Document:

EX-10.35

 Exhibit 10.35 

2018 version 
 China Merchants
Bank Co., Ltd. 
 Shanghai Branch 

Credit Agreement 

(Applicable to the case where no loan contract is separately signed for the working capital loan) 

  
 1 

 Credit Agreement 

(Applicable to the case where no loan contract is separately signed for the working capital loan) 

No.: 9602190301 
 Creditor: China Merchants Bank
Co., Ltd. Shanghai Tianyaoqiao Sub-branch (hereinafter referred to as “Party A”) 
 Main responsible
person: Zhu Haoping 
 Credit Applicant: Shanghai ECMOHO Health Biotechnology Co., Ltd. (hereinafter referred to as “Party B”) 

Legal representative / main responsible person: Wang Ying 
 Upon
application by Party B, Party A agrees that it will provide credit to Party B for use by Party B. Party A and Party B have reached the Agreement in accordance with the relevant laws with respect to the following articles after mutual negotiation.

 Article 1 Credit line 
 1.1 Party A provides the
amount in an currency equal to RMB 15 million(including other market equivalents, with the exchange rate converted according to the foreign exchange rate announced by Party A when the specific business actually occurs, including the circulating
credit line and/or one-time line). 
 The category of credit business under the credit line includes but is not
limited to, loan/order loan, trade financing, bill discounting, commercial bill acceptance, commercial acceptance bill security, international/domestic guarantee, customs tax payment guarantee, corporate account overdraft, derivative transaction,
and gold lease and other one or more credit business. 
 The circulating line refers to the maximum amount of the sum of the principal balances of one or
more of the credit business mentioned in the preceding article that Party A provides to Party B during the credit period. 
 The one-time credit line refers that the cumulative amount of various credit businesses mentioned in the preceding article provided by Party A during the credit period shall not exceed the amount of one-time credit line stipulated in the Agreement. Party B shall not re-use the one-time credit line; the corresponding amount of the
multiple credit services applied by Party B shall occupy the one-time credit line until they completely occupy the line accumulatively. 

“Trade financing” includes but is not limited to international/domestic letters of credit, import bill advance, delivery guarantees, import
collection and bills, packaged loans, export negotiation, export negotiations, export collection bills, import/export remittance financing, credit insurance financing, factoring, bill payment and other business varieties. 

  
 2 

 1.2 If Party A handles the import factoring and domestic buyer factoring business with Party B as the payer,
Party A’s account receivables accepted from Party B in this business shall occupy the above credit line; if Party B applies to Party A for handling the domestic seller’s factoring or export factoring business, the basic acquisition amount
(basic acquisition amount) provided by Party A to Party B with its own funds or other funds of legal source in this business occupies the above credit line. 

1.3 Party A, according to the needs of its internal procedures, entrusts other branches of China Merchants Bank to open the letter of credit to the
beneficiary after opening the Letter of Credit. The opening of certificate and the documentary bills and delivery guarantee business occurring thereunder occupy the above credit line; 

When opening the import license business, if the import bill is actually incurred after the same letter of credit, the opening license for import and the
import bill advance will occupy the same amount at different stages. That is to say, when the import bill advance business occurs, the amount recovered after the letter of credit is used for overseas payment is used to handle the import bill
advance, which is regarded as the same amount of occupying the original opening license for import. 
 1.4 The credit line does not include the portion of
the credit amount corresponding to the margin or pledge guarantee of deposit receipt provided by Party B or third party under the Agreement for a single specific business, the same as below. 

1.5 Where the specific business under (fill out the text name of the Agreement) with No. / signed by and between Party A (or Party A’s affiliated
institutions) or / and Party B have an unliquidated balance, it will be automatically included in the Agreement, and directly occupy the credit line under the Agreement. 

Article 2 Credit period 
 The credit period is 12 months,
from March 18, 2019 to March 17, 2020. Party B shall submit an application for use of credit to Party A during the period, and Party A shall not accept the application for use of credit submitted by Party B beyond the due date of the
credit period, unless otherwise provided in the Agreement. 
 Article 3 Use of credit lines 

3.1 Type and scope of line 
 The type of credit line under the
Agreement (circulating line or one-time line) and the applicable types of credit service, the amount of credit line corresponding to each type of credit service, whether the various types of credit service are
adjustable, and the specific conditions of use are subject to the approval of Party A. If Party A makes adjustments to Party A’s the original approval opinions according to the application of Party B during the credit period, the subsequent
approval opinions issued by Party A constitute supplements and changes to the original approval opinions, and so on. 
 3.2 The specific business agreement
(whether a single agreement/application or a framework agreement) signed by Party A and Party B with respect to various specific businesses under the credit constitutes an integral part of the Agreement and jointly agree the arrangement for rights
and obligation involved in the specific business. 

  
 3 

 Party B shall apply for the sum under the credit line one by one and submit the materials requested by Party
A, which shall be examined and approved one by one. Party A has the right to comprehensively consider whether to agree in combination with the internal management requirements and the operation of Party B, and has the right to unilaterally refuse
Party B’s application for use without bearing any form of legal responsibility for Party B. In the event of any inconsistency between this article and other articles, the agreement in this article shall prevail. 

The business elements such as the specific amount, term, interest rate, fee and use of each loan or other credit are determined by the specific business
agreement, the relevant business documents confirmed by Party A, and the business records of Party A’s system. 
 3.3 If Party B applies for a working
capital loan within the credit line, Party A and Party B need not separately sign the Loan Contract. When Party B applies for the payment, it shall submit the withdrawal application, the loan note and the information submitted by Party B according
to the different requirements of self-payment and entrusted payment (the application, loan note, etc. may be affixed with Party B’s seal in Party A or other ways approved by Party A). Party A shall approve the application one by one. The actual
release amount, the period of termination, the purpose, and the interest rate and other matters of each withdrawal shall be subject to the loan note and the business records of Party A’s system. The loan note and the contents not stated in
Party A’s system are still subject to the Agreement. 
 The withdrawal application, loan note and business records of Party A’s system constitute
an integral part of the Agreement. 
 3.4 Each loan or other credit within the credit line shall be determined according to the business needs of Party B
and the business management regulations of Party A. The due date of specific business may be later than the due date of the credit period (except as otherwise requested by Party A). 

☐ 3.5 During the credit period, Party A shall have the right to conduct an assessment of Party B’s operation and financial status on a regular
basis each year, and adjust the credit line available to Party B in conjunction with the assessment (if it is subject to this article, you can choose ✓ in ☐). 

Article 4 Provisions on loan interest rate of working capital 

4.1 The interest rate of any loan under the Agreement shall be defined by Party B in the corresponding withdrawal application and determined upon examined and
approved by Party A. If it is inconsistent with the loan note, the loan note shall prevail. 
 4.2 Party A has the right to adjust the floating
proportion and/or basic point of working capital loans regularly or irregularly in accordance with changes in relevant national policies, changes in domestic credit market prices or changes in Party A’s own credit policies. Once Party A decides
to adjust, it shall notify Party B in advance. The adjustments shall take effect after Party A notifies Party B. The relevant loans newly drawn by Party B and the specific floating proportions and/or basic points of the outstanding loans before the
notice takes effect are not determined in accordance with Party A’s notice. 
 In the event of any conflict or inconsistency between the article
and any other agreements of the Agreement, the article shall prevail. 

  
 4 

 4.3 If Party B fails to use the loan as agreed, the part that is not used according to the agreed purpose
shall be subject to 100% interest-bearing on the basis of the original interest rate from the date of change of use. The original interest rate is the interest rate applicable before the loan is changed. 

If Party B fails to repay the loan on time, its outstanding portion shall be subject to 50% interest-bearing on the basis of the original interest rate from
the date of (overdue loan interest rate). The original interest rate refers to the interest rate applicable before the loan maturity date (including the date of acceleration of maturity) (if the interest rate is the floating interest rate, it will
be the last floating period before the loan maturity date (including the date of acceleration of maturity). 
 If the loan is overdue at the same time and
is not used as the agreed use, the interest will be calculated at the higher one as stated above. 
 4.4 During the loan period, if the People’s Bank
of China adjusts the loan interest rate, it will be implemented in accordance with the relevant regulations of the People’s Bank of China. 
 4.5 Loan
interest shall be calculated based on the actual loan amount and the actual number of days occupied from the date of the loan into Party B’s account. Each interest shall be calculated once, and the interest-bearing date shall be the 20th day of
the last month of each quarter. The conversion of the daily interest rate is carried out in accordance with the relevant regulations of the People’s Bank of China or international practices. 

If the loan maturity date is a holiday or festival, the loan is automatically extended to the first working day after the holiday or festival, and the
interest is calculated according to the actual number of days of loan funds. 
 4.6 Party B shall pay interest on the date of each interest-bearing day, and
Party A may directly deduct the money from Party B’s any account in China Merchants Bank. If Party B fails to pay interest on time, it shall calculate the interest rate for the payable but unpaid interest at the overdue loan interest rate
stipulated in the article. 
 Article 5 Guarantee Clause 

5.1 All debts owed by Party B to Party A under the Agreement shall be jointly and severally guaranteed by Wang Ying, Zeng Qingchun and Shanghai Tong Gou
Information Technology Co., Ltd., which shall issue a separate Letter of Guarantee to Party A. And/or 
 5.2 All debts owed by Party B to Party A under the
Agreement shall be 
 Mortgaged (pledged) with the property that it is entitled to dispose of according to law, the Parties shall sign a separate guarantee
contract. 
 If the Guarantor fails to sign the guarantee text and complete the guarantee procedures in accordance with the provisions of this article
(including where the debtor of accounts receivable raise a plea against the accounts receivable before the pledge of the accounts receivable), Party A has the right to refuse to provide credit to Party B. 

  
 5 

 5.3 In the case that the mortgagor provides a real estate mortgage guarantee for all debts owed by Party B
to Party A under the Agreement, if Party B shall immediately inform Party A if it knows that the collateral has been or may be included in the government demolition and collection plan, and urges the mortgagor to continuously provide guarantees for
Party B’s debts in accordance with the mortgage contract with the compensation goods provided by the demolition party and complete the corresponding guarantee procedures in a timely manner, or take other safeguard measures approved by Party A
as required by Party A. 
 In case the collateral has the above circumstances, if the guarantee needs to be reset or other safeguard measures are taken, the
relevant expenses incurred shall be borne by the mortgagor, and Party B shall be jointly and severally liable for the expenses. Party A has the right to deduct these fees directly from Party B’s account. 

Article 6 Party B’s rights and obligations 
 6.1
Party B has the following rights: 
 6.1.1 it has the right to require Party A to provide loans or other credits within the credit line in accordance with
the conditions stipulated in the Agreement; 
 6.1.2 it has right to use the credit line as stipulated in the Agreement; 

6.1.3 It has the right to require Party A to keep confidential the production, operation, property, account and other conditions provided by Party B, except
as otherwise provided by laws and regulations or otherwise required by the regulatory body; 
 6.1.4 After obtaining the consent of Party A, it has the
right to transfer the debt to a third party. 
 6.2 Party B shall bear the following obligations: 

6.2.1 it shall truly provide documents and materials (including but not limited to providing their true financial books/statements and annual financial reports
in accordance with the cycle required by Party A, major decisions on production, operation and management, and materials on change withdrawals/ use of money, information related to collateral, etc.) required by Party A, as well as all bank of
deposit, account numbers and balance of deposits and loans, and cooperate with Party A’s investigation, review and inspection; 
 6.2.2 It shall be
subject to Party A’s supervision over its use of credited funds and related production, operation and financial activities; 
 6.2.3 Loans and/or other
credits shall be used in accordance with the Agreement and the agreed and/or promised purposes of each specific contract; 
 6.2.4 The principal and
interest of loans, advances and other credited debts shall be repaid in full and on time in accordance with the Agreement and various specific contracts; 

6.2.5 If all or part of the debts under the Agreement are transferred to a third party, it shall obtain the written consent from Party A; 

6.2.6 Under the following circumstances, Party B shall immediately notify Party A and actively cooperate with Party A to implement the safeguard measures for
the safe repayment of the principal and interest of loans, advances and other credited debts as well as all related expenses under the Agreement: 
 6.2.6.1
A major financial loss, asset loss or other financial crisis occurs; 
 6.2.6.2 Provide loans or guarantees to any third party, or provide the mortgage
(pledge) guarantee with their own property (rights) 

  
 6 

 6.2.6.3 In the event of suspension of business, revocation or cancellation of business license, application
or application for bankruptcy, dissolution, etc.; 
 6.2.6.4 A major crisis in the operation or finance of its controlling shareholders and other affiliates
affects its normal operation; 
 6.2.6.5 If the related-party transaction between the controlling shareholders and other affiliates has the amount reaching
more than 10% of the net assets of Party B; 
 6.2.6.6 Any litigation, arbitration or criminal or administrative punishment that has a material adverse
effect on its business or property status; 
 6.2.6.7 There are other significant events that may affect their ability to pay their debts. 

6.2.7 Do not succumb to the management and recourse of their due claims, or dispose of existing primary properties in a
non-reimbursable and other improper manner. 
 6.2.8 Party B must obtain the written consent of Party A before major
matters such as consolidation (merger), separation, restructuring, joint venture (cooperation), transfer of property right (equity), stock system reform, foreign investment and increase in debt financing. 

6.2.9 Party B shall (tick “✓“ at ☐) in accordance with the requirements of Party A: 

☒ insure the core assets and designate Party A as the first-ranked beneficiary; 

☒ it may not sell or mortgage the /assets designated by Party A before the credited debts are settled; 

☒ The dividends paid to its shareholders before the credited debts are settled are subject to the following restrictions as required by Party A: 

                          
                                         
 /                                        
                                         
                    
 ☒ Others:
                                         
                       /                  
                                         
                              

6.2.10 In the case of dynamic pledge of accounts receivable, Party B guarantees that the credit balance at any time during the credit period is less than z%
of the balance of the pledged accounts receivable; otherwise, Party B must provide new accounts receivable approved by Party A for pledge or deposit of margin until the balance of the pledged accounts receivable × / % + effective margin
> credit balance. 
 6.2.11 Under the case of Party B providing the pledge of margin, if the balance of the margin account is insufficient to offset the
amount of the specific business amount is /% due to fluctuations in exchange rate, Party B is obliged to add the margin of corresponding amount or other guarantee as required by Party A. 

6.2.12 Ensure that the sales payment under the import item is returned from the designated account of Party A; under the export negotiation, Party A will
transfer the notes and/or documents under the letter of credit. 

  
 7 

 Article 7 Party A’s rights and obligations 

7.1 Party A has the following rights: 
 7.1.1 Have the right to
request Party B to return the principal and interest of the loan, advance and other credited debts under the Agreement and the specific contract in full and on time; 

7.1.2 Have the right to request Party B to provide information related to the use of its credit line; 

7.1.3 Have the right to know the production , operation and financial activities of Party B; 

7.1.4 Have the right to supervise the use of loans and/or other credits by Party B in accordance with the purposes agreed in the Agreement and the specific
contracts; have the right to directly suspend or limit the Bank’s online banking function of Party B’s account (including but not limited to the restrictions such as closing the online banking, presetting the payment object list / single
payment limit / staged payment limit ), limiting the sale of settlement documents, or limiting the payment and exchange function of non-counter channels such as telephone banking and mobile banking of Party
B’s account as needed by the business; 
 7.1.5 after accepting Party B’s application for the opening of the letter of credit, have the right to
entrust other branches of China Merchants Bank located at the beneficiary’s place to issue the Letter of Credit to the beneficiary according to the needs of its internal processes; 

7.1.6 Have the right to directly deduct the money from the account opened by Party B at any institution of China Merchants Bank, to repay the debts owed by
Party B under the Agreement and each specific contract (when the credited debts is not expressed in RMB, it has the right to directly return the credit principal and interest and expenses from the RMB accounts of Party B according to the exchange
rate published by Party A at the time of deduction. 
 7.1.7 Have the right to transfer its claims to which Party B is entitled and has the right to notify
Party B of the transfer in the manner it deems appropriate, including but not limited to fax, post, personal delivery, announcement in the public media, etc., and require Party B to repay; 

7.1.8 Have the right to supervise the account of Party B and entrust other institutions of China Merchants Bank other than Party A to supervise Party B’s
account, and control the payment of loan funds according to the loan use and payment scope agreed by the Parties; 
 7.1.9 Other rights under the Agreement.

 7.2 Party A undertakes the following obligations: 
 7.2.1
Release the loans or other credits to Party B within the credit line in accordance with the conditions stipulated in the Agreement and each specific contract; 

7.2.2 Party B’s assets, finance, production and operation shall be kept confidential, except as otherwise provided by laws and regulations and by the
regulatory body. 

  
 8 

 Article 8 Party B specifically guarantees the following matters 

8.1 Party B is formally established and legally existing under the laws of China. Entities with legal personality. Its procedures for registration and annual
report publicity are true, legal and valid, and it have sufficient civil capacity to sign and perform the Agreement; 
 8.2 The signing and performance of
the Agreement has been fully authorized by the Board of Directors or any other authorized institution; 
 8.3 The documents, materials, and vouchers
provided by Party B regarding Party B, the Guarantor, the mortgagor (the pledger), and the collateral (pledge) are true, accurate, complete and valid, without any major errors or omissions that are inconsistent with the facts; 

8.4 Strictly abide by the specific business agreements and the various letters and related documents issued to Party A; 

8.5 There were no lawsuits, arbitrations or criminal or administrative punishment that may have significant adverse consequences for Party B or Party B’s
main property at the time of signing the Agreement, and such litigation, arbitration or criminal or administrative punishment will not occur during the execution of the Agreement. If the above occur, , Party B shall immediately notify Party A; 

8.6 Strictly abide by the laws and regulations of the State in business activities, carry out various business in strict accordance with the business scope
stipulated by the business license of Party B or approved according to law, and go through the formalities for annual check of registration and the procedures for renewal /extension of the business period on time; 

8.7 Maintain or improve the existing management level, ensure the preservation and appreciation of existing assets, do not waive any outstanding claims, and
do not dispose of existing major assets by unpaid or other improper means; 
 8.8 Without the permission of Party A, Party B shall not pay off other
long-term debts in advance, and / or / ; 
 Party B guarantees that the financial indicators of Party B during the period of working capital loan are not
lower than the following requirements: 

                          
                                         
                         /                
                                         
                        
 8.9 At the
time of signing and performing the Agreement, Party B did not have any other major events affecting the performance of Party B’s obligations under the Agreement. 

8.10 Under the credit, the loan project applied for meets the requirements of laws and regulations, is not used for investment in fixed assets, equity, etc.,
and is not legally used for speculative buying and selling of securities, futures and real estate, is not used for mutual borrowing for illegal income; not used in areas and uses prohibited by the state for production or operation; not used for
purposes other than those specified in the Agreement and the withdrawal application; 
 If the loan fund is paid by the Borrower’s self-payment method,
Party B shall summarize and report the payment of loan fund to Party A on a regular basis (at least on a monthly basis). Party A has the right to pass account analysis, certificate inspection, on-site
investigation, etc. 

  
 9 

 Way to check whether the loan payment is in accordance with the agreed purpose. 

