Document:

Exhibit 4.2

 

THE REGISTERED HOLDER
OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT
AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR
HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE
OTHER THAN (I) BOUSTEAD SECURITIES LLC OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE
OFFICER OR PARTNER OF BOUSTEAD SECURITIES LLC OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS PURCHASE WARRANT IS EXERCISABLE FROM
THE DATE OF ISSUANCE. VOID AFTER 5:00 P.M., EASTERN TIME, [●] [ DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE
REGISTRATION STATEMENT].

 

 

DATE OF ISSUANCE:
[● ]

 

ORDINARY SHARE PURCHASE WARRANT

 

For the Purchase of [●] Ordinary Shares

 

of

 

China Xiangtai Food Co., Ltd. 

 

 

 

1.             Purchase Warrant. THIS CERTIFIES
THAT, in consideration of funds duly paid by or on behalf of [●] (“Holder”), as registered owner of this
Purchase Warrant, to China Xiangtai Food Co., Ltd, a Cayman Islands exempted company (the “Company”), Holder
is entitled, at any time or from time to time from [●] [DATE OF ISSUANCE] (the “Commencement Date”),
and at or before 5:00 p.m., Eastern time, [●] [ DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE REGISTRATION STATEMENT]
(the “Expiration Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part,
up to [●] ordinary shares of the Company, with a par value $0.01 per share (the “Shares”), subject to
adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking institutions are authorized by law
to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with the
terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate this
Purchase Warrant. This Purchase Warrant is initially exercisable at $5.00 per Share; provided, however, that upon
the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise
price per Share and the number of Shares to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise
Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context.

 

	2.	Exercise.

 

2.1 Exercise Form.
In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and delivered
to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable in
cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or official
bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration
Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease
and expire.

 

     

     

    

 

2.2 Cashless Exercise. 
Iin lieu of exercising this Purchase Warrant by payment of cash or check payable to the order of the Company pursuant to Section
2.1 above, Holder may elect to receive the number of Shares equal to the value of this Purchase Warrant (or the portion thereof
being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form attached hereto, in which
event the issue to Holder, Shares in accordance with the following formula:

 

	 	 	Y(A-B)
	X	=	A

 

	Where,	 	 
	X	=	The number of Shares to be issued to Holder;
	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	A	=	The fair market value of one Share; and
	B	=	The Exercise Price.

 

For purposes of this
Section 2.2, the fair market value of a Share is defined as follows:

 

 

	 	(i)	if the Company’s ordinary shares are traded on a securities exchange, the value shall be deemed to be the closing price on such exchange prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant; or

 

	 	(ii)	if the Company’s ordinary shares are actively traded over-the-counter, the value shall be deemed to be the closing bid prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant; if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Company’s Board of Directors.

  

2.3 Legend.
Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities
have been registered under the Securities Act of 1933, as amended (the “Securities Act”):

 

“THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR APPLICABLE STATE LAW. NEITHER THE SECURITIES NOR ANY INTEREST
THEREIN MAY BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE LAW WHICH, IN THE OPINION
OF COUNSEL TO THE COMPANY, IS AVAILABLE.”

 

	3.	Transfer.

 

3.1 General Restrictions.
The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not: (a) sell,
transfer, assign, pledge or hypothecate this Purchase Warrant for a period of one hundred eighty (180) days following the Effective
Date to anyone other than: (i) to an underwriter or a selected dealer participating in the Offering, or (ii) a bona fide officer
or partner of Boustead Securities, LLC. (“Boustead”) or of any such underwriter or selected dealer, in each
case in accordance with FINRA Conduct Rule 5110(g)(1), or (b) cause this Purchase Warrant or the securities issuable hereunder
to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition
of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(g)(2). On and after 180 days after
the Effective Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In
order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed
and completed, together with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The
Company shall within five (5) Business Days transfer this Purchase Warrant on the books of the Company and shall execute and deliver
a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase
the aggregate number of Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

 

     

     

    

 

3.2 Restrictions
Imposed by the Securities Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until:
(i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption
from registration under the Securities Act and applicable state securities laws, the availability of which is established to the
reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of Ortoli Rosenstadt LLP shall be deemed satisfactory
evidence of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration
Statement relating to the offer and sale of such securities has been filed by the Company and declared effective by the U.S. Securities
and Exchange Commission (the “Commission”) and compliance with applicable state securities law has been established.

