Document:

Exhibit 10.19

 

INDEMNIFICATION AGREEMENT

  

THIS AGREEMENT is entered
into, effective on May [__], 2020 by and between UTime Limited, a Cayman Islands exempted company (the “Company”),
and [__________] (“Indemnitee”).

 

WHEREAS, it is essential
to the Company to retain and attract as directors and officers the most capable persons available;

 

WHEREAS, Indemnitee
is a director of the Company; and

 

WHEREAS, in recognition
of Indemnitee’s need for substantial protection against personal liability in order to enhance Indemnitee’s continued
and effective service to the Company, and in order to induce Indemnitee to provide services to the Company as a director, the Company
wishes to provide in this Agreement for the indemnification of and the advancing of expenses to Indemnitee to the fullest extent
(whether partial or complete) permitted by the laws of the Cayman Islands and as set forth in this Agreement and the Amended and
Restated Memorandum and Articles of Association of the Company (as amended, restated, supplemented and/or otherwise modified from
time to time, the “Memorandum and Articles”) and, to the extent insurance is maintained, for the coverage of Indemnitee
under the Company’s directors’ and officers’ liability insurance policies.

 

NOW, THEREFORE, in
consideration of the above premises and of Indemnitee’s continuing to serve the Company directly or, at its request, with
another enterprise, and intending to be legally bound hereby, the parties agree as follows:

 

1. Certain Definitions.

 

(a) “Board”
means the Board of Directors of the Company.

 

(b)
“Change in Control” means (i) the consummation of a merger or consolidation of the Company with or into
another entity or any other corporate reorganization, if fifty percent (50%) or more of the combined voting power of the
continuing or surviving entity’s securities outstanding immediately after such merger, consolidation, or other
reorganization is owned by persons who were not shareholders of the Company immediately prior to such merger, consolidation,
or other reorganization; (ii) a change in ownership or control of the Company after the date hereof, effected through the
direct or indirect acquisition by any person or related group of persons of securities possessing more than fifty percent
(50%) of the total combined voting power of the Company’s outstanding securities pursuant to a tender or exchange offer
made directly to the Company’s shareholders which a majority of the directors on the board of directors who are not
affiliates of the offeror do not recommend such shareholders accept; (iii) the sale, transfer, or other disposition of all or
substantially all of the Company’s assets or the complete liquidation or dissolution of the Company; or (iv) during any
period of two consecutive years, individuals who at the beginning of such period constitute the Board and any new director
whose appointment by the Board or nomination for appointment by the Company’s shareholders was approved by a vote of at
least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or
whose appointment or nomination for appointment was previously so approved, cease for any reason to constitute a majority of
the Board. A transaction shall not constitute a Change in Control if its sole purpose is to change the jurisdiction of the
Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the
persons who held the Company’s securities immediately before such transactions.

 

Indemnification Agreement

     

     

    

 

(c) “Expenses”
means any expense, liability, or loss, including legal expenses, judgments, fines, amounts paid or to be paid in settlement, any
interest, assessments, or other charges imposed thereon, and any United States, or non-United States taxes imposes as a result
of the actual or deemed receipt of any payments under this Agreement, paid or incurred in connection with investigating, defending,
participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding relating to any Indemnifiable
Event.

 

(d) “Indemnifiable
Event” means any event or occurrence that takes place either prior to or after the effective date of this Agreement,
related to the fact that Indemnitee is or was a director or an officer (if the Indemnitee should be appointed as an officer) of
the Company, or while a director or officer is or was serving at the request of the Company as a director, officer, employee, trustee,
agent, or fiduciary of another United States or non-United States company, corporation, limited liability company, partnership,
joint venture, employee benefit plan, trust, or other enterprise, or was a director, officer, employee, or agent of a United States
or non-United States company or corporation that was a predecessor corporation of the Company or of another enterprise at the request
of such predecessor corporation, or related to anything done or not done by Indemnitee in any such capacity.

 

(e)
“Independent Counsel” means the person or body appointed in connection with Section 3.

 

(f) “Potential
Change in Control” shall be deemed to have occurred if (i) the Company enters into an agreement or arrangement, the consummation
of which would result in the occurrence of a Change in Control, (ii) any person (including the Company) publicly announces an intention
to take or to consider taking actions that, if consummated, would constitute a Change in Control, (iii) any person (other than
an excluded Person) who is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 10%
or more of the combined voting power of the Company’s then outstanding Voting Securities, increases his beneficial ownership
of such securities by 5% or more over the percentage so owned by such person on the date hereof, or (iv) the Board adopts a resolution
to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred.

 

(g) “Proceeding”
means (i) any threatened, pending, or complete action, suit, or proceeding, whether civil, criminal, administrative, investigative,
or other, or (ii) any inquiry, hearing, or investigation, whether conducted by the Company or any other party, that Indemnitee
in good faith believes might lead to the institution of any such action, or proceeding.

 

(h) “Reviewing
Party” means the person or body appointed in accordance with Section 3 of this Agreement.

 

(i) “Voting
Securities” any securities of the Company that vote generally in the appointment of directors.

 

2. Agreement to
Indemnify.

 

(a) General Agreement.
In the event Indemnitee was, is, or become a party to or witness or other participant in, or is threatened to be made a party to
or witness or other participant in, a Proceeding by reason of (or arising in part out of) an Indemnifiable Event, the Company shall
indemnify Indemnitee from and against any and all Expenses to the fullest extent permitted by applicable law or the Memorandum
and Articles, as the same exists or may hereafter be amended or interpreted (but in the case of any such amendment or interpretation,
only to the extent that such amendment or interpretation permits the Company to provide broader indemnification rights than were
permitted prior thereto). The parties hereto intend that this Agreement shall provide for indemnification in excess of that expressly
permitted by statute, including, without limitation, any indemnification provided by the Memorandum and Articles, vote of its shareholders
or disinterested directors, or applicable law or the Memorandum and Articles.

 

    	Indemnification Agreement	2 

     

    

 

(b) Initiation of
Proceeding. Notwithstanding anything in this Agreement to the contrary, Indemnitee shall not be entitled to indemnification
pursuant to this Agreement in connection with any Proceeding initiated by Indemnitee against the Company or any director or officer
of the Company unless (i) the Company has joined in or the Board has consented to the initiation of such Proceeding, (ii) the Proceeding
is one to enforce indemnification rights under Section 5, or (iii) the Proceeding is instituted after a Change in Control and Independent
Counsel has approved its initiation.

 

(c) Expense Advances.
If so requested by Indemnitee, the Company shall advance (within ten business days of such request) any and all Expenses to Indemnitee
(an “Expense Advance”); provided that such request shall be accompanied by reasonable evidence of the expenses
incurred by Indemnitee and that, if and to the extent that the Reviewing Party determines that Indemnitee would not be permitted
to be so indemnified under applicable law or the Memorandum and Articles or pursuant to Section 2(f) below, the Company shall be
entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid. If
Indemnitee has commenced legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee should
be indemnified under applicable law or the Memorandum and Articles or pursuant to Section 2(f) below, as provided in Section 4,
any determination made by the Reviewing Party that Indemnitee would not be permitted to be indemnified under applicable law or
the Memorandum and Articles shall not be binding and Indemnitee shall not be required to reimburse the Company for any Expense
Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been
exhausted or have lapsed).

 

(d) Mandatory Indemnification.
Notwithstanding any other provision of this Agreement (other than Section 2(f) below), to the extent that Indemnitee has been successful
on the merits in defense of any Proceeding relating in whole or in part to an Indemnifiable Event or in defense of any issue or
matter therein, Indemnitee shall be indemnified against all Expenses incurred in connection therewith.

 

(e) Partial Indemnification.
If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses,
but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to
which Indemnitee is entitled.

 

(f) Prohibited Indemnification.
No indemnification pursuant to this Agreement shall be paid by the Company on account of (i) Indemnitee’s conduct which constitutes
a breach of Indemnitee’s duties owed to the Company or is an act of omission not in good faith or which involves actual fraud,
willful neglect or willful default , and (ii) any Proceeding in which judgment is rendered against Indemnitee for an accounting
of profits made from the purchase or sale by Indemnitee of securities of the Company pursuant to the provisions of Section 16(b)
of the United States Securities Exchange Act of 1934, as amended or similar provisions of any United States or non-United States
laws.

 

    	Indemnification Agreement	3 

     

    

 

3. Reviewing Party.
Prior to any Change in Control, the Reviewing Party shall be any appropriate person or body consisting of a member or members of
the Board or any other person or body appointed by the Board who is not a party to the particular Proceeding with respect to which
Indemnitee is seeking indemnification; after a Change in Control, the Reviewing Party shall be the Independent Counsel referred
to below. With respect to all matters arising after a Change in Control (other than a Change in Control approved by a majority
of the directors on the Board who were directors immediately prior to such Change in Control) concerning the rights of Indemnitee
to indemnity payments and Expense Advances under this Agreement or any other agreement or under applicable law or the Memorandum
and Articles, now or hereafter in effect relating to indemnification for Indemnifiable Events, the Company shall seek legal advice
only from Independent Counsel selected by Indemnitee and approved by the Company and who has not otherwise performed services for
the Company or the Indemnitee (other than in connection with indemnification matters) within the last five years. The Independent
Counsel shall not include any person who, under the applicable standards of professional conduct then prevailing would have a conflict
of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
Such counsel, among other things, shall render its written opinion to the Company and Indemnitee as to whether and to what extent
the Indemnitee should be permitted to be indemnified under applicable law or the Memorandum and Articles. The Company agrees to
pay the reasonable fees of the Independent Counsel and to indemnify fully such counsel against any and all expenses (including
attorney’s fees), claims, liabilities, loss, and damages arising out of or relating to this Agreement or the engagement of
Independent Counsel pursuant hereto.

