Document:

Exhibit 10.44

 

Below is the Intellectual Property License Agreement,
dated December 2017, by and between and Pure Value Trading Company (Shanghai) Limited (referred to below as "Zhifu Trading (Shanghai)
Co., Ltd." and Jihuiduo Technology Limited (referred to below as "Jihuiduo (Beijing) Technology Co., Ltd." Certain identified
information has been excluded from this exhibit because it is both immaterial and is the type that the registrant treats as private and
confidential.

 

 

 

Intellectual
Property Licence Agreement

 

 

 

by and between

 

Zhifu
Trading (Shanghai) Co., Ltd.

(志福商贸(上海)有限公司)

 

and

 

Jihuiduo
(Beijing) Technology Co., Ltd.

(积惠多(北京)科技有限公司)

 

_____ December
2017

 

      

     

    

 

This INTELLECTUAL
PROPERTY LICENCE AGREEMENT (“Agreement”) is
entered into on ____ December 2017 (“Signing Date”) in Shanghai, PRC by
and between:

 

	(1)	Zhifu Trading (Shanghai) Co., Ltd. (志福商贸(上海)有限公司),
a limited liability company incorporated under the laws of the PRC, with its registered address at Room E06, 2nd Floor, No. 225
Fute Road North , Pilot Free Trade Zone, Shanghai, PRC (中国(上海)自由贸易试验区富特北路225
号第二层 E06 室)(“Licensor”);
and

 

	(2)	Jihuiduo (Beijing) Technology Co., Ltd. (积惠多(北京)科技有限公司),
a company organized and existing under the laws of the PRC, with its registered address located at Room 501-19, Building 49, No.
17, South Forth Jingsheng Street, Tongzhou District, Beijing, PRC (北京市通州区景盛南四街
17 号院49 号楼
5 层 501-19) (“Licensee”).

 

(collectively, the “Parties”, individually,
a “Party”)

 

BACKGROUND:

 

	A.	The Licensor is the owner, or authorised licensee, of the Intellectual Property
(as defined below), which the Licensor uses in the operation of its business.

 

	B.	The Licensee wishes to license from Licensor the right to use the Intellectual
Property within the Territory (as defined below), in accordance with this Agreement.

 

NOW, THEREFORE, the Parties agree as follows:

 

	1.	Definitions And Interpretations

 

		1.1	Definitions. The following terms have the meanings assigned to them below.

 

	 	Business Day	means a day on which commercial banks are open for business in the PRC.
	 	 	 
	 	Confidential Information	means any information of a confidential nature
    relating to the Licensor, the Intellectual Property or the Company, including any confidential information concerning their
    respective structure, business activities (including financial information, client lists and business policies), technology,
    released or unreleased software or hardware products, and marketing plans, regardless of the format in which such information is
    stored or communicated, and including any excerpts, summaries or other derivative products containing the same.

 

    	Intellectual Property Licence Agreement	- 1 -	 

     

    

 

	 	Intellectual 

Property	means the intellectual property listed in Schedule A, all of which is owned by or licensed to the Licensor on or after the Effective Date. For the avoidance of doubt, Schedule A may be updated from time to time in the Licensor’s sole discretion after giving the Licensee written notice or may be revised via a confirmation letter or other written document to the same effect, reflecting the Parties’ agreement on new intellectual property rights, as the case may be.
	 	 	 
	 	PRC	means the People’s Republic of China (excluding for the sake of this Agreement the Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan).
	 	 	 
	 	RMB	means the lawful currency for the time being in the PRC.
	 	 	 
	 	Territory	means the PRC.

 

		1.2	Interpretation. Unless the context otherwise requires: (a) each accounting
term not otherwise defined in this Agreement has the meaning assigned to it in accordance with the PRC GAAP, consistently applied; (b)
all headings are for reference purposes only and do not affect the meaning or interpretation of any provision; (c) any reference to an
Article or Schedule is to an Article or Schedule of this Agreement; (d) the use of the plural will include the use of the singular, and
vice versa; (e) a reference to a day, month or year is to a calendar day, month or year; and (f) the words “includes” and
“including” shall mean “includes, without limitation” and “including, without limitation,” as applicable,
and the word “any” shall mean “any or all.”

 

	2.	Grant and Scope of Licence

 

		2.1	Licence of Intellectual Property. Subject to the terms and conditions of
this Agreement, the Licensor hereby grants to the Licensee, and the Licensee hereby accepts, a non-exclusive, non-sublicensable, revocable
licence, to use the Intellectual Property solely in conjunction with the Licensee’s business operation within the Territory, in
accordance with the terms and conditions of this Agreement.

 

    	Intellectual Property Licence Agreement	- 2 -	 

     

    

 

		2.2	Non-Exclusivity. The rights and licenses granted by the Licensor to the
Licensee are non-exclusive and revocable-at-will by the Licensor, and nothing in this Agreement will limit or restrict the Licensor’s
right to grant similar rights and licences to third parties within the Territory, in the Licensor’s sole discretion.

 

		2.3	Right to Monitor. The Licensor may monitor the Licensee’s use of the
Intellectual Property in conjunction with the Licensee’s business operations within the Territory, and may withdraw the license
granted under this Agreement if the Licensee uses the Intellectual Property in violation of this Agreement.

 

		3.	Consideration

 

		3.1	Royalties. In consideration for the rights and licences granted to the
Licensee by the Licensor under this Agreement, the Licensee shall pay the Licensor the royalties specified in Schedule B. From time to
time, the Parties shall review the Licensee’s use of the rights granted under this Agreement, and the income attributable to the
use of those rights, and shall adjust the royalty rate prospectively or retrospectively as necessary so that the rate will continue to
be an arm’s length rate.