8.11 /                 

Article 9 Special provisions on working capital loans 

9.1 Withdrawals and payments 
 The method of using working
capital loans by Party B under the Agreement includes self-payment and entrusted payment. 
 9.1.1 Self payment 

The self-payment is that, after Party A releases the loan funds to Party B’s account according to the withdrawal application of Party B, Party B will
independently pay Party B’s counterparty in accordance with the agreed use of the Agreement. 
 9.1.2 Entrusted payment 

The entrusted payment is that, Party A, based on Party B’s withdrawal application and payment entrustment, pays the loan funds from Party B’s
account to Party B’s counterparty in accordance with the agreed use. For the loan funds using the entrusted payment method, Party B authorizes Party A to pay the loan funds to Party B’s counterparty from Party B’s account on the day
of releasing the loan (or the next working day after the loan is released). 
 9.1.3 Party B shall use the full-amount entrusted payment method
unconditionally under the following circumstances; 
 9.1.3.1 Party B’s single withdrawal exceeds RMB 5 million (including, or equivalent in
foreign currency); 
 9.1.3.2 Party A requires Party B to adopt the method of entrusted payment according to regulatory requirements or for risk management
and control needs. 
 9.1.4 If the entrusted payment is adopted, the external payment it shall be approved by Party A after the loan is released. Party B
shall not evade Party A’s supervision by means of online banking, reversing the cheque, and breaking up the whole into parts. 
 9.2 Early repayment

 9.2.1 If Party B applies for early repayment, it shall submit a written application to Party A 7 working days before the date of planned early repayment,
and pay Party A the liquidated damages for early repayment. Early repayment of liquidated damages = amount of early repayment × proportion of liquidated damages (/ %). After Party A reviewed and approved Party B’s application for early
repayment, Party B shall pay Party A the early repayment of liquidated damages in full within the time required by Party A; otherwise, Party A still has the right to refuse Party B’s application for early repayment. Party A is entitled to but
not obliged to properly deduct and exempt the liquidated damages of Party B’s early repayment in accordance with factors such as the remaining period of the loan at the time of Party B’s early repayment. 

9.2.2 Where Party B repay the loan in advance, the interest rate shall still be calculated in accordance with the Agreement, and the interest payable shall be
calculated according to the actual loan term. 

  
 10 

 9.3 Loan extension 

When Party B cannot repay the loan under the Agreement on time and needs to the loan extension, it shall submit a written application to Party A one month
before the relevant loan expires; if Party A approves the extension upon the review, Party A and Party B shall sign the extension agreement separately. If Party A disagree on the extension, the borrowings and interest payables already occupied by
Party B shall be repaid in accordance with the Agreement and the receipt for corresponding borrowings. 
 ☐ 9.4 Special loan account (if applicable,
please mark “✓” at “☐”) 
 The release and payment of all loan funds under the Agreement must be processed through the
following accounts: 
 Account name: Shanghai ECMOHO Health Biotechnology Co., Ltd. 

Account No.: **** 
 Bank of deposit: China Merchants Bank Co.,
Ltd. Shanghai Tianyaoqiao Sub-branch. 
 9.5 Monitor of Party B’s loan account 

9.5.1 Party A and Party B agree to designate the following account for Party B’s fund withdrawal account: 

Account name: Shanghai ECMOHO Health Biotechnology Co., Ltd. 

Account No.: **** 
 Bank of deposit: China Merchants Bank Co.,
Ltd. Shanghai Tianyaoqiao Sub-branch. 
 9.5.2 The account monitoring requirements are listed as follows:
                 /         

Party A has the right to recover the loan in advance according to the withdrawal of funds from Party B. That is, when the account has funds withdrawn, the
loan corresponding to the amount of the funds withdrawn will be considered as early due, and Party A has the right to deduct the funds directly from the account to repay the loan; 

9.6 Party B shall provide the receipts and payments of the funds of the above account on a quarterly basis, and cooperate with Party A in monitoring the
relevant accounts and funds withdrawn. 
 Article 10 Event of default and handling 

10.1 If Party B occurs in one of the following circumstances, it shall be deemed that an event of default has occurred: 

10.1.1 Where Party B fails to perform or violates the obligations set forth in the Agreement; 

10.1.2 Where the statement about guarantees in the Agreement are untrue or incomplete, or Party B violates the requirements of this article and fails to make
correction according to Party A’s requirements; 
 10.1.3 Where the loan is not withdrawn or used in accordance with the Agreement, or if the funds of
funds withdrawal account fails to be used as required by Party A, or do not accept Party A’s supervision and do not make correction immediately according to Party A’s request; 

10.1.4 Where Party B has a major breach of contract under a legally valid contract with other creditors and has not been successfully resolved within three
months from the date of default. 

  
 11 

 The above-mentioned major breach of contract means that Party B’s creditors have the right to claim
compensation amount of RMB/10,000 or more due to its default. 
 10.1.5 Party B’s new three board listings encountered major obstacles or suspension of
listing applications; new three board market issued a warning letter, ordered corrections, restrictions on securities account transactions and other self-regulatory measures to Party B for more than three times or was given a disciplinary punishment
and terminated for listing. 
 10.1.6 There are other situations in which Party A believes that it has damaged the legitimate rights and interests of Party
A. 
 10.2 If the Guarantor has one of the following circumstances, Party A believes that it may affect the Guarantor’s ability to guarantee, so it
requires the Guarantor to exclude the adverse impact caused by it, or requires Party B to increase or replace the guarantee condition. If the Guarantor and Party B fail to cooperate, it shall be deemed as having the default event: 

10.2.1 Where any circumstance similar to that described in Article 6.2.6 of the Agreement occurs, or Party A’s consent is not obtained when the
circumstances described in Article 6.2.8 occur; 
 10.2.2 When the irrevocable Letter of Guarantee is issued, its actual ability to assume the guarantee
responsibility is concealed, or the authorization of the competent authority is not obtained; 
 10.2.3 Party B fails to go through the annual inspection
registration procedures and the extension of the business period/extension procedures; 
 10.2.4 Be negligent in managing and recovering its due claims, or
to dispose of existing major assets by unpaid or other improper means; 
 10.2.5 The Guarantor fails to perform or violates the obligations stipulated in
the Letter of Guarantee/commitment issued by it. 
 10.3 If the mortgagor (or pledgor) has one of the following circumstances, Party A believes that the
mortgage (or pledge) may not be established or the collateral (or pledge) is lack of value, which requires the mortgagor (or pledgor) to exclude the adverse effect arising therefrom, or requires Party B to increase or replace the guarantee
conditions, and the mortgagor (or the pledgor) and Party B fail to cooperate, it shall be deemed that the breach of contract has occurred: 
 10.3.1 There is
no ownership or disposition right of the collateral (or pledge), or there is a dispute over the ownership; 
 10.3.2 The collateral (or pledge) has been
leased, seized, detained, supervised, has legal prior priority (including but not limited to priority of construction project payment), and/or the above situation have been concealed; 

10.3.3 The mortgagor shall, without the prior written consent of Party A, arbitrarily transfer, lease,
re-collateralize or dispose of the collateral in any other improper manner, or use the proceeds from disposal of the collateral to repay the debts owed by Party B to Party A without the written consent of
Party A.; 

  
 12 

 10.3.4 The mortgagor does not properly keep, maintain and repair the collateral, as a result, the value of
the collateral is obviously damaged; or the mortgagor’s behavior directly jeopardizes the collateral, resulting in a decrease in the value of the collateral; or the mortgagor does not insure the collateral at the request of Party A during the
mortgage period; 
 10.3.5 The collateral has been or may be included in the scope of government demolition and collection, and the mortgagor fails to
immediately informed Party A and fulfilled the relevant obligations as stipulated in the mortgage contract; 
 10.3.6 Where the mortgagor uses its mortgage
real estate at China Merchants Bank to provide the residual value guarantee for the business under the Agreement, before the Party B pays off the credit under the Agreement, the mortgagor settles its personal mortgage loans in advance without the
consent of Party A; 
 10.3.7 Where the mortgagor (or pledgor) fails to perform or violates the obligations stipulated in the guarantee contract/ letter of
commitment signed by it. 
 10.4 When the guarantee under the Agreement includes the pledgor of the accounts receivable, the debtor of the accounts
receivable has obviously deteriorated operation, transferred the property/surreptitiously withdrawn funds to avoid the debt, colluded with the pledgor of the accounts receivable to change the return path, resulting in the returns of accounts
receivable does not enter the special account of returns, lose business reputation, lose or may lose the ability to perform the contract or other major events affecting its solvency, Party A has the right to request Party B to provide corresponding
guarantee or provide new effective accounts receivable for pledge; if Party B fails to do so, it is deemed that an event of default has occurred. 
 10.5 In
the event of any of the above default event, Party A shall take the following measures, separately or simultaneously: 
 10.5.1 Cut down the credit line
under the Agreement, or stop the use of the remaining credit line; 
 10.5.2 Recover the principal and interest of the loan that have been issued within the
credit line in advance and related expenses; 
 10.5.3 For the bill of exchange accepted or the Letter of Credit, Letter of Guarantee, and delivery
guarantee letter opened by Party A during the credit period, Party A may request Party B to increase the deposit regardless of whether Party A has advanced the payment, or transfer the deposits of Party B’s other accounts opened at Party A to
its margin account as a deposit for the settlement of Party A’s advances under the Agreement, or hand over the corresponding funds to a third party for deposit as Party A’s margin advanced for Party B. 

10.5.4 For Party A’s claims of unliquidated accounts receivable transferred from Party B under factoring business, Party A has the right to require Party
B to immediately fulfill the repurchase obligations and take other recovery measures in accordance with the relevant specific business agreements; Party A’s claims to Party B’s accounts receivable accepted under factoring business have the
right to immediately seek recourse from Party B. 
 10.5.5 Party A may also directly request Party B to provide other property acceptable to Party A as a
new guarantee, if Party B fails to provide new guarantee as required, Party B shall bear the liquidated damages equivalent to __% of the credit line under the Agreement. 

  
 13 

 10.5.6 directly freeze/deduct the deposits of any settlement account and/or other accounts opened by Party B
at China Merchants Bank; 
 10.5.7 For the working capital loan under the credit line, change the entrusted payment conditions for loan fund, and cancel the
use of the loan by Party B in a “self-paying” manner; 
 10.5.8 Seek recourse in accordance with the Agreement. 

10.6 For the funds requisitioned by Party A, the repayment shall be made in the order from the last to the first in accordance with the actual maturity date
of each credit. The specific order of repayment of each credit shall be settled in the order of expenses, liquidated damages, compound interest, penalty interest, interest, and principal of credit, until all principal and interest as well as all
related expenses are paid off. 
 Party A has the right to unilaterally adjust the above repayment order, unless otherwise required by laws and regulations.

 Article 11 Alteration and dissolution of the Agreement 

The Agreement may be changed and dissolved by Party A with written agreement through mutual consultation. The Agreement is still valid until a written
agreement is reached. Neither party may unilaterally change, modify or revoke the Agreement without authorization. 
 Article 12 Miscellaneous 

12.1 During the period when the Agreement come into force, Party A shall not injure, influence or limit Party A’s relevant laws in accordance with any
tolerance, grace or delay in the execution of Party B’s rights or rights in Party B’s breach of contract or delay. The provisions and the Agreement shall be deemed as a licensee’s license or recognition of any breach of the Agreement,
and shall not be deemed as Party A’s right to waive action against existing or future breaches. 
 12.2 Party B shall be liable for repayment of all
debts owed by Party A under the Agreement, when the Agreement it is legally invalid, or some of the terms hereof are invalid for whatever reason. In the event of the above case, Party A has the right to terminate the performance of the Agreement and
may immediately recover from Party B all debts owed by it under the Agreement. 
 If the applicable laws and policy requirements change, resulting in
increase in costs arising from Party A’s performance of obligations under the Agreement, Party B shall compensate Party A for the increased costs incurred by Party A. 

12.3 Notices, requests or other documents related to the Agreement between Party A and Party B shall be sent in writing (including but not limited to letters,
faxes, e-mails, Party A’s online banking, SMS or WeChat, etc.). 
 Party A’s contact address: No. 86,
Tianyaoqiao Road, Xuhui District 

  
 14 

 E-mail: zhangzushi@cmbchina.com Fax number: **** 

Contact mobile number: **** Entity WeChat number:                  

Party B’s contact address: 2-3/F, No. 1000 Tianyaoqiao Road, Xuhui District 

E-mail: ****Fax number: **** 

Contact mobile number: **** Entity WeChat number:              

12.3.1 Where the delivery is made by hand (including but not limited to lawyer/notary’s delivery, express delivery, etc.), the recipient’s signature
for receipt is deemed to be served (where the delivery is rejected by the recipient, it will be deemed to be served after seven days as of the date of rejection/return or date of being sent (whichever is earlier) ; if it is submitted by postal
letter, it will be deemed to be served after 7 days of delivery; where the delivery is made by fax, email, Party A‘s online banking notice, SMS or WeChat and other electronic means, the date on which the sender’s corresponding system
displays the successful transmission is regarded as the delivery date. 
 If Party A informs Party B of the transfer of claim or makes a collection of Party
B by means of public announcement, it shall be deemed to have been served on the date of the announcement. 
 Any party that changes the contact address, e-mail address, fax number or mobile phone number or WeChat number shall notify the other party of the changed information within five working days from the date of the change; otherwise, the other party shall have
the right to serve according to the original contact address or information. . If the delivery is unsuccessful because the contact address changes, the date of return or the 8th day after the date of delivery (whichever is earlier) will be deemed to
be the date of delivery. The changer is responsible for the losses arising therefrom and does not affect the legal effect of the delivery. 
 12.3.2 The
above contact address, e-mail address, fax number, mobile phone number and WeChat number shall be used as the delivery address of their respective notarization documents and judicial documents (including but
not limited to the indictment/arbitration application, evidence, subpoena, responding notice, notice of proof, notice of court session, notice of hearing, judgment/arbitration, ruling, mediation, notice of performance within the deadline and other
legal documents at the trial and execution stage, and the appellate court or notary office deliver the documents to the delivery address in the written method as agreed herein is considered as valid delivery (the specific delivery criteria are
implemented in accordance with the provisions of Article 12.3.1 above). 
 12.4 The Parties agree that, with respect to each business application under the
trade financing business, Party B shall affix the reserved seal according to the Authorization Letter of Reserved Seal provided by it to Party A, and the Parties shall recognize the validity of the signature. 

12.5 The Parties unanimously agree that, if Party B submits various applications or business vouchers of credit business through the online corporate
banking system, it shall be deemed as the true meaning of Party B. Party A has the right to fill in relevant business vouchers according to the application information sent online, and Party B recognizes its authenticity, accuracy and legality.

  
 15 

 12.6 The written supplemental agreement reached between Party A and Party B on the matters not covered and
changed of the Agreement and the specific contracts under the Agreement are appendixes to the Agreement and constitute an integral part of the Agreement. 

12.7 In order to facilitate business processing, Party A’s various operations (including but not limited to the acceptance of applications, data review,
release of loan, transaction confirmation, deduction, inquiry, receipt printing, collection, deduction of payment, etc. and various notifications) involving transactions may be handled by any business outlet within Party A’s jurisdiction which
generates, signs or issues relevant letters,. the business operations and letters of the outlets within Party A’s jurisdiction shall be deemed to be binding upon Party B. 

12.8 The Appendixes to the Agreement form an integral part of the Agreement and are automatically applicable to the specific business that actually occurs
between the Parties. 
 12.9 The Agreement involves notarization (except for the enforcement of notarization) or other matters entrusting a third party to
provide services, and the relevant expenses shall be borne by the entrusting party itself. If the Parties jointly act as the principal, they will bear 50% respectively. In the event that Party B cannot repay the debts owed by Party A under the
Agreement, Party A shall bear all the expenses such as attorney fees, legal fees, travel expenses, announcement fees, and delivery fees incurred for realizing the claim. Party B authorizes Party A to directly deduct the money from Party B’s
bank account in Party A. If there are any shortfall, Party B guarantees to repay the amount after receiving the notice from Party A, without Party A’s provision of any proof. 

12.10
/                                         
        
 Article 13 Applicable law and settlement of disputes 

13.1 The conclusion, interpretation and settlement of disputes of the Agreement shall be governed by the laws of the People’s Republic of China (excluding
laws in Hong Kong, Macao and Taiwan), and the rights and interests of the Parties shall be guaranteed by the laws of the People’s Republic of China. 

13.2 The disputes arising during the performance of the Agreement by Party A and Party B shall be settled by the Parties through negotiation. Any Party may
(choose “✓” in ☐ among three) after failure to reach an agreement: 
 ☑ 13.2.1 Prosecute to the people’s court at the place
where the Agreement is signed; 
 ☐ 13.2.2 File an lawsuit to the people’s court at the locality of Party A; 

☐ 13.2.3 Apply to the arbitration (fill in the name of the specific arbitration institution), with the place of arbitration located at. 

13.3 After the Agreement and each specific contract have been processed by Party A and Party B for the notarization of the effect of enforcement, Party A may,
in order to recover the debts owed by Party B under the Agreement and each specific contract, directly apply to the competent people’s court for enforcement. 

  
 16 

 Article 14 Effectiveness of the Agreement 

The Agreement shall come into force after signed (or named) by the legal representative/main principal of Party A and Party B or their authorized agents and
affixed with entity’s official seal or special contract seal, and shall expire automatically on the date of expiration of the credit period or on the date when all debts owed by Party B to Party A and all other related expenses are settled on
the date of completion of the settlement (subject to the later one of the two) 
 Article 15 Supplementary provisions 

The Agreement is made in quadruplicate, and Party A, Party B and the Guarantor and Shanghai Branch hold one copy respectively and have the same legal effect.

 Appendix 1: Special Terms for Yin Guantong (Customs Taxes and dues Fees Payment Guarantee Business) 

Appendix 2: Special Terms for Buyer/Import Factoring Business 

Appendix 3: Special Terms for Order Loan Business 
 Appendix 4:
Special Terms for Commercial Acceptance Bills 
 Appendix 5: Special Terms for Derivative Transactions 

Appendix 6: Special Terms for the Gold Leasing Business 

Appendix 7: Special Terms for Cross-Border Trade Financing Business 

  
 17 

 Appendix 1: Special Terms for Yinguantong (Customs Taxes and Fees Payment Guarantee Business) 

Article 1 Party B applies to Party A for customs tax payment guarantee business within the credit line. Customs tax payment guarantee business refers that,
Party B logins on the electronic port/Shanghai Oriental Electronic Payment Website to send online payment bank guarantee order to Party A. Within the credit limit, Party B will make a commitment on payment guarantee of tax payable to the Customs in
the form of electronic payment guarantee documents through the electronic port/Shanghai Oriental Electronic Payment Website (where the payable tax of guarantee will be paid to the national treasury when the tax payment period expires, which is
reflected in system, that Party A sends the information about “successful payment” to the electronic port / Shanghai Oriental Electronic Payment Website, to achieve the first customs clearance procedures of goods, and pay the taxes and
fees of relevant import and export within the payment period stipulated by the Customs. 
 Party A’s advance payment (whether or not it occurs during
the credit period) and related interest and expenses directly constitute Party B’s financing debts to Party A and are included in the scope of credit guarantee. 

Article 2 Party B shall deposit a certain amount of funds in Party A as the margin according to the proportion requested by Party A (the account number shall
be automatically generated or entered when the fund is deposited), and provide counter-guarantee for Party A’s tax payment guarantee. 
 Article 3
Party A shall issue an electronic payment guarantee document to the customs in the capacity of the Guarantor. Party B shall know and confirm that the electronic payment guarantee documents have the nature of independent Letter of Guarantee, and the
guarantee liability assumed by Party A to the Customs is the guarantee of independence. 
 Article 4 Party B shall send a withholding order to Party A
through the electronic port/Shanghai Dongfang Electronic Payment Website, and Party A shall make a payment guarantee commitment to the Customs according to the withholding order sent online by Party B. Party B grants Party A the right to deduct the
principal and interest of the guarantee commitment from relevant margin accounts and the right to fill in the relevant business certificate according to the withholding instructions issued online. 

The specific time and amount of Party A’s commitment to make each payment guarantee within the credit line shall be subject to the Party B’s online
payment bank guarantee order (payment guarantee withholding order) received by Party A or saved by its online system. Party B must, during the credit period, send a payment guarantee withholding order to Party A, which will not be accepted by Party
A beyond the period. 
 Party A shall determine the due date of the single payment guarantee commitment according to the “payment period” (i.e.
“due date of taxable tax”) specified by the actual deduction order sent to Party A by the electronic port/Shanghai Dongfang Electronic Payment Website. 

Article 5 Party B shall not use the credit line for handling the customs taxes and fees payment guarantee business for __ months. After that, Party A has the
right to refuse to handle the business for Party B. 

