Document:

Exhibit 10.10

 

Loan Agreement of Circulating Funds

 

Contract No.: 56011900000106

 

BANK OF ZHANGJIAKOU

 

     

     

    

 

	
        Important Notice

        Please read the whole Agreement carefully,
        especially the provisionsin bold italic. If you have any questions, please ask the Lender timely to explain.

 

Lender (Party A):Zhangjiakou Bank Co.,
Ltd. Baoding Branch

Legal Representative/Principal: Gao Yicheng

Authorised Person: Ren Jianjun

Address: No. 70 Tian’exi Road, Jingxiu
District Qixia City, Hebei Province

Contact Person: Zhang Xinzhe

Telephone: 0310-8203166 Fax: Mail:zhangxinzhe@jkccb,com

 

Borrower (Party B): Wuhan Kingold
Jewelry Co., Ltd

Legal Representative/ Principal: Zhihong
Jia

License Number: 914201007414027360

Address:  Floor 10 Building 7,
No.8 Hanhuanglu Road, Jiang’an District, Wuhan 

Authorised Person: Huang Yi

Postcode: 430023

Telephone: Fax:

 

  Since the Borrower applies
for loan from the Lender, to specify the rights and obligations of both parties, the Borrower and the Lender reach consensus through
consultation and agree with following agreement.

 

 Article 1 Loan

 

1.1 Currency: RMB.

 

1.2 The amount of loan under the Agreement
is: ONE HUNDRED AND EIGHTY MILLION YUAN.

 

1.3 This loan should be used for Purchasing
Gold only.

 

1.4 The life of loan under
the Agreement is from September 16, 2019 to September 15, 2020.

 

The life of loan is from the date of issuing
the first loan under this Agreement to the date when Borrower pays back the principal and interest under the Agreement.

 

 Article 2 Interest Rate of Loan
and Interest Settlement

 

2.1 The interest rate of loan under the
Agreement uses the way in _2.1.1__ as follows:

 

2.1.1 Fixed rate, 6.25% (Year) During
the life of loan, it is unchangeable and will not adjust basing on national interest.

 

2.1.2 Floating interest rate, i.e. ___∕__
(choose “rising” or “lowering”) _∕__% based on the benchmark interest rate of value date. If the
People’s Bank of China adjusts the benchmark interest rate during the loan term, following / is used as
the interest rate adjustment date:

	 	(1)	The adjustment is made monthly, once per month.

	 	(2)	The adjustment is made quarterly, once per quarter.

	 	(3)	The adjustment is made every half year, once per half year.

	 	(4)	The adjustment is made every year, once per year.

 

If the People’s Bank of China changes
the benchmark interest rate into floating interest or calls the benchmark interest rate, the parties should adjust the loan interest
under mutual discussion, but the interest after the adjustment should be not lower than the interest before; if after ___∕__
month from the date when the People’s Bank of China adjusts the interest, the two parties have not reached a consensus regarding
the adjusted interest rate, the Lender has right to declare the acceleration of maturity regarding the loan under this Agreement.

 

     

     

    

 

2.2 Interest settlement

 

2.2.1 Daily interest = monthly interest
rate / 30, monthly interest rate = annual interest rate / 12.

 

2.2.2 Normal interest = agreed rate of
interest under this agreement × loan amount × usage days been used. The usage days should start from the lending day
to the date of expiry.

 

2.2.3 The interest settlement of loan under
the Agreement is based on the following __(2)__ way. When the loan expires, the principal and interest should be repaid.
The interest settlement date is the interest payment date.

	 	(1)	The interest is settled on the  /  day of last month of every season;

	 	(2)	The interest is settled on the 21st day of every month.

 

2.3 Default interest

 

2.3.1 If the Borrower fails to use the
loan in accordance with the agreed purposes, or the Borrower fails to repay the loan within the agreed deadline and has not reached
agreement on extension with the Lender (so it is overdue loan), the Lender has the right to get the default interest for the misappropriated
loan or overdue loan according to the default interest rate under this Agreement.

 

2.3.2 If the loan currency is RMB, when
the Borrower fails to repay the loan within the agreed deadline, the default interest rate will increase by 50% regarding the overdue
loan; when the Borrower fails to use the loan in accordance with the agreed purposes, the loan interest rate will increase by 100%
regarding the misappropriated loan. If the People’s Bank of China adjusted the benchmark interest rate, the floating interest
loan is overdue or misappropriated, the Lender has the right to adjust the default interest rate, and applies the new default interest
since the interest adjustment date of the People’s Bank of China.

 

2.4 If the Borrower repays or the Lender
calls in loan in advance, the relevant interest will not be adjusted and the agreed interest rate still applies.

 

 Article 3 Issuance, Payment and
Repayment of Loan

 

3.1 The Borrower can draw the loan amount
by several allocations, but the sum of all allocations does not exceed the amount provided by Article 1.

 

3.2 The Lender is only obliged to loan
when the following conditions are met constantly:

	 	(1)	The Borrower has completed all the relevant legal procedures including the government license, approval, registration and other legal procedures required by the Borrower, and such legal procedures are continuously effective;

	 	(2)	The guarantee agreement (if any) under this Agreement has taken effect and will be continuously effective; if the guarantee agreement is pledge agreement and/or mortgage agreement, the guarantee right has been set and will be continuously effective;

	 	(3)	The Borrower’s operation and financial status does not have any substantial adverse changes;

	 	(4)	The Borrower does not violate this Agreement;

	 	(5)	The way of this loan payment is consistent with the Agreement; if the lender entrusted payment is the payment way, the Lender agrees to pay;

	 	(6)	If the loan is issued in foreign currency, the Borrower has already opened the relevant account according to the management requirement of foreign exchange and provided the documents showing that the loan conforms the relevant foreign exchange policy, including but not limited to, effective foreign exchange purpose documentary evidence, registration or approval documents;

	 	(7)	The Borrower has already opened the capital recovery account according to Article 3.9;

	 	(8)	______________/____________________________________________________.

 

     

     

    

 

3.3 The Borrower appointed the account
below as the loan account:

Account Name : Wuhan Kingold Jewelry
Co., Ltd.

Account No.: 1200560121560000230

Bank Name : Zhangjiakou Bank, Baoding
Branch.

 

3.4 The actual date of lending and the
amount is subject to the Loan Certificate.

 

3.5 The Borrower shall go through the drawing
procedure at least three bank business days in advance, send the application of drawing to the Lender to meet the amount payment
need for the future / days, and clarify the way of payment (entrusted payment by the Lender or the direct payment
by the Borrower).

 

3.6 Entrusted payment by the Lender is
that after the loan is issued pursuant to this Agreement, the Lender pays the loan to the counterparty of the Borrower who conforms
to the agreed purposes of the Agreement, according to the entrusted payment power of attorney of the Borrower.

The lender entrusted payment is used if
any of the conditions below is met:

(1) The amount of one payment is more than ZERO
Yuan (this amount is the limit of entrusted payment).

(2)       /        .

If the entrusted payment of the Lender
is the way of capital payment, the Borrower should send Loan Capital Payment Power of Attorney. The Lender reviews the Credit Usage
Application, Loan Capital Payment Power of Attorney, Loan Certificate and relevant payment transaction documents (including but
not limited commercial contract, invoices and goods receipts). If the application conforms with this Agreement and the relevant
payment transaction documents, the Lender will pay the loan capital to the counterparty of the Borrower according to the agreed
purposes of the Agreement. If the planned payment of the Borrower is not in compliance with the this Agreement, the corresponding
commerce agreement, proof materials or has any other default, the Lender has the right to refuse to pay and return the payment
power of attorney submitted by the Borrower.

