Document:

Exhibit 10.2

 

Shareholder Voting Proxy Agreement 

 

This Shareholder Voting Proxy Agreement
(this “Agreement”) is entered into in Xi'an, the People’s Republic of China (the “PRC”)
on February 25, 2020, by and among the following Parties:

 

Party A: Shareholders

Shareholder 1: Ning Wen

Identity Card No.:

 

Shareholder 2: Zhijie Zhang

Identity Card No.:

 

Shareholder 3: Lizhen Tang

Identity Card No.:

 

Shareholder 4: Lizhi He

Identity Card No.:

 

(Shareholders listed above are hereinafter
referred to individually as a “Shareholder” and collectively as the “Shareholders.”)

 

Party B: Xi’an Minglan Management
Co., Ltd. (the “WFOE”) 

Registered address:

 

Party C: Sancaijia Co., Ltd. (the “Company”)

Registered address:

 

(In this Agreement, the above parties are
hereinafter referred to individually as a “Party” and collectively as the “Parties.”)

 

WHEREAS:

 

		(1)	The Shareholders are the registered shareholders of the
Company, legally holding 100% equity interest of the Company (the “Company Equity Interest”). Appendix 1 sets
forth the capital contribution amount and the shareholding percentage of each of the Shareholders in the registered capital of
the Company on the signing date of this Agreement.

 

		(2)	The Shareholders intend to appoint an individual designated
by the WFOE to exercise their voting rights in the Company as a shareholder, and the WFOE intends to appoint an individual to
accept such delegation.

 

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NOW, THEREFORE, the Parties, through
amicable negotiations and based on the principle of equality and mutual benefit, agree as follows:

 

Article 1 Delegation of Voting
Rights

 

		1.1	The Shareholders hereby irrevocably undertake that they
will execute a power of attorney separately upon the request of the WFOE after execution of the Agreement and authorize the individual
(hereinafter referred to as the “Trustee”) appointed by the WFOE at that time to exercise the following rights
(hereinafter collectively referred to as the “Entrusted Rights”) as a shareholder of the Company as stipulated
in the Articles of Association in force at that time (as shown in Annex 2 in the Agreement; hereinafter referred to as the “Power
of Attorney”):

 

		(a)	Propose, convene and attend the shareholder meeting of the Company as the agent of the Shareholders;

 

		(b)	Exercise the voting rights on behalf of the Shareholders on all matters that need to be discussed
and resolved by the shareholder meeting, including but not limited to the disposal of the assets of the Company, the sale or transfer
or pledge or disposal of all or part of the equity of the Company, the dissolution or liquidation of the Company, and the exercise
of the rights enjoyed during liquidation according to law;

 

		(c)	Appoint, elect and dismiss the Company’s legal representatives (chairman of the board), directors
and supervisors on behalf of the Shareholders, and determine the appointment or dismissal of General Manager, Deputy Managers,
principal financial officers and other senior management personnel;

 

		(d)	Exercise the voting rights on behalf of the registered shareholders of the Company in the event
of its bankruptcy;

 

		(e)	Propose to convene an interim shareholder meeting;

 

		(f)	Sign and file the documents at the relevant company registry; and

 

		(g)	Other shareholder voting rights under the Articles of Association (including any other shareholder
voting rights provided for by any amendment to these Articles).

 

		1.2	The premise of above-mentioned authorization and delegation is that the WFOE agrees to the above-mentioned
authorization and delegation to the Trustee. The Shareholders shall not revoke the entrustment and authorization made to the Trustee,
unless the WFOE gives the Shareholders a written notice to remove or replace the Trustee. The Shareholders shall then appoint another
person designated by the WFOE to exercise the above Entrusted Rights, and such new authorization and delegation shall supersede,
immediately upon its grant, the original authorization and delegation. In addition, the Shareholders shall not revoke the Entrusted
Rights made to the Trustee.

 

		1.3	The Trustee shall perform the fiduciary duties in accordance with the law in a prudent and diligent
manner within the scope of authorization provided herein; the Shareholders shall acknowledge and assume the corresponding responsibilities
for any legal consequences arising from the exercise of the above mentioned Entrusted Rights by the Trustee.

 

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		1.4	The Shareholders hereby confirm that the Trustee may exercise the Entrusted Rights at its sole
discretion without soliciting prior advice from the Company and the Shareholders. Any act of the Trustee in exercising the above
mentioned Entrusted Rights shall be deemed to be the act of the Shareholders, and any document signed by the Trustee shall be deemed
to be signed by the Shareholders.

 

		1.5	Each of the Shareholders warrants that, without the prior written consent of the WFOE, it will
not exercise any Entrusted Rights, or interfere in the exercise of the Entrusted Rights by the Trustee, but will make best efforts
to cooperate with the Trustee in exercising such rights. Each Shareholder further agrees to execute promptly all reasonably necessary
agreements, resolutions and other documents and to take all reasonably necessary actions to implement the provisions of the Agreement
and to assist the Trustee in exercising Entrusted Rights.

 

Article 2 Right to Information

 

		2.1	For the purpose of exercising the Entrusted Rights under
the Agreement, the Trustee shall be entitled to know about the operation, business, customers, finance, employees and other relevant
information of the Company and have access to relevant materials of the Company, and the Company shall provide full cooperation
with respect thereto.

 

Article 3 Exercise of Entrusted
Rights

 

		3.1	The Shareholders shall provide full assistance to the Trustee in exercising the Entrusted Rights,
including, when necessary, signing the shareholder’s meeting resolutions adopted by the Trustee or other relevant legal documents
in a timely manner (for example, in order to meet the filing requirement of documents required by government authority for examination
and approval, registration and filing).

 

		3.2	At any time during the term of the Agreement, if granting or exercise of Entrusted Rights under
the Agreement (except for the default of Shareholders or the Company) cannot be achieved for any reason, the Parties shall immediately
seek alternatives that are similar to unrealizable provisions, and shall enter into a supplementary agreement to amend or adjust
the terms of the Agreement so that the purpose of the Agreement may continue to be achieved. 

 

Article 4 Disclaimer and Compensation

 

		4.1	The Parties acknowledge that in no event shall the WFOE be required to assume any liability or
provide any economic or other compensation to any other Party or any third party for the exercise of the Entrusted Rights under
the Agreement by the individual designated by the WFOE.