 

4. Indemnification
Process and Appeal.

 

(a) Suit To Enforce
Rights. Regardless of any action by the Reviewing Party, if Indemnitee has not received full indemnification within 60 days
after making a request in accordance with Section 2(c), Indemnitee shall have the right to enforce its indemnification rights under
this Agreement by commencing litigation, in any appropriate court having subject matter jurisdiction thereof and in which venue
is proper, seeking an initial determination by the court or challenging any determination by the Reviewing Party or any aspect
thereof, provided, however, that such 60-day period shall be extended for reasonable time, not to exceed another 60 days, if the
reviewing party in good faith requires additional time for the obtaining or evaluating of documentation and information relating
thereto. The Company hereby consents to service of process and to appear in any such proceeding. Any determination by the Reviewing
Party not challenged by the Indemnitee shall be binding on the Company and Indemnitee. The remedy provided for in this Section
4 shall be in addition to any other remedies available to Indemnitee in law or equity.

 

(b) Defense to Indemnification,
Burden of Proof, and Presumptions. It shall be a defense to any action brought by Indemnitee against the Company to enforce
this Agreement (other than an action brought to enforce a claim for Expenses incurred in defending a Proceeding in advance of its
final disposition where the required undertaking has been tendered to the Company) that is not permissible under applicable law
or the Memorandum and Articles for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action
or any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified hereunder, the
burden of proving such a defense or determination shall be on the Company. Neither the failure of the Reviewing Party or the Company
(including its Board, independent legal counsel, or its shareholders) to have made a determination prior to the commencement of
such action by Indemnitee that indemnification of the claimant is proper under the circumstances because Indemnitee has met the
standard of conduct set forth in applicable law or the Memorandum and Articles, nor an actual determination by the Reviewing Party
or Company (including its Board, independent legal counsel, or its shareholders) that the Indemnitee had not met such applicable
standard of conduct, shall be a defense to the action or create a presumption that the Indemnitee has not met the applicable standard
of conduct. For purposes of this Agreement, the termination of any claim, action, suit, or proceeding, by judgment, order, settlement
(whether with or without court approval), conviction, or upon a plea of nolo contendere, or its equivalent shall not create a presumption
that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that
indemnification is not permitted by applicable law or the Memorandum and Articles.

 

    	Indemnification Agreement	4 

     

    

 

5. Indemnification
For Expenses Incurred In Enforcing Rights. The Company shall indemnify Indemnitee against any and all Expenses and, if requested
by Indemnitee, shall (within ten business days of such request), advance such Expenses to Indemnitee, that are incurred by Indemnitee
in connection with any claim asserted against or covered action brought by Indemnitee for (i) indemnification of Expenses or Expense
Advances by the Company under this Agreement or any other agreement or under applicable law or the Memorandum and Articles, now
or hereafter in effect relating to indemnification for Indemnifiable Events, and or (ii) recovery under directors’ and officers’
liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled
to such indemnification, Expense Advances, or insurance recovery, as the case may be.

 

6. Notification
and Defense of Proceeding.

 

(a) Notice.
Promptly after receipt by Indemnitee of notice of the commencement of any Proceeding, Indemnitee shall, if a claim in respect thereof
is to be made against the Company under this Agreement, notify the Company of the commencement thereof, but the omission so to
notify the Company will not relieve the Company from any liability that it may have to Indemnitee, except as provided in Section
6(c).

 

(b) Defense.
With respect to any Proceeding as to which Indemnitee notifies the Company of the commencement thereof, the Company shall be entitled
to participate in the Proceeding at its own expense and except as otherwise provided below, to the extent the Company so wishes,
it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee
of its election to assume the defense of any Proceeding, the Company shall not be liable to Indemnitee under this Agreement or
otherwise for any Expenses subsequently incurred by Indemnitee in connection with the defense of such Proceeding other than reasonable
costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ his or her own legal counsel in
such Proceeding, but all Expenses related thereto incurred after notice from the Company of its assumption of the defense shall
be at Indemnitee’s expense unless: (i) the employment of legal counsel by Indemnitee has been authorized by the Company,
(ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense
of the Proceeding, (iii) after a Change in Control, the employment of counsel by Indemnitee has been approved by the Independent
Counsel, or (iv) the Company shall not in fact have employed counsel to assume the defense of such Proceeding, in each of which
case all Expenses of the Proceeding shall be borne by the Company. The Company shall not be entitled to assume the defense of any
Proceeding brought by or on behalf of the Company or as to which Indemnitee shall have made the determination provided for in (ii)
above.

 

(c) Settlement of
Claims. The Company shall not be liable to indemnify Indemnitee under this Agreement or otherwise for any amounts paid in settlement
of any Proceeding effected without the Company’s written consent, provided, however, that if a Change in Control has occurred,
the Company shall be liable for indemnification of Indemnitee for amounts paid in settlement if the Independent Counsel has approved
the settlement. The Company shall not settle any Proceeding in any manner that would impose any penalty or limitation on Indemnitee
without Indemnitee’s written consent. The Company shall not be liable to indemnify the Indemnitee under this Agreement with
regard to any judicial award if the Company was not given a reasonable and timely opportunity, at its expense, to participate in
the defense of such action; the Company’s liability hereunder shall not be excused if participation in the Proceeding by
the Company was barred by this Agreement.

 

7. Non-Exclusivity.
The rights of Indemnitee hereunder shall be in addition to any other rights Indemnitee may have under the Memorandum and Articles,
applicable law, or otherwise. To the extent that a change in applicable law (whether by statute or judicial decision) permits greater
indemnification by agreement than would be afforded currently under the Memorandum and Articles, applicable law, or this Agreement,
it is the intent of the parties that Indemnitee enjoy by this Agreement the greater benefits so afforded by such change.

 

    	Indemnification Agreement	5 

     

    

 

8. Liability Insurance.
To the extent the Company maintains an insurance policy or policies providing directors’ and officers’ liability insurance,
Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage
available for any Company director or officer.

 

9. Amendment of
this Agreement. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by
both of the parties hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions
hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein,
no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

 

10. Subrogation.
In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who shall execute all documents required and shall do everything that may be necessary to
secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to
enforce such rights.

 

11. No Duplication
Of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any claim made against
Indemnitee to the extent Indemnitee has otherwise received payment (under any insurance policy, bylaw, or otherwise) of the amounts
otherwise indemnifiable hereunder.

 

12. Binding Effect.
This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective
successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially
all of the business and/or assets of the Company), assigns, spouses, heirs, and personal and legal representatives. The indemnification
provided under this Agreement shall continue as to Indemnitee for any action taken or not taken while serving in an indemnified
capacity pertaining to an Indemnifiable Event even though he or she may have ceased to serve in such capacity at the time of any
Proceeding.

 

13. Severability.
If any provision (or portion thereof) of this Agreement shall be held by a court of competent jurisdiction to be invalid, void,
or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by applicable law
or the Memorandum and Articles. Furthermore, to the fullest extent possible, the provisions of this Agreement (including, without
limitation, each portion of this Agreement containing any provision held to be invalid, void, or otherwise unenforceable, that
is not itself invalid, void, or unenforceable) shall be construed so as to give effect to the intent manifested by the provision
held invalid, void, or unenforceable.

 

14. Governing Law.
This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the
laws of the Cayman Islands, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally:
(a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the courts
of the Cayman Islands (the “Cayman Court”) and not in any state or federal court in the United States of America
or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Cayman Court for purposes of any
action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying of venue of any
such action or proceeding in the Cayman Court; and (d) waive, and agree not to plead or to make, any claim that any such action
or proceeding brought in the Cayman Court has been brought in an improper or inconvenient forum, or is subject (in whole or in
part) to a jury trial.

 

    	Indemnification Agreement	6 

     

    

 

15. Notices.
All notices, demands, and other communications required or permitted hereunder shall be made in writing and shall be deemed
to have been duly given if delivered by hand, against receipt, or mailed, postage prepaid, certified or registered mail,
return receipt requested, and addressed to the Company at:

 

UTime Limited

7th Floor, Building
5A

Shenzhen Software Industry
Base, Nanshan District

Shenzhen, People’s
Republic of China 518061

Attn: Minfei Bao, CEO
(bminfei@utimemobile.com)

  

Notice of change of
address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed
to have been received on the date of delivery or on the third business day after mailing.

 

16. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

17. Interpretation.
In this Agreement:

 

		(a)	words importing the singular number include the plural number and vice versa; words importing the
masculine gender include the feminine gender; words importing persons include corporations as well as any other legal or natural
person;

 

		(b)	“written” and “in writing” include all modes of representing or reproducing
words in visible form, including in the form of an Electronic Record;

 

		(e)	“shall” shall be construed as imperative
and “may” shall be construed as permissive;

 

		(f)	references to provisions of any law or regulation shall be construed as references to those provisions
as amended, modified, re-enacted or replaced;

 

		(g)	any phrase introduced by the terms “including”, “include”, “in particular”
or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

 

		(h)	the term “and/or” is used herein to mean both “and” as well as “or.”
The use of “and/or” in certain contexts in no respects qualifies or modifies the use of the terms “and” or
“or” in others. The term “or” shall not be interpreted to be exclusive and the term “and” shall not
be interpreted to require the conjunctive (in each case, unless the context otherwise requires);

 

		(i)	headings are inserted for reference only and shall be ignored in construing this Agreement;

 

		(j)	any requirements as to delivery under this Agreement include delivery in the form of an electronic
record (as defined in the Electronic Transactions Law (2003 Revision));

 

		(k)	any requirements as to execution or signature under this Agreement including the execution of this
Agreement itself can be satisfied in the form of an electronic signature (as defined in the Electronic Transactions Law (2003 Revision));

 

		(l)	sections 8 and 19(3) of the Electronic Transactions
Law (2003 Revision) shall not apply.