 

		3.2	Payments. The Licensor shall provide an invoice or payment request to the
Licensee for each instalment of royalties. The Licensee shall pay all royalties due under Section 3.1 within 45 days of the Licensee’s
receipt of the Licensor’s invoice or other payment request. The Licensee shall pay all royalties payable under this Agreement in
RMB. If the Licensee fails to make any payment under this Agreement, the overdue amount will bear interest starting from the date on which
the payment was due until the date on which the amount is paid in full, at the rate of 1.5% per month.

 

		3.3	Withholding Tax. If the Licensee is required under any applicable law,
regulation or government order within the Territory to withhold any taxes or other governmental charges on any amounts payable by the
Licensee to the Licensor under this Section 3, the Licensee shall withhold and pay to the appropriate governmental authorities all such
taxes and other governmental charges. The Licensee shall obtain and furnish to the Licensor on a timely basis, official tax receipts or
other evidence of payment of all taxes and other governmental charges, sufficient to permit the Licensor to establish the Licensor’s
right to a credit for such taxes and other governmental charges against the Licensor’s income tax liability.

 

		3.4	Tax Adjustments. If any royalty amount paid by the Licensee to the Licensor under Section 3.1
                                                                is subject to adjustment by any governmental tax authority, the Licensee shall pay to the Licensor, or the Licensor shall pay to the Licensee, as the case may be, the full amount
of such adjustment.

 

    	Intellectual Property Licence Agreement	- 3 -	 

     

    

 

		4.	Inspection and Review

 

Upon reasonable notice from the
Licensor, the Licensee shall permit the Licensor’s representatives to inspect the Licensee’s facilities, and to review the
Licensee’s books and records, as reasonably necessary to permit the Licensor to confirm the Licensee’s compliance with its
obligations under this Agreement.

 

		5.	Confidentiality

 

		5.1	Confidentiality Obligations. The Licensee shall maintain the strict confidentiality
of any and all Confidential Information of the Licensor to which it may become privy before or during the performance of this Agreement,
and shall not disclose any such Confidential Information to any third party except to its relevant employees, affiliates, officers and
advisors (as applicable) on a “need-to-know” basis and provided that the aforesaid recipients of Confidential Information
are subject to written confidentiality undertakings which are no less strict than the obligations set out in this Agreement. The Licensee
shall use Confidential Information only for performing this Agreement or such other purpose as the Licensor permits in writing.

 

		5.2	Exceptions. The disclosure of Confidential Information by the Licensee
will not be deemed a breach of its confidentiality obligations if:

 

		(a)	the Licensor has given its prior written consent to the disclosure;

 

		(b)	the Confidential Information has entered the public domain through no fault or
wrongful act of the Licensee;

 

		(c)	the Confidential Information has been rightfully received by the Licensee from
a third party that developed such information independently and was not subject to any confidentiality obligation with regard to the same;

 

		(d)	the Confidential Information was, prior to this Signing Date or any other separate
non-disclosure agreement previously existing between the Parties, independently developed by the Licensee without the use, directly or
indirectly, of the Confidential Information; or

 

		(e)	the disclosure of Confidential Information is required pursuant to law or a court
order of competent jurisdiction, provided that the Licensee has (i) limited such
disclosure to the extent required by such applicable law or court order, and (ii) provided the Licensor with sufficient notice of the
need to disclose the Confidential Information to allow the Licensor with the opportunity to oppose the disclosure thereof by means of
any available objections or appeals.

 

    	Intellectual Property Licence Agreement	- 4 -	 

     

    

 

		5.3	Legal Obligations. The Licensee shall implement all reasonable security
measures, and shall initiate legal or administrative actions and take any other reasonable actions to prevent the unauthorised use, appropriation
or disclosure of any of the Licensor’s Confidential Information.

 

		5.4	Survival. The Licensee’s obligations under this Article 5 will survive
the termination of this Agreement for any reason whatsoever.

 

		6.	Intellectual Property Rights

 

		6.1	Ownership. The Licensor is the owner, or authorised licensee, of all rights,
title and interests in and to all of the Intellectual Property, and the Licensee will acquire no rights whatsoever in or to any of the
Intellectual Property, except as specifically provided in this Agreement. The Licensee shall not use any of the Intellectual Property
for any purpose whatsoever, except as authorised herein, and shall not take any action which may, in the reasonable opinion of the Licensor,
adversely affect or impair the Licensor’s rights, title and interests in and to Intellectual Property.

 

		6.2	Assistance. The Licensee shall take such actions, and shall provide the
Licensor with such assistance, as the Licensor reasonably requests, in order to protect and perfect the Licensor’s rights, title
and interests in and to the Intellectual Property throughout the Territory.

 

		6.3	Infringement. The Licensee shall provide the Licensor with timely written
notice of any infringements or unauthorised use by any third party of any Intellectual Property within the Territory that comes to the
attention of the Licensee. The Licensor or its designee shall be solely responsible for taking all actions, in courts, administrative
agencies or other applicable bodies, to prevent or enjoin any and all such infringements and unauthorised use of the Intellectual Property;
provided, however, that the Licensee shall furnish the Licensor with such assistance as the Licensor reasonably requests
in connection with any such action to prevent or enjoin any such infringement or unauthorised use of any of the Intellectual Property.

 

		6.4	Indemnification. Subject to the limitation of liability set forth in Article
7, the Licensor or its designee shall defend, indemnify and hold the Licensee harmless against any and
all claims, suits, actions, proceedings, losses, damages, liabilities, costs and expenses arising from, or attributable to, any allegation
that the Licensee’s use of the Intellectual Property in accordance with the terms and conditions of this Agreement infringes any
copyright, trademark, trade secret, patent or other proprietary right of any third party existing in the Territory. The Licensor’s
indemnity obligation, as set forth in this Article 6.4, will be subject to the following conditions: (a) the Licensee shall provide Licensor
with timely written notice of any and all claims that are within the scope of the Licensor’s indemnity under this Agreement; (b)
the Licensor or its designee shall be solely responsible for the defence, settlement and discharge of any and all such claims; and (c)
the Licensee shall furnish the Licensor with such assistance as the Licensor reasonably requests in connection with any of the defence,
settlement or discharge of any and all such claims.

