the Lender, the Lender shall have the right to unilaterally decide to collect the Loan in advance; The Lender may also decide to collect the Loan in advance without giving the Borrower a
grace period. 

  

	3.	 In case of earlier collection of the Loan, the Lender shall have the right to take appropriate measures in
accordance with Article XIV.2 hereof. 

 Article XIII The Borrower’s Obligation to Disclose Significant Transactions and
Significant Events to the Lender 
  

	1.	 The Borrower shall report in writing to the Lender in time the Significant Transactions and Significant Events
of the Borrower. 

  

	2.	 If the Borrower is a group customer, the Borrower shall promptly report to the Lender its connected
transactions involving more than 10% of the Borrower’s net assets, including, but not limited to: 

  

	 	(i)	 The association relationship of transaction parties; 

 

	 	(ii)	 Transaction items and nature of the transaction; 

 

	 	(iii)	 Amount of the transaction or the corresponding proportion; 

 

	 	(iv)	 Pricing policy (including transactions with no amount or with only symbolic amount). 

  
 - 21 - 

 Article XIV Liability for Breach 

 

	1.	 After the entry into force of this Contract, both the Borrower and the Lender shall perform the obligations as
stipulated herein. If either Party fails to perform or fails to fully perform its obligations as stipulated herein, it shall bear the corresponding liability for breach of contract. 

 

	2.	 The Lender shall have the right to take one or more of the following measures if the Borrower fails to use the
Loan for the purposes as specified herein, fails to disburse the Loan in the manner agreed upon, fails to comply with the representations and undertakings, misreports the information of the loan application documents, breaks through the agreed
financial indicators, has a major cross-default event or fails to perform any of the provisions hereof: 

  

	 	(i)	 To require the Borrower to correct the violation within a certain time limit; 

 

	 	(ii)	 To cease the origination of the portion of the Loan having not been originated hereunder and to cease the
disbursement of the portion of the Loan having not been disbursed hereunder; 

  

	 	(iii)	 To require the Borrower to supplement the loan origination and disbursement conditions that meet the
requirements of the Lender or cancel the Borrower’s use of the Loan in an “Own Disbursement” manner; 

  

	 	(iv)	 To unilaterally decide that all or part of the debt hereunder expires in advance; 

 

	 	(v)	 To unilaterally terminate or cancel this Contract, require the Borrower to pay off the principal and interest
of the Loan due or undue and pay or compensate for the related losses; 

  

	 	(vi)	 To require the Borrower to pay the penalty interest on the Loan overdue if the Loan is overdue; or to require
the Borrower to pay the penalty interest on the misappropriated portion of the Loan if the Borrower misappropriates the Loan; or to require the Borrower to pay the compound interest of the interest outstanding (including interest before and after
the maturity of the Loan, penalty interest from the misappropriation of the Loan and the penalty interest of the Loan overdue); 

  

	 	(vii)	 To require the Borrower to add or replace the guarantors, collaterals, pledges or pledged rights;

  

	 	(viii)	 To exercise or realize the rights under any guarantee relating to the Loan hereunder; 

 

	 	(ix)	 To withhold amounts from any account opened by the Borrower with the Lender and all branches and subsidiaries
of Industrial Bank without judicial proceedings, or to entrust the bank with which the Lender’s account is opened to withhold amounts from its account (including principal, interest, penalty interest, compound interest, penalties, liquidated
damages and the Expense Incurred by the Lender in Realizing the Creditor’s Right directly. If the money in the account is inconsistent with the currency of the Loan, the Lender shall have the right to convert it into the currency of the Loan at
the intermediate price announced by the Lender on the day of withholding; If any account under this Article involves the products such as wealth management products or structured deposits, the Lender has the right to initiate a redemption
application or take other necessary measures directly on behalf of the Borrower in order to ensure that the Lender withholds the above amount smoothly. 

  

	 	(x)	 To initiate an action, arbitration or apply to a notary agency for an execution certificate, require the
Borrower to pay off the principal and interest of the Loan, and ask the Borrower to bear the Expense Incurred by the Creditor in Realizing the Creditor’s Right; 

 

	 	(xi)	 To seize or retain any movable or immovable property, tangible or intangible property of the Borrower under the
control and possession of the Lender or take other measures deemed appropriate by the Lender; 

  
 - 22 - 

	 	(xii)	 To submit and disclose the information of the Borrower’s breach of contract to the People’s Bank of
China and the credit reporting institutions and credit reporting systems established or approved by it, or banking associations, banking supervisory bodies or other administrative/judicial /supervisory authorities and the information management
systems or news media established and approved by them, and to take legal measures such as clearing, litigation, arbitration or applying to a notary agency for an enforcement certificate, and take or jointly take with other banking financial
institutions the measures to reduce or stop credit, stop opening new settlement accounts, stop the Borrower’s legal representative/ the Borrower’s new credit card and other joint measures to punish the Borrower for its breach of trust and
protect the rights of the Lender; and 

  

	 	(xiii)	 To take other measures according to the applicable laws and or other measures agreed herein or deemed
appropriate by the Lender. 

  

	3.	 Subject to the withdrawal prerequisites and disbursement conditions for the Loan as stipulated herein, if the
Lender fails to provide the Loan on the agreed date and with the agreed amount, and thereby causes losses to the Borrower, the Lender shall compensate the Borrower for its direct economic loss arising therefrom. However, in any case, the Lender
shall not be liable for any foreseeable or foreseeable indirect loss arising therefrom to the Borrower. 

  

	4.	 In the course of the performance of this Contract, the Lender shall not bear any liability if the documents
provided by the Borrower are not true, accurate, incomplete or otherwise defective, resulting in the Lender’s wrong Fiduciary Disbursement, unpunctual disbursement, and the Borrower violates this Contract to handle the Own Disbursement or
causes other losses. 

  

	5.	 The Lender shall not be liable for any origination or disbursement dispute or any other loss arising from the
freezing of the loan origination account or the disbursement object account as stipulated herein or any other reason. 

  

	6.	 If the guarantor hereunder (i.e. the warrantor, the mortgagor, the pledgor) has the following reasons, the
lender shall have the right to take measures in accordance with Paragraph 1 of this Article: 

  

	 	(i)	 Where the guarantor fails to perform the guarantee contract, or its credit standing is deteriorating, or the
guarantor has any other event in which its guarantee capacity is weakened; 

  

	 	(ii)	 Where the mortgagor fails to perform the mortgage contract, or intentionally damages the mortgage, or the value
of the mortgage may or has been significantly reduced, or the mortgagor has any other event detrimental to the mortgage right of the Lender; 

  

	 	(iii)	 Where the pledgor fails to perform the pledge contract, or if the value of the pledge has been or may be
significantly reduced, or the pledge’s right must be fulfilled before the Loan is paid off, or the pledgor has any other event detrimental to the mortgage right of the Lender. 

Article XV Cross Default 
 If the Borrower or its
affiliates and the guarantor or the guarantor’s affiliates has any of the following circumstances, the Borrower shall be deemed to be in breach of contract, and the Lender shall have the right to collect the Loan in advance as agreed in Article
XII hereof, and require the Borrower to be liable for breach of contract in accordance with Article XIV hereof: 
  

	(i)	 Where any loan, financing or debt of the Borrower or its affiliates and the guarantor or the guarantor’s
affiliates has or is likely to have a default or is declared due in advance; 

  
 - 23 - 

	(ii)	 Where any security or similar obligation of the Borrower or its affiliates and the guarantor or the
guarantor’s affiliates has not been performed or is likely not to be performed; 

  

	(iii)	 Where the Borrower or its affiliates and the guarantor or the guarantor’s affiliates have failed to
perform or breached the legal documents or contracts relating to security of obligations and other similar obligations, or have the possibility of failure to perform or breach the same; 

 

	(iv)	 Where the Borrower or its affiliates and the guarantor or the guarantor’s affiliates is unable to or will
be unable to discharge the overdue debts or loans/facilities; 

  

	(v)	 Where the Borrower or its affiliates and the guarantor or the guarantor’s affiliates have been declared or
about to be declared bankrupt via legal proceedings; 

  

	(vi)	 Where the Borrower or its affiliates and the guarantor or the guarantor’s affiliates have transferred
their assets or properties to other creditors; 

  

	(vii)	 Other circumstances endangering the safety of the principal and interest of the Loan hereunder.

 Article XVI Continuity of Obligations 

All obligations of the Borrower hereunder are continuous and shall be fully and equally binding on its heirs, agents, receivers, assignees and the entity after
merger, reorganization, change of name, etc.. 
 Article XVII Principal and Interest Acceleration 

The Borrower agrees that the Lender will have the right to determine that any other obligation of the Borrower to the Lender, including the full principal,
interest (including penalty interest and compound interest) of the Borrower due and not due hereunder shall be due immediately upon the failure of the Borrower to perform the representations and undertakings in Article XI hereof or the failure of
the Borrower to perform any of its obligations hereunder. 
 Article XVIII Priority Subrogation 

The Borrower hereby acknowledges, in particular, that in the event of default by the Borrower or failure by the Borrower to pay its due debt (including
principal, interest and expenses) and the Borrower’s own lack of sufficient property to pay its debts, the Lender shall have the right to exercise priority subrogation in respect of any creditor’s right, account receivable and any other
property interest owned by the Borrower from third parties. 
 Article XIX Governing Law, Jurisdiction and Dispute Resolution 

 

	1.	 The law of the People’s Republic of China shall apply to the conclusion, entry into force, performance,
rescission, interpretation and settlement of disputes of or in relation to this Contract (excluding the laws of Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan Province for purpose of this Contract).

