Document:

Exhibit 4.25

Framework
Agreement

 

This Framework Agreement (referred
to as “Framework Agreement”) is signed by the following parties on July 31, 2019:

 

Party
A: China Fenghui Industrial Financial Holding Group Co. Limited (referred to as “Transferor”), a company established
under the laws of Hong Kong, the authorized representative is Li Jingping.

 

Party
B: Zhejiang Zhongfeng Investment Management Co., Ltd. (referred to as “transferee”), a limited liability company
established and existing under the laws of the People’s Republic of China, the unified social credit code is: 9133010MA2B0BMT89,
the registered address is Jianggan District, Hangzhou City, Zhejiang Province

 

Party A and Party B are collectively
referred to as the “parties”.

 

Whereas,

 

(1) Party A’s wholly-owned subsidiaries
Feng Hui Ding Xin (Beijing) Financial Consulting Co., Limited, Urumqi Fenghui Direct Lending Co., Ltd. and the shareholders of
Fenghui Direct Lending have signed a series of agreements (including Exclusive Purchase Agreement, Equity Pledge Agreement,
Exclusive Commercial Cooperation Agreement and Authorization Letter, collectively referred to as “VIE Agreement”),
enabling Party A to control Fenghui Direct Lending through Fenghui Dingxin.

 

(2) Party B recognizes the value of Party
A’s license and its ability to dispose of non-performing assets. After the preliminary assessment of the scale of creditor’s rights
and debts held by Party A, Party B intends to earn all the equity or control rights of Fenghui Direct Lending, and Party A agrees
to the above transfer.

  

     

     

    

 

Whereas, in order to further promote
this transfer and clarify the rights and obligations of both parties, both parties agree as follows:

 

1. The transfer

 

1.1 Party B intends to earn
100% of the equity or control of Fenghui Small Loan at a price of not less than RMB 15 million, and at the same time ensure that
the main claims under Party B’s name are acquired simultaneously. Party A agrees to transfer at this price and conditions.

 

1.2 Both parties agree that
the specific method, transfer price and payment method of this transfer will be agreed in the official document after the two parties
have agreed afterwards.

 

1.3 Party B shall pay RMB 500,000
in cash(referred to as the “deposit”) to the bank account designated by Party A (Company name: Ningbo Ding Tai Financial
Leasing Co., Limited, Receiving bank: SPDB Ningbo Branch Beilun Branch, Receiving account: 94070155300004612) within 5 working
days after the signing of this Framework Agreement. Both parties agree to handle it as follows:

 

1.3.1 If Party B’s unilateral
reasons lead to the termination of this transfer, Party B has no right to request Party A to return the deposit.

 

1.3.2 If the transfer is terminated
due to Party A’s unilateral reasons, Party A shall return the deposit.

 

1.3.3 If the transfer is terminated
by mutual agreement, or if the transfer is terminated due to the reasons of either Party A or Party B, Party A shall return the
full deposit according to the personnel path.

 

1.3.4 If the transfer proceeds
smoothly, the deposit shall be offset as part of the transfer price, and the remaining transfer price shall be paid as agreed in
the transaction documents.

 

1.4 Both parties promised that
they should cooperate to complete this transfer within 3 months after the signing of this framework agreement.

 

1.5 After the completion of
this transfer, Party B directly or indirectly holds 100% of the equity of Fenghui Direct Lending , or holds / controls 100% of
the equity of Fenghui Direct Lending in total through the VIE Agreement.

 

1.6 After the signing of this
Framework Agreement, both parties should further negotiate this transfer as soon as possible and sign a series of formal transaction
agreements and other relevant legal documents for the purpose of implementing this transfer.

 

    2

     

    

  

2. Statement and Guarantee

 

2.1 Each party to this Framework
Agreement states and warrants to the other parties as follows, on the date this Framework Agreement is signed:

 

2.1.1 They are all entities
or natural persons established and effectively renewed in accordance with the laws of the place where they are established; all
have the right to sign and perform this Framework Agreement in their own name and the right to bring suits and respond to suits
in their own names.

 

2.1.2 If it is an entity,
its signing and performance of this Framework Agreement have been authorized or approved in accordance with the articles of association
or other organizational documents.

 

3.1.3 It or its designated
authorized representative has sufficient rights and authorization to sign, perform this agreement and comply with all obligations
under this Framework Agreement.