  

[Remainder of Page Left Blank Intentionally]

 

    	Indemnification Agreement	7 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed and delivered this Indemnification Agreement on the day specified above.

 

	COMPANY:  	UTIME LIMITED	 
	 	 
	 	By:	                        	 
	 	 	Minfei Bao	 
	 	 	Chief Executive Officer	 
	 	 
	INDEMNITEE:  		 
	 	[______________]	 
	 	 	 
	Address for Notices:	 
	Email:	 	 

  

    	Indemnification Agreement	8Exhibit 10.21

 

Contract for Credit Line Loan

[Unofficial English Translation]

 

Contract No.: J.2020 E.17609 Q.H.

 

Borrower (Party A): United Time Technology
Co., Ltd.

 

Address: 7/F, Block A, Building 5, Software
Industry Base, Nanshan District, Shenzhen City Postal Code: 518000

 

Legal Representative (Person in Charge):
Bao Minfei

 

Fax: Blank Tel.: 0755-86512180

 

Lender (Party B): Shenzhen Branch of
China Construction Bank Corporation Limited

 

Address: Block A, Rongchao Business
Center, No. 6003 Yitian Road, Futian District, Shenzhen City Postal Code: 518000

 

Person in Charge: Wang Ye

 

Fax: 0755-23821111 Tel: 0755-23828888

 

Place of Signing: Futian District, Shenzhen
City

 

Party A applies to Party
B for credit line loan, and Party B agrees to provide credit line loan to Party A. According to relevant laws, regulations and
rules, Party A and Party B hereby enter into this Contract through consultation for mutual compliance.

 

General Provisions

 

Article I Credit
Line

 

The credit line provided
by Party B to Party A is specified in Article I of the Special Terms and Conditions of this Contract.

 

The term “Credit
Line” as used in this Contract refers to the limit of the principal balance of the working capital loan provided by Party
B to Party A within the valid period of credit line agreed in this Contract. Party A can recycle the credit line during the validity
period of it. Party A can apply for loan continuously provided that the outstanding principal balance of the loan under this Contract
of Party A does not exceed the credit line regardless of the load times and the amount of each loan, however, the sum of the loan
amount applied by Party A and the outstanding principal balance of the loan under this Contract shall not exceed the credit line.

 

Article II Purpose
of Loan and Source of Repayment

 

Party A shall use the
loan for daily production and operation turnover.

 

For the specific purposes
of the loan and the source of repayment under this Contract, please refer to Annex 1 “Basic Information of the Loan”.

 

Article III Valid
Period of Credit Line

 

Please refer to Article
II of special terms and conditions herein for the valid period of credit line hereunder.

 

The undisbursed credit
line will automatically become invalid upon the valid period of credit line expires.

 

Single loan term refers
to the period from the withdrawal date (also known as “Value Date”) of single loan to the agreed repayment date.

 

Loan disbursement refers
to the behavior of Party B to release the loan to the loan issuing account according to the application of Party A and the agreement
of this Contract.

 

Article IV Use
of Credit Line

 

I. During the valid
period of credit line, Party A can apply for loans one by one as needed, and both parties shall go through corresponding procedures.
The amount, interest rate, term and purpose of each loan shall be subject to the contents of the disbursing application for the
credit line loan and/or loan withdrawal notice.

 

II. If the Guarantee
performs the guarantee liabilities under the guarantee contract, Party B shall deduct the principal of the credit line correspondingly
according to the principal amount of the guarantee liabilities already performed by the Guarantee.

 

III. Please refer to
Article III of special terms and conditions herein for the specific requirements for the payment applied by Party A each time.

 

    1

     

    

 

Article V Loan
Interest Rate, Penalty Interest Rate, Interest-Bearing and Interest Settlement

 

The details shall be
agreed by Party A and Party B in Article IV of the Special Terms and Conditions of this Contract.

 

In the case of a single
loan disbursement, both parties may separately agree on the loan interest rate and penalty interest rate of the loan in the disbursing
application for the credit line loan and/or loan withdrawal notice, or choose to apply the loan interest rate and penalty interest
rate agreed in this Contract, and Party B has the right to refuse to issue the loan on condition that both parties are unable to
reach an agreement.

 

If the loan interest
rate or penalty interest rate stipulated in this Article is inconsistent with the agreement on the disbursing application for the
credit line loan and/or loan withdrawal notice, the agreement on the disbursing application for the credit line loan and/or loan
withdrawal notice shall prevail.

 

Article VI Credit
Limit Management Cost

 

Party A shall pay Party
B the credit line management cost. See Article V of special terms of this contract for details.

 

Article VII Issuance
and Payment of Loans

 

I. Application for Loan
with Expenditure Limit

 

Party A shall submit
the disbursing application for the credit line loan to Party B in advance at the time of disbursing the credit line loan. For the
specific requirements for disbursement of a single loan, see Article VI of the Special Terms and Conditions of this Contract.

 

II. Preconditions for
Issuing Loans

 

Unless Party B waives
in whole or in part, Party B is obliged to issue the loan only if all the following preconditions are continuously met:

 

1. Party
A has completed the approval, registration, delivery, insurance and other legal procedures related to the loan hereunder;

 

2. If
there is any guarantee in this Contract, the guarantee meeting the requirements of Party B have come into effect and continue to
be valid;

 

3. Party A has
opened an account for withdrawal and repayment as required by Party B;

 

4. Party
B has received the disbursing application for the credit line loan from Party A, and which has examined and approved by Party B;

 

5. If
the Contract stipulates that Party A shall pay the management fee of the loan line to Party B, Party A has already paid the management
fee of the loan line to Party B in full and on time in accordance with the Contract;

 

6. Party
A has not committed any breach of contract as agreed in this Contract;

 

7. There
is no circumstance that may endanger the creditor’s rights of Party B stipulated in this Contract;

 

8. Laws
and regulations, rules or authorities do not prohibit or restrict Party B from issuing loans under this Contract;

 

9. Party
A’s financial index continues to meet the requirements of Annex 2 “Mandatory Provision for Financial Index”;

 

10. Party
A has submitted relevant materials before the loan issuance in accordance with this Contract;

 

11. The
materials provided by Party A to Party B is legal, true, complete, accurate and effective, and meets other requirements put forward
by Party B;

 

12. For
other preconditions agreed by both parties for issuing loans, see Article VII in the Special Terms and Conditions of this Contract.

 

III. Materials to be
provided by Party A

 

For the information
to be provided by Party A in case of single disbursement, see Article VIII in the Special Terms and Conditions of this Contract.

 

IV. Entrust Party B
to Pay

 

1. Applicable
Situation for Entrusted Payment of Party B

 

As long as the single
loan is used in accordance with the circumstances selected by both parties in the first paragraph of Article IX of special terms
and conditions herein, Party B shall be entrusted for payment, i.e. Party A irrevocably entrusts Party B to pay the loan funds
to the transaction object of Party A. Party A shall not pay the above loan funds to the transaction object or any other third party.

 

    2

     

    

 

2. In
case of entrusting Party B to pay, Party B shall transfer the loan funds to the loan issuing account, and then pay the loan funds
directly to the account of Party A’s transaction object from the loan issuing account. Party A shall not dispose the loan
funds in any form (including but not limited to transfer and withdrawal).

 

3. Party
B shall conduct formal review on the payment amount, payment time, payment object, payment method and handling account according
to the materials provided by Party A. Party B shall pay the loan funds to the transaction object of Party A after completing the
formal review of the above payment elements and believing which meet the requirements of Party B. Once the loan funds enter the
account of the transaction object provided by Party A, it shall be deemed that Party B has fulfilled the entrusted payment obligation.
Party A shall check whether the payment was successful within 1 working day after the payment date, and notify Party B immediately
if it is unsuccessful. Party A shall ensure that its transaction object is consistent with the specific purpose of the loan and
transaction information.

 

4. The
formal review of the above payment elements by Party B does not mean that Party B confirms the authenticity and legal compliance
of the transaction, nor does it mean that Party B is involved in any dispute between Party A and its transaction object or other
third parties, or that Party B needs to bear any responsibility and obligation of Party A. Party A shall compensate Party B for
all losses incurred by Party B due to the entrusted payment.

 

5. If
the loan fund fails to be paid successfully or fails to be paid to the account of Party A’s transaction object in time due
to the reasons not caused by Party B’s fault, such as incomplete, untrue, inaccurate information provided by Party A, non-conforming
to the specific purpose of the loan, conflict between the information, and so on., it shall be handled as follows:

 

(1) Party
A shall bear all the consequences arising therefrom, including but not limited to all losses caused by the failure to successfully
pay the loan funds or the failure to timely pay the loan funds to the account of Party A’s transaction object. Party B shall
not bear any liability, and Party A shall compensate Party B for all losses incurred therefrom;

 

(2) For
this part of loan funds, Party A shall not dispose of it in any form (including but not limited to transfer and withdrawal);

 

(3) Party
A shall perform the duties of re-provisioning and correcting the information in accordance with the requirements of Party B within
five working days;

 

(4) Other
agreements made by both parties in the second paragraph of Article IX of the special terms and conditions herein.

