Document:

Exhibit 10.37

 

Contract No.: 2016 Entrusted Loan No. 000004

 

General Contract of Entrusted Loan

 

Notes: On the basis of equity and
free will of each party, this contract is signed by the parties through legal negotiations. All articles hereby are truly the
expression of the parties. In order to protect the rights of bailor and borrower, bailee calls up hereby bailor and borrower
to give full attention to the terms of rights and obligations herein for the parties, especially the bold parts.

 

    	1

     

    

 

This contract is signed by three parties
here below, dated 30th (day) September (month) 2016 (year).

 

Bailor:

Name: Hubei Asset Management Co., Ltd.
 Legal Representative: Li Niansheng

Address: 40th Floor, Hanjie
Headquarter International B Tower, No. 86, Zhongbei Ave., Wuchang District, Wuhan City 

Post Code: _____________

Contact Person: ______________ Phone No.:
______________

 

Bailee:

Name: Wuhan Jiang’an Branch of
Industrial & Commercial Bank of China

Person in Charge: Lai Jun

Address: No. 988, Zhongshan Road, Jiang’an
District, Wuhan City

Post Code: _____________

Contact Person: ______________ Phone No.:
______________

 

Borrower:

Name: Wuhan Kingold Jewelry Co., Ltd.
Legal Representative: Jia Zhihong

Address: No. 15, Huangpu Science and
Technology Park, Jiang’an District, Wuhan City

Post Code: _____________

Contact Person: ______________ Phone No.:
______________

 

In accordance with General Authorized
Agent Agreement for Entrusted Loan (Agreement No.: 2016 Entrusted No. 001) signed by bailor and bailee, dated 28th
(day), September (month), 2016 (year), and at the request of borrower, bailee agreed to issue this entrusted loan
through bailor’s authorization. Through friendly negotiations, bailor, bailee and borrower hereby reach the agreements below
and give full compliance.

 

    	2

     

    

 

Chapter I Amount, Interest Rate, Life
of Entrusted Loan and others

 

Article 1 Loan Currency and Amount. This
entrusted loan is RMB 300,000,000.00 (SAY: THREE HUNDRED MILLION RMB). This loan is entrusted loan.

 

Article 2 Interest Rate of the Loan. Interest
rate of this entrusted loan is calculated in the (1) way below.

(1) Annual interest rate is a fixed interest
rate of 9.5%, which keeps unchanged in the loan term.

(2) It is calculated by     /  
  (increasing/decreasing/zero)   /  % based on bench mark of corresponding term lending rate issued
by People’s Bank of China the day borrower withdraws. In the event People’s Bank of China changes bench mark of lending
rate, loan interest in the contract herein shall change simultaneously. Borrowing rate is calculated for one term with (1/ 3/
6/ 12) month and the interest is adjusted every term with sectional interest.

 

Article 3 Calculation and Settlement of
Loan Interest. This entrusted loan is calculated by daily interest, monthly (monthly/quarterly/annual) settlement, for
monthly settlement, settlement day is the 20th day of the month, for quarterly/annual settlement, settlement day is the 20th day
of the last month in that quarter/year. For the unpaid loan interest in due date, bailee shall not count (count/ not count)
compound interest. If not counting compound interest, it is calculated by overdue penalty interest rate stipulated in the contract
herein.

 

Article 4 Term of the Loan. The term of
this trusted loan is 24 months, dating from ______ (day) _____ (month) 2016 (year) to ______ (day) _____ (month)
2018 (year). In the event the borrower pays the loan back with the acceptance by bailor, interest is calculated by actual
days and amount of the loan.

 

Article 5 Use of the Loan. Trusted loan
in the contract herein is used for turnover of current capital.

 

    	3

     

    

 

Article 6 Plan to Use the Loan. Pay
to borrower at one time.

 

Article 7 Loan Repayment. Repayment plan
and method of the borrower is agreed as following: Once payment for principal at maturity; Borrower could repay in advance.

 

The principal and interest of the loan
shall be transferred to the account assigned by bailee on time.

 

Article 8 Guarantee of the Loan. Bailee
confirms the guarantor of the loan is Jia Zhihong; guarantee type of the loan is joint liability guarantee.

 

Article 9 Loan Extension. After consultation
between bailor and borrower, consensus is reached to extend trusted loan term; bailor, bailee and borrower should sign trusted
loan extension agreement 10 days prior to the expiry of the loan.

 

Article 10 As required by bailee, bailor
and borrower should provide such proof materials like business license, tax registration certificate, and annual inspection certificate.

 

Chapter II Rights and Obligations of
Bailee

 

Article 11 As per the stipulations of
General Authorized Agent Agreement for Entrusted Loan herein, bailee holds the right to confirm the borrower, loan use, loan amount,
loan term, loan interest rate, and extension of the loan, and decide at its sole option to guarantee or not.

 

Article 12 Bailee should open special
trusted loan account at bailor’s office and deposit in ample capital. Bailee should transfer the capital to borrower’s
account within ______days.

 

    	4

     

    

 

Article 13 Bailor itself supervises/ authorizes
bailee to supervise (delete unnecessary part) borrower’s use of the loan. What bailee supervised which is entrusted
by bailor includes the following: (tick the available, delete the unnecessary)

 

□ to
supervise the borrower on use of the loan as per the stipulation of the contract herein;

□ to
supervise the execution of the project;

□ to
assist to supervise borrower on production, operation, and management;

□ to
assist to supervise guarantor on production, operation, and management;

□ to
assist to supervise and urge mortgagor to keep mortgage appropriately (mortgage contract No._________);

□ to
assist to keep mortgage and title certificate (Pledge contract No.________);

□ other
special supervision (if any) ___________________________;

 

Article 14 If bailor agrees borrower to
pay in advance, bailor shall inform bailee in written notice and finish prepayment procedure for borrower.

 

Article 15 The principal and interest
bailor requires should be transferred into the special entrusted capital account:

 

Company Name: Hubei Asset
Management Co., Ltd.

Account Name: Wuhan Jiang’an
Branch of Industrial & Commercial Bank of China

Account No.: 3202114419100021338

 

Article 16 In case borrower has not
paid the principal and interest in due time, bailor holds right to deduct directly from borrower’s account and borrower
should not raise any objection on such acts.

 

Article 17 In case the loan is guaranteed,
bailor should review guarantee capability of the guarantor, collateral ownership and value, and practicability of hypothec. Bailee
undertakes no obligation of reviewing.

 

    	5

     

    

 

As for the guaranteed extension loan,
bailor should get guarantor’s prior acceptance and inform bailee and guarantor to renew extension contract 10 days in advance
in written.

