Document:

Exhibit 10.2

 

OFFERING DEPOSIT ACCOUNT AGENCY
AGREEMENT

 

This OFFERING DEPOSIT
ACCOUNT AGENCY AGREEMENT (this “Agreement”) dated as of this [__] day of [_____] 2018, by and among CHINA
XIANGTAI FOOD CO., LTD, a Cayman Islands company (the “Company”), having an address at Xinganxian Plaza,
Building B, Suite 21-1 Lianglukou, Yuzhong District 400800, Chongqing, People’s Republic of China, Boustead Securities, LLC
(the “Underwriter”), having an address at 6 Venture, Suite 265, Irvine CA 92618, and FINTECH CLEARING, LLC
(the “Deposit Account Agent”), a Delaware limited liability company and FINRA registered broker/dealer having
an office at 6 Venture, Suite 265, Irvine, CA 92618 . All capitalized terms not herein defined shall have the meaning ascribed
to them in that certain Prospectus, dated August 24, 2018, including all attachments, schedules and exhibits thereto (the “Prospectus”).

 

WITNESSETH:

 

WHEREAS, pursuant
to the terms of the Prospectus, the Company desires to sell (the “Offering”) a minimum of $1,000,000 (the “Minimum
Amount”) and a maximum of $3,000,000 (the “Maximum Amount”) of its shares (the “Shares”).
Each Share is being sold at a price of $5.00 per Share, with a minimum investment of $500 (which minimum investment may be waived
by Company).; and

 

WHEREAS, unless
the Minimum Amount is sold by 180 days from the effective date (the “Effective Date”) of the Prospectus (and
for a period of up to 45 additional days if extended by agreement of the Company and the Underwriter) (the “Termination
Date”), the Offering shall terminate and all funds shall be returned to the subscribers in the Offering. If the Minimum
Amount is met, the Offering may continue until the Termination Date (including any extension thereof), and one or more closings
may be conducted on or prior to the Termination Date; and

  

WHEREAS, the Company
and Underwriter desire to establish an Deposit Account with the Deposit Account Agent into which the Company and Underwriter shall
instruct Investors introduced to the Company by Underwriter (the “Investors”) to arrange wire transfers for
the payment of money made payable to the order of “Fintech Clearing as Agent for the Investors in CHINA XIANGTAI FOOD CO.,
LTD,” and Deposit Account Agent is willing to accept the wire transfers for the payment of money in accordance with the terms
hereinafter set forth; and

 

WHEREAS, the Company,
as issuer, and Underwriter, as an introducing broker-dealer, represent and warrant to the Deposit Account Agent that they will
comply with all of their respective obligations under applicable state and federal securities laws and regulations with respect
to sale of the Offering; and

 

WHEREAS, the Company
and Underwriter represent and warrant to the Deposit Account Agent that they have not stated to any individual or entity that the
Deposit Account Agent’s duties will include anything other than those duties stated in this Agreement; and

 

WHEREAS, the Company
and Underwriter warrant to the Deposit Account Agent that a copy of each document that has been delivered to Investors and third
parties that include Deposit Account Agent’s name and duties, has been attached hereto as Schedule I.

 

NOW, THEREFORE, IT IS
AGREED as follows:

 

1.           Delivery
of Escrow Funds.

 

(a)        Underwriter
and the Company shall instruct Investors to make wire transfer to Fintech Clearing, 6 Venture, Suite 265, Irvine, CA 92618, ABA
No. 122242869 for credit to Fintech Clearing as Agent for the Investors in CHINA XIANGTAI FOOD CO., LTD, Account No. _____________,
in each case, with the name and address of the individual or entity making payment. In the event any Investor’s address is
not provided to Deposit Account Agent by the Investor, then Underwriter and/or the Company agree to promptly provide Deposit Account
Agent with such information in writing. The wire transfers shall be deposited into a non interest-bearing account at Pacific Mercantile
Bank entitled “Fintech Clearing as Agent for the Investors in CHINA XIANGTAI FOOD CO., LTD” (the “Deposit
Account”).

 

     

     

    

 

(b)       The
collected funds deposited into the Deposit Account are referred to as the “Escrow Funds.”

 

(c)       No
payments may be made by check in connection with the The Deposit Account Agent shall have no duty or responsibility to enforce
the collection or demand payment of any funds deposited into the Deposit Account. Any check received by the Deposit Account Agent
shall be to returned to the Investor and the Deposit Account Agent shall advise the Company and Underwriter promptly .