 

		4.2	The Shareholders agree to indemnify and hold the WFOE harmless from all losses incurred or likely
to be incurred by the Trustee in the exercise of the Entrust Rights, including but not limited to any loss arising from any action,
recourse, arbitration or claims by any third party against the WFOE or any administrative investigation or penalty by any governmental
authorities, unless such losses are caused by any willful misconduct or gross negligence of the WFOE.

 

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Article 5 Representations and Warranties

 

		5.1	The Shareholders hereby separately and jointly make the following representations and warranties:

 

		(a)	Each of the Shareholders is a Chinese citizen with full capacity for civil conduct; each Shareholder
has a complete and independent legal status and legal capacity, and can independently act as a litigation subject.

 

		(b)	It has the full power and authorization to sign and deliver this Agreement and all other documents
to be executed related to the transactions contemplated by this Agreement. It has the full power and authorization to consummate
the transactions contemplated by this Agreement.

 

		(c)	This Agreement shall be lawfully and duly executed and delivered by all Shareholders. This Agreement
constitutes legal and binding obligations enforceable against the Shareholders in accordance with the provisions of this Agreement.

 

		(d)	Each Shareholder shall be the legal registered shareholder of the Company at the time of effectiveness
of this Agreement. Except for the rights set forth in this Agreement, the Equity Pledge Agreement and the Exclusive Option Agreement
among the Shareholders and the Company and the WFOE, there is no third party right in the Entrusted Rights. Under this Agreement,
the Trustee may fully exercise the Entrusted Rights in accordance with the then effective articles of association of the Company.

 

		5.2	The WFOE and the Company hereby severally represent and warrant as follows:

 

		(a)	It is a limited liability company duly registered and legally existing in accordance with Chinese
Law, with independent legal personality. It has full and independent legal status and legal capacity to sign, deliver and perform
this Agreement, and can independently act as a litigation subject.

 

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		(b)	It has full power and authorization to sign and deliver this Agreement and all other documents
to be executed relating to the transactions contemplated by this Agreement; it has full power and authority to consummate the transactions
contemplated by this Agreement.

 

		5.3	The Company further represents and warrants that each Shareholder is a legal owner of record of
the Company at the time of effectiveness of this Agreement. Under this Agreement, the Trustee may fully exercise the Entrusted
Rights in accordance with the then effective articles of association of the Company.

 

		5.4	The Company and its Shareholders further represent and warrant that in the event of the merger,
split, dissolution, liquidation bankruptcy or other occurrence that may affect Shareholders’ holding of ownership of the
Company, any heir of the Shareholder shall be deemed to be a signatory to this Agreement and shall inherit/assume all his or her
rights and obligations under this Agreement. The Company undertakes that it has made all appropriate arrangements and signed all
necessary documents to ensure that the performance of this Agreement will not be affected or hindered in the event of the merger,
split, dissolution, liquidation bankruptcy or other occurrence that may affect Shareholders’ holding of ownership of the
Company.

 

Article 6 Confidentiality Obligations

 

		6.1	Regardless of whether this Agreement is terminated or not,
each Party shall keep strictly confidential all business secrets, proprietary information, customer information and all other
information of a confidential nature concerning the other Parties known by it during the execution and performance of this Agreement
(collectively, the “Confidential Information”). Unless a prior written consent is obtained from the Party disclosing
the Confidential Information (the “Disclosing Party”) or unless it is required to be disclosed to third parties
in accordance with relevant laws, rules and regulations (including those of the United States Securities and Exchange Commission)
or the requirements of the place where any affiliate is listed on a stock exchange, the Party receiving the Confidential Information
(the “Receiving Party”) shall not disclose to any third party any Confidential Information. The Receiving Party
shall not use any Confidential Information other than for the purpose of performing this Agreement.

 

		6.2	The following information shall not be deemed part of the
Confidential Information:

 

		(a)	any information that has been lawfully acquired by the
Receiving Party prior to entering into the Agreement as evidenced by other written documents;

 

		(b)	any information entering the public domain not attributable
to the fault of the Party receiving the information; or

 

		(c)	any information lawfully acquired by the Party receiving
the information through other sources after its receipt of such information.

 

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		6.3	If requested by either Party, the other Party shall return,
destroy, or otherwise dispose of all documents, materials and software that contains or may contain any Confidential Information
as requested, and promptly stop using such Confidential Information.

 

		6.4	For purposes of performing this Agreement, the Receiving
Party may disclose the Confidential Information to its relevant employees, agents or professionals retained by it. However, the
Receiving Party shall ensure that the aforesaid persons shall comply with all relevant terms and conditions of this Article. In
addition, the Receiving Party shall be responsible for any liability incurred as a result of such persons’ breach of the
relevant terms and conditions of this Article 6.

 

		6.5	The Parties’
obligations under this Article shall survive the termination of this Agreement. Each Party shall still comply with
the confidentiality terms of this Agreement and fulfill the confidentiality obligations as promised, until the other Parties give
consent to the release of such obligations or as a matter of fact, violation of the confidentiality terms herein will not cause
damage of any form to the other Parties.

 

Article 7 Effectiveness, Termination
and Term of Agreement

 

		7.1	Subject to the provisions of Articles 7.2 and 7.3 of this Agreement, this Agreement shall become
effective upon execution by each of the Parties on the date first written above. Unless terminated early by the Parties by written
agreement or in accordance with the provisions of Article 7.4 or 9.1 of this Agreement, the Agreement shall remain valid for ten
(10) years. Upon the expiration of this Agreement, unless the WFOE gives a non-renewal written notice to the other Parties 30 days
prior to the expiration, this Agreement shall be renewed automatically thereafter for successive ten (10)-year terms, and so on.

 

		7.2	The Parties to this Agreement shall complete the approval and registration procedures for extending
their business terms within three months before the expiration of their respective business terms so that the term of this Agreement
may continue to be extended.

