Document:

Exhibit 10.24

 

Guarantee Agreement by Natural Person
for Credit Line Loan

[Unofficial English Translation]

 

Contract No.: B.2020 E.17609 Q.H.-2

 

Guarantor (Party A): Ping
Qiuzi

Address: No.16, Baisha Futing, Xingzhou
Garden, Xihu District, Hangzhou City 

Name and Number of Certificate: Citizen
ID Card: 330702198608251240  Postal Code: 518000

Fax: Blank Tel: Blank

 

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

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

Legal Representative (Person in Charge):
Wang Ye  Postal Code: 518000 

Fax: 0755-23821111 Tel: 0755-23828888

 

Place of Signing: Futian
District, Shenzhen City

 

Whereas Party A is willing
to provide guarantee for a series of debts of the Debtor under the Contract for Credit Line Loan (hereinafter referred to
as the Contract for Credit Line Loan) with the No. of J.2020 E.17609 Q.H. signed by Party B and Shenzhen United
Time Technology Co., Ltd. (hereinafter referred to as the “Debtor”), according to relevant laws, regulations and
rules, Party A and Party B have reached an agreement through negotiation to conclude this Contract for mutual compliance.

 

Article I Master
Contract and Guarantee Scope

 

I. Under the Contract
for Credit Line Loan, Party B will sign (and/or has) signed relevant annexes, disbursing application for the credit line loan,
notices and other legal documents with the debtor during the valid period of credit line under the Contract for Credit Line
Loan for the Debtor to continuously handle the loan business agreed in the Contract for Credit Line Loan.

 

The Master Contract
guaranteed by this Contract includes but is not limited to the above-mentioned Contract for Credit Line Loan and its related
annexes, disbursing application for the credit line loan, notice, confirmation, agreement, various types of vouchers and other
legal documents forming the relationship between credit rights and debts.

 

II. The guarantee scope
of this guarantee is:

 

1. The principal balance
under the Master Contract that shall not exceed the equivalent (currency) RMB (amount in capital) Fifteen Million Only;
and

 

2. Interest (including
compound interest and penalty interest), liquidated damages, indemnity, other payments to be made by the debtor to Party B (including
but not limited to the relevant handling fees, telecommunications fees and miscellaneous fees paid by Party B, and relevant bank
fees refused to be borne by the Beneficiary under the letter of credit, etc.), and all expenses incurred by Party B to realize
the credit rights and security rights (including but not limited to legal fees, arbitration fees, property preservation fees, travel
expenses, execution fees, assessment fees, auction fees, notarial fees, delivery fees, announcement fees, legal fees, etc.).

 

3.The guarantee scope
agreed in this Contract is the amount in total of price and tax including value-added tax.

 

III. If Party A performs
the guarantee liabilities according to this Contract, the maximum amount of the guaranteed principal shall be deducted accordingly
according to the principal amount paid off by Party A.

 

IV. Even if the actual
formation time of loans, advances, interest, expenses or any other credit rights of Party B under the Master Contract exceeds the
valid period of credit line, it still falls within the guarantee scope of this Contract. The expiration date of the debt performance
period under the Master Contract shall not be limited by the expiration date of the credit line.

 

Article II Guarantee
Method

 

The guarantee provided
by Party A under this Contract is a joint and several liability guarantee.

 

Article III Guarantee
Period

 

I. The guarantee period
under this Contract shall be calculated separately according to the single loan issued by Party B to the Debtor, i.e. from the
date of issuance of the single loan to three years after the expiration of the debt performance period under that loan.

 

    1

     

    

 

II. If Party B and the
Debtor reach an extension agreement on the debt performance period under the Master Contract, the guarantee period shall end at
three years after the expiration of the debt performance period re-agreed in the extension agreement. The extension does not require
the consent of the Guarantor, but the Guarantor still needs to bear joint and several guarantee liabilities.

 

III. If Party B announces
the early maturity of the debt in case of any matters stipulated by laws and regulations or agreed in the Master Contract, the
guarantee period shall end at three years after the early maturity of the debt.

 

Article IV Independence
of Guarantee Contract

 

The validity of this
Contract is independent of the Master Contract. The failure, invalidity, partial invalidity, cancellation or termination of the
Master Contract shall not affect the validity of this Contract. If the Master Contract is confirmed as invalid, ineffective, partially
invalid or cancelled or terminated, Party A shall also be jointly and severally liable for the debts incurred by the Debtor due
to the return of property or compensation for losses.