  

2.            Release
of Escrow Funds. The Escrow Funds shall be paid by the Deposit Account Agent in accordance with the following:

 

(a)       In
the event that the Company and Underwriter advise the Deposit Account Agent in writing that the Offering has been terminated (the
 “Termination Notice”), the Deposit Account Agent shall promptly return the funds paid by each Investor to said
Investor without interest or offset.

 

(b)        If
prior to 3:00 P.M. Eastern time on the Termination Date, the Deposit Account Agent receives written notice, in the form of Exhibit
A, attached hereto and made a part hereof, and signed by the Company and Underwriter, stating that the Termination Date has
been extended for an additional 45 days (the “Extension Notice”), then the Termination Date shall be so extended.

 

(c)        Reserved.

 

(d)       Provided
that the Deposit Account Agent does not receive the Termination Notice in accordance with Section 2(a) and there is the Minimum
Amount deposited into the Deposit Account on or prior to later of the Termination Date or the date stated in the Extension Notice,
if any, received by the Deposit Account Agent in accordance with Section 2(b) above, the Deposit Account Agent shall, upon receipt
of written instructions, in the form of Exhibit B, attached hereto and made a part hereof, or in a form and substance satisfactory
to the Deposit Account Agent, received from the Company and Underwriter, pay the Escrow Funds in accordance with such written instructions,
such payment or payments to be made by wire transfer within one (1) business day of receipt of such written instructions. Such
instructions must be received by the Deposit Account Agent no later than 3:00 PM Eastern Time on a Banking Day for the Deposit
Account Agent to process such instructions that Banking Day.

 

(e)       If
by 3:00 P.M. Eastern time on the later of the Termination Date or the date stated in the Extension Notice, if any, that the Deposit
Account Agent has received in accordance with Section 2(b) above, the Deposit Account Agent has not received written instructions
from the Company and Underwriter regarding the disbursement of the Escrow Funds or the total amount of the Escrow Funds is less
than the Minimum Amount, then the Deposit Account Agent shall promptly return the Escrow Funds to the Investors without interest
or offset. The Escrow Funds returned to each Investor shall be free and clear of any and all claims of the Deposit Account Agent.

 

(f)       The
Deposit Account Agent shall not be required to pay any uncollected funds or any funds that are not available for withdrawal.

 

(g)       If
the Termination Date (including any extension thereof) or any date that is a deadline under this Agreement for giving the Deposit
Account Agent notice or instructions or for the Deposit Account Agent to take action is not a Banking Day, then such date shall
be the Banking Day that immediately preceding that date. A “Banking Day” is any day other than a Saturday, Sunday
or a day that a New York State chartered bank is not legally obligated to be opened.

 

3.            Acceptance
by Deposit Account Agent. The Deposit Account Agent hereby accepts and agrees to perform its obligations hereunder, provided
that:

 

     

     

    

 

(a)       The
Deposit Account Agent may act in reliance upon any signature believed by it to be genuine, and may assume that any person who has
been designated by Underwriter or the Company to give any written instructions, notice or receipt, or make any statements in connection
with the provisions hereof has been duly authorized to do so. Deposit Account Agent shall have no duty to make inquiry as to the
genuineness, accuracy or validity of any statements or instructions or any signatures on statements or instructions. The names
and true signatures of each individual authorized to act singly on behalf of the Company and Underwriter are stated in Schedule
II, which is attached hereto and made a part hereof. The Company and Underwriter may each remove or add one or more of its
authorized signers stated on Schedule II by notifying the Deposit Account Agent of such change in accordance with this Agreement,
which notice shall include the true signature for any new authorized signatories.

 

(b)       The
Deposit Account Agent may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith.
The Deposit Account Agent shall not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions
of any kind, unless caused by its willful misconduct or gross negligence.

 

(c)       Underwriter
and the Company agree to indemnify and hold the Deposit Account Agent harmless from and against any and all claims, losses, costs,
liabilities, damages, suits, demands, judgments or expenses (including but not limited to reasonable attorney’s fees) claimed
against or incurred by Deposit Account Agent arising out of or related, directly or indirectly, to this Escrow Agreement unless
caused by the Deposit Account Agent’s gross negligence or willful misconduct.

 

(d)       In
the event that the Deposit Account Agent shall be uncertain as to its duties or rights hereunder, the Deposit Account Agent shall
be entitled to (i) refrain from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise
by a court of competent jurisdiction, or (ii) deliver the Escrow Funds to a court of competent jurisdiction.