 

		7.3	If any of the Shareholders transfers all of its equity in the Company with the prior written consent
of the WFOE, such Party shall cease to be a Party hereto, while the obligations and covenants of other Parties under this Agreement
shall not be adversely affected in any way. If any Shareholder transfers all or part of its equity in the Company, such Shareholder
undertakes to obtain written confirmation of the transferee of such equity whereby such transferee agrees to inherit and perform
all liabilities, obligations and covenants of such Shareholder hereunder.

 

		7.4	During the term of this Agreement, unless otherwise stipulated by law, the Shareholders or the
Company shall not early terminate this Agreement. Notwithstanding the foregoing, the WFOE may at any time terminate this Agreement
with a written notice being given to other Parties thirty (30) days in advance.

 

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Article 8 Notice

 

		8.1	Any notice, request, demand and other correspondence required
by this Agreement or made in accordance with this Agreement shall be made in written form and delivered to the following address
in person, by fax, telegram, telex, email, registered mail (postage paid) or express mail.

 

To the Shareholders:

Ning Wen

Address:

Email:

Zhijie Zhang

Address:

Email:

Lizhen Tang

Address:

Email:

Lizhi He

Address:

Email:

 

To the WFOE:

Address:

Attention:

Email:

 

To the Company:

Address:

Attention:

Email:

 

		8.2	If any such notice or other correspondence is transmitted
by fax, telegram, telex or email, it shall be treated as delivered immediately upon transmission; if delivered in person, it shall
be treated as delivered at the time of delivery; if delivered by registered mail or express mail, it shall be treated as delivered
three (3) days after posting.

 

Article 9 Defaulting Liability

 

		9.1	The Parties agree and confirm that, if any party (hereinafter referred to as the "Defaulting
Party") materially breaches any provision hereof or materially fails to perform any obligation under this Agreement, it
constitutes a breach of contract under this Agreement (hereinafter referred to as a "Default"), and any other
non-Defaulting Party has the right to require the Defaulting Party to make corrections or take remedial measures within a reasonable
period of time. If the Defaulting Party fails to make corrections or take remedial measures within a reasonable period of time
or within 15 days after the written notice provided by other non-Defaulting Party requesting for correction, then

 

		(1)	In case the Defaulting Party is a Shareholder, the WFOE shall be entitled to terminate this Agreement
and claim damages from the Defaulting Party.

 

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		(2)	If the WFOE is the Defaulting Party, the non-Defaulting Party shall have the right to claim damages
from the Defaulting Party, but under no circumstances shall it have any right to terminate or suspend this Agreement unless otherwise
provided by law.

 

		9.2	Notwithstanding other provisions of this Agreement, the validity of this article shall not be affected
by any termination or suspension of this Agreement.

 

Article 10 Miscellaneous

 

		10.1	This Agreement is written in English and translated into
Chinese. In the event of any discrepancy between the two versions, the English version shall prevail. This Agreement is made with
six (6) original copies, with one (1) original to be retained by each Party hereto.

 

		10.2	The execution, validity, performance, revision, interpretation
and termination of this Agreement and the resolution of any dispute arising from this Agreement shall be governed in accordance
with the laws of the PRC.

 

		10.3	Should any dispute arise in connection with construction
or performance of any provision under this Agreement, the Parties shall seek in good faith to resolve such dispute through negotiations.
If the negotiations fail, any of the Parties may submit the dispute to the China International Economic and Trade Arbitration
Commission (CIETAC) for arbitration in Beijing in accordance with CIETAC’s arbitration rules then in effect
at the time of applying for arbitration, and the language of arbitration shall be in Chinese. The arbitration award shall be final
and binding on each of the Parties.

 

		10.4	None of the rights, powers or remedies granted to any Party
by any provision herein shall preclude any other rights, powers or remedies available to such Party at law and under the other
provisions of this Agreement. In addition, a Party’s exercise of any of its rights, powers and remedies shall not exclude
such Party from exercising any of its other rights, powers and remedies.

 

		10.5	No failure or delay by a Party in exercising any rights,
powers and remedies available to it hereunder or at law (“Such Rights”) shall result in a waiver thereof, nor
shall the waiver of any single or part of Such Rights shall exclude such Party from exercising Such Rights in any other way and
exercising other rights of such Party.

 

		10.6	Each term contained herein shall be severable and independent
from each of the other terms. In case any term herein becomes all or partly invalid or unenforceable due to violation of law or
governmental regulations or other reasons, the affected part of such term shall be considered to have been removed, provided that
the removal of the affected part of such term shall not affect the legal effect of the remaining part of such term or other terms
herein. The Parties shall conclude new terms through consultations to replace such invalid or unenforceable terms.

 

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		10.7	The headings in this Agreement are written for ease of
reference only and in no event shall they affect the interpretation of any terms of this Agreement.

 

		10.8	Any amendments or supplements to this Agreement shall be
made in writing and shall become effective only upon due execution by the Parties hereto. Any Amended agreements and supplemental
agreements executed by the Parties will become part of this Agreement, having the same legal effect as this Agreement.

 

		10.9	Matters not covered in this Agreement shall be determined
by the Parties separately through consultation.

 

		10.10	This Agreement constitutes all agreements reached by the Parties on the subject matter of the cooperation
project, and supersedes any previous or concurrent oral and written agreement, understanding and correspondence relevant to the
subject matter of the cooperation project between the Parties. Unless specifically provided herein, there is no other explicit
or implicit obligation or covenant between the Parties.

 

		10.11	Without the prior written consent of the other Parties, no Party may assign to any third party
any of its rights and/or obligations under this Agreement.

 

		10.12	This Agreement shall be binding upon the legal successors
or assigns of the Parties.

 

[The remainder of
this page is intentionally left blank]

 

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[Signature Page of Shareholder Voting
Proxy Agreement]

 

IN WITNESS WHEREOF, the following
Parties have executed this Agreement on the date and at the place first above written.