 

    	Intellectual Property Licence Agreement	- 5 -	 

     

    

 

		6.5	Notices. If the use of any of the Intellectual Property is, or in the Licensor’s
reasonable opinion is likely to be, prohibited by an order or injunction of a court of competent jurisdiction, the Licensor shall provide
written notice thereof to the Licensee, and the Licensee shall immediately cease all use of such of the Intellectual Property.

 

		7.	Limitation of Liability

 

To the extent permitted by applicable
law, neither Party will be liable to the other for any special, indirect, consequential or incidental damages, including those for business
interruption or loss of profits even if that Party has been placed on notice of the possibility of such damages and even in the event
of the failure of any exclusive remedy, notwithstanding the form (e.g., contract, tort, (including negligence), by operation of
law or otherwise) in which any legal or equitable action may be brought. For the avoidance of doubt, indemnification obligations arising
under Article 6.4 will be limited to the fees paid or payable to the Licensor under this Agreement during the 12 months preceding the
assertion of the claim.

 

		8.	Term and Termination

 

		8.1	Term. This Agreement will expire on the third anniversary of the Effective
Date, unless early terminated unilaterally by the Licensor or in accordance with the provisions of this Article 8.

 

		8.2	Termination for Breach. If either Party (“Breaching Party”)
materially breaches or defaults of any of its obligations under this Agreement, the other Party (“Non-Breaching Party”)
may notify the Breaching Party in writing and demand that the breach or default be cured promptly. If the Breaching Party fails to cure
the breach or default within 30 days after the date of the Non-Breaching Party’s written notice, the Non-Breaching Party
may terminate this Agreement immediately upon providing written notice of termination to the Breaching Party. Termination of this Agreement
in accordance with this Article 8.2 will not adversely affect or impair the Non-Breaching Party’s right to pursue any legal remedy,
including the right to recover damages for all harm suffered or incurred as a result of the Breaching Party’s breach or default
hereof.

 

    	Intellectual Property Licence Agreement	- 6 -	 

     

    

 

		8.3	Licensor Termination. To the extent permitted under applicable law, the
Licensor may terminate this Agreement immediately by written notice if: (a) the Licensee breaches any of its obligations, as reasonably
determined by the Licensor, under Article 5 (Confidentiality) or Article 6 (Intellectual Property Rights) of this Agreement; (b) the Licensee
goes into bankruptcy, voluntary or involuntary dissolution, is declared insolvent, makes an assignment for the benefit of creditors, or
suffers the appointment of a receiver or trustee over all or substantially all of its assets or properties; or (c) any unrelated third
party appropriates or acquires by law, regulation, order or any other involuntary means the intellectual property rights embodied in or
related to any of the Intellectual Property or the rights granted to the Licensee under this Agreement, including through expropriation,
or attempts or undertakes such action.

 

		8.4	Termination for Impairment. This Agreement will automatically terminate
before the enactment or issuance of any law, regulation or governmental that, in the reasonable opinion of the Licensor, jeopardizes or
impairs the enforceability of any intellectual property rights in any of the Intellectual Property within the Territory.

 

		8.5	Rights and Obligations Upon Termination. Immediately upon termination of
this Agreement for any reason whatsoever, the Licensee shall cease all use of the Intellectual Property.

 

		8.6	Payments Upon Termination. Within 30 days after the date of termination
of this Agreement, the Licensor shall invoice the Licensee, or provide a payment request to the Licensee for all royalties payable by
the Licensee to the Licensor under this Agreement that have accrued but which remain unpaid as of the date of termination. The Licensee
shall pay all royalties payable by the Licensee to the Licensor within 45 days of receiving the Licensor’s invoice or other request
for payment. Termination of this Agreement for any reason whatsoever will not relieve the Licensee of its obligations under Article 5
(Confidentiality), Article 6 (Intellectual Property Rights), or Article 9 (Compliance with Applicable Laws) of this Agreement.

 

    	Intellectual Property Licence Agreement	- 7 -	 

     

    

 		9.	Compliance with Applicable Laws

 

In exercising their rights and performing
their obligations under this Agreement, each Party shall comply with all applicable laws, regulations and governmental orders. The Licensee
shall, at its own expense, obtain and maintain in full force and effect throughout the term of this Agreement, all licences, permits,
authorisations, approvals and government filings and registrations (“Approvals”) necessary or appropriate for the exercise
of its rights and the performance of its obligations under this Agreement. Upon termination of this Agreement, the Licensee shall transfer
all Approvals to the Licensor or such other third party as the Licensor may designate, to the extent permitted under applicable laws.

 

		10.	Governing Law

 

This Agreement will be governed
by and construed in accordance with the laws of the PRC, without giving either reference or effect to any principle of conflict of laws
or choice of laws.

 

		11.	Dispute Resolustion

 

		11.1	If any dispute arises from or in connection with this Agreement, the Parties shall
attempt in the first instance to resolve it through friendly consultations or mediation. If the dispute cannot be resolved within 30 days,
then either Party may refer the dispute to the China International Economic and Trade Arbitration Commission (“CIETAC”)
for arbitration which shall be conducted in Shanghai in accordance with CIETAC’s arbitration rules in effect at the time of applying
for arbitration. The number of arbitrators will be one. The arbitration proceedings will be conducted in English. The arbitral award will
be final and binding upon both Parties.

 

		11.2	The winning party may, at the cost and expense of the one or more losing parties,
apply to any court of competent jurisdiction for enforcement of such arbitral award.

 

		11.3	During the period when the dispute is being resolved, except for the matters under
dispute, the Parties shall continue performing this Agreement in all respects.