 

(e)       The
Deposit Account Agent shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other
than Deposit Account Agent’s obligations hereunder, and the Deposit Account Agent shall not be required to make a request
that any monies be delivered to the Deposit Account, it being agreed that the sole duties and responsibilities of the Deposit Account
Agent shall be to the extent not prohibited by applicable law (i) to accept wire transfers delivered to the Deposit Account Agent
for the Deposit Account and deposit said wire transfers into the non-interest bearing Deposit Account, and (ii) to disburse or
refrain from disbursing the Escrow Funds as stated above.

 

4.            Deposit
Account Statements and Information. The Deposit Account Agent agrees to send to the Company and/or the Underwriter a copy of
the Deposit Account periodic statement, upon request in accordance with the Deposit Account Agent’s regular practices for
providing account statements to its non-escrow clients and to also provide the Company and/or Underwriter, or their designee, upon
request other deposit account information, including Deposit Account balances, by telephone or by computer communication, to the
extent practicable. The Company and Underwriter agree to complete and sign all forms or agreements required by the Deposit Account
Agent for that purpose. The Company and Underwriter each consent to the Deposit Account Agent’s release of such Deposit Account
information to any of the individuals designated by Company or Underwriter, which designation has been signed in accordance with
Section 3(a) by any of the persons in Schedule II.  Further, the Company and Underwriter have an option to receive
e-mail notification of incoming and outgoing wire transfers. If this e-mail notification service is requested and subsequently
approved by the Deposit Account Agent, the Company and Underwriter agrees to provide a valid e-mail address and other information
necessary to set-up this service and sign all forms and agreements required for such service. The Company and Underwriter each
consents to the Deposit Account Agent’s release of wire transfer information to the designated e-mail address(es). The Deposit
Account Agent’s liability for failure to comply with this section shall not exceed the cost of providing such information.

 

5.            Resignation
and Termination of the Deposit Account Agent. The Deposit Account Agent may resign at any time by giving 30 days’ prior
written notice of such resignation to Underwriter and the Company. Upon providing such notice, the Deposit Account Agent shall
have no further obligation hereunder except to hold as depositary the Escrow Funds that it receives until the end of such 30-day
period. In such event, the Deposit Account Agent shall not take any action, other than receiving and depositing Investors wire
transfers in accordance with this Agreement, until the Company has designated a banking corporation, trust company, attorney or
other person as successor. Upon receipt of such written designation signed by Underwriter and the Company, the Deposit Account
Agent shall promptly deliver the Escrow Funds to such successor and shall thereafter have no further obligations hereunder. If
such instructions are not received within 30 days following the effective date of such resignation, then the Deposit Account Agent
may deposit the Escrow Funds held by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the
appointment of a successor. In either case provided for in this Section, the Deposit Account Agent shall be relieved of all further
obligations and released from all liability thereafter arising with respect to the Escrow Funds.

 

     

     

    

 

6.            Termination.
Except as otherwise specifically provided herein, this Agreement shall terminate on the later of the final closing date of the
Offering or the Termination Date , as applicable (except with respect to provisions hereof which are specially intended to survive
such termination). The Company and Underwriter may terminate the appointment of the Deposit Account Agent hereunder upon written
notice specifying the date upon which such termination shall take effect, which date shall be at least 30 days from the date of
such notice. In the event of such termination, the Company and Underwriter shall, within 30 days of such notice, appoint a successor
Deposit Account Agent and the Deposit Account Agent shall, upon receipt of written instructions signed by the Company and Underwriter,
turn over to such successor Deposit Account Agent all of the Escrow Funds; provided, however, that if the Company
and Underwriter fail to appoint a successor Deposit Account Agent within such 30-day period, such termination notice shall be null
and void and the Deposit Account Agent shall continue to be bound by all of the provisions hereof. Upon receipt of the Escrow Funds,
the successor Deposit Account Agent shall become the Deposit Account Agent hereunder and shall be bound by all of the provisions
hereof and Deposit Account Agent shall be relieved of all further obligations and released from all liability thereafter arising
with respect to the Escrow Funds and under this Agreement.

 

7.            Investment.
All funds received by the Deposit Account Agent shall be held only in non-interest bearing bank accounts at Pacific Mercantile
Bank.