 

2.1.4 It does not violate
laws, regulations and government orders to sign and execute this Framework Agreement.

 

2.2 For the purposes of this
Framework Agreement, Party B has stated and guaranteed to Party A as follows:

 

2.2.1 The transfer price paid
by Party B is legally held funds.

 

    3

     

    

 

3. Dispute Resolution

 

3.1 This agreement applies the
laws of the People’s Republic of Hong Kong.

 

3.2 All disputes arising from
this Framework Agreement shall be negotiated amicably by the parties. If the negotiation fails, they shall be submitted to the
Hong Kong International Arbitration Center for arbitration. The place of arbitration is Hong Kong.

 

4. Privacy Policy

 

4.1 Terms related to this transfer
are confidential information, and neither party may disclose it to a third party.

 

4.2 The provisions of Article
4.1 do not apply to the following situations:

 

4.2.1 Confidential information
is generally known to the public and is not caused by a party’s disclosure in violation of this agreement.

 

4.2.2 One party disclosure to
employees related to this transfer.

 

4.2.3 One party disclosed to
banks, financial advisers, legal advisers or other intermediary service agencies for the purposes of this agreement.

 

4.2.4 Disclosures required in
accordance with laws, regulations or requirements of government agencies and stock exchanges.

 

4.3 The effect of this article
is not affected by the termination or termination of this Framework Agreement

 

5. Breach and relief

 

5.1 Any party violating this
Framework Agreement shall be responsible for compensating the contracting parties for all actual and foreseeable losses incurred
due to breach of contract.

 

5.2 The rights and remedies
provided in this Framework Agreement are accumulated without excluding other rights and remedies provided by law.

 

5.3 The statements and guarantee
are not true, accurate or complete, and do not cause the observing party to lose any right to recover the violating party.

 

    4

     

    

 

6. Others

 

6.1 Taxes and fees. All taxes
and fees shall be borne by all parties according to law.

 

6.2 Take effect. It shall come
into force after being signed by the parties or authorized by them, and it is binding on the parties.

 

6.3 Change, termination. Changes
or termination of this agreement shall be effective after being signed by all parties.

 

6.4 Give up power. Any party
who has not exercised or partially exercised any rights shall not be deemed to waive other rights.

 

6.5 Invalid. If one or more
terms of this Framework Agreement and other documents related to it are deemed to be invalid, illegal or unenforceable under any
applicable law, then: (1) other terms shall not be affected or damaged. (2) The parties shall replace the terms with valid, legal
and enforceable terms.

 

6.6 Complete agreement. This
Framework Agreement constitutes the complete document of both parties regarding this transfer. If the documents before the signing
of this Framework Agreement conflict with the framework agreement, this Framework Agreement shall prevail.

 

6.7 Supplemental agreement.
For matters not covered in this Framework Agreement, the parties may sign a supplementary agreement for agreement. In case of inconsistency,
the agreement in the supplementary agreement shall prevail.

 

6.8 Official transaction documents.
Matters not covered in this framework agreement and supplementary agreement can be agreed in the official transaction document.
In case of conflict, the agreement in the official transaction document shall prevail.

 

6.9 Force majeure. Due to the
unforeseeable, unavoidable and insurmountable impact of objective circumstances, the agreement cannot be performed or performed
on time, and valid supporting documents shall be provided within 15 days after the event. According to the degree of influence,
the parties shall discuss whether to terminate the agreement, or partially exempt from liability, or postpone the performance of
the agreement.

 

6.20 Number of copies of the
agreement. There are 2 copies of this agreement, each party holds one copy, and each copy has the same legal effect.

 

 

[No text following]

 

    5

     

    

 

(This page is the signature page of the
Framework Agreement)

 

 

 

Party A: China Fenghui Industrial Financial
Holding Group Co. Limited

 

 

 

Signature of authorized
representative: __________________________

 

    6

     

    

 

(This page is the signature
page of the Framework Agreement)

  

 

 

Party D: Zhejiang Zhongfeng Investment
Management Co., Ltd.

 

 

 

Signature of legal representative or authorized
representative: __________________________

 

 

 

7Exhibit 4.26

 

Supplemental Agreement to Share Purchase
Agreement

 

This Supplemental Agreement
to Share Purchase Agreement (hereinafter referred to as “the Agreement”) was signed by the following signatories
on the date of August 23, 2019:

 

(i) China Lending Corporation, a
limited liability company established under the laws of the British Virgin Islands (the “Buyer”);

 

(ii) Lixin Financial
Holdings Group Limited, an exempt company incorporated under the laws of the Cayman Islands (the “Company”);

 

(iii) Lixin Financial
Holdings (BVI) Limited, a company incorporated under the laws of the British Virgin Islands. (“BVI
Lixin”);

 