 

Party B has the right
to recover this part of the loan funds in advance on condition that Party A violates any of the above agreements.

 

6. Party
A shall bear all risks, responsibilities, and losses incurred in the failure to pay the loan funds, such as failure, error, and
delay due to Party B’s fault, and Party B shall not bear any responsibility. Party A shall compensate Party B for all losses
incurred therefrom.

 

V. Party A Pays Independently

 

If the disbursement
of a single loan does not conform to the entrusted payment of Party B as mentioned in Item 1, paragraph 4 of this Article, Party
A may take the initiative to pay , i.e. Party A shall pay to its transaction object independently after Party B distributes the
loan funds to the loan issuing account according to the withdrawal application of Party A. Party A shall ensure that its transaction
object is consistent with the specific purpose of the loan and transaction information.

 

VI. No matter whether
Party B is entrusted to pay or Party A pays independently, it is deemed that Party B has fulfilled the loan obligation upon the
loan funds are transferred into the loan issuing account. Party A shall ensure that the loan issuing account is in normal status
(including but not limited to not being frozen by the competent authority, and so on.). After the loan funds transferred into the
loan issuing account, Party A shall bear all the risks, responsibilities and losses caused by the freezing and deduction by the
competent authorities. Party A shall compensate Party B for all losses incurred therefrom.

 

VII. Change of Payment
Method

 

Party B has the right
to change the payment method of loan funds under any of the following conditions, including but not limited to adjusting the applicable
circumstances of entrusted payment (e.g. adjusting the amount standard of entrusted payment), changing the payment method of the
disbursement of single loan, and so on.:

 

1. Party
A breaches any of the provisions of this Contract;

 

2. Any
circumstance that may endanger the creditor’s rights of Party B stipulated in this Contract occurs;

 

3. Other
circumstances where Party B considers it necessary to change the payment method of the loan funds.

 

Party A shall perform
the obligation of re submission of materials in accordance with the provisions of this Contract and the requirements of Party B
on condition that Party B changes the payment method.

 

    3

     

    

 

Article VIII Use
and Supervision of the Account

 

The provisions on the
use and supervision of the account hereunder are set forth in Article X of the special terms and conditions herein.

 

Article IX Repayment

 

I. Repayment Principles

 

The repayment of Party
A under this Contract shall be repaid in accordance with the following principles:

 

Party B has the right
to use Party A’s repayment first to repay all expenses that shall be borne by Party A and paid by Party B in advance as well
as the expenses for Party B to realize the creditor’s rights stipulated in this Contract, the remaining amount shall be repaid
in accordance with the principle of paying interest first and then the principal, and the principle of matching principal repayments.
However, for the loan whose principal is overdue for more than 90 days and whose interest is overdue for more than 90 days, or
the loan which is otherwise stipulated by laws, regulations or rules, after repayment of the above expenses, the repayment of Party
A shall be made on the principle of repay the principal first and then the interest.

 

II. Interest Payment

 

Party A shall pay the
interest due to Party B on the settlement date for interest. The first interest payment date is the first settlement date for interest
after the issuance of loan. At the last repayment, interest shall be settled along with the principal.

 

III. Principal Repayment
Plan

 

Party A shall repay
the principal of the loan according to the principal repayment plan listed in the disbursing application for the credit line loan
and/or the loan withdrawal notice.

 

IV. Repayment Method

 

Party A shall, prior
to the repayment date stipulated in this Contract, reserve the amount payable in the current period on the account for recoup funds
or other account opened by Party B and transfer the amount to repay the loan by itself (Party B also has the right to transfer
funds from the account to repay the loan), or transfer funds from other accounts to repay loans on the repayment date agreed in
this Contract.

 

V. Early Repayment

 

In case of early repayment
of Party A, it shall submit a written application to Party B 30 working days in advance, and Party A may repay part or all of the
principal in advance with the consent of Party B.

 

If Party A repays the
principal in advance, the interest shall be calculated according to the actual days of use and the loan interest rate agreed in
this Contract.

 

If Party B agrees that
Party A may repay the principal in advance, Party B shall have the right to collect compensation from Party A, and the calculation
standard of the compensation amount is set forth in Article XI of special terms and conditions herein.

 

If Party A repays part
of the loan principal in installments, the repayment shall be made in the reverse order of the repayment plan. After prepayment,
the loan that has not been repaid shall still be executed according to the loan interest rate agreed in this Contract.

 

Article X Party
A’s Rights and Obligations

 

I. Rights
of Party A

 

(I) The
right to apply to Party B for disbursement of the loan as agreed in the Contract;

 

(II) The
right to use the loan for the purposes agreed in this Contract;

 

(III) The
right to require Party B to keep confidential of the relevant financial information provided by Party A and the business secrets
in production and operation, unless otherwise provided by laws, regulations and rules, otherwise required by the competent authorities,
or otherwise agreed by both parties;

 

(IV) The
right to refuse Party B and its staff to ask for bribes, and the right to report the above-mentioned acts or Party B’s violations
of relevant national laws and regulations such as credit interest rates and service charges to relevant authorities.

 

II. Party
A’s Obligations

 

(I) Withdraw and pay
off the principal and interest of the loan in full according to the Contract, and bear all expenses agreed in the Contract;

 

    4

     

    

 

(II) Provide
various financial and accounting information, production and operation status information and other materials in accordance with
the requirements of Party B, including but not limited to providing Party B with the balance sheet at the end of the previous quarter
and the income statement as of the end of the previous quarter (public institutions shall provide the statement of income and expenditure)
within ten working days before the first month of each quarter. At the end of the year, the Party A shall timely provide the cash
flow statement of the year, and ensure that the information provided is legal, true, complete, accurate and effective, and shall
not provide false materials or conceal important business and financial facts;

 

(III) Party
A shall notify Party B in writing within three working days after the occurrence of any major adverse event affecting its solvency
or any other circumstance endangering Party B’s creditor’s rights, or any change in the name, legal representative
(person in charge), domicile, business scope, registered capital or articles of association of the company (enterprise) and other
business registration matters, and attach relevant materials after the change;

 

(IV) Party
A shall use the loan according to the purposes agreed in this Contract, and shall not misuse, misappropriate or use bank loans
to engage in illegal or illegal transactions, shall not use the loan for investment in fixed assets, equity and other investments,
shall not use the loan for fields and purposes prohibited by the State from production and operation, and shall not replace the
liabilities arising from Party A’s investment in fixed assets, equity and other investments; shall cooperate with and accept
Party B’s inspection and supervision of its production, operation and financial activities, as well as the use and payment
of loans hereunder, and shall cooperate with and accept the relevant requirements of Party B’s post-loan management; shall
not withdraw funds, transfer assets or use connected transaction to evade debts to Party B; shall not use false contracts with
related parties to discount or pledge bank funds or credit with bills receivable, accounts receivable and other credit rights without
actual trade background; shall pay the loan funds as agreed in this Contract, and shall not evade Party B’s entrusted payment
by breaking up the whole into parts;

 

(V) Party
A shall abide by the relevant national regulations on environmental protection in case of that Party A uses the loan under this
Contract for production and manufacturing;

 

(VI) Before
paying off the loan principal and interest of Party B , Party A shall not use the assets formed by the loan under this Contract
to provide guarantee to the third party without the consent of Party B;

 

(VII) In
the case that Party A is a group customer, Party A shall timely report to Party B the related transactions with more than 10% of
the net asset of Party A, including: (1) the association relationships among transaction parties; (2) the item and nature of the
transaction; (3) the amount or corresponding proportion of the transaction; (4) pricing policy (including transactions involving
no amount or only nominal amount);

 

(VIII) Party A shall
obtain the written consent of Party B before carrying out major issues such as merger, division, equity transfer, foreign investment
and substantial increase in debt financing. However, the written consent of Party B shall not affect Party B’s right to take
the relief measures agreed in this Contract when Party B believes that the above-mentioned acts may endanger the safety of Party
B’s creditor’s rights in the future;

 

(IX) In
case of Party A pays independently, Party A shall summarize and report the use and payment of the loan to Party B on a monthly
basis. Party A shall, at the latest within the first 10 working days of each month, summarize and report to Party B the use and
payment of the loan in the previous month, and submit a list of the actual use of the loan until the payment of the loan is completed.
See Annex 4 for the format of summary report.

 

Article XI Party
B’s Rights and Obligations

 

I. Party
B has the right to require Party A to repay the principal, interest and expenses of the loan on schedule, to manage and control
the payment of loan funds, to dynamically monitor the overall cash flow of Party A, to recover the loan in advance according to
fund withdrawal of Party A, to exercise other rights stipulated in this Contract, and to require Party A to perform other obligations
hereunder;

 

II. Party
B has the right to participate in the large-denomination financing (The determining standard of large-denomination financing is
specified in the first paragraph of Article XII in special terms and conditions herein), asset sale, merger, division, shareholding
system transformation, liquidation of the property of Party A, to maintain the credit rights of Party B. The specific mode of participation
shall be agreed upon by Party A and Party B in Article XII of the of special terms and conditions herein.