 

		12.	Miscellaneous

 

		12.1	Notices. All notices or other communications made pursuant
to this Agreement will be written in English, and delivered in person (including by courier), by first class mail or facsimile, to the
addresses set forth below. A notice shall be deemed to have been delivered (a) on the date of signing of the delivery receipt in the
case of delivery in person (including by courier); (b) on the 10th day of the mailing date in the case of delivery by mail; and (c) on
the date recorded in the transmission record in the case of facsimile, unless delivery is made after 5:00 pm on a Business Day or on
a non-Business Day in the place of receipt, in which case delivery will be deemed to occur at 9:00 am on the following Business Day.

 

    	Intellectual Property Licence Agreement	- 8 -	 

     

    

 

	 	Licensor:	Zhifu Trading (Shanghai) Co., Ltd. (志福商贸(上海)有限公司)
	 	 	 
	 	Address:	Room E06, 2nd Floor, No. 225 Fute Road North, Pilot Free Trade Zone, Shanghai, PRC ( 中 国 ( 上海)自由贸易试验区富特北路 225 号第二层E06 室)
	 	 	 
	 	Tel:	_________
	 	 	 
	 	Attn:	Alan Martin Clingman
	 	 	 
	 	Licensee:	Jihuiduo (Beijing) Technology Co., Ltd. (积惠多(北京)科技有限公司)
	 	 	 
	 	Address:	Room 501-19, Building 49, No. 17, South Forth
    Jingsheng Street, Tongzhou District, Beijing, PRC
    (北京市通州区景盛南四街 17 号院 49 号 楼 5 层 501-19)
	 		 
	 	Tel:	[XXXXXXXXX]
	 	 	 
	 	Attn:	Jessie Fu (付建新)

 

    	Intellectual Property Licence Agreement	- 9 -	 

     

    

 

		12.2	Independent Contractors. In the exercise of their respective rights, and
the performance of their respective obligations under this Agreement, the Parties are, and shall remain, independent contractors. Nothing
in this Agreement shall be construed: (a) to constitute the Parties as principal and agent, franchisor and franchisee, partners, joint
venture partners, co-owners or otherwise as participants in a joint undertaking; or (b) to authorise either Party to enter into any contract
or other binding obligation on the part of the other Party, and neither Party shall represent to any third party that it is authorised
to enter into any such contract or other obligation on behalf of the other Party.

 

		12.3	Entire Agreement. This Agreement constitutes the entire agreement between
the Parties in respect of the subject matter hereof and supersedes any previous discussions, negotiations and agreements related thereto.

 

		12.4	Amendment. This Agreement may be amended only by a written agreement signed
by the Parties. The Parties shall obtain all requisite approvals from the relevant authorities to give effect to the amendment.

 

		12.5	No Waiver. Unless otherwise agreed by the Parties in writing, any failure
or delay on the part of any Party to exercise any right, authority or privilege under this Agreement, or under any other related agreement,
will not operate as a waiver thereof; nor will any single or partial exercise of any right, authority or privilege preclude any other
future exercise thereof.

 

		12.6	Severability. The provisions of this Agreement are severable from each other.
The invalidity of any provision of this Agreement will not affect the validity or enforceability of any other provision of this Agreement.

 

		12.7	Assignment. Licensee shall not assign any of his rights or obligations under
this Agreement without the prior written consent of Licensor. Licensor may assign any of its rights or obligations under this Agreement
to a designated person at any time. Licensee shall cooperate fully with Licensor to affect any such assignment, including signing any
documentation.

 

		12.8	Counterparts. This Agreement is executed in two counterparts, each of which
will constitute an original and all of which, when taken together, will constitute one agreement. Each Party will retain one counterpart.

 

[Signature page follows]

 

 

    	Intellectual Property Licence Agreement	- 10 -	 

     

    

 

IN
WITNESS WHEREOF, the Parties have executed or have caused their duly authorised representatives to execute this Agreement as of the
Signing Date.

 

For
and on behalf of

Zhifu Trading (Shanghai) Co., Ltd.

(志福商贸(上海)有限公司)

(Company Seal)

 

	Signature: 	/s/
    Alan Martin Clingman	 
	Name:	Alan
    Martin Clingman	 
	Title:	Legal
    Representative	 

 

For
and on behalf of

Jihuiduo (Beijing) Technology Co., Ltd.

(积惠多(北京)科技有限公司)

(Company Seal)

 

	Signature: 	/s/
    Lou Xiaoli	 
	Name:	Lou
    Xiaoli (娄晓丽)	 
	Title:	Legal
    Representative	 

 

Signature Page to Intellectual Property Licence
Agreement

 

     

     

    

 

Schedule A

 

List of Intellectual Property

 

	No.	Description
	1.	(a) The right to use domain names owned and authorized by the Licensor; (b) The right to use trade names and trademarks owned and authorized by the Licensor; (c) The right to use proprietary technologies owned and authorized by the Licensor; (d) The right to use business, sales, and marketing materials owned and published by the Licensor, as updated, amended and made available from time to time by the Licensor; and (e) The right to use other Intellectual Property rights owned and authorized by the Licensor.
	2.	
    Domain Names:

     

    ●www.jhdmall.com

    ●jhdshop.cn

    ●jhdstore.cn

    ●jihuiduo.com.cn

    ●积惠多.cn

    ●机会多.cn

	3.	
    Licensed trade names and trademarks:

     

    ●积惠多
    (Classes 3/9/12/16/29/30/35/36/38/39/41/42)

    ●jihuiduomall
    (Classes 3/9/12/16/29/30/35/36/38/39/41/42)

	4.	
    Other IP:

     

    ●MPOST
    App (for B2B2C business)

    ●Electronic
    Ordering System 访销订货系统 (For
    Windows and Android),

    developed under MS .Net+ MS SQLServer.