 

	4.	Registration Rights; Indemnification.

 

	 	4.1	“Piggy-Back” Registration.

 

4.1.1 Grant of Right.
The Holder shall have the right, for a period of no more than five (5) years from the date of effectiveness of the registration
statement in accordance with FINRA Rule 5110(f)(2)(G)(v), to include all or any portion of the Shares underlying the Purchase Warrants
(collectively, the “ Registrable Securities ”) as part of any other registration of securities filed by the
Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Securities Act or pursuant
to Form S-8 or any equivalent form); provided , however , that if, solely in connection with any primary underwritten
public offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose
a limitation on the number of ordinary shares which may be included in the Registration Statement because, in such underwriter(s)’
judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall
be obligated to include in such Registration Statement only such limited portion of the Registrable Securities with respect to
which the Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities
shall be made pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities
sought to be included by such Holders; provided , however , that the Company shall not exclude any Registrable Securities
unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities
in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities.

 

4.1.2 Terms. The
Company shall bear all fees and expenses attendant to register the Registrable Securities pursuant to Section 4.1.1 hereof, but
the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent
them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall
furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice prior to the
proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration
statement filed by the Company until such time as all of the Registrable Securities have been sold by the Holder. The holders of
the Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written notice within
ten (10) days of the receipt of the Company’s notice of its intention to file a registration statement. Except as otherwise
provided in this Purchase Warrant, there shall be no limit on the number of times the Holder may request registration under this
Section 4.1.2; provided, however , that such registration rights shall terminate on the fifth anniversary of the
Commencement Date.

 

     

     

    

 

	 	4.2	General Terms.

 

4.2.1 Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder
and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20 (a) of
the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or
liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or
defending against any claim whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act or otherwise,
arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which
the Company has agreed to indemnify the Underwriter contained in Section 5.1 of the Underwriting Agreement between the Underwriter
and the Company, dated as of [●], 2018. The Holder(s) of the Registrable Securities
to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify
the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses
reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under
the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their
successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect
as the provisions contained in Section 5.2 of the Underwriting Agreement pursuant to which the Underwriter have agreed to indemnify
the Company.

 

4.2.2 Exercise of
Purchase Warrants. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to exercise their
Purchase Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

4.2.3 Documents Delivered
to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each underwriter
of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the
Company, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering,
an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort”
letter dated the effective date of such registration statement (and, if such registration includes an underwritten public offering,
a letter dated the date of the closing under the underwriting agreement) signed by the independent registered public accounting
firm which has issued a report on the Company’s financial statements included in such registration statement, in each case
covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and,
in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements, as are
customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriter in underwritten
public offerings of securities. The Company shall also deliver promptly to each Holder participating in the offering requesting
the correspondence and memoranda described below and to the managing underwriter, if any, copies of all correspondence between
the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff
with respect to the registration statement and permit each Holder and underwriter to do such investigation, upon reasonable advance
notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to
comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties
and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent
and at such reasonable times as any such Holder shall reasonably request.

  

     

     

    

 

4.2.4 Underwriting
Agreement. The Company shall enter into an underwriting agreement with the Holder(s) whose Registrable Securities are being
registered pursuant to this Section 4. Such agreement shall be reasonably satisfactory in form and substance to the Company and
Holder(s), and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily
contained in agreements of that type used by an underwriter. The Holder(s) shall be party/parties to any underwriting agreement
relating to an underwritten sale of their Registrable Securities and may, at its/their option, require that any or all the representations,
warranties and covenants of the Company to or for the benefit of such underwriter shall also be made to and for the benefit of
the Holder(s). The Holder(s) shall not be required to make any representations or warranties to or agreements with the Company
or the underwriter except as they may relate to such Holder(s), its/their Shares and its/their intended methods of distribution.