 

III. Issue
loans in accordance with the provisions of this Contract, except for the delay or failure caused by Party A or other reasons not
attributable to Party B;

 

IV. Keep
confidential of the relevant financial information provided by Party A and the business secrets in production and operation, unless
otherwise provided by laws, regulations and rules, otherwise required by the competent authorities, or otherwise agreed by both
parties;

 

V. Party
B shall not offer bribes to Party A or its staff, or ask for or accept bribes from Party A or its staff;

 

VI. Party
B shall not act dishonestly or damage the legitimate interests of Party A.

 

    5

     

    

 

Article XII Liability
for Breach of Contract and Remedial Measures for Endangering the Rights of Party B as a Creditor

 

I. Breach of Contract
and Liability for Breach of Contract of Party B

 

(I) If
Party B fails to issue loans as agreed in this Contract without justifiable reasons, Party A may demand Party B to continue to
issue loans as agreed in this Contract;

 

(II) If
Party B violates the prohibitive provisions of national laws and regulations and collects interest and fees that should not be
collected from Party A, Party A has the right to require Party B to refund them.

 

II.
Default of Party A

 

(I) Party A violates
any articles in this Contract or any legal obligation;

 

(II) Party A expressly
indicates or indicates by its behavior that it will not perform any obligation under this Contract.

 

III. Circumstances That
May Endanger the Rights of Party B as a Creditor

 

(I) Under any of the
following circumstances that Party B considers may endanger the rights as a creditor under this Contract: Party A has contracting,
trusteeship (takeover), leasing, shareholding system transformation, reduction of registered capital, investment, joint venture,
merger, acquisition and reorganization, separation, equity transfer, substantial increase of debt financing, (to be) applied for
suspension of business for rectification, application for dissolution, cancellation, and (to be) applied for bankruptcy, change
of controlling shareholder / actual controlling person or transfer of major assets, suspension of production and closure, high
fines imposed by the competent authorities, cancellation of registration and revocation of business license, involving major legal
disputes, serious difficulties in production and operation or deterioration of financial status, decline of credit status, failure
of legal representative or main person in charge to perform their duties normally;

 

(II) Under
any of the following circumstances that Party B considers may endanger the rights as a creditor under this Contract: Party A fails
to perform other debts due (including debts due to subsidiaries at all levels of China Construction Bank or other third parties),transfer
property at low price and free of charge, reduce or relieve the debts of the third party, delay in exercising the creditor’s
rights or other rights, or provide guarantee for the third party; the financial indicators of Party A fail to meet the requirements
of Annex 2 “Financial Indicator Requirements”; abnormal fluctuation of funds in any account of Party A (including but
not limited to the account for recouping funds and other monitoring account of Party B); Party A has a major cross-default event;
the weak profitability of primary business of Party A; abnormal use of loan funds;

 

(III) Party
A’s shareholders abuse the independent status of the Company’s legal person or shareholder’s limited liability
to evade debts, and Party B believes that it may endanger the rights as a creditor under this Contract;

 

(IV) Fails
to continuously meet any preconditions for loan issuance as agreed in this Contract;

 

(V) In
case of any of the following circumstances of the guarantor, Party B believes that it may endanger the security of the creditor’s
rights under this Contract:

 

1. Breach
of any agreement of the guarantee contract, or any false, error or omission in the statement and guarantee;

 

2. Occurrance
the following circumstances: contracting, trusteeship (takeover), leasing, shareholding system transformation, reduction of registered
capital, investment, joint venture, merger, merger, acquisition and reorganization, separation, joint venture, equity transfer,
substantial increase of debt financing, (to be) applied for suspension of business for rectification, application for dissolution,
cancellation, and (to be) applied for bankruptcy, change of controlling shareholder / actual controller or transfer of major assets,
transfer property at a low price or free of charge, reduce or relieve debts of third parties, or delay in exercising creditor’s
rights or other rights, suspension of production and closure, high fines imposed by the competent authorities, cancellation of
registration and revocation of business license, involving major legal disputes, serious difficulties in production and operation
or deterioration of financial status, decline of credit status, failure of legal representative or main person in charge to perform
their duties normally, which may affect the guarantor’s ability to undertake the guarantee;

 

3. Other
circumstances where the ability to guarantee is lost or may be lost;

 

(VI) In case of any
of the following circumstances in mortgage or pledge, Party B believes that it may endanger the security of creditor’s rights
under this Contract:

 

1. The
mortgaged property or pledged property is damaged, lost or reduced in value due to the acts of a third party, expropriation, confiscation,
requisition, free recovery, demolition, changes in market conditions or any other reasons;

 

2. The
mortgaged property or the pledged property is sealed up, detained, frozen, deducted, retained or auctioned, supervised by the administrative
organ, or the ownership of which is in dispute;

 

3. The
mortgagor or pledgor violates any article of the mortgage contract or the pledge contract, or there is any false, error or omission
in the statement and guarantee;

 

    6

     

    

 

4. Other
circumstances that may endanger the realization of the mortgage or pledge of Party B;

 

(VII) The
guarantee is not established, not effective, invalid, revoked or canceled, the Guarantee breaches the contract or explicitly indicates
or through its actions indicating that it will not perform its guarantee liabilities, or the Guarantee loses the guarantee ability
in part or in whole, the value of the guaranty decreases and other circumstances, and Party B believes that which may endanger
the security of creditor’s rights under this Contract; or

 

(VIII) Other circumstances
that Party B considers may endanger the security of the credit rights under this Contract.

 

IV. Relief Measures
of Party B

 

In case of any of the
circumstances contemplated in the second or third paragraphs of this Article, Party B has the right to exercise one or more of
the following rights:

 

(I) Suspend the issuance
loans;

 

(II) Supplement the
conditions of loan issuance and payment;

 

(III) Change the loan
payment method in accordance with the Contract;

 

(IV) Declare
the immediate maturity of the loan, and require Party A to immediately repay the principal, interest and expenses of all matured
and unmatured debts under this Contract;

 

(V) Adjust, cancel or
terminate the credit line accordingly, or adjust the valid period of credit line.

 

(VI) In case of Party
A fails to use the loan for the agreed purpose, for the part misappropriated by Party A, Party B has the right to charge interest
and compound interest according to the penalty interest rate and the interest settlement method agreed in this Contract from the
date when the loan is not used according to the agreed purpose to the date when all the principal and interest are paid off;

 

(VII) In case of the
loan is overdue, for the loan principal and interest that Party A fails to pay off on time (including the loan principal and interest
declared by Party B to be fully or partially due in advance), Party B has the right to calculate and collect the interest and compound
interest according to the penalty interest rate and the interest settlement method agreed in this Contract from the overdue date
to the date when the principal and interest are fully paid off. Overdue loan refers to Party A’s failure to repay the loan
on time or exceed the agreed time limit for repayment of principal in installments.

 

Before the loan becomes
due, Party B shall have the right to calculate and collect compound interest on the interest that Party A fails to repay on time
according to the loan interest rate and interest settlement method agreed in this Contract;

 

(VIII) Other relief
measures, including but not limited to:

 

1. Transfer
and collect the corresponding amount in RMB or other currencies from the account opened by Party A in China Construction Bank system
without prior notice to Party A;

 

2. Exercise
of security rights;

 

3. Require
Party A to provide new guarantee that meet the requirements of Party B for all debts under this Contract;

 

4. Refuse
Party A to dispose of the corresponding amount of deposit in the account (including but not limited to the account for recoup funds)
opened by Party A in China Construction Bank System.

 

5. Terminate
the contract.

 

Article XIII Party
B’s Handling Bank and Seal

 

Party A confirms: after
this Contract comes into effect, Party B may entrust Shenzhen Branch of China Construction Bank Corporation and/or one or more
of its branches as the handling bank for this Contract. The handling bank has the right to perform its obligations under this Contract
in its own name, sign relevant legal documents and enjoy the rights under this Contract, including but not limited to being responsible
for the actual performance (all or part), debt collection, litigation/arbitration, execution and other matters of this Contract.
If the handling bank has performed Party B’s obligations under this Contract, it shall be deemed that Party B has performed
this Contract, and Party A’s obligations and responsibilities shall not be reduced or exempted. Party B or the handling bank
shall have the right to affix the official seal of Party B or the handling bank, the special seal for relevant business or the
special seal for contract on the relevant materials or certificates:

 

    7

     

    

 

Article XIV Other
Provisions

 

I. Expenses Responsibility

 

1. Expenses
incurred due to Party A’s breach of any agreement in this Contract (including but not limited to the actual legal fees, arbitration
fees, property preservation fees, travel expenses, execution fee evaluation fees, auction fees, notarization fees, service fees,
announcement fees, attorney fees and other expenses incurred by Party B due to Party A’s breach of Contract) shall be borne
by Party A;

 

2. Other
expenses shall be borne by Party A and Party B separately. See Article XIV of special terms and conditions herein for details.

 

II. Use of Party A’s
Information

 

Party A agrees that
Party B may inquire Party A’s credit status from the credit database established with the approval of The People’s
Bank of China and the competent credit investigation department or relevant units and departments, and agrees that Party B may
provide Party A’s information to the credit database established with the approval of the People’s Bank of China and
the competent department of credit investigation. Party A also agrees that Party B may reasonably use and disclose Party A’s
information for business needs.

 

III. Announcement for
Collection

 

Party B shall have the
right to inform the relevant departments or units of Party A’s default on the principal and interest of the loan or other
cases of breach of contract, and shall have the right to make a public announcement through the news media for collection.