 

Schedule
A to Intellectual Property Licence Agreement 

 

     

     

    

 

Schedule B

 

Royalties Schedule

 

As consideration for the licensing of the above Intellectual
Property to the Licensee, the Licensee shall pay the Licensor royalties calculated as follows:

 

	Licensee Annual Revenues	Royalty to be Paid
	If up to RMB 5,000,000	30% of the Licensee’s actual annual revenue
	If over RMB 5,000,000 and up to RMB 15,000,000	60% of the Licensee’s actual annual revenue
	If over RMB 15,000,000	80% of the Licensee’s actual annual revenue

 

Schedule
B to Intellectual Property Licence AgreementExhibit 10.46

 

Below
is a translation of the Investment Agreement, dated October 2, 2021, by and between Qingdao Hainuo Investment Development Co., Ltd. and
Pure Value Trading Company (Shanghai) Limited.

 

 

 

Qingdao
Hainuo Investment Development Co., Ltd.

 

(The
“Investor”)

 

 

 

and

 

 

 

Pure
Value Trading Company (Shanghai) Limited

 

(The
“Company”)

 

 

 

 

 

 

 

 

 

 

Investment
Agreement

 

 

 

 

 

 

October
2, 2021

 

     

     

    

 

This
Investment Agreement (the “Agreement”) was executed by the following parties on October 2, 2021:

 

Party
A (the “Investor”): Qingdao Hainuo Investment Development Co., Ltd.

Registered
address: Room 909 No.286 Ningxia Road Shinan District Qingdao City

Unified
social credit code: 91370202599024294C

 

Party
B (the “Company”): Pure Value Trading Company (Shanghai) Limited

Registered
address: Room E06, 2nd Floor, No. 225, Fute North Road, Shanghai Pilot Free Trade Zone, Shanghai City

Unified
social credit code: 91310115MA1K3D1M53

 

Party
C (the “Guarantors”)

 

Party
C1: Ling Feng Trading Company Limited

Registered
address: Room 2706, 27th Floor, A Yuanyang Plaza, No.61 Yi of Hong Kong Middle Road, Shinan District, Qingdao City, Shandong
Province.

Unified
social credit code: 91370200MA3T1NLY9T

 

Party
C2: JHD Holdings Limited

Registered
place: Hong Kong

Registered
code: 1495287

 

Party
D (the “Pubco”): JHD Technologies Limited

Registered
place: Cayman

Proposed
listing code : JTEC

Registered
code: CB-371698/185306040659

 

WHEREAS:

 

The
Company is a company controlled by the Pubco. The Pubco intends to be listed on NASDAQ. For the purpose to obtain a certain investment
income, the Investor intends to invest in the Company. The parties agree as follows:

 

I.
Investment Method

 

This
investment takes the form of debt investment first, and then the debt converts into equity.

 

II.
Debt Investment

 

		2.1	Investment
                                            amount

 

		2.1.1	The
                                            Investor hereby makes a debt investment in the Company in the amount of RMB 300,000,000 (the
                                            “Debt Investment”), i.e., the Investor lends RMB 300,000,000 to the Company.
                                            The Investor is the creditor, and the Company is the debtor.

 

		2.1.2	The
                                            term of Debt Investment: 24 months (the “Maturity Date of Debt Investment”)
                                            from the date when the the Company’s Qingdao Bank Account receives the Debt Investment
                                            (see Article 2.3.1 for the definition of the Company’s Qingdao Bank Account) (the “Debt
                                            Investment Completion Date”), with a simple interest rate of 8% per annum, and
                                            such interest shall be paid along with the repayment of the Debt Investment. The Company
                                            shall repay the Debt Investment and the corresponding interest to the Investor within 30
                                            days after the Maturity Date of the Debt Investment.

 

    1

     

    

 

		2.2	Establishment
                                            of Qingdao Subsidiary

 

		2.2.1	After
                                            the Debt Investment Completion Date, the Company and Party C1 shall jointly establish a subsidiary
                                            registered in Shinan District, Qingdao City (the “Qingdao Subsidiary”).
                                            The Company shall contribute the entire Debt Investment to the Qingdao Subsidiary. Party
                                            C1 shall also contribute RMB 48 million to the Qingdao Subsidiary.

 

		2.2.2	During
                                            the term of the Debt Investment, without the Investor’s consent, the shareholding structure
                                            and registered capital of the Qingdao Subsidiary shall not be changed.

 

		2.3	Reciving
                                            Account

 

		2.3.1	The
                                            Investor shall wire the Debt Investment to a bank account agreed by the Investor and the
                                            Company. The bank account should be opened at a bank in Qingdao (the “Company’s
                                            Qingdao Bank Account”).

 

		2.3.2	The
                                            Company’s capital contribution to the Qingdao Subsidiary shall be paid to a bank account
                                            agreed by both the Investor and the Qingdao Subsidiary, and the bank account shall also be
                                            opened at a bank in Qingdao (the “Qingdao Subsidiary’s Bank Account”).

 

		2.3.3	Party
                                            C1’s capital contribution to the Qingdao Subsidiary shall be paid to Qingdao Subsidiary’s
                                            Bank Account.

 

		2.3.4	If
                                            the Investor cannot agree with the Company or the Qingdao Subsidiary on the Company’s
                                            Qingdao Bank Account and the Qingdao Subsidiary’s Bank Account, resulting in the Investor’s
                                            failure to pay or a delay in the payment to the Company or the Qingdao Subsidiary, then such
                                            failure or delay will not be deemed as a violation of this Agreement.

 

		2.3.5	The
                                            Investor and the Company shall, in good faith, make their best efforts to determine and complete
                                            the opening of the Company’s Qingdao Bank Account and the Qingdao Subsidiary’s
                                            Bank Account.

 

		2.3.6	The
                                            parties agree that the specific use of the Debt Investment shall obtain the prior written
                                            consent of the Investor.

 

		2.4	Time
                                            for Investment and Capital Contribution

 

		2.4.1	The
                                            Debt Investment to the Company should be lent to the Company within [5] days after the closing
                                            conditions stipulated in Article 4 have been completed or the Investor grants its waiver.