  
 18 

 Article 6 Party B authorizes Party A that, when Party B’s tax payable expires, Party A has the right to
directly deduct the payment from Party B’s account (including margin account) to Customs without notice to Party B or Party B’s consent. If the account amount is insufficient to pay, Party B guarantees that it will remit all the
insufficient amount into the designated account of tax payment within 3 days before the due date of tax payable, for payment upon expiration. If Party B fails to make up the payment in time, Party A shall bear the obligation of payment guarantee
commitment and shall have the right to recover from Party B after Party B paying the advance to national treasury, and shall have the right to collects liquidated damages from Party B according to the actual days at the annual interest rate __% from
the date of the advance payment. 
 Article 7 Party A shall collect the guarantee fee from Party B on a quarterly basis according to the actual transaction
amount of online payment bank guarantee business according to the __%/year rate standard. 
 Article 8 If Party B fails to fulfill its obligations under the
Credit Agreement or this Appendix, or if any statement, commitment or guarantee made by it is untrue, Party A shall have the right to take the various measures for handling breach of contract as stipulated in the Credit Agreement, and shall be
entitled to charge 100% margin from Party B in accordance with the total amount of the guarantee for which Party A has provided a payment guarantee commitment and no claim occurs. 

  
 19 

 Appendix II: Special Terms for the Buyer/Import Factoring Business 

Article 1 Definition terms 
 1.1 The buyer/import factoring
business refers to that Party A serves as the buyer/import factor . After the seller/export factor accepts the accounts receivable with Party B as the debtor of the accounts receivable under the business contract, to provide comprehensive factoring
services including approved payments, collection of accounts receivable and management for the buyer/import factor. 
 Under the buyer/import factoring
business, if Party B’s buyer’s credit risk occurs, Party A shall bear the payment obligation for approval to the seller/export factor; if there is a dispute during the performance of the business contract, Party A shall have the right to
transfer the accounts receivable accepted to the seller/export factor. 
 1.2 The seller/export factor is the party who signs the factoring business
agreement with the supplier/service provider (creditor of accounts receivable) under the business contract, and accepts the accounts receivable held by the creditors account receivable. Party A can act as both a buyer/import factor and a
seller/export factor. 
 1.3 Disputes refer to Party B’s defense, counter-claim or offset or similar acts for accounts receivable accepted by Party A
among the debtors of accounts receivable and Party B due to the disputes related to the goods, services, invoices or any other business contract, as well as third-party actions such claims for accounts receivable under the Agreement, and application
for check, freezing and deduction; any receivables accepted by Party A due to non-buyer credit risk cannot be fully or partially realized, it is considered as a dispute. 

1.4 Business contract: it refers to the transaction contract signed by Party B and the creditors of the accounts receivable for the purpose of commodity
transactions and/or service transactions, with credit sales as the settlement method. 
 1.5 Approved payment/guaranteed payment means that, after Party
B’s buyer’s credit risk occurs, Party A shall pay the corresponding amount of accounts receivable to the seller/export factor within a certain period after the due date of the accounts receivable. 

Article 2 Upon Party B’s application, Party A agrees to handle the buyer’s factoring business for it within the credit line. The money and relevant
expenses paid by Party A as the buyer’s factor for performing the approved payment liability shall be deemed as the credit issued to Party B under Party A’s Credit Agreement. 

As long as Party A has transferred the accounts receivable during the credit period, Party A has the right to seek recourse from Party B in accordance with
the Credit Agreement and the agreement of the business contract, even if Party A performs the approved payment liability within the credit period. 

Article 3 Buyer/Importing Factoring Fee 
 Factoring fee: it
refers to the business management fee that should be charged for the buyer/import factoring service provided by Party A. Party A shall charge the fees from Party B at a certain percentage of the amount of accounts receivable at the time of transfer
and delivery, the specific rate standard is reasonably determined by Party A in accordance with its business rules. 

  
 20 

 Article 4 Party B shall waive the right to argue for disputes arising during the performance of the business
contract. In view of this, regardless of whether there are other agreements, if Party B fails to pay out in accordance with the business contract, Party B shall be deemed to have the buyer’s credit risk, and Party A will make the approved
payment. Moreover, Party B has no objection to this. 

  
 21 

 Appendix III: Special Terms for Order Loan Business 

Article 1 The order loan business is that, Party A, based on the business contract (or project contract) signed by Party B and its downstream customers
(payers), issues the loan business used for performance of the daily production and operation of the business contract (or performance of the project contract) sales return (or project payment) is the loan business of the first repayment source.

 Article 2 Party B shall open a special account for the sale of goods under Party A’s business contract (or project contract). All sales under the
business contract (or project contract) for applying for the order must be directly returned to the special account, and may not be used without the approval of Party A, and the special account may not be changed. Party B shall notify the payer that
the account is the only account for the sales return. Party A has the right to deduct the funds from the special account for the repayment of the principal and interest, penalty interest and other related expenses of the order loan financing. 

Article 3 When the following circumstances occur, Party A may immediately stop the use of Party B’s quota under the Credit Agreement, and take measures
to deal with breach of contract in accordance with the Credit Agreement: 
 3.1 The downstream customers of Party B have delayed the payment for three
consecutive periods, and Party A has reasonably judged that their financial situations have deteriorated, which is not conducive to protecting Party A’s claims; 

3.2 Party B’s qualification as the supplier has been cancelled by the downstream customer. Party B’s supply of goods to the downstream customer is
not timely, the quality of product supplied is unstable, and without the approval of downstream customers, the construction is not completed according to the agreed progress of the project contract, and the practice qualification of Party B is
lowered, resulting in its qualifications not meeting the requirements of downstream customers, and Party A reasonably judges that Party B has operational difficulties, its financial situation has deteriorated, or the downstream customers’
collection is less than the total monthly repayment amount of Party B of each financing contract under the credit, or the downstream customers did not make a payment in installments in accordance with the project contract for the consecutive second
period. 

  
 22 

 Appendix IV: Special Terms and Conditions for Commercial Acceptance Bills 

Article 1 The business acceptance bills labeling business is a business in which Party Bdiscounts the commercial acceptance bill accepted by Party B or allows
the holder to handle the discount at the any branch of China Merchants Bank (hereinafter referred to as “other discounted acceptance bank”). The holder (hereinafter referred to as the “discount applicant”) may apply to Party A or
other discounted acceptance bank for discounting by virtue of the commercial acceptance bill. The discounted business occupies the credit line under the Agreement. 

In view of the fact that Party A’s provision for Party B with acceptor’s discounted service of commercial acceptance bills is the precondition for
other discounted acceptance banks to accept the ticket holder’s application for discounting. Other discounted accepting banks have the right to transfer the discounted bills to Party A after handling discount, Party A is obliged to accept the
transfer, for Party A’s commercial acceptance bills accepted by Party A from other discounted acceptance banks, Party B commits that it will unconditionally pay the bill payment on the expiration date, and the Parties have no objection to this.

 Article 2 The commercial acceptance bills mentioned in this article include both paper commercial acceptance bills and electronic commercial acceptance
bills (hereinafter referred to as “e-commerce bills”), which includes both commercial acceptance bills with interest paid by discount applicants and commercial acceptance bills with interest paid by
the buyer. 
 The discounted business of commercial acceptance bills with interest paid by the buyer is the discounted business of the bills when the
commercial acceptance bills issued and accepted by Party B is discounted, the discount interest is paid by Party B. 
 Article 3 During the credit period,
Party B must open a security account for commercial acceptance bill in Party A (the account number shall be generated or recorded by the Party A’s system when the margin is deposited), and deposit a certain amount into the margin account at the
proportion required by Party A as the payment margin for the commercial acceptance bills that they have accepted by it and promised to be discounted by Party A. 

Party B shall deposit the full amount of the bill payables in the margin account opened by Party A before the expiration of each commercial acceptance bill
for payment of bills upon expiration. 
 Article 4 During the credit period, the discount applicant may apply to Party A for discount on the commercial
acceptance bill accepted by Party B directly, or apply to other discounted acceptance banks for discount. Party A or other discounted acceptance banks have the right to conduct qualification examinations on discount applicants, and have the right to
request Party B to conduct audit verification and decide whether to apply for discount at one’s sole discretion. 
 Other discounted acceptance banks
have the right to endorse and transfer the commercial acceptance bills discounted to Party A in accordance with the relevant provisions of China Merchants Bank after the discount is handled. After Party A has discounted or accepted commercial
acceptance bills from other discounted acceptance banks, Party B shall pay Party A unconditionally and in full and timely to the Party A when the payment is made by Party B. 

Article 5 The opening and discounting of each e-commerce ticket shall be based on the business information stored in
the PBOC electronic billing system, or the business records such as customer statements filled or printed accordingly. Party A’s business records are an integral part of the Agreement and have the same legal effect as the Agreement. Party B
acknowledges its accuracy, authenticity and legality. 

  
 23 

 Article 6 Any dispute arising from the basic contract of the commercial acceptance bills discounted by Party
A within the credit line shall be settled by Party B and the relevant parties; before each bill expires, Party B shall still be obliged to pay the margin and bill payment in full and in time in accordance with the foregoing agreement. 

Article 7 If Party A has discounted the commercial bill accepted by Party B or has accepted the commercial bill accepted by Party B from other discounted
acceptance banks, if Party B fails to deliver the bill payment in full before the expiration date of the commercial acceptance bill, Party A has the right to deduct the money from any deposit account opened by Party B at China Merchants Bank for
payment. The advances made by Party A because Party B fails to make complete delivery and its balance of the account is insufficient, Party A shall collect the penalty interest from Party B at 0.05% of advances according to the relevant provisions
of the Payment and Settlement Measures. 

  
 24 

 Appendix V: Special Terms for Derivative Transactions 

Article 1 In respect of a derivative product transaction made with respect to Party A’s acceptation of Party B’s application, it may occupy a credit
line according to a certain percentage of the nominal principal/transaction amount of the transaction, or when a floating loss occurs in the derivative product transaction, Party A may, according to the specific agreement of the Parties, add the
occupation of Party B’s credit line (when each transaction occurs, Party A determines the amount of credit line to be specifically occupied according to the type, duration and risk of the transaction, and the risk degree coefficient of the
business corresponding to the credit line deducted) the amount of the credit line actually occupied shall be subject to the records of the transaction documents such as the quota occupation notice and/or the transaction confirmation/certificate
issued by Party A. 
 Article 2 Where there is a derivative transaction with a balance or loss during the credit period, regardless of whether the
transaction occurred within the credit period, the credit line shall be occupied in accordance with the provisions of the preceding article. 

  
 25 

 Appendix VI: Special Terms on Gold Leasing Business 

Article 1 “Gold leasing” business refers to the physical gold leased by Party A from Party B. After the expiration, Party B will return the gold with
the same attribute as the cargo and the same quantity, and pay the lease fee to Party A in RMB on time. 
 Article 2 Party A may handle the gold leasing
business for Party B within the credit period and the credit line according to the application of Party B. The physical gold leased by Party A shall occupy the credit line according to the agreed value of the gold lease agreement signed by the
Parties and constitute the debts owed by Party B to Party A. 

  
 26 

 Appendix VII: Special Terms for Cross-Border Trade Financing Operations 

Article 1 Cross-border linkage trade financing business refers to the cross-border trade financing business applied by Party B to Party A based on the real
cross-border trade background between it and the overseas companies, which is provided by Party A and China Merchants Bank’s overseas institutions (hereinafter referred to as “linkage platform”) through the cooperation. 

Article 2 The specific varieties of cross-border linkage trade financing business include:
back-to-back letter of credit, entrusted issuance of certificate, entrusted overseas financing, bill payment, overseas credit of Letter of Guarantee and cross-border
trade financing direct train. The specific meanings and business rules of each business variety are stipulated by specific business agreements. 
 Article 3
Under the back-to-back letter of credit, the parent certificate applied to be opened by Party B to Party A directly occupies the credit line under the Agreement. Under
such the parent certificate, the documentary bill or advances (whether or not the credit period occurs) and the corresponding interest and expenses for Party A’s performance of the obligation to open the certificate constitute Party B’s
financing debts owed by Party B to Party A and are included in the scope of credit guarantee. 
 Under the entrusted opening of certificate/entrusted
overseas financing, Party A entrusts the linkage platform to accept the letter of credit applied to be opened by the overseas company or the trade financing provided according to the application of Party B, which occupy the credit line under the
Agreement. If Party A issues the import collection documentary bills or the advance payment to Party B for external payment under the import collection, the documentary bill or advances (whether or not the credit period occurs) and the related
interest and expenses for Party A’s performance of the obligation to open the certificate constitute Party B’s financing debts owed by Party B to Party A and are included in the scope of credit guarantee. 

Under the bill payment, Party A shall directly occupy the credit line under the Agreement to add the payment for Party B’s acceptance bills according to
the application of Party B. If Party B fails to cash the bills on time and in full, Party A has the right to directly advance the bills to be paid. Such advances (whether or not they occur during the credit period) and related interest and expenses
are included in the scope of credit guarantee. 
 Under the overseas credit business of Letter of Guarantee, Party A directly occupies the credit line under
the Agreement in accordance with the Letter of Guarantee/back-up letter of credit issued by Party B. After the overseas company transfers the collection interest
(non-claim right) under the Letter of Guarantee to the linkage platform, if the linkage platform claims against Party A according to the Letter of Guarantee/ back-up
letter of credit, advances (whether or not they occur during the credit period) constitute Party B’s financing debts owed by Party B to Party A and are included in the scope of credit guarantee. 

Under the cross-border trade financing direct train business, after Party A’s application for approval of its trade financing, Party A’s trade
financing provided directly to Party B by the linkage platform occupies the credit line under the Agreement. If Party B fails to repay the trade financing amount of the linkage platform on time and in full, Party A has the right to return it by way
of documentary bill or advance, and the relevant documentary bills or advances (whether or not they occurs during the credit period) and related interest and expenses directly constitute Party B’s financing debts owed by Party B to Party A and
are included in the scope of credit guarantee. 

  
 27 

 Special notes: 

All terms of the Agreement (including attachments) are fully negotiated by the Parties. The Bank has drawn the attention of other parties to the provisions on
exempting or restricting its liability, unilateral possession of certain rights, increasing the liability of other parties or limiting the rights of other parties, and has a comprehensive and accurate understanding on such provisions. The Bank has
provided corresponding instructions to the above provisions at the request of other parties. The Parties to the contract have an understanding of the terms of the Agreement. 

(There is no text hereunder) 

  
 28 

 (This page is the signing page of the Credit Agreement No. 9602190301) 

Party A: (Seal) 
 China Merchants Bank Co., Ltd. Shanghai
Tianyaoqiao Sub-branch (Seal) 
 Principal or authorized agent (Signature/Seal): Zhu Haoping (Seal) 

Party B: (Seal) 
 Shanghai ECMOHO Health Biotechnology Co., Ltd.
(Seal) 
 Legal representative / principal responsible person or authorized agent (Signature/Seal): Wang Ying (seal) 

 

			
		 	 Signed on: March 12, 2019
 Signing
place: Xuhui District, Shanghai

  
 29 

 Guarantee Cooperation Agreement 

Numbering:    Year No. 9602190301 

Guarantor: China Merchants Bank Co., Ltd. Shanghai Tianyaoqiao Sub-branch (hereinafter referred to as Party A) 

Principal /Applicant: Shanghai ECMOHO Health Biotechnology Co., Ltd. (hereinafter referred to as Party B) 

The Parties have entered into the Agreement by consensus in accordance with the relevant laws, regulations and rules and regulations. The Agreement is an
agreement between Party A and Party B on the rights and obligations of the parties in handling the Letter of Guarantee business, but does not constitute any commitment by Party A to issue a Letter of Guarantee to Party B. Under the Agreement, Party
B must apply for one Letter of Guarantee from Party A each time and Party A shall review and grant approval to the Letter of Guarantee one by one. After equal and voluntary consultations between the two parties, the parties agree as follows: 

1. When Party B specifically applies for the issuance of a Letter of Guarantee, it is not necessary to sign a separate guarantee agreement with Party A, but it
must submit an application for the issuance of a Letter of Guarantee to Party A, and Party A will approve and handle it one by one. Party A has the right to accept or refuse to issue certain letter or letters of guarantee business to Party B as the
actual situation. 
 2. The application and opening of each Letter of Guarantee shall be based on the application for the Letter of Guarantee submitted by
Party B and the Letter of Guarantee issued by Party A. (If the two are inconsistent, the Letter of Guarantee issued by Party A shall prevail.) The Letter of Guarantee application is an integral part of the Agreement. 

3. If Party B applies for the opening of a Letter of Guarantee online, Party B shall submit an application for a Letter of Guarantee to Party A and sign it at
the request of Party A. If Party B affixes a reserved seal to the application for the Letter of Guarantee, Party A and Party B shall approve the validity of the seal. Party B may submit all the information of the guarantee business through Party
A’s online banking system, including but not limited to the application for Letter of Guarantee, trade background materials, etc., and the digital signature/electronic signature generated by digital certificate is used as a valid signature for
applying for business. Party A has the right to fill in the relevant business documents according to the application information sent online, and Party B recognizes it can be authentic, accurate and legal. 

4. Party B is aware that there may be more than one business under the Agreement. Party B may deposit the full amount of deposit at one time or deposit the
deposit into the agreed margin account from time to time according to the requirements of the business, as a guarantee for the guarantee business. 
 When
the beneficiary makes a claim against Party A in accordance with the guarantee, Party A shall not be required to notify or obtain the consent of Party B, and shall have the right to deduct the corresponding amount from Party B’s margin account
and pay the beneficiary. 

  
 1 

 Party B fully recognizes the above operation mode, and confirms that the deposit/deduction of deposit in the
same margin account from time to time does not affect the specification of the deposit. Party B continues to provide guarantees for the Letter of Guarantee business with funds in the margin account. 

The corresponding deposit/deduction of the specific margin and the corresponding relationship with the guarantee of the margin guarantee shall be subject to
the business information/business records held by Party A. Party B recognizes the authenticity, accuracy and legality of such business information/business records. 

5. Party B shall, at the request of Party A, provide Party A with the original of the following documents or a copy signed by the representative of Party B
and stamped with the official seal to prove true and complete; 
 5.1 Party B and/or the sponsor’s business license of the legal person; 

5.2 Party B and/or the Guarantor’s articles of association; 

5.3 Full list of directors and signature samples; 
 5.4 Agree to
Party B’s resolutions of the board of directors or shareholders’ meeting that Party B signs and implements the Agreement; 
 5.5 The contract
signed by Party B or the Guarantor and the beneficiary; or the bidding documents of the beneficiary, the bidder’s bidding documents; 
 5.6 Party
B’s financial statements and audit reports for the previous year, as well as the financial statements for the month prior to the application; 
 5.7
Ownership documents of collateral or pledge (if collateral or pledge); 
 5.8 Other information required by Party A. 