If the Lender agrees to pay, but since
the information provided by the Borrower is wrong so it can’t be paid, or the payment is refunded, the Borrower shall resubmit
relevant certificate and documents with correct information before the deadline provided by the Lender. The Lender does not bear
the loss of the Borrower caused by the payment failure.

If the Lender pays to the wrong party because
the information provided by the Borrower is wrong, the Lender does not bear any responsibility to the Borrower. The Borrower still
needs to repay the principal and the interest for the part of wrong payment.

 

3.7 Direct payment by the Borrower
means, after the Lender pays the loan to the account of the Borrower according to this Agreement, the Borrower directly pays to
its counterparty according to the agreed purposes of the Agreement.

 

For loan amount payment not exceeding / Yuan,
and the Borrower and the Lender do not agree to adopt entrusted payment, the direct payment by the Borrower will be used.

 

If direct payment is used, the Lender
has the right to examine if the loan payment conforms to the agreed purposes by ways such as account analysis, certificate review,
and on-site investigation. The Borrower shall cooperate with the Lender about the examination.

 

     

     

    

 

3.8 The Borrower shall pay back according
to the deadline in Article 1.4 and following plan. If the Loan Certificate states a deadline different with this Agreement, the
Loan Certificate prevails.

 

	Deadline	 	Amount
	September 15, 2020	 	ONE HUNDRED MILLION
	 	 	ONE HUNDRED MILLION
	 	 	ONE HUNDRED MILLION

 

3.9 Loan capital recovery account.

The Borrower shall open specialized loan
capital recovery account from the Lender (Account Name: Wuhan Kingold Jewelry Co., Ltd. Account No.: 1200560121560000230, Bank
Name: Zhangjiakou Bank, Baoding Branch.), so the Lender can recover the loan capital. The capital recovery account
is used to receive the relevant sales revenue or planned repayment capital. If the relevant sales revenue are calculated in non-cash
way, the Borrower shall insure that the capital is allocated to the recovery account on time after receipt. In the meanwhile, the
Borrower shall provide the loan capital recovery account details to the Lender Every quarter (week/ month/ quarter).

 

3.10 If the Lender receives loans
in advance according to Article 8 of this Agreement, it deems that the loan deadline advances accordingly.

 

3.11 If the Borrower
prepays the loan, the Borrower shall send the application in writing 30 days in advance for consent by the Lender. When the Borrower
prepays the loan, the Lender has the right to charge the loan interest according to the Agreement in the actual loan period, and
charges the repayment procedure fee which is   ∕ % of the prepaid capital.

 

3.12 The Borrower
hereby irrevocably authorizes that when any of the situations under Article 8 or 9 happens, the Lender can withdraw principal and
interest from any account of the Borrower. The Borrower agrees to give up any right of defense.

 

 Article 4 Guaranty

 

The guaranty contracts are as follow:

1) No.:56011900000106Z01, the
way of warrant: Pledge, warrantor: Wuhan Kingold Jewelry Co., Ltd.

2) No.:56011900000106B01, the
way of warrant: Warranty, warrantor: Jia Zhihong.

 

 Article 5 Representations and
Warranties of the Borrower

 

5.1 The Borrower is an independent civil
subject set in accordance with the law, has all the necessary civil rights capability and civil action capability; and has the
ability to fulfill the obligations of the Agreement and take civil responsibility.

 

5.2 Signing and fulfilling the Agreement
is the Borrower’s true intention, and has gone through all the necessary approvals and authorization, and there is no legal
flaw.

 

5.3 The operation and business of
the Borrower is legal and in compliance. The Borrower has the ability of continuing operation, it has legal repayment source, and
it does not have material bad credit record. The management team of the Borrower has no bad record.

 

5.4 The circulating fund loan matters are
in compliance with the law.

 

5.5 The Borrower shall provide complete,
true and accurate, effective documents, statements, materials and information on time according to the Lender’s requirement.
The Borrower never hides any information that will give bad influence to its financial condition and ability of repayment. There
is no material adverse change to the Borrower’s financial condition since the date of the latest financial statement.

 

     

     

    

 

5.6 When signing the Agreement, the Borrower
is not a shareholder or “actual controller” under the Company Law of the guarantor, and has no plan to be a shareholder
or actual controller of the guarantor, or the guarantor has provided its shareholder resolution about agreeing to provide guaranty
to the Borrower.

 

5.7 Before paying
off all debt under the Agreement, the Borrower’s financial target should be controlled in :

(1) Asset-liability ratio should not be
higher than _/_%;

(2) Liquidity ratio should not be lower
than _/__%;

(3) Quick ratio should not be lower than
_/_%;

(4) The balance of external guarantee should
not be higher than _/_% of net assets;

(5) ____/______________________________________

 

5.8 The Borrower promises that it will
cooperate with the Lender regarding loan payment management, the post-loan management and relevant examination.

 

5.9 Before external investment, material
increase of debt financing, merge, split, equity transfer and other material matters, the Borrower should get permission from the
Lender first.

 

5.10 The Lender has the right to call back
the loan in advance according to the capital recovery situation of the Borrower.

 

5.11 The Borrower should inform the Lender
timely if any material disadvantage issues happened that would affect the ability of taking back the loan of the Lender.

 

 Article 6 The Rights and Obligations
of the Lender

 

6.1 The Lender has right to call back the
loan capital, interest (including default interest for expiration and misuse) according to the Agreement, charge the fees payable
by the Borrower, has right to call back the loan in advance according to the Borrower’s capital recovery situation, and exercise
other rights under the Agreement or under the law.

 

6.2 During the process of exercising the
Agreement, the Lender checks the documents provided by the Borrower. If the Lender cannot complete the entrusted payment on time
because the Borrower provided untrue, inaccurate or incomplete documents or the Borrower conducts the payment in violation of this
Agreement, the Lender shall not undertake any responsibilities.

 

6.3 If the lending or the payment failed
because of the frozen loan account or the payment account appointed by the Borrower or because of any other reasons, the Lender
shall not undertake any responsibilities.

 

 Article 7 The Rights and Obligations
of the Borrower

 

7.1 The Borrower shall repay the loan and
interest under the Agreement according to the timing, amount and currency agreed in this Agreement.

The Borrower shall allocate the sales revenue
or planed repayment into the capital recovery account timely, and shall provide capital flow details of the capital recovery account
according to the Agreement’s requirement.

 

7.2 The Borrower shall not divert the
loan under the Agreement to other purposes, shall not use the loan to invest in fixed assets or equity, or areas and uses for
production and operation forbidden by the country. 

The Borrower shall pay the loan capital
according to the Agreement, shall not avoid the lender entrusted payment by breaking the whole into the parts. The loan capital
payment shall comply with the Agreement rules if the borrower direct payment is adopted.

 

7.3 The Borrower shall provide the record
and materials regarding the loan amount usage to the Lender each quarter (week/month/quarter).

 

     

     

    

 

 

7.4 The Borrower
shall bear the expenses under the Agreement, including but not limited to the notary fee and the appraisal fee.

The Borrower shall bear the loan capital
clearing fee (including the lender entrusted payment and the borrower direct payment), and shall pay in full the relevant fees
on time according to the fee items, rates and timing required by the Lender. The payment may be processed through People’s
Bank payment system or the clearing system in the same city.

 

7.5 The Borrower
shall follow the Lender’s business regulations and operation customs related to the loan business, including but not limited
to cooperating with the Lender to manage the loan payment system and check the utilization of the loan and the Borrower’s
operation, and timely providing the Lender financial reports, loan payment usage record and materials, information of affiliates
and related party transactions, other documents and information, and guarantee that provided materials are all valid, true and
complete.

