Document:

Exhibit 10.25

 

Amended and Restated Loan Agreement

 

This Amended and Restated Loan Agreement (the “Agreement”) is entered into by and between the parties below as of March 1, 2019 in Shenzhen, the People’s Republic of China (“China” or the “PRC”):

 

(1)                   Shenzhen Pengai Hospital Investment Management Co., Ltd. (the “Lender”), a limited liability company incorporated and existing under the laws of the PRC, with the address at South 4/F, Building 7A, Nanyou 4th Industrial Park, Nanshan District, Shenzhen; and

 

(2)                   Zhou Pengwu (the “Borrower”), a Chinese citizen with Identification No.: ###############

 

The Lender and the Borrower shall each be hereinafter referred to as a “Party” respectively, and they shall be collectively referred to as the “Parties”.

 

Whereas:

 

1.              According to the loan agreement entered into by and among the Lender and the Borrower as of April 27, 2018, the Lender provided a loan to the Borrower in the amount of RMB2,820,000 (the “Former Loan Agreement”);

 

2.              As the date hereof, the Borrower intends to purchase 6% of equity interests of Guangzhou Pengai Aesthetic Medical Hospital Co., Ltd. (the “Target Company”) held and owned by a third party, representing RMB1,128,000 in the registered capital of the Target Company (the “Target Equity Interest”);

 

3.              The Lender agrees to extend a loan to the Borrower in the amount of RMB1,128,000 to be used for the purposes set forth under this Agreement, and the Borrower confirms that he has received and will use such loan for the purpose hereunder.

 

The Parties agree as follows:

 

1                     Loan

 

1.1                     In accordance with the terms and conditions of this Agreement, the Lender and the Borrower hereby acknowledge that the Borrower has obtained from the Lender a loan in the amount of RMB1,128,000 (the “Loan”).  The term of the Loan shall be the period from the date hereof to the date the Loan is fully repaid or waived according to this Agreement.  As the date hereof, according to the Former Loan Agreement and this Agreement, the Lender has provided to the Borrower and the Borrower has obtained from the Lender the total loan in the amount of RMB3,948,000 (the “Total Loan”) in aggregate.

 

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1.2                     The Total Loan provided by the Lender shall inure to the Borrower’s benefit only and not to the Borrower’s successor(s)  or assign(s).

 

1.3                     The Borrower agrees to accept the Total Loan provided by the Lender, and hereby agrees on and warrants using the Total Loan solely for the purchase of the Target Equity Interest as defined in this Agreement and the Former Loan Agreement respectively.  Without the Lender’s prior written consent, the Borrower shall not use the Total Loan for any purpose other than set forth herein.

 

1.4                     The Parties agree and acknowledge that the repayment of the Total Loan by the Borrower shall be that the Borrower transfer the current and future economic interest of the Target Equity Interest as defined in the this Agreement and the Former Loan Agreement respectively to the Lender.  The Borrower undertakes to execute an Amended and Restated Economic Interest Transfer Agreement accordingly (including its amendments from time to time, the “Economic Interest Transfer Agreement”).

 

1.5                     The Borrower undertakes to execute an Amended and Restated Exclusive Option Agreement (including its amendments from time to time, the “Exclusive Option Agreement”), under which, the Borrower grants the Lender an exclusive option with respect to the Target Equity Interest as defined in the this Agreement and the Former Loan Agreement respectively.  To the extent permitted by the applicable PRC laws, the Lender shall have the right but not the obligation to purchase or designate other person(s) (legal or natural person(s)) to purchase the Target Equity Interest in part or in whole at any time, at the price stipulated in the Exclusive Option Agreement.

 

1.6                     The Borrower undertakes to execute an Amended and Restated Equity Interest Pledge Agreement (including its amendments from time to time, the “Equity Interest Pledge Agreement”), under which, the Borrower pledges to the Lender all the Target Equity Interest as defined in the this Agreement and the Former Loan Agreement respectively held by the Lender as security for the Lender’s obligations under this Agreement and relevant agreements.

 

1.7                     The Borrower undertakes to execute an irrevocable Amended and Restated Power of Attorney (including its amendments from time to time, the “Power of Attorney”), which authorizes the Lender or a legal or natural person(s) designated by the Lender to exercise all of the Borrower’s rights as a shareholder of the Target Company.

 

2                     Representations and Warranties

 

2.1                     Between the execution date and the termination date of this Agreement, the Lender hereby makes the following representations and warranties to the Borrower:

 

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2.1.1                    the Lender is a corporation duly organized and legally existing in accordance with the laws of China;

 

2.1.2                    the Lender has the legal capacity to execute and perform this Agreement.  The Lender has obtained all necessary and proper approvals and authorizations for the execution and performance of this Agreement; and

 

2.1.3                    this Agreement, when executed, constitutes the Lender’s legal, valid, and binding obligations.