  

	2.	 Any dispute arising out of this Contract shall be resolved through the friendly negotiation between the
Borrower and the Lender. If friendly negotiation fails, the Parties hereto agree to resolve the matter in the 1st manner: 

  

	 	(1)	 Bringing a lawsuit to the people’s court of the place where the Lender is domiciled.

  

	 	(2)	 Applying to
                                 Arbitration Commission for arbitration according
to the arbitration rules in force at the time of arbitration. To the extent permitted by the arbitration rules, the Partieshereto agree to choose summary procedure for the arbitration. The arbitration award is final and binding on both parties. An
arbitral tribunal shall be in                         . 

  
 - 24 - 

	 	(3)	 Other manners:
                                         
                                         
  . 

  

	3.	 During the dispute, the provisions of this Contract that are not been involved in the dispute shall still be
fulfilled. 

 Article XX Document Exchange, Communications and Notices 

 

	1.	 The Borrower agrees and acknowledges that the following address will be address to receive the notices
hereunder, as well as legal documents for litigation (arbitration), notarization, etc. in case of disputes (including but not limited to all kinds of notices and documents of the contracting parties; indictment (or application for arbitration) and
evidence, summons, notice of response, notice of proof, notice of hearing, order of payment, judgment (award), order of adjudication, conciliation statement, notice of execution, notice of performance within given time limit, etc., served by courts
or arbitral tribunals in the course of litigation or arbitration, the realization of security interest proceedings and legal documents at the execution stage; various notices and legal documents served by notary offices): 

 

	 	(i)	 Address of the Borrower: 

 

	 	(1)	 Name of the Borrower: SUZHOU GRACELL BIOTECHNOLOGIES
CO., LTD.  

 Address of the Borrower: 218 Sangtian Street, Suzhou Industrial Park
 
 Zip code: 215000; Tel.: [***];  

Contact person. [***] 
  

	 	(2)	 Name of the Designated Recipient (if any):
                                         
       ; 

 Address of the Designated Recipient:
                                         
                               ; 

Zip code:
                        ;     Tel.:
                                        .

  

	 	(ii)	 The Borrower agrees and acknowledges that any of the following electronic communications addresses is also a
valid service address: 

  

	 	(1)	 Fax number if by fax:
                                         
                       ; 

  

	 	(2)	 Email if by email:
                                         
                       ; 

  

	 	(3)	 Mobile phone number if by SMS:
                [***]                ; 

 

	 	(4)	 WeChat account (if by WeChat):
                                         
               ; 

  

	 	(5)	 QQ number (if by QQ)
                                         
                           . 

 

	2.	 The service address as stipulated in the first paragraph of this Article shall apply for the all stages
including non-litigation, the entry of the dispute into arbitration, the first instance, the second instance, retrial, execution, realization of security interest, supervision procedure and the enforcement of
notarization. If the above service address is changed, the Borrower shall notify the Lender in writing in advance (and the arbitral tribunal or court shall be notified in writing in advance during the litigation or arbitration; if the enforcement
notarization has been done, the original notary agency shall be notified in writing) to reconfirm the service address and obtain a receipt. If the notice is not given in advance, it shall be deemed that the service address has not been changed, and
the corresponding legal consequences shall be borne by the Borrower itself, and the service address as agreed in the first paragraph of this Article shall still be regarded as the effective service address. 

  
 - 25 - 

	3.	 Any document, communication, notice or legal instrument, which is sent to any address as agreed in Paragraph
1 of this Article, shall be deemed to have been served on the following date (service to the designated agent shall be deemed to have been served on the target recipient): 

 

	 	(i)	 If by mail (including express, ordinary mail and registered mail), the fifth Business Day after the date of
delivery shall be regarded as the date of service; 

  

	 	(ii)	 If by fax, by e-mail, by SMS, by Wechat, by QQ or by any other
electronic communication means, the date of delivery shall be regarded as the date of service; 

  

	 	(iii)	 If by person, the date of receipt by the recipient shall be regarded as the date of service. If the recipient
refuses to accept it, the sender may take photographs or videos to record the delivery process and keep the document, which shall be regarded as being served. 

 

	4.	 If the service address provided or confirmed by the Borrower is inaccurate or untrue, or the other party and
the arbitration institution, the people’s court or the notary agency are not notified in time after the change of the service address, the Borrower shall bear the corresponding legal consequences, and the document, communication, notice or
legal instrument shall be deemed to have been served effectively: 

  

	 	(i)	 If by mail, the date of return of the document shall be regarded as the date of service;

  

	 	(ii)	 For direct service, the date of service shall be the date on which the addressee notes the situation on the
proof of service on the spot; 

  

	 	(iii)	 By electronic means, the date of delivery shall be the date of service. 

 

	5.	 The Lender shall take the domicile specified in this Contract as the service address. If the Lender sends a
notice by way of a notice published on its website, online bank, mobile bank or point of sale, the date of the publication shall be regarded as the date of service. In no circumstances shall the Lender be liable for any transmission errors,
omissions or delays in the mail, fax, telephone or any other communication system. 

  

	6.	 The Parties agree that the corporate official seal, office seal, financial seal, contract seal, seal for
receipt and issuing of each party and the credit seal of the Lender are all valid seals for the notice or contact of the Parties, the service of legal documents, and the exchange of letters. All the staff members of the Borrower are authorized to
sign documents, communications and notices. 

  

	7.	 This Article is an independent article in this Contract and shall not be affected by the validity of this
Contract and any other provision hereof. 

 Article XXI Effect of the Contract; Miscellaneous 

 

	1.	 This Contract shall enter into force on the date when the Parties sign and affix a seal hereon.

  

	2.	 During the term hereof, any tolerance, grace or delay granted by the Lender to the Borrower or the guarantor
in the exercise of the interests or rights hereunder shall not impair, affect or restrict all the interests and rights of the Lender in accordance with the applicable laws and this Contract, shall not be regarded as a waiver of the rights and
interests of the Lender hereunder, nor affect any obligation of the Borrower hereunder. 

  

	3.	 If a change in national laws, regulations or regulatory policies causes the Lender’s performing its
lending obligations hereunder not to comply with laws, regulations or regulatory requirements, the Lender shall have the right to terminate this Contract unilaterally, declare the whole Loan originated due in advance, and the Borrower shall repay
the Loan immediately as required by the Lender. If the Lender is unable to perform or fails to perform its obligations as stipulated herein for such reasons, the Lender shall not bear any legal liability. 

  
 - 26 - 

	4.	 If the Loan is not originated or disbursed on time due to force majeure, communication or network failure,
failure of the Lender’s system, the Lender shall not bear any liability therefrom, but shall notify the Borrower in time. 

  

	5.	 The Lender shall have the right to authorize or entrust any other branch of Industrial Bank to exercise its
rights and perform its obligations hereunder (including, but not limited to, authorizing or entrusting other branches of Industrial Bank to sign relevant contracts), or to assign the Loan hereunder to any other branch of Industrial Bank. The
Borrower agrees with such assignment and the Lender may not need to obtain the Borrower’s consent for such assignment. 

  

	6.	 The Borrower agrees that the Lender may have the right to unilaterally reduce or cancel the portion of the
Loan not yet used hereunder on the basis of the factors such as the Borrower’s production and operation, repayment and credit grant from other financial institutions. If the Lender decides to reduce or cancel the portion of the Loan not used
hereunder, it shall notify the Borrower five (5) Business Days in advance, but without the consent of the Borrower for such reduction or cancellation. 

 

	7.	 If at any time any of the provisions hereof are or become unlawful, invalid or unenforceable in any way, the
legality, validity or enforceability of the other provisions hereof shall not be affected or derogated from. 

  

	8.	 The subheadings of this Contract are only for ease of reading and shall not be used for the interpretation of
this Contract or for any other purpose. 

  

	9.	 The annexes hereto shall be integral parts hereof and shall have the same legal effect as the text of this
Contract. 

  

	10.	 This Contract is in triplicate, the Lender holds ____ copies (copy), the Borrower holds ____ copies
(copy) and ______________ holds _____ copies (copy). All the copies shall have the same legal effect. 

 Article XXII Notarization and
Voluntary Acceptance of Compulsory Enforcement 
  

	1.	 If either Party hereto makes a request for notarization, the other Party shall agree to carry out the
notarization at the notary agency prescribed by the State as required by the other Party. 

  

	2.	 This Contract with enforcement notarization shall have the effect of compulsory enforcement. If the Borrower
fails to perform or fails to perform the debt properly or if the Lender realizes the Creditor’s Right hereunder according to laws and regulations as well as this Contract, the Borrower shall agree to apply to the notary agency for an
enforcement certificate, and the Borrower shall voluntarily accept the compulsory enforcement measures directly applied by the Lender to the competent people’s court with the enforcement certificate, know the corresponding legal consequences,
and undertake not to raise any objection or defense. 

  

	3.	 The Parties agree that: Before issuing the enforcement certificate, the notary agency shall have the right to
verify the relevant default facts such as the Borrower’s failure to perform or improper performance of the debt by mail, by phone, by fax, by e-mail, by SMS, by WeChat, by QQ, by personal service, or by
interview, in accordance with the provisions in the article “Document Exchange, Communications and Notices” hereof. If it is verified by phone or by interview, the end of the interview or the call shall be deemed to be served; if it is
verified by mail, by fax, by e-mail, by SMS, by WeChat, by QQ, by personal delivery, etc., the provisions in the article “Document Exchange, Communications and Notices” hereof shall be executed for
the determination of the date of service. 

  
 - 27 - 

	4.	 If the Borrower has any objection to the facts of breach of contract verified in the preceding paragraph, it
shall, within five (5) Business Days from the date of service, give written evidence to the notary agency and submit sufficient evidence. If the evidence is not provided on time or the notary agency considers that the evidence is not sufficient
to support its claim, it shall be regarded as the Borrower’s confirmation of the relevant default facts such as failure to perform or improper performance of the debt, and the Borrower shall agree that the notary agency can issue an execution
certificate upon the request of the Lender. If the notary agency has other provisions on the verification method and the period of proof, such other provisions shall prevail. 