 

4.2.5 Documents to
be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company
a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

 

4.2.6 Damages
Should the registration or the effectiveness thereof required by Section 4.1 hereof be delayed by the Company or the Company otherwise
fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s),
be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of such
provisions or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of
posting bond or other security.

 

	5.	New Purchase Warrants to be Issued.

 

5.1 Partial Exercise
or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in whole or
in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax
if exercised pursuant to Section 3.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase
Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number
of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

 

5.2 Lost Certificate.
Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant
and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant
of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction
shall constitute a substitute contractual obligation on the part of the Company.

  

	6.	Adjustments.

 

6.1 Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant shall
be subject to adjustment from time to time as hereinafter set forth:

 

     

     

    

 

6.1.1 Share Dividends;
Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares
is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day
thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares, and
the Exercise Price shall be proportionately decreased.

 

6.1.2 Aggregation
of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares
is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date
thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Shares, and
the Exercise Price shall be proportionately increased.

 

6.1.3 Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares other than
a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in the case of any share
reconstruction or amalgamation or consolidation of the Company with or into another corporation (other than a consolidation or
share reconstruction or amalgamation in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the
property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder
of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant)
to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the
kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder
of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if
any reclassification also results in a change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant
to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications,
reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

6.1.4 Changes in Form
of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1,
and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated in
the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase
Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the
Commencement Date or the computation thereof.

 

6.2 Substitute Purchase
Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or into,
another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification
or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction or amalgamation shall
execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding
or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise
of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable upon such consolidation
or share reconstruction or amalgamation, by a holder of the number of Shares of the Company for which such Purchase Warrant might
have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental
Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section 6. The
above provision of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations.

  

     

     

    

 

6.3 Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Shares upon the
exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being
the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may
be, to the nearest whole number of Shares or other securities, properties or rights.

 

7.           
Reservation and Listing. The Company shall at all times reserve and keep available out of its authorized Shares, solely
for the purpose of issuance upon exercise of the Purchase Warrants, such number of Shares or other securities, properties or rights
as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and
payment of the Exercise Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such
exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder.
The Company further covenants and agrees that upon exercise of the Purchase Warrants and payment of the exercise price therefor,
all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and
not subject to preemptive rights of any shareholder. As long as the Purchase Warrants shall be outstanding, the Company shall use
its commercially reasonable efforts to cause all Shares issuable upon exercise of the Purchase Warrants to be listed (subject to
official notice of issuance) on the Nasdaq Capital Market or any other market on which the Shares issued to the public in the Offering
may then be listed and/or quoted.

 

	8.	Certain Notice Requirements.

 

8.1 Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to
receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder
of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events
described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event
at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the determination
of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled
to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of
the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder
a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is
given to the shareholders.

 

8.2 Events Requiring
Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following events:
(i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend or
distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer
to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable
for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation
or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale
of all or substantially all of its property, assets and business shall be proposed.

  

8.3 Notice of Change
in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section
6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe
the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s
Chief Financial Officer.

 

     

     

    

 

8.4 Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall
be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company,
to following address or to such other address as the Company may designate by notice to the Holders:

 

If to the Holder, then to: 

 

Boustead Securities, LLC

6 Venture, Suite 265

Irvine, CA 92618

Attn: Keith Moore

Attn: Daniel J. McClory

In each case with
copy to:

 

Sichenzia Ross Ference LLP

1185 Avenue of the Americas, 37th Floor,

New York, NY 10036

Attn: Benjamin Tan, Esq.

Fax No.: (212) 930-9725

If to the Company:

 

China Xiangtai Food Co., Ltd

c/o Chongqing Penglin Food Co., Ltd.