 

Cost for guarantee issues should be undertaken
by   /  bailor.

 

Article 18 In case of deterioration of
borrower’s operation and other situations endangering entrusted loan, the bailor has right to inform bailee to assist to
recover entrusted loan in advance. Borrower accepts that bailee has right to declare the expiry of entrusted loan in advance as
per bailor’s instruction.

 

Article 19 Bailor holds right to request
the principal and interest of entrusted loan directly from borrower, as well as to initiate legal proceedings.

 

Chapter III Rights and Obligations
of Bailee

 

Article 20 As per the stipulation of General
Authorized Agent Agreement for Entrusted Loan, bailee holds right to request for the detailed use of the entrusted loan from bailor.
If any doubts about the legality of the use arise herein, bailee could refuse to handle procedures.

 

Article 21 Bailee should check the contract
herein compared to the General Entrusted Loan Notice signed by bailor. Lending procedure could be implemented after confirmation
of full payment of entrusted loan.

 

Article 22 Bailee should transfer capital
and interest paid from borrower promptly to entrusted loan special account, as requested by bailor, and should mark out the amount
of capital and interest on capital transfer voucher.

 

Article 23 During the term of the contract,
if borrower could not pay back the principal and interest in due time owing to borrower’s malfunction in management and
operation; or guarantee herein occurs anything not in favor of loan asset; or borrower uses the loan not in compliance with the
stipulation herein; bailee could terminate the contract in advance as requested by bailor, and deduct the principal and interest
of the loan from borrower's account.

 

    	6

     

    

 

Article 24 Bailee should make prompt collection
of unpaid principal and interest in written. If borrower is not able to repay the loan, during the guarantee period, bailee should
make prompt collection from borrower in written and report the situation to bailor.

 

Article 25 If bailee and borrower are
not at the same district; bailee could transfer the agency to local office of Industrial and Commercial Bank of China in borrower’s
district. Bailee undertakes responsibility for the acts of transferred agency.

 

Article 26 Bailee is entrusted by bailor
to supervise the use of loan, and the following supervision measures should be taken:

 

	 
	 

 

Article 27 If guarantee is implemented
in this entrusted loan, bailee should sign guarantee contract with guarantor designated by bailor, in accordance with bailor’s
written notice, and handle necessary notarization and registration procedure. Bailee has right to request as per the stipulation
in the contract herein, bailor or borrower to pay for the cost arising in the process of handling guarantee procedure.

 

Chapter IV Rights and Obligations of
Borrower

 

Article 28 Borrower should open basic
account or general deposit account in bailor’s operation agency to handle the issue of borrowing, repayment, payment of
interest, etc.

 

    	7

     

    

 

Article 29 Before use of the loan, borrower
should withdraw money once or more times from bailee in accordance with loan plan. Every time before withdrawing, borrower should
hand in notice to delivery to bailee one day(s) in advance.

 

Article 30 Borrower should use the loan
in accordance with agreed purpose, and should not use the loan in misappropriation or diversion.

 

Article 31 Borrower should prepare ample
amount of principal and interest in the current period on Bailee’s account before interest settlement or principal payment
date, and should pay for the principal and interest as agreed hereto.

 

Article 32 In the duration of the contract,
borrower should accept examination and supervision on the use of the loan from bailor and bailee. Borrower should provide timely
financial accounting statement and other materials required by bailor and bailee.

 

Article 33 In the duration of the contract,
if borrower is engaged in major investment, shareholding reform, contracting, leasing, joint venture, merging, division, foreign
investment cooperation, paid property transfer and application for dissolution, etc. it should inform bailor and bailee 60 days
in advance in written.

 

Article 34 If borrower requests to pay
off the loan ahead of time, it shall submit to bailee the loan repayment application prior to _____days of planned payment date
and accept bailor’s written approval.

 

Article 35 If borrower requests for loan
extension, it shall submit to bailee the application prior to 30 days before expiry of the loan and accept bailor’s written
approval.

 

    	8

     

    

 

Article 36 Borrower should accept legal
status of the transferred agency entrusted by bailee, and undertake all the obligations for transferred agency.

 

Chapter V Default Liability

 

Article 37 If borrower uses the loan inappropriately,
bailee has right to, in accordance with default amount and term, make 0.5% daily rate penalty as per bailor’s written
instruction and loan interest rate stipulated in the contract herein.

 

Article 38 If borrower fails to pay the
principal and interest of the loan in due date, bailee has right to, in accordance with default amount and term, make 0.5%
daily rate penalty as per bailor’s written instruction and loan interest rate stipulated in the contract herein.

 

Article 39 If bailee fails to release
the loan as agreed date and amount, bailor has right to collect daily 0.5% default penalty.

 

Article 40 In the duration of the contract,
the occurrence of any of the following events shall be deemed a default by borrower under this contract, and bailee has right
to stop releasing loan as per bailor’s written instruction, recover loan in advance or deduct the principal and interest
of the loan from borrower’s account without prior notice to borrower: if borrower

 

1. fails to pay the principal
and interest of the loan as per the stipulation in the contract;

 

2. fails to use the loan as
agreed in the contract herein;

 

3. loan is expired and fails
to pay after Bailee’s collection;

 

4.
fails to provide financial statement and other materials as required by bailor and bailee, or provide fake financial statement;

 

5.
involved in major litigation or arbitration proceedings and other legal proceedings;

 

    	9

     

    

 

Article 41 If bailor fails to pay for
procedure cost, guarantee, litigation and other costs in due date, bailee has right to deduct directly relevant cost from bailor’s
account in Industrial and Commercial Bank of China or from the principal and interest paid by borrower.

 

Chapter VI Miscellaneous

 

Article 42 Delivery. All the notice and
instructions under the contract should be delivered in written. If delivered in person or by letter, signing date should be regarded
as delivery date; through fax delivery, the date of receiving reply should be regarded as delivery date.

 

Article 43 Modification and Termination
of the Contract. Once contract coming into force, if bailor, bailee, or borrower wants to modify the terms of the contract, modification
could only occur when three parties reach a consensus after negotiation. If there were any guarantee herein, written approval
from guarantor is indispensable.

 

Article 44 Disputes Settlement. Should
any disputes happen in the process of the contract, all parties shall resolve them through consultations. If no settlement is
reached; the following (2) settlement could be taken:

(1) Arbitration commission gave arbitration
at _________ based on arbitration rule when the issue was submitted.

(2) Submitting to local People‘s
Court where bailee lives.

 

Article 45 Other items that bailor, bailee
and borrower have agreed upon (this Article should not have conflicts with other articles and impact practical rights and obligations
between the parties.)