Article XXIII Supplementary Provisions: 
  

					
	The Lender (official seal):	  	 	  	Principal or Authorized Agent (seal):
	 		 
	/s/ Industrial Bank Co., Ltd. Suzhou Branch	  		  	/s/ Wang Xuexiang
	Industrial Bank Co., Ltd. Suzhou Branch	  		  	 
	 		 
	 	  	            	  	/s/ Zhao Xiaojun
	 		 
	 	  	 	  	December 11, 2020
	 		 
	Borrower (Official Seal):	  		  	Principal or Authorized Agent (seal):
	 		 
	/s/ Suzhou Gracell Biotechnologies Co., Ltd.	  		  	 
	Suzhou Gracell Biotechnologies Co., Ltd.	  		  	/s/ Cao Wei
	 		 
	 	  	 	  	December 11, 2020

  
 - 28 -EX-4.24

 Exhibit 4.24 

No. 2020 SYD Zi No.811208071607 
  

 
 Working Capital (in RMB) Loan Contract 

(Ver. 3.0, 2018) 
  

 
  
  

 
  

 Instructions for Filling 

 

	I.	 This Contract shall be filled out with blue-black or black sign pen or pen. 

 

	II.	 All blanks herein shall be filled out completely with clear and legible handwriting. 

 

	III.	 The currency shall be filled out in Chinese characters rather than currency symbol. Chinese name of the
currency should be added before the amount in words, and currency symbol before the amount in figures. 

  

	IV.	 Excess spaces or spaces not filled out in this Contract can be handled by drawing broken lines or oblique
lines, stamping the seal or filling in the words “this space is intentionally left blank”. 

  

	V.	 If the loan under this Contract applies the “as-needed drawdown
and repayment” mode, the corresponding maximum guarantee contract shall be filled in Article 8 Loan Guarantee hereunder. 

  
 1 

 Working Capital (in RMB) Loan Contract 

(Ver. 3.0, 2018) 
  

			
	 Party A:
	  	Suzhou Gracell Biotechnologies Co., Ltd.
		
	Legal representative:	  	Cao Wei
		
	Domicile:	  	Building 12, Block B, Biomedical Industrial Park Phase II, No. 218, Sangtian Street, Suzhou Industrial Park
		
	Zip code:	  	215000
		
	Contact person:	  	[***]
		
	Tel.:	  	[***]
		
	Fax:	  	/
		
	Email:	  	/
		
	Bank of deposit and account number:	  	[***]

  

			
	 Party B:
	  	China CITIC Bank Co., Ltd., Suzhou Branch
		
	Person-in-charge:	  	[***]
		
	Domicile:	  	West Building of Financial Harbor Business Center, No.266, East Suzhou Avenue, Suzhou Industrial Park
		
	Zip code:	  	215000]
		
	Contact person:	  	[***]
		
	Tel.:	  	[***]
		
	Fax:	  	
		
	Email:	  	[***]@citicbank.com

 Signed in: Suzhou City 
 Signed
on: December 17, 2020 

  
 2 

 WHEREAS: Party A hereby applies to Party B for working capital loan due to financing demand. In order to
clarify the rights and obligations of both parties, Party A and Party B have entered into the contract as follows through equal consultation, and in accordance with the Contract Law of the People’s Republic of China, Interim Measures
for the Administration of Working Capital Loans and other relevant laws, regulations and rules: 
 Article I Loan Type 

Party B agrees to provide a working capital loan for Party A as agreed in this Contract. 

Article II Loan Amount (Principal, the Same Below) and Loan Term 
  

	1.	 Party B agrees to provide a working capital loan for Party A according to the following Mode (1):

  

	 	(1)	 Other modes than the “as-needed drawdown and repayment”: The
loan amount in this mode is RMB (in words): Five Million (in figures): RMB

 5,000,000, with the loan term from December 17, 2020 to October 19, 2021. 

  

	 	(2)	 The “as-needed drawdown and repayment” mode: The loan amount
in this mode is RMB (in words): [/] (in figures): RMB

 [/], with the loan term from [/] to [/]. The loan amount in “as-needed drawdown and repayment” mode is a revolving credit limit. Party A can apply to Party B for
drawdown and repayment of the loan at any time within the above-mentioned loan amount and loan term, and the loan amount released after repayment is available for drawdown again within the loan term.  

 

	2.	 Both parties hereby clarify that the clauses explicitly applicable to a certain mode under this Contract
shall only apply to that mode, while other clauses shall apply to both modes (i.e., other modes than the “as-needed drawdown and repayment” and “as-needed
drawdown and repayment” mode). 

  

	3.	 The actual loan term, actual drawdown date, loan amount and actual loan rate for initial drawdown shall be
subject to the term, date, amount and interest rate specified in the loan certificate (IOU) under this Contract, which is an integral part of this Contract and has equal legal effect with this Contract. 

Article III Loan Purpose 
  

	1.	 The loan under this Contract shall be used for: 

Supplementing the working capital 

Where Party A chooses the “as-needed drawdown and repayment” mode, the loan under this
Contract shall only be used to meet the demand of Party A for working capital in daily production and operation. 
  

	2.	 Without written consent of Party B, Party A shall not change the intended use of the loan. Party A shall not
use the above loan for investment in fixed assets, real estate, equity, futures, securities, trusts, funds, guarantee, options, microloans, etc., or for private lending, illegal fund-raising and other fields and purposes prohibited by relevant
policies, or for the fields and purposes prohibited for production and operation, and shall not arbitrarily misappropriate the loan funds, otherwise, it shall bear all losses caused to Party B. 

 

	3.	 Where Party A changes the intended use of the loan without Party B’s written consent, or illegally use the
loan in violation of the Lending General Provisions or other laws and regulations, Party B will not be liable for any consequence arising therefrom. 

  
 3 

 Article IV     Loan Rate and Interest Settlement 

 

	1.	 Loan rate 

  

	 	(1)	 In other modes than the “as-needed drawdown and repayment”,
the loan rate hereunder shall be annual interest rate. If the interval time between the actual drawdown date of a single sum under this Contract and the signing date of this Contract is within six months (inclusive), the loan rate shall be
implemented according to the following Method 2: 

  

	 	1	 Loan rate = pricing base rate on the signing date of this Contract + [/] basis points (1 basis point = 0.01%);

  

	 	2	 Loan rate = pricing base rate on the actual drawdown date of the loan + [/] basis points (1 basis point =
0.01%); 

  

	 	(2)	 In the “as-needed drawdown and repayment” mode, if the
interval time between the actual drawdown date of a single sum under this Contract and the signing date of this Contract is within six months (inclusive), the loan rate = (1-year
/5-year) (loan term) loan prime rate (LPR) on the signing date of this Contract [/] + [/] basis points (1 basis point =0.01%), and the loan rate hereunder -shall be [/]%. 

 

	 	(3)	 If the interval time between the actual drawdown date of a single sum and the signing date of this Contract
exceeds six months, Party B shall have the right to adjust the interest rate of this loan according to its relevant policies on interest rate at that time. The specific loan rate adjustment method shall be
re-defined in writing through negotiation between both parties, and the actual interest rate for initial drawdown of this loan shall be subject to that specified in the loan certificate (IOU).

  

	2.	 Interest rate adjustment method 

 

	 	(1)	 In other modes than the “as-needed drawdown and repayment”,
the interest rate adjustment method for this loan shall be determined by the following Method 1. 

  

	 	1	 Fixed interest rate. The interest rate will remain unchanged within the loan term. 

 

	 	2	 Floating interest rate. The interest rate will be adjusted according to the following Method [/], and the
adjusted loan rate will be the interest rate determined by adjusting the pricing base rate applicable on the interest rate adjustment date according to the method specified in Article 4.1 hereunder. If the interest rate adjustment date coincides
with the release date of pricing base rate, the interest rate adjustment time shall be the end of that day. 

  

	 	A.	 From the actual drawdown date, the interest rate will be adjusted once every (in words) [/] (☐
month/☐ quarter/☐ half a year/☐ year). The interest rate adjustment date shall be the day corresponding to the actual drawdown date in the adjustment month. In case of no corresponding day in the adjustment month, the last day
of the adjustment month shall be the interest rate adjustment date. 

  

	 	B.	 From the actual drawdown date, the initial interest rate adjustment date is determined to be [/], and the
interest rate will be adjusted once every (in words) [/] (☐ month/☐ quarter/☐ half a year/☐ year) from initial interest rate adjustment date. The interest rate adjustment date shall be the day corresponding to the initial
interest rate adjustment date in the adjustment month. In case of no corresponding day in the adjustment month, the last day of the adjustment month shall be the interest rate adjustment date. 

  
 4 

	 	C.	 Adjustment at a fixed date, that is, the interest rate adjustment date is set to be [/] every year within the
loan term (for example, July 1). 

  

	 	(2)	 In the “as-needed drawdown and repayment” mode, the loan rate
under this Contract will be fixed, which will remain unchanged within the loan term. 

  

	 	(3)	 In other modes than the “as-needed drawdown and repayment”,
when floating interest rate is applied to the interest rate adjustment method, the pricing base rate applicable to this loan on the contract signing date, the actual drawdown date and the interest rate adjustment date shall be determined by the
following Method [/]: 

  

	 	1	 The latest (1-year /5-year)
(loan term) LPR [/] published by the National Interbank Funding Center at the current time. 

  

	 	2	 The (overnight /1-week /2-week /1-month /2-month /3-month /6-month /9-month /1-year) (loan term) Shanghai Interbank Offered Rate [/] published by the National Interbank Funding Center on the previous working day. 