The above procedures or materials are subject to Party A’s actual requirements and are the rights and obligations of Party A, and the completeness of
the procedures or materials does not affect the validity of the Agreement. 
 6. Party B hereby declares, promises and guarantees to Party A as
follows: 
 6.1 Party B is a legal entity formally established and validly existing in accordance with the laws of the People’s Republic of China,
and has sufficient civil capacity to sign and perform the Agreement; 
 6.2 Party B has the legal qualification to sign and perform the Agreement, and the
signing and performance of this contract has been fully authorized by the Board of Directors or any other authorized institution; 
 6.3 Party B or the
Guarantor has the legal right to sign the contract with the beneficiary and has sufficient capacity to perform the contract signed with the beneficiary; Party B guarantees that Party B or the Guarantor will perform the contract signed with the
beneficiary and is obliged to notify Party A the performance and problems incurred; 
 6.4 Party B accepts and approves the contents of the Letter of
Guarantee issued by Party A to the beneficiary; 
 6.5 Party B guarantees that Party A will not suffer any damages and losses due to the issuance of the
Letter of Guarantee (including the exchange rate loss suffered by the guarantee currency and the currency of the payment); 
 6.6 Party B unconditionally
agrees that Party A shall handle all matters under the guarantee in accordance with the relevant laws and/or in accordance with international practice without any other agreement, and assume the responsibility arising therefrom; 

6.7 Party B guarantees that when the beneficiary claims to Party A, Party B unconditionally assumes the first payment responsibility; 

6.8 Party B guarantees that the items under the guarantee letter are in compliance with the relevant national laws and regulations and the legal requirements
of anti-money laundering, counter-terrorism financing, anti-tax evasion, and comply with China Merchants Bank’s anti-money laundering policy. All economic and legal responsibilities arising from the
project itself shall be borne by Party B and there is no association with Party A; 

  
 2 

 
6.9 Party B agrees to pay the full amount of the fees payable by Party A under the above guarantees in accordance with the provisions of the Agreement; 

6.10 Party B agrees that Party A is only obliged to review the apparent authenticity of the claim documents, documents or certificates (hereinafter
collectively referred to as “claim documents”) submitted by the beneficiaries under the guarantee, and is not responsible for the truthfulness of the facts stated in the claim documents; 

6.11 Party B agrees that when the funds in the margin account are insufficient due to fluctuations in exchange rates or possible fluctuations or changes in
the Letter of Guarantee, Party B will deposit sufficient funds from time to time as required by Party A. The funds shall be deemed to be specific from the date of deposit into the margin account and handed over to Party A’s possession. As Party
B’s pledge guarantee for fulfilling the obligations under the Agreement, Party B shall not use the funds without Party A’s permission; 
 6.12
Party B agrees that Party A shall not be liable for any delays, losses, omissions or other errors in the process of handling the Letter of Guarantee, such as postal and telecommunications; 

6.13 If Party B applies for Party A to open a subordinate Letter of Guarantee, Party B agrees that before the original of the Letter of Guarantee will be
returned to Party A (or authorized agent of Party A) for cancellation, Party B has no right to request Party A to release the collateral under the application for the Letter of Guarantee/credit agreement or Party B’s credit line. Party A has
the right to refuse the acceptance of such application by Party B without any liability to Party B; 
 6.14 Party B guarantees to submit Party A’s
financial statements and other materials required by Party A on a quarterly basis. 
 7. Claims under the Letter of Guarantee 

7.1 Party B irrevocably recognizes: If the beneficiary makes a claim against Party A, Party A has the right to independently judge whether the claim and the
amount of the claim meet the guarantee agreement, Party A has the right to independently judge whether to pay or refuse to pay. Party A does not need to notify Party B in advance or obtain the consent of Party B before Party A pays externally or
refuses to pay. 
 7.2 When Party A pays externally, Party A shall have the right to directly transfer funds from Party B’s margin account or other
deposit account or entrust other financial institutions to deduct Party B deposits (in the margin or other deposit account) without notice or consent from Party B. (When the funds are different from the payment currency, Party A shall not be
required to notify or obtain the consent of Party B, and shall have the right to handle the settlement and sale of foreign exchange / foreign exchange transactions to pay the beneficiary.) If the deposit in the Party B account is insufficient to
repay, Party B guarantees that all the insufficient amounts will be remitted to the account designated by Party A within three working days after receiving the notice from Party A to be repaid. 

7.3 When Party A pays externally to the beneficiary for the advancement of Party B due to the need to fulfill the guarantee obligation, if Party B’s
balances in margin account and other deposit account are insufficient and Party B fails to make up the payment according to Party A’s notice, Party A has the right to dispose the collateral and pledge in accordance with the law, and has the
right to seek recourse from Party B and its successors and assignees. 
 7.4 If Party A refuses to make the compensation, the compensation and/or liability
for compensation arising from or that may generate from the refusal of compensation and related expenses (including but not limited to litigation or arbitration fees, etc.), whether or not exceeding the guarantee amount agreed in the Letter of
Guarantee or the amount of Letter of Guarantee, will constitute Party B’s debts to Party A under the Agreement and will be included in the scope of guarantee for the relevant counter-guarantee measures that provide guarantees for the debts
under the Agreement. 
 7.5 When the advance payment mentioned in the preceding article occurs, Party A is entitled to charge the liquidated damages from
Party B according to the following criteria: 
 If the advances are given in RMB, the liquidated damages = the amount of the advances × the date of the
advance payment and the number of days of the actual advance payment, the benchmark interest rate of the financial institution announced by the People’s Bank of China × 150% × actual days of advance payment/ 360; if is the advance
is given in foreign currency, liquidated damages = amount of advances × LBOR for the same period × 130% ×actual days of advance payment / 360. 

  
 3 

 
Upon receipt of Party A’s notice of recovery, Party B shall immediately and unconditionally repay Party A the principal of the advance payment and interest, penalty interest, compound
interest, liquidated damages and related expenses in full. 
 7.6 Party A has the right to collect the money from Party B by the means that it deems
appropriate, including but not limited to fax, post, personal delivery, announcement in public media, etc. 
 7.7 Special agreement on an independent Letter
of Guarantee 
 If Party B requests A to open an independent guarantee letter to the beneficiary, Party A has the right to independently review the claim
documents based on the letter of guarantee. Whether the claim documents submitted by the beneficiary meet the requirements of the letter of guarantee shall be subject to the opinions of Party A. Party A is entitled to accept or reject the
discrepancies in the claim form of the letter of guarantee. Where Party A believes that the documents submitted by the beneficiary meet the requirements of the Letter of Guarantee (including the case where Party A accepts the discrepancies in the
claim documents), it has the right to directly deduct Party B’s account funds or advances for external compensation without prior notice to Party B or Party B’s consent. 

In the event of any inconsistency between this article and other articles of the Agreement, the effect of this article shall prevail. 

8. Modification and cancellation of the Letter of Guarantee 

8.1 When Party B requests Party A to modify the contents of the Letter of Guarantee, Party A shall submit a written application for modification of Letter of
Guarantee to Party A as required by Party A and provide corresponding guarantee/guarantee measures. 
 8.2 Party A has the right not to accept Party
B’s application for modification/cancellation of Letter of Guarantee. Party B has known that the modification and cancellation of the Letter of Guarantee must be confirmed by the beneficiary in writing to be executed. 

8.3 Party B may affix Party B’s reserved seal to the application for modification/cancellation of the Letter of Guarantee. Party A and Party B
unanimously approve the validity of the seal. 
 9. Expenses 

Party B shall pay Party A the expenses in accordance with the following provisions, and hereby authorizes that Party A shall have the right to deduct the
expenses directly from Party B’s deposit account when any of the following expenses becomes payable. If the balance of the deposit is insufficient, Party B shall guarantee that, within seven working days after the receipt of notice from Party
A, it will remit the insufficient amount to the account designated by Party A. 
 9.1 Guarantee fees 

The handling fees of guarantee shall be subject to Party A’s standards when specific business is handled, and subject to the agreement of the application
for the Letter of Guarantee. 
 9.2 Other expenses 
 9.2.1 If
the agreement involves notarization (except for the enforcement of notarization) or other matters entrusting a third party to provide services, the relevant expenses shall be independently undertaken by Party B. If the Parties jointly act as the
principal, they will bear 50% respectively. 
 9.2.2 Under the case that Party B cannot return/liquidate the debts (advances) owed by Party A under the
Agreement, the attorney fees, legal fees, travel expenses, announcement fees, delivery fees, etc. for the realization of claim shall be borne by Party B in full. 

10. Notice 
 10.1 Notices, requests or other documents
related to the Agreement between Party A and Party B shall be sent in writing (including but not limited to letters, faxes, e-mails, Party A’s online banking, SMS or WeChat, etc.). 

Party A’s contact address: No. 86, Tianyaoqiao Road, Xuhui District 

E-mail: **** Fax No.: **** 

Contact mobile number: **** Entity WeChat number: 
 Party B’s
contact address: 2-3/F, No.1000 Tianyaoqiao Road, Xuhui District 
 E-mail:
**** Fax number: **** 
 Contact mobile number: **** Entity WeChat number: 

  
 4 

 10.1.1 Where the delivery is made by hand (including but not limited to lawyer/notary’s delivery,
express delivery, etc.), the recipient’s signature for receipt is deemed to be served (where the delivery is rejected by the recipient, it will be deemed to be served after seven days as of the date of rejection/return or date of being sent
(whichever is earlier) ; if it is submitted by postal letter, it will be deemed to be served after 7 days of delivery; where the delivery is made by fax, email, Party A‘s online banking notice, SMS or WeChat and other electronic means, the date
on which the sender’s corresponding system displays the successful transmission is regarded as the delivery date. 
 If Party A informs Party B of the
transfer of claim or makes a collection of Party B by means of public announcement, it shall be deemed to have been served on the date of the announcement. 

Any party that changes the contact address, e-mail address, fax number or mobile phone number or WeChat number shall
notify the other party of the changed information within five working days from the date of the change; otherwise, the other party shall have the right to serve according to the original contact address or information. If the delivery is
unsuccessful because the contact address changes, the date of return or seven days after the date of being sent (whichever is earlier) will be deemed to be the date of delivery. The changer is responsible for the losses arising therefrom and does
not affect the legal effect of the delivery. 
 10.1.2 The above contact address, e-mail address, fax number, mobile
phone number and WeChat number shall be used as the delivery address of their respective notarization documents and judicial documents (including but not limited to the indictment/arbitration application, evidence, subpoena, responding notice,
notice of proof, notice of court session, notice of hearing, judgment/arbitration, ruling, mediation, notice of performance within the deadline and other legal documents at the trial and execution stage, and the appellate court or notary office
deliver the documents to the delivery address in the written method as agreed herein is considered as valid delivery (the specific delivery criteria are implemented in accordance with the provisions of Article 10.1.1 above). 

11. Other matters 
 11.1 Party B confirms that Party
A’s business operations under the Agreement (including but not limited to acceptance of applications, data review, opening of letters of guarantee, advances, confirmation of transactions, deductions, inquiries, printing of receipts, collections
and deduction, collection of guarantees) and sending/receiving various types of notices, etc.) can be handled by any business outlet within the jurisdiction of Party A, and the business outlet can generate, issue or issue relevant letters, and the
business operations and letters issued by any of the operating outlets within Party A’s jurisdiction shall be deemed as the behavior of Party A, and binding upon the Parties, and Party B has no objection to this. 

11.2 If the format of the Letter of Guarantee is provided by Party B or the Guarantor and does not agree to adjust the contents of the Letter of Guarantee,
but the content/nature of the Letter of Guarantee is inconsistent with the content/nature stated in the application for Letter of Guarantee submitted by Party B, Party B shall amend the application for the Letter of Guarantee / submit a new
application for the Letter of Guarantee to ensure that the content/nature of the application for Letter of Guarantee and those in the Letter of Guarantee are consistent; otherwise, Party A has the right to refuse to accept the application for Letter
of Guarantee opened by Party B. 
 11.3
                            /
                                         
                                         
                                         
                                         
         
 12. Applicable law and dispute resolution 

The Agreement shall apply to and be governed by the laws of the People’s Republic of China In the course of performance of the Agreement, if any
controversy or dispute occur, the Parties concerned shall first resolve such controversy or dispute through consultation. If such controversy or dispute cannot be resolved through consultation, it may be necessary to select one of them by means of
“✓”: 
 (✓) “12.1 file a lawsuit to the People’s Court at the locality of Party A; or 

(    ) 12.2 Apply to     /         Arbitration Commission
for arbitration; 

  
 5 

 13. The Agreement shall become effective from the date on which the Parties have the right to sign and
affix the official seal of the entity/contract, and automatically apply to all the letters of guarantee issued by Party A for Party B after the signing of the Agreement. Any party intending to terminate the cooperation must notify the other party in
writing in advance. The Agreement is automatically terminated after 30 days as of the day when the other party receives the notice, but the outstanding business that has occurred before the termination of the Agreement still applies to the
provisions of the Agreement. The Agreement shall remain in force if either party terminates the Agreement without prior written notice to the other party. 

14. According to relevant national financial laws and regulations, if Party A is suspected of money laundering, terrorist financing or economic sanctions,
Party B is entitled to take corresponding trading restrictions (including but not limited to the termination of business handling, suspension of financial transactions, refusal of transfer, and conversion of financial assets). 

Special Note: 
 All terms of the Agreement are fully
negotiated by the Parties. The Bank has drawn the attention of other parties to the provisions on exempting or restricting its liability, unilateral possession of certain rights, increasing the liability of other parties or limiting the rights of
other parties, and has a comprehensive and accurate understanding on such provisions. The Bank has provided corresponding instructions to the above provisions at the request of other parties. The Parties to the contract have an understanding of the
terms of the Agreement. 

  
 6 

 (This page is left for signature) 

Party A (Seal): 
 China Merchants Bank Co., Ltd. Shanghai
Tianyaoqiao Sub-branch (Seal) 
 Main responsible person or authorized agent (signature/seal): 

Zhu Pinghao (seal) 
 Party B (Seal): 

Shanghai ECMOHO Health Biotechnology Co., Ltd. (Seal) 
 Legal
representative or authorized agent (signature/seal): Wang Ying (Seal) 
 Signed on: March 12, 2019 

  
 7 

 2017 version 

Shanghai Branch of China Merchants Bank Co., Ltd. 

Maximum irrevocable Letter of Guarantee 

  
 1 

 Maximum irrevocable Letter of Guarantee 

No.: 9602190301 
 To: China Merchants Bank Co.,
Ltd. Shanghai Tianyaoqiao Sub-branch 
 In view of the fact that the Bank and Shanghai ECMOHO Health Biotechnology
Co., Ltd. (hereinafter referred to as the “Applicant”) signed the “/Credit Agreement” numbered “9602190301” (hereinafter referred to as “the “Credit Agreement”), agreeing to provide the Applicant with a
credit line (hereinafter referred to as “credit line”) totaling RMB15 million (including amount equivalent to other currencies) during the credit period stipulated in the Credit Agreement (hereinafter referred to as “credit
period”, that is, during the determination period of claim). 
 Upon request by the Applicant, the Guarantor agrees to issue this Letter of
Guarantee and voluntarily assumes joint and several liability for all debts owed to the Bank by the Applicant under the Credit Agreement. The specific guarantees are as follows: 

1. This Letter of Guarantee is the maximum Letter of Guarantee. 

1.1 During the credit period, the Bank may provide credit to the Applicants in batches. The types of specific credit business and the amount of credit, whether
the use of the various types of credit business can be adjusted, and the specific conditions of use are subject to the approval of the Bank. During the crediting period, the Bank makes an adjustment to the original approval opinion according to the
application of the Applicant, the subsequent approval opinions issued by the Bank constitute a supplement and change to the original approval opinion, and so on. 

The expiration date of each specific business may be later than the expiration date of the credit period as stipulated in the Credit Agreement. 

1.2 Upon the expiration of the credit period, if the loan, advance or other credit granted by the Bank to the Applicant still has a balance, the Guarantor
shall be liable for the joint liquidation within the scope of the guarantee determined in Article 2 of this guarantee; before the expiration of the credit period, if the Bank seek recourse from the Applicant in advance according to the Credit
Agreement and/or the specific contract provisions, the Guarantor shall also bear the joint guarantee responsibility within the scope of the guarantee determined in Article 2 of this Letter of Guarantee. 

1.3 The commercial acceptance bills, letter of credit (including entrusted issuance of certificates, transfer of credit, the same as below), Letter of
Guarantee, delivery guarantee letter, cross-border linkage trade financing and other credit business provided by the Bank for the Applicant during the credit period, even if no advances have been incurred upon the expiration of the credit period,
but after the expiration of the credit period, the Bank actually incurred advances under the aforementioned business, and all the debts incurred by the Applicant shall be jointly and severally guaranteed by the Guarantor with the scope of guarantee
as determined by Article 2 of the Letter of Guarantee. 
 The joint guarantee responsibility shall be borne within the scope of the guarantee
determined in Article 2 of the Letter of Guarantee. 
 1.4 During the performance of each specific business under the “Credit Agreement”,
the Bank and the Applicant shall reach an extension schedule or change the relevant terms on the time limit, interest rate and amount of each specific business, or the Bank shall grant the credit according to the credit period during the guarantee
period. The agreement and/or the specific business agreement stipulate that the interest rate adjustment may be obtained without the consent of the Guarantor or the Guarantor, and the Guarantor shall approve it without affecting the guaranty
liability of the Guarantor under this guarantee. 
 1.5 If the documents received by the Bank in the letter of credit business under the credit
agreement have been discriminated by the Bank, but the Applicant accepts the discrepancies, the principal and interest of the debt incurred by the Bank based on the external acceptance or payment, the Guarantor The warranty liability shall still be
borne in accordance with the provisions of this guarantee, and no defense shall be filed because the Bank accepts the discrepancy without obtaining the consent of the Guarantor or notifying the Guarantor. 

1.6 The modification of the letter of credit, the Letter of Guarantee (or standby letter of credit) under the credit, the extension of the term of the
letter of credit after the acceptance of the forward letter of credit or the commitment to pay the due date, etc., without the consent of the Guarantor or the notification of the Guarantor, and the Guarantor It is recognized that it does not affect
the warranty liability of the Guarantor in accordance with this guarantee. 

  
 2 

 
1.7 The Guarantor confirms that the specific business agreement signed by the Bank and the Applicant for each specific business under the credit (whether a single agreement/application or a
framework agreement) constitutes an integral part of the Credit Agreement. Agreement on rights and obligations arrangements involving specific businesses. 

The Guarantor confirms that the specific amount, duration, use and other business elements of the actual credit business between the Bank and the Applicant
are subject to the specific business agreement, the business vouchers produced by the Bank and the business records of the system. 
 1.8 In respect of the
business of the Letter of Guarantee/customs tax payment guarantee/ticket guarantee paid by the applicant for application for use of credit granting, the transfer of the interest or interest of the relevant guarantee letter does not affect the
warranty obligation of the Guarantor under this guarantee. The Guarantor promises not to raise any defense on this ground. 
 2. Guarantee scope 

2.1 The scope of the guarantee provided by the Guarantor is the sum of the loan and other credit principal provided by the Bank to the Applicant within the
credit line under the Credit Agreement (the maximum amount is RMB 15 million), and interest, penalty interest, compound interest, liquidated damages, factoring costs and other related expenses to realize claim. including but not limited to: 

2.1.1 The balance of the loan principal and the corresponding interest, penalty interest, compound interest, liquidated damages and related expenses issued by
the Bank in accordance with the specific contracts under the Credit Agreement; 

  
 3 

 2.1.2 The principal of the advance payment and interest, penalty interest, compound interest, liquidated
damages and related expenses made by the Bank for the Applicants due to the performance of the commercial bills, letter of credit, Letter of Guarantee/customs tax payment guarantee/ bill payment, delivery guarantee letter, etc. under the Credit
Agreement, as well as the debts of the Applicants to the Bank formed by the factoring provided by the commercial bill accepted by the Applicants; 
 2.1.3
Under the factoring business, the claims of accounts receivable and the corresponding overdue liquidated damages (the overdue fines, fees) accepted by the Bank to the Applicant, and/or the basic purchase amount (basic acquisition amount) paid to the
Applicant with the Bank’s own funds or other legal source funds and related factoring fees; 
 2.1.4 The balance of the advances and payment principal,
interest, penalty interest, compound interest, liquidated damages and related expenses made by the Bank as entrusted in the trade finance business under the Credit Agreement; 

2.1.5 Under the Credit Agreement, the Bank will handle the cross-border linkage trade financing business such as entrusted issuance of certificate, entrusted
overseas financing or cross-border trade direct trains for the Applicants, the documentary bills or advances for return of the linkage platform financing (whether or not it occurs during the credit period) and the interest, penalty interest,
compound interest, liquidated damages and related expenses are generated according to the specific business agreement; 
 2.1.6 After the Bank issues the
letter of credit as requested by the applicant, the Bank entrusts other branches of China Merchants Bank to issue the letter of credit to the beneficiary, under the letter of credit, the advances made by the Bank for the Applicant for performance of
obligation to issue the certificate and the import bills arising therefrom, the balance of the guaranteed debt for delivery and the interest, penalty interest, compound interest, liquidated damages and related expenses; 

2.1.7 The Applicant’s all debts to the Bank under the derivatives transaction, gold leasing business, etc.; 

2.1.8 The balance of the specific business under / (fill out the name of the agreement text here) previously signed by the Bank (or its affiliates) or / and
the Applicant; 
 2.1.9 All expenses incurred by the Bank in recovering the debt from the Applicant (including but not limited to legal fees, attorney fees,
announcement fees, delivery fees, travel expenses, etc.). 
 2.2 For the circulating credit, if the loan or other credit principal provided by the Bank to
the Applicant exceeds the credit limit amount, the Guarantor shall not assume the guarantee responsibility for the portion of the credit balance exceeding the credit line, and shall be jointly and severally liable for the amount of the loan not
exceeding the credit line or other portion of the credit principal and its interest, fines, compound interest, liquidated damages, related expenses, etc. 