 

7.6 The Borrower
shall notify the Lender for any of the following events at least 30 days in advance, and shall not act before paying off all of
the loan principal and interest under this Agreement or providing the payment schedule and guaranty approved by the Lender:

(1) Address material assets or all or most
of the materials assets by sale, gift, lease, lend, transfer, guarantee, pledge or other ways;

(2) There is or may be material change
to the operation system or ownership organization form, including but not limited to contracting, renting, joint venture, corporation
reform, share cooperation reform, enterprise sale, M&A, joint operation, split, setting subsidiary, ownership transfer, capital
decrease;

(3) There is other situation of losing
or has possibility of losing the ability to repay debt;

 

7.7 The Borrower
shall inform the Lender with a written notice at least 7 days in advance if any of the below situations happened or might happen:

(1) The Borrower or its affiliates modify
its bylaws, change its industry and commerce registration matters such as articles of incorporation, enterprise name, legal representative,
domicile, mailing address or business scope or makes decisions with material effect to finance or personnel;

(2) The Borrower, its affiliates or guarantor
plans to file bankruptcy or may have been filed bankruptcy by the creditor;

(3) The Borrower or its affiliates involve
in major lawsuits, arbitrations, administrative measures, or the main property or guaranty under this Agreement has been conducted
property attachment or other enforcement measures, or, the safe and complete status of the main property or guaranty under this
Agreement is or may have been impacted or the value decreased or it is possible to decrease;

(4) The Borrower or its affiliates
provide guarantee for a third party so it causes major adverse implication to its economic status, financial status, or the ability
of performing the obligations under this Agreement;

(5) The Borrower or its affiliates sign
an agreement which has major implication to its operation and financial status;

(6) The Borrower, its affiliates or guarantor
stops production, closes business, dissolves, suspends business for rectification, is repealed or is revoked business license;

(7) The Borrower or its affiliates, the
major investor individual of the Borrower or its affiliates, the legal representative (responsible person), director or senior
manager of the Borrower or its affiliates disappears, involves in violation of the laws and rules or the applicable exchange rules
or appears abnormal changes;

 

     

     

    

 

(8) The Borrower or its affiliates have
serious operational problems, its financial situation deteriorates, or any other events happened which have negative impact on
the Borrower or its affiliates’ operation, financial condition, the ability of repayment or the economic status;

(9) Related party transaction happens,
and the transaction amount reaches to or beyond 10% of the latest audited net asset;

(10) Before paying off the debts under
the Agreement, the Borrower is or might become a shareholder of the guarantor or the “actual controller” defined by
the Company Law;

(11) The Borrower or its affiliate breaks
the laws and regulations, rules of supervision, national policy or industry standards and results in liability accident or is exposed
by media;

(12) The relationship of controlling or
being controlled between the Borrower and its affiliates changes;

(13) Any material negative events that
will impact the ability of loan repayment of the Borrower or its affiliates.

 

7.8 When the guaranty
under the Agreement changes and disadvantages the right of the Lender as a creditor, the Borrower should timely provide other guaranty
approved by the Lender according to the Lender’s requirement.

“Change” under this article
includes but not limited to: the guarantor stops production, closes business, dissolves, suspends business for rectification, business
license is repealed or is revoked, file or is filed for bankruptcy; material change happens to the guarantor’s operational
or financial condition; the guarantor involves in significant lawsuit, arbitration, administrative measures, attachment or other
compulsory measures are conducted to its major asset; the value of collateral decreases or may decrease or is conducted attachment
or other compulsory measures; the sound condition of the collateral is affected or might be affected; the guarantor or its legal
representative (responsible person) or the major manager of the guarantor is involved in violation laws and rules or the applicable
exchange rules; the guarantor disappears or dies (or declaring death) if the guarantor is an individual; the guarantor violates
the Guaranty Agreement; the Guarantor and the Borrower have disputes; the Guarantor requires to dissolve the Guaranty Agreement;
the Guaranty Agreement is not effective, invalid or cancelled; the guaranty right is unset or invalid; other events impact the
safety of the Lender’s creditor’s right.

 

7.9 Open a loan capital recovery account
according to the Article 3.9 of this Agreement.

 

 Article 8 Call Back the
Loan in advance

 

If any of the situations at bellow happens,
the Lender has the right to stop paying the loan unused by the Borrower, unilaterally declare that the issued loan principal under
the Agreement is expired in advance, and require the Borrower to pay back all the loan principal and interest immediately, and
has the right to deduct capital directly from the Borrower’s any account. After the deduction, the Lender shall inform the
Borrower timely. If the Borrower can prove that the deducted capital is protected by law specially so it shall not to be deducted,
the Lender shall return the capital to the deducted account.

	 	(1)	The Borrower does not pay the interest on time;

	 	(2)	The Borrower provides untrue financial reports and materials;

	 	(3)	The Borrower misappropriates the loan;

	 	(4)	Any of the events in the Articles 7.6, 7.7 happened, and the Lender believes it will endanger the loan safety;

 

     

     

    

 

	 	(5)	The Borrower’s financial index is out of range of the Article 5.6;

	 	(6)	The Lender believes that the Borrower should prepay the loan according to the the situation of the Borrower’s capital recovery;

	 	(7)	The issuance of the loan under this Agreement by the Lender causes or may cause law violation because of the changed supervision regulation;

	 	(8)	When the Borrower is performing other contracts with the Lender or with a third party, it has violation or the debt may expire in advance or has been declared expired in advance;

	 	(9)	Other situations that might endanger the loan capital safety.

 

Article 9 Defaults and Dispositions

 

9.1 If any following matters happen to
the Borrower, it is considered as default:

	 	(1)	Fails to repay the loan principal and interest on time in accordance with the Agreement;

	 	(2)	Violates the representations and warranties of the Article 5 in the Agreement;

	 	(3)	Violates the obligations of the Borrower under the Article 7 in the Agreement;

	 	(4)	Fails to use the loan amount in the agreed way, or avoid Lender entrusted payment in a way by breaking up the whole into pieces;

	 	(5)	Fails to open the loan capital recovery account pursuant to the Agreement;

	 	(6)	Material cross-default happens;

	 	(7)	Violates other articles of this Agreement.

 

9.2 After default, the Lender has the right
to adopt one or more of measures as below:

	 	(1)	Corrects default with deadline;

	 	(2)	Adjusts the amount threshold of the loan capital entrusted payment or the payment way of the loan capital;

	 	(3)	Stops withdrawal by the Borrower;

	 	(4)	Dissolves the loan agreement, and requires the Borrower to pay off expired or unexpired loan principal, interest and other dues;

	 	(5)	Requires the Borrower to pay overdue default interest if the loan is overdue;

	 	(6)	Requires the Borrower to pay misappropriation default interest if the Borrower misappropriates the loan;

	 	(7)	Deducts owed loan principal and interest from any account that the Borrower has at Zhangjiakou Bank;

	 	(8)	Pursues the loan principal and interest by the legal ways, and all fees paid to claim the credit (including but not limited to collecting fees, litigation fees, arbitration fees, property attachment fees, enforcement fees, attorney’s fees, case fees, declaration fees, appraisal fees, audit fees and so on) shall be borne by the Borrower.

 

9.3 If the guarantor (i.e. warrantor,
mortgagor, pledgor) has any following situation, the Lender has the right to adopt the measures according to Article 9.2:

	 	(1)	The warrantor violates the Warrant Agreement, its credit status deteriorates, or other event happens which decreases its warrant ability;

	 	(2)	The mortgagor violates the Mortgage Agreement, or breaks the mortgage, or the value of the mortgage may decrease or has decreased substantially, or other event happens which harm the mortgage right of the Lender happen;

	 	(3)	The pledgor violates the Pledge Agreement, or the value of the pledge has decreased or may have decreased, or the pledge right has to be realized before the loan is paid off, or other event happens which harms the pledge right of the Lender.