 

	 	3	 Other methods negotiated by both parties: [/] 

In other modes than the “as-needed drawdown and repayment”, if fixed interest rate is applied
to the interest rate adjustment method, the pricing base rate applicable to this loan on the contract signing date and the actual drawdown date shall be the latest 1-year
(1-year/ 5-year) (loan term) LPR published by the National Interbank Funding Center at the current time. 

 

	 	(4)	 In case the state cancels the pricing base rate, the pricing base rate will no longer be published in the
market, or the financing cost of Party B cannot be offset according to the current loan rate, Party B shall have the right to re-determine the loan rate according to national interest rate policies in the same
period, based on the principle of fairness and good faith, and by reference to industry practices, interest rate conditions and other factors, and then notify Party A. In case of any objection, Party A shall negotiate with Party B. If the
negotiation fails within five working days from the date when Party B issues the notice, Party B shall be entitled to declare the loan hereunder to be due ahead of schedule, and Party A shall immediately pay off the remaining loan principal and
interest. 

  

	3.	 Interest settlement 

  

	 	(1)	 Interest settlement of the loan under this Contract not in the
“as-needed drawdown and repayment” mode 

  

	 	1	 This loan bears interest from the actual drawdown date, and the interest payable by Party A under this Contract
shall be settled according to the following formula: Interest payable by Party A = actual loan balance * actual number of days during interest period * annual interest rate /360 days. 

Where the actual loan balance changes during the interest period, the interest shall be settled by segments according to the actual number of
days. 
  

	 	2	 For the loan with non-lump-sum
repayment of principal and interest, the initial interest settlement date shall be MM DD YYYY, and the interest shall be settled according to the following Method A: 

 

	 	A.	 The interest shall be settled on a monthly basis, i.e., on the 20th day of each month (if the loan rate is not
uniform during the interest period, the interest shall be settled by segments according to the actual number of days); 

  
 5 

	 	B.	 The interest shall be settled on a quarterly basis, i.e., on the 20th day of each month (if the loan rate is
not uniform during the interest period, the interest shall be settled by segments according to the actual number of days); 

  

	 	C.	 Other time agreed upon by both parties: [/]. 

 

	 	(2)	 Interest settlement of the loan under this Contract in the
“as-needed drawdown and repayment” mode 

  

	 	1	 During the loan term, the interest settlement date and interest payable for different loans of Party A shall be
determined respectively according to the self-service repayment date of Party A. 

  

	 	2	 When Party A repays the loan principal, the corresponding interest shall also be paid off, which shall be
settled on a daily basis, and the loan repayment date shall be the corresponding interest settlement date of the loan. Now, interest payable by Party A = actual loan balance * actual number of days during interest period * annual interest rate /360
days. 

  

	 	(3)	 Party A shall reserve the corresponding amount in the account opened by Party B (account number: [***]) before
the end of business hours of Party B on each interest settlement date, and authorize Party B to deduct the interest directly from this account on the interest settlement date; If Party A chooses to pay interest to Party B by other methods, it shall
ensure that the interest can be transferred into the account on time. If the interest settlement date is not a banking day, the amount shall be remitted in advance in the previous banking day. Where Party B fails to receive the corresponding
interest in full on the interest settlement date, Party A will be deemed to fail to pay interest on time. 

  

	4.	 When the loan is due, the interest shall be paid off with the principal. If the maturity date of the loan is a
legal holiday or public holiday, and the loan is repaid on the last banking day before such holiday, the interest shall be settled at the contract interest rate, but the interest settled at the contract interest rate corresponding to the number of
days between the maturity date and the repayment date shall be deducted; If the loan is repaid on the first banking day after the legal holiday or public holiday, the interest corresponding to the number of days between the maturity date and the
repayment date shall be charged at the contract interest rate. If the loan is not repaid on the first banking day after the legal holiday or public holiday, the interest shall be charged for the overdue loan from that date. 

Article V     Issuance and Payment of the Loan 
  

	1.	 Preconditions for initial drawdown 

Party A shall fully comply with the following conditions for initial drawdown: 

[/] 
  

	2.	 Preconditions for each drawdown 

For each drawdown under this Contract (including initial drawdown), Party A must also comply with the following conditions: 

 

	 	(1)	 Party A does not violate the regulations or provisions of this Contract, guarantee document and other relevant
documents. 

  

	 	(2)	 The guarantee document continues to be valid, and there are no or will be no adverse changes in the guarantee
that Party B thinks may be detrimental to the realization of its creditor’s rights. 

  
 6 

	 	(3)	 The collateral or pledge under the guarantee document isn’t sealed up, and the creditor’s rights
under the maximum guarantee are not determined. 

  

	 	(4)	 There are no adverse changes in Party A’s financial position that may endanger or delay it to perform or
prevent it from performing its obligations and responsibilities under this Contract and guarantee document. 

  

	 	(5)	 Party A has signed or provided Party B with the documents agreed or reasonably requested by Party B.

  

	 	(6)	 Party A has opened relevant accounts as agreed in this Contract or as required by Party B.

  

	 	(7)	 In the “as-needed drawdown and repayment” mode, Party A
should also conform to the access conditions for credit products of small and micro enterprises set by Party B and relevant system requirements of the “as-needed drawdown and repayment” business
function of small and micro enterprises. Party A hasn’t misappropriated any loan from Party B, and there are no records of outstanding non-performing loans, outstanding advances or outstanding interest
arrears in the Credit Reference System of the People’s Bank of China. In addition, the actual controller or guarantor of Party A has no overdue loans in the Credit Reference System of the People’s Bank of China at present. Moreover, Party
A is not a borrower involving the restructured loan business. 

  

	 	(8)	 [/] 

  

	 	(9)	 Other conditions required by Party B. 

 

	3.	 Drawdown plan 

  

	 	(1)	 In other modes than the “as-needed drawdown and repayment”,
Party A shall withdraw funds according to the following Plan 1, and the planned drawdown date shall be a banking day, otherwise, it shall be adjusted to the previous banking day. 

 

	 	1	 Drawdown Schedule 

  

			
	 	 
	Planned drawdown date	  	Drawdown amount
	 	 
	December 17, 2020	  	RMB¥5000000

  

	 	2	 [/] 

  

	 	(2)	 In the “as-needed drawdown and repayment” mode, Party A can
make self-service drawdown at any time within the loan limit and loan term through Party B’s online banking and other electronic channels according to its own fund use plan. 

 

	 	(3)	 Party B has the right to review the loan amount every (in words) [/] months (no more than 12 months) from the
contract signing date, so as to decide whether to continuously provide Party A with or adjust the unused loan amount. 

  

	4.	 Where Party A or the guarantor fails to fulfill all legal or contractual obligations hereunder, including but
not limited to Party A’s failure to provide complete loan materials within the period stipulated by Party A, and the guarantor’s failure to complete the guarantee registration formalities as scheduled, Party A agrees that Party B is
entitled to change the above drawdown plan. In case the loan term changes due to the change of drawdown plan, the provisions of Article 2.3 of this Contract shall apply. 

  
 7 

	5.	 In other modes than the “as-needed drawdown and repayment”,
Party A shall withdraw funds according to the drawdown plan as agreed in this Contract; Without the written consent of Party B, Party A shall not change the drawdown plan. In case of any change in the planned drawdown date and/or drawdown amount, a
written application shall be submitted to Party B [/] banking days before the planned drawdown date specified in this Contract. Party B agrees to give Party A a drawdown grace period of [/] banking days. For the loan that has not been withdrawn
after the expiration of grace period, Party B shall have the right to cancel the loan, may not allow Party A to withdraw the funds any more, and is entitled to require Party A to bear the liability for breach of contract according to Article 13.2
hereunder. 

  

	6.	 Where the loan principal actually issued by Party B changes due to the circumstances specified in Article 5.5
hereunder, the loan principal under this Contract shall be calculated based on the loan certificate (IOU) actually generated under this Contract. 

  

	7.	 Issuance and Payment of the Loan 

 

	 	(1)	 Application for drawdown 

 

	 	1	 In other modes than the “as-needed drawdown and repayment”,
Party A shall file an application for drawdown to Party B no less than [/] banking days before each drawdown date, and submit the loan certificate (IOU) and all drawdown documents as agreed in this Contract and required by Party B. Party A shall
reserve the seal used for drawdown by its authorized staff (please refer to Annex I for the format, or separately provide Party B with a seal card for safekeeping in its special folder. If Party A reserves multiple seals, the use of any seal shall
be regarded as the declaration of Party A’s intention). When filing a business application, Party A’s staff shall issue the seal consistent with the reserved seal. Party B is only responsible for formal review of the seal provided by Party
A’s staff against the reserved seal, and can accept Party A’s business application after verification. In case of any change to the above reserved seal, Party A shall notify Party B in written form with official seal or special seal for
contract on the day of change. If Party B suffers any loss due to Party A’s failure to notify it timely, Party A shall bear corresponding liabilities for compensation. The application for drawdown filed by Party A is irrevocable; After approval
by Party B, Party A is obligated to apply for drawdown according to the above-mentioned application for drawdown. 

  

	 	2	 In the “as-needed drawdown and repayment” mode, Party A can
make self-service drawdown at any time within the loan limit and loan term through Party B’s online banking and other electronic channels according to its own fund use plan, without a written application for drawdown to Party B.

  

	 	3	 The loan funds shall be transferred to the settlement account (account number: [***]) opened by Party A at
Party B, or paid as entrusted by Party A to its counterparty as agreed. 