 

Article V Change
of Master Contract

 

I. Party A agrees that
Party B and the Debtor need not notify Party A of any changes to the Master Contract (including but not limited to extending the
debt performance period or increasing the principal amount of credit rights), and Party A shall still assume the guarantee liabilities
within the guarantee scope agreed upon in this Contract.

 

II. Change of Parties

 

Party A’s guarantee
liabilities shall not be reduced or exempted due to any of the following circumstances:

 

(I) Party B or the Debtor
has any restructuring, consolidation, merger, division, increase or decrease of capital, joint venture, joint operation, renaming,
etc.;

 

(II) Party B entrusts
a third party to perform its obligations under the Master Contract.

 

III. If the transfer
of credit rights or debts under the Master Contract is not effective, invalid, cancelled or terminated, Party A shall still assume
joint and several guarantee liabilities to Party B in accordance with this Contract.

 

IV. If the credit rights
under the Master Contract are transferred, the guarantee credit rights under this Contract will be transferred accordingly.

 

Article VI Guarantee
Liability

 

I. If the debt under
the Master Contract expires or Party B announces that the debt expires ahead of schedule according to the stipulations of the Master
Contract or legal provisions, the Debtor fails to perform in full and on time, or the Debtor violates other stipulations of the
Master Contract, Party A shall assume the guarantee responsibility within the guarantee scope.

 

II. No matter whether
Party B has other guarantees (including but not limited to warranty, mortgage, pledge, letter of guarantee, standby letter of credit
and other guarantee methods) for the credit rights under the Master Contract, no matter when the above other guarantees are established
and whether they are valid, whether Party B claims rights to other guarantors, and whether or not a third Party Agrees to assume
all or part of the debt under the Master Contract, no matter whether other guarantees are provided by the Debtor itself or not,
Party A’s guarantee liabilities under this Contract will not be reduced or exempted, Party B may directly require Party A to assume
the guarantee liabilities within its guarantee scope in accordance with this Contract, and Party A will not raise any objection.

 

III. If Party A only
provides guarantee for part of the debts under the Master Contract, Party A agrees that even if the debts under the Master Contract
are partially eliminated due to the Debtor’s repayment, Party B’s realization of other guarantee rights or any other reasons, Party
A shall still bear the guarantee liabilities for the debts that have not yet been eliminated within the guarantee scope in accordance
with the stipulations of this Contract.

 

IV. If the debts under
the Master Contract have not been fully paid off after Party A assumes the guarantee liabilities, Party A promises that its claim
(including pre-exercise) of subrogation right or recourse right to the Debtor or other guarantors shall not cause any damage to
Party B’s interests, and agrees that the repayment of debts under the Master Contract shall have priority over the realization
of Party A’s subrogation right or recourse right.

 

Specifically, before
Party B’s credit rights are fully paid off,

 

(I) Party A agrees not
to claim subrogation right or recourse right from the Debtor or other guarantors; if Party A realizes the above rights for any
reason, it shall pay off the outstanding credit rights of Party B in priority.

 

(II) If there is any
object guarantee for the debts under the Master Contract, Party A agrees not to claim the guarantee or the proceeds from its disposal
for the reason of exercising the subrogation right or for any other reasons, and the above guaranty and the proceeds shall be used
to pay off the outstanding credit rights of Party B in priority;

 

    2

     

    

 

(III) If the Debtor
or other guarantors provide counter guarantee for Party A, the amount obtained by Party A based on the above counter guarantee
shall be used to pay off the outstanding credit rights of Party B.

 

V. Party A has fully
realized the interest rate risk. If Party B adjusts the interest rate level, interest bearing or interest settlement method according
to the agreement in the Master Contract or the change of the national interest rate policy, resulting in an increase in the interest,
penalty interest and compound interest payable by the Debtor, Party A shall also bear joint and several guarantee liabilities for
the increase.

 

VI. In addition to the
debts under the Master Contract, if the Debtor has other debts due to Party B, Party B has the right to transfer and collect the
RMB or other currency in the account opened by the Debtor in China Construction Bank system, which shall be first used to pay off
any debts due, and Party A’s guarantee liabilities shall not be reduced and exempted.

 

Article VII Party
A’S Other obligations

 

I. Party A shall supervise
the use (including purpose) of the Debtor’s loan.

 

II. Party A shall truthfully
provide Party B with relevant information such as its property and personal credit, and ensure the accuracy, truthfulness, completeness
and validity of the above information; Party A shall not provide any guarantee to any third party beyond its own affordability
without Party B’s written consent.