 

8.            Compensation.
Deposit Account Agent shall be entitled, for the duties to be performed by it hereunder, to a fee of $4,500.00, which fee shall
be paid by the Company upon the signing of this Agreement. In addition, the Company shall be obligated to reimburse Deposit Account
Agent for all fees, costs and expenses incurred or that become due in connection with this Agreement or the Deposit Account, including
reasonable attorney’s fees. Neither the modification, cancellation, termination or rescission of this Agreement nor the resignation
or termination of the Deposit Account Agent shall affect the right of Deposit Account Agent to retain the amount of any fee which
has been paid, or to be reimbursed or paid any amount which has been incurred or becomes due, prior to the effective date of any
such modification, cancellation, termination, resignation or rescission. To the extent the Deposit Account Agent has incurred any
such expenses, or any such fee becomes due, prior to any closing, the Deposit Account Agent shall advise the Company and the Company
shall direct all such amounts to be paid directly at any such closing.

 

9.            Notices.
All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall
be deemed to have been duly given if sent by hand-delivery, by facsimile (followed by first-class mail), by nationally recognized
overnight courier service or by prepaid registered or certified mail, return receipt requested, to the addresses set forth below:

 

If to Underwriter:

 

Boustead Securities, LLC

6 Venture, Suite 325,

Irvine CA 92618

Attention: Keith
Moore, CEO

Email: keith@boustead1828.com

Fax: +1 815 301
8099

 

With a copy to:

Sichenzia Ross
Ference LLP

1185 Avenue of
the Americas, 37th Floor,

New York, NY
10036

Attention: Mr.
Benjamin Tan

Fax: (212) 930
9725

 

     

     

    

 

Email: btan@srfkllp.com

 

If to the Company:

 

China Xiangtai
Food Co., Ltd

c/o Chongqing
Penglin Food Co., Ltd.

Xinganxian Plaza

Building B, Suite
21-1

Lianglukou, Yuzhong
District 400800

Chongqing, People’s
Republic of China

Attention: Zeshu
Dai

 

With a copy to:

 

Ortoli Rosenstadt LLP

366 Madison Avenue, 3rd Floor

New York, NY 10017

Attention: William S. Rosenstadt,
Esq./Mengyi “Jason” Ye, Esq.

Fax No.: (212) 826-9307

 

If to Deposit Account Agent:

 

Fintech Clearing LLC

6 Venture, Suite 265,

Irvine, CA 92618

Attention: Brian Park, President

Email: brian@fintechclearing.com

Fax: (310) 504-3704

 

10.          General.

 

(a)       This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to agreements
made and to be entirely performed within such State, without regard to choice of law principles and any action brought hereunder
shall be brought in the courts of the State of New York, located in the County of New York. Each party hereto irrevocably waives
any objection on the grounds of venue, forum nonconveniens or any similar grounds and irrevocably consents to service of process
by mail or in any manner permitted by applicable law and consents to the jurisdiction of said courts. EACH OF THE PARTIES HERETO
HEREBY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT.

 

(b)       This
Agreement sets forth the entire agreement and understanding of the parties with respect to the matters contained herein and supersedes
all prior agreements, arrangements and understandings relating thereto.

 

(c)       All
of the terms and conditions of this Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the parties
hereto, as well as their respective successors and assigns.

 

(d)       This
Agreement may be amended, modified, superseded or canceled, and any of the terms or conditions hereof may be waived, only by a
written instrument executed by each party hereto or, in the case of a waiver, by the party waiving compliance. The failure of any
party at any time or times to require performance of any provision hereof shall in no manner affect its right at a later time to
enforce the same. No waiver of any party of any condition, or of the breach of any term contained in this Agreement, whether by
conduct or otherwise, in any one or more instances shall be deemed to be or construed as a further or continuing waiver of any
such condition or breach or a waiver of any other condition or of the breach of any other term of this Agreement. No party may
assign any rights, duties or obligations hereunder unless all other parties have given their prior written consent.

 

     

     

    

 

(e)       If
any provision included in this Agreement proves to be invalid or unenforceable, it shall not affect the validity of the remaining
provisions.

 

(f)       This
Agreement and any modification or amendment of this Agreement may be executed in several counterparts or by separate instruments
and all of such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto.

 

11.          Form
of Signature. The parties hereto agree to accept a facsimile transmission copy of their respective actual signatures as evidence
of their actual signatures to this Agreement and any modification or amendment of this Agreement; provided, however,
that each party who produces a facsimile signature agrees, by the express terms hereof, to place, promptly after transmission of
his or her signature by fax, a true and correct original copy of his or her signature in overnight mail to the address of the other
party.

 

12.          No
Third-Party Beneficiaries.  This Agreement is solely for the benefit of the parties and their respective successors
and permitted assigns, and no other person has any right, benefit, priority, or interest under or because of the existence of this
Agreement.