  

	 	(2)	 Loan payment method 

Loan payment falls into independent payment and entrusted payment. Under any of the following circumstances, entrusted payment should be
adopted: 

  
 8 

	 	1	 Loan funds with the amount of a single sum exceeding [/] (inclusive) shall be subject to entrusted payment by
the lender; 

  

	 	2	 This loan applies the entrusted payment method. 

 

	 	3	 [/] 

  

	 	4	 [/] 

  

	 	5	 [/] 

In case of entrusted payment by Party B, Party B shall have the right to check whether the payee, payment amount and other information listed
in the payment application submitted by Party A are consistent with the corresponding business contract and other certification materials before the loan funds are issued and paid. After the review and approval by Party B, according to the payment
order (please refer to Annex 2 for the format) submitted by Party A, the loan funds will be transferred to the account of Party A’s counterparty as listed in the payment order by Party A through the settlement account (account number: [***])
opened by Party A at Party B. 
 Party B’s formal examination of the above-mentioned business contract and other documents does not mean
that Party B confirms the authenticity and legal compliance of the relevant transaction, nor does it mean that Party B intervenes in any dispute between Party A and its counterparty or any third party, or in the liabilities and obligations that
Party A should assume. 
 Where the loan is not paid to the bank account of Party A’s designated counterparty timely and successfully
due to refund by the bank of deposit where Party A’s counterparty opens the account or due to wrong information provided by Party A or any other reason, Party B will not bear any liability, and Party A shall bear all risks, liabilities and
losses of both parties caused hereby. Party A shall not use the funds refunded by the bank of deposit where Party A’s counterparty opens the account without Party B’s review and approval. 

 

	 	(3)	 Payment management 

  

	 	1	 After the loan is issued, Party B shall have the right to regularly or irregularly review and check whether
Party A uses the loan funds as agreed in this Contract, and Party A is obligated to fully cooperate and timely provide the records and materials for the use of loan funds as required by Party B, including but not limited to business contracts
related to the payment of loan funds, and other transaction vouchers and materials that can prove the use of funds. Where it’s found by Party B in the inspection that the use of loan funds is inconsistent with the intended use under this
Contract, it has the right to require Party A to make correction within a specified period. If Party A refuses to correct, Party B shall be entitled to deal with it according to the provisions of Articles 13.4 and 13.6 hereunder. For “as-needed drawdown and repayment” mode, Party A shall also provide Party B with invoices, transaction contracts, transaction statements or accounting documents, and other certification materials for the
use of loan funds within 7 days after each sum of loan funds is issued. For other modes than the “as-needed drawdown and repayment”, Party A shall provide the above-mentioned certification materials
for the use of loan funds at any time as required by Party B. 

  

	 	2	 In other modes than the “as-needed drawdown and repayment”,
if Party A applies independent payment, it shall provide Party B with business contracts related to the payment of loan funds and other transaction materials proving the use of loan funds in the previous quarter before the 10th day of the next month
after the end of each quarter, and summarize and report the payment of loan funds. Party B shall have the right to check whether the loan payment is consistent with the intended use and whether the payment is made based on the project progress by
account analysis, voucher verification and field investigation. 

  
 9 

	 	3	 Under any of the following circumstances of Party A during loan issuance and payment under this Contract, Party
B shall have the right to negotiate with Party A to supplement or change the conditions for loan issuance and payment, or stop the issuance and payment of loan funds as appropriate: 

 

	 	A.	 The credit status declines, and the profitability of main business is not good; 

 

	 	B.	 Party A fails to use the loan funds as agreed in this Contract; 

 

	 	C.	 Party A violates the provisions of this Contract, and avoids the entrusted payment by Party B by splitting
large amount into small ones. 

  

	8.	 Other provisions: 

[/] 
 Article VI
    Repayment 
  

	1.	 In other modes than the “as-needed drawdown and repayment”,
the loan under this Contract shall be repaid by the following Method (1): 

  

	 	(1)	 Pay interest on a regular basis and repay the principal upon maturity of the loan; 

 

	 	(2)	 Repay the principal and interest in one lump sum. 

 

	 	(3)	 Other methods: [/] 

  

	2.	 In other modes than the “as-needed drawdown and repayment”,
Party A shall repay the loan principal according to the following Plan (1): 

  

	 	(1)	 Repayment Schedule 

  

					
	 	 	 
	Sequence	  	Repayment date	  	Repayment amount
	 	 	 
	1	  	October 19, 2021	  	RMB¥5000000.00

  
 10 

	 	(2)	 [/] 

  

	3.	 In the “as-needed drawdown and repayment” mode, Party A can
repay the loan principal in whole or in part corresponding to the “as-needed drawdown and repayment” mode under this Contract at any time through electronic channels such as Party B’s online
banking according to its own business needs. Both parties hereby confirm that if Party A repays all or part of the loan principal in a self-service manner under this mode, Party B will not charge liquidated damages or impose restrictions on the
number of times. If Party A repays the principal in full, the interest will also be paid off with the principal. If Party A partially repays the principal, it may independently choose to repay each sum of loan funds according to the corresponding
loan certificate (IOU), and the loan interest shall be calculated separately. If the partially repaid amount can offset both the loan principal and interest under the loan certificate (IOU) of a single sum of loan funds, the loan interest will be
paid off with the principal; if not, the interest will be charged continuously for the remaining principal after repayment. 

  

	4.	 Party A shall remit the amount of no less than the principal and interest payable to the account (account
number: [***]) opened by Party A at Party B before the end of business hours at the repayment date. This account will serve as the repayment account of Party A, and Party A hereby authorizes Party B to automatically deduct the loan principal and
interest from this account. 

  

	5.	 If the amount repaid or paid by Party A is insufficient to repay or pay the total amount of payments that
should be repaid or paid in this period, the repaid amount shall be used to pay the following expenses in the order: 

  

	 	(1)	 Pay all expenses payable, liquidated damages, compensation, etc. generated according to this Contract and
relevant laws and regulations; 

  

	 	(2)	 Pay default interest and compound interest payable; 

 

	 	(3)	 Pay the interest payable; 

 

	 	(4)	 Pay the principal payable. 

If the amount repaid or paid by Party A is insufficient to repay or pay all payments in the same order, it shall be used to pay off the
payments incurred first. 
  

	6.	 Voluntary advance repayment in other modes than the “as-needed
drawdown and repayment” 

  

	 	(1)	 Where Party A repays the loan wholly or partially in advance, all the following conditions shall be satisfied:

  

	 	1	 Party A has paid all due payables to Party B before the advance repayment date; 

 

	 	2	 Party A shall file a written application for advance repayment to Party B at least 20 banking days before the
proposed advance repayment date, and obtain the written consent of Party B; 

  

	 	3	 Except the advance repayment of all loan funds hereunder, the advance repayment amount shall be integral
multiples of RMB [/]0,000, and the amount of any advance repayment shall be no less than RMB [/]0,000. 

  

	 	4	 Party B shall be entitled to charge liquidated damages from Party A at a fee rate of [/]% from the date of
advance repayment by Party A. The liquidated damages shall be calculated according to the formula below: Liquidated damages = advance repayment amount * remaining loan term (calculated in years) * loan rate applicable to the advance repayment date
as agreed in this Contract * fee rate. 

  
 11 

	 	5	 Party A shall also pay Party B the interest for the advance repayment amount and other expenses payable
(including liquidated damages) during the advance repayment. 

  

	 	(2)	 Unless otherwise agreed by Party B in writing, Party A shall not make repayment in advance for more than [/]
times within the loan term. The loan principal repaid in advance shall be repaid in reverse order, that is, the loan principal shall be repaid in reverse order against the repayment plan as agreed in this Contract. 

 

	 	(3)	 The application for advance repayment is irrevocable. After Party B agrees in writing to Party A’s advance
repayment, Party A shall repay the loan hereunder in advance according to the amount and date specified in the application for advance repayment. Where Party B agrees in writing to Party A’s advance repayment, but Party A fails to repay the
loan in advance according to the amount and date specified in the application, Party B shall have the right to regard the loan as an overdue loan. 

  

	 	(4)	 Where Party B agrees in writing to Party A’s advance repayment, interest of the loan repaid in advance
shall be calculated based on the actual use days of this part of loan. 

 Article VII     Loan Restructuring

 Where Party A fails to repay the due loan on schedule, it shall file a written application for loan restructuring to Party B at least one month before
the maturity date of the current loan. If Party B agrees to Party A’s application, both parties shall sign a loan restructuring agreement. If Party B disagrees, Party A shall still repay the due loan at the date as agreed in this Contract,
otherwise, Party B shall have the right to regard the loan as an overdue loan. 
 Article VIII     Loan Guarantee 

 

	1.	 The loan under this Contract adopts the following guarantee mode: 

[Warranty] 
 For the aforesaid
guarantee, Party B and the guarantor shall enter into the following guarantee contract with respect to the specific guarantee matters in this Contract: 
  

					
	 	 	 
	Serial
No.	 	Contract No.	  	Contract name
	 	 	 
	
1
	 	2020 SYZB Zi No.
811208071607	  	Maximum Guarantee Contract

  

	2.	 During the loan term, if the above guarantee mode is changed or the specific guarantee registration
formalities cannot be handled when this Contract is signed, Party A hereby irrevocably promises and agrees that: Party A guarantees to change the guarantee mode as agreed by both parties at that time, and will urge the guarantor after change to sign
relevant guarantee document and/or to go through relevant guarantee registration formalities within three days after the requirements for handling guarantee registration formalities are met, otherwise, Party A will be deemed as breach of contract,
and Party B shall have the right to investigate Party A’s liability for breach of contract and take corresponding remedial measures as agreed in this Contract. 

  
 12 

 Article IX     Representations and Warranties of Party A 

 

	1.	 Party A is a Chinese legal person or other organization legally established in accordance with the laws of the
People’s Republic of China. It has the capacity for civil rights and capacity for civil conduct required for signing and performing this Contract according to law, and can independently bear civil liabilities. Moreover, Party A has obtained all
necessary and legal internal and external approvals and authorizations for signing this Contract. 