 

4. Evidence Validity
of Party B’s Records

 

Unless there is reliable
and definite evidence to the contrary, Party B’s internal accounting records about the principal, interest, expenses and
repayment records, the documents and vouchers produced or retained by Party B in the process of Party A’s withdrawal, repayment,
payment of interest and other business, as well as the records and vouchers of Party B’s collection of loans, shall constitute
the confirmation evidence effectively proving the creditor’s rights relationship between Party A and Party B. Party A shall
not raise any objection just on the ground that the above records, documents and vouchers are made or retained by Party B unilaterally.

 

V. Reservation of Rights

 

The rights of Party
B hereunder shall not affect or exclude any other rights granted by laws, regulations and other contracts. Any tolerance, grace
period, preferential treatment, or delay regarding the performance of any rights hereunder shall be deemed neither as waive of
the rights and interests hereunder nor as the consent or acceptance for any behaviors violating this Contract. Such tolerance,
grace period, preferential treatment, or delay regarding the performance of any rights hereunder shall neither restrict, prevent
or hinder continuous performance of the rights or performance of other rights nor cause the Party B to assume any rights and obligations,
arising thereof, for the Party A.

 

VI. In addition to the
debts under this Contract, if Party A has other debts due to Party B, Party B has the right to transfer and collect the RMB or
other currency in the account opened by Party A in China Construction Bank system, and which shall be first used to pay off any
debts due, and Party A agrees not to raise any objection herein.

 

VII. In case of any
change in Party A’s communication address or contact information, Party A shall immediately notify Party B in writing, and
Party A shall bear the legal consequences caused by failure to notify in time.

 

VIII. Transfer and Collection
of Payables

 

Party B has the right
to transfer the corresponding amount in RMB or other currencies from the account opened by Party A in China Construction Bank system
for all the payables of Party A under this Contract, without prior notice to Party A. Party A is obliged to assist Party B in handling
the procedures of foreign exchange settlement and sale or foreign exchange trading, and the exchange rate risk shall be borne by
Party A.

 

IX. Conditions for the
Contract to Take Effect

 

This Contract shall
come into effect after being signed or stamped with official seal (or special seal for contract) by Party A’s Legal Representative
(Person in Charge) or Authorized Agent and being signed or stamped with official seal (or special seal for contract) by Party B’s
Person in Charge or Authorized Agent.

 

X. The annexes, disbursing
application for the credit line loan, credit line loan withdrawal notice, various types of vouchers and other legal documents forming
the relationship between creditor’s rights and debts under the Contract shall be an integral part of the Contract and have
the same legal effect as the Contract.

 

XI. The general terms
and special terms of the Contract are an integral part hereof. In case of any inconsistency between the general terms and special
terms, the special terms shall prevail.

 

    8

     

    

 

Article XV Representation

 

I. Party A clearly understands
the business scope and authority of Party B.

 

II. Party A has read
all the terms and conditions hereof. As requested by the Party A, the Party B has made explanations for the corresponding terms
and conditions hereof. Party A has full information and understanding regarding the implication of the terms and conditions hereof
and the corresponding legal consequence.

 

III. Party A’s
signing and performance of its obligations under this Contract are in accordance with laws, administrative regulations, rules and
Party A’s articles of association or internal organization documents, and have been approved by competent internal organization
of the company and /or by the competent state authorities.

 

IV. Party A’s
production and operation are legal and compliant;

 

V. Party A has the ability
to continue operations and has a legitimate source of repayment;

 

VI. Party A promises
that all loans under this Contract are based on the real needs of the specific purpose of the loan and do not exceed its actual
needs.

 

VII. Party A and its
controlling shareholders have good credit status and have no significant bad records.

 

VIII. Party B has the
right to entrust other branches of China Construction Bank to issue loans under this Contract and exercise and perform Party B’s
rights and obligations under this Contract, Party A has no objection to hereof.

 

IX. Party A declares
that at the time of conclusion of this contract, it and its important related parties do not have any behavior or situation in
violation of environmental and social risk management laws, regulations and rules, and promise to strengthen the environmental
and social risk management of itself and its important related parties after the conclusion of this contract, and strictly abide
by the laws, regulations and rules related to environmental and social risk management, put an end to the hazards and related risks
to the environment and society in the construction, production and business activities (including but not limited to environmental
and social issues related to energy consumption, pollution, land, health, safety, resettlement, ecological protection, energy conservation
and emission reduction, climate change, and so on.). Party A acknowledges that Party B has the right to supervise the environmental
and social risk management of Party A and request Party A to submit the environmental and social risk report. If the above statement
of Party A is false or the above commitment is not fulfilled, or Party A may cause environmental and social risks, Party B has
the right to stop granting credit to Party A (including but not limited to refusal to issue loans, provide financing, issue letter
of guarantee or letters of credit or bank acceptance bill, and so on.),or to declare that the principal and interest of creditor’s
rights (including but not limited to loans, financing, advances that have been or may occur, and so on.) are due in advance, or
to take other remedies as agreed in this Contract or permitted by law.

 

(The following pages
are special terms and conditions)

 

    9

     

    

 

Special Terms and Conditions

 

Article I The
credit line provided by Party B to Party A is RMB (in words) Fifteen Million Only.

 

Article II
The effective period of the credit line under this Contract shall be from May 8, 2020 to April 28, 2021 (hereinafter referred
to as “valid period of credit line”). For a single loan occurring during the valid period of credit line, the expiration
date of the performance period is not subject to the limitation of whether the valid period of credit line expires, however, unless
otherwise agreed by Party B, the expiration date of the performance period of a single loan shall not exceed six months after the
expiration date of the valid period of credit line.

 

Article III For
each application of Party A, its amount shall not be less than RMB (blank), and its period shall not be shorter than (blank)
day or longer than 12 months.

 

Article IV
Loan Interest Rate, Penalty Interest Rate, Interest-Bearing and Interest Settlement

 

I. Loan Interest Rate

 

The loan interest rate
of a single loan under this Contract is the annual interest rate, and which is the following type (II):

 

(I) Fixed
interest rate, i.e. blank% , will remain unchanged during the loan term;

 

(II) Fixed
interest rate, i.e. the LPR interest rate blank (optional “plus” or “minus”) 155 basis points (1
basis point = 0.01%, accurate to 0.01 basis point), which will remain unchanged during the loan term;

 

(III) Fixed interest
rate, i.e. the benchmark interest rate on the value date blank (optional “floating up” or “floating down”)
blank%, which will remain unchanged during the loan term;

 

(IV) Floating interest
rate, i.e. the LPR interest rate blank (optional “plus” or “minus”) blank base point (1 basis point
= 0.01%, accurate to 0.01 basis point), and which is adjusted once every blank month from the value date to the date when
the principal and interest of this loan are fully paid off according to the LPR interest rate of the working day before the interest
rate adjustment date and the above-mentioned plus/minus basis points. The interest rate adjustment date is the corresponding date
of the value date in the current month of adjustment. If there is no corresponding date of the value date in the current month,
the last day of the current month is the interest rate adjustment date.

 

(V) Floating interest
rate, i.e. the benchmark interest rate on the value date blank (select “floating up” or “floating down”)
blank %, and which is adjusted once every blank month from the value date to the date when the principal and interest
of this loan are fully paid off according to the benchmark interest rate on the date of interest rate adjustment and the above-mentioned
floating up / down ratio. The interest rate adjustment date is the corresponding date of the value date in the current month of
adjustment. If there is no corresponding date of the value date in the current month, the last day of the current month is the
interest rate adjustment date.

 

(VI) Floating
interest rate (range), i.e. determined between the LPR interest rate blank (optional “plus” or “minus”)
blank basis point (1 basis point = 0.01%, accurate to 0.01 basis point) and interest rate blank (optional “plus”
or “minus”) blank basis point (1 basis point = 0.01%, accurate to 0.01 basis point), and which is adjusted once every
blank month from the value date to the date when the principal and interest of this loan are fully paid off according to
the LPR interest rate of the working day before the interest rate adjustment date and the above-mentioned plus/minus basis points.
The interest rate adjustment date is the corresponding date of the value date in the current month of adjustment. If there is no
corresponding date of the value date in the current month, the last day of the current month is the interest rate adjustment date.
The interest rate plus/minus basis points shall be subject to the loan withdrawal notice.

 

(VII) Floating interest
rate (range), i.e. is determined from the benchmark interest rate on the value date blank (select “floating up”
or “floating down”) blank % to the benchmark interest rate on the value date blank (select “floating up”
or “floating down”) blank % , and which is adjusted once every blank month from the value date to the
date when the principal and interest of this loan are fully paid off according to the benchmark interest rate on the date of interest
rate adjustment and the corresponding floating up / down ratio. The interest rate adjustment date is the corresponding date of
the value date in the current month of adjustment. If there is no corresponding date of the value date in the current month, the
last day of the current month is the interest rate adjustment date. The floating up / down ratio of interest rate shall be subject
to the loan withdrawal notice.

 

(VIII) This column
is blank _____________________________

 

This column is blank __________________________________

 

This column is blank __________________________________

 

This column is blank __________________________________

 

This column is blank __________________________________

 

    10

     

    

 

II. Penalty Interest
Rate

 

(I) If Party A fails
to use the loan for the purpose of the contract, the penalty interest rate shall be 100% higher than the loan interest rate,
if the loan interest rate is adjusted in accordance with the Item (IV) or Item (V) in first paragraph of this Article, the penalty
interest rate shall be adjusted in accordance with the adjusted loan interest rate and the above-mentioned floating-up range.