(iv) Lixin Financial
Holdings Group Limited, a limited company formed under the laws of Hong Kong (“Hong
Kong Lixin”);

 

(v) Zhejiang Lixin Enterprise
Management Holding Co., Ltd (“Zhejiang Lixin”);

 

(vi) Zhejiang Jingyuxin
Financing Guarantee Co., Ltd. (“Zhejiang Jingyuxin”);

 

(vii) Zhu Jialin, Zhang
Jingxian, Li Sufang, Wang Guohua, Xu Dandan, Chen Jiaqiang, and Zhang Peibei (collectively referred to as "core indirect shareholders",
respectively referred to as "each core indirect shareholder") are all natural persons of Chinese nationality, and each
core indirect shareholder ID number As shown in the column of “Indirect Shareholder ID Number” corresponding to Table
I in Appendix A of the original agreement (as defined below); and

 

(viii) Each of the entities
listed in the “Direct Shareholders” column of Table I in Appendix A of the original agreement (defined below) (collectively
referred to as “direct shareholders”, respectively referred to as “each direct shareholder”) is based on
the British Virgin Islands.

 

All Direct Shareholders
and all Core Indirect Shareholders are collectively referred to as “Selling Shareholders” or separately referred
to as “each Selling Shareholder”; among them, the Direct Shareholders and Core Indirect Shareholders holding
9% of the shares or above are collectively referred to as “Core Selling Shareholders” or separately referred
to as “each Core Selling Shareholder”; all parties of the agreement are collectively referred to as “all
Parties”, or separately referred to as “a Party”.

 

WHEREAS, all Parties
have entered into a Share Purchase Agreement dated June 14, 2019 (hereinafter referred to as the “Original Agreement”),
pursuant to which the Selling Shareholders and the Company have agreed to sell the shares of the given quantity and category to
the Buyer according to the terms and conditions of the Original Agreement. The total consideration for the shares to be transferred
by the Selling Shareholders to the Buyer is RMB 276,000,000 (hereinafter referred to as “transfer price”), which
shall be paid in the form of the Buyer’s ordinary shares. The Parties hereby wish to modify certain terms of the Original
Agreement.

 

     

     

    

 

NOW, THEREFORE, the
Parties hereby agree as follows:

 

Definition

 

1.1 Definitions. Unless otherwise
provided herein, capitalized terms used but not defined herein shall have the meanings set forth in the Original Agreement.

 

Amendment

 

2.1 Form of payment of the transfer
price. The Parties hereby agree to modify the terms of the Original Agreement with respect to the form of payment of the transfer
price as follows: the transfer price shall be paid in the form of the Buyer’s preferred shares without any voting rights
but with liquidation preferences and dividend preferences (subject to the articles of association of the Buyer) (“Buyer’s
stock” or “consideration share”). After two (2) years following the Closing (“Election Date”),
any Selling Shareholder is entitled, by sending a notice in writing to the Buyer to elect: (1) to convert the Buyer’s Stocks
into ordinary shares of the Buyer on a 1:1 basis, under which circumstances the Buyer shall be entitled to redeem the Buyer’s
Stocks held by such Selling Shareholder at the price of the average closing price per share of the Buyer’s ordinary shares
on the Nasdaq Capital Market for ninety (90) consecutive trading days prior to the Election Date. The corresponding transfer price
of every Selling Shareholder is shown in the column of “Transfer Price or Payment” in Table IV of Appendix
A of the Original Agreement. The quantity of the Buyer’s shares that shall be issued to each Direct Shareholder shall
be calculated by dividing the amount of consideration that such Selling Shareholder is entitled to receive as set forth in the
Original Agreement by the average closing price per share of the Buyer’s ordinary shares on the Nasdaq Capital Market for
ninety (90) consecutive trading days prior to the Closing Date, provided that any fractional entitlements resulting from such
a calculation shall be rounded down to the nearest whole share (without compensation). Nothing in this Agreement shall require
the Buyer to issue any fractional shares to any Selling Shareholder.

 

2.2 Termination
of certain terms. The Parties hereby agree that, Article 6.13 “Proxy”, Article 7.2(k) “Proxy
letter” and Clause (vii) of Appendix B “Delivery document and material list on the Closing Date” of the
Original Agreement shall be terminated upon the execution of this Agreement.

 

2.3 Other terms remain unchanged.
The Parties hereby agree that, except those modification of the Original Agreement provided herein, the other terms of the Original
Agreement remain unchanged.