 

    2

     

    

 

		2.4.2	The
                                            Company and Party C1 shall complete the establishment of the Qingdao Subsidiary within 60
                                            days from Debt Investment Completion Date; the Company shall complete the actual payment
                                            to the Qingdao Subsidiary within 10 working days from the completion of the opening of Qingdao
                                            Subsidiary’s Bank Account.

 

		2.4.3	Within
                                            10 working days after the expiration of 12 months from the date the Qingdao Subsidiary receives
                                            the Debt Investment from the Company, Party C1 shall wire RMB 24 million to the Qingdao Subsidiary’s
                                            Bank Account for completing the the first instalment of the actual paid-in capital contribution
                                            for equity of the Qingdao Subsidiary; within 10 working days after the expiration of 18 months
                                            from the date when the Qingdao Subsidiary receives the Debt Investment from the Company,
                                            Party C1 shall wire RMB 24 million to the Qingdao Subsidiary’s Bank Account for completing
                                            the second installment of actual paid-in capital contribution by Party C1 to the Qingdao
                                            Subsidiary.

 

		2.5	Collateral

 

		2.5.1	Within
                                            30 days from the date of establishment of the Qingdao Subsidiary, the Company and Party C1
                                            shall respectively pledge all equity in the Qingdao Subsidiary held by them to guarantee
                                            the Debt Investment to the Company, and complete the corresponding equity pledge registration.
                                            The Investor shall cooperate in providing the documents and signatures required for the equity
                                            pledge registration.

 

		2.5.2	Within
                                            30 days from the Debt Investment Completion Date, Party C2 shall pledge all equity in the
                                            Company held by it to guarantee the Debt Investment to the Company, and complete the corresponding
                                            equity pledge registration. The Investor shall cooperate in providing the documents and signatures
                                            required for the equity pledge registration.

 

		2.5.3	The
                                            Guarantors shall jointly undertake the joint guarantee responsibility for the credior’s
                                            rights to the Company held by the Investor.

 

		2.5.4	The
                                            scope of the pledge guarantee as stipulated in Article 2.5.1 and Article 2.5.2 and the joint
                                            and several guarantee liability stipulated in Article 2.5.3 shall cover the principal and
                                            interest of the Debt Investment, penalty interest, liquidated damages, and damages and litigation
                                            fees, preservation fees, attorney fees, travel expenses and other related losses incurred
                                            by the Investor in connection with its creditor’s rights.

 

		2.5.5	The
                                            guarantee period of the equity pledge shall be 2 years from the Maturity Date of Debt Investment.

 

		2.5.6	After
                                            the Company has repaid the Debt Investment and the corresponding interest, or the Investor
                                            completes the debt conversion to shares in accordance with this Agreement, the Investor shall
                                            cooperate with the Company, Party C1, and Party C2, to release the equity pledge registrations
                                            of Qingdao Subsidiary and Company, respectively, within 30 working days after the date when
                                            receiving written notice from the Company.

 

    3

     

    

 

III.
Debt-to-Equity Swap

 

		3.1	Rights
                                            of Conversion

 

		3.1.1	The
                                            Investor is entitled to the right of conversion, i.e., the Investor has the right to convert
                                            the amount of Debt Investment granted to the Company into an equal value of shares of equity
                                            of the Pubco.

 

		3.1.2	To
                                            exercise the right of conversion, the Investor may either directly purchase shares of the
                                            Pubco, set up a foreign branch, or delegate a qualified third party to purchase stock of
                                            the Pubco. No additional consideration is required when the said entities subscribe for the
                                            Pubco’s shares. If the Investor is required to pay the Debt Investment to the Pubco’s
                                            offshore bank account according to any rules of NASDAQ, then as long as the Investor has
                                            provided the collateral agreed by both the Pubco and the Investor, the Company shall return
                                            the Debt Investment to the Pubco, and the Investor shall wire the Debt Investment to the
                                            offshore bank account of the Pubco upon receiving the Debt Investment at a time agreed by
                                            both parties.

 

		3.2	Timing
                                            and Price of Conversion

 

		3.2.1	At
                                            any time prior to the Maturity Date of Debt Investment, the Investor is entitled to convert
                                            the Debt Investment into the shares of the Pubco at a price of USD 10.16 per share, with
                                            the convertible number of shares calculated as the total amount of the Debt Investment divided
                                            by USD 10.16.

 

		3.3	Notice

 

		3.3.1	The
                                            Investor shall notify the Company and the Pubco with written notice when the Investor exercises
                                            or intends to exercise its right of conversion. The Pubco shall fulfill all required procedures
                                            and complete the transfer of equity within 30 days after receiving such notice from the Investor.
                                            After the completion of the Debt Investment conversion, all liabilities owed by the Company
                                            to the Investor shall be immediately eliminated.

 

    4

     

    

 

		3.3.2	If
                                            the Company and the Pubco fail to complete the conversion or refuse to do so within the above
                                            prescribed period upon receiving the notice of conversion, then they shall be deemed as having
                                            breached this Agreement, and the Investor shall have the right to terminate this Agreement
                                            and collect the principle amount of the Debt Investment and interest in advance.The Investor
                                            is also entitled to ask the Company or the Pubco to compensate losses, and the amount of
                                            losses to be compensated shall be calculated as: (the market price per share of the Pubco,
                                            i.e., the weighted average price of closing prices 10 business days before and after
                                            the date the Investor sends the written notice of conversion, i.e., 20 business days
                                            in total, minus USD 10.16/share) * (the total amount of the Debt Investment, divided by USD
                                            10.16). The Pubco and the Investor shall not be deemed as breaching their obligations under
                                            this Agreement if the Investor fails to complete relevant examination and approval procedures
                                            by the PRC government that are required by PRC laws and regulations (including foreign investment
                                            registration procedures).