 

(II) The penalty interest
rate for overdue loans under this Contract shall be 50% higher than the loan interest rate. If the loan interest rate is
adjusted in accordance with the Item (IV) or Item (V) in first paragraph of this Article, the penalty interest rate shall be adjusted
in accordance with the adjusted loan interest rate and the above-mentioned floating-up range.

 

(III) For loans that
are overdue and misappropriated at the same time, the penalty interest and compound interest shall be calculated based on the more
serious one.

 

III. The value date
mentioned in this Article refers to the date when each loan under this Contract is transferred to the loan issuing account (hereinafter
referred to as the “loan issuing account”) as agreed in the first paragraph of Article X of the special terms and conditions
of this Contract.

 

The LPR interest rate
hereunder shall be determined according to Item 2 below:

 

1. When
a single loan is issued for the first time, LPR rate refers to the 1-year loan prime rate published by the National Inter-Bank
Funding Center on the working day before the effective date of this Contract (1YLPR) ; thereafter, when the loan interest rate
is adjusted according to the aforesaid agreement, LPR interest rate refers to the 1-year loan prime rate published by the National
Inter-Bank Funding Center on the working day before the adjustment date.

 

2. When
a single loan is issued for the first time, LPR interest rate refers to the 1-year RMB loan prime rate announced by the National
Inter-Bank Funding Center on the working day before the value date (1YI.PR); thereafter, when the loan interest rate is adjusted
according to the aforesaid agreement, LPR interest rate refers to the 1-year RMB loan prime rate published by the National Inter-Bank
Funding Center on the working day prior to the adjustment date.

 

3. When a single
loan is issued for the first time, LPR rate refers to the loan prime rate for more than 5 years that published by the
National Inter-Bank Funding Center on the working day before the effective date of this Contract (1YLPR) ; thereafter, when
the loan interest rate is adjusted according to the aforesaid agreement, LPR interest rate refers to the loan prime rate for
more than 5 years that published by the National Inter-Bank Funding Center on the working day prior to the adjustment
date.

 

4. When a single
loan is issued for the first time, LPR rate refers to the loan prime rate for more than 5 years that published by the
National Inter-Bank Funding Center on the working day before the value date (5YLPR) ; thereafter, when the loan interest rate
is adjusted according to the aforesaid agreement, LPR interest rate refers to the loan prime rate for more than 5 years that
published by the National Inter-Bank Funding Center on the working day prior to the adjustment date.

 

When a single loan is
issued for the first time, the benchmark interest rate refers to the loan interest rate of the same grade for the same period announced
and implemented by the People’s Bank of China on the value date; thereafter, when the loan interest rate is adjusted according
to the aforesaid agreement, the benchmark interest rate refers to the loan interest rate of the same grade for the same period
announced and implemented by the People’s Bank of China on the day of adjustment; if the People’s Bank of China no
longer announces the loan interest rate of the same grade for the same period, the benchmark interest rate refers to the recognized
or usual loan interest rate of the same grade for the same period on the adjustment date, or refers to the substitute interest
rate designated by the People’s Bank of China, unless otherwise agreed by both parties.

 

IV. The
loan interest shall be calculated from the date when the loan is transferred to the loan issuing account. The loan under this Contract
bears interest on a daily basis, and the daily interest rate = annual interest rate/360. If Party A fails to pay interest according
to the settlement date for interest agreed in this Contract, the compound interest shall be calculated and collected from the next
day.

 

V. Interest
Settlement

 

(I) For loans with fixed
interest rate, the interest shall be calculated at the agreed interest rate at the time of interest settlement. For loans with
floating interest rate/floating interest rate (interval), interest shall be calculated according to the interest rate determined
in the current period of each floating period; if there are multiple interest rate fluctuations in a single interest settlement
period, the interest in each floating period shall be calculated first, and the interest in that interest settlement period shall
be calculated by summing up the interest in each floating period on the settlement date for interest.

 

(II) The interest of
the loan under this Contract shall be settled in the following method of item 1:

 

1. The
interest shall be settled on a monthly basis, and the settlement date for interest shall be fixed as the 20th day of
each month;

 

2. The interest shall
be settled quarterly, and the settlement date for interest shall be fixed as the 20th day of the month at the end of
each quarter;

 

3. This
column is blank

 

    11

     

    

 

Article V Party
A shall pay Party B the credit line management fee of Blank (in words) within Blank working day(s) after the signing
of this Contract.

 

Article VI
Party A shall submit the disbursing application for the credit line loan to Party B in advance at the time of disbursing the credit
line loan. If the amount of single loan disbursement exceeds _Blank_ ten thousand yuan, Party A shall submit the disbursing
application for the credit line loan Blank working day(s) in advance. Party B shall decide whether to issue the loan to
Party A within Blank working day(s) after receiving the disbursing application for the credit line loan submitted by Party
A.

 

Article VII
Other preconditions agreed by both parties for issuing the loan: (1) Implement the joint and several liability guarantee provided
by Bao Minfei and his spouse Ping Qiuzi. (2) Implement the joint and several liability guarantee provided by Guizhou United Time
Technology Co., Ltd. (3) Complete the mortgage of 702, Block A, Building 5, Software Industry Base, Shenzhen City (S.F.D.Z. No.
4000630679). (4) Complete the pledge procedures of accounts receivable.

 

Article VIII
Both parties choose to apply the following first arrangement on Party A’s provision of information.

 

(1) The first arrangement

 

1. As
long as any of the following conditions are met: (1) the disbursement amount of a single loan exceeds 10 million yuan (inclusive)
and any planned external payment under this disbursement exceeds 10 million yuan (inclusive); or (2) other situations: this
column is blank

 

This column is blank

 

Party A shall provide
Party B with the following materials no later than five working day(s) before the disbursement of a single loan:

 

(1) Loan transfer certificate
signed and sealed by Party A and payment settlement certificate signed and sealed by Party A; (2) Transaction data (including but
not limited to written or electronic documents such as commodities, labor services, capital contracts and/or invoices that can
prove the definite purpose of the loan fund); (3) Other materials: this column is blank

 

As well as other materials
required by Party B to be provided by Party A (including but not limited to the business license, power of attorney, articles of
association, resolution of general meeting or board of directors and other materials of the transaction object of Party A).

 

2. In
addition to the conditions stipulated in Item 1 above, or if Party B considers that Party A can make independent payment as agreed
in Paragraph 5 of Article VII of the General Provisions after reviewing the above materials provided by Party A, Party A shall
provide the following materials to Party B at least 5 working days before the disbursement of a single loan:

 

(1) The fund allocation
corresponding to the loan to be issued (see Annex 3 for the format of the disbursement schedule); (2) The loan transfer certificate
signed and sealed by Party A; (3) Other materials: this column is blank

 

As well as other materials
required by Party B to be provided by Party A (including but not limited to the business license, power of attorney, articles of
association, resolution of general meeting or board of directors and other materials of the transaction object of Party A).

 

(2) The second arrangement

 

Regardless of the loan
disbursement amount of a single loan, Party A shall provide Party B with the following materials no later than 5 working days before
the disbursement of a single loan:

 

1. Loan transfer certificate
signed and sealed by Party A and payment settlement certificate signed and sealed by Party A; 2. Transaction data (including but
not limited to written or electronic documents such as commodities, labor services, capital contracts and/or invoices that can
prove the definite purpose of the loan fund); 3. Other materials: this column is blank

 

As well as other materials
required by Party B to be provided by Party A (including but not limited to the business license, power of attorney, articles of
association, resolution of general meeting or board of directors and other materials of the transaction object of Party A).

 

Article IX
Party B’s Entrusted Payment

 

I. Regarding Item 1
of Paragraph 4 of Article VII of the General Provisions of this Contract, both parties shall choose the first (1) situation below
as the applicable situation for Party B’s entrusted payment: (1) The loan disbursement amount of a single loan exceeds 10
million yuan (inclusive) and any planned external payment amount under the disbursement exceeds 10 million yuan (inclusive),
and Party B considers that it conforms to the specific characteristics of the payment object after reviewing the information provided
by Party A; (2) Regardless of the loan disbursement amount of a single loan, Party B’s entrusted payment shall be adopted;
(3) Other circumstances otherwise agreed by both parties: this column is blank

 

    12

     

    

 

II. Both parties shall
also abide by the following agreement on handling in case the loan fund fails to be paid successfully or fails to be timely paid
to Party A’s transaction object account due to incomplete, untrue, inaccurate information provided by Party A, non-conformity
with the specific purpose of the loan, conflicts between information and other reasons not attributable to Party B’s fault.This
column is blank

 

This column is blank

 

Article X Account
Use and Supervision

 

I. Loan Issuing Account

 

The loan issuing account
under the Contract shall be determined according to the following second method:

 

(1) Party A shall, within
This column is blank working day(s) from the effective date of this Contract and before the first loan issuing, open a special
loan issuing account with Party B, which is specially used for the issuance and payment of all loans under this Contract. (2) Other
accounts opened by Party A in Party B (Account No.: 44201002700052517141-3001)

 

II. Account For Recoupment
Funds

 

1. Party A shall open
an account for recouping funds in Party B or take the existing account (account No.: 44201002700052517141) already opened
in Party B as the account for recoup funds within 5 working days from the effective date of this Contract.