  
 4 

 
Notwithstanding the foregoing, the Guarantor specifies that: even if, during the credit period, the balance of the loan or other credit principal provided by the applicant exceeds the amount of
the credit line, however, when the Bank requires the Guarantor to assume the guarantee responsibility, the sum of the principal of various credits does not exceed the credit limit. The Guarantor may not raise a plea on the grounds of the foresaid
agreement, and shall bear the joint and several guarantee responsibility for all credit principals and their interest, penalty interest, compound interest, liquidated damages, related expenses, etc. (specifically subject to the scope of Article
2.1). 
 2.3 During the credit period, the Bank handles the repayment for new loan, conversion of old loans or the debts under letters of credit,
Letter of Guarantees, bills, etc. for the Applicants (regardless of such old loans, letters of credit, letters of guarantee, bills and other business occurs within or before the credit period), the Guarantor confirms that the debts arising therefrom
is included in its scope of guarantee liability. 
 2.4 When an Applicant applies for import opening business, if the import bill is actually incurred
under the same letter of credit, the import license and the import bill will occupy the same amount according to the different stages. That is, when the import bill business occurs, the amount recovered after the letter of credit is paid out is used
for the import bill again, which is regarded as the same amount of the original import license, and the Guarantor confirms this. 
 3. Guarantee method

 The Guarantor confirms that it is jointly and severally liable for all debts of the Applicant within the scope of the guarantee specified in Article
2. If the Applicant fails to timely repay the principal and interest and related expenses of the loans, advances and other credited debts owed to the Bank in accordance with the Credit Agreement and/or the specific contract, or when any other
default event under the Credit Agreement and/or the specific contract, the Bank has the right to seek recourse from the Guarantor directly without first having to pursue or file a lawsuit against the Applicant. Even if all the debts of the guarantee
Applicant under the Credit Agreement can be repaid in time and there is a separate mortgage or pledge or other guarantee, the Bank is also entitled to seek recourse from the Guarantor with respect to all the debts of the Applicant under the Credit
Agreement, without handling the goods, or documents under the collateral, pledge or trade finance, and without recourse from other Guarantors. 
 The
claim notice issued by the Bank is final and the Guarantor has no objection to this. The Guarantor agrees that, it will repay the Applicant all the debts under the Credit Agreement within five days after receiving the written notice of claim from
the Bank, without any certificates or other documents issued from the Bank. Unless the obvious and major errors occur, the Guarantor accepts that the amount of money from the Bank’s claim is accurate. 

The Bank has the right to urge the Guarantor to make a payment in a manner deemed appropriate, including but not limited to faxing, mailing, special person
delivery, public announcements, etc. 
 4. Period of guaranteed liability 

The period of guaranteed liability of the Guarantor is the period from the date of the effective date of this Letter of Guarantee to the maturity date of each
loan or other finance under the Credit Agreement or the advance date of each advance payment plus another three years. 

  
 5 

 For any specific credit extension, the warranty period will continue until the expiration of the extension
period plus another three years. 
 5. Independence of Letter of Guarantee 

This guarantee is independent, continuous and valid, irrevocable and unconditional, and is not affected by the Credit Agreement and the validity of specific
contracts, and is not affected by any agreement or document signed between the Applicant and any entity/individual, will also have no change due to the Applicant’s fraud, reorganization, suspension, dissolution, liquidation, bankruptcy, merger
(merger), separation, restructuring, expiration of the business period, etc., and is not affected by any time grace and extension given by the Bank to the Applicant or delay in the exercise of the right to recover the amount owed by the Applicant in
accordance with the relevant agreement. 
 In the case of a mortgage, pledge guarantee or other Guarantor at the same time, the Bank shall be
entitled to claim the security right separately, successively or simultaneously to the mortgagor/pledgor or Guarantor (including the Guarantor); the Bank’s waiver, change or release of the mortgage or pledge guarantee, or the change or release
of the other Guarantor’s guarantee responsibility, or the delay of claiming the right to the mortgagor/pledgor or other Guarantor shall not affect the Guarantor’s guaranty liability under the Letter of Guarantee. The Guarantor is still
obliged to bears joint and several liability for all credited debts owed by the Applicant to the Bank according to the Letter of Guarantee. 
 6. The
Guarantor specifically states and guarantees the following: 
 6.1 The Guarantor is legally established, and a legal person with the Guarantor’s
qualification, or other organization with the Guarantor’s qualification, or the Guarantor is a natural person with full civil capacity, and is willing to provide the guarantee with the assets owned or punishable by the Guarantor; 

6.2 The Guarantor’s issuance of this Letter of Guarantee has been fully authorized or approved by the authorities including the higher authorities/board
of directors; 
 6.3 The issuance of this Letter of Guarantee is the true meaning of the Guarantor, without factors of fraud or coercion; 

6.4 Before the invalidation of this Letter of Guarantee, the total amount of all external guarantees (including foreign currency translation) of the Guarantor
shall not exceed the total owner’s equity of the Guarantor; 
 6.5 Provide financial books/statements and annual financial reports to the Bank in a
timely manner as required by the Bank, and promptly inform the Bank of the Guarantor’s major decisions and changes in the production, operation and management; 

6.6 The financial information and all other documents provided by the Guarantor to the Bank are true and legal, and the legal representative or other
responsible person of the Guarantor has unshakable legal responsibility for this; 

  
 6 

 6.7 The letter of “guarantee” is issued according to the requirements of the Bank; 

6.8 Any change in the business registration, organization structure, shareholding structure, business operation or financial status of the Guarantor, or debt
restructuring, major related party transactions, etc., shall not affect the legal binding force of this guarantee to the Guarantor, such as the above changes The Guarantor is obliged to notify the Bank immediately if it may affect the ability of the
Guarantor to perform this guarantee; 
 6.9 The successor or assignee of the Guarantor is bound by all the terms of this Letter of Guarantee. The Guarantor
will not transfer the above warranty obligations without the written consent of the Bank; 
 6.10 The Guarantor fails to settle the guaranteed debts in
accordance with the provisions of this Letter of Guarantee. The Bank has the right to freeze/deduct any funds of the accounts opened by the Guarantor opened at China Merchants Bank or entrust other financial institutions to freeze/deduct the funds
of the accounts opened by the Guarantor in the institution (if the guaranteed debt is not RMB, the Bank has the right to purchase the exchange directly from the Guarantor’s RMB account according to the exchange rate announced by the Bank at the
time of deduction), until all debts owed by the Applicant to the Bank under the Credit Agreement are paid off. The Bank is entitled to seek recourse for the shortfall from the Guarantor. 

6.11 The Guarantor commits that during the validity period of the Credit Agreement, the equity of the Applicant held by the Guarantor will not add the pledge
guarantee for the third party other than the Bank. 
 6.12
                                         
                   /                      
                                         
  
 7. Not considered a waiver 
 During the
period of validity of this Letter of Guarantee, the Bank’s any tolerance, grace or delay in implementation of interests or rights to which the Bank is entitled within the Credit Agreement and the Letter of Guarantee shall not damage, influence
or limit the interests and rights of the Bank as a creditor in accordance with the relevant laws and this Letter of Guarantee, nor can regard it as the Bank’s waiver of the right to take action against existing or future breaches. 

8. Terms 
 Terms used in this Letter of Guarantee have the
same meaning as those specified in the Credit Agreement unless otherwise expressly stated. 
 9. Notice 

9.1 The Bank’s notices, requests or other documents related to the Letter of Guarantee shall be sent in writing (including but not limited to letters,
faxes, e-mails, Party A’s online banking, SMS or WeChat). 
 Contact address of the Guarantor: No.1000,
Tianyaoqiao Road 
 E-mail:     / fax number:
        /         
 Contact mobile number:
    / WeChat number:         /         

  
 7 

 
(When the Guarantor is the entity, the entity’s e-mail / WeChat number is retained; when the Guarantor is individual, the personal e-mail/WeChat number is retained) 
 9.2 Where the delivery is made by hand (including but not limited to
lawyer/notary’s delivery, express delivery, etc.), the recipient’s signature for receipt is deemed to be served (where the delivery is rejected by the recipient, it will be deemed to be served after seven days as of the date of
rejection/return or date of being sent (whichever is earlier) ; If it is served by postal letter, it will be deemed to be served after 7 days of delivery; 

where the delivery is made by fax, email, Party A‘s online banking notice, SMS or WeChat and other electronic means, the date on which the sender’s
corresponding system displays the successful transmission is regarded as the delivery date. 
 If the Bank notifies the Guarantor of the transfer of the
Guarantor’s creditor’s right by way of announcement in the public media or urges the Guarantor to make a payment, it shall be deemed to have been served on the date of the announcement. 

If the Guarantor changes the contact address, e-mail address, fax number or mobile phone number or WeChat number, it
shall notify the Bank of the changed information within five working days from the date of the change; otherwise, the Bank shall have the right to make the delivery according to the original contact address or information. If the delivery is
unsuccessful because the contact address changes, the date of return or the 8th day after the date of delivery (whichever is earlier) 
 will be deemed to
be the date of delivery. The Guarantor bears the losses arising therefrom and does not affect the legal effect of the delivery. 
 9.3 The above contact
address, e-mail address, fax number, mobile phone number and WeChat number shall be used as the delivery address of the Guarantor’s notarization documents and judicial documents (including but not limited
to the indictment/arbitration application, evidence, subpoena, responding notice, notice of proof, notice of court session, notice of hearing, judgment/arbitration, ruling, mediation, notice of performance within the deadline and other legal
documents at the trial and execution stage, and the appellate court or notary office deliver the documents to the delivery address in the written method as agreed herein is considered as valid delivery (the specific delivery criteria are implemented
in accordance with the provisions of Article 9.2 above). 
 10. Transfer 

Regardless of whether the claim of the maximum guarantee warranty is determined, the Bank transfers all the claims under the Credit Agreement to a third party,
and the maximum guarantee is transferred to the transferee of the claim with right. 
 After the creditor’s rights guaranteed by this Letter of
Guarantee are determined, if the Bank transfers part of the creditor’s rights, the guarantee right of the Guarantor will be transferred accordingly, and the Bank will jointly share the security interest to the Guarantor with the transferee with
creditor’s right with the part of the creditor’s right untransferred and partially transferred. Before the creditor’s rights guaranteed by this Letter of Guarantee is determined, if the Bank transfers part of the creditor’s
rights, the security interest will be transferred in part, and the maximum amount of the Bank’s main creditor’s right guaranteed by the original maximum guarantee will be reduced accordingly (that is, the maximum amount of the Bank’s
main creditor’s right guaranteed by the original maximum guarantee deducting the amount of the creditor’s right partially transferred. After the main creditor’s right untransferred of the Bank is determined, the Bank will jointly
share the security interest to Guarantor with the transferee with creditor’s right with the part of the creditor’s right untransferred and partially transferred. 

  
 8 

 11. Other terms 

11.1 The Guarantor confirms that the operations which the Bank handles the specific business for Applicant and the operations of the Bank involved in this
Letter of Guarantee may be processed by any business outlet within the jurisdiction of the Bank, with relevant letters signed or issued. The business operations and letters of the outlets within the jurisdiction of the Bank shall be deemed to be
binding upon the Parties. 
 11.2
/                                     

12. Dispute and dispute resolution 
 The Letter of
Guarantee applies to the laws of the People’s Republic of China (excluding Hong Kong, Macao, and Taiwan laws). Due to disputes and disputes arising from this guarantee, the Guarantor agrees to resolve the dispute resolution method as stipulated
in the Credit Agreement. 
 13. Effectiveness of Letter of Guarantee 

13.1 When the Guarantor is a legal person or other organization, this Letter of Guarantee shall take effect as of the date when the Guarantor’s legal
representative/ principal responsible person or its authorized agent signs/caps the seal and affixes the Guarantor’s official seal/special contract seal. 

13.2 When the Guarantor is a natural person, this Letter of Guarantee shall take effect as of the date of signature by the Guarantor. 

14. Supplementary provisions 
 This Letter of Guarantee is
made in quadruplicate, one for the Bank, responsible, Applicant, Guarantor and Shanghai Branch respectively, and has the same legal effect. 
 Special
Note: 
 All the terms of the Letter of Guarantee have been explained by the Bank to the Guarantor. The Guarantor confirms that its understanding of
the terms of this Letter of Guarantee is exactly the same as that of the Bank. At the same time, the Bank has brought the Guarantor’s attention to the terms of exemption or restriction of the Bank’s liability, the Bank’s unilateral
possession of certain rights, the increase of the Guarantor’s liability or the limitation of the Guarantor’s rights, and a comprehensive and accurate understanding of it. 

(There is no text hereunder) 

  
 9 

 (This page is the signing page of the Maximum Irrevocable Letter of Guarantee numbered (9602190301) 

Sign this column when the Guarantor is a legal person or other organization: 

Guarantor:     (Seal) 
 Legal representative /
principal responsible person or authorized agent (signed or sealed): 
 Main bank of deposit and account number: 

Sign this column when the Guarantor is a natural person: 

Guarantor (signature): 
 /s/ Jia Qingchun 

/s/ Wang Ying 
 Name of Guarantor’s certificate: 

Guarantor’s ID card No.: 
 Guarantor’s nationality: 

Guarantor’s bank of deposit: 
 Guarantor’s settlement
account: 
 Telephone: 
 Signed on:
March 12, 2019 

  
 10EX-10.36

 Exhibit 10.36 

NINGBO COMMERCE BANK 
 Comprehensive
Credit Line Contract 
 Ningbo Commerce Bank 

(201812 Version) 
  

 
  

 Comprehensive Credit Line Contract 

(Standard Terms) 
 Detailed information of Party A
and Party B may be found in the subsidiary terms. 
 On the basis of equality and voluntariness, Party A and Party B have concluded the Contract upon
consensus in accordance with the provisions of relevant laws, and are willing to abide by all contract terms. 
 Article 1 Comprehensive credit line amount:

 The amount of the comprehensive credit line is detailed in the subsidiary terms, and this amount may be applied to multi-currency credit granting. 

The currency exchange rate other than RMB is converted at the exchange rate quoted by Party A when each specific business actually occurs. 

Article 2 Term of the comprehensive credit line: See the subsidiary terms for details. 

During such term, it may be recycled several times within the scope of the comprehensive credit line amount determined in Article 1 of the Contract. The
method, amount and duration of each use shall be agreed by Party A and Party B, but the sum of the principal balance for each form of credit granting shall not exceed the amount of the comprehensive credit line. 

The specific business occurrence date under the credit line must be within the said term (including the starting date and the maturity date of such term),
and the maturity date, which is not subject to the term, will be subject to the specific business contract. 
 Article 3 Comprehensive credit-granting
methods 
 Credit-granting methods for the comprehensive credit line include but are not limited to the following: 

loans, lending, bill acceptance and discounting, overdraft, factoring, issuing letter of guarantee, guarantee, issuing letter of credit, outward documentary
bill, inward documentary bill, taking delivery of goods upon guarantee, packing credit, forfeiting, acceptance by an agent commissioned by Party A, issuing documents by an agent commissioned by Party A, issuing the letter of guarantee by an agent
commissioned by Party A and any means agreed by the parties to occupy the credit line hereunder. The specific credit-granting method is subject to the specific business contract signed by both parties. 

Party A may agree with Party B to grant Party B a number of comprehensive credit lines, which are independent of each other. 

Article 4 Use of comprehensive credit lines 
 The application
for use of the comprehensive credit line must be submitted by Party B. After Party A’s examination and approval, both parties sign the corresponding business contract. The parties agree that Party A has the right to adjust the amount of the
comprehensive credit line (increase or decrease) according to Party B’s credit status, guarantee status, exchange rate changes and other market conditions, as well as Party A’s operating conditions, without the consent of Party B. Once the
decision on such adjustment is made, it will take effect immediately. 
 Article 5 Transfer of credit line granted 

Party B agrees to transfer the credit line granted to the third party as agreed in the subsidiary terms (that is, the subject agreed in the subsidiary
terms may also adopt the credit line), and to undertake the responsibility of joint and several guarantee for all the debt (including contingent debt) and the principal, interest, penalty interest and compound interest thereon under this credit line
suffered by the subject stipulated in the subsidiary terms, the expenses for such subject to realize creditor’s rights (including but not limited to litigation costs, attorney fees, notary fees, execution fees, etc.), as well as other losses
and expenses caused to Party A by the debtor’s default, with the warranty period falling under the following circumstances: 
 1. The warranty
period shall be two years from the maturity date of the debtor’s debt performance period as stipulated in the main contract. In the event of maturity in installments of the debt as stipulated by the main contract, the warranty period will be
extended as a two-year period from the maturity date of the term for the last installment of the debt. 

  
 1/8 

 2. Where Party A and the debtor reach an extension agreement on the performance period for the debt under
the main contract, the warranty period will be two years from the maturity date of the debt performance period re-arranged by the extension agreement. 

3. The warranty period under the acceptance of bank acceptance bill, import letter of credit, standby letter of credit and bank guarantee will be two years
from the date of the advanced payment by Party A. 
 4. The warranty period under the discount of bank/commercial acceptance bills is two years from the
date of maturity of the discounted bills. 
 5. In case of any matter stipulated by the law, regulation or the main contract, causing an advance maturity of
the debt under the main contract, the warranty period will be two years from the date of the advance maturity of the debt. 
 For details of the specific
transferee of the credit line and the maximum amount of credit line to be transferred see the subsidiary terms. 
 Article 6 Statement, undertakings and
commitments of Party B 
 I. Party B is an organization legally established, validly existing and has a good reputation in the jurisdiction under which it
is established. It has all the institutional rights as well as full government licensing and approval to engage in its current business. 
 II. Party B has
legal authorities, rights and authorizations to sign, deliver and perform the Contract. 
 III. Party B undertakes to conduct effective management of the
environmental risks caused by it, abide by laws and regulations on such fields as environmental protection, energy conservation, emission reduction and pollution reduction, accept Party A’s supervision and submit the report on environmental
risks according to Party A’s requirements. 
 IV. Party B undertakes that the information provided to Party A is true, complete, legal and valid,
without any false records, misleading statements or major omissions. 
 V. Party B undertakes to fully perform all its obligations hereunder in good faith.

 VI. Party B shall promptly, comprehensively and accurately disclose to Party A the actual controller, the actual beneficiary, the related party
relationships, the related party transactions and the relevant matters arising from Party B’s related parties that may adversely affect Party B’s performance of the Contract. 

VII. Party B undertakes that, in the event of any change to its domicile, correspondence address, contact number, business scope, legal representative, person
in charge, shareholding structure, actual controller or other matters, it will notify Party A in writing within 10 days after the change of the matter concerned. 