 

IV.
Closing Condition

 

		4.1	The
                                            Company or Party C1 hasprovided scanned articles of associationand made board resolutions
                                            or held shareholder meeting regarding Company’s equity pledge and Party C1’s
                                            guarantee according to the Company’s articles of association.

 

		4.2	The
                                            Company has made shareholder meeting resolutions, which approve the execution of the transaction
                                            documents and this transaction.

 

V.
Covenants of the Company

 

		5.1	Party
                                            C1 shall become the sole China based holding company for the business operations of the JHD
                                            Parties within 12 months after the Company has received the Debt Investment.

 

		5.2	The
                                            Company shall not apply for bankruptcy in any form without prior written notice from the
                                            Investor.

 

		5.3	The
                                            Pubco shall retain control of the Company.

 

		5.4	Under
                                            the precondition of complying with the U.S. listing rules, the Company should satisfy the
                                            Investor’s right to know, including (1) audited annual consolidated financial report
                                            (including income statement, balance sheet, and cash flow statement) and management report;
                                            (2) unaudited quarterly consolidated financial report (including income statement, balance
                                            sheet, and cash flow statement), and quarterly management report; (3) business plan, budget
                                            and forecasted financial statement for next year; (4) any other matters that may cause material
                                            adverse changeto the Company.

 

		5.5	The
                                            Company shall disclose to the Investors any events, facts, conditions, change or any other
                                            circumstances that may casue material adverse change to the Company’s operation or
                                            business.

 

		5.6	Excecuting
                                            this Agreement and fulfilling obligations hereunder will not violate any laws, regulations,
                                            rules or administrative orders.

 

		5.7	The
                                            Company shall remain validly existing within the term of the Debt Investment.

 

VI.
Early Repayment

 

The
Company shall repay the Debt Investment and the corresponding interests within 30 days after the Investor sends a notice in any of the
following events:

 

		6.1	Violation
                                            of the Covenants of the Company provided under Article V of this Agreement.

 

    5

     

    

 

		6.2	Dispose
                                            material assets of Qingdao Subsidiary without consent from the Investor.

 

		6.3	The
                                            Pubco’s failureto complete the debt share swap or refusal to do so within 30 days after
                                            receiving the Investor’s notice of conversion.

 

		6.4	Establishment
                                            of liens or any other encumbrances on any Qingdao Subsidiary’s asset without consent
                                            from the Investor.

 

		6.5	Qingdao
                                            Subsidiary borrows or lends any fund or conducts connected transactions without the Investor’s
                                            consent.

 

		6.6	Failure
                                            of the Pubco to successfully list on NASDAQ.

 

		6.7	Failure
                                            of the Company or Party C1 to conform with the fund use restrictions pursuant to this Agreement.

 

		6.8	The
                                            Company or Qingdao Subsidiary materially violates the law.

 

		6.9	The
                                            Company or Qingdao Subsidiary fails to continue business operation.

 

		6.10	Any
                                            change on Qingdao Subsidiary’s shareholding structure, registered capital or shareholders.

 

		6.11	Cash
                                            in Qingdao Subsidiary’s Bank Account is frozen, deducted or asset of Qingdao Susidiary
                                            is seized or enforced due to dispute between Qingdao Subsidiary and any other third party.

 

VII.
Liability for Breach

 

		7.1	In
                                            the event that the Company, Party C1, Party C2, or the Pubco fails to perform the obligations
                                            provided in this Agreement, from the date of overdue or the date when the Investor issues
                                            a performance notice, the defaulting party shall pay interest to the Investor at an interest
                                            calculated at four times the one-year loan market quoted interest rate announced by the National
                                            Interbank Funding Center based on Debt Investment.

 

		7.2	In
                                            the event that the Investor is overdue to pay the Debt Investment, the Investor shall pay
                                            the Company liquidated damages at the rate of four times the one-year loan market quoted
                                            interest rate announced by the National Interbank Funding Center multiplied by the unpaid
                                            Debt Investment during the deferred payment period. Such liquidated damages shall be calculated
                                            from the date when the closing conditions are fulfilled to the date when the Investor pays
                                            the liquidated damages according to this Agreement.

 

VIII.
Force Majeure

 

		8.1	In
                                            the event of earthquakes, typhoons, floods, fires, military operations, strikes, riots, wars,
                                            changes in policies and laws, or other unforeseen force majeure events beyond the reasonable
                                            control of one party to this Agreement (each item is referred to as a “Force Majeure
                                            Event”) that hinder the Party from fulfilling this Agreement, the Party shall immediately
                                            notify the other parties without delay, and provide detailed information and supporting documents
                                            of such events within 15 days after the notification is issued, explaining the reasons for
                                            the disability or delay in fulfilling all or part of its obligations under this Agreement.
                                            All parties shall seek to find and implement a solution acceptable to all parties to the
                                            Agreement through negotiation.

 

    6

     

    

 

		8.2	In
                                            the event of a Force Majeure Event, the Party affected by force majeure is not responsible
                                            for any damage, cost increase or loss suffered by any other Party to this Agreement due to
                                            the failure or delay of performance of the obligations under this Agreement caused by force
                                            majeure events, and such failure to perform or delay in performance of this Agreement shall
                                            not be regarded as a violation of this Agreement. The Party claiming that a Force Majeure
                                            Event has occurred shall take appropriate measures to reduce or eliminate the impact of the
                                            Force Majeure Event, and try to resume the fulfillment of obligations that have been delayed
                                            or hindered by the Force Majeure Event in the shortest time possible.

 

IX.
Governing Law and Dispute Resolution

 

		9.1	The
                                            conclusion, validity, interpretation, performance and settlement of disputes of this Agreement
                                            shall be governed by and interpreted in accordance with PRC law.