 

    	10

     

    

 

1. Bailor, bailee and borrower confirm
collectively: if borrower fails or is not able to perform the obligation stipulated in the contract herein, bailor
could institute a suit to People’s Court in its own name.

 

2. Bailor, bailee and borrower confirm
collectively: after prudent consideration, three parties agree voluntarily that the contract is notarized and given
compulsory execution in notarial office in compliance with laws and stipulations from signing date of the contract. Bailor agrees
that bailee could apply to handle by itself all the issues in relevance with applying for the issuing of certificates (include
but not limited to, make notarization application, performing notarization procedure, check the debt, signing notarization documents,
apply for prosecution from court, etc.) Three parties have a complete understanding of the definition, contents, procedure and
effectiveness of compulsory execution notarization and bring no disputes to the obligations stipulated in the contract. Three
parties agree collectively: if borrower fails or is not able to perform the obligations, bailor has right to apply for compulsory
execution certificate directly from notarization office, or apply for compulsory execution from People’s Court with jurisdiction,
without implementing any issuing procedure; meanwhile, borrower accepts compulsory execution from People’s Court voluntarily
and gives up any counterpleading. The agreement hereof on compulsory execution of notarization prevails over implementation in
Article 45, Section 1.

 

3. Bailor, bailee and borrower agree
and confirm: Notice between three parties could be delivered by special messenger, certified mail, or express mail,
etc. Three parties confirm address stipulated in the contract herein could be the deliver address for the notice deliver above.
Three parties confirm address stipulated in the contract herein could be delivery address for notarial certificate, arbitration
certificate, and court’s litigation documents; if not informing other parties in written of any change of the address
in the contract, the address is regarded unchanged; if notification, notarial certificate, arbitration certificate and litigation
documents are not received owing to mistake of stipulated address or untimely informing of address change, the day the notification
or documents are rejected is regarded as delivery date during the delivery of the mail.

 

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Article 46 Unfinished Matters. Unfinished
matters should comply with laws, regulations and financial stipulations in People’s Republic of China.

 

Article 47 Contract Effectiveness. The
contract shall go into effect after signed by bailor, bailee and legal representative/ responsible person or the authorized representative
of the borrower, and sealed with common seal and special seal for contract. The contract will be terminated automatically after
rights and obligations of all parties are fully realized/ performed.

 

Article 48 Components of the Contract.
Any documents in relevance to the contract including General Authorized Agent Agreement for Entrusted Loan, receipts, supplementary
Articles of the loan contract modified by three parties shall be parts under this contract and have the same legal effect.

 

Article 49 Copies of the Contract. This
contract shall be made in quintuplicate, having the same legal effect; bailor holds two, each for bailee, borrower and notary
organs.

 

This page hereafter is intentionally left
blank.

 

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This page is signing page of General Contract
of Entrusted Loan by and between Hubei Asset Management Co., Ltd., Wuhan Jiang’an Branch of Industrial &
Commercial Bank of China, and Wuhan Kingold Jewelry Co., Ltd.

 

	Bailor:
                                         (Seal) Hubei Asset Management Co., Ltd.

                                                                  

                                         

                                                                 Legal
                                         Representative: (Signature)
	
	

 

Bailor: (Seal) Wuhan Jiang’an Branch
of Industrial & Commercial Bank of China

 

Responsible
Person or Authorized agent: (Signature)

 

		

 

 

	Borrower:
                                         (Seal) Wuhan Kingold Jewelry Co., Ltd

                                                               

                                                              Legal
                                         Representative: (Signature)
	
	

 

    	13Exhibit 10.38

 

Trust Loan Contract

 

Between

 

China Minsheng Trust Co., Ltd.

 

And

 

Wuhan Kingold Jewelry Co., Ltd.

 

Contract No.: [2016-MSJH-103-2]

 

2016

 

     

     

    

 

Trust Loan Contract

 

Lender (Party A): China Minsheng Trust
Co., Ltd.

 

Address: 19/F, Tower C, Minsheng Financial
Center, No. 28, Jianguo Mennei Road, Dongcheng District, Beijing

 

Zip Code: 100005

 

Legal Representative: Zhiqiang Lu

 

Fax Number: 010-85259080

 

Phone Number: 010-85259071

 

Borrower (Party B): Wuhan Kingold Jewelry
Co., Ltd.  

 

Address: Te 15, Huangpu Science &
Technology Garden, Jiangan District

 

Zip Code: 430023

 

Legal representative: Zhihong Jia 

 

Fax Number: 027-65694977

 

Phone Number: 027-65694977

 

Whereas:

 

1. Party A is a duly
incorporated trust company with good standing, and Party B is a duly incorporated limited liability company with good standing.

 

2. According to [2016-MSJH-103-1]
China Minsheng Trust – Zhixin No. 255 Kingold Jewelry Loan Assembled Fund Trust Plan Trust Contract (“Trust Contract”
or “Trust Document”), Party A sets up China Minsheng Trust – Zhixin No. 255 Kingold Jewelry Loan Assembled Fund
Trust Plan (“Trust Plan”) and agrees the trust fund is used to issue loans to Party B.

 

3. According to the
Trust Document, Party A plans to sign this Contract with Party B and issue a trust loan to Party B.

 

The Contract is made
in line with relevant laws and regulations to specify the rights and obligations of both parties after reaching consensus through
consultation.

 

     

     

    

 

Article 1 Definitions

 

1. In the Contract
(as defined below), save where the context or text otherwise requires, the following words and expressions shall have the same
meanings in the Trust Document:

 

1.1 Contract:
the Contract [2016-MSJH-103-2] Trust Loan Contract between China Minsheng Trust Co., Ltd. and Wuhan Kingold Jewelry Co., Ltd. and
any other effective revisions and annexes.

 

1.2 Issuance
Date of Loan: for each allocation of trust loan, the date of issued loan by Party A to Party B, specified on the certificate
of indebtedness of loan regarding that allocation. If the first Issuance Date of Loan is inconsistent with the date of establishment
of the Trust Plan, or if any following Issuance Date of Loan is inconsistent with the date of successful funding of the fund corresponding
to this loan, the date of when the Trust Plan begins effective or the corresponding following date of actual usage of each fund
allocation is the Issuance Date of Loan.

 

1.3 Expiration
Date of Loan: for each allocation of the trust loan, the expected expiration date of each trust loan, or the date of advanced
expiration of loan of each trust loan, or the date when the extending period of this loan ends.

 

1.4 Interest
Settlement Date: March 15, June 15, September 15, December 15 of each natural year and each Expiration Date of Loan.
The Interest Settlement Date cannot be extended.

 

1.5 Interest
Payment Date: each Interest Settlement Date. If Interest Payment Date is not a business day, then it will be the next business
day.