 

III. If Party A has
changed its nationality, domicile, marital status, major diseases, administrative or criminal punishment, major civil legal disputes,
deterioration of its financial situation, or lose or may lose the guarantee ability for any reason, it shall immediately notify
Party B in writing, and implement the assumption, transfer or inheritance of the guarantee liabilities under this Contract according
to Party B’s requirements, or provide new guarantee satisfactory to Party B for the performance of the Master Contract.

 

IV. In case of merger,
division, equity change, increase or decrease of capital, joint venture or joint operation, etc. of the entity where Party A is
the controlling shareholder or actual controller, Party A shall timely notify Party B.

 

Article VIII Other
Provisions

 

I. Transfer and Collection
of Payables

 

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

 

II. Use of Party A’s
Information

 

Party A agrees that
Party B can query, print and save Party A’s credit status and other personal information through the basic financial credit information
database and other legally established credit agencies, and the information obtained through the query can be used to verify the
guarantor’s qualification, post loan management, other matters related to the loan and other purposes specified by law. Party A
also agrees that Party B will provide Party A’s personal information and credit information (including malicious information) to
the basic financial credit information database and other credit agencies established according to law.

 

III. Announcement for
Collection

 

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

 

IV. Evidence Validity
of Party B’s Records

 

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

 

V. Reservation of Rights

 

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

 

    3

     

    

 

Even if Party B does
not perform or delay the performance of any rights under the Master Contarct or does not use up any relief thereunder, Party A’s
guarantee liabilities thereunder shall not be reduced and exempted therefore. However, if Party B reduces and exempts the debts
hereunder, the Party A’s guarantee liabilities will be reduced and exempted accordingly.

 

VI. Dissolution or Bankruptcy
of the Debtor

 

After Party A knows
that the Debtor has entered the dissolution or bankruptcy procedure, it shall immediately notify Party B to declare its credit
rights. Meanwhile, it shall participate in the dissolution or bankruptcy procedure in a timely manner and exercise the recourse
right in advance. If Party A knows or should know that the Debtor has entered dissolution or bankruptcy procedures, but fails to
exercise the recourse right in advance in time, the losses shall be borne by Party A itself.

 

Notwithstanding the
agreement in Item 2 of Paragraph 5 in this Article, if Party B and the Debtor reach a settlement agreement or agree to a reorganization
plan during the Debtor’s bankruptcy proceedings, Party B’s rights under this Contract will not be damaged by the settlement agreement
or reorganization plan, and Party A’s guarantee liabilities will not be reduced or exempted. Party A shall not oppose Party B’s
claims under the conditions stipulated in the settlement agreement and reorganization plan. For the credit rights that Party B
has made concessions to the Debtor during settlement agreement and reorganization plan and has not obtained the settlement, Party
B shall still have the right to require Party A to pay.

 

VII. If Party A or the
Debtor fails to comply with laws, regulations or rules on environmental and social risk management, or may bring harm and related
risks to the environment and society in the construction, production and business activities (including but not limited to environmental
and social issues related to energy consumption, pollution, land, health, safety, resettlement, ecological protection, energy conservation
and emission reduction, climate change, etc.), Party B shall have the right to exercise the guarantee right under this Contract
in advance and take other relief measures agreed in this Contract or permitted by law.

 

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

 

IX. Dispute Resolution

 

Any dispute arising
from the performance of this Contract can be settled through negotiation. If negotiation fails, it shall be settled as the following
method of item 1. During the litigation or arbitration period, the clauses of this Contract that do not involve disputes shall
still be performed.

 

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

 

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

 

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

 

X. Conditions for the
Contract Entry into Force

 

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

 

XI. This Contract is
made in quadruplicate.

 

XII. Other Matters

 

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

 

1. Address for Service

 

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

 

No.16, Baisha Futing,
Xingzhou Garden, Xihu District, Hangzhou City

 

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

 

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

 

    4

     

    

 

2. Application of Address
for Service

 

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

 

3. Change of Address
for Service

 

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

 

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

 

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

 

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

 

4. Legal Consequences

 

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

 

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

 

This column is blank

 

 

This column is blank

 

 

This column is blank

 

 

Article IX Party
B’s Handling Bank and Seal Affixing

 

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

 

    5

     

    

 

Article X Party
A’s Statement and Guarantee

 

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

 

II. Party A has read
all the terms of this Contract and the Master Contract, and has paid special attention to the second paragraph of Article VIII
of this Contract. As requested by the Party A, Party B has made explanations for the corresponding terms and conditions of this
Contract and the Master Contract. Party A has full information and understanding regarding the implication of the terms and conditions
and the corresponding legal consequence of this Contract and the Master Contract.