 

OTHER
TERMS

 

3.1 Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original. Any number of counterparts may be executed
by each of the Parties, and all of such counterparts taken together shall be considered one and the same instrument. This Agreement
shall become effective upon execution and delivery (including by facsimile, electronic delivery or otherwise) by each of the Parties
to the other Parties. A signature transmitted by facsimile, PDF, or other electronic means preserving the original signature image
shall have the same legal effect as the signature on the original signature page.

 

3.2 Priority. In the event
of any conflict or inconsistency between any of the terms hereof and any of the terms of the Original Agreement, the terms of
this Agreement shall prevail. For matters not stipulated in this Agreement, the terms of the Original Agreement shall prevail.

 

3.3 Language.
This Agreement is made in both Chinese and English, and in the event of any inconsistency, conflict or discrepancy, the Chinese
version shall prevail.

 

 

[Intentionally Left
Blank]

  

    2

     

    

 

In view of this, all
parties have prompted their respective effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	China Lending Corporation
	 	 
	 	Signature:	 
	 	Name:	 
	 	Title:	 

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    3

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Lixin Financial Holdings Group Limited
	 	 
	 	Signature:	 
	 	Name:	 
	 	Title:	 

        

	 	 	 
	 	Lixin Financial Holdings (BVI) Limited 

	 	 
	 	Signature:	 
	 	Name:	 
	 	Title:	 

        

	 	 	 
	 	Lixin Financial Holdings Group Limited 

	 	 
	 	Signature:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Zhejiang Lixin Enterprise Management Holding Co., Ltd. (company chop)
	 	 	 
	 	Signature:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Zhejiang Jingyuxin Financing Guarantee Co., Ltd
    (company chop)
	 	 	 
	 	Signature:	 
	 	Name:	 
	 	Title:	 

  

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    4

     

    

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Dayu Yangguang Investment
Limited (company chop) 
	 	 
	 	Signature:	          
	 	Name:	 
	 	Title:	 

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    5

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

  

	 	Boteli Investment Limited (company chop) 
	 	 
	 	Signature:	          
	 	Name:	 
	 	Title:	 

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    6

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Fengfan Capital Investment
Co., Limited (company chop) 
	 	 
	 	Signature:	          
	 	Name:	 
	 	Title:	 

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    7

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Bright International
Limited (company chop) 
	 	 
	 	Signature:	          
	 	Name:	 
	 	Title:	 

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    8

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Yunneng Investment Limited (company chop) 
	 	 
	 	Signature:	          
	 	Name:	 
	 	Title:	 

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    9

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Fushi Investment Limited (company chop) 
	 	 
	 	Signature:	          
	 	Name:	 
	 	Title:	 

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    10

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Jingsheng Investment
Limited (company chop) 
	 	 
	 	Signature:	          
	 	Name:	 
	 	Title:	 

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    11

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Luosen Investment Limited (company chop) 
	 	 
	 	Signature:	          
	 	Name:	 
	 	Title:	 

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    12

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

  

	 	Dongcheng Investment
Limited (company chop) 
	 	 
	 	Signature:	          
	 	Name:	 
	 	Title:	 

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    13

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Jinyusheng Investment
Limited (company chop) 
	 	 
	 	Signature:	          
	 	Name:	 
	 	Title:	 

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    14

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Qisheng Investment Management
Limited (company chop) 
	 	 
	 	Signature:	          
	 	Name:	 
	 	Title:	 

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    15

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Yinxiang Capital Limited (company chop) 
	 	 
	 	Signature:	          
	 	Name:	 
	 	Title:	 

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    16

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Aoyuan Investment Limited (company chop) 
	 	 
	 	Signature:	          
	 	Name:	 
	 	Title:	 

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    17

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Gedun Investment Limited (company chop) 
	 	 
	 	Signature:	          
	 	Name:	 
	 	Title:	 

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    18

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

  

	 	Zhu Jialin
	 	 
	 	Signature:  	          

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    19

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Zhang Peibei
	 	 
	 	Signature:  	          

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    20

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Zhang Jingxian
	 	 
	 	Signature:  	          

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    21

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

  

	 	Wang Guohua
	 	 
	 	Signature:  	          

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    22

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Xu Dandan
	 	 
	 	Signature:  	          

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    23

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Li Sufang
	 	 
	 	Signature:  	          

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    24

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Liu Tie
	 	 
	 	Signature:  	          

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

    25

     

    

 

In view of this, all parties have prompted their respective
effectively authorized managers to sign this Agreement on the date indicated in the Agreement.

 

	 	Chen Jiaqiang
	 	 
	 	Signature:  	          

 

 

[Signature Page Of Supplementary Agreement For Equity Purchase
Agreement]

 

 

 26

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