 

1.6 Month:
for each allocation of trust loan, the period from the Issuance Date of Loan or corresponding date of the Issuance Date of Loan
(including that date; if there is no corresponding date of that month, then to be the last date of that month) to the corresponding
date of the Issuance Date of Loan of next month (excluding that date; if there is no corresponding date of that month, then to
be the last date of that month) is a loan Month for that allocation. The specific starting date and ending date should be the
dates on the certificate of indebtedness of that allocation.

 

1.7 Year:
for each allocation of the trust loan, the 12 Month period since the Date of Loan is a loan Year for that allocation.

 

1.8 Pledgor:
Wuhan Kingold Jewelry Co., Ltd.

 

1.9 Pledge
Date: The date of delivering pledge and setting up the pledge right by the Pledgor under Gold Pledge Agreement.

 

     

     

    

 

1.10 Gold
Pledge Agreement: Gold Pledge Agreement between China Minsheng Trust Co., Ltd. and Wuhan Kingold Jewelry Co., Ltd. signed
by Party A and Pledgor [2016-MSJH-103-3] and any amendments or supplements.

  

1.11 Authorized
Subscription Contract of Trust Industry Security Fund: Authorized Subscription Contract of Trust Industry Security Fund [2016-MSJH-103-6]
signed by Party A and Party B.

 

1.12 Yuan:
refers to the monetary unit of China, the Reminbi or RMB.

 

1.13 China: Refers
to the People’s Republic of China excluding Hong Kong, Macau and Taiwan.

 

Article 2 Amount of Loan

 

The amount of loan
under the Contract is no more than four Hundred Million Yuan, or RMB 400,000,000.00, in multiple allocations. The specific amount
of each allocation of loan shall follow the amount specified on the certificate of indebtedness of loan. 

  

Article 3 Purpose of Loan and Supervision

 

3.1 Party B shall
use the loan for supplementary liquidity needs.

 

Party B is not allowed
to change the purpose of loan without prior written consent of Party A. Party B is not allowed to use the loan for fixed investment
in assets and stock rights etc., securities market investment, land storage, and real estate development, projects prohibited
by any law, regulation, regulatory provision and national policy.

 

3.2 The trustor under
the trust or a third party designated by it supervises if Party uses the money according to this Contract. Both parties should
comply with Capital Supervision Agreement signed by party B and the supervision bank.

 

3.3 The content of Capital
Supervision Agreement should be confirmed with consents of each party.

 

Article 4 Length of Maturity

 

4.1 The loan under
this Contract is issued in allocations. The life of loan of each allocation of loan is 12 Months, calculated since its respective
Issuance Date of Loan. The period from issuance date of the first installment to the expiration date of the last installment shall
not exceed 30 months.

 

     

     

    

 

4.2 Based on conditions
prescribed in the Contract, Party A shall have the right to announce that the loan or partial of the loan is due in advance.

 

Article 5 Interest Rate, Interest Calculation,
Settlement of Interest, Payment of Interest and Penalty Interest

 

5.1 Interest Rate

 

The annual interest
rate of loan under the Contract is fixed interest rate :7.6% per year.

 

5.2 Interest Calculation

 

Interest of each
loan under the Contract will calculated respectively starting from the Issuance Date of Loan. The interest of each loan is calculated
by day, with daily interest rate= monthly interest rate/30= yearly interest rate/360. For each loan, amount of loan interest due
every day = amount of loan balance on that date x [7.6]%/360.

 

5.3 Interest Settlement

 

Interest on the loan
under this Contract is calculated by using the Interest Settlement Date corresponding to each loan. The period is from loan issuance
date (inclusive) or the last Interest Settlement Date (inclusive) to this Interest Settlement Date (exclusive). The last interest
settlement date of each loan under this Contract is the Expiration Date of Loan. The principal should be paid off along with its
interest.

 

5.4 Interest Payment

 

Party B shall make
full interest payment to Party A for each loan on each Interest Payment Date. If the loan is issued by allocations, each allocation
is calculated in following way and the interest is paid accordingly.

 

Interest shall be
paid by Party B on every Interest Payment Date within first year after the issuance of the loan= Σ the loan interest every
day from the Issuance Date of Loan (inclusive) or last interest settlement date (inclusive) to the interest settlement date (exclusive)

 

5.5 Penalty Interest

 

(1) If Party B changes
the purpose of loan, Party B should pay additional 100% interest based on the original interest rate starting from the date of
such change regarding the changed part.

  

(2) If Party B fails
to make loan payments as scheduled, Party B shall pay additional 50% interest based on the original interest rate starting from
the date of such failure. If Party B fails to make interest payment as scheduled, Party B shall pay compound interest according
to the 50% penalty interest rate.

 

     

     

    

 

(3) Original interest
rate refers to the applicable rate used prior to the Expiration Date of Loan (including accelerated maturity date or expiration
date for extension).

 

(4) In case the payment
is overdue AND the purpose of loan has been changed, Party B shall pay the higher interest rate according to above provisions.

 

Article 6 Issuance of Loan

 

6.1 Only after satisfying
the following prerequisites, Party A is in duty bound to issue a loan to Party B.

 

(1) To issue the
first loan, the trust plan has been set; to issue each of following loans, the subscription of that trust unit is successful;

 

(2) According to
currently effective laws, regulations, certificate of incorporations and other organizational documents, Party B, each Warrantor
and others have provided all necessary legal documents and legally valid internal/external approval and authorization documents,
and submit the list of persons with signature rights and the signature specimen of these persons;

 

(3) The Contract,
Contract of Gold Pledge, Capital Supervision Agreement, Authorized Subscription Contract of Trust Industry Security Fund and other
transaction documents have been signed and taken affect;

 

(4) Notarization
of compulsory execution of the Contract and Gold Pledge Agreement has been transacted;

 

(5) Contract of Pledge
has been signed and taken affect;

  

(6) Until the issuance
date of the loan, all the statements and guarantees provided by Party B in Article 10 of this Contract are true, accurate and
effective. Party B’s financial situation is basically similar with it when signs this Contract without any major adverse
change;

 

(7) Until the issuance
date of the loan, the issuance of the trust loan of Party A to Party B under the Contract does not violate all the laws and regulations;

 

(8) Party B’s
business operation status (including but not limited to its financial status) does not have any substantial changes which cause
any major adverse influence on the transaction under the Contrac;.

 

(9) Any laws, regulations,
regulatory provisions, other regulatory documents or regulatory agencies do not limit or prohibit Party A to issue a loan to Party
B as described in the Contract;

 

(10) Other requirements
by Party A.