  

	2.	 All documents (including but not limited to trade background and contracts and other certification materials
for fund use provided by Party A) and statements related to this loan and provided by Party A according to law and Party B’s requirements are valid, legal, true, accurate and complete. 

 

	3.	 The signing and performance of this Contract by Party A shall not violate the provisions of laws, regulations
and other documents legally binding on it, the Articles of Association of Party A, and the contracts, agreements and other documents signed between Party A and any third party. The representative of Party A who signs this Contract and related
documents has legally obtained necessary authorizations stipulated by Party A and has the right to sign the foregoing contract or documents. 

  

	4.	 Except for the guarantee as agreed in this Contract or approved by Party B in writing, Party A and its
guarantor do not set any other guarantee on the collaterals provided by them under this Contract, and there isn’t any third-party right in any other form against the assets, which may damage Party B’s interests, or any circumstance or
possibility of sealing-up, detention, freezing, preservation, etc. of the assets; There are no records of outstanding non-performing loans, outstanding advances or
outstanding interest arrears of Party A in Credit Reference System of the People’s Bank of China. In addition, the actual controller and guarantor of Party A have no overdue loans in the Credit Reference System of the People’s Bank of
China at present. 

  

	5.	 Except for the breach of contract, and litigation, arbitration and administrative punishment procedures that
have been disclosed to and accepted by Party B, Party A does not have any other breach of contract or potential breach of contract, nor does it involve in any other ongoing or possible litigation, arbitration or administrative punishment procedures.

  

	6.	 Party A guarantees that the funds will be used strictly according to the intended use of the loan as agreed
hereunder, and that the short-term loan will not be used for a long term. In addition, Party A also guarantees that the loan funds will not be used for investment in securities, real estate, futures market and equity capital, and for private
lending, illegal fund-raising and other fields prohibited by relevant policies in any form, and that it will not misappropriate the loan. 

  

	7.	 Party A guarantees that the source of funds used to repay the loan to Party B is legal and compliant.

  

	8.	 Party A shall abide by the laws and regulations of the People’s Republic of China on anti-money
laundering, and shall not participate in illegal and criminal activities such as money laundering, terrorist financing and proliferation financing; Besides, it shall actively cooperate with Party B’s client identification and due diligence,
provide true, accurate and complete client information, and comply with Party B’s relevant management regulations on anti-money laundering and anti-terrorist financing. For the clients suspected of being involved in money laundering and
terrorist financing with reasonable reasons, Party B will take necessary control measures in accordance with the regulatory provisions of the People’s Bank of China on anti-money laundering. 

  
 13 

 Article X     Party A’s Commitments 

 

	1.	 Party A shall provide Party B with the statements and other documents that truthfully reflect its operating and
financial conditions on a regular basis or at any time as required by Party B. In the “as-needed drawdown and repayment” mode, Party A shall also mail the invoices, transaction contracts,
transaction statements or accounting documents and other certification materials for fund use to the address designated by Party B within 7 days from the drawdown date (in other modes than the “as-needed
drawdown and repayment”, these materials shall be provided at any time as required by Party B) or Party B’s staff may collect relevant materials in person. Party A commits that the above-mentioned materials provided are all valid, true and
complete.  

  

	2.	 During the loan term, any change in Party A’s operating decisions, including but not limited to share
transfer, restructuring, large-amount financing, asset sale, merger, consolidation, separation, shareholding system reform, joint venture, cooperation, joint operation, contractual leasing, foreign investment, substantial increase in debt financing,
changes in business scope and registered capital, changes in the company’s Articles of Association, etc., which may affect Party B’s rights and interests, shall be notified to Party B in writing at least 30 days in advance and get Party
B’s prior written consent. Besides, Party A shall bear the liability for satisfaction or pay off the loan in advance or provide the guarantee acceptable by Party A. 

 

	3.	 Party A shall actively cooperate with Party B in its business condition, loan payment management and management
after loan, including the investigation, understanding and supervision on the basic information of enterprise, use of loan funds, operation management, financial and operation status, settlement transactions and connected transactions by on-site or off-site inspection. All expenses incurred by Party B due to Party A’s obstruction shall be borne by Party A. 

 

	4.	 Without the prior written consent of Party B, Party A shall not transfer the debts hereunder in any way or
transfer them in disguised form. 

  

	5.	 Where Party A disposes of all or part of its assets or operating income by transfer, lease or setting guarantee
for debts other than those under this Contract, it shall notify Party B in writing at least 30 days in advance and obtain Party B’s prior written consent. 

 

	6.	 In case of any of the following events, Party A shall notify Party B in writing within 3 days from the date of
occurrence or possible occurrence, and submit relevant materials: 

  

	 	(1)	 Force majeure events or events of default related to the loan; 

 

	 	(2)	 Party A or its controlling shareholder is involved in any litigation, arbitration, investigation for criminal
responsibilities, administrative punishment, closedown, suspension of business, restructuring, dissolution, application for bankruptcy, acceptance of bankruptcy application, adjudication of bankruptcy, revocation of business license, rescission,
deterioration of financial position, etc.; 

  

	 	(3)	 Board members and senior management of Party A are suspected of being involved in important cases or economic
disputes, or are given administrative punishment by relevant departments; 

  

	 	(4)	 Liability accidents are caused by violation of relevant laws and regulations, regulatory provisions or industry
standards on food safety, work safety and environmental protection, which have had or may impose adverse impact on the fulfillment of its obligations hereunder. 

  
 14 

	 	(5)	 Any event that has adverse impact on the repayment of debts under this Contract. 

 

	7.	 If the guarantor is subject to the circumstances, including but not limited to close down, suspension of
business, application for bankruptcy, acceptance of bankruptcy application, adjudication of bankruptcy, dissolution, revocation of business license, rescission, operating loss, etc., and partially or completely loses the guarantee ability
corresponding to this loan, or the collateral, pledge and pledge right used for loan guarantee under this Contract are devalued, Party A shall provide new guarantee acceptable by Party B. 

 

	8.	 During the loan term, if Party A changes the corporate name, legal representative, person-in-charge, domicile, telephone number and fax, it shall notify Party B in writing within three days after the change. 

 

	9.	 Party A shall promptly report to Party B in writing the connected transactions that have occurred or are about
to occur and account for more than 10% (inclusive) of Party A’s net assets, including but not limited to the association relationship of transaction parties, transaction items and nature, transaction amount or corresponding proportion, and
pricing policy (including transactions with no amount or only symbolic amount). 

  

	10.	 Party A shall comply with relevant regulations in production and operation, and related behaviors thereof,
including but not limited to industrial policies, fiscal and tax policies, and regulations on market access, environmental assessment, energy conservation and emission reduction, energy consumption and pollution control, resource utilization, land
and urban planning, labor safety, etc. 

 Article XI     Rights and Obligations of the Parties 

 

	1.	 Party A shall have the right to withdraw and use the loan within the term for intended use as agreed in this
Contract. 

  

	2.	 Party A shall pay off loan principal and interest, and relevant expenses as agreed in this Contract.

  

	3.	 Party A agrees that Party B may provide its credit information for the Financial Credit Information Basic
Database and/or credit bureaus approved by the People’s Bank of China. It also authorizes and agrees that Party B may inquire, download, copy, print and use its credit information from the websites of Financial Credit Information Basic Database
and/or credit bureaus approved by the People’s Bank of China, or relevant units and departments for the purpose of this Contract, and use it for legal and compliant purposes related to this Contract; If Party A fails to repay the loan principal
and interest as agreed hereunder, it shall bear adverse credit consequences arising therefrom. 

  

	4.	 Party A agrees that Party B has the right to transfer the creditor’s rights and corresponding guarantee
rights to a third party during the existence period of the loan without obtaining Party A’s consent. When Party A provides guarantee by itself, it agrees to continuously undertake relevant guarantee liability to the transferee of
creditor’s rights after the transfer. Party A irrevocably authorizes Party B to re-sign a contract with the third party as Party A’s agent. 

 

	5.	 Party A agrees that during the existence period of the loan, Party B has the right to act as the initiator of
credit asset securitization to trust the creditor’s rights and corresponding guarantee rights under this Contract to a trustee, so as to set up a special purpose trust, and the trustee will issue the asset-backed securities. If Party A provides
guarantee by itself, it agrees to continuously assume the guarantee liability to the aforesaid trustee. Party A agrees that where Party B publishes the transfer of its creditor’s rights and corresponding guarantee rights through special purpose
trust by an announcement (newspaper or website, etc.), it shall be deemed to have notified Party A. 

  
 15 

	6.	 Where Party A provides guarantee by itself, Party A understands and agrees that if Party B transfers or trusts
the creditor’s rights hereunder to any third party, which requires going through guarantee transfer formalities, Party A is obligated to cooperate with Party B unconditionally and bear relevant expenses according to regulations. Where the
guarantee transfer registration is not handled, Party A promises to give up the right of defense enjoyed thereby. If Party A fails to handle transfer registration in accordance with relevant laws and regulations, stipulations of the registration
administrative department or requirements of Party B, Party B shall have the right to require Party A to bear the liability for breach of contract and to bear all expenses (including but not limited to legal costs, attorney fees, travel expenses,
etc.). 

  

	7.	 Party B shall have the right to check, supervise and learn about Party A’s business condition, use of loan
funs and connected transactions. Party B is entitled to check and learn about Party A’s business condition and use of loan funds at least once every quarter, and to decide whether to stop issuing the loan or handling the business under this
Contract according to the inspection results. 

  

	8.	 Provided that Party A has fulfilled its obligations under this Contract and complies with the conditions for
loan issuance by Party B, Party B shall issue the loan to Party A in full and on schedule. 