 

Shareholders:

 

	Ning Wen  (Signature/Seal):	/s/ Ning Wen	 
	 	 	 
	Zhijie Zhang  (Signature/Seal):	/s/ Zhijie Zhang	 
	 	 	 
	Lizhen Tang  (Signature/Seal):	/s/ Lizhen Tang	 
	 	 	 
	Lizhi He  (Signature/Seal):	/s/ Lizhi He	 

 

Xi’an Minglan Management Co.,
Ltd. (Seal)

 

	Authorized Representative (Signature):	/s/ Ning Wen	 
	 	Name: Ning Wen	 

 

Sancaijia Co., Ltd. (Seal)

 

	Authorized Representative (Signature):	/s/ Ning Wen	 
	 	Name: Ning Wen	 

 

 

10 / 10Exhibit 10.3

 

Equity Pledge Agreement

 

This Equity Pledge Agreement (this “Agreement”)
is entered into in Xi'an, the People’s Republic of China (the “PRC”) on February 25, 2020, by and among
the following Parties:

 

Party A: Shareholders

Ning Wen

Identity Card No.:

 

Zhijie Zhang

Identity Card No.:

 

Lizhen Tang

Identity Card No.:

 

Lizhi He

Identity Card No.:

 

(Shareholders listed above are hereinafter
referred to individually as a “Pledgor”
and collectively as the “Pledgors.”)

 

Party B: Xi’an Minglan Management
Co., Ltd. (the “Pledgee”) 

Registered address:

 

Party C: Sancaijia Co., Ltd. (the “Company”)

Registered address:

 

(In this Agreement, the above parties are
hereinafter referred to individually as a “Party” and collectively as the “Parties.”)

 

WHEREAS:

 

		(1)	The Pledgors are the registered shareholders of the Company, legally holding 100% equity interest
of the Company (the “Company Equity Interest”). Appendix 1 sets forth the capital contribution amount and the
shareholding percentage of each Pledgor in the registered capital of the Company on the signing date of this Agreement.

 

		(2)	The Pledgee is a wholly foreign-owned company incorporated and validly existing in accordance with
laws of the PRC.

 

		(3)	The Company is a limited liability company incorporated and validly existing in accordance with laws of the
PRC.

 

		(4)	In accordance with the provisions of the Exclusive Call Option Agreement entered into by
and among the Parties to this Agreement on February 25, 2020, the Pledgors shall, to the extent permitted under PRC Law, transfer
all or part of its equity interests held in the Company to the Pledgee and/or any other entities or individuals designated by the
Pledgee based on the Pledgee’s request. 

 

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		(5)	In accordance with the provisions of the Shareholder Voting Proxy Agreement (the “Entrustment
Agreement”) entered into by and among the Parties to this Agreement on February 25, 2020, the Pledgors entirely entrust
the individual designated by the Pledgee to exercise all the voting rights the Pledgors have as the shareholders of the Company.

 

		(6)	In accordance with the Exclusive Technical Consultation and Service Agreement executed between
the Company and the Pledgee on February 25, 2020 , the Company has exclusively engaged the Pledgee to provide relevant consultation
services for it and agreed to pay corresponding service fees to the Pledgee for such consultation services.

 

		(7)	As the Pledgors’ security for the performance of the Contractual Obligations (as defined
below) and the repayment of the Secured Liabilities (as defined below) by the Pledgors, the Pledgors are willing to pledge all
the Company Equity Interest held by each Pledgor to the Pledgee and grant the Pledgee the right to request for repayment on first
priority, and the Company agrees to such equity interest pledge arrangement.

 

NOW, THEREFORE, the Parties, through
amicable negotiations and based on the principle of equality and mutual benefit, hereby agree as follows:

 

Article 1 Definitions

 

		1.1	Unless otherwise indicated in context of this Agreement, the following terms shall be interpreted
as follows.

 

“Contractual Obligations”
means all the contractual obligations of the Pledgors and/or the Company under the Exclusive Call Option Agreement, the Exclusive
Technical Consultation and Service Agreement, the Entrustment Agreement, the Business Operation Agreement executed by the Parties
on February 25, 2020 and all the contractual obligations of the Pledgors and the Company under this Agreement.

 

“Secured Liabilities”
means all the direct, indirect and consequential losses and loss of foreseeable profits suffered by the Pledgee due to any Event
of Default (as defined below) on the part of the Pledgors and/or the Company. The basis for determining the amount of such losses
includes but is not limited to the reasonable commercial plan and profit forecast of the Pledgee, and all the expenses incurred
by the Pledgee to enforce the performance by the Pledgors and/or the Company of their Contractual Obligations.

 

“Transaction Documents”
means the Exclusive Call Option Agreement, the Entrustment Agreement, the Business Operation Agreement and the Exclusive Technical
Consultation and Service Agreement.

 

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“Event of Default”:
means the Pledgors’ violation of any Contractual Obligations under the Exclusive Call Option Agreement, the Business Operation
Agreement, the Entrustment Agreement and/or this Agreement, and the Company’s violation of any Contractual Obligations under
the Exclusive Call Option Agreement, the Business Operation Agreement, the Entrustment Agreement, the Exclusive Technical Consultation
and Service Agreement and/or this Agreement.

 

“Pledged Equity Interest”
means all of the Company Equity Interest lawfully owned by the Pledgors and to be pledged to the Pledgee in accordance with this
Agreement as security for the performance of the Contractual Obligations by the Pledgors and the Company (see Appendix 1) for the
specific Pledged Equity Interest of each Pledgor, and the increased capital contribution amount and dividend as provided in Article 2.6
and Article 2.7 of this Agreement.

 

“PRC” means
the People’s Republic of China, for the purpose of this Agreement only, excluding the Hong Kong Special Administrative Region,
the Macao Special Administrative Region and Taiwan.

 

“PRC Law”
means the then-effective laws, administrative regulations, administrative rules, local regulations, judicial interpretations and
other binding regulatory documents of the PRC.

 

		1.2	Any reference to any PRC Law in this Agreement shall be deemed (1) to include references to
the amendments, changes, supplements and restatement of such PRC Law, irrespective of whether they take effect before or after
the execution of this Agreement, and (2) to include the references to other decisions, notices and regulations enacted in
accordance therewith or effective as a result thereof.

 

		1.3	Unless otherwise specified in the context herein, any reference to an Article, clause, item or
paragraph in this Agreement shall refer only to the corresponding part of this Agreement.