 

[SIGNATURES FOLLOW ON THE NEXT PAGE]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have
duly executed this Agreement as of the date first set forth above.

 

	China Xiangtai Food Co., Ltd.	 	Boustead Securities, LLC
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	Zeshu Dai	 	Name: 	Keith Moore
	Title:  	Chairwoman of the Board	 	Title:	CEO
	 	 	 	 	 
	FINTECH CLEARING LLC	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	Brian Park	 	 	 
	Title:	President	 	 	 

 

     

     

    

 

Schedule I

 

OFFERING DOCUMENTS

  

As attached.

 

	Offering Deposit Account Agency Agreement – Public Offering	Rev. 05/2015

 

     

     

    

 

Schedule II

 

 

The Deposit Account Agent
is authorized to accept instructions signed or believed by the Deposit Account Agent to be signed by any one of the following on
behalf of the Company and Underwriter.

 

China Xiangtai Food Co., Ltd.

 

	 	Name	 	True Signature	 
	 	 	 	 	 
	 	Zeshu Dai	 	 	 

 

Boustead Securities, LLC

 

	 	Name	 	True Signature	 
	 	 	 	 	 
	 	 	 	 	 

 

	Offering Deposit Account Agency Agreement – Public Offering	Rev. 05/2015

 

     

     

    

 

Exhibit A

 

EXTENSION NOTICE

 

Date:

 

Fintech Clearing, LLC

[address of financial center]

______________

Attention: [name & title of Group
Director]

 

Dear _________:

 

In accordance with the terms of Section 2(b)
of an Offering Deposit Account Agency Agreement dated ___ _______, by and among [insert Company’s full legal name]
(the “Company”), [insert Underwriter’s full legal name] (“Underwriter”), and Fintech Clearing
LLC (the “Deposit Account Agent”), the Company and Underwriter hereby notifies the Deposit Account Agent that the Termination
Date has been extended to __________ __, 20__.

 

Very truly yours,

 

[insert Company’s full legal name]

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

[insert Underwriter’s full legal name]

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

     

     

    

 

Exhibit B

 

FORM OF ESCROW RELEASE NOTICE

 

Date:

 

Fintech Clearing LLC

[address of financial center]

______________

Attention: [name & title of Group
Director]

 

Dear _________:

 

In accordance with the terms of Section 2(d)
of an Offering Deposit Account Agency Agreement dated as of ________ __, 20__ (the "Deposit Account Agreement"), by
and between ____________ (the "Company"), Fintech Clearing LLC (the "Deposit Account Agent") and __________.
("Underwriter"), the Company and Underwriter hereby notify the Deposit Account Agent that the ________ closing will
be held on ___________ for gross proceeds of $_________. 

 

PLEASE DISTRIBUTE FUNDS BY WIRE TRANSFER AS
FOLLOWS (wire instructions attached): 

 

	________________________:	$
	 	 
	________________________:	$
	 	 
	________________________:	$

 

 

Very truly yours,

 

[insert Company’s full legal name]

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

[insert Underwriter’s full legal name]

 

	By:	 	 
	Name:	 	 
	Title:Exhibit 10.29

 

Lock-Up Agreement

 

September 28, 2018

China Xiangtai Food Co., Ltd.

c/o Chongqing Penglin Food Co., Ltd.

Xinganxian Plaza

Building B, Suite 21-1

Lianglukou, Yuzhong District 400800

Chongqing, People’s Republic of China

 

Ladies and Gentlemen:

 

This Lock-Up Agreement
(this “Agreement”) is being delivered to you in connection with the subscription agreement between you and China
Xiangtai Food Co., Ltd, a Cayman Islands company (the “Company”), relating to the private placement (the “Private
Placement”) of ordinary shares, par value $0.01 per share of the Company (the “Ordinary Shares”),
exempt from the registration requirements of the Securities Act under Section 4(a)(2) and Regulation D of the US Securities Act
of 1933, as amended (the “Securities Act”).