 

     

     

    

 

6.2 Within three
days since all conditions under Article 6.1 are met (unless Party A waives any or more of them), Party A should transfer each
loan to the following loan account opened by Party B.

 

Bank Name: Bohai
Bank, Wuhan Branch

Account Number: 2002127680000268

Account Name: Wuhan
Kingold Jewelry Co., Ltd

  

Article 7 Repayment

 

7.1 Principal of
Repayment

 

As for the loan under
the Contract, Party B shall repay interest first and then principal. Party A is entitled to use the payment of Party B to first
pay off all expenses which should be undertaken by Party B but are paid by Party A for Party B and expenses for Party A realizing
creditor’s right.

 

If the payment of
Party B is insufficient to pay off the payable amount of Party A (including but not limited to loan principal, interest, liquidated
damages, compensation for damage, expense for achieving the creditor’s right and other expenses payable) under the Contract,
Party A is entitled to decide the sequence of refunding principal, interest and other expenses.

 

7.2 Repayment of
Principal and Interest

 

Party B shall pay
the interest according to the Article 5.4 in the Contract on each Interest Payment Date. The last Interest Payment Date of every
loan is the Expiration Date of Loan for such loan under the Contract and the principal should be paid along with the interest.

 

7.3 Prepayment

 

(1) Party B could
request prepayment, but only after sending request in writing 30 days in advance to Party A and getting Party A’s approval.
If the life of the loan of that month is less than 30 days, the loan interest is calculated basing on 30 days.

 

(2) The interest
of prepayment is calculated according to this Contract.

 

7.4 Party B shall
transfer the payment of principals and interests to the following account appointed by Party A:

 

Bank name: Bohai
Bank, Wuhan Branch

Account number: 3001005984001185

Account name: China
Minsheng Trust Co., Ltd 

 

     

     

    

 

Article 8 Warrant of Loan

 

8.1 All debts under
the Contract (including but not limited to all principals, interests, default interests, compound interests, liquidated damages,
compensation, all payments for creditor to realize the creditor’s rights and other payments that Party B shall pay) are
guaranteed by the Pledgor in the following manners:

 

(1) Pledge: Party
B provides pledge guarantee with its inventory of gold with standard not lower than Au9995. Under the presumption of principal
pledge rate no higher than 70%, the gold amount that should be pledged is calculated basing on the Au9995 closing price of Shanghai
Gold Exchange on the day prior to pledgor date. The details are specified in the Gold Pledge Agreement.

 

(2) Warrant: the
warrantor should provide joint liability guaranty for party B. The details are specified in the Warrant Agreement.

 

8.2 For the details
about all warrant ways under Article 8.1, the provisions of the warrant agreements such as Guaranty Agreement and Gold Pledge
Agreement prevails.

 

Article 9 Rights, Obligations, Representations
and Warranties of Party A

 

9.1 Rights of Party
A

 

(1) Party A is entitled
to require Party B to repay the principals, interests and expenses of the loan;

  

(2). Party A is entitled
to require Party B to provide the most recent audited financial statements and all other relevant documents related to the loan
under the Contract;

 

(3) Party A is entitled
to understand the production and management, financial activity of Party B;

 

(4) Party A is entitled
to report to the authorities if Party B evades Party A’s supervision, delays payment of loan principal and interest and
conducts other actions of breach of Contract;

 

(5) Party A or its
authorized third party is entitled to collect payments that are not fully paid or timely paid by Party B via various communication
channels. The expenses resulted from such collection acts will be borne by Party B;

 

(6) Party A or its
authorized third party is entitled to perform regular inspections on Party B’s purchase agreements to check the matching
status of the actual purchase agreements and actual fund usage;

 

(7) If any situation
happens as prescribed in Article 11 and Party A believes it may endanger creditor’s rights under the Contract, or Party
B defaults under this Contract in any way, Party A is entitled to announce the loan is due in advance and require Party B to pay
all due principals and interests of the loan;

 

     

     

    

 

(8) Party A’s
other rights entitled by law, regulations and the Contract.

 

9.2 Obligations of
Party A

 

(1) Issue the loan
on schedule based on the Contract, save the delay due to reason of Party B or other reasons not concerned about Party A;

 

(2) Keep the financial
information and the commercial secrets about production and management provided by Party B in confidentiality, save the laws and
regulations otherwise require, or disclose according to regulatory department and administrative supervision department or disclose
to engaged third parties.

 

9.3 Representations
and Warranties of Party A

 

Representations and
Warranties of Party A are as follows:

 

(1) It is a registered
trust company approved by China Banking Regulatory Commission and has the qualification to sign this Contract;

 

(2) It is its real
intention to sign and perform the Contract. It has legally performed all necessary formalities for signing and performing the
Contract. All the procedures to sign and fulfill the Contract have been legally performed and are legally effective.

 

(3) It issues trust
loan to Party B under the Trust Contract and its execution and enforcement of this Contract does not violate any of its obligations
under the Trust Contract.

 

Article 10 Rights and Obligations of
Party B

 

10.1 Rights of Party
B

 

(1) Entitled to get
and use the loan according to the stipulated terms and loan usages of the Contract.

 

(2) Entitled to require
Party A to keep the relevant financial information and commercial secrets about production and management provided by Party B
in confidentiality, save where laws, regulations or this Contract otherwise require or necessary disclosure to principals and
beneficiaries because Party A sets up the trust .

 

10.2 Obligations
of Party B

  

(1) Get the loan
according to stipulations of the Contract;

 

     

     

    

 

(2) Per Party A’s
requests, provide materials quarterly (within 20 business days at the beginning of each quarter) to Party A about financial accounting
and production and operation, including but not limited to the balance sheet, profit and loss statement, cash flow statement and
financing situation (all the banks with its accounts, accounts, balance situation, etc.), usage situation of loan fund, etc.;
per Party A’s request, provide operation situation introduction to Party A quarterly (within 20 business days at the beginning
of each quarter), including but not limited to the operation situation of the main business of last quarter, constitution of revenue
and profit source, material investment and financing outside of the company, deposition of material assets, and other information
with material impact on the operation; submit the financial statements of last year by the end of every April; and takes responsibility
of the authenticity, legality, completeness and validity of the foregoing provided documents;

  

(3) Use the loan
for the purpose agreed in the Contract and do not forcibly occupy and misappropriate it or use it in any project that violates
the laws and regulations;

 

(4) Actively cooperate
and consciously accept the investigation and supervision of Party A or its engaged third party on its production and management,
financial activity and loan utilization under the Contract;

 

(5) Pay off principals
and interests of loan on schedule and pay other amounts due (if any) in accordance with the stipulations of the Contract;

 