 

Article 2 Pledge of Equity Interest

 

		2.1	The Pledgors hereby agree to pledge the Pledged Equity Interest, which they lawfully own and are
entitled to dispose of, to the Pledgee in accordance with the provisions of this Agreement as the security for the performance
of the Contractual Obligations and the discharge of the Secured Liabilities, if any. The Company hereby agrees to the Pledgors’
pledge of the Pledged Equity Interest to the Pledgee in accordance with the provisions of this Agreement. Specifically, on the
date of execution of this Agreement, the Pledgors pledge their equity collectively accounting for 100% of the Company’s registered
capital to the Pledgee.

 

		2.2	The Pledgors undertake to be responsible for registering the equity interest pledge arrangement
(the “Equity Pledge”) under this Agreement on the Company’s register of shareholders immediately upon
the execution date of this Agreement. The Company undertakes that it will do its best to cooperate with the Pledgors to complete
the registration with authorities of industry and commerce under this Article. The equity pledge under this Agreement shall be
established on the date when the pledge is registered with the registration authorities of industry and commerce where the Company
registers. The Pledgors shall provide the Pledgee with evidence of the registration of the Equity Pledge on the register of shareholders
in a form satisfactory to the Pledgee and shall, after the registration of the Equity Pledge is completed and as required by the
Pledgee, provide the Pledgee with the pledge certificates issued by the administration of industry and commerce in form to the
satisfaction of the Pledgee.

 

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		2.3	During the valid term of this Agreement, unless directly attributable to the Pledgee’s willful
misconduct or the Pledgee’s gross negligence in relation to the performance of this Agreement and/or the transactions related
hereto, the Pledgee shall in no way be held liable for any reduction in the value of the Pledged Equity Interest, and the Pledgors
shall have no right to claim any compensation against the Pledgee.

 

		2.4	Without breaching the provisions of Article 2.3 above, if there is any probability that the
value of the Pledged Equity Interest will notably reduce in such a way as to jeopardize the rights of the Pledgee, the Pledgee
may at any time auction or sell the Pledged Equity Interest on behalf of the Pledgors, and may reach agreement with the Pledgors
to use the proceeds from such auction or sales to prepay the Secured Liabilities or to deposit such proceeds with the notary office
in the place where the Pledgee is domiciled (all expenses so incurred shall be borne by the Pledgee). Further, if requested by
the Pledgee, the Pledgors shall offer additional security interest over other property for the Secured Liabilities.

 

		2.5	Upon the occurrence of any Event of Default, the Pledgee has the right to dispose of the Pledged
Equity Interest in accordance with Article 4 of this Agreement. 

 

		2.6	The Pledgors shall not increase the registered capital of the Company without the Pledgee’s
prior consent. The increased capital contribution amount of the Pledgors in the registered capital of the Company as a result of
such capital increase of the Company shall be a part of the Pledged Equity Interest.

 

		2.7	No dividend or capital bonus on the Pledged Equity Interest shall be distributed to the Pledgors
without the Pledgee’s prior written consent. The Pledgors agree that during the term of pledge, the Pledgee has the right
to collect any dividend or capital bonus out of the Pledged Equity Interest. The Company shall pay such amount into the bank account
designated by the Pledgee.

 

Article 3 Release of Pledge

 

		3.1	After the Pledgors and the Company have fully and completely performed all of the Contractual Obligations
and discharged all of the Secured Liabilities, the Pledgee shall, upon the Pledgors’ request, release the Equity Pledge under
this Agreement and cooperate with the Pledgors to go through the formalities to cancel the registration of the Equity Pledge on
the Company’s register of shareholders and with the administration of industry and commerce in charge of the Company. The
reasonable fees incurred in connection with such release shall be borne by the Pledgee.

 

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Article 4 Disposal of Pledged Equity
Interest

 

		4.1	The Parties agree that if any Event of Default occurs, the Pledgee has the right to exercise, upon
giving a written notice to the Pledgors, all of the remedial rights and powers that it is entitled to under PRC Law, the Transaction
Documents and the provisions of this Agreement, including but not limited to being compensated in first priority with proceeds
from auctions or sales of the Pledged Equity Interest. The Pledgee shall not be liable for any loss caused by its reasonable exercise
of such rights and powers.

 

		4.2	The Pledgee has the right to delegate in writing to its legal counsels or other agents to exercise
all or any part of its rights and powers above, and neither the Pledgors nor the Company may oppose such actions.

 

		4.3	The Pledgee has the right to deduct the reasonable expenses actually incurred from its exercise
of all or any part of its rights and powers set forth above from the proceeds gained from its exercise of such rights and powers.

 

		4.4	The proceeds gained from the Pledgee’s exercise of its rights and powers shall be settled
in the following order of priority:

 

		(a)	pay all expenses arising out of the disposal of the Pledged Equity Interest and the Pledgee’s
exercise of its rights and powers (including the remuneration paid to its legal counsels and agents);

 

		(b)	pay all taxes and charges payable owed in relation to the disposal of the Pledged Equity Interest;
and

 

		(c)	repay the Secured Liabilities to the Pledgee.

 

If there is any balance remaining
after the payment of the above amounts, the Pledgee shall return the balance to the Pledgors or any other person entitled to such
amount pursuant to relevant laws and regulations, or deposit such amount with the notary office in the place where the Pledgee
is domiciled (all expenses so incurred shall be borne by the Pledgee).

 

		4.5	The Pledgee has the discretion to, simultaneously or separately, exercise any remedies it may be
entitled to in relation to any Event of Default. The Pledgee may exercise its rights to auction or sell the Pledged Equity Interest
under this Agreement without first exercising any other remedy that may be available in an event of default.

 

    5 / 14

     

    

 

Article 5 Costs and Expenses

 

		5.1	All actual expenses related to the creation of the Equity Pledge under this Agreement, including
but not limited to, stamp duty, any other taxes, and all legal fees shall be assumed as incurred by each respective Party.

 

Article 6 Continuity and No Waiver

 

		6.1	The Equity Pledge created under this Agreement is a continuing assurance, which shall be valid
until the Contractual Obligations are fully performed or the Secured Liabilities are fully discharged. Neither waiver or grace
period of any event of default of the Pledgors given by the Pledgee, nor the Pledgee’s late exercise of any of its rights
under the Transaction Documents and this Agreement, shall affect the rights of the Pledgee pursuant to this Agreement, the Transaction
Documents or the relevant PRC Law as it may require at any time thereafter the Pledgors’ strict implementation of the Transaction
Documents and this Agreement, or the rights the Pledgee is entitled to with respect to the Pledgors’ subsequent breach of
the Transaction Documents and/or this Agreement.