 

     

     

    

 

 Article 10 Deduction Arrangement

 

10.1 The Borrower authorizes that, if there
is any due and payable loan principal, interest, default interest or other fess, the Lender has the right to deduct the capital
from the Borrower’s any account in Zhangjiakou Bank to pay it off. After the deduction, the Lender shall inform the Borrower
timely. If the Borrower can prove that the deducted capital is protected by law and it shall not be deducted, the Lender shall
return the capital to the related account.

 

10.2 After the deduction, the Lender shall
inform the Borrower about the related account, the contract number of the Loan Agreement, the document number of the Loan Certificate,
the deducted amount and the remaining debt balance.

 

10.3 If the deducted amount is not enough
to pay off all the debts of the Borrower, it shall be used to compensate for the due fees first. If the principal and interest
is overdue for less than 90 days, the balance shall be used to pay the interest or default interest due and then be used to pay
the principal due. If the principal and interest are overdue for more than 90 days, the balance shall be used to pay the principal
due, and then be used to pay the interest or default interest due.

 

10.4 If the currency of deducted amount
is different from the currency of the due amount, it shall be converted to the currency of due amount according to foreign exchange
rate on that day.

 

 Article 11 Notice

 

11.1 All of the contact information that
the Borrower fills out in this Agreement (including contact address, telephone number and fax number) is real and effective. If
any contact information is changed, the Borrower shall give written notice of the changed information to the contact address that
the Lender provides in this Agreement. Only after the Lender has actually received the notice of changed information and has updated
relevant records, can this information change comes into effect.

 

11.2 Until this Agreement provides otherwise,
any notice that Lender gives to the Borrower can be given by the following ways. The Lender has the right to choose the approach
of notice which it deems proper, and under any circumstance, the Lender does not bear responsibilities for any transmission errors,
omissions, or deferral happened in mails, faxes, telephones or any other contact systems. If the Lender chooses several contact
ways at the same time, the one that reaches the Borrower more quickly shall prevail.

(1) Announcement: the service date
is the day when the Lender announces on its websites, online bank, telephone bank or sales departments.

(2) Personal service: the service date
is the day when the Borrower signs the notice.

(3) Mail delivery (including EMS, ordinary
mail and registered mail) to the Borrower’s contact address that the Lender knows as the latest: the service date is the
third day after the mailing date (in the same city) or the fifth day after the mailing date (different city) (even the mail may
be returned).

(4) Faxes or other electronic contact methods
to the Borrower’s fax number or electronic contact address that the Lender knows as the latest: the service date is the sending
day.

 

 Article 12 Law Application and
Dispute Resolution

 

The Agreement applies to PRC laws. The
disputes of the Agreement shall be submitted to the local court at the Lender’s residence. During the period of the dispute,
the provisions without disputes shall continue to be fulfilled by both parties.

 

     

     

    

 

 Article 13 Other Provisions

 

13.1 The Borrower agrees that the
Lender can enquiry and keep the Borrower’s credit information for loan application and post-loan management.

 

13.2 The Lender doesn’t bear any
responsibility for the failure to issue loans on schedule or handle payment if the failure is caused by force majeure, communication
failure, network failure, or the malfunction of Lender’s system. However, the Lender shall inform the Borrower in time.

 

13.3 Phrases referred to in the Agreement
including affiliate, related-party transaction and main investor individual have the same meaning with those in Accounting Standards
for Business Enterprises No. 36-- Affiliate Disclosure (Finance and Accounting Department [2006] No. 3) and its later revised edition.

 

13.4 The Agreement’s Loan Certificate,
Loan Withdrawal Application Form, Loan Capital Payment Power of Attorney and relevant documents and materials confirmed by both
two parties are indispensable parts of the Agreement.

 

13.5 If the Borrower avoids monitor of
the Lender, defaults on principal and interest of the loan, maliciously evades repayment obligations for loans and so on, the Lender
has the right to report its behaviors to relevant departments and publicize them on news media.

 

13.6 The Agreement comes into effect after
the Borrower’s legal representative (person in charge) or authorized representative signs (or seals) and affixes the official
seal, and Lender’s person in charge or authorized representative also signs (or seals) and affixes the official seal.

 

13.7 When signing the Agreement, the Lender
and the Borrower have clearly read and understood all the provisions of the Agreement. Both parties have no doubt about all the
provisions and interpretations of the Agreement and correctly understand the rights and duties clauses, and the legal meaning of
the limitation and waiver of liability clauses.

 

13.8 The Agreement is made out in __ copies. The Borrower
holds __ copies. The Lender holds __ copies. __ holds __ copies. __ holds __ copies. __ holds __ copies.

 

Article 14 Other Matters

 

 

 Article 15 Reminder

 

	The Borrower has read all the provisions above. The Lender has made corresponding explanations as required by the Borrower. The Borrower has no dissent on all clauses.

 

The Borrower (official seal)  

Legal representative(stamp or signature)

 

The Borrower (official seal)

Legal
representative(stamp or signature)

 

Signed on September 16, 2019   Sign on January 28, 2016

Signed at No.51 Shenglibei Road, Zhangjiakou
city, Hebei provinceExhibit 10.11

 

Gold Pledge Contract

 

Between

 

China Minsheng Trust Co., Ltd.

 

And

 

Wuhan Kingold Jewelry Co., Ltd.

 

Contract No.: 2019-MSJH-224-3

 

2019 

 

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The No. 2019-MSJH-224-3 Gold Pledge Contract
(hereinafter referred to as “this Contract”) is signed by following parties in September 25th 2019.

 

Pledgor(Party
A) : Wuhan Kingold Jewelry Co., Ltd.

 

	Legal Representative:	 Jia Zhihong
	 	 
	Address:	Special No. 15 of Huangpu Science and Technology Park, Jiang’an District, Wuhan City
	 	 
	Contact Address:	Special No. 15 of Huangpu Science and Technology Park, Jiang’an District, Wuhan City
	 	 
	Contact Person:	Hu Qiao
	 	 
	Postcode:	430023
	 	 
	Fax:	 
	 	 
	Contact No.:	 

 

	Pledgee(Party B):	 China Minsheng Trust Co., Ltd.
	 	 
	Legal Representative:	 Lu Zzhiqiang
	 	 
	Address:	 19/F, Tower C, Minsheng Financial Center, No. 28, Jianguo Mennei Road, Dongcheng District, Beijing
	 	 
	Contact Address:	Room 4203, Minsheng Financial Center,No. 187 of Yunxia Road, Jiang’an District,Wuhan City
	 	 
	Contact Person:	Tian Dayuan
	 	 
	Fax:	 
	 	 
	Contact No.:	 

 

In order to ensure performance
of No. 2019-MSJH-224-2 Contract of Loan on Trust and its supplemental agreement between Party B and Hubei Rriring Heavy Industry
( hereinafter referred to as “Main Contracts”), and guarantee implement of the Creditor's rights of Party B, Party
A is voluntarily and unconditionally to offer unconditional and irrepealable pledge guarantee for performing obligations under
the Main Contracts.

 

In order to make
rights and obligations of both parties to be clear, based on provisions of Contract Law of People's Republic of China,
Security Law of People's Republic of China, Property Law of People's Republic of China and other relevant laws and
regulations, Party A and Party B hereby to conclude this Contract to follow through agreement and consultation on the basis
of equality. 