 

2.2                     Between the execution date and the termination date of this Agreement, the Borrower hereby makes the following representations and warranties:

 

2.2.1                    the Borrower has the legal capacity to execute and perform this Agreement.  The Borrower has obtained all necessary and proper approvals and authorizations for the execution and performance of this Agreement;

 

2.2.2                    this Agreement, when executed, constitutes the Borrower’s legal, valid, and binding obligations; and

 

2.2.3                    there are no disputes, litigations, arbitrations, administrative proceedings, or any other legal proceedings relating to the Borrower, nor are there any potential disputes, litigations, arbitrations, administrative proceedings, or any other legal proceedings relating to the Borrower, that would be reasonably expected to have a material adverse effect on the ability of the Borrower to consummate the transaction contemplated by this Agreement.

 

3                     Borrower’s Covenants

 

3.1                     As and when he becomes, and for so long as he remains the registered owner of the Target Equity Interest as defined in the this Agreement and the Former Loan Agreement respectively, the Borrower irrevocably covenants that during the term of this Agreement, the Borrower shall cause the Target Company:

 

to strictly abide by the provisions of the Economic Interest Transfer Agreement, the Exclusive Option Agreement, the Equity Interest Pledge Agreement and Power of Attorney to which the Target Company is a party, and to refrain from any action or omission that may affect the effectiveness and enforceability of the Economic Interest Transfer Agreement, the Exclusive Option Agreement, the Equity Interest Pledge Agreement or the Power of Attorney.

 

3.2                     the Borrower covenants that during the term of this Agreement, he shall:

 

3.2.1                    abide by the provisions of this Agreement, Economic Interest Transfer Agreement, the Power of Attorney, the Equity Interest Pledge Agreement and the Exclusive Option Agreement to which the Borrower is a party, perform his obligations under this Agreement, Economic Interest Transfer Agreement, the Power of Attorney, the Equity Interest Pledge Agreement and the Exclusive Option Agreement, and refrain from any action or omission that may affect the effectiveness and enforceability of this Agreement, Economic Interest Transfer Agreement, the Power of Attorney, the Equity Interest Pledge Agreement and the Exclusive Option Agreement;

 

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3.2.2                    not sell, transfer, mortgage or dispose of in any other manner the legal or beneficial interest of the Target Equity Interest as defined in the this Agreement and the Former Loan Agreement respectively, or allow the encumbrance thereon of any security interest, unless stipulated in the Economic Interest Transfer Agreement or the Equity Interest Pledge Agreement;

 

3.2.3                    cause any shareholders’ meeting and/or the board of directors (or executive director) of the Target Company not to approve the sale, transfer, mortgage or disposition in any other manner of any legal or beneficial interest in the Target Equity Interest as defined in the this Agreement and the Former Loan Agreement respectively, or allow the encumbrance thereon of any security interest, except to the Lender or the Lender’s designated person(s);

 

3.2.4                    immediately notify the Lender of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to the Target Equity Interest as defined in the this Agreement and the Former Loan Agreement respectively;

 

3.2.5                    to the extent necessary to maintain his ownership of the Target Equity Interest as defined in the this Agreement and the Former Loan Agreement respectively, execute all necessary or appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate claims or raise necessary and appropriate defense against all claims;

 

3.2.6                    without the prior written consent of the Lender, refrain from any action or omission that may have a material impact on the assets, business and liabilities of the Target Company;

 

3.2.7                    to the extent permitted by the laws of China, at the request of the Lender at any time, promptly and unconditionally transfer all of the Target Equity Interest as defined in the this Agreement and the Former Loan Agreement respectively to the Lender or the Lender’s designated representative(s) at any time, and cause the other shareholders of the Target Company to waive their right of first refusal with respect to the share transfer described in this Section.

 

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4                     Liability for Default

 

If the Borrower conducts any material breach of any term of this Agreement, the Lender shall have the right to terminate this Agreement and require the Borrower  to compensate all damages; this Section 4 shall not prejudice any other rights of the Lender herein.

 

5                     Notices

 

5.1                     All notices and other communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, prepaid postage, commercial courier service or by facsimile transmission to the address of such Party as set forth below.  A confirmation copy of each notice shall also be sent by email.  The dates on such notices which shall be deemed to have been effectively given shall be determined as follows:

 

5.1.1                    notices given by personal delivery, courier service, registered mail or prepaid postage, shall be deemed effectively given on the date of delivery.

 

5.1.2                    notices given by facsimile transmission shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation of the transmission).

 

5.2                     For the purpose of notices, the addresses of the Parties are as follows:

 

Lender:                             Shenzhen Pengai Hospital Investment Management Co., Ltd.

Address:                        South 4/F, Building 7A, Nanyou 4th Industrial Park, Nanshan District, Shenzhen

Attn:                                           Zeng Junming

Phone:                                 ########

 

Borrower:                 Zhou Pengwu

Address:                        South 4/F, Building 7A, Nanyou 4th Industrial Park, Nanshan District, Shenzhen

Phone:                                 ########

 

5.3                     Any Party may at any time change its address for notices by having a notice delivered to the other Party in accordance with the terms hereof.