 

III. Party A has the
legal qualification to act as guarantor.

 

IV. Party A confirms
that it has fully understood the Debtor’s assets, debts, operation, credit and reputation, whether it has the qualification and
authority to sign the Master Contract and all the contents of the Master Contract.

 

Party A or the authorized
agent has checked the name and number of Party A’s certificate on the first page before signing, and confirmed that they are correct.

 

Party A or Authorized
Agent (Signature): Ping Qiuzi

 

May 8, 2020

 

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

 

Person in Charge or
Authorized Agent (Signature):

 

May 8, 2020

 

 

6Exhibit 10.25

 

Agreement on Maximum Amount Mortgage
for Credit Line Loan

[Unofficial English
Translation]

 

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

 

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

 

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

 

Legal Representative (Person in Charge):
Bao Minfei

 

Fax: Blank Tel.: 0755-86512180

 

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

 

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

 

Person in Charge: Wang Ye

 

Fax: 0755-23821111 Tel: 0755-23828888

 

Place of Signing: Futian District, Shenzhen
City

 

Whereas Party A is willing
to provide maximum amount mortgage guarantee for a series of debts of the Debtor under the Contract for Credit Line Loan
(hereinafter referred to as the “Master Contract”) with the No. of J.2020 E.17609 Q.H. signed by Party B and
United Time Technology Co., Ltd. (hereinafter referred to as the “Debtor”), according to relevant laws, regulations
and rules, Party A and Party B have reached an agreement through negotiation to conclude this Contract for mutual compliance.

 

Article
I Mortgaged Property

 

I. Party A shall set
up mortgage with the property listed in the “List of Mortgaged Property” of this Contract.

 

II. If the mortgaged
property is renewed with a new certificate (certification) of ownership or other rights, resulting in inconsistency between the
“List of Mortgaged Property” or other rights (mortgage rights) certificates or mortgage rights certification documents
received by Party B and the above-mentioned new certificate (certification) of rights or relevant records in the register of the
registration authority, Party A shall not refuse to assume the guarantee responsibility on this ground.

 

III. Unless otherwise
agreed by Party A and Party B or otherwise stipulated by law, the newly added items on the mortgaged property due to attachment,
mixing, processing, reconstruction and other reasons shall also be used as mortgage guarantee for Party B’s credit rights.
Party A shall handle the necessary mortgage registration and other procedures according to Party B’s requirements.

 

IV. If the value of
the mortgaged property has decreased or may decrease, affecting the realization of Party B’s credit rights, Party A shall
provide new guarantee according to Party B’s requirements.

 

Article
II Guarantee Scope, Maximum Limit of Credit Rights and Determination Period of
Credit Rights

 

I. The guarantee scope
of this maximum amount of mortgage is all debts under the Master Contract, including but not limited to the principal, interest
(including compound interest and penalty interest), liquidated damages and indemnity disbursed by the debtor, other payments to
be made by the debtor to Party B, and all expenses incurred by Party B to realize the credit rights and security rights (including
but not limited to legal fees, arbitration fees, property preservation fees, travel expenses, execution fees, assessment fees,
auction fees, notarial fees, delivery fees, announcement fees, legal fees, etc.) . The guarantee scope agreed in this Contract
is the amount in total of price and tax including value-added tax.

 

II. The maximum limit
of guarantee liability under this maximum amount mortgage is (currency) RMB (amount in words) Twenty-two Million and
Five Hundred Thousand Only. If Party A performs its guarantee obligations according to this Contract, the maximum amount shall
decrease accordingly according to the amount performed.

 

III. The determination
period of credit rights with the maximum amount mortgage is the valid period of credit line under the Master Contract.

 

IV. Even if the actual
formation time of loans, interest, expenses or any other credit rights of Party B under the Master Contract exceeds the determination
period of credit rights, it still falls within the guarantee scope of the maximum amount mortgage. The expiration date of the debt
performance period under the Master Contract shall not be limited by the determination period of credit rights.

 

    1

     

    

 

Article III Registration
of Mortgaged Property

 

Both parties shall handle
the mortgage registration formalities at the corresponding registration authorities within 30 working days after the signing of
this Contract. Party A shall submit the other rights certificates and the original mortgage registration documents of the mortgaged
property and other rights certificates to Party B for holding on the date of completion of mortgage registration.

 

Article IV Change
of the Master Contract

 

I. Party A agrees that
Party B and the Debtor need not notify Party A of the signing of the Master Contract or any changes to the Master Contract (including
but not limited to extending the debt performance period or increasing the principal amount of credit rights), and Party A shall
still assume the guarantee liabilities within the maximum amount and guarantee scope agreed upon in this Contract.