(6) Bear related
expenses under this Contract, including but not limited to insurance, evaluation, registration, safekeeping, appraisal, notarization
and other matters;

 

(7) Party B and its
investors are not allowed to secretly withdraw funds or transfer assets to evade debts to Party A;

 

(8) Before paying
off the principals and interests, it shall not, without Party A’s consent, use the assets resulted from the loan to warrant
for a third party;

 

(9) During the duration
of the Contract, it shall not provide any warrant to a third party without Party A’s consent, shall not allocate its profits;
repayment of loans of Party A’s shareholders shall not be done before the repayment of principal and interest of the loan
under this Contract;

 

(10) Before any full
or partial transfer of debt to a third party, it shall get prior written consent of Party A;

 

(11) During the duration
of the Contract, if Party B alters its name, legal representative, address, business scope and registered capital, it should notify
Party A in writing;

 

     

     

    

  

(12) During the duration
of the Contract, in case Party B engages in contracting out business operation, lease, shareholding system transformation, joint
venture, merger, acquisition, separation, increase and decrease of capital, alternation of stock rights, transfer of material
assets or other acts of disposition which will impact the realization of Party A’s credit, Party B shall notify Party A
in writing at least 30 days in advance for its consent and address the matters of payment and guaranty of the debt under the Contract
according to Party A’s requirements;

 

(13) In case Party
B suffers business halts, bankruptcy, dissolution, closure of business, cancellation of business license, and revocation, the
Contract is deemed to reach its expiration. Party B shall send a written notice to Party A within three days since the date of
its occurrence and repay all principals and interests immediately;

 

(14) If any incident
causes danger to Party B’s normal business or materially and adversely affect Party B’s ability to fulfill its payment
obligation under the Contract, including but not limited to, material financial disputes, litigation, deterioration of financial
situation, serious hardship of production and operation, dissolution, closure of business, cancellation of business license, and
revocation, etc., Party B shall send a written notice to Party A within three days since the date of its occurrence and address
the matters of payment and guaranty of the debt under the Contract according to Party A’s requirements;

 

(15) Ensure all Warrantors
(if any) to work with Party A to sign Contracts of Warranty (if any) and go through relevant notarization and registration procedures;

  

(16) In case the
Warrantors under the Contract suffers business halts, bankruptcy, dissolution, closure of business, cancellation of business license,
revocation or similar situations, and partly or fully loses the warrant ability corresponding to this loan, Party B shall promptly
provide Party A other warrant recognized by Party A;

 

(17) Party B, without
any consent from Party A, shall not incur any kind of debt, investment or financing, including but not limited to, bank loan,
trust loan, merger loan, setting property trust, setting special asset earning right, share or share beneficiary investment and
financing, and other kinds of investment and financing activities;

 

(18) During the term
of this Contract, Party B does not distribute dividends to shareholders;

 

(19) Party A is allowed
to refer to China Bank about the credit data of Party B

 

(20) Party B should
provide evident materials to prove the loan capital is used as signed in this contract. Such capital includes but not limited
purchase contract, receipt, or others.

 

(21) Party B shall
take responsibility to Party A for the loss caused by breaching the Contract.

 

     

     

    

 

10.3 Representations and Warranties
of Party B

 

Representations and
warranties of Party B are as follows:

 

(1) It is a legally
registered and validly existing business entity. Until the Issuance Date of Loan, it is in normal operation, and does not have
any current or reasonably expected factor which may cause it to be unable to keep the normal operation during the loan term;

 

(2) It is its real
intention to sign and perform the Contract. It has legally performed all necessary formalities for signing and performing the
Contract. These conducts do not violate the certificate of incorporation or other organizational documents or any laws, regulations,
charters and other regulatory documents, judgments, contracts, commitments, or arrangements. All the procedures to sign and fulfill
the Contract have been legally performed and are legally effective;

 

(3) All the documents,
materials, relevant financial statements and certificates provided to Party A for the loan under the Contract are true, correct,
complete, legally valid, and do not have any misleading statements, false record or material omission;

 

(4) It does not conceal
any past actions or actions that may happen which might prevent the issuance of the loan under the Contract, including but not
limited to,

 

1) serious illegal
actions, discipline incidents or material claims related to it or its person in charge;

3) any breach actions
related to contracts with other creditors;

2) litigations, arbitrations
and other disputes;

4) its debt and debt
guarantees;

5) other situations
that might influence its financial status or repayment ability.

 

(5) It allows Party
A to investigate its credits from the credit data center approved and set up by People's Bank of China and its credit supervisor
department or relevant agencies, agrees Party A to disclose its information to the credit data center approved and set up by People's
Bank of China and its credit supervisor department, or reasonably use or disclose those credit information out of business needs;

 

(6) Any existing
legal documents relevant to financing and/or guarantee (if any) do not include any terms that limit Party B’s refinancing
or providing guarantee and do not affect Party B’s application of trust loan to Party A under the Contract.

 

(7) Party B is not
a non-residential company, and the real controller of Party B is not a non-residential company.

 

     

     

    

 

The Representations
and Warranties of Party B is consecutively effective. When the agreement is revised, supplemented or amended, Party B is deemed
making the above Representations and Warranties repeatedly.

 

Article 11 Responsibility of Default

 

11.1 Default Situations

 

(1) Party B shall
take the responsibility of default by law if any situation as follow happens:

 

1) Fail to provide
true, complete and valid financial, accounting, operation status and other materials; conceal information that may affect its
ability to repay the loan;

  

2) Fail to use the
loan for the purpose agreed in the Contract, refuse Party A’s or its authorized third party’s supervision over the
usage of the loan;

 

3) Fail to pay interests
or any term of interest under the Contract on schedule, or fail to pay other amount payable (if any);

 

4) Fail to pay for
Trust Secure Fund timely under Trust Subscription Agreement;

 

5) Regarding other
projects between Party B, its Guarantor, their related parties and Party A (current or future, including but not limited to China
Minsheng Trust – Zhixin No. 439 Kingold Jewelry Loan Assembled Fund Trust Plan), Party B does not pay for loan balance or
interest of any allocation or other payables or perform warrant obligations (if any), or reach the fill-up line of pledge under
such project and the debtor/pledgee hasn’t supplemented corresponding gold or cash, or there is any other violation of agreements
under such project;

 

6) Transfer assets
or withdraw funds to evade debt;

 

7) Deterioration
of operation and financial conditions, failure to pay off due debt, involvement in serious litigation, arbitration or other legal
disputes or undertaking other debts happens and Party A believes it may affect or threaten its rights and benefits under the Contract;

 