VIII. Where Party B falls under any of the following circumstances, it shall notify Party A in writing 30 days in advance. If Party A believes that the case
may have a significant impact on the performance of the Contract, Party B shall take action after obtaining the written consent of Party A: 

  
 2/8 

 1. where Party B sells, gifts, lends, transfers, mortgages, pledges or takes other means to dispose of
important assets whose value exceeds 10% of the net assets; 
 2. where the dividend exceeds 30% of the net profit after tax of that year or exceeds 20% of
the total undistributed profit; 
 3. where the newly-added foreign investment exceeds 20% of the net assets after the credit line is effective; 

4. where Party B pays off debts to other banks in advance; 
 5.
where Party B repays the debts to the shareholders of Party B; or 
 6. where Party B applies for credit granting to other banks, or provides guarantees to
third parties, or reduces or exempts third-party debts, involving a debt amount exceeding 20% of the net assets. 
 Article 7 Special agreement on credit
granting to and related party transactions among group clients 
 I. The term “group client” refers to an enterprise legal person or
institutional legal person with the following characteristics: 
 1. which directly or indirectly controls or is controlled by other enterprise legal
person or institutional legal person in equity or business; 
 2. which is jointly controlled by a third-party enterprise legal person or
institutional legal person; 
 3. which is directly or indirectly controlled jointly by a major individual investor, key management or their close
family members (including direct family relationships within three generations and collateral relationships within the second generation); 
 4.
which has other related relationships and may not transfer assets and profits according to the fair price principle, shall be subject to the credit-granting management as a group client. 

II. Where Party B is a group client, it shall report to Party A in writing within 10 days from the date of the related party transaction with more than 10%
of the net assets. The report shall cover the relationship between the parties to the transaction, items and the nature of the transaction, the transaction amount or corresponding proportion and pricing policies (including transactions with no
amount or only a nominal amount). 
 Article 8 Event of default and liability for breach 

I. Event of default 
 Under any of the following
circumstance, an event of default is deemed to have occurred: 
 1. where Party B or the transferor violates its any due obligations stipulated in the
Contract or the single business contract hereunder; 
 2. where Party B or the transferor indicates expressly or indirectly via its behaviors that it
will not perform its obligations under the Contract or the single business contract hereunder; 
 3. where the relevant certificates and documents
submitted by Party B or the transferor to Party A or any statements, undertakings and commitments made by Party B or the transferor are untrue, inaccurate and incomplete with false records, misleading statements or major omissions; 

4. where Party B or the transferor arbitrarily changes the use of loan funds, misappropriates loans or uses bank loans to engage in illegal transactions;

  
 3/8 

 5. where Party B or the transferor is involved in litigation or arbitration with Party A or any other
third party; 
 6. where the guarantor of Party B violates the guarantee contract (including but not limited to the guarantee contract, mortgage
contract and pledge contract) or the breach of contract under the guarantee contract occurs, or the guarantee contract fails to take effect, is invalid or revoked, or the situation in which the guarantee capacity of the guarantor is reduced or the
value of the collateral is reduced occurs; 
 7. where Party B or the guarantor or the transferor breaches the agreement with other financial
institutions or involves in the dispute on a loan or guarantee relationship with other institutions; 
 8. where Party B or the transferor is
negligent in management and pursues the due creditor’s rights, or disposes of its main property on a gratuitous basis or at a unreasonable low price or by other improper means, or engages in other acts for the purpose of transfer of property or
evasion of debts; 
 9. where the business situation of Party B or the transferor has experienced major problems, with financial situation
deteriorating severely, or Party B or the transferor has major financial losses, asset losses (including but not limited to asset losses due to its external guarantees), or other financial crises; 

10. where Party B or the transferor has been subjected to administrative punishment or criminal sanctions or is being investigated by the relevant
department and may be subject to administrative punishment or criminal sanctions due to violation of laws and regulations in operation; 
 11. where
Party B or the transferor is involved in such circumstances as division, consolidation, major merger, acquisition and restructuring, disposal of major assets, capital reduction, liquidation, reorganization, cancellation, bankruptcy, dissolution,
suspension or partial suspension of business; 
 12. where the controlling shareholder or actual controller of Party B or the transferor is changed,
and Party A believes that such change has harmed or may harm the realization of the creditor’s rights hereunder; or where Party B’s controlling shareholder, actual controller, legal representative or senior management is involved in major
events, including but not limited to that they have been subject to administrative punishments or criminal sanctions or are investigating by relevant departments and may be subject to administrative penalties or criminal sanctions due to violations
of laws and regulations in operation, litigation or arbitration cases, serious deterioration of financial situation, and declaration of bankruptcy or dissolution; 

13. where unfavorable changes occurred in the industry in which Party B or the transferor is engaged, and Party A believes that such changes have harmed or
may harm the realization of the creditor’s rights hereunder; and 
 14. other circumstances relating to Party B or the transferor that have
harmed or may harm the realization of the creditor’s rights hereunder. 
 II. Liability for breach 

In the event of an event of default as described in Paragraph 1 of this Article, Party A shall have the right to take one of the following measures or to
take various measures at the same time: 
 1. adjusting, canceling or suspending the comprehensive credit line hereunder, including the transfer of
the credit line, or adjusting the validity period of the credit line; 
 2. announcing that all or part of the debts of Party B under this credit
line will be mature immediately, and requiring Party B to immediately repay all or part of the used credit line, including the business under the credit line transferred; 

3. requiring Party B to add additional guarantees or take other measures to ensure that Party A’s legitimate rights and interests are not infringed;

 4. being entitled to deduct directly from the account of Party B, the guarantor or the transferor to settle all the debts of Party B or the
transferor under the Contract and each specific business contract (including the debts that Party A requires to pay in advance), without the prior consent of Party B, the guarantor or the transferor; and 

  
 4/8 

 5. being entitled to exercise the real rights granted by way of security or require the guarantor to
perform the guarantee responsibility. 
 Article 9 Service 

I. Party B confirms and declares that the information for service stipulated in the subsidiary terms, which is provided by the personnel recognized by Party B
and is accurate and correct, is the address for service and contact information for the legal instruments involved in the comprehensive credit line contract (including the specific business contract, hereinafter the same) regarding such fields as
various documents, debt collection, dispute resolution, litigation (arbitration) (including first instance, second instance, retrial, execution and other stages of litigation). 

II. Where Party A, the people’s court, the arbitration institution, the notary office and other parties send the documents to Party B according to the
address and contact information recognized in the information for service stipulated in the subsidiary terms, and if no one receives or signs the documents, or the mail is rejected, or it falls under any other circumstance under which the addressee
does not give feedback, the date of return of the documents will be deemed as the date of service; where the mail is subject to a direct service and Party B refuses to receive, the process server may take a photo or video to record the service
process and leave the documents in place, so that it will be deemed as service. 
 III. Where Party B makes any change to the information for service
stipulated in the subsidiary terms before the debt under the comprehensive credit line contract is settled, Party B shall notify Party A in writing within ten working days after the change and provide the contact information and address for service
after the change, and the said written notice shall be kept as an appendix to the Contract. After the debt under the comprehensive credit line contract comes to the litigation (arbitration) stage, Party B shall notify the people’s court or the
arbitration institution of such change in writing at the same time. 
 IV. Party B hereby expressly declares that Party A or the people’s court of
appeal may serve the document by means of a modern communication method such as sending a text message to the mobile phone in the contact information provided by Party B, sending a fax to the designated fax number or sending an email to the
designated email address, and in terms of service by SMS, fax, or email, the date of sending will be the date of service. 
 V. Where Party B provides
incorrect or unclear address for service and contact information or fails to inform the address for service and contact information after change in a timely manner, resulting in the failure to serve or return the document, the date on which the
document is returned shall be deemed as its date of service. 
 Article 10 Party A shall not be liable for any failure to continue to perform the
comprehensive credit limit contract or the specific business contract under it due to the change of laws, regulations, rules and policies or the promulgation of emergency measures. 

Article 11 The matters not covered in the comprehensive credit line contract and the specific business contracts under it shall be subject to the laws and
regulations in force, as well as the relevant provisions of the People’s Bank of China, the China Banking and Insurance Regulatory Commission and Party A. 

Article 12 The Contract shall become effective upon signing by the parties. 

Article 13 Notes and statements 
 Party A has drawn
Party B’s attention to a comprehensive and accurate understanding of the terms and conditions of the Contract, especially those in bold. At the request of Party B, the corresponding terms of the Contract are explained accordingly. The
contracting parties have fully understood the meaning of the terms hereof and their corresponding legal consequences. At the same time, Party B specifically declares that special attention has been paid to the terms that involve its obligations and
its disadvantages and it will accept these terms. 
 (The above is the standard terms of the Contract, while the following is the subsidiary terms)

  
 5/8 

 Comprehensive Credit Line Contract 

(subsidiary terms) 
 Contract
No.: N. T. 0202 Z. Z. No.19050501 
 Party A (Lender): Ningbo Commerce Bank Co., Ltd., Shanghai Branch 

Address: 23/F, Building 2, You You Century Plaza, No. 428, Yanggao South Road, Pudong New Area, Shanghai 

Tel.: 021-60587888 Fax: 021-60587871 

Principal: Zhang Zhengyin Position: Branch President 
 Party B
(Borrower): Shanghai ECMOHO Health Biotechnology Co., Ltd. 
 Legal representative: Wang Ying 

Article 1 Comprehensive credit line amount: (equivalent to) RMB (in words) Two Million Only 

Article 2 Term of the comprehensive credit line: May 6, 2019 to May 6, 2020. 

Article 3 The specific transferee of the credit line and the maximum amount of credit line transferred: 

1.                         
                (transferor), amount: (equivalent to)                  (currency)
(in words)                             ; 

2.                         
                (transferor), amount: (equivalent to)                  (currency)
(in words)                             ; 

3.                         
                (transferor), amount: (equivalent to)                  (currency)
(in words)                             ; 

 

	
	4.                                      
                                         
                                         
                                         
                                         
          
	  

                          
                                         
                                         
                                         
                                         
                          

	  

                          
                                         
                                         
                                         
                                         
                          

	  

                          
                                         
                                         
                                         
                                         
                          

 Article 4 Service 
 Address for
service: **** 
 Zip code: 200030    Fax:
                                 

Addressee (or agent thereof): Li Wei 

Tel.:                     Mobile No.:**** 

E-mail: **** 

  
 6/8 

 Article 5 The Contract is made under and also governed by the laws of the People’s Republic of China.
In the event of a dispute arising from the performance of the Contract, the parties shall conduct consultation or mediation; if the negotiation or mediation fails, the dispute shall be settled in the manner specified in Item 1 below. 

1. File a lawsuit to the people’s court of the locality where Party A is located. 

2. File a lawsuit to the people’s court of the place where the Contract is signed. 

3. Apply to the      Arbitration Commission for arbitration. 
  

	
	Article 6 Other matters agreed upon by Party A and Party B:
                                         
                                         
                                
	  

                          
                                         
                                         
                                         
                                         
                      

	  

                          
                                         
                                         
                                         
                                         
                      

	  

                          
                                         
                                         
                                         
                                         
                      

	  

                          
                                         
                                         
                                         
                                         
                      

 Article 7 The Contract is made in duplicate with each party holding one, and each copy shall have the same legal effect. 

The standard terms and the subsidiary terms of the Contract constitute a complete contract. 

Party A’s Seal: 
 May 06, 2019 

Ningbo Commerce Bank Co., Ltd., Shanghai Branch (seal) 
 Seal
specific for credit contract 
 Zhang Zhengying (seal) 

Party B’s Seal: 
 Signature of legal representative or
entrusted agent: /s/ Wang Ying 
 May 06, 2019 

Shanghai ECMOHO Health Biotechnology Co., Ltd. (seal) 
 Signed
in: Shanghai 

  
 7/8 

 NINGBO COMMERCE BANK 

Loan Contract 
 Ningbo
Commerce Bank 
 (201406 Version) 
  

 
  

 Loan Contract 

Contract No.: Ning Tong 0202 Loan Contract No.19051704 
 ☐Non-credit line 
 ☑Within the credit line Name of the contract: Comprehensive Credit Line Contract 

Line Contract No.: Ning Tong 0202 Comprehensive Loan Contract No.19050507 

Party A (Lender): Ningbo Commerce Bank Co., Ltd., Shanghai Branch 

Address: 23/F, Building 2, You You Century Plaza, No. 428, Yanggao South Road, Pudong New Area, Shanghai 

Tel.: 021-60587888 Fax: 021-60587871 

Principal: Zhang Zhengyin Position: Branch President 
 Party B
(Borrower): Shanghai ECMOHO Health Biotechnology Co., Ltd. 
 Legal representative: Wang Ying 

On the basis of equality and voluntariness, Party A and Party B have concluded the loan contract (the “Contract”) upon consensus in
accordance with the provisions of relevant laws, and are willing to abide by all contract terms. 
 Article 1 Loan 

I. Loan amount: RMB (in words) One Million Nine Hundred and Fifteen Thousand Six Hundred and Eighty-eight Point Four 

II. Loan term: 12 months 
 The loan term begins on the date when
the loan is actually granted. The date of loan release and the maturity date shall be subject to those recorded in the loan IOU. 
 III. Loan interest rate

 1. The loan interest rate hereunder is determined according to the following standards. The interest rate of the first loan is subject to those recorded
in the loan IOU (please fill in the option box with “✓”): 
 ☐ the benchmark interest rate of the People’s Bank of China for the
same grade loan on the date of loan release. 
 ☐ the benchmark interest rate of the People’s Bank of China for the same grade loan on the loan
issuance date ☐ floating upward/ ☐ floating downward              (hereinafter referred to as “interest rate floating ratio”). 

☐ Other, specific loan interest rate is 7%. 
 2. The
adjustment method for the loan interest rate under the Contract is (please fill in the option box with “✓”): 
 ☐ Adjustment
according to             . The interest rate adjustment date is the following Item     : 

  
 1/12 

 (1) Adjustment is made on the corresponding date for each
            . In case of no corresponding date, the last day of the              shall be the corresponding date, and the new
loan interest rate will be determined and apply at the benchmark interest rate at the time of this adjustment (if the benchmark interest rate is adjusted for two or more times during the period as agreed in this paragraph, the benchmark interest
rate at the time of the last adjustment in the period shall prevail) and corresponding interest rate floating ratio; 
 (2) The new loan interest rate will
be determined and apply at the benchmark interest rate at the corresponding interest rate floating ratio on January 1 of each year (if the benchmark interest rate is adjusted for two or more times during the period as agreed in this paragraph,
the benchmark interest rate at the time of the last adjustment in the period shall prevail). 
  

			
	(3) Other:                                 
                                         
                                         
                                         
                                         
                                         

	
	 

 ☑ Fixed interest rate. 

3. Conversion of daily interest rate: daily interest rate = annual interest rate / 360 days 

IV. Loan purposes 
 The purpose of the loan is given in item
(1) below: 
 (1) Turnover of working capital 
 (2)
Borrowing for repaying (enlending)/reorganization, specifically: return of the credit granting under
                                 (contract name) with contract No.
                            . 

 

			
	(3) Others, specific loan purpose is:	 	                                      
                                         
                                         
                                         
                                  
	
	 

 Article 2 Loan release and payment 

I. Party B may require Party A to issue loans hereunder provided that conditions in the following Item 2 are met: 

1. After the Contract comes into effect. 
 2. The Contract has
already taken effect, and the relevant guarantee contracts have been signed. If registration or filing and notarization procedures are required, the relevant procedures have been completed. 

 

			
	3.                                    
                                         
                                         
                                         
                                         
                                         
             
		
		 	 

 II. Payment of loan funds 
 (I)
Payment method 
 Party A and Party B agree that the loan funds are paid in the following manner (fill in the “☐” with “✓”)

 ☑ Full payment upon authorization refers to the act that Party A, through Party B’s account, pays the loan funds to the counterparty of Party
B in a transaction conforming to the stipulated purpose according to Party B’s application for withdrawal and payment entrustment.  

  
 2/12 

 ☐ Part payment upon authorization refers to the act that Party A, through Party B’s account, pays
the loan funds to the counterparty of Party B in a transaction conforming to the stipulated purpose according to Party B’s application for withdrawal and payment entrustment, provided that the payment object is clear and single payment amount
is equivalent to more than RMB’0,000 (inclusive); the remaining loan funds shall be paid by Party B independently, that is, Party A shall, according to Party B’s application for withdrawal, issue the loan funds to Party B’s account,
and Party B shall independently pay such amount to its counterparty in a transaction conforming to the stipulated purpose. 
 ☐ Full payment by Party
B itself refers to the act that Party A shall, according to Party B’s application for withdrawal, issue the loan funds to Party B’s account, and Party B shall independently pay such amount to its counterparty in a transaction conforming to
the stipulated purpose. 
  

			
	☐                                   
                                         
                                         
                                         
                                         
                                         
            
	
	 

 (II) Payment management 
 1. In
case of the payment upon authorization, Party B may request Party A to pay the loan funds on the premise of meeting the following payment conditions: 

(1) Party B submits the payment application and the corresponding business contract and other evidential materials as required by Party A, and
the information on the transaction object and payment amount listed in the payment application is consistent with the evidential materials; 

(2) The payment application conforms to the loan purpose as stipulated herein; 

(3) Party B authorizes Party A to pay loan funds to a specific transaction object; 

(4)                       
                                         
                                         
                                         
                                         
                                         
               
 Party A has the right to review whether the
information on the payment object, payment amount and other information listed in the payment application provided by Party B is consistent with the corresponding business contract and other evidential materials, and has the right to reject the
payment application that does not meet the loan purpose as stipulated herein. 
 2. In case of the payment by Party B itself, Party B shall inform Party A
of the payment of the loan funds according to the summary of                 , and provide the information such as the transaction object and payment amount as well as
corresponding business contract and other evidential materials according to Party A’s requirements. 
 3. Party B may not use the loan funds for
investment in fixed assets, equity, etc., and shall not be used the loan funds in areas or for purposes prohibited by the state for production or operation. 

4. Party B agrees that in the case of the payment upon authorization, Party A shall first transfer the loan to Party B’s account, and then directly
transfer the loan to Party B’s transaction object from Party B’s account. During the period of the stay of loan funds on Party B’s account, Party B shall not withdraw the loan funds, and in case that such funds are imposed on
compulsory measures, including but not limited to freezing, deduction, etc., Party B shall independently bear the liability which is unrelated to Party A, and Party B shall still be liable for repayment. 

5. Regardless of the payment upon authorization or payment by Party B itself, once the loan funds are transferred to Party B’s account according to Party
B’s application for withdrawal or entrustment, it is deemed that Party B’s withdrawal is successful hereunder. Party A’s obligation of loan release is fulfilled, and Party B shall repay the loan in accordance with the Contract. 

  
 3/12 

 (III) Changes in payment methods and conditions for triggering changes 

In the event of one of the following circumstances, Party A shall have the right to adjust the standard for the amount to be paid upon authorization as agreed
in Paragraph (1) or change the payment method to full payment upon authorization: 
 1. In the case of payment by Party B itself, Party
B fails to make a regular summary report on the payment of loan funds to Party A as agreed, or refuses to cooperate with Party A to check whether the loan payment conforms to the agreed purpose by means of account analysis, voucher inspection or on-site investigation; 
 2. Party B evades Party A’s payment upon authorization by the means of
breaking up the whole into parts in violation of the Contract; 
 3. Party B’s credit status declines or its profitability of the main
business is not strong; 
 4. The use of loan funds is abnormal; 

5.                       
                                         
                                         
                                         
                                         
                                         
      
 Article 3 Account management and financial indicators 

I. After negotiation between Party A and Party B, Party B agrees to open the following account at Party A to accept Party A’s monitoring: 

1. Party B agrees to open a loan issuance account at Party A as required by Party A, with the account name of
                             and the account number of
                            . The issuance and withdrawal of loan funds are handled through the account.
Party A has the right to dynamically monitor the account. When an abnormal situation is found, Party A has the right to take measures including but not limited to freezing and stopping of payment. 

2. Party B agrees to open an account for fund return at Party A as required by Party A (fill in the “☐” with “✓”). 

☐ The account for fund return is the same as the loan issuance account in Item 1. 

☐ The account name of the account for fund return is
                            , with the account number of
                            . 
  