  

	9.	 Party B shall have the right to request Party A to provide relevant documents according to examination demand
for loan issuance, and Party B shall keep confidential the materials, documents and information provided by and related to Party A, except those that should be inquired or disclosed according to the provisions of laws and regulations, and the
requirements of government departments. 

  

	10.	 Party B shall have the right to recover the loans partially or wholly in advance according to Party A’s
repayment of funds. 

  

	11.	 In the “as-needed drawdown and repayment” mode, Party B shall
be entitled to suspend Party A’s business function of as-needed drawdown and repayment as the case may be, without bearing any liability for breach of contract. 

Article XII     Account 
 Party A
shall open the following accounts in Item 1 and/or Item 2 at Party B (multiple choices are allowed): 
  

	1.	 Settlement account with account number of [***], on which both parties make an agreement as follows:

  

	 	(1)	 The funds of this loan shall be issued and paid through this account. Party B has the right to manage and
control the payment of loan funds as agreed in this Contract, and supervise the use of loan funds according to the agreed purpose. 

  

	 	(2)	 [/] 

  

	2.	 Fund repayment account with account number of [***], on which both parties make an agreement as follows:

  

	 	(1)	 Party A shall provide information on the inflow and outflow of funds in this account, and Party B shall have
the right to carry out supervision. 

  

	 	(2)	 [/] 

  
 16 

	3.	 [/] account with account number of [/], on which both parties make an agreement as follows:

 [/] 
 Article XIII
    Liability for Breach 
  

	1.	 After this Contract comes into force, both parties shall perform their respective obligations under this
Contract. If either party violates any provision, commitment or warranty hereunder, it shall bear corresponding liability for breach of contract. 

  

	2.	 Without Party B’s written consent, in other modes than the
“as-needed drawdown and repayment”, if Party A fails to withdraw loan funds at the drawdown date specified in this Contract, Party B shall have the right to charge liquidated damages according to the
actual overdue days at the interest rate as agreed in this Contract. 

  

	3.	 Event of default: 

  

	 	(1)	 Party A violates any representation, warranty or commitment under this Contract, or the certificates and
documents related to this loan and submitted to Party B, and the representations and warranties in Article 9 hereunder are proved to be untrue, inaccurate, incomplete or intentionally misleading, and violate the commitments in Article 10 and Party
A’s obligations in Article 11 hereunder; 

  

	 	(2)	 Party A fails to pay the loan funds in the way agreed in Article 5.7 hereunder; 

 

	 	(3)	 Party A fails to use the loan for the agreed purpose, changes the intended use of loan funds without
authorization, misappropriates the loan or uses the loan to engage in illegal transactions; 

  

	 	(4)	 Party A fails to repay the loan principal and interest and other payables under this Contract as agreed, or
fails to fulfill its obligations in accordance with this Contract; 

  

	 	(5)	 Party A conceals important operating and financial facts from Party B; 

 

	 	(6)	 Party A fraudulently obtains this loan by a false contract with the controlling shareholder and other
affiliated company; 

  

	 	(7)	 Party A transfers its property at a low price or free of charge; reduces or exempts the debts of third parties;
is lazy in exercising a claim or other rights; The funds in any account of Party A (including but not limited to the fund repayment account) fluctuates abnormally; it is determined through Party B’s supervision and inspection that the
profitability of Party A’s main business declines, which may affect the realization of Party B’s creditor’s rights; The loan funds are used abnormally; Party A violates Party B’s regulatory requirements for the fund repayment
account; 

  

	 	(8)	 Party A or its controlling shareholder is subject to closedown, suspension of business, application for or
being applied for liquidation, dissolution or restructuring, takeover, custody or similar legal procedures, application for bankruptcy, acceptance of bankruptcy application, adjudication of bankruptcy, revocation of business license, rescission,
private financing, or any litigation, arbitration or criminal or administrative punishment that imposes adverse consequences on its own business or property status, which Party B thinks may affect or damage or has affected or damaged Party B’s
rights and interests under this Contract; 

  

	 	(9)	 Any change is made to Party A’s domicile, business scope, legal representative, person-in-charge, executive partner and other industrial and commercial registration matters, or the controlling shareholder/actual controller, or any external investment is
made, which imposes adverse impact on or threatens the realization of Party B’s creditor’s rights; 

  
 17 

	 	(10)	 Party A suffers any financial loss, asset loss or asset loss arising from external guarantee, or other
financial crisis, which Party B thinks may affect or damage or has affected or damaged Party B’s rights and interests under this Contract; 

  

	 	(11)	 Party A’s controlling shareholder and other affiliated companies suffer a crisis in operation or finance,
or there is any connected transaction between Party A and its controlling shareholder or other affiliated company, which affects normal operation of Party A, or imposes adverse impact on or threatens the realization of Party B’s creditor’s
rights; 

  

	 	(12)	 In case of any adverse change in Party A’s industry, which seriously affects or threatens the realization
of Party B’s creditor’s rights. The circumstances described in this clause are not force majeure events; 

  

	 	(13)	 Cross default. Where Party A defaults in performing other debt documents and fails to make correction within
the applicable grace period, which leads to any of the following circumstances, it also constitutes a breach of this Contract, namely, a cross default: 

  

	 	1	 Party A’s debts in other debt documents are declared or can be declared to be due in an accelerated
manner; 

  

	 	2	 Although Party A’s debts in other debt documents are not declared or cannot be declared to be due in an
accelerated manner, there is a default in payment. 

 Other debt documents refer to the loan contracts signed between Party
A and its creditors (including Party B and other third parties) and guarantee documents thereof, and Party A’s bond project documents for public or non-public offering 

 

	 	(14)	 Party A refuses to accept Party B’s supervision and inspection on its use of loan funds and related
operation and financial activities; 

  

	 	(15)	 Any shareholder, legal representative,
person-in-charge, senior manager or actual controller of Party A is missing and out of touch; suspected of involving in corruption, bribery, fraud, illegal operation or
other criminal offences; involved in illegal fund-raising, on-lending with high interest, etc., which Party B thinks may affect or damage or has affected or damaged Party B’s rights and interests under
this Contract; 

  

	 	(16)	 Party A’s guarantor violates any provision of guarantee contract or involves in any default under the
guarantee contract; 

  

	 	(17)	 The collateral or pledge hereunder is sealed up, detained, reported for loss, stopped for payment, or subject
to other compulsory measures, or disputes over its ownership, or is or may be damaged by any third party, or is adversely affected on its safety or integrity; 

 

	 	(18)	 Party A violates relevant laws, regulations, regulatory provisions or industry standards on food safety, work
safety and environmental protection, which results in any liability accident; 

  

	 	(19)	 Other events that endanger or damage, or may endanger or damage Party B’s rights and interests, or other
circumstances where Party A fails to perform other provisions of this Contract; 

  

	 	(20)	 Others [/] 

  

	4.	 In case of any of the aforesaid events of default, the following remedial measures may be taken by Party B:

  

	 	(1)	 Unilaterally stop or terminate the issuance of any fund that Party A has not withdrawn under this Contract
(including the loan that Party A has served the application for drawdown but has not actually withdrawn); 

  
 18 

	 	(2)	 Directly and unilaterally announce that the loan hereunder is due immediately without Party A’s consent,
and require Party A to make repayment promptly. The date on which Party B requires Party A to repay the aforesaid funds will be the early maturity date of the debts hereunder: 

 

	 	(3)	 Immediately execute the mortgage, pledge or other guarantee under this Contract and guarantee documents;

  

	 	(4)	 Party B has the right to deduct money directly from any account opened by Party A at China CITIC Bank to offset
its debts under this Contract: 

  

	 	(5)	 Exercise any other right and implement any remedial measure available according to relevant laws and
regulations. 

  

	5.	 In the “as-needed drawdown and repayment” mode, Party B has
the right to suspend the business function of “as-needed drawdown and repayment” initiated by Party A under any of the following circumstances: 

 

	 	(1)	 Party A misappropriates the loan or fails to timely provide true and effective certification materials for the
use of loan funds as agreed; 

  

	 	(2)	 The name of counterparty’s account, to which the loan withdrawn by Party A is paid contains sensitive
fields such as realty, house property, real estate, properties, property, microloan, guarantee, equity, options, futures, securities, trust and fund; 

  

	 	(3)	 Any of Party A’s loans from Party A or any other bank is overdue; 

 

	 	(4)	 Any of the loans of Party A’s actual controller or spouse hereof from Party B or any other bank is
overdue; 

  

	 	(5)	 Other circumstances where Party B deems it necessary to suspend. 

In case Party B suspends Party A’s business function of as-needed drawdown and repayment as
specified above, Party A shall repay the loan principal and interest payable, and the unused loan amount is not available by Party A. In case Party A needs to apply for recovering this function, it must submit relevant materials to Party B again,
and with Party B’s written approval, the function can be recovered. 
  

	6.	 Where Party A fails to repay the principal as agreed in this Contract, Party B shall have the right to charge
default interest by the following Method 1 in addition to exercising the rights specified in Article 13.4 hereunder. Party A agrees that the amount of above-mentioned default interest shall be subject to the calculation result of Party B:

  

	 	1	 The default interest shall be settled based on the loan rate applicable to this Contract at that time plus the
annual interest rate of 154 basis points (1 basis point =0.01%) according to the actual overdue days; 

  

	 	2	 The default interest shall be settled based on the loan rate applicable to this Contract at that time plus the
default interest rate of [/]% according to the actual overdue days. 