 

II. Change of Parties

 

Party A’s guarantee
liabilities shall not be reduced or exempted due to any of the following circumstances:

 

(I) Party B or the Debtor
has any restructuring, consolidation, merger, division, increase or decrease of capital, joint venture, joint operation, renaming,
etc.;

 

(II) Party B entrusts
a third party to perform its obligations under the Master Contract.

 

III. If the credit rights
under the Master Contract are transferred to a third party, the guarantee under this Contract will be transferred accordingly,
and Party A shall assist Party B and the third party to handle the mortgage change registration formalities required by law.

 

IV. If the transfer
of credit rights or debts under the Master Contract is not effective, invalid, canceled or terminated, Party A shall still assume
the guarantee liabilities to Party B in accordance with this Contract.

 

Article
V Possession and Custody of Mortgaged Property

 

I. Party A shall properly
possess, keep, repair and maintain the mortgaged property, reasonably use the mortgaged property, maintain the mortgaged property
in good condition, and pay all taxes and fees related to the mortgaged property on time. Party B has the right to inspect the mortgaged
property and may require Party A to hand over the original certificate of mortgaged property right to Party B for safekeeping.

 

II. If Party A entrusts
or agrees to a third party to possess, keep or use the mortgaged property, it shall inform the third party of the existence of
the mortgage right of Party B, and require it to keep the mortgaged property in good condition, accept Party B’s inspection
of the mortgaged property and not prevent Party B from realizing the mortgage right. Party A shall not be exempted from the obligations
mentioned in the preceding articles, and shall also be responsible for the acts of the third party.

 

III. If the mortgaged
property causes personal or property damage, Party A shall bear the liability for compensation. If Party B bears the responsibility
for the claim, or pays compensation for Party A in advance, Party B shall have the right to claim compensation from Party A.

 

Article VI Insurance
of Mortgaged Property

 

I. Unless otherwise
agreed by both parties, Party A shall insure the mortgaged property according to the relevant laws and the types, periods and amounts
of insurance specified by Party B. The insurer shall have legal qualifications and good reputation.

 

II. The contents of
the insurance policy shall conform to the requirements of Party B and shall not be accompanied by restrictive conditions that damage
the rights and interests of Party B. The insurance policy shall specifically indicate: Party B is the first beneficiary (the first
beneficiary) of the insurance compensation; the change of insurance policy shall be subject to the written consent of Party B;
in the event of an insured accident, the insurer shall directly transfer the insurance compensation to the account designated by
Party B. If the mortgaged property is insured but the insurance policy does not indicate the above contents, the insurance policy
shall be annotated or changed accordingly.

 

III. Party A shall ensure
that the insurance is continuously valid and shall not be interrupted, canceled or invalidated for any reason, or cause the insurer
to reduce or exempt the liability for compensation, or change the insurance policy without Party B’s consent. If the credit
rights guaranteed by Party A are not fully repaid when the insurance period expires, Party A shall renew the insurance and extend
the insurance period accordingly.

 

IV. Party A shall deliver
the original insurance policy of the mortgaged property to Party B within 30 working days from the date of signing this Contract
(or the date of completing renewal if the mortgaged property is renewed), and reserve the necessary documents for insurance claims
or transfer of insurance rights and interests in Party B.

 

    2

     

    

 

V. Party B has the right
to choose the following methods to deal with the insurance compensation obtained from the mortgaged property, and Party A shall
assist in handling the relevant procedures:

 

(I) With the consent
of Party B, it is used to repair the mortgaged property to restore the value of the mortgaged property;

 

(II) Make settlement
or early settlement of the principal and interest of the debts and related expenses under the Master Contract;

 

(III) Provide pledge
guarantee for debts under the Master Contract;

 

(IV) After Party A provides
a new guarantee that meets the requirements of Party B, Party A shall be free to dispose of it.

 

Article VII Restrictions
on Party A’s Disposition of Mortgaged Property

 

I. Without Party B’s
written consent, Party A shall not dispose the mortgaged property in any way, including but not limited to waiving, leasing (including
lease renewal upon expiration of the original lease contract), giving, transferring, contributing, repeatedly guaranteeing, migrating,
changing to public welfare use, adding, rebuilding or dividing with other things.

 

II. With the written
consent of Party B, the price or other funds obtained from Party A’s disposal of the mortgaged property shall be deposited
into the account designated by Party B. Party B has the right to choose any method agreed in Items (II) to (IV) of Paragraph V
of Article VI of this Contract to deal with the above payment, and Party A shall assist in handling relevant procedures.