			
		 	 The return of funds in this account shall be subject to the following agreements:
                                         
                                         
                         

		 	  

                      
                                         
                                         
                                         
                                         
                                         
         

 When Party B is unable to repay the loan owed to Party A in time, Party A has the right to deduct the funds
which will be used for repaying the loan principal and interest from the account for fund return and other accounts opened by Party B at Party A. 
 II.
Before the loan is fully settled hereunder, Party B’s financial indicators shall meet the following agreed conditions: 
  

 
 Article 4 Settlement of loan interest 

1. Interest is calculated at the actual loan amount and the actual loan term from the date on which the loan is actually issued. The specific interest
settlement is subject to the following Item (1): 

  
 4/12 

 (1) Settlement is made once a month, and the interest settlement date (the interest payment
date) is the 20th day of each month, and the loan principal and interest shall be fully paid off at the same time, when the loan is due (including acceleration of maturity). 

(2) Settlement is made once a quarter, and the interest settlement date (the interest payment date) is the 20th day of the last month of each
quarter, and the loan principal and interest shall be fully paid off at the same time, when the loan is due (including acceleration of maturity). 

(3) Settlement is made once a year, and the interest settlement date (the interest payment date) is December 20 of each year, and the loan
principal and interest shall be fully paid off at the same time, when the loan is due (including acceleration of maturity). 
 (4) Repayment
is made in a lump sum when the loan is due (including acceleration of maturity), and the loan principal and interest shall be fully paid off at the same time. 

2. Party B shall deposit the interest payable in the deduction account before each interest settlement date, and Party A may conduct the deduction directly
from the account opened by Party B in Party A. If Party B cannot pay interest in time, Party A shall have the right to collect the compound interest on unpaid interest. 

Article 5 Interest-bearing method for interest rate floating 

If the loan interest rate floats, the interest on the loan will be charged at the adjusted interest rate from the date of interest rate adjustment.

 Article 6 Loan repayment 
 1. Party B shall fully repay
the loan principal and interest (including acceleration of maturity); if it indeed cannot make the full repayment thereof as scheduled, it must apply in writing to Party A one month in advance, and conduct specific consultation with Party A on the
repayment. 
 2. If Party B repays the loan in advance, it must apply to Party A in advance and be agreed by both parties upon negotiation. 

3. Party B irrevocably authorizes Party A to deduct all principal and interest of the loan due or early due from the account opened by Party B at Party A.

 Article 7 Rights of Party B 
 1. Party B has the right to
withdraw and use all the loans as agreed herein; 
 2. After obtaining the written consent of Party A, Party B has the right to transfer the debt to a third
party. 
 Article 8 Obligations of Party B 
 1. Party B shall
truthfully provide the documents and materials required by Party A, as well as the information on all its bank accounts, the bank of deposit and the balance of deposits and loans, and shall be cooperative in investigation, examination and inspection
by Party A; 
 2. Party B shall provide the latest changes to the monthly financial statements and registration status to Party A in a timely manner; 

3. Party B shall accept Party A’s supervision and inspection over its use of credit funds and relevant production, operation and financial activities,
and cooperate with Party A in the loan payment management, post-loan management and related inspections; 
 4. Party B shall use the loan in accordance with
the purposes as agreed herein; 
 5. Party B shall fully repay the loan principal and interest on schedule as agreed herein; 

6. Where Party B transfers all or part of debts hereunder to a third party, it shall obtain a prior written consent of Party A; 

  
 5/12 

 7. If Party B carries out the transfer of major property rights, system change, merger, division, equity
transfer, transfer of major assets, substantial increase in debt financing, external investment and other acts that are enough to affect Party A’s rights and interests, it shall obtain prior written consent from Party A, and implement the
safeguard measures for the safe repayment of the loan principal and interest and all other related expenses. 
 8. Party B shall promptly notify Party A
when it has any material adverse events affecting its solvency. 
 Article 9 Statement, undertakings and commitments of Party B 

1. Party B is a company legally established, validly existing and has a good reputation in the jurisdiction under which it is established. It has all the
corporate rights as well as government licensing and approvals to engage in its current business. 
 2. Party B has legal authorities, rights and
authorizations to sign, deliver and perform the Contract. 
 3. Party B undertakes that the information provided to Party A is true, complete, legal and
valid, without any false records, misleading statements or major omissions. 
 4. Party B hereby undertakes that it will fully perform all its obligations
hereunder in good faith, and that it will not commit any act (including the act which it should commit but it fails to do so, or the act which it should not commit but it do so) endangering the realization of creditor’s rights hereunder, in
case that it fails to obtain a prior written consent of Party A. 
 5. Party B hereby undertakes that, in the event of any change to its domicile,
correspondence address, contact number, business scope, legal representative or other matters, it will notify Party A in writing within ten days after the change of the matter concerned. 

Article 10 Special agreement on credit granting and related transactions of group clients 

I. The term “group client” refers to an enterprise legal person or institutional legal person with the following characteristics: 

1. which directly or indirectly controls or is controlled by other enterprise legal person or institutional legal person in equity or business; 

2. which is jointly controlled by a third-party enterprise legal person or institutional legal person; 

3. which is directly or indirectly controlled jointly by a major individual investor, key management or their close family members (including direct family
relationships within three generations and collateral relationships within the second generation); 
 4. which has other related relationships and
may not transfer assets and profits according to the fair price principle, shall be subject to the credit-granting management as a group client. 

II. Where Party B is a group client, it shall report to Party A in writing within ten days from the date of the related party transaction with more than
10% of the net assets. The report shall cover the relationship between the parties to the transaction, items and the nature of the transaction, the transaction amount or corresponding proportion and pricing policies (including transactions with no
amount or only a nominal amount). 
 Article 11 Rights of Party A 

1. Party A has the right to request Party B to provide information related to the loan; 

2. Party A has the right to request Party B to return the principal and interest of the loan on time; 

3. Party A has the right to know Party B’s production and operation, financial activities and repayment plan, and to conduct post-loan management and
related inspections on Party B; 

  
 6/12 

 4. Party A has the right to supervise Party B to use the loan according to the purposes as agreed herein,
and to manage the loan payment of Party B. In the case of payment by Party B itself, Party A shall have the right to require Party B to make a regular summary report on the payment of loan funds, and check whether the loan payment conforms to the
agreed purpose by means of account analysis, voucher inspection or on-site investigation; 
 5. Party A has the
right to deduct the principal and interest of the loan directly from the accounts of Party B; 
 6. If Party B fails to perform various obligations as
stipulated hereunder, Party A shall have the right to require Party B to repay the loan in advance or stop issuing the loan that has not been used by Party B in accordance with the provisions hereof; 

7. Party A has the right to recover the loan in advance according to the return of Party B’s funds; 

8. If Party B carries out the transfer of major property rights, system change, merger, division, equity transfer, transfer of major assets, substantial
increase in debt financing, external investment and other acts that are enough to affect Party A’s rights and interests, Party A shall have the right to request Party B to pay off the principal and interest of the loan and all other related
expenses hereunder, or to transfer all the debts hereunder to the transferee approved by Party A for succession, or require Party B to provide the guarantee measures agreed by Party A. 

9. Party A has the right to independently transfer the rights and obligations hereunder to a third party, and Party B shall be deemed to have agreed to such
transfer. 
 10. If Party B conducts large-amount financing, sale of major assets, merger, division, shareholding reform, bankruptcy liquidation, etc.,
Party A shall have the right to participate in the above matters in order to safeguard its creditor’s rights. 
 Article 12 Obligations of Party A 

1. Party A is obliged to grant the loan to Party B in accordance with the conditions as stipulated herein; 

2. Party A shall keep confidential the finance, production and operation of Party B, except as otherwise provided by laws and regulations or otherwise
required by the regulatory authorities. 
 Article 13 Charge clause 

1. The expenses incurred for the credit investigation, inspection, notarization, witness and registration related to the Contract shall be borne by Party
B. 
 2. Expenses (including announcement fee, delivery fee, appraisal fee, attorney fee, case acceptance fee, property preservation fee, travel
expenses, assessment fee, auction fee, compulsory execution fee, etc.) required by Party A to collect the loan principal and interest, which arise from the failure of Party B to repay the loan principal and interest at maturity (including early
maturity), shall be borne by Party B. 
 Article 14 Party B shall open a settlement account with Party A to settle the economic business transaction
through such account. 
 Article 15 Event of default and liability for breach 

I. Event of default 
 Under any of the following
circumstance, an event of default is deemed to have occurred: 
 1. Where Party B violates any of its obligations hereunder, or indicates expressly or
indirectly via its behaviors that it will not perform any of its obligations under the Contract; 
 2. Where the relevant certificates and documents
submitted by Party B to Party A or any statements, undertakings and commitments made by Party B are untrue, inaccurate and incomplete with false records, misleading statements or major omissions; 

  
 7/12 

 3. Where Party B arbitrarily changes the use of loan funds, misappropriates loans or uses bank loans to
engage in illegal transactions; 
 4. Where Party B violates the agreement on the payment of loan funds herein; 

5. Where Party B breaks through the financial indicators as stipulated herein; 

6. Where Party B fails to use foreign exchange loans in accordance with state administration provisions; 

7. Where the storage and value of the collateral greatly change; 

8. Where Party B is involved in litigation or arbitration with Party A or any other third party; 

9. Where the Guarantor of Party B violates the guarantee contract (including but not limited to the guarantee contract, mortgage contract and pledge
contract) or the breach of contract under the guarantee contract occurs, or the guarantee contract fails to take effect, is invalid or revoked, or the situation in which the guarantee capacity of the Guarantor is reduced; 

10. Where Party B is negligent in management and pursues the due creditor’s rights, or disposes of its main property on a gratuitous basis or at a
unreasonable low price or by other improper means, or engages in other acts for the purpose of transfer of property or evasion of debts; 
 11. Where
the business situation of Party B has experienced major problems, with financial situation deteriorating severely, or Party B has major financial losses, asset losses (including but not limited to asset losses due to its external guarantees), or
other financial crises; 
 12. Where Party B has been subjected to administrative punishment or criminal sanctions or is being investigated by the
relevant department and may be subject to administrative punishment or criminal sanctions due to violation of laws and regulations in operation; 

13. Where Party B is involved in such circumstances as division, consolidation, major merger, acquisition and restructuring, disposal of major assets,
capital reduction, liquidation, reorganization, cancellation, bankruptcy, dissolution, suspension or partial suspension of business; 
 14. Where the
controlling shareholder or actual controller of Party B is changed, and Party A believes that such change has endangered or may endanger the realization of the creditor’s rights hereunder; or where Party B’s controlling shareholder, actual
controller, legal representative or senior management is involved in major events, including but not limited to that they have been subject to administrative punishments or criminal sanctions or are investigating by relevant departments and may be
subject to administrative penalties or criminal sanctions due to violations of laws and regulations in operation, litigation or arbitration cases, serious deterioration of financial situation, and declaration of bankruptcy or dissolution; 

15. Where unfavorable changes occurred in the industry in which Party B is engaged, and Party A believes that such changes have endangered or may endanger
the realization of the creditor’s rights hereunder; 
 16. Where Party B fails to handle the settlement or deposit and other related business at
Party A’s office as agreed; and 
 17. Other circumstances relating to Party B that have harmed or may harm the realization of the
creditor’s rights hereunder. 
 II. Liability for breach 

In the event of an event of default as described in Paragraph 1 of this Article, Party A shall have the right to take one of the following measures or to
take various measures at the same time: 

  
 8/12 

 1. Party A may request an advance maturity of the loan, an advance recovery of some or all of the loan
principal and interest as well as payment of relevant expenses, including but not limited to the credit investigation, inspection, notarization and other expenses related to the Contract, and Party A’s payment for all such fees as attorney
fees, legal fees, arbitration fees, travel expenses, announcement fees, delivery fees, and implementation fees for the purpose of realizing the creditor’s rights; 

2. Party A may cease or terminate the issuance and payment of any money that has not been issued or paid under the Contract; 

3. Party A may be entitled to deduct the principal and interest of the loan directly from the accounts of Party B and the warrantor; 

4. Party A may require Party B to provide new guarantees in accordance with the requirements of Party A for the creditor’s rights under the Contract;

 5. Party A may exercise the guarantee right, requiring the warrantor to perform the guarantee responsibility, or realizing the creditor’s
rights by disposing the collateral and/or pledge; 
 6. Where the loan matures duly or matures in advance, and Party B fails to repay the principal
and interest of the loan as agreed, Party A has the right to impose an interest at 50% penalty interest rate on the loan principal according to the loan interest rate stipulated in the Contract from the date of overdue at the actual number of
overdue days, and also impose a compound interest at the penalty interest rate on the interest that cannot be paid on time; 
 If the payment for
loan principal or interest is overdue for a period less than 90 days (including 90 days), the loan repayment order is: (1) interest (including penalty interest and compound interest); (2) principal. If the payment for loan principal or interest
is overdue for a period more than 90 days, the loan repayment order is: (1) the principal (including the part maturing in advance); (2) interest (including penalty interest and compound interest). 

7. Where Party B misappropriates the loan, Party A shall have the right to charge interest at the penalty interest rate of 100% according to the loan
interest rate stipulated in the Contract at the actual misappropriation amount and the number of misappropriation days from the date of misappropriation, and also charge a compound interest on the interest that cannot be paid on time at the penalty
interest rate; and/or 
 8. Other remedies that Party A has the right to claim in accordance with the law and the Contract. 

Article 16 Service 
 ☑ Service
shall be subject to the terms of the credit line contract corresponding to the Contract, 
 ☐ specifically: 

I. Party B confirms and declares that the following information, which is provided by the personnel recognized by Party B and is accurate and correct, is the
address for service and contact information for the legal instruments involved in the Contract regarding such fields as various documents, debt collection, dispute resolution, litigation (arbitration) (including first instance, second instance,
retrial, execution and other stages of litigation): 
  

	
	Address for service:
	
	 

 Zip
code:                         Fax:
                         

Addressee (or agent thereof):
                                     

Tel.:
                             Mobile
No.:/                             

  
 9/12 

 E-mail:
                                         
    
 II. Where Party A, the people’s court, the arbitration institution, the notary office and other parties send the documents to
Party B according to the above address and contact information, and if no one receives or signs the documents, or the mail is rejected, or it falls under any other circumstance under which the addressee does not give feedback, the date of return of
the documents will be deemed as the date of service; where the mail is subject to a direct service and Party B refuses to receive, the process server may take a photo or video to record the service process and leave the documents in place, so that
it will be deemed as service. 
 III. Where Party B makes any change to the above contact information before the debt hereunder is settled, Party B shall
notify Party A in writing within ten working days after the change and provide the contact information and address for service after the change, and the said written notice shall be kept as an appendix to the Contract. After the debt hereunder comes
to the litigation (arbitration) stage, Party B shall notify the people’s court or the arbitration institution of such change in writing at the same time. 

IV. Party B hereby expressly declares that Party A or the people’s court of appeal may serve the document by means of a modern communication method such
as sending a text message to the mobile phone in the contact information provided by Party B, sending a fax to the designated fax number or sending an email to the designated email address, and in terms of service by SMS, fax, or email, the date of
sending will be the date of service. 
 V. Where Party B provides incorrect or unclear address for service and contact information or fails to inform the
address for service and contact information after change in a timely manner, resulting in the failure to serve or return the document, the date on which the document is returned shall be deemed as its date of service. 

Article 17 Modification and rescission of the Contract 
 After
the agreement between the two parties, the Contract may be modified or rescinded, and the agreement to modify or rescind the Contract shall be made in writing. 

Article 18 Miscellaneous 
 1. During the existence of the
Contract, Party A’s tolerance or extension for Party B’s any breach of contract or delay or Party A’s postponement in exercising its due rights hereunder shall not impair, influence or limit all rights due to Party A as stipulated by
the Contract and relevant laws, and it shall not be regarded as Party A’s permission or recognition of any breach of this contract, nor shall it be deemed that Party A waives its right to take action against Party B’s existing or future
breach of contract. 
 2. If the Contract becomes invalid in law or part of its terms is invalid for any reason, Party B shall still perform all
repayment obligations. In the event of the above, Party A has the right to terminate the Contract and may immediately recover from Party B the principal and interest of the loan hereunder and other relevant funds. 

3. The notices and requirements related to the Contract between Party A and Party B shall be made in writing. 

4. If a date specified in the Contract or the last day of a period stipulated herein is a statutory holiday, it shall be postponed to the first working day
after the statutory holiday. 
 5. Party A shall not be liable for any failure to fully perform the Contract due to changes in laws, regulations, rules,
policies, and the promulgation of emergency measures. 
 6. Matters not covered in the Contract shall be subject to the laws and regulations in
force, as well as the relevant provisions of the People’s Bank of China, the China Banking Regulatory Commission and Party A. 

  
 10/12 

 Article 19 Other matters agreed upon by Party A and Party
B:                                        
                                         
                                         
                  
 Article 20 Application of law and dispute
resolution 
 The Contract is made under and also governed by the laws of the People’s Republic of China. In the event of a dispute arising from the
performance of the Contract, the parties shall conduct consultation or mediation; if the negotiation or mediation fails, the dispute shall be settled in the manner specified in Item 1 below. 

1. File a lawsuit to the people’s court of the locality where Party A is located. 

2. Apply to the                      Arbitration
Commission for arbitration. 
 Article 21 The Contract is made in duplicate with each party holding one, and each copy shall have the same legal effect.

 Article 22 The Contract shall become effective upon signing by the parties. 

Article 23 Notes and statements 
 Party A has drawn Party
B’s attention to a comprehensive and accurate understanding of the terms and conditions of the Contract, especially those in bold. At the request of Party B, the corresponding terms of the Contract are explained accordingly. The contracting
parties have fully understood the meaning of the terms hereof and their corresponding legal consequences. 
 At the same time, Party B
specifically declares that special attention has been paid to the terms that involve its obligations and its disadvantages. And Party B recognizes and accepts these terms. 

Party A’s Seal: 
 May 17, 2019 

Ningbo Commerce Bank Co., Ltd., Shanghai Branch Seal specific for credit contract (seal) 

/s/ Zhang Zhengying 
 Party B’s Seal: 

Signature of legal representative or entrusted agent: 
 May 06,
2019 
 Shanghai ECMOHO Health Biotechnology Co., Ltd. (seal) 

/s/ Wang Ying 
 Signed in: Shanghai 

  
 11/12 

 Appendix: 

Demand Note 
 Ningbo Commerce Bank, 

According to the contract (Ning Tong     . Z. No.     ) signed by us and the bank, we apply for a loan fund payment,
and irrevocably authorize the bank to pay the loan funds to our designated counterparty. The specific payment object and payment amount are as follows: 
  

									
	 	 	 	 
	Name	  	Account No.	  	Currency	 	  	Payment amount (RMB)
	 	 	 	 
	 	  	 	  	 	 	 	  	 
	 	 	 	 
	 	  	 	  	 	 	 	  	 
	 	 	 	 
	 	  	 	  	 	 	 	  	 
	 	 	 	 
	 	  	 	  	 	 	 	  	 
	 	 	 	 
	 	  	 	  	 	 	 	  	 
	 	 	 	 
	 	  	 	  	 	 	 	  	 
	 	 	 	 
	 	  	 	  	 	 	 	  	 

 We will provide such evidentiary materials as the business contract related to this demand note in accordance with the above
contract, and guarantee that the above-mentioned evidentiary materials are true, legal and effective. 
 Applicant:
                             

Seal: 
 Signature of authorized signatory: 

Date: 

  
 12/12 

 NINGBO COMMERCE BANK 

Guarantee Contract of Guarantee under the Debt Ceiling 
  

Ningbo Commerce Bank 
 (2015-03 Version) 

 Guarantee Contract of Guarantee under the Debt Ceiling 

(Standard Terms) 
 See the subsidiary terms for
detailed information of Party A (creditor under the main contract) and Party B (guarantor) 
 In order to ensure the performance of the contract
(hereinafter referred to as the “Main Contract”) between Party A and the debtor, Party B is willing to provide Party A with the guarantee under the debt ceiling for joint and several liability as the guarantor of the debtor under the Main
Contract. On the basis of equality and voluntariness, both parties have entered into the Contract upon consensus for mutual compliance. 
 See the
subsidiary terms for detailed information of the debtor. 
 Article 1 See the subsidiary terms for the scope of the guarantee warranty. 