  

	7.	 Where Party A fails to use the loan for the purpose as agreed in this Contract, Party B shall be entitled to
not only exercise the rights specified in Article 13.4 hereunder, but also charge default interest for the part misappropriated in default by the following Method 1 from the misappropriation date. Party A agrees that the amount
of above-mentioned default interest shall be subject to the calculation result of Party B:  

  

	 	1	 The default interest shall be settled based on the loan rate applicable to this Contract at that time plus
the annual interest rate of 288.3 basis points (1 basis point =0.01%) according to the using days in default: 

  
 19 

	 	2	 The default interest shall be settled based on the loan rate applicable to this Contract at that time plus
the default interest rate of [/]% according to the using days in default. 

  

	8.	 For the loan which is overdue and not used for the purpose as agreed in this Contract, Party B shall have the
right to charge default interest according to the default interest rate specified in Article 13.6 and Article 13.7 hereunder, whichever is higher. 

  

	9.	 For the interest (including the interest corresponding to the principal declared by Party B to be fully or
partially due) that Party A fails to pay on time and default interest, compound interest shall be charged at default interest rate for overdue loan by the interest settlement method as agreed hereunder from the overdue date to the full settlement
date; For the loan which is overdue and not used for the purpose as agreed in this Contract, compound interest shall be charged with the greater amount, and shall not be concurrently imposed. 

 

	10.	 All expenses incurred by Party B in realizing its creditor’s rights (including but not limited to legal
fees, arbitration fees, execution fees, insurance premiums, travel expenses, attorney fees, property preservation fees, notarization and authentication fees, translation fees, evaluation and auction fees, etc.) shall be borne by Party A.

 Article XIV     Continuity of Obligations 

All obligations of Party A under this Contract are of continuity, and fully binding on its successors, receivers, transferees and the subjects after its
merger, restructuring and change of name. These obligations will not be affected by any dispute, claim and legal procedure, any instruction of superiors, and any contract and document signed between Party A and any natural person or legal person,
nor will they be changed due to Party A’s bankruptcy, insolvency, loss of enterprise qualification, change in its Articles of Association, and any essential change. 

Article XV     Notarization 
  

	1.	 Where either party to this Contract requests notarization, it shall be notarized in the notary office
stipulated by the state. 

  

	2.	 Where Party B requires a notarial certificate with enforcement effect, Party A agrees that Party B can apply to
the notary office for such a notarial certificate with this Contract. If Party B fails to pay off the loan principal and interest, as well as relevant expenses legally payable by Party A in full within the repayment period agreed in this Contract,
Party B may apply to the relevant court for enforcement with this notarial certificate according to law. 

 Article XVI
    Validity of this Contract 
 Where a certain clause or part thereof in this Contract becomes invalid now or in the future, the
validity of this Contract and other clauses thereof or other contents of this clause will not be affected. 
  

			
	 Article XVII     Other Matters Agreed
  

This Contract is signed at No.251, Changxu Road, Suzhou City, and is under the jurisdiction of the court in the signing place. 

 
 In the event of any conflict between this article and other clauses hereunder, this
article shall prevail.
	  	

  
 20 

 Article XVIII     Application of Law and Dispute Resolution 

This Contract shall be governed by the laws of the People’s Republic of China (excluding the laws of Hong Kong Special Administrative Region, Macao
Special Administrative Region and Taiwan for the purpose of this Contract). 
 Article XIX     Dispute Resolution 

Any dispute arising from or related to this Contract shall be settled by both parties through negotiation. If the negotiation fails, both parties agree to
settle it by the following 2nd method: 
  

	1.	 Apply to the [/] Arbitration Commission for arbitration according to the arbitration rules of the Commission in
effect at that time; 

  

	2.	 Bring a lawsuit to the people’s court with jurisdiction in Party B’s domicile. 

Article XX     Force Majeure Event 
  

	1.	 Force majeure event in this Contract refers to the unforeseeable, unavoidable and insurmountable objective
circumstances that cause either party to fail to perform this Contract normally, including war, strike, enforcement of martial law, severe flood, fire, windstorm, earthquake and other accidents which are recognized as force majeure by both parties
through negotiation. 

  

	2.	 In case either party cannot perform the contract due to any force majeure event, it may be partially or fully
exempted from performing its liabilities or obligations under this Contract according to the influence of the force majeure. However, the party suffering from force majeure shall notify the other party in writing in a timely manner, so as to reduce
the losses that may be caused to the other party, and shall also provide appropriate proofs for the occurrence and duration of the force majeure event within a reasonable period. Meanwhile, the affected party should also try its best to reduce the
possible impact of the event on the other party. 

  

	3.	 In case of any force majeure event, both parties shall immediately negotiate with each other within a
reasonable period to find out a fair and reasonable solution, and try their best to minimize the consequences of the force majeure event. 

Article XXI     Cumulativeness of Party B’s Rights 

The rights of Party B under this Contract are cumulative, which does not affect or exclude any other right that Party B may enjoy to Party A according to
relevant laws and other contracts. Unless otherwise indicated by Party in writing, Party B’s failure in exercise, partial exercise and/or delayed exercise of any of its rights shall not constitute a waiver or partial waiver of this right, nor
shall it affect, prevent or hinder Party B’s continued exercise of this right or its exercise of any other right. 
 Article XXII
    Entry-into-force, Change and Dissolution of the Contract 
  

	1.	 This Contract shall come into force after being signed by the legal representative/person-in-charge or authorized agent of Party A and the person-in-charge or authorized agent of Party B, and
stamped with their official seals or special seals for contract, and shall be valid for    years. If both parties hope to continue the transactions under this Contract after the expiration, both parties shall sign a contract
again. However, the termination of this Contract will not affect the effectiveness of the existing transactions between both parties under this Contract at that time. 

 

	2.	 After this Contract comes into effect, unless otherwise specified in this Contract, neither Party A nor Party B
can change or dissolve this Contract without authorization. If it is indeed necessary to change or dissolve this Contract, both parties shall reach a written agreement through negotiation. 

  
 21 

	3.	 After this Contract takes effect, in case Party A transfers its debts hereunder wholly or partially to a third
party, it shall provide Party B with written documents proving that the guarantor agrees to the transfer and is willing to continuously undertake the guarantee obligations, or provide any new guarantee, and obtain Party B’s written consent.

 Article XXIII     Others 
  

	1.	 For the purpose of this Contract, “banking day” refers to the bank’s business day on which the
bank will accept general corporate business, excluding national statutory holidays and public holidays. 

  

	2.	 As an integral part of this Contract, the annexes hereunder shall have the same legal effect as this Contract.
During the performance of this Contract, in case of any inconsistency or contradiction between the specific contents of annexes and the contents of this Contract, the former shall prevail. 

 

	3.	 For matters not covered herein, a written agreement may be reached by both parties separately as an annex to
this Contract. Any annex, modification or supplement of this Contract shall be an integral part of this Contract and have the same legal effect as this Contract. 

 

	4.	 Notice and service 

 

	 	(1)	 Notices and requirements under this Contract, collection of debts involved in this Contract, legal
instruments of litigation (arbitration), or other correspondence shall be delivered or sent to the address or contact information as specified at the head of this Contract. 

 

	 	(2)	 Any notice, requirement, debt collection letter or other correspondence given by Party B to Party A under
this Contract shall be deemed to have been served once it’s sent out if delivered by telex, phone, fax and email; deemed to have been served on the 3rd day after its mailing if delivered by postal letter; and deemed to have been served at the
time of receipt by Party A if delivered by special personnel. If Party A rejects it, the deliverer may record the service process by taking photos and recording videos, and detain the instruments, and it shall also be deemed to have been served.

  

	 	(3)	 The judicial organ or arbitration agency may also deliver relevant (legal) instrument to Party A according
to the address and contact information specified at the head of this Contract. In case it is not signed for by anyone or is rejected by Party A, the date of return of the (legal) document shall be deemed as the date of service; If Party A rejects
the instrument delivered by personal service, the deliverer may record the service process by taking photos and recording videos, and detain the (legal) instrument, and it shall also be deemed to have been served. Where Party A provides wrong
contact information or fails to notify relevant parties of the new contact information after change in time, which results in the failure to serve any (legal) instrument or its return, the date of return of the (legal) instrument shall be deemed as
the date of service. 

  

	 	(4)	 Where the above-mentioned contact information provided by either party is changed, it shall notify the other
party in writing within three days after the change; Once the debts under this Contract are brought into litigation or arbitration, the change shall also be notified to the trial agency in writing, otherwise, the notice or any other instrument
delivered according to the original contact information shall also be deemed to have been served even if the party making such change doesn’t receive it at all. 

  
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	5.	 This Contract is made in duplicate, one for Party A, one for Party B, and / kept by relevant department, and
all of these copies have the same legal effect. 

  

	6.	 Party B has drawn Party A’s attention to the clauses exempting or limiting its liabilities under this
Contract by bold, black and highlighted characters, and also fully explained the relevant clauses as required by Party A. Both parties understand and have no objection to all the clauses of this Contract. 

(The remainder of this page is intentionally left blank) 

Annex: 
  

	1.	 Sample of Seal Reserved by Party A 

 

	2.	 Format of Payment Order 

  
 23 

 (This page is intentionally left blank. It is the signature page of Working Capital (in RMB) Loan Contract
numbered 2020 SYD Zi No.811208071607) 
  

					
	 Party A

 
	 	
	 (Official Seal or Special Seal for Contract)
	 	/s/ Suzhou Gracell Biotechnologies Co., Ltd.
		 	Suzhou Gracell Biotechnologies Co., Ltd.
		
	 Legal
representative/person-in-charge (seal):
 (Or authorized agent): /s/ Cao
Wei
	 	
		
	 Party B
  

(Official Seal or Special Seal for Contract)
  

Signature of the person-in-charge

(Or authorized agent): /s/ Zhao Yuanxin
	 	  
  

/s/ China CITIC Bank Co., Ltd., Suzhou Branch
 China CITIC
Bank Co., Ltd., Suzhou Branch

  
 24

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