 

Article 7 Pledgors’ Representations
and Warranties

 

The Pledgors hereby severally and jointly
represent and warrant to the Pledgee as follows:

 

		7.1	Each of the Pledgors is a PRC citizen with full legal capacity, having full civil rights and powers
to execute this Agreement and assume the legal obligations in accordance with this Agreement.

 

		7.2	All the reports, documents and information related to the Pledgors and all the matters required
under this Agreement that the Pledgors provided to the Pledgee prior to the effectiveness of this Agreement are true and accurate
in all material respects as of the effectiveness of this Agreement.

 

		7.3	All the reports, documents and information related to the Pledgors and all the matters required
under this Agreement to be provided by the Pledgors to the Pledgee after the effectiveness of this Agreement will be true and valid
in all material aspects at the time when they are provided.

 

		7.4	Upon the effectiveness of this Agreement, each of the Pledgors is the sole legal owner of the Pledged
Equity Interest. There are no pending disputes whatsoever concerning the ownership of the Pledged Equity Interest. The Pledgors
are entitled to dispose of the Pledged Equity Interest or any part thereof.

 

		7.5	Except the encumbrance set on the Pledged Equity Interest under this Agreement and the rights created
under the Transaction Documents, there are no other encumbrance or third party rights over the Pledged Equity Interest.

 

		7.6	The Pledged Equity Interest can be legally pledged and transferred, and the Pledgors have full
rights and powers to pledge the Pledged Equity Interest to the Pledgee in accordance with the provisions of this Agreement.

 

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		7.7	This Agreement, upon due execution by the Pledgors, constitutes the lawful, valid and binding obligations
of the Pledgors after the signing of this Agreement.

 

		7.8	Any approvals, permits, waivers and authorizations by any third party, or any required governmental
approvals, permits and waivers or any registration or filing formalities with any government authorities (if legally required),
which are required with respect to the execution and performance of this Agreement and the Equity Pledge under this Agreement,
have been obtained or completed (subject to Article 2.2), and will be fully effective during the term of this Agreement.

 

		7.9	Each Pledgor’s execution and performance of this Agreement does not violate or conflict with
any laws applicable thereto, any agreement to which it is a party or by which its assets are bound, or any court adjudication,
any arbitration award or any decision of administrative authorities.

 

		7.10	The pledge under this Agreement constitutes a first priority encumbrance over the Pledged Equity
Interest.

 

		7.11	All taxes and expenses payable for obtaining the Pledged Equity Interest have been paid by the
Pledgors in full. 

 

		7.12	There is no pending or, to the knowledge of the Pledgors, threatened litigation, legal process
or demand by any court or any arbitral tribunal against the Pledgors, or their property, or the Pledged Equity Interest, nor is
there any pending or, to the knowledge of the Pledgors, threatened litigation, legal process or demand by any government authority
or any administration authority against the Pledgors, or their property, or the Pledged Equity Interest, which is of material or
detrimental effect on the economic status of the Pledgors or their capability to perform the obligations hereunder and the Secured
Liabilities.

 

		7.13	The Pledgors hereby undertake to the Pledgee that the above representations and warranties will
all be true and accurate and be fully complied with under any circumstance and at all times before the Contractual Obligations
are due to be performed in full or the Secured Liabilities are discharged in full.

 

		7.14	If the Company is required to be dissolved or liquidated as per compulsory provisions of applicable
laws, any interest distributed to the Pledgors according to law upon completion of legal dissolution or liquidation of the Company
shall be presented to the Pledgee or the entity/individual designated by the Pledgee to the extent not in violation of the PRC
Law.

 

    7 / 14

     

    

 

Article 8 Company’s Representations
and Warranties

 

The Company represents and warrants to
the Pledgee as follows:

 

		8.1	The Company is a limited liability company duly registered and lawfully existing under the laws
of the PRC with independent legal person status, and can be an independent party to a lawsuit.

 

		8.2	All the reports, documents and information related to the Pledged Equity Interest and all the matters
required under this Agreement which the Company provided to the Pledgee prior to the effectiveness of this Agreement are true and
accurate in all material respects as of the effectiveness of this Agreement.

 

		8.3	All the reports, documents and information related to the Pledged Equity Interest and all the matters
required under this Agreement to be provided by the Company to the Pledgee after the effectiveness of this Agreement will be true
and valid in all material aspects at the time when they are provided.

 

		8.4	This Agreement, upon due execution by the Company, constitutes the lawful, valid and binding obligations
of the Company.

 

		8.5	The Company has full internal corporate power and authorization to execute and deliver this Agreement
and all other documents related to the transaction contemplated in this Agreement and to be executed by it. It has full power and
authorization to complete the transaction contemplated in this Agreement.

  

		8.6	There is no pending or, to the knowledge of the Company, threatened litigation, legal process or
demand by any court or any arbitral tribunal against the Company, or its property, or the Pledged Equity Interest, nor is there
any pending or, to the knowledge of the Company, threatened litigation, legal process or demand by any government authority or
any administration authority against the Company, or its property, or the Pledged Equity Interest, which is of material or detrimental
effect on the economic status of the Company or its capability to perform the obligations hereunder and the Secured Liabilities.

 

		8.7	The Company hereby agrees to assume the joint and several liability to the Pledgee with respect
to the representations and warranties made by the Pledgors under Article 7.4, Article 7.5, Article 7.6, Article 7.8
and Article 7.10 of this Agreement.

 

		8.8	The Company hereby undertakes to the Pledgee that the above representations and warranties will
all be true and accurate and be fully complied with under any and all circumstances and at any time up until the Contractual Obligations
are performed in full and the Secured Liabilities are discharged in full.

 

		8.9	If the Company is required to be dissolved or liquidated as per compulsory provisions of the PRC
Law, the Company assets shall be sold to the Pledgors or qualified entities/individuals designated by the Pledgors at the lowest
price permitted by the then-effective PRC Law in accordance with the PRC Law.