Xinganxian Plaza

Building B, Suite 21-1

Lianglukou, Yuzhong District 400800

Chongqing, People’s Republic of China

 

Attn: Zeshu Dai

With a copy to:

 

Ortoli Rosenstadt LLP

366 Madison Avenue, 3rd Floor

New York, NY 10017

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

Fax No.: (212) 826-9307

 

	9.	Miscellaneous.

 

9.1 Amendments.
The Company and Boustead may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders
in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with
any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and Boustead may deem necessary or desirable and that the Company and Boustead deem shall not adversely affect the interest of
the Holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom
enforcement of the modification or amendment is sought.

  

     

     

    

 

9.2 Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

 

9.3. Entire Agreement.
This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with this
Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4 Binding Effect.
This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted
assignees, respective successors, legal representative and assigns, and no other person shall have or be construed to have any
legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein
contained.

 

9.5 Governing Law;
Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees
that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought
and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District
of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served
upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage
prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall
be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing
party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees
and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on
its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Holder hereby
irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby.

 

9.6 Waiver, etc.
The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed
or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision
hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver
of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set
forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and
no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent
breach, non-compliance or non-fulfillment.

 

9.7 Execution in
Counterparts. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same
agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

 

9.8 Exchange Agreement.
As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any time prior to
the complete exercise of this Purchase Warrant by Holder, if the Company and Boustead enter into an agreement (“Exchange
Agreement”) pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash
or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

  

[Signature Page Follows]

  

     

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Purchase Warrant to be signed by its duly authorized officer as of the ____ day of _______, 2018.

 

	 	China Xiangtai Food Co., Ltd
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name: Zeshu Dai
	 	 	Title: Chief Executive Officer

  

     

     

    

 

[Form to be used to exercise Purchase
Warrant]

 

Date: __________, 20___

 

  

The undersigned
hereby elects irrevocably to exercise the Purchase Warrant for ______ ordinary shares with a par value of $0.01 per share
(the “Shares”) in China Xiangtai Food Co., Ltd, a Cayman Islands exempted company (the
 “Company”), and hereby makes payment of $____ (at the rate of $____ per Share) in payment of the Exercise
Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant is exercised in accordance with the
instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this Purchase
Warrant has not been exercised.

 

or

 

The undersigned hereby
elects irrevocably to convert its right to purchase ___ Shares of the Company under the Purchase Warrant for ______ Shares, as
determined in accordance with the following formula:

 

	 	X	=	Y(A-B)	 
	 	 	 	A	 
	 Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share which is equal to $_____; and
	 	B	=	The Exercise Price which is equal to $______ per share
	 	 	 	 	 	 	 

 

The undersigned agrees
and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect
to the calculation shall be resolved by the Company in its sole discretion.

 

Please issue the Shares
as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase
Warrant representing the number of Shares for which this Purchase Warrant has not been converted.

 

 

Signature_____________________________________________

 

 

 

Signature Guaranteed____________________________________

 

     

     

    

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

 

	Name:	 	 
	 	(Print in Block Letters)	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 

 

NOTICE: The signature
to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or
any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership
on a registered national securities exchange.

 

     

     

    

 

[Form to be used to assign Purchase Warrant]

ASSIGNMENT

 

(To be executed by the registered Holder
to effect a transfer of the within Purchase Warrant):

 

FOR VALUE RECEIVED, __________________
does hereby sell, assign and transfer unto the right to purchase ____________ ordinary shares with a par value $0.01 per share
in China Xiangtai Food Co., Ltd., a Cayman Islands exempted company (the “Company”), evidenced by the Purchase
Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated: __________, 20__

 

Signature ____________________________________

 

Signature Guaranteed ___________________________

 

NOTICE: The signature to this form must correspond with the
name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever, and must
be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national
securities exchange.Exhibit 10.1

 

SUBSCRIPTION AGREEMENT

 

Ordinary Shares

of

China Xiangtai Food Co., Ltd

 

This subscription agreement (this “Subscription”)
is dated , 201 , by and between the investor identified on the signature page hereto (the “Investor”) and  China
Xiangtai Food Co., Ltd, a Cayman Islands company (the “Company”). The parties agree as follows:

 

1.       Subscription

 

Investor agrees to
buy and the Company agrees to sell and issue to Investor such number of shares (the “Shares”) of the Company’s
Ordinary Shares, par value $0.01 per share, as set forth on the signature page hereto, for an aggregate purchase price (the “Purchase
Price”) equal to the product of (x) the aggregate number of Shares the Investor has agreed to purchase and (y) the Purchase
Price per Share as set forth on the signature page hereto.