Interest, penalty interest and compound interest are calculated according to the Main Contract and such calculation will end on the date of the settlement
of the debt. The expenses for realizing creditor’s rights include but are not limited to announcement fees, delivery fees, appraisal fees, attorney fees, case acceptance fees, property preservation fees, travel expenses, evaluation fees,
auction fees, property preservation fees and enforcement fees. 
 The currency exchange rate other than RMB is converted at the exchange rate quoted by
Party A when each specific business actually occurs. 
 Article 2 Warranty period 

1. The warranty period shall be two years from the maturity date of the debtor’s debt performance period as stipulated in the main contract. In the event
of maturity in installments of the debt as stipulated by the Main Contract, the warranty period will be a two-year period from the expiration date of the performance term for each installment of the debt. 

2. Where Party A and the debtor reach an extension agreement on the performance period for the debt under the main contract, the warranty period will be two
years from the maturity date of the debt performance period re-arranged by the extension agreement. 
 3. The
warranty period under the acceptance of bank acceptance bill, import letter of credit, standby letter of credit and bank guarantee will be two years from the date of the advanced payment by Party A. 

4. The warranty period under the discount of bank/commercial acceptance bills is two years from the date of maturity of the discounted bills. 

5. In case of any matter stipulated by the law, regulation or the Main Contract, causing an advance maturity of the debt under the Main Contract, the warranty
period will be two years from the date of the advance maturity of the debt. 
 6. The warranty period for each specific credit granting is calculated
separately. 
 7. Where Party A, during the warranty period, transfers its creditor’s rights to a third party in accordance with the law, Party B
hereby agrees to continue to assume the warranty responsibility within the scope of the original warranty. 
 Article 3 Where the debtor transfers the
credit line granted by Party A to a third party, Party B hereby agrees to assume the guarantee warranty responsibility for the credit to be transferred in accordance with the contract. See the subsidiary terms for the specific transferee and the
amount transferred. 
 Article 4 Warranty responsibility 

  
 1 

 Party B shall bear the responsibility for joint repayment according to the scope of the guarantee
provided in the Contract. In case of the debtor’s failure in performing its repayment obligation upon expiration (including due expiration and early expiration of the contract) or other events of default as agreed in the Main Contract, Party A
may claim compensation from the debtor or directly to Party B. Party B irrevocably authorizes Party A to directly deduct the amount of the creditor’s rights due from Party B’s bank account in Party A. After the deduction, Party A will send
a notice to Party B in accordance with the service method stipulated in the terms of service hereof, but the notification is not necessary for the deduction. 

Regardless of whether the debtor or a third party provides a guarantee of real right (mortgage/pledge), Party A has the right to request Party B to assume
the warranty responsibility without first disposing of the collateral. 
 Where the debtor or a third party provides the guarantee of real right, and
Party A waives or changes such guarantee, Party B’s guarantee liability shall not be waived, and shall still bear full guarantee responsibility. 

Article 5 The warranty hereunder is an independent warranty and is not affected by the guarantees provided by other guarantors. 

Article 6 The warranty hereunder is irrevocable and will not be affected by any agreement or document signed by the debtor with any unit, or change due to
such reasons as the bankruptcy of the debtor, the inability to pay off the debt, the loss of enterprise qualification, and the modification of the articles of association. 

Article 7 Event of default and liability for breach 

I. Event of default 
 Under any of the following
circumstance, an event of default is deemed to have occurred: 
 1. Where Party B violates any of its obligations hereunder, or indicates expressly or
indirectly via its behaviors that it will not perform any of its obligations under the Contract; 
 2. Where the relevant certificates and documents
submitted by Party B to Party A or any statements, undertakings and commitments made by Party B are untrue, inaccurate and incomplete with false records, misleading statements or major omissions; 

3. Where Party B is negligent in management and pursues the due creditor’s rights, or disposes of its main property on a gratuitous basis or at a
unreasonable low price or by other improper means, or engages in other acts for the purpose of transfer of property or evasion of debts; 
 4. Where
Party B is involved in litigation or arbitration with Party A or any other third party; 
 5. where the warranty is invalid or revoked; 

6. where the debt under the Main Contract matures duly or matures in advance, and Party A’s debt has not been fully repaid; 

7. In case that Party B is a company: 
 (1) where the
business situation of Party B has experienced major problems, with financial situation deteriorating severely, or Party B or the transferor has major financial losses, asset losses (including but not limited to asset losses due to its external
guarantees), or other financial crises; 
 (2) where Party B has been subjected to administrative punishment or criminal sanctions or is being
investigated by the relevant department and may be subject to administrative punishment or criminal sanctions due to violation of laws and regulations in operation; 

  
 2 

 (3) where Party B is involved in such circumstances as division, consolidation, major merger, acquisition
and restructuring, disposal of major assets, capital reduction, liquidation, reorganization, cancellation, bankruptcy, dissolution, suspension or partial suspension of business; 

(4) where the controlling shareholder or actual controller of Party B is changed, and Party A believes that such change has harmed or may harm the
realization of the creditor’s rights under the Main Contract and/or those under the Contract; or where Party B’s controlling shareholder, actual controller, legal representative or senior management is involved in major events, including
but not limited to that they have been subject to administrative punishments or criminal sanctions or are investigating by relevant departments and may be subject to administrative penalties or criminal sanctions due to violations of laws and
regulations in operation, litigation or arbitration cases, serious deterioration of financial situation, and declaration of bankruptcy or dissolution. 

  
 3 

 8. In case that Party B is an individual: 

(1) where Party B has any changes such as disability, unemployment, relocation, position adjustment, and business adjustment, and Party A believes that such
change has affected or may affect Party B’s performance of its guarantee obligations; 
 (2) where Party B is investigated for criminal
responsibility in accordance with the law or is subject to other coercive measures in accordance with the law or has been restricted by the relevant authorities to take measures to restrict one of its rights, and Party A believes that any of the
said cases has affected or may affect Party B to perform its guarantee obligations; and 
 (3) where the heir or the devisee of Party B refuses to
continue to assume the guarantee responsibility after renunciation of inheritance or bequest or acceptance of inheritance or bequest; 
 9. other
circumstances related to Party B that Party A believes has affected or may affect Party B’s performance of its guarantee obligations. 
 II.
Liability for breach 
 In the event of an event of default as described in Paragraph 1 of this Article, Party A shall have the right to take one of
the following measures or to take various measures at the same time: 
 1. requiring Party B to assume the guarantee responsibility and having the
right to deduct all the debts under the Main Contract directly from Party B’s account; 
 2. requiring Party B to provide new guarantees that
meet the requirements of Party A, including but not limited to the provision of collateral and pledge; 
 3. requiring Party B to compensate Party A
for all losses; and/or 
 4. Other remedies that Party A has the right to claim in accordance with the law and the Contract. 

Article 8 Where the Main Contract or the specific business contract under the Main Contract is legally invalid or part of their terms is invalid due to any
reasons, Party A still has the right to request the debtor under the Main Contract to return the agreed credit-granting principal and interest and other relevant funds in accordance with relevant legal provisions. Under the above circumstance, Party
A has the right to request Party B to assume the guarantee responsibility for the repayment obligation of the debtor under the Main Contract or directly bear the responsibility for joint repayment according to the conditions stipulated in the
Contract. 
 Article 9 Service 
 I. Party B
confirms and declares that the information provided in the subsidiary terms, which is provided by the personnel recognized by Party B and is accurate and correct, is the address for service and contact information for the legal instruments involved
in the Contract regarding such fields as various documents, debt collection, dispute resolution, litigation (arbitration) (including first instance, second instance, retrial, execution and other stages of litigation). 

II. Where Party A, the people’s court, the arbitration institution, the notary office and other parties send the documents to Party B according to the
address and contact information provided by Party B, and if no one receives or signs the documents, or the mail is rejected, or it falls under any other circumstance under which the addressee does not give feedback, the date of return of the
documents will be deemed as the date of service; where the mail is subject to a direct service and Party B refuses to receive, the process server may take a photo or video to record the service process and leave the documents in place, so that it
will be deemed as service. 
 III. Where Party B makes any change to the contact information before the debt hereunder is settled, Party B shall notify
Party A in writing within ten working days after the change and provide the contact information and address for service after the change, and the said written notice shall be kept as an appendix to the Contract. After the debt hereunder comes to the
litigation (arbitration) stage, Party B shall notify the people’s court or the arbitration institution of such change in writing at the same time. 

  
 4 

 IV. Party B hereby expressly declares that Party A or the people’s court of appeal may serve the
document by means of a modern communication method such as sending a text message to the mobile phone in the contact information provided by Party B, sending a fax to the designated fax number or sending an email to the designated email address, and
in terms of service by SMS, fax, or email, the date of sending will be the date of service. 
 V. Where Party B provides incorrect or unclear address for
service and contact information or fails to inform the address for service and contact information after change in a timely manner, resulting in the failure to serve or return the document, the date on which the document is returned shall be deemed
as its date of service. 
 Article 10 Statement, undertakings and commitments of Party B 

1. Party B has legal authorities, rights and authorizations to sign, deliver and perform the Contract. 

2. Party B undertakes that the application information provided to Party A is true, complete, legal and valid, without any false records, misleading
statements or major omissions. 
 3. Party B hereby undertakes that, in the event of any change to its domicile, correspondence address, contact number or
employment situation (or business scope and legal representative) or other matters, it will warrant to notify Party A in writing within 10 days after the change of the matter concerned. 

4. Party B fully understands the actual purpose and risks of the debtor’s borrowing, financing and/or use of bank credit, recognizes the authenticity
of the background basic transactions of such borrowing, financing and/or use of bank credit, without any fraud or coercive behavior, and provide joint and several liability warranty guarantee for the creditor’s rights between the creditor and
the debtor under the Main Contract on an entirely voluntary basis. All the declarations of intention under the Contract are true. 
 5. Under the
Contract, the two parties agree to carry out the enforcement of the notarization and undertake that they are willing to accept the enforcement of the people’s court upon their failure in performing or fully performing their obligations under
the Contract. 
 Article 11 Modification of the Contract 

1. After the agreement between the two parties, the Contract may be modified or rescinded, and the agreement to modify or rescind the Contract shall be made
in writing. 
 2. Where the Main Contract is modified, Party A shall promptly solicit the consent of Party B in writing, and Party B shall continue to
assume joint and several warranty liability for the debt under the Main Contract after such change. However, if the modification of the Main Contract causes the debtor’s debt to be alleviated (including but not limited to the reduction of the
amount of the debt under the Main Contract, the shortening of the debt term, etc.), Party B shall be deemed to have agreed to the modification, without separate obtainment of its consent, and Party B shall continue to assume the responsibility for
warranting the debt under the Main Contract after change. 
 Article 12 During the existence of the Contract, Party A’s tolerance or extension for
Party B’s any breach of contract or delay or Party A’s postponement in exercising its due rights hereunder shall not impair, influence or limit all rights due to Party A as the creditor as stipulated by the Contract and relevant laws, and
it shall not be regarded as Party A’s permission or recognition of any breach of this contract, nor shall it be deemed that Party A waives its right to take action against Party B’s existing or future breach of contract. 

Article 13 Application of law and dispute resolution 

  
 5 

 1. The Contract is made under and also governed by the laws of the People’s Republic of China. 

2. The dispute arising from the Contract shall be settled via the method stipulated in the Main Contract. 

Article 14 The Contract shall become effective upon signing and sealing by the parties. 

Article 15 Notes and statements 
 Party A has drawn
Party B’s attention to a comprehensive and accurate understanding of the terms and conditions of the Contract, especially those in bold. At the request of Party B, the corresponding terms of the Contract are explained accordingly. The
contracting parties have fully understood the meaning of the terms hereof and their corresponding legal consequences. 
 At the same time,
Party B specifically declares that special attention has been paid to the terms that involve its obligations and its disadvantages and it will accept these terms. 

(The above is the standard terms of the Contract, while the following is the subsidiary terms) 

  
 6 

 Guarantee Contract of Guarantee under the Debt Ceiling 

(subsidiary terms) 
 Contract No.:
N. T. 0202 E. B. Z. No.19050501 
 Party A (creditor under the Main Contract): Ningbo Commerce Bank Co., Ltd., Shanghai Branch 

Party B (guarantors): Wang Yingand Zeng Qingchun 
 ID card No.
(filled in by natural person): **** and **** 
 Article 1 Debtor: Shanghai ECMOHO Health Biotechnology Co., Ltd. 

Article 2 The purview of guarantee under the Contract is set out in Item 1. 

1. the principal, interest, compound interest and penalty interest of all the debt (including contingent liabilities) assumed by the debtor under the
comprehensive credit line contract (N. T. 0202 Z. Z. No.19050501) and its supplementary agreement (if any), and the expenses for realizing the creditor’s rights. The maximum amount of debt principal (balance) is (equivalent to) RMB (in words)
Two Million Only. As long as the debt under the Main Contract is not fully settled, Party A has the right to request Party B to assume the guarantee liability in terms of the debt balance within the purview of the above guarantee. 

2. (equivalent to) currency (in words)          of the principal (equivalent to) currency (in words)
     of all the debt (including contingent liabilities) assumed by the debtor under the              contract (N. T.      Z.
No.    ) and its supplementary agreement (if any), as well as the corresponding interest, compound interest, penalty interest and the expenses for realizing the creditor’s rights. As long as the debt under the Main Contract
is not fully settled, Party A has the right to request Party B to assume the guarantee liability in terms of the debt balance within the purview of the above guarantee. 

3. the performance of the debts under all the main contracts signed by and between the debtor and Party A from     ,
     to     ,     . The date of the debt under the Main Contract (the date on which the contingent debt occurs is the effective date of the corresponding main contract) shall be within the
above-mentioned period, and the maturity date of the debt under the Main Contract shall not be limited by such period. The scope of warranty guarantee provided by Party B includes the principal, interest, compound interest and penalty interest of
all debts (including contingent liabilities) under the Main Contract, and the expenses for realizing the creditor’s rights. The maximum balance of the above debt principal is (equivalent to) currency (in words)
        . As long as the debt under the Main Contract is not fully settled, Party A has the right to request Party B to assume the guarantee liability in terms of the debt balance within the purview of the
above guarantee. 
  

			
	4.	 	    
	
	    
	
	 

  
 7 

 Article 3 The transferee of the credit line and the amount of credit line transferred:
                                         
                            (transferor), amount (equivalent
to)         (currency) (in words)
                                         
                                         
                      . 
 Article 4 The
information for service provided by Party B: 
 Address for service: **** 

Zip code: ****                Fax:
                         

Addressee (or agent thereof): Wang Ying 
 Tel.:
                         Mobile No.: **** 

E-mail:
                                        
                                         
            
 Article 5 The Contract is made in duplicate with each copy having the same
legal effect. 
  

			
	Article 6 Supplementary
provisions:                                       
                                         
                                         
                                         
                          
	
	 
	
	 

 The standard terms and the subsidiary terms of the Contract constitute a complete contract. 

Party A (creditor under the Main Contract): 
 /s/ Zhang Zhengyin

 Party B (warrantors): 
 Legal representative or authorized
agent: 
 /s/ Wang Ying 
 /s/ Zeng Qingchun 

Signed on: May 6, 2019 Signed in: Shanghai 

  
 8 

 Risk Disclosure Book 

Dear client, 
 Thank you / your company for applying for credit
granting or provision of warranty guarantee for the credit granting of others at our bank. We will provide high quality financial services, and once you / your company have / has a malicious breach of contract, we will file a lawsuit or arbitration
according to the contract. We will, according to the Several Provisions of the Supreme People’s Court on Issuance of List of Dishonest Persons Subject to Enforcement issued by the Supreme People’s Court and the Memorandum of Understanding
on Taking Joint Disciplinary Actions against Dishonest Persons Subject to Enforcement jointly issued by 44 departments including the National Development and Reform Commission and the Supreme People’s Court, take measures to include you in the
list of dishonest persons in accordance with the law, and the relevant notice is hereby given as follows: 
 I. The overdue information of you / your company
will be included in the credit reference system of the People’s Bank of China, which will have a significant impact on your future credit; 
 II. You /
your company will be included in the list of dishonest persons of the Supreme People’s Court, which will have a significant impact on your life, investment and other activities, including but not limited to: 

1. No enterprise bonds or corporate bonds may be issued; 
 2. No
bonds may be issued in the interbank market; 
 3. You may not serve as a director, supervisor or senior officer of a financing guarantee company or a
financial institution; 
 4. You may not participate in government procurement activities; 

5. You may not pay high premiums to buy insurance products with cash value; 

6. Your company may not set up a commercial bank or branches and representative offices thereof or participate in shareholdings of a commercial bank, or
acquire a commercial bank; 
 7. suspension of the equity incentive plan for a domestic state-controlled listed company or termination of the exercise
qualification for an equity incentive object; 
 8. the investment amount will be limited for a qualified foreign institutional investor; 

9. It is impossible to get any money for financing from a financial institution; 

10. In case of operating difficulties or difficulties in living, it may not be possible to obtain subsidized funds and social security funds; 

11. You may not be entitled to preferential policies when conducting investment, taxation, import and export activities; 

12. You will turn to a key regulatory object who will be subject to more administrative supervision and management; 

13. You may not serve as the legal representative, director or supervisor of a state-owned enterprise; 

14. You may not be registered as the legal representative of a public institution; 

15. Your information will be disclosed to the public via the “Credit China” website and the National Enterprise Credit Information Publicity System,
or via major news websites; 
 16. You may not be recruited (employed) as a civil servant or a functionary of a public institution; 

17. Your company may not be appraised as a civilized unit or moral model; 

18. The legal representative, major person in charge, the person directly responsible for causing bad effect on the performance of the debt and the actual
controller of the entity subject to enforcement and the dishonest entity subject to enforcement, may not take a plane, a train with soft sleeper, or take any seat in a G-series China Railway High-speed train
or a seat of the first class or above in any other China Railway High-speed train, or have the relevant spending acts not necessary in daily life or work; 

  
 9 

 19. The legal representative, major person in charge, the person directly responsible for causing bad effect
on the performance of the debt and the actual controller of the entity subject to enforcement and the dishonest entity subject to enforcement, may not get accommodation in four or more-star-rated guesthouses and hotels as well as other high-grade
and high-consumption guesthouses and hotels; or have spending at night clubs and golf courses, which shall be carried out by the National Tourism Administration, the Ministry of Commerce, the Ministry of Public Security and the Ministry of Culture;

 20. The legal representative, major person in charge, the person directly responsible for causing bad effect on the performance of the debt and the
actual controller of the entity subject to enforcement and the dishonest entity subject to enforcement, may not purchase house property, land and other real estate; may not participate in transactions involving state-owned property rights such as
assets of state-owned enterprise and state assets; 
 21. The legal representative, major person in charge, the person directly responsible for causing bad
effect on the performance of the debt and the actual controller of the entity subject to enforcement and the dishonest entity subject to enforcement, may not participate in the group tour organized by the travel agency, or be entitled to other
travel-related services provided by the travel agency, or have spending at tourism companies such as resorts that have obtained travel ratings; 
 22. The
legal representative, major person in charge, the person directly responsible for causing bad effect on the performance of the debt and the actual controller of the entity subject to enforcement and the dishonest entity subject to enforcement, may
not send children to private schools with expensive tuition; 
 23. Leaving the country is not permitted; 

24. You may not use state-owned forest land, or apply for key forestry construction projects or key grassland protection construction projects; 

25. Your company may not turn to a customs certification enterprise, and your import and export will be closely regulated; 

26. Your company may not engage in such industries as pharmaceuticals and food; you may not serve as a main responsible person, director, supervisor or senior
officer of a production and operation unit; 
 27. In case of a lawyer or a law firm, appraisal as an advanced or outstanding individual or unit may not be
allowed; and 
 28. Those who refuse to execute judgments or rulings will be subject to criminal sanctions by the people’s procuratorate and the
Ministry of Public Security, and given a punishment for refusing to execute the judgment or ruling. 

  
 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}]]