 

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		1.	Main Creditor's Rights

 

		1.1	The main creditor’s right guaranteed by the pledgor is the creditor’s right of creditor
under the main contract. The total amount of creditor’s right is no more than RMB one billion yuan. And the specific number
shall subject to the real amount issued.

 

		1.2	The limit of performance of debtor shall subject to the main contract. 

 

		II	Guarantee Scope of the Pledge

 

The guarantee scope of the Pledge
is all the payment obligations of the Debtor under the Main Contracts, include but not limited to the Debtor’s payable principal,
interest, overdue interest, penalty interest, compound interest, liquidated damages, compensation liabilities and damage awards
of the principal Creditor’s Rights, the related fees paid by the Creditor in advance and all the reasonable fees of the Creditor
for realizing the creditor’s rights. Thereinto, all the reasonable fees of the Creditor for realizing the creditor’s
rights include but not limited to following reasonable fees: legal fare, arbitration fee, property preservation fee, execution
fee, valuation fee, auction fee, fees related to exercising security right, transaction handling fee, agent fee, registration fee,
appraisal fee, safekeeping fee, insurance premium, notice fee, enquiry fee, attorney fees, notary fees, delivery fee, travel expense,
communication fee, all kinds of taxes and other related expense, and the noneffective liability of the Main Contracts or this Contract
that the Pledgor shall undertake according to this Contract.

 

		III	Hostage

 

The hostage under this Contract
is the Standard Gold owned and pledged by the Pledgor according to the law, on the premise that the pledge rate of every and all
the loan under the Main Contracts are not more than 70%, the quantity of gold that shall be pledged for every loan shall be confirmed
based on the Gold Price of the Pledge Gold on previous transaction day of Pledge Day. The specific information is subject to the
Hostage List which is the attachment of this Contract signed by both parities in written.

 

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		IV	Delivery of Hostage and Establishment of Mortgage

 

		4.1	Before the Creditor offers any sum of loan according to the Main Contracts, the Pledgor shall confirm
the quantity of Pledge Gold as pledge guarantee according to pledge rate of this sum of loan, the Pledgee deposits the Pledge Gold
in the hostage safe box. After the this Contract comes in effect, the Pledgor shall deposie the Pledge Gold in the hostage safe
box according to the Pledgee notice, the hostage safe box shall be sealed up for safekeeping by the safe box leased bank. After
the Pledgor sealing up any batch of Pledge Gold in the safe box and renting it out, this batch of Pledge Gold will be deemed as
completing the delivery, the establishment of mortgage for this batch of Pledge Gold under this Contract is valid.

 

		4.2	When signing this Contra, the Pledgor shall sign the Insurance Contract with the Insurance Company
and deal with notarial acts for the Pledge Gold, before any batch of Pledge Gold is delivered to the hostage safe box, or offering
additional Pledge Gold to the Pledgee according to this Contract, the Pledgor shall purchase the property insurance from the Insurance
Company taking the Pledgee as the only beneficiary for the quality, purity, weight and damage, lost, robbery and other risks of
the corresponding batch of Pledge Gold (including additional Pledge Gold) within the pledge term, the insurance claim amount shall
be 80% of the Gold Price on the day before pledging of the batch of Pledge Gold multiplies by weight of this batch of Pledge Gold.
The insurance term of every batch of Pledge Gold shall be 1 year from corresponding Pledge Day (included), the Pledgor shall renew
the insurance one month before the insurance period is expired, and the renewal term shall not be less than 1 year. If the Pledgor
refuses to or fails to renew the insurance term of any batch of Pledge Gold within the aforesaid stipulated time for any reason,
or the renewal term is less than 1 year, then the Creditor is entitled to declare that the principal Creditor’s Rights is
early due, and exercise the mortgage to all the Pledge Gold. The insurance term shall not be changed without written agreement
of the Pledgee and the Pledgor.

 

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		4.3	The password and one key of the hostage safe box shall be taken care of by the Pledgee, the other
key shall be taken care of by the Insurance Company. Within the valid period of this Contract, the hostage safe box may notbe unsealed
or deposited or taken out, unless according to the regulations of laws and regulations and agreements of this Contract, the Pledgee
deals with the hostage, the Pledgor adds the hostage, to release the hostage or discharge the guarantee measures on additional
pledged gold with agreement of the pledgee, and other conditions agreed by both the Pledgee and the Pledgor. Within the pledge
period, if the value of the Pledge Gold decrease (include but not limited to Pledge Gold reduces the quantity, lowers the quality,
lowers the Gold Price, or decrease in value of the Pledge Gold resulted from the force majeure), the Pledgee assumes no responsibility,
and the Pledgor will undertake the loss. If the value of the Pledge Gold decreases to the call margin line, the Pledgee is entitled
to require the Pledgor to provide related supplementary guarantee measures. If the Pledgor doesn’t supplement guarantee measures
according to the requirements of the Pledgee, the Pledgor will be deemed as breach, and the Pledgee is entitled to require the
Debtor to prepay all principal Creditor’s Rights or excuse ledge right to the mortgage and take priority in compensation.

 

		4.4	When the Pledge Gold is delivered, the Pledgee and staff of the Insurance Company will receive
it together, the Pledgee will extract at least 10% Pledge Gold to conduct spectrum scanning onsite, in order to check the quality
of the Pledge Gold; at the same time, the Pledgee will extract 1% of random samples Pledge Gold to conduct destructive inspection,
the detection mechanism is Hubei Gold and Sliver Jewelry Quality Supervision and Inspection Station. Under the condition that above-mentioned
supervision and inspection results are issued and conform to agreement of this Contract, the Pledgee accepts the Pledge Gold and
seals up it for safekeeping. Any risk before the Pledgee accepts the Pledge Gold will be undertaken by the Pledgor.

 

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		V	Registration of Pledge

 

		5.1	After this Contract comes into effect and within 3 days after delivering all batches of the Pledge
Gold, the Pledgor shall assist the Pledgee to register the delivered Pledge Gold at the Registration Organization of Pledge, and
the Pledgee shall be registered as the primary and only Pledgee of the ledge Gold. The registration of pledge gold shall be subject
to the Chattel Mortgage Registration Certificate issued by the Registration Organization of Pledge, and the original Certificate
shall be taken care of by the Pledgee.
	 	 	 

		5.2	If the Pledgor completes all the gold pledge, insurance obligations and corresponding complements
and call margin obligations according to the agreements of the Main Contracts and this Contract, after the principal and interest
of any sum of loan has been fully paid and the Debtor has performed all the payment obligations corresponded to the loan, the Pledgee
is entitled to decide release the pledge of corresponding gold provided by the Pledgor in advance, however, the pledge rate of
this loan shall be below 80% (included) after discharging the gold. And the Pledgor acknowledges that the Pledgee discharges the
ledge of corresponding gold under this condition will not result in waiving any amount and cis-position of principal Creditor’s
Rights, the Pledgor still undertake the warranty liability of all the payment obligations under the Main Contracts.

 

		VI	The Statement, Guarantee and Promise of The Pledgor

 

The Statement, Guarantee
and Promise of the Pledgor to the Pledgee: 

 

		6.1	Qualification guarantee for signing and performing the Contract. The Pledgor guarantees to be qualified
for signing this Contract as the subject, and have obtained the corresponding authorization or approval needed by signing and performing
this Contract (include but not limited to corresponding approval and agreement listed in this Contract).

 

		6.2	Contractual capacity guarantee. The Pledgor has the ability to perform the obligations under this
Contract, no lawsuit or arbitration, compulsory execution, bankruptcy and other legal procedures or any other event or situation.

 

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		6.3	No deceive guarantee. The Pledgor guarantees that all certificates, documents, data and information
provided for signing and performing this Contract are true and complete when providing them and within applicable and employing
term, no intentional concealment or deceive.