8) During the duration
of the Contract, conducting transactions such as contracting out business operation, lease, shareholding system transformation,
joint venture, merger, acquisition, separation, increase and decrease of capital, alternation of stock rights, and other actions
changing operating way or system which Party A believes may impact or have impacted Party A’s rights under the Contract;

 

9) Its other debts
may or have affected the fulfillment of obligations to Party A;

 

10) Distribute dividend
without any consent from Party A during the duration of the Contract;

 

     

     

    

 

11) Enter into legal
proceedings of custody, taken over, consolidation, settlement, reorganization, bankruptcy, or dissolution, or being cancelled
business license, or being ordered business closure, stop, revocation or dissolution;

 

12) If Party B and/or
Guarantor has any situation that Party A believes material and disadvantageous, or violates any other project or contract with
Party A or other financial institution, Party A has the right to adopt the remedies under Article 11.2 under this Contract. If
the violation is serious, Party A has the right to terminate all projects cooperated with Party B;

 

13) Other breaches
of the Contract or other circumstances that Party A believes may affect or threaten or have affected or threatened the realization
of Party A’s rights and benefits under the Contract.

 

(2) If any following
circumstances happens to the Pledgor that Party A believes may affect the warrant ability of the mortgagor (or the Pledgor) and
requires the mortgagor (or the Pledgor) to remove the adverse implication caused by it, but the Pledgor and Party B do not cooperate,
or Party B refuses to provide new warrant and/or other remedies approved by Party A, Party B is deemed to violate the contract
:

 

1) Upon signing the
Gold Pledge Agreement, the Pledgor concealed any situation that the rights associated with the pledge has been addressed, including
but not limited to, that the pledge has been rented, sold, the beneficial rights, operation rights or other rights have been transferred
by the Pledgor, the Pledgor/lessor has obtained long term rent in a lump-sum, or the Pledgor has already set up warrant, pledge
and other rights;

 

2) The behavior of
a third party resulted in the damage, lost, or devaluation of the pledge, and the Pledgor fails to address the damages under the
mortgage agreement;

 

3) The Pledgor’s
behavior will decrease the value of the pledge but refuses or fails to stop the action, restore its original situation or provide
any warrant upon Party A’s request;

 

4) Without any written
consent from Party A, the Pledgor gives, transfer, leases, repledges, transfer-pledges, moves the pledge, or addresses the pledge
in any other way or sets up other rights on the pledge;

 

5) The Pledgor addresses
the pledge with Party A’s consent, but fails to follow the Gold Pledge Agreement when handling the disposal price of the
pledge;

  

6) The pledge is
damaged, lost or its value is reduced which affects the repayment of the debt under the Contract, and the pledgor does not restore
its value promptly, or provides other warrants recognized by Party A;

 

7) Does not process
mandatory notary in accordance with this Contract and Gold Pledge Agreement;

 

     

     

    

 

8) Does not supplement
corresponding gold or cash in accordance with the warning line and closing line in accordance with Gold Pledge Agreement;

 

9) Other breach scenarios
under the Gold Pledge Agreement.

 

(3) If any following
circumstances happens to the Grantor that Party A believes may affect the guaranty ability of the Grantor and requires Grantor
to remove the adverse implication caused by it, but the Grantor and Party B do not cooperate, or Party B refuses to provide new
guaranty and/or other remedies approved by Party A, Party B is deemed to violate the contract :

 

1) At the time of
signing Guaranty Agreement, hides that he does not have the qualification or ability to take the guaranty responsibility, or hides
the foreign citizenship of the actual controller, or does not get the authorization and approval of the authorities;

 

2) Entity guarantor
suffers business halts, bankruptcy, dissolution, closure of business, cancellation of business license, revocation and business
loss and litigation, etc., natural person guarantor suffers death, loss, becoming person with limited or no civil liabilities,
deteriorating economic situation;

 

3) Guarantor fails
to exercise his rights to a third party so his guaranty ability is destroyed; these rights include but not limited to contract
credit, undue interest returning demand, repayment demand of management without cause, damage compensation demand, cancellation
right, liquidation request right, applying mandatory enforcement right, etc.

 

4) Activities of
Guarantor damage his guaranty ability; such abilities include but not limited to guarantor gives up credit, transfer his assets
for free or with unreasonable low price, setting warrant, pledge, deposit payment, being guarantor of other debts, etc.

 

5) Does not process
mandatory notary in accordance with this Contract and Guaranty Agreement;

 

6) Other breach scenarios
under the Guaranty Agreement.

  

11.2 Default Remedies

 

Party A is entitled
to take one or more of the following measures if and of the abovementioned defaults happen:

 

1) Stop issuing the
rest of the loan that has not been issued yet;

 

     

     

    

 

2) Announce the payment
is due immediately, collect in advance those loans issued, and require Party B to repay all the loan principals, interests and
other payments under the Contract;

 

3) Charge Party B
the liquidated damage which is 20% of the principal;

 

4) Exercise guarantee
rights;

 

5) Regarding other
projects between Party B, its Guarantor, their related parties and Party A (current or future, including but not limited to China
Minsheng Trust – Zhixin No. 439 Kingold Jewelry Loan Assembled Fund Trust Plan), declare the debt under such project is
due immediately, and address, exercise the pledge or other guaranty rights under such project, the balance after paying the debt
due under such project (if any) can be used to pay for the balance, interest and related payments under the Contract. The Gurantor
recognizes and agrees with this matter under Guaranty Agreement, and Guaranty Agreement prevails ;

 

6) Terminate the
Contract and other Contracts of Warranty (if needed);

 

7) Other measures
provided by regulations, regulatory provisions and the Contract.

 

11.3 Special Agreement

 

Within 5 days since
the Loan Trust is set up, if Party B fails to fulfill relevant borrowing obligations under this Contract without any reasons,
it shall pay Party A liquidated damages of 3,000,000 Yuan and Party A has the right to terminate this Contract unilaterally.

 

Article 12 Amendment and Termination
of Contract

 

Upon the effectiveness
of the Contract, any party shall not alter or terminate the Contract unilaterally unless the Contract provides otherwise. Any
amendments or alterations shall be agreed by both parties in a written agreement.

 

Article 13 Applicable Laws and Dispute
Resolutions

 

13.1 Both parties
shall solve disputes arising from the Contract or related to the Contract by negotiation or settlement. In case no settlement
can be reached through negotiation, the parties shall submit the dispute to the people’s court with jurisdiction in the
domicile of Party A. Unless otherwise specified in the judgment, the actual cost of the parties related to the suit (including
but not limited to court fees and reasonable attorneys' fees) shall be borne by the losing party.

 

13.2 The agreement,
interpretation, performance and dispute resolution under the Contract are subject to laws and regulations of People’s Republic
of China.