 

For good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees with the Company that, during the period commencing
on the effective date of the registration statement, file no. 333-226990, (the “Registration Statement”) relating
to the proposed public offering (the “Public Offering”) of Ordinary Shares and ending six (6) months after such
date (the “Lock-Up Period”), the undersigned will not, without the prior written consent of the Company, directly
or indirectly, (i) offer, sell, assign, transfer, pledge, contract to sell, or otherwise dispose of, or announce the intention
to otherwise dispose of, any shares of Ordinary Shares now owned or hereafter acquired by the undersigned or with respect to which
the undersigned has or hereafter acquires the power of disposition (including, without limitation, Ordinary Shares which may be
deemed to be beneficially owned by the undersigned in accordance with the rules and regulations promulgated under the Securities
Act of 1933, as amended, and as the same may be amended or supplemented on or after the date hereof from time to time (the “Securities
Act”) (such shares, the “Beneficially Owned Shares”)) or securities convertible into or exercisable
or exchangeable for Ordinary Shares, (ii) enter into any swap, hedge or similar agreement or arrangement that transfers in whole
or in part, the economic risk of ownership of the Beneficially Owned Shares or securities convertible into or exercisable or exchangeable
for Ordinary Shares, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or
hereafter acquires the power of disposition, or (iii) engage in any short selling of the Ordinary Shares. The undersigned acknowledges
and agrees that any sales after the Lock-Up Period shall be conducted in connection with a registration statement or an exemption
from registration and that the Company will analyze such exemptions with reference to the Undersigned’s status as an affiliate
or non-affiliate of the Company as provided by Rule 144 of the Securities Act.

 

If (i) during the last
17 days of the Lock-Up Period, the Company issues an earnings release or material news or a material event relating to the Company
occurs, or (ii) prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results or becomes
aware that material news or a material event will occur during the 16-day period beginning on the last day of the Lock-Up Period,
the restrictions imposed by this lock-up agreement shall continue to apply until the expiration of the 18-day period beginning
on the issuance of the earnings release or the occurrence of such material news or material event, as applicable, unless the Company
waives, in writing, such extension; provided however, that this extension of the Lock-Up Period shall not apply to
the extent that FINRA has amended or repealed NASD Rule 2711(f)(4), or has otherwise provided written interpretive guidance regarding
such rule, in each case, so as to eliminate the prohibition of any broker, dealer, or member of a national securities association
from publishing or distributing any research report, with respect to the securities of an Emerging Growth Company, as defined under
the Jumpstart Our Business Startups Act, prior to or after the expiration of any agreement between the broker, dealer, or member
of a national securities association and the Emerging Growth Company or its shareholders that restricts or prohibits the sale of
securities held by the Emerging Growth Company or its shareholders after the initial public offering date.

 

     

     

    

 

The undersigned further
agrees that (i) it will not, during the Lock-Up Period, make any demand or request for or exercise any right with respect
to the registration under the Securities Act of any shares of Ordinary Shares or other Beneficially Owned Shares or any securities
convertible into or exercisable or exchangeable for Ordinary Shares or other Beneficially Owned Shares, and (ii) the Company
may, with respect to any Ordinary Shares or other Beneficially Owned Shares or any securities convertible into or exercisable or
exchangeable for Ordinary Shares or other Beneficially Owned Shares owned or held (of record or beneficially) by the undersigned,
cause the transfer agent or other registrar to enter stop transfer instructions and implement stop transfer procedures with respect
to such securities during the Lock-Up Period. In addition, the undersigned hereby waives, from the date hereof until the expiration
of the 90-day period following the date of the Underwriting Agreement and any extension of such period pursuant to the terms hereof,
any and all rights, if any, to request or demand registration pursuant to the Securities Act of any Ordinary Shares that are registered
in the name of the undersigned or that are Beneficially Owned Shares.

 

The undersigned hereby
represents and warrants that the undersigned has full power and authority to enter into this Agreement and that this Agreement
has been duly authorized (if the undersigned is not a natural person), executed and delivered by the undersigned and is a valid
and binding agreement of the undersigned. This Agreement and all authority herein conferred are irrevocable and shall survive the
death or incapacity of the undersigned (if a natural person) and shall be binding upon the heirs, personal representatives, successors
and assigns of the undersigned.

   

The undersigned understands
that, if the Public Offering is not closed 180 days from the effective date of the Registration Statement (and for a period of
up to 45 additional days if extended by agreement of the Company and the Underwriter), then this Agreement shall be void and of
no further force or effect.

 

	 	Very truly yours,
	 	 
	 	Boustead & Company Limited
	 	(Name - Please Print)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name of Signatory, in the case of entities - Please Print)
	 	 
	 	 
	 	(Title of Signatory, in the case of entities - Please Print)
	 	 	 
	 	Address:	 
	 	 	 

 

 

	Accepted by:	 
	 	 
	China Xiangtai Food Co., Ltd.	 
	 	 
	 	 
	Zeshu Dai, CEO

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