 

		6.4	No conflict guarantee. There shall be no conflict with any agreed obligation of effective contractual
legal document signed by the Pledgor when the Pledgor signs and performs this Contract.

 

		6.5	True hostage. The Pledgor guarantees that all the ledged gold is the Standard Gold of the Shanghai
Gold Exchange which purity is 999.9 (the gold content is not less than 999.9‰).

 

		6.6	The Pledge Gold is legal, complete and unlimited.

 

		6.6.1	Pledge Gold is owned and ledged legally by the Pledgor, no any real or potential ownership controversy
or dispute.

 

		6.6.2	The Pledgor completely and legally owns the Pledge Gold, no any flaw, restrict or ownership dispute
is related to this ownership.

 

		6.6.3	Before the mortgage under this Contract is established, no any defect of security interest or other
restrictive equity or other right is related to the Pledge Gold.

 

		6.6.4	When signing this Contract, no real and potential or pendent lawsuit, arbitration or administrative
procedure is directing at the Pledge Gold, and this will not happen before establishing the mortgage stipulated in this Contract.

 

		6.6.5	When signing this Contract, no foreclosure, freeze, detain and other property preservation or enforcement
measure is carried upon the Pledge Gold, and this will not happen before establishing the mortgage stipulated in this Contract.

 

    7

     

    

 

		6.7	If any event is generates or may be generated from the whole or partial Pledge Gold due to the
Pledgor or the third-party that has or may have significant negative effect, once the Pledgor know it, the Pledgor shall notice
the Pledgee immediately, and stop and eliminate this behavior according to the requirement of the Pledgee, and take remedial action
to recover the Pledge Gold to be complete, unlimited and undamaged and provide new guarantee with written acceptance of the Pledge.
The above-mentioned matters include but not limited to the merger, division, declared bankrupt, termination, out of business, dissolution,
suspension, revocation of the Pledgor; ownership dispute, attachment, detain and other property preservation or execution measure
of the Pledge Gold; and serious deterioration of the property and financial conditions.

 

		6.8	During the duration of the mortgage, without the written permission of the Pledgee, the Pledgor
shall not dispose the whole or part of the Pledge Gold in any method (include but not limited to sale, transfer, gift, waive, contribute,
pledge again and so on).

 

		6.9	If the Pledgor adds Pledge Gold according to the agreements of the Main Contracts and this Contract,
then the Pledgor guarantee to sign corresponding Hostage List for additional ledged gold according to the agreements of the Main
Contracts and this Contract, and deal with the notarization and pledged gold registration procedure.

 

		6.10	The Pledgor guarantees to supplement additional Pledge Gold according to the agreements of the
Main Contracts and this Contract, and underwrite insurance for the Pledge Gold and renew the insurance for full specified amount.

 

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		VII	Agreements

 

		7.1	The country or the third-party confiscate, compulsively recall, seal up, detain, supervise, auction,
forcibly occupy, damage or dispose the Pledge Gold with other methods, the Pledgor shall perform notice and remedy obligation according
to Article 7.7, all compensation and damage obtained by the Pledgor due to above-mentioned causes shall be deposited into the account
assigned by the Pledgee, except for that, the Pledgee is entitled to adopt any one following method to handle with above-mentioned
funds, and the Pledgor shall assist the Pledgee to:

 

		7.1.1	Use the funds to repair the Pledge Gold to recover its value with permission of the Pledgee;

 

		7.1.2	Pay off due principal and interest and related fees under the Main Contracts;

 

		7.1.3	Deposit into the accountant assigned by the Pledgee to be margin, and provide pledge guarantee
for the principal Creditor’s Rights;

 

		7.1.4	After the Pledgor provides new guarantee which satisfied the requirements of the Pledgee, the funds
will be disposed by the Pledgor with discretionary power.

 

		7.2	With written agreement of the Pledgee, the cost paid for the Pledge Gold due to disposition of
the Pledgor or other funds shall be deposited in the accountant assigned by the Pledgee. The Pledgee is entitled to dispose the
above-mentioned funds according to Article 8.1 of this Contract.

 

		VIII	Call
                                         Margin Mechanism 

 

		8.1	The Pledgor /Debtor is obligated to provide additional Pledge Gold(hereinafter referred to as “additional
Pledge Gold”) and / or call margin by corresponding money (hereinafter referred to as “additional margin ”) for
the Pledgee/ Creditor if the Pledge Gold depreciates. Every sum of loan shall set up individual call margin line, the computing
standard of all call margin lines shall be conformed, that is 70% of Gold Price on previous day of Pledge Day of corresponding
Pledge Gold. If the Gold Price dropped below call margin line(included) of any sum of loan in any transaction days, the Pledgor
shall complement additional Pledge Gold or additional margin within 5 working days after above-mentioned event, and keep the pledge
rate of this sum of loan be not higher than 70%. If the Gold Price rise again above call margin line (excluded) for three continuous
transaction days, according to the written application of the Pledgor, the Pledgee may return partial or the whole additional margin
or remove the ledge of and release partial or the whole additional Pledge Gold, however after returning corresponding part of additional
margin or additional Pledge Gold, the pledge rate of this sum of loan shall be lower than 70% (included).

 

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The Pledgor acknowledges that,
any batch of additional Pledge Gold under shall be the guarantee for the Debtor to perform all the payment obligations with other
Pledge Gold. At the same time, in order to avoid ambiguity, all the “Pledge Gold” said in this Contract includes additional
Pledge Gold (if any).

 

		8.2	Before providing any batch of additional Pledge Gold, the Pledgor shall update and sign new Hostage
List together with the Pledgee, and register the pledge for this batch of additional Pledge Gold at Registration Organization of
Pledge, and purchase insurance product for this batch of additional Pledge Gold according to agreement of this Contract and the
Main Contracts in order to satisfy the requirements of the Pledgee. The time and quantity of additional Pledge Gold shall be subject
to the records of Chattel Mortgage Registration Certificate obtained by the Pledgee.

 

The Pledgor shall deposit the
additional Pledge Gold in the hostage safe box, in order to avoid ambiguity, in this Contract, the “call margin day”
of additional margin corresponded to any sum of trust loan is the day when all amount of this sum of additional Pledge Gold is
remitted to the account appointed by the Pledgee, “return day” is the day when all amount of this sum of additional
Pledge Gold is remitted to the account appointed by the Pledgor (namely the Pledgee notifies the Pledgor to go to the bank of the
safe deposit box and deliver the Pledge Gold to the Pledgor directly on the same day).

 

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After this additional Pledge
Gold is accepted by the Pledgee and sealed up in the safe box, it shall be the guarantee for Debtor to perform all the payment
obligations under the Main Contracts together with the Pledge Gold that is ledged to the The Creditor under the this Contract,
that is to say, if the Debtor breaches the Main Contracts and this Contract, the Pledgee is entitled to exercise mortgage to all
its occupied Pledge Gold.

 

		8.3	For any reason, if the Pledgor refuses to and fails to fully compensate additional margin or additional
Pledge Gold, or compensate other mortgage and pledge that is accepted by the Pledgee and has equal estimated value to corresponding
additional margin and additional Pledge Gold according to agreements of this Contract, the Creditor is entitled to declare that
all trust loan(s) under the Main Contracts are due in advance, and require the Debtor to perform all the payment obligations under
the Main Contracts immediately, otherwise, the Pledgee is entitled to exercise mortgage to all the Pledge Gold, and use funds gained
from realizing hostage to pay off all unpaid payable amounts of the Debtor under the Main Contracts for priority.