 

The Shares are being
offered pursuant to a registration statement on Form F-1, File No. 333-226990 (the “Registration Statement”).
The Registration Statement was declared effective by the Securities and Exchange Commission (the “Commission”)
prior to issuance of any Shares and acceptance of Investor’s subscription. The prospectus (the “Prospectus”)
which forms a part of the Registration Statement, however, is subject to change. A final prospectus and/or prospectus supplement
will be delivered to the Investor as required by law.

 

The Shares are being
offered by Boustead Securities, LLC (the “Underwriter”) as underwriter on a “best efforts, minimum/maximum”
basis pursuant to an underwriting agreement (the “Underwriting Agreement”). The completion of the purchase and
sale of the Shares (the “Closing”) shall take place at a place and time (the “Closing Date”)
to be specified by the Company and Underwriters in accordance with Rule 15c6-1 promulgated under the Securities Exchange Act of
1934, as amended (the “Exchange Act”). Upon satisfaction or waiver of all the conditions to closing set forth
in the Underwriting Agreement and the Registration Statement declared effective by the Commission, at the Closing (i) the Purchase
Price deposited by the Investor subsequent to the declaration of effectiveness of the Registration Statement by wire transfer or
ACH transfer of immediately available funds to the Company’s escrow accounts shall be released to the Company, and (ii) the
Company shall cause the Shares to be delivered to the Investor (A) through the facilities of The Depository Trust Company’s
DWAC system in accordance with the instructions set forth on the signature page attached hereto under the heading “DWAC Instructions,”
or (B) if requested by the Investor on the signature page hereto or if the Company is unable to make the delivery through the facilities
of The Depository Trust Company’s DWAC system, through the DRS or book-entry delivery of Shares on the books and records
of the transfer agent. If delivery is made by book entry on the books and records of the transfer agent, the Company shall
send written confirmation of such delivery to the Investor at the address indicated on the Signature Page hereof.

 

The Underwriter and
any participating broker dealers (the “Members”) shall confirm, via the Underwriting Agreement, selected dealer
agreement or master selected dealer agreement, as applicable, that it will comply with Exchange Act Rule 15c2-4. Payments may only
be made by wire transfer or electronic deposit, and no payments may be made by check. With regards to monies being wired or sent
via ACH transfer from an investor’s bank account, the Members shall request the investors send their wires or ACH transfers
by the business day immediately following the receipt of a completed subscription document. In regards to monies being sent from
an investor’s account held at the participating broker, the funds will be “promptly transmitted” to the escrow
agent following the receipt of a completed subscription document and completed instructions by the investor to send funds to the
escrow accounts. Absent unusual circumstances, funds in customer accounts will be transmitted by noon of the next business day. In
the event that the offering does not close for any reason prior to the termination date set forth in the Registration Statement,
all funds deposited in the escrow accounts will be returned to investors promptly in accordance with the terms of the escrow agreements
and applicable law.

 

     

     

    

 

2.        
Subscription Process.

 

To purchase our Shares
in this offering, investors must complete and sign a subscription agreement. Investors will be required to pay for their Shares
by wire or ACH transfer for the full purchase price of the Shares. Fintech Clearing LLC shall serve as escrow agent for any payments
made via wire or ACH transfer.