 

    8 / 14

     

    

 

Article 9 Pledgors’ Undertakings

 

The Pledgors hereby severally and jointly
undertake to the Pledgee as follows:

 

		9.1	Without the prior written consent of the Pledgee, the Pledgors shall not create, or allow to be
created, any new pledge or any other security interest over the Pledged Equity Interest. Any pledge or other security interest
created over all or any part of the Pledged Equity Interest without the prior written consent of the Pledgee shall be invalid.

 

		9.2	Without the prior written notice to and the prior written consent of the Pledgee, the Pledgors
shall not transfer the Pledged Equity Interest and all activities of the Pledgors to transfer the Pledged Equity Interest shall
be invalid. The proceeds obtained from the Pledgors’ transfer of the Pledged Equity Interest shall be used first to prepay
the Secured Liabilities to the Pledgee or to be deposited with a third party as agreed with the Pledgee.

 

		9.3	In the event of the occurrence of any lawsuit, arbitration or other claim which may have an adverse
effect on the interests of the Pledgors or the Pledgee under the Transaction Documents and this Agreement or on the Pledged Equity
Interest, the Pledgors undertake to notify the Pledgee in writing as soon as possible and in a timely manner, and, as reasonably
required by the Pledgee, to take all necessary measures to ensure that the Pledgee secures and maintains all rights, title and
interest to the Pledged Equity Interest.

 

		9.4	The Pledgors undertake to complete the registration formalities to extend the business term of
the Company three months before the expiration of the business term of the Company so as to continue the effect of this Agreement.

 

		9.5	The Pledgors shall not take, or allow to be taken, any activity or action which may have an adverse
effect on the Pledgee’s interest under the Transaction Documents and this Agreement or on the Pledged Equity Interest. The
Pledgors waive the right of first refusal to purchase the Pledged Equity Interest when the Pledgee realizes its pledge rights.

 

		9.6	The Pledgors shall, after signing this Agreement, use their best efforts and take all necessary
measures to register the Equity Pledge under this Agreement with the relevant administration of industry and commerce as soon as
possible, and the Pledgors undertake to, as reasonably required by the Pledgee, take all necessary measures and execute all necessary
documents (including but not limited to any agreement supplemental to this Agreement) to ensure the exercise and realization of
the transfer of all rights, title and interest to the Pledged Equity Interest.

 

		9.7	When the right of pledge of the Pledged Equity Interest is exercised under this Agreement, the
Pledgors shall undertake to take all measures to complete such transfer.

 

		9.8	The Pledgors shall ensure that the convening process, voting methods and resolutions of the shareholders
meetings and board meetings of the Company convened for the purpose of the exercise of the right of pledge under this Agreement
shall not be in conflict with the laws, administrative regulations or the articles of association of the Company.

 

    9 / 14

     

    

 

Article 10 Company’s Undertakings

 

		10.1	If any third party approval, permit, waiver or authorization, or any required governmental approval,
permit or waiver, or any registration or filing formalities with any government authorities (if legally required) is required to
be obtained or completed for the execution and performance of this Agreement and for the Equity Pledge under this Agreement, the
Company shall endeavor to assist the Parties in obtaining it and keeping it fully effective during the valid term of this Agreement.

  

		10.2	Without the prior written consent of the Pledgee, the Company shall not cooperate to establish
or permit to establish any new pledge or any other encumbrance on the Pledged Equity Interest.

 

		10.3	Without the prior written consent of the Pledgee, the Company shall not cooperate to transfer or
permit to transfer the Pledged Equity Interest.

 

		10.4	In the event of the occurrence of any lawsuit, arbitration or other claim which may have an adverse
effect on the Company, the Pledged Equity Interest or the Pledgee’s interest under the Transaction Documents and this Agreement,
the Company undertakes to notify the Pledgee in writing as soon as possible and in a timely manner, and, as reasonably required
by the Pledgee, to take all necessary measures to ensure the pledge interest of the Pledgee over the Pledged Equity Interest.

 

		10.5	The Company undertakes to complete the registration formalities to extend its business term three
months before the expiration of its business term so as to continue the effect of this Agreement.

 

		10.6	The Company shall not take, or allow to be taken, any activity or action which may have an adverse
effect on the Pledgee’s interest under the Transaction Documents and this Agreement or on the Pledged Equity Interest, including
but not limited to any activity or action restricted under Article 9.

 

		10.7	The Company shall, in the first month of each calendar quarter, provide the Pledgee with the financial
statements of the Company for the immediately preceding calendar quarter, including but not limited to the balance sheet, the profit
and loss statements and the cash flow statements.

 

		10.8	The Company undertakes to, as reasonably required by the Pledgee, take all necessary measures and
execute all necessary documents (including but not limited to any agreement supplemental to this Agreement) to ensure the exercise
and realization of the transfer of the Pledged Equity Interest to the Pledgee.

 

		10.9	At such time as the exercise of the right of pledge under
this Agreement results in the transfer of any Pledged Equity Interest, the Company undertakes to take all measures to ensure completion
of such transfer.

 

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Article 11 Change of Circumstances

 

		11.1	As a supplement to and not with the intent of conflicting with the Transaction Documents or other
provisions of this Agreement, if at any time, due to the promulgation of or change in any PRC Law, regulations or rules , or the
change in interpretation or application of such laws, regulations or rules, or the change of relevant registration procedures,
the Pledgee believes that it is illegal or in conflict with such laws, regulations and rules to keep this Agreement effective,
to keep the right of pledge under this Agreement effective and/or to dispose of the Pledged Equity Interest in accordance with
this Agreement, the Pledgors and the Company shall promptly take any and all actions and/or execute any agreements or other documents
upon written instruction by the Pledgee and as reasonably required by the Pledgee, so as to:

 

		(a)	keep this Agreement and the right of pledge under this Agreement effective;

 

		(b)	facilitate the disposal of the Pledged Equity Interest in accordance with this Agreement; and/or

 

		(c)	keep or realize the security created or intended by this Agreement.

 

Article 12 Effectiveness, Termination
and Term of this Agreement

 

		12.1	This Agreement shall come into effect upon execution by each of the Parties on the date first written
above.

 

		12.2	The term of this Agreement shall end upon the full performance of the Contractual Obligations or
the full discharge of the Secured Liabilities.