 

		IX	Implement
                                         the Mortgage

 

		9.1	Under any following condition, both the Pledgee and the Pledgor acknowledge that the Pledgee may
entrust the member of the Shanghai Gold Exchange to sell the Pledge Gold at market price in public gold market or in other ways
stipulated in laws and regulations to mortgage all the Pledge Gold by auction, sell and negotiating transferring the hostage or
reducing the price of the hostage, and the Pledgor may coordinate the Pledgee to dispose the Pledge Gold:

 

		9.1.1	The Debtor and the Pledgor breach any agreement of the Main Contracts and this Contract, including
but not limited to that they don’t pay full amount of interest or / and principal of any sum of loan or any payables under
the Main Contracts, they don’t pay full amount of any batch of additional Pledge Gold or additional margin, and they don’t
pay full amount for purchasing insurance or renewing the term for any batch of Pledge Gold;

 

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		9.1.2	The Debtor and the Pledgor apply for ( or are applied for) bankrupt, reforming or reconciliation,
declared bankruptcy, discharged, mayceled, reversed, closed, suspended, out of business, merge, separated, altered organization
form and other similar conditions;

 

		9.1.3	Other events that the Pledgor and the Debtor endanger and damage the right, equity and interest
of the Pledgee;

 

		9.1.4	Any lawsuit, arbitration, administrative matter or other events that are directing to the Pledgor
or the hostage, and may cause serious negative influence to financial status of the Pledgor, value of the hostage, or the ability
of the Pledgor to perform obligation;

 

		9.1.5	Other situation that may affect the Pledgee to implement the mortgage or damage the interest of
the Pledgee;

 

		9.1.6	The Pledgee is entitled by the agreement of laws and regulations and other normalizative documents
of law and this Contract to dispose the Pledge Gold.

 

		9.2	The income for disposing the Pledge Gold shall be cleared off in following order:

 

		9.3	All the fees generated by the Pledgee, in order to implement the mortgage and rights under the
Main Contracts;

 

		9.3.1	The liquidated damages, compensation, overdue interest, default interest and other fees that shall
be paid by the Debtor according to the Main Contracts to the Pledgee, and above-mentioned amount that shall be paid by the Pledgor
according to the Main Contracts and this Contract to the Pledgee;

 

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		9.3.2	All the fees generated from related obligations that shall be performed by the Debtor and the Pledgor
according to the Main Contracts and this Contract;

 

		9.3.3	The accrued interest payable by the Debtor;

 

		9.3.4	The principal and balance of principal Creditor’s Rights;

 

		9.3.5	Other debt(s) of the Debtor under Main Contract.

 

		9.3.6	However, the Pledgee is entitled to change the above-mentioned liquidation order unilaterally.

 

		9.4	If any one of conditions listed in Article 10.1 happens, the Pledgee is entitled to realize the
Pledge Gold according to agreements of laws and regulations and this Contract, the income equal to payables of Debtor and the Pledgor
under the Main Contracts and this Contract shall be directed paid to the account appointed by the Pledgee, the redundant money
shall be returned to the Pledgor. If the income was insufficient to pay for all the amounts within warranty liability scope, the
Pledgee is entitled to claim compensation from other secured party(s) or Debtor. The income of realizing Pledge Gold is computed
as the net amount that is balance of cost for disposing Pledge Gold deducts various taxes and fees.

 

		9.5	The Pledgor agrees that on the condition that when exercising mortgage agreed in Article, the Pledgee
is entitled to dispose and realize the hostage through applying auction, seeling and negotiating to transfer the hostage or reducing
the price of the hostage or following methods, the realized income shall be directly paid to the Pledgee according to Article 10.2
and 10.3:

 

		9.5.1	The Pledgee entrusts the member unit of the Shanghai Gold Exchange to undersell the Pledge Gold
at prevailing market price in public gold bullion market.

 

		9.5.2	The detailed process is as follows: the Pledgee entrusts the security company to escort the Pledge
Gold to the member enterprise of the Shanghai Gold Exchange which plans to trade the gold, the enterprise shift the pledged gold
in the warehouse of the Shanghai Gold Exchange in Wuhan, the Pledgee entrusts the company to undersell the Pledge Gold in public
market on its seat and divide the income into the account appointed by the Pledgee.

 

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		X	Responsibility
                                         for Breach of Contract

 

		10.1	Any party which breaches the obligation under this Contract should compensate for all the losses
(includes but not limited to counsel fee and all fees related to resolving the dispute paid by the Pledgee) of the other party.
At the same time, if one party requires or doesn’t require the other party to undertake the responsibility for breach of
contract, it doesn’t mean or implicate to exempt or relieve the responsibility for breach of contract of default party under
this Contract, the default party is obligated to fulfill this Contract.

 

		10.2	After this Contract goes into effect, if the Pledgor doesn’t manage hostage insurance according
to the agreements or refuse to coordinate the Pledgee to transfer and deliver the hostage or register the pledge which results
in impossibility of performance of the Main Contracts, the Pledgor shall pay 0.5% of secured principal Creditor’s Rights
to the Pledgee Pledgee as payment of liquidated damage.

 

		10.3	If the Pledgee suffered loss because that the Pledgor doesn’t provide complete procedures
and real data related to pledged property according to the requirements of the Pledgee, or conceals that the pledged property is
shared, disputed, closed down, detained, supervised or pledged already, the Pledgor shall compensate the Pledgee.

 

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		XI	Modification,
                                         Alternation and Explanation of Contract

 

		11.1	Any modification, alternation and explanation to this Contract shall be done in written form.

 

		11.2	During the duration of the mortgage, if the partial articles are conflicting, invalid or delegalized
due to change of national law, regulation and policy, both parties agree to work hand in glove, and modify the conflicting, invalid
or delegalized articles as soon as possible.

 

		XII	Alternation
                                         of the Main Contracts and Transfer of Principal Creditor’s Rights

 

		12.1	Without advanced written permission of the Pledgee, the Pledgor may nottransfer any right or obligation
under this Contract.

 

		12.2	If the Creditor and Debtor agree to alter the Main Contracts through agreements, the Pledgor agrees
to undertake the responsibility of pledge guarantee for the creditor’s rights under altered the Main Contracts by the Pledge
Gold, the Pledgee has no need to obtain the agreement from the Pledgor as for the alternation of the Main Contracts.

 

		12.3	Transfer
                                         Principal Creditor’s Rights

 

		12.3.1	During the pledge term, the Creditor may transfer part of or the whole of creditor’s rights
to any third-party without need to obtain the agreement of Pledgor, along with part of or the whole of mortgage under this Contract,
the Pledgor may assist the assignee of mortgage and creditor’s rights to handle with hostage transferring and pledge registration
procedures; the Pledgor agrees to continuously undertake pledge guarantee responsibility within original guarantee scope, but the
Creditor shall notify the Pledgor in written after signing agreement of transferring creditor’s rights.

 

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		12.3.2	If part of the principal of the Creditor’s Rights of the Creditor under the Main Contracts
was transferred to the third party or several assignees, the Pledgor agrees that all creditors accepting the transfer undertake
the pledge guarantee possibility within original guarantee scope. The transferee(s) of above-mentioned creditor’s rights
is(are) required to sign the Pledge Contract again and handle with related pledge alteration registration procedures, and the Pledgor
shall coordinate assist.

 

		12.3.3	If the transferring behavior of creditor’s rights or debt under the Main Contracts was ineffective,
invalid or reversed, then the Pledgor shall undertake warranty liability for the Pledgee according to the requirements of this
Contract.