 

Subscriptions will
be effective only upon our acceptance of the subscriptions, and we reserve the right to reject any subscriptions in whole or in
part. In compliance with Rule 15c2-4 under the Exchange Act, we and the Underwriter will instruct investors to deliver
all monies in the form of wire transfers or ACH transfers to the escrow agent. Upon the
escrow agent’s receipt of such monies, they shall be credited to the escrow accounts. Pursuant to escrow agreements
among us, Underwriter and Fintech Clearing LLC, as escrow agent, the funds received in payment for the Shares purchased in this
offering will be wired to a non-interest bearing escrow account at Fintech Clearing LLC, and held until the escrow agent determines
that the amount in the escrow account is equal to at least the minimum amount required to close this offering. Upon confirmation
of receipt of the requested minimum subscription amount, the escrow agent will release the funds in accordance with the written
instructions provided by us and Underwriter, indicating the date on which the Shares purchased in this offering are to be delivered
to the investors and the date the net proceeds are to be delivered to us.

 

3.        Investor
Representations.

 

a. Investor represents
that it has received (or otherwise had access to the electronic filing on the SEC website) the Prospectus prior to or in connection
with receipt of this Agreement.

 

b. Investor represents
that it understands and acknowledges that Investor's subscription for the Shares indicated on the Signature Page hereto may be
accepted or rejected in whole or in part by the Company, for any reason and in their sole and absolute discretion.

 

4.       FINRA
Rules 5130 and 5131

 

This rule states that
 “restricted persons” are prohibited from participating in Syndicate or new issue offerings. Please review the following
definition of a “restricted person” on Schedule A prior to signing this form acknowledging you do not fall into '“restricted
person” status.

 

The undersigned hereby represents and warrants
as of the date set forth below that:

 

	 	i.	The undersigned is the holder of the account identified below or is authorized to represent the beneficial holders of the account;

 

	 	ii.	Neither the undersigned nor any beneficial holder of the account is a “restricted person” as that term is described in FINRA Rule 5130 (described in Schedule A); and

 

	 	iii.	The undersigned understands FINRA. Rule 5130 and the account is eligible to purchase new issues in compliance with such rule.

 

5.       Miscellaneous

 

This Subscription Agreement
may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and shall
become effective when counterparts have been signed by each party and delivered to the other parties hereto, it being understood
that all parties need not sign the same counterpart. Execution may be made by delivery by facsimile or via electronic format.

 

All communications
hereunder, except as may be otherwise specifically provided herein, shall be in writing and shall be mailed, hand delivered, sent
by a recognized overnight courier service such as FedEx, or sent via facsimile and confirmed by letter, to the party to whom it
is addressed at the following addresses or such other address as such party may advise the other in writing:

 

     

     

    

 

To the Company: as set forth on
the signature page hereto.

 

To the Investor: as set forth
on the signature page hereto.

 

All notices hereunder shall be
effective upon receipt by the party to which it is addressed.

 

If the foregoing correctly
sets forth the parties’ agreement, please confirm this by signing and returning to the Company the duplicate copy of this
Subscription Agreement.

  

Please email back the
completed Subscription Agreement to angela@boustead1828.com or fax to +1(949) 266-5789.

 

[Signature Page to Investor Subscription
Agreement for China Xiangtai Food Co., Ltd]

 

     

     

    

 

If the foregoing correctly sets forth the
parties agreement, please confirm this by signing and returning to us the duplicate copy of this Subscription Agreement.

 

	 	 	 China Xiangtai Food Co., Ltd
	Number of Shares:________________________	 	By:	 	 
	 	 	 	 
	Purchase Price per Share: $5.00 per share__________	 	Name:	 	 
	 	 	 	 
	Aggregate Purchase Price: $____________________	 	Title:	 	 
	 	 	 	 
	 	 	Address Notice:
	INVESTOR Name:__________________________	 	
        c/o Chongqing Penglin Food Co., Ltd.

        Xinganxian Plaza

        Building B, Suite 21-1

        Lianglukou, Yuzhong District 400800

        Chongqing, People’s Republic of China

	 	 	 
	 	 	 	 

 

	Signature:	 	 	Address:	 
	 	 	 	 	 
	Signor Name:	 	 	 	 
	 	 	 	 	 
	Title:	 	 	Phone:	 
	 	 	 	 	 
	Date: 	 	 	SSN or EIN:	 

  

 ̈ Please wire $____________________from my account
held at:________________________

 

Account Title:_______________________________; Account Number:_____________________

 

To the following instructions:

 

ABA Routing No: 122242869

SWIFT Code: PMERUS66

Bank Name: Pacific Mercantile Bank

Bank Address: 949 South Coast Dr., Costa Mesa, CA 92626

Beneficiary Account Name: FinTech Clearing as Agent for the
Investors in China Xiangtai Food Co., Ltd.