 

Article 13 Notices

 

		13.1	Any notice, request, demand and other correspondence required by this Agreement or made in accordance
with this Agreement shall be made in written form and delivered to the following address in person, by fax, telegram, telex, email,
registered mail (postage paid) or express mail.

 

To the Pledgors:

Ning Wen

Address:

Email:

Zhijie Zhang

Address:

Email:

Lizhen Tang

Address:

Email:

Lizhi He

Address:

Email:

 

To the Pledgee:

Address:

Attention:

Email:

 

To the Company:

Address:

Attention:

Email:

 

		13.2	If any such notice or other correspondence is transmitted by fax, telegram, telex or email, it
shall be treated as delivered immediately upon transmission; if delivered in person, it shall be treated as delivered at the time
of delivery; if delivered by registered mail or express mail, it shall be treated as delivered three (3) days after posting.

 

    11 / 14

     

    

 

Article 14 Miscellaneous

    

		14.1	This Agreement is written in English and translated into Chinese. In the event of any discrepancy
between the two versions, the English version shall prevail. This Agreement is made with Seven (7) original copies, with one (1) original
to be retained by each Party hereto. One (1) original is to be used for the application to the local Administration of Industry
and Commerce in charge of the Company for registration of the Equity Pledge under this Agreement.

 

		14.2	The execution, validity, performance, revision, interpretation and termination of this Agreement
and the resolution of any dispute arising from this Agreement shall be governed in accordance with the laws of the PRC.

 

		14.3	Should any dispute arise in connection with construction or performance of any provision under
this Agreement, the Parties shall seek in good faith to resolve such dispute through negotiations. If the negotiations fail, any
of the Parties may submit the dispute to the China International Economic and Trade Arbitration Commission (CIETAC) for
arbitration in Beijing in accordance with CIETAC’s arbitration rules then in effect at the time of applying for arbitration,
and the language of arbitration shall be in Chinese. The arbitration award shall be final and binding on each of the Parties. 

 

		14.4	None of the rights, powers or remedies granted to any Party by any provision herein shall preclude
any other rights, powers or remedies available to such Party at law and under the other provisions of this Agreement. In addition,
a Party’s exercise of any of its rights, powers and remedies shall not exclude such Party from exercising any of its other
rights, powers and remedies.

 

		14.5	No failure or delay by a Party in exercising any rights, powers and remedies available to it hereunder
or at law (“Such Rights”) shall result in a waiver thereof, nor shall the waiver of any single or part of Such
Rights shall exclude such Party from exercising Such Rights in any other way and exercising other rights of such Party.

 

		14.6	Each term contained herein shall be severable and independent from each of the other terms. In
case any term herein becomes all or partly invalid or unenforceable due to violation of law or governmental regulations or other
reasons, the affected part of such term shall be considered to have been removed, provided that the removal of the affected part
of such term shall not affect the legal effect of the remaining part of such term or other terms herein. The Parties shall conclude
new terms through consultations to replace such invalid or unenforceable terms.

 

    12 / 14

     

    

 

		14.7	The headings in this Agreement are written for ease of reference only and in no event shall they
affect the interpretation of any terms of this Agreement.

 

		14.8	Any amendments or supplements to this Agreement shall be made in writing. Except for any assignment
by the Pledgee of its rights hereunder according to Article 14.1, the amendments or supplements to this Agreement shall take
effect only upon the due execution by the Parties to this Agreement. If any amendments or supplements to this Agreement legally
require any approval of and/or any registration or filing with any government authority, the Parties shall obtain such approval
and/or complete such registration or filing in accordance with law.

 

		14.9	Matters not covered in this Agreement shall be determined by the Parties separately through consultation.

 

		14.10	This Agreement constitutes all agreements reached by the Parties on the subject matter of the cooperation
project, and supersedes any previous or concurrent oral and written agreement, understanding and correspondence relevant to the
subject matter of the cooperation project between the Parties. Unless specifically provided herein, there is no other explicit
or implicit obligation or covenant between the Parties

 

		14.11	The Pledgors or the Company shall not transfer any of its rights and/or obligations under this
Agreement to any third party without prior written consent of the Pledgee. To the extent not in contravention of the PRC Laws,
the Pledgee may, upon written notice to the Pledgors and the Company, transfer any of its rights and/or obligations under this
Agreement to any third party designated by it.

 

		14.12	When the Pledgee exercises its right of pledge to the Pledged Equity Interest pursuant to the provisions
hereof, the amount of the Secured Liabilities determined by the Pledgee at its own discretion shall be regarded as the conclusive
evidence of the Secured Liabilities hereunder.

 

		14.13	Upon execution of this Agreement, each Pledgor shall sign a Power of Attorney (in the form set
out in Appendix hereto, the “Power of Attorney”) to authorize any person designated by the Pledgee to sign on
the Pledgors’ behalf according to the terms of this Agreement, any and all legal documents necessary for the exercise of
the Pledgee’s rights hereunder. Such Power of Attorney shall be delivered to the Pledgee to keep in custody and, when necessary
and as needed, the Pledgee may at any time submit the Power of Attorney to the relevant government authority.

 

		14.14	This Agreement shall be binding upon the legal successors or assigns of the Parties.

 

[The remainder of
this page is intentionally left blank]

 

    13 / 14

     

    

 

[Signature Page of Equity Pledge Agreement]

 

IN WITNESS WHEREOF, the following
Parties have executed this Agreement on the date and at the place first above written.

 

Shareholders:

 

	Ning Wen  (Signature/ Seal):	/s/ Ning Wen	 
	 	 	 
	Zhijie Zhang (Signature/Seal):	/s/ Zhijie Zhang	 
	 	 	 
	Lizhen Tang (Signature/Seal):	/s/ Lizhen Tang	 
	 	 	 
	Lizhi He (Signature/Seal):	/s/ Lizhi He	 

 

Xi’an Minglan Management Co.,
Ltd. (Seal)

 

	Authorized Representative (Signature):	/s/ Ning Wen	 
	 	Name: Ning Wen	 

 

Sancai Jia Ltd.(Seal)

 

	Authorized Representative (Signature):	/s/ Ning Wen	 
	 	Name: Ning Wen	 

 

 

14 / 14

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