 

Article VIII Third
Party’s Interference

 

I. If the mortgaged
property is expropriated, requisitioned, dismantled, confiscated or recovered free of charge by the State, or the mortgaged property
is sealed up, frozen, detained, supervised, retained, auctioned, forcibly possessed, damaged or otherwise disposed of by a third
party, Party A shall immediately notify Party B and take measures to stop, eliminate or remedy the loss from expanding in time;
if Party B requests, Party A shall provide a new guarantee that meets Party B’s requirements.

 

II. The remaining part
of the mortgaged property after the occurrence of the circumstances mentioned in the preceding paragraph shall still be used as
the mortgage guarantee for Party B’s credit rights. The indemnity or compensation obtained by Party A due to the above reasons
shall be deposited into the account designated by Party B. Party B has the right to choose any method agreed in Items (I) to (IV)
of Paragraph V of Article VI of this Contract to deal with the above payment, and Party A shall assist in handling relevant procedures.

 

Article IX Realization
of Mortgage Right

 

I. If the Debtor fails
to perform the debts due under the Master Contract or fails to perform the debts declared to be due in advance, or violates other
agreements in the Master Contract, Party B shall have the right to dispose of the mortgaged property.

 

II. The value of the
mortgaged property recorded in the “List of Mortgaged Property” or otherwise agreed upon by both parties (hereinafter
referred to as “Provisional Value”) in this Contract, whether recorded in the register book of the registration authority
or not, does not indicate the final value of the mortgaged property. Its final value is the net amount of the proceeds from Party
B’s disposal of the mortgaged property after deducting various taxes and fees.

 

If the mortgaged property
is used to offset Party B’s credit rights, the above Provisional Value shall not be used as the basis for the mortgaged property
to offset Party B’s credit rights. Meanwhile, the value of the mortgaged property shall be determined by both parties through
negotiation or fair evaluation according to law.

 

III. The proceeds from
Party B’s disposal of the mortgaged property shall be used to pay off the debts under the Master Contract after paying the
expenses (including but not limited to safekeeping fees, assessment fees, auction fees, transfer fees, taxes, transfer fees of
state-owned land use rights, etc.) in the process of sale or auction, and the remaining proceeds shall be returned to Party A.

 

IV. If Party A is the
Debtor, Party B may apply for compulsory execution of the property other than Party A’s mortgaged property without considering
giving up the mortgage right or having to dispose of the mortgaged property as the precondition.

 

V. Party A shall not
prevent Party B from realizing the mortgage rights in any way (including acts or omissions).

 

VI. No matter whether
Party B has other guarantees (including but not limited to guarantee, mortgage, pledge, letter of guarantee, standby letter of
credit, etc.) for the credit rights under the Master Contract, no matter when the above other guarantees are established, whether
they are valid, whether Party B puts forward claims to other guarantors, whether a third party agrees to bear all or part of the
debts under the Master Contract, and whether other guarantees are provided by the Debtor himself, Party A’s guarantee liability
under the Contract will not be relieved as a result, and Party B may directly require Party A to bear the guarantee liabilities
within its guarantee scope as agreed in the Contract, and Party A will not raise any objection.

 

    3

     

    

 

VII. If the maximum
limit of guarantee liability agreed in this Contract is lower than the actual balance of credit rights under the Master Contract,
and if the debts under the Master Contract have not been fully paid off after Party A assumes the guarantee liabilities, Party
A promises that its claim (including pre-exercise) of subrogation right or recourse right to the Debtor or other guarantors shall
not cause any damage to Party B’s interests, and agrees that the repayment of debts under the Master Contract shall have
priority over the realization of Party A’s subrogation right or recourse right.

 

Specifically, before
Party B’s credit rights are fully paid off,

 

(I) Party A agrees not
to claim subrogation right or recourse right from the Debtor or other guarantors; if Party A realizes the above rights for any
reason, it shall pay off the outstanding credit rights of Party B in priority.

 

(II) If there is any
object guarantee for the debts under the Master Contract, Party A agrees not to claim the guarantee or the proceeds from its disposal
for the reason of exercising the subrogation right or for any other reasons, and the above guaranty and the proceeds shall be used
to pay off the outstanding credit rights of Party B in priority;

 

(III) If the Debtor
or other guarantors provide counter guarantee for Party A, the amount obtained by Party A based on the above counter guarantee
shall be used to pay off the outstanding credit rights of Party B.