Beneficiary Account No: XXXX

Beneficiary Address: 6 Venture, Suite 265, Irvine, CA 92618

 

	By:	 	 	Date:_______________ , 201__
	 	 	 	 
	Name:	 	 	 
	 	 	 	 
	Title:	 	 	 

 

     

     

    

 

Select method of delivery of Shares: 

 

 ̈ DWAC DELIVERY

 

DWAC Instructions:

 

	 	1.	 
	 	 	Name of DTC Participant (broker dealer at which the account or accounts to be credited with the Shares are maintained)
	 	2.	 
	 	 	DTC Participant Number
	 	3.	 
	 	 	Name of Account at DTC Participant being credited with the Shares
	 	4.	 
	 	 	Account Number of DTC Participant being credited with the Shares

 

 ̈ DRS Electronic Book Entry Delivery Instructions:

 

Name in which Shares should be issued:_______________________________________

 

	Address:	 	 	Telephone No.:	 

 

Please email back the completed Subscription
Agreement to

angela@boustead1828.com or fax to +1(949)
266-5789.

 

     

     

    

 

SCHEDULE A

 

	 	a)	FINRA Member Firms or other Broker/Dealers

 

	 	b)	Broker-Dealer Personnel

 

	 	•	Any officer, director, General partner, associated person or employee of a member firm or any other Broker/dealer.

 

	 	•	Any agent of a member firm or any other Broker/dealer that is engaged in the investment banking or securities business

 

	 	•	Any immediate family member of a person specified above. Immediate family members include a person's parents, mother-in-law or father-in-law, spouse, brother or sister, brother-in-law or sister-in-law, son-in-law or daughter-in law, and children.

 

	 	i.	Person that materially supports or receives material support from the immediate family member.

 

	 	ii.	Person employed by or associated with the member, or an affiliate of the member, selling the new issue to the immediate family member.

  

	 	iii.	Person that has an ability to control the allocation of the new issue.

 

	 	c)	Finders and Fiduciaries. With respect to the security being offered, a finder or any person acting in a fiduciary capacity to the managing underwriter, including, but not limited to, attorneys, accountants, and financial consultants; and any immediate family members (or person(s) receiving material support or receives material support from the family member) of a person identified as a Finder or Fiduciary.

 

	 	d)	Portfolio Managers

 

	 	a.	Any person who has authority to buy or sell securities for a bank, savings and loan institution, insurance company, investment company, investment advisor, or collective investment account.

 

	 	b.	Any immediate family member of a person specified under portfolio Managers that materially supports, or receives material support from such person.

 

	 	e)	Persons Owning a Broker/Dealer

 

	 	a.	Any person listed, or required to be listed, in Schedule A of a Form BD, except persons identified by ownership of less than 10%.

 

	 	b.	Any person listed, or required to be listed, in Schedule B of a Form BD, except persons identified by ownership of less than 10%.

  

	 	c.	Any person listed, or required to be listed, in Schedule C of a Form BD that meets the criteria of (e)(bullet point 1) or (e) (bullet point 2) above.

 

	 	d.	Any person that directly or indirectly owns 10% or more of a public reporting company listed, or required to be listed, in Schedule B of a Form BD.

  

	 	e.	Any person that directly or indirectly owns 25% or more of a public reporting company listed, or required to be listed, in Schedule B of a Form BD.

 

	 	f.	Any immediate family member of a person specified in (5) (bullet points 1-5) unless the person owning the Broker/dealer:

  

	 	i.	Does not materially support, or receive material support from the immediate family member.

 

	 	ii.	Is not an owner of the member, or an affiliate of the member, selling the new issue to the immediate family member.

  

	 	iii.	Has no ability to control the allocation of the new issue.

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