 

     

     

    

 

13.3 During the period
of dispute resolution, Party A and Party B shall still perform the terms without disputes under the Contract. No party could refuse
to perform any of its obligations under the Contract.

 

Article 14 Notarization of Compulsory
Execution

 

14.1 Party A and
Party B confirm that, within three days of execution of the Contract, both parties will transact compulsory notarization of the
Contract at Beijing Fangzheng Notary Office.

  

14.2 Party B hereby
commits that if it fails to fulfill or incompletely fulfills any of its obligations under the Contract, it is willing to receive
judiciary compulsory execution, without any judicial proceeding. Party A can directly apply for compulsory execution to people’s
court with jurisdiction according to Article 238 of Civil Procedure. Party B waives right of defense for such application.

 

14.3 Party A and
Party B confirm that both parties fully understand the meaning, content, procedure and effect of notarization of compulsory execution
proscribed by relevant laws, regulations and regulatory documents.

 

14.4 If Party B fails
to perform or inappropriately performs debt documents which has been notarized and have the compulsory execution effect, Party
A can apply for issuance of compulsory execution document to the notary office. Party B shall cooperate with the notary office
to complete the verification procedure. Party B commits to cooperate fully with the application by Party A (including but not
limited to the verification procedure with the completion of the notary office). If Party B fails to fulfill such obligation timely,
Party B hereby confirms: in the case of absence of Party B, after the notary, based on the notary application by Party A and its
internal procedure, completes the verification process, it deems to finish the verification process. Party B fully recognizes
its legal consequences.

 

14.5 This Article
has priority to the Article 13.1. Party B shall bear the expense arising from application of compulsory notarization.

 

Article 15 Notification and Delivery

 

15.1 All the notifications,
documents and materials sent or provided to each party because of execution of the Contract shall be delivered according to the
contact in the cover page. If the contact information of one party changes, it shall notify the other party in writing (fax or
express mail) within three workdays since the date of change. Otherwise, the notification from he party which does not change
the contact information to the other party by fax or express mail according to the contact information in this Contract is deemed
to be delivered.

 

     

     

    

 

15.2 Contact information
of both parties:

 

Party A: China Minsheng
Trust Co., Ltd.

Mailing Address:
18/F, Tower C, Fanhai City Plaza, No.198, Yuncai Road, Jianghan District, Wuhan

Zip Code: 430023

Contact Person: Li
You

Phone Number:

Fax Number: 010-85259080

Email:liyoui@msxt.com

 

Party B: Wuhan Kingold
Jewelry Co., Ltd.

Mailing Address:
Te 15, Huangpu Science & Technology Garden, Jiangan District

Zip Code:

Contact Person: Qiao
Hu

Phone Number: 13317109760

Fax Number: 027-65694977

Email: webmaster@kingold.com.cn

 

15.3 Notification
is deemed to be delivered to the other party on the following date:

 

(1) Personal delivery:
effectively delivered on the date when the designated person delivers it;

 

(2) Registered letter
service: the third day after the mailing day (postmark as the proof) ;

 

(3) Fax: when the
confirmation of successful delivery is created by the fax machine;

 

(4) Express mail
service: the second day after postmark date;

  

(5) Email: date stated
in the email system of successful delivery.

 

15.4 The contact
address filled in this agreement is deemed effective. Upon confirmation by both parties, the contact address filled in this agreement
would be the consignee address for judicial documents relate to this contract and the email address filled in this agreement would
be the inbox for electronic documents relate to this contract. Upon the judicial documents are sent to the address filled in this
contract, the documents would be deemed as delivered on the delivery date under Article 15.3.

 

Article 16 Supplementary Provisions

 

16.1 Any amendment
of the Contract as the attachment of the Contract has the equal legal effect with the Contract.

 

16.2 The Certificate
of Indebtedness under the Contract and other relevant documents confirmed by both parties are indivisible component of the Contract.

 

     

     

    

 

16.3 Party B has
read all the terms of this Contract. Per Party B’s requirements, Party A has explained the relevant provisions under this
Contract. Party B has acknowledged and fully understood on the meaning of the Contract terms and the corresponding legal consequences.

 

16.4 In the course
of performing this Contract, if Party A does not exercise or timely exercise any of its rights under this Contract, it shall not
be deemed to have waived such rights, and it does not affect the exercise of Party A’s other rights and fulfillment of Party
B’s obligations under this Contract. All waiver of rights shall be made in writing.

 

16.5 Representations
and Warranties in the Contract are set out separately and independently. Except as otherwise expressly agreed in this Contract
or the parties otherwise agreed in writing, they will not be restricted by other terms in the Contract that may contain contrary
meanings. If a provision of this Contract or any part of a provision becomes invalid at present or in the future, this invalid
provision or the invalid part of the terms of the Contract does not affect the other terms of the Contract or the validity of
other content in the term.

 

16.6 any violation
of these Representations and Warranties are treated as breach of Contract.

 

16.7 Both parties
shall ensure that the Contract is fully executed by conducting and signing any further actions, incidents, documents, so the expected
purpose of this Contract could be fully achieved.

 

16.8 The titles in
the Contract only serve as easy access to all the terms. Under no circumstances they shall be construed as an integral part of
this Contract, or as limitation of its terms of indication.

 

16.9 The Contract
is the complete document on the matters covered by it agreed by both parties. This Contract, together with any attachments to
this Contract constitutes the entire agreement between the parties of this Contract. If any previously signed letter of intent,
other legal documents or other written and oral agreements are inconsistent with this Contract, this Contract shall prevail.

 

16.10 The Contract
is effective on the day when it is signed and stamped by the legal representative or an authorized representative of each party
and shall terminate when all loan principals, interests, penalty interests, liquidated damages, damages compensation and all other
sums due (if any) are paid off.

 

16.11 All six copies
of the original Contract has the same legal effect; three copies are possessed by Party A and three copies are possessed by Party
B; the remaining copies are for handling enforcement of notarization, pledge registration procedures, etc.

 

Both parties have
read all terms of the Contract and have completely understood the meaning of Contract terms and corresponding legal consequences.
No party shall challenge any terms under the Contract on the any basis such as material misunderstanding or unconscionability.

 

     

     

    

 

(Signature page follows)

 

(This is the signature
page of Trust Loan Contract of No. 2016-MSJH-103-2 and has no content of contract)

 

	Party
    A:	/s/
    China Minsheng Trust Co., Ltd.	 

Legal Representative/Authorized
Representative:

 

	Party
    B: 	/s/
    Kingold Jewelry Co., Ltd.	 

Legal Representative/Authorized
Representative:

  

Contract signed on:

Contract signed in:
Dongcheng District of Beijing City

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