 

VIII. If the Master
Contract is non-established, ineffective, invalid, partially invalid or canceled or dissolved, and Party A and the Debtor are not
the same person, Party A shall be jointly and severally liable to the Debtor for the debts arising from the return of property
or compensation for losses within the guarantee scope agreed in this Contract.

 

IX. Party A has fully
realized the interest rate risk. If Party B adjusts the interest rate level, interest bearing or interest settlement method according
to the agreement in the Master Contract or the change of the national interest rate policy, resulting in an increase in the interest,
penalty interest and compound interest payable by the Debtor, Party A shall also bear guarantee liabilities for the increase.

 

X. In addition to the
debts under the Master Contract, if the Debtor has other debts due to Party B, Party B has the right to transfer and collect the
RMB or other currency in the account opened by the Debtor in China Construction Bank system, and which shall be first used to pay
off any debts due, and Party A’s guarantee liabilities shall not be reduced and exempted.

 

Article
X Responsibility for Breach of Contract

 

I. Party A’s Liability
for Breach of Contract

 

(I) Party B has the
right to take one or more of the following measures if Party A violates any agreement or there is any falsehood, error or omission
in representations and warranties in this Contract:

 

1. Demand
Party A to correct the acts for breaching the contract within a time limit;

 

2. Demand
Party A to provide a new guarantee;

 

3. Demand
Party A to compensate for the losses;

 

4. Dispose
the mortgaged property;

 

5. Other
relief measures permitted by law.

 

(II) Party B has the
right to choose any method agreed in Items (II) to (IV) of Paragraph V of Article VI to deal with the proceeds from the disposal
of mortgaged property, and Party A shall assist in handling relevant procedures.

 

(III) If
the mortgage rights are not effectively established, or the value of mortgaged property is reduced, or Party B fails to realize
the mortgage rights timely or sufficiently due to Party A’s reasons, and if Party A is not the Debtor, Party B shall have
the right to require Party A to bear joint and several liabilities for the guaranteed debts with the Debtor within the guarantee
scope agreed in this Contract.

 

II. Party B’s
Liability for Breach of Contract

 

If Party B loses the
mortgaged property right certificate delivered by Party A due to fault; or if Party B fails to return the mortgaged property right
certificate in time or fails to assist in handling the mortgage registration cancellation procedures according to law after Party
A applies after the debt under the Master Contract is paid off, Party A shall have the right to take one or more of the following
measures:

 

(I) Require Party B
to bear the expenses for reissuing the mortgaged property right certificate;

 

(II) Require Party B
to return the right certificate of the mortgaged property within a time limit or assist Party A to cancel the registration of the
mortgaged property.

 

    4

     

    

 

Article XI Other
Terms

 

I. Expenses

 

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

 

2. For
other expenses, Party A and Party B agree as follows: This column is blank

 

II. Transfer and Collection
of Payables

 

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

 

III. Use of Party A’s
Information

 

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

 

IV. Announcement for
Collection

 

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

 

V. Evidence Validity
of Party B’s Records

 

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

 

VI. Reservation of Rights

 

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

 

Even if Party B does
not perform or delay the performance of any rights hereunder or does not use up any relief hereunder, Party A’s guarantee
liabilities hereunder shall not be reduced and exempted therefore. However, if Party B reduces and exempts the debts hereunder,
the Party A’s guarantee liabilities will be reduced and exempted accordingly.

 

VII. In case of division,
dissolution, entering bankruptcy proceedings, revocation, cancellation of industrial and commercial registration, revocation of
business license, being damaged, lost, being infringed upon or out of Party A’s control of mortgaged property due to natural
factors or acts of a third party, dispute over the ownership of mortgaged property or cancellation of rights certificate (certification),
Party B shall be notified immediately.

 

VIII. Dissolution or
Bankruptcy of the Debtor

 

After Party A knows
that the Debtor has entered the dissolution or bankruptcy procedure, it shall immediately notify Party B to declare its credit
rights. Meanwhile, it shall participate in the dissolution or bankruptcy procedure in a timely manner and exercise the recourse
right in advance. If Party A knows or should know that the Debtor has entered dissolution or bankruptcy procedures, but fails to
exercise the recourse right in advance in time, the losses shall be borne by Party A itself.

 

Notwithstanding the
agreement in Item II of Paragraph V in this Article, if Party B and the Debtor reach a settlement agreement or agree to a reorganization
plan during the Debtor’s bankruptcy proceedings, Party B’s rights under this Contract will not be damaged by the settlement
agreement or reorganization plan, and Party A’s guarantee liabilities will not be reduced or exempted. Party A shall not
oppose Party B’s claims under the conditions stipulated in the settlement agreement and reorganization plan. For the credit
rights that Party B has made concessions to the Debtor in the settlement agreement and reorganization plan and has not obtained
the settlement, Party B shall still have the right to demand Party A to assume the guarantee liabilities.