 

		9.2	All
                                            disputes arising from or in connection with this Agreement shall be resolved through friendly
                                            negotiation by all parties, otherwise, either Party has the right to submit the dispute to
                                            Shenzhen Court of International Arbitration (SCIA) in Shenzhen according to the arbitration
                                            rules of SCIA in effect at that time. The arbitral tribunal shall consist of three (3) arbitrators,
                                            the claimant appoints one (1) arbitrator, the respondent appoints one (1) arbitrator, and
                                            the third arbitrator shall be appointed by SCIA. The arbitration language is Chinese, and
                                            the arbitration award is final and binding on all Parties.

 

		9.3	During
                                            the dispute resolution period, the parties continue to have their other rights under this
                                            Agreement and shall continue to perform their corresponding obligations under this Agreement.

 

X.
Information Disclosure

 

		10.1	The
                                            information related to this Agreement and its attachments (including all terms and even the
                                            existence of this Agreement and any related investment documents) are confidential information,
                                            and the parties to this Agreement shall not disclose to any third party (excluding the legal
                                            advisers and auditors of the parties) unless otherwise specified.

 

		10.2	Each
                                            Party shall keep confidential any proprietary or secret or confidential data and information
                                            of the Company, its business or belonging to other parties, or by other parties at any time
                                            or for the purpose of negotiation of this Agreement or for the establishment or operation
                                            of the Company, and related content of this Agreement (the “Confidential Information”),
                                            and shall not disclose to any third party or person other than the parties to this Agreement,
                                            professional consultants and relevant government agencies.

 

    7

     

    

 

		10.3	The
                                            information disclosed in the following situations is not subject to the above restrictions:

 

		10.3.1	Where
                                            disclosure or use is required by applicable law, any government agency or department;

 

		10.3.2	Where
                                            disclosure or use is required due to any judicial process caused by this Agreement or any
                                            other agreement entered into under this Agreement, or related matters reasonably disclosed
                                            to taxation authorities;

 

		10.3.3	Where
                                            disclosure is made to the professional consultants of each Party, but each Party shall require
                                            such professional consultants to abide by this Article 10 regarding such Confidential Information,
                                            as if they were parties to this Agreement;

 

		10.3.4	Where
                                            the information has entered the public domain for reasons unrelated to the parties to this
                                            Agreement;

 

		10.3.5	Where
                                            all other parties have given prior written consent for disclosure or use.

 

XI.
Miscellaneous

 

		11.1	The
                                            title used in this Agreement is for reference only, and does not affect the meaning or interpretation
                                            of any clause in this Agreement.

 

		11.2	The
                                            parties further confirmed that, in order to implement this Agreement, the Parties may need
                                            to sign additional transaction documents (such as the company’s articles of association,
                                            etc.) to achieve the transaction objectives set under this Agreement.

 

		11.3	In
                                            the event any clause in this Agreement is invalid or unenforceable due to the applicable
                                            PRC law, the clause shall be deemed to have not existed from the beginning without affecting
                                            the validity of other clauses in this Agreement, and all parties to this Agreement shall
                                            negotiate and determine new clauses within a legal scope to ensure that the original clauses’
                                            intents are realized to the greatest extent possible.

 

		11.4	This
                                            Agreement is valid for the successors and assignees of all parties, and the above-mentioned
                                            successors and assignees can enjoy the rights and interests under this Agreement. The Investor
                                            has the right to assign and transfer its rights, interests and obligations under this Agreement
                                            to its affiliates. Unless otherwise provided above, without the prior written consent of
                                            the other parties, neither Party shall assign or transfer any of its rights or obligations
                                            under this Agreement.

 

		11.5	Unless
                                            otherwise provided in this Agreement, a Party’s failure to exercise or delay in exercising
                                            the rights, powers or privileges under this Agreement does not constitute a waiver of these
                                            rights, powers and privileges, and partial exercise of these rights, powers and privileges
                                            does not exclude the exercise of any other rights, powers and privileges.

 

    8

     

    

 

		11.6	All
                                            notices and other communications under this Agreement shall be in written form, and shall
                                            be deemed to have been served under the following circumstances (i) delivered by a dedicated
                                            person, when delivered in person (with valid written confirmation); (ii) via e-mail, when
                                            the delivery is successful, or (iii) by courier, within the second working day after delivery;
                                            in any of the above circumstances, it will be delivered to the following addresses:

 

If
to the Company, the Pubco, or the Guarantors

Attention:
Qifan Sun

E-mail:
asun@jhdmanagement.com

Address:
Unit 06, 12/F, New Bong Center, No. 555 Haiyang West Road, Pudong, Shanghai

 

If
to the Investor

Attention:
Shulin Li

E-mail:
hntzfz@126.com

Address:
4th Floor, Building 3, No. 288 Ningxia Road, Shinan District, Qingdao

 

		11.7	This
                                            Agreement is made in seven copies, each Party holds one copy, and the remaining three copies
                                            are retained by the Company, each with the same legal effect.

 

[Remainder
of this Page Intentionally Left Blank.]

 

    9

     

    

 

[The
signature page to Investment Agreement]

 

Qingdao
Hainuo Investment Development Co., Ltd. (Seal)

 

	Signature: 	/s/
    Gang Li	 
	Name:	Gang Li	 

     

     

    

 

[The
signature page to Investment Agreement]

 

Pure
Value Trading Company (Shanghai) Limited (Seal)

 

	Signature: 	/s/
    Alan Clingman	 
	Name:	Alan
    Clingman	 

 

     

     

    

 

[The
signature page to Investment Agreement]

 

Ling
Feng Trading Company Limited (Seal)

 

	Signature: 	/s/
    Alan Clingman	 
	Name:	Alan
    Clingman	 

 

     

     

    

 

[The
signature page to Investment Agreement]

 

JHD
Holdings Limited

 

	Authorized
    representative: 	/s/
    Alan Clingman	 

 

     

     

    

 

[The
signature page to Investment Agreement]

 

JHD
Technologies Limited 

 

	Authorized
    representative: 	/s/
Nicholas Wang

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}]]