 

		12.4	The warranty liability of the Pledgor Pledge Gold will not be remised due to any one of following
situations:

 

		12.4.1	Restructuring, reorganization, consolidation, merger, division, increase or decrease of registered
capital, joint venture, joint operation, rename, contracting, leasing, trusteeship and other situation happen to the Creditor or
the Debtor;

 

		12.4.2	The Creditor entrusts the third party to exercise or perform its rights or obligations under the
Main Contracts;

 

		12.4.3	The Debtor transfers the
                                         debt to the third party without written permission in advance of the Creditor.

 

		XIII	Validate
                                         Contract

 

		13.1	This Contract comes into effect from the day it is sealed and signed by the legal representatives
or its authorized representatives of both parties with official seal and contract seal, the mortgage of this Contract is established
from the day delivering the hostage.

 

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		XIV	Vanish
                                         the Mortgage

 

		14.1	When one of the following situations occurs, the mortgage under this Contract vanishes:

 

		14.1.1	The obligations of the Debtor and the Pledgor under the Main Contracts and this Contract have been
completely performed;

 

		14.1.2	Pledgee has realized the mortgage according to related agreements of this Contract.

 

		14.2	Remove the registration of pledge

 

		14.2.1	After the mortgage vanishes, the Pledgee shall assist the Pledgor to remove the ledge and other
related procedures (if needed) within 3 working days.

 

		14.2.2	All the fees due to removing the ledge and other related procedures shall be undertaken by the
Pledgor.

 

		XV	Application
                                         of Law

 

		15.1	The conclusion, validity, explanation, performance and dispute resolution of this Contract are
applicable to the valid laws of the People’s Republic of China (excluding Hong Kong Special Administrative Region, Macao
Special Administrative Region and Taiwan Region) when signing.

 

		XVI	Dispute
                                         Resolution

 

		16.1	Any dispute resulted from or related to this Contract shall be solved by both parties through friendly
negotiation; if no agreement is settled, both parties agree to institute legal proceedings to local jurisdictional people’s
court of the Pledgee.

 

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		16.2	During the duration of action, the articles of this Contract that are not involved with the dispute
shall be performed, the Pledgor may not refuse to perform any obligation under this Contract because of solving the dispute.

 

		XVII	Confidentiality
                                         Clauses

 

		17.1	The private data and information related to the Pledge Gold under this Contract obtained by both
parties when negotiating, signing and performing this Contract shall be kept strictly confidential, unless it is under the circumstances
as follows:

 

		17.1.1	The Pledgee performs the obligation of information disclosure stipulated in laws and regulations
or agreed by the trust documents to disclose to the Trust settler and trust beneficiary.

 

		17.1.2	Disclose to the auditor, attorney and other staff entrusted by normal operations, but the premise
is that this kind of persons must undertake confidentiality obligation for related information of this Contract when carrying out
aforesaid work.

 

		17.1.3	This kind of information and documents are available in public ways, or the disclosure is required
by the laws and regulations.

 

		17.1.4	The disclosure related to this Contract which is disclosed to the court, or based on any requirement
of pre-pleading disclosure procedure or similar procedure, or based on adopted law procedure.

 

		17.1.5	The disclosure disclosed to the financial regulation institution by the Pledgee according to the
requirement of the financial regulation institution.

 

		17.2	When this Contract removes or terminates, each party shall stop using and may not permit the third-party
to use obtained business secret and other private information of other party, at the same time, each party shall return the business
secret and other private information provided by the other party or delete them or destroy them according to written requirement
of the other party.

 

		17.3	Under any condition, the confidential obligation stipulated in this article shall be permanently
and continuously valid.

 

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		XVIII	Force
                                         Majeure

 

		18.1	Definition

 

The force majeure said in this
Contract is the unforeseeable, unavoidable and insurmountable objective circumstance that makes it is impossible to perform this
Contract or perform this Contract on time.

 

		18.2	Notice Obligation

 

When force majeure event happens
and affects the performance of this Contract, the party which occurring the event shall notify the other party about the true condition
with agreed method in this Contract.

 

		18.3	Burden of Proof

 

The party which occurring the
force majeure event shall apply for and obtain the certification issued by the related local department or notary organization
within 15 days after the event happens.

 

		18.4	Legal Consequence

 

If any party fails to perform
the Contract due to force majeure, the responsibility may be exempted partially or wholly based on effect of the force majeure,
unless there is stipulation in the law.

 

    19

     

    

 

		XIX	Notice

 

		19.1	All notices between both parties shall be in written form that may be sent by personal service,
registered mail, express mail and other ways, the fax may be auxiliary way, but above-mentioned agreed ways shall be supplementary
after using the fax.

 

		19.2	The notice is regarded as delivery on following day:

 

		19.2.1	The notice in personal service, the valid delivery is deemed as on the day when notifying the receiver
about the delivery;

 

		19.2.2	The notice in registered mail (paid off postage), the valid delivery is deemed as the 7th
day after sending (as indicated by the postmark);

 

		19.2.3	The notice in express mail (paid off postage), the valid delivery is deemed as the 3rd
day after sending (as indicated by the postmark);

 

		19.3	The contact addresses filled by both parties in this Contract are valid contact addresses.

 

		19.4	Each party is entitled to alter the contact addresses at any time, but the alternation notice shall
be sent to the other party within 7 working days after altering in terms of sending ways stipulated in this agreement.

 

		XX	Others

 

		20.1	The titles of this Contract are only used for easy reference that may’t be explained as component
of this Contract or form to be the limitation to indicated terms under any condition; the time term stated in this Contract refer
to Gregorian calendar.s

 

		20.2	Any unaccomplished matter shall be signed in written form by both parties as supplemental agreement
which shall be impartible part of this Contract: all attached Hostage List(s) and supplemental agreement(s) signed by both parties
have the same legal force with this Contract.

 

    20

     

    

 

		20.3	This Contract is in___with the same legal effect, each party hold ___copies, and others are used in
relevant procedures with the same legal effect.

 

When signing this Contract, both parties
read and know all the articles in this Contract, have no objection, and accurately understand all legal implications of all articles
related to legal relations, related rights, obligations and responsibilities between both parties.

 

(The remainder of this page is intentionally
left blank.)

 

    21

     

    

 

(No text in this page, signing page of
Contract No.: 2019-MSJH-224-3 Pledge Contract)

 

The Pledgor (Party A): Wuhan Kingold Jewelry
Co., Ltd. (Seal) 

 

Legal Representative or Authorized Representative
(Signature or Seal):

 

The Pledgee (Party B): Minsheng Trust Co.,
Ltd.(Seal) 

 

Legal Representative or Authorized Representative
(Signature or Seal) :

 

Signed at Minsheng Financial Center,
No. 28, Jianguo Mennei Road, Dongcheng District, Beijing

 

Signed Date: October 10, 2019

 

    22

     

    

 

Annex: Hostage List 

 

Hostage List

 

No.: 01

 

The Pledgor
pledges the goods listed in following table to the Pledgee, and takes charge of authenticity, validity and legitimacy of the hostage.
The hostage is delivered to the bank appointed by the Pledgee to be taken care of and deposited in the safe box rented by the Pledgee,
acts as the pledge guarantee of debt under No. 2019-MSJH-224-2 Trust Loan Contract. This Hostage List is the inseparable annex
of No. 2019-MSJH-224-3 Gold Pledge Contract with equal legal effect.

 

	Name 	Specification (gold content)	Manufacture 	Weight 	Quantity 	Unit price 
	AU9999	No lower than99.95%	SGE	5361kg	5361pieces	266.84yuan/g
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

This Hostage
List is in triplicate, both the Pledgor and the Pledgee hold one copy, and the insurance company holds on copy.

 

	The Pledgor (Official Seal):	The Pledgee (Official Seal):
	 
	Date	 Date
	

 

    23

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