 

    5

     

    

 

IX. Party A’s
Dissolution or Bankruptcy

 

If Party A dissolves
or goes bankrupt, and even if Party A’s credit rights under the Master Contract has not expired, Party B shall also have
the right to participate in Party A’s liquidation or bankruptcy procedures and declare the right.

 

X. If Party A or the
Debtor fails to comply with laws, regulations or rules on environmental and social risk management, or may bring harm and related
risks to the environment and society in the construction, production and business activities (including but not limited to environmental
and social issues related to energy consumption, pollution, land, health, safety, resettlement, ecological protection, energy conservation
and emission reduction, climate change, etc.), Party B shall have the right to exercise the guarantee right under this Contract
in advance and take other relief measures agreed in this Contract or permitted by law.

 

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

 

XII. Other Matters

 

(I) The performance
period of the main debt is from May 8, 2020 to April 28, 2021, subject to the agreement in the Master Contract.

 

(II) If the mortgage
registration items change and need to be changed according to law, Party A shall jointly handle the change registration formalities
with Party B according to Party B’s requirements.

 

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

 

1. Address
for Service

 

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

 

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

 

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

 

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

 

2. Application
of Address for Service

 

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

 

3. Change
of the address for service

 

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

 

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

 

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

 

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

 

4. Legal
consequences

 

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

 

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

 

    6

     

    

 

XIII. Contract Dispute
Resolution Methods

 

Any dispute arising
from the performance of this Contract can be settled through negotiation. If negotiation fails, it shall be settled as the following
method of item 1. During the litigation or arbitration period, the clauses of this Contract that do not involve disputes shall
still be performed.

 

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

 

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

 

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

 

XIV. The Effectiveness
of the Contract

 

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

 

XV This Contract is
made in quintuplicate.

 

Article XII List
of Mortgaged Property

 

The list of mortgaged
property under this Contract is as follows:

 

List of Mortgaged Property

	
        

        Name of Mortgaged Property

        
	Number of Ownership Certificate and Other Relevant Certificate No.	Address	Area or Quantity	The amount of mortgage that has been set for other credit rights (RMB 10,000)	Note
	702, 7/F, Block A, Building 5, Software Industry Base, Shenzhen City	S.F.D.Z. No.4000630679	702, 7/F, Block A, Building 5, Software Industry Base, Shenzhen City	640.37 m2	 	 

  

Article XIII Party
B’s Handling Bank and Seal

 

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

 

Article XIV Party
A’s Representations and Warranties

 

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

 

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

 

III. Party A has the
legal qualification of a Guarantor. Party A’s guarantee behavior under this Contract complies with the provisions of laws,
administrative regulations, rules, Party A’s articles of association or internal organization documents, and has been approved
by the Company’s internal competent authority and/or the national competent authority. All liabilities arising from Party
A’s inability to sign this contract shall be borne by Party A, including but not limited to compensate Party B in full for
the losses thus incurred.

 

    7

     

    

 

IV. Party A confirms
that it has fully understood the Debtor’s assets, debts, operation, credit and reputation, whether it has the qualification
and authority to sign the Master Contract and all the contents of the Master Contract.

 

V. Party A shall have
the right to own or dispose of the mortgaged property according to law. The mortgaged property is not a public welfare facility
and is prohibited from circulation and transfer. There is no ownership dispute.

 

VI. There is no other
joint owner of the mortgaged property or the guarantee behavior has been agreed upon by the other joint owners in witting although
there are other joint owners.

 

VII. The mortgaged property
does not have any defects or burdens that have not been notified to Party B in writing, including but not limited to the fact that
the mortgaged property is restricted in circulation, sealed up, detained, supervised, leased or retained, the mortgaged property
is in arrears with the purchase price, maintenance cost, construction project price, state tax, land use right transfer fee, damages,
etc., or the mortgaged property has already set a guarantee for a third party.

 

VIII. All materials
and information related to the mortgaged property provided by Party A to Party B are true, legal, accurate and complete.

 

IX. The provision of
this mortgage guarantee by Party A does not harm the legitimate interests of any third party and does not violate Party A’s
legal and contractual obligations.

 

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

 

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

 

May 8, 2020

 

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

 

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

 

May 8, 2020

 

 

8

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