 

2. Party A shall summarize
and report the fund in and out of the account for recoup funds to Party B on quarterly (select “monthly” or “quarterly”)
basis. Party A shall, at the latest within initial 10 working days of each period, summarize and report the fund in and
out of the account for recoup funds in the previous period to Party B. 3. Party B has the right to manage the fund in and out of
the recoup funds in the account. Specifically, the account for recoup funds shall meet the following requirements of Item 10:

 

(1) Average stock of
funds in the account: this column is blank; (2) In-place time of the recoup funds: this column is blank; (3) Proportion
of Party A’s overall sales receipts into the account: this column is blank; (4) Single limit for external payment
of funds in the account: this column is blank; (5) Daily limit for external payment of funds in the account: this column
is blank; (6) Restrictions on signing online banking for this account: this column is blank; (7) The external payment
of funds in the account shall be approved by Party B; (8) The account shall be used exclusively for the receipt and repayment of
loans under the Contract and shall not be used for other purposes; (9) This column is blank; (10) Other requirements put
forward by Party B; (11) It shall be implemented according to relevant agreements in the account management agreement separately
signed by Party A and Party B.

 

Article XI
The amount of compensation payable by Party A to Party B for prepayment shall be determined according to the first (1) standard
below:

 

(1) Amount of compensation
= amount of principal prepaid × number of months of prepayment × 3%. If it’s less than one month, it shall be
calculated as one month; (2) This column is blank

 

Article XII
The term “large-denomination financing” as mentioned in Paragraph 2 of Article XI of the General Provisions of the
Contract refers to the financing with a total amount exceeding RMB This column is blank ten thousand yuan or equivalent
foreign currency.

 

The specific methods
of Party B’s participation in Party A’s large-denomination financing, asset sale, merger, division, shareholding reform,
bankruptcy liquidation and other activities are Item 5 below:

 

1. Party A shall obtain
Party B’s written consent when carrying out the above activities; 2. Party B arranges Party A’s large-denomination
financing; 3. Party A’s asset sale price and target shall meet the following stipulations: this column is blank; 4.
This column is blank; 5. Other methods that Party B believes should be adopted.

 

Article XIII
Other Matters Agreed upon by Both Parties:

 

I. In case of any inconsistency
between the agreement in this Contract and the agreement in the disbursing application for the credit line loan and/or the loan
withdrawal notice, the agreement in the disbursing application for the credit line loan and/or the loan withdrawal notice shall
prevail. In case of any inconsistency between the disbursing application for the credit line loan and the loan withdrawal notice,
the agreement in the loan withdrawal notice shall prevail.

 

II. VAT and Invoice

 

(I) Unless otherwise
agreed by the parties, the price and non-price expenses under this Contract shall be the price including VAT.

 

    13

     

    

 

(II) Invoice

 

2.1 Party B shall issue
invoices in accordance with Item (1) below:

 

(1) If
Party A requires to issue invoice, Party B shall issue value-added tax invoice of the current payment amount according to law after
receiving the payment from Party A.

 

(2) Other agreements:
This column is blank

 

2.2 Invoicing information
provided by Party A

 

Company Name (Full Name):
United Time Technology Co., Ltd.

 

Taxpayer Identification
No.: 914403006766520412

 

Bank Account: 755914819410602
Opening Bank: Shenzhen Science Park Sub-branch of China Merchants Bank

 

Address: 7/F, Block
A, Building 5, Software Industry Base, Nanshan District, Shenzhen City Tel.: 0755-86512180

 

2.3 If there is any
need to invalidate the invoice or issue a credit note, Party A shall provide timely assistance as required by Party B. If the invoice
cannot be voided or the credit note cannot be issued attribute to Party A, Party A shall compensate Party B for all losses, including
but not limited to taxes, additional taxes, penalties, and late fees.

 

(III) If Party A is
an overseas agency of the People’s Republic of China, and the price and extra-price charges under this contract are subject
to tax incentives and require tax filing for the purposes of laws, regulations, rules or relevant regulations of relevant authorities,
Party A shall timely provide Party B with sufficient and accurate VAT tax preference filing information as required by Party B,
so as to assist Party B in completing tax filing and other works.

 

III. Party A and Party
B have agreed on the address for service and legal consequences of various notices, agreements, and documents related to this Contract:

 

1. Address
for Service

 

(1) Party
A confirms that its valid address for service is:

 

7 / F, Block A, Building
5, Software Industry Base, Nanshan District, Shenzhen City

 

(2) Party
B confirms that its valid address for service is:

 

China Construction
Bank, Floor 1, Building 18, Hongrui Garden, Nanshan District, Shenzhen City

 

2. Application
of Address for Service

 

The above addresses
for service are applicable to the delivery of various kinds of notices, agreements and documents relevant to the Contract, including
but not limited to the delivery of various kinds of notices, agreements during contract performance period, delivery of relevant
documents during dispute and the delivery of relevant documents and legal documents in first trial, second trial and executive
procedure and other procedures after the dispute’s entering arbitration and civil procedure.

 

3. Change
of the address for service

 

(1) If
Party A needs to change the address for service, it shall notify Party B in writing 10 working days in advance, and the
written notice shall be delivered to the address for service of Party B;

 

(2) If
Party B needs to change the address for service, it shall notify Party A by telephone or e-mail.

 

(3) If
one party changes its address in arbitration or civil litigation, the party shall also perform the obligation of written notice
to the arbitration institution and the court.

 

(4) After
one party performs the obligation of sending the notice of change of address according to the above agreement, the address for
service after change will be the effective address for service; otherwise the previously confirmed address for service shall still
be the effective address for service.

 

    14

     

    

 

4. Legal
consequences

 

(1) If the notice, agreement,
legal document and other documents are not actually received by the party due to the address for service provided or confirmed
by either party is inaccurate, the notice obligation is not fulfilled in time in the above manner after the change of address for
service, the party or its designated receiver refuses to receive, and so on, in case of service by post, the date of return of
documents shall be deemed as the date of service; in case of direct service, the date on which the addresser records the information
on the service receipt on the spot shall be deemed as the date of service.

 

(2) For the above-mentioned
address for service, the arbitration institution and the court can directly mail the service, even if the parties fail to receive
the documents mailed by the arbitration institution and the court, due to the above agreement, it shall also be deemed as service.

 

IV. 1. Repayment
method: interest shall be paid on a monthly basis, and the principal and interest of the loan shall be settled in one time when
due. 2. Party A’s outstanding debts under the Contract for RMB Credit Line Loan (Contract Name) numbered HTZ442000000NED201900005
shall be deducted from the total amount of credit line under the Contract and shall be resumed after settlement.

 

Article XIV
Party A and Party B have agreed to undertake other expenses as follows:

 

This column is blank

 

This column is blank

 

Article XV
Methods of Dispute Settlement

 

Any dispute arising
from the performance of this Contract can be settled through negotiation. If negotiation fails, it shall be settled as the following
methods of item 1:

 

1. Bring a lawsuit to
the people’s court where Party B is located.

 

2. Bring a lawsuit to
the people’s court where the Contract is signed.

 

3. Submit to the Blank
Arbitration Commission (place of arbitration is Blank), and conduct arbitration in accordance with the arbitration rules
in force at the time of applying for arbitration. The arbitration award is final and binding upon both Parties.

 

During the litigation
or arbitration, the provisions of this Contract that do not involve the disputes shall still be performed.

 

Article XVI
This Contract is made in quintuplicate.

 

Party A (Official Seal):
United Time Technology Co., Ltd. (Seal)

 

Legal Representative
(Person in Charge) or Authorized Agent (Signature): /s/Bao Minfei

 

May 8, 2020

 

Party B (Seal): Shenzhen
Branch of China Construction Bank Corporation (Seal)

 

Person in Charge or
Authorized Agent (Signature): /s/Wang Ye

 

May 8, 2020

 

    15

     

    

 

Annex 1:

 

Basic Information of the Loan

 

1. Specific
purposes of the loan under the Contract:

 

Used for Party’s daily capital
turnover, purchasing raw materials, and so on.

 

Party A shall not change the specific purpose
of the loan without the written consent of Party B.

 

2. The
repayment source of the loan under the Contract:

 

Sales revenue, and so on. ________________________________________

 

Party A shall ensure that the source of
the repayment is real and legal, and the repayment cash flow is stable and sufficient.

 

3. Other:

 

This column is blank

 

This column is blank

 

Annex 2

 

Financial Indicator Requirements

 

The financial indicators
of Party A shall continue to meet the following restrictions:

 

The ratio of liabilities
to assets shall not be higher than 75%.

 

After notifying Party
A within 5 working days in advance, Party B has the right to modify the above restrictions.

 

    16

     

    

 

Annex 3

 

Fund Allocation

 

	
        

        Contract No.

        
	This column is blank
	Withdrawal Date	 
	No.	Planned Purpose	Anticipated Payment Amount	Anticipated Payee (if any)	Note
	1	 	 	This column is blank	 
	2	 	 	 	 
	.....	 	 	 	 
	Total	____________ Ten thousand yuan (in words: _________)
	Name of Borrower (Seal):
	 	 	 	 	 	 

Annex 4

 

Summary of Independent Payment

 

	
        

        Contract No.

        
	This column is blank
	Date of Submission	 
	No.	Actual Use	Payee	Value	Supporting Materials	Planned or not
	1	 	 	This column is blank	 	 
	2	 	 	 	 	 
	...	 	 	 	 	 
	Total	___________________ Ten thousand yuan (in words:_____________)
	Name of Borrower (Seal):
	Conclusion of Internal Review	Account Manager (Signature):
	Person in Charge of Issuance and Payment Review (Signature):
	 	 	 	 	 	 	 

 

17

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