 

6                     Confidentiality

 

The Parties acknowledge that the existence and the terms of this Agreement and any oral or written information exchanged between the Parties in connection with the preparation and performance of this Agreement are regarded as confidential information.  Each Party shall maintain the confidentiality of all such confidential information, and without obtaining the written consent of the other Party, it shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will be in the public domain (other than through the receiving Party’s unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any Party to its shareholders, directors, employees, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, directors, employees, legal counsels or financial advisors shall be bound by the confidentiality obligations similar to those set forth in this Section.  Disclosure of any confidential information by the shareholders, director, employees of or agencies engaged by any Party shall be deemed disclosure of such confidential information by such Party and such Party shall be held liable for breach of this Agreement.

 

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7                     Governing Law and Resolution of Disputes

 

7.1                     The execution, effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes shall be governed by the laws of China.

 

7.2                     In the event of any dispute with respect to the interpretation and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations.  In the event the Parties fail to settle the dispute through negotiations, such dispute shall be submitted to Shenzhen Court of International Arbitration (Shenzhen Arbitration Commission) for arbitration, in accordance with its arbitration rules and procedures in effect at the time.  The arbitration shall be conducted in Shenzhen.  The arbitration award shall be final and binding on all Parties.

 

7.3                     Upon the occurrence of any disputes arising from the interpretation and performance of this Agreement or during the pending arbitration of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement.

 

8                     Miscellaneous

 

8.1                     This Agreement should become effective upon the execution by the Parties, and shall expire upon the date of full performance by the Parties of their respective obligations under this Agreement.

 

8.2                     This Agreement shall be written in both Chinese and English in two copies, each Party having one copy.  In case of any conflicts between the Chinese version and the English Version, the Chinese version shall prevail.

 

8.3                     This Agreement may be amended or supplemented through written agreement by and between the Lender and the Borrower.  Such written amendment agreement and/or supplementary agreement executed by and between the Parties are an integral part of this Agreement, and shall have the same legal validity as this Agreement.

 

8.4                     In the event that one or several of the provisions of this Agreement is/are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised  in any respect.  The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that, to the greatest extent permitted by law, accomplish the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

 

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8.5                     Any obligations that occur or that are due as a result of this Agreement upon the expiration or early termination of this Agreement shall survive the expiration or early termination thereof.  The provisions of Sections 4, 5, 6, 7 and this Section 8.5 shall survive the termination of this Agreement.

 

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IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Amended and Restated Loan Agreement as of the date first above written.

 

 

	
Lender:
    	
Shenzhen Pengai Hospital Investment Management   Co., Ltd. (seal)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Zhou   Pengwu
    	
 
    
	
Name:
    	
Zhou Pengwu
    	
 
    
	
Title:
    	
Legal Representative
    	
 
    

 

Signature Page

 

 

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Amended and Restated Loan Agreement as of the date first above written.

 

 

	
Borrower: Zhou   Pengwu
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Zhou Pengwu
    	
 
    

 

Signature PageExhibit 10.26

 

AMENDED AND RESTATED ECONOMIC INTEREST TRANSFER AGREEMENT

 

This Amended and Restated Economic Interest Transfer Agreement (the “Agreement”) is entered into by and among the parties below as of March 1, 2019 in Shenzhen, the People’s Republic of China (“China” or the “PRC”):

 

(1)                   Zhou Pengwu (the “Transferor”), a Chinese citizen with the Identification No.:###############;

 

(2)                   Shenzhen Pengai Hospital Investment Management Co., Ltd. (the “Transferee”), a limited liability company incorporated and existing under the PRC laws, with the address at South 4/F, Building 7A, Nanyou 4th Industrial Park, Nanshan District, Shenzhen; and

 

(3)                   Guangzhou Pengai Aesthetic Medical Hospital Co., Ltd. (the “Company”), a limited liability company incorporated and existing under the PRC laws, with the address at 2/F, 3/F and 4/F, No.65 Tianhe East Road, Tianhe District, Guangzhou.

 

Each of the Transferor, the Transferee and the Company shall be referred to as a “Party” respectively, and shall be referred to as the “Parties” collectively.

 

Whereas:

 

1.              According to the economic interest transfer agreement entered into by and among the Transferor, the Transferee and the Company on April 27, 2018 (the “Former Transfer Agreement”), the Transferor transferred the economic interest in relation to the 15% of equity interests of the Company then held by the Transferor to the Transferee;

 

2.              The Transferor, as of the date hereof, holds 21% of equity interests of the Company, representing RMB3,948,000 in the registered capital of the Company (the “Target Equity Interest”);

 

3.              The Transferor and the Transferee have entered into an Amended and Restated Loan Agreement (the “Amended and Restated Loan Agreement”) on March 1, 2019, according to which the Transferee has provided a loan in the total amount of RMB3,948,000 to the Transferor (the “Loan”).

 

4.              For the purpose of repayment of the Loan, the Transferor intends to transfer the economic interest in relation to the Target Equity Interest currently held and hereafter acquired by the Transferor (the “Economic Interest”) to the Transferee, and the Transferee agrees to accept such transfer.

 

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After friendly consultation, the Parties agree as follows:

 

1.                  Transfer of Economic Interest

 

1.1                     Subject to the terms and conditions contained herein, the Transferor agrees to transfer to the Transferee, and the Transferee agrees to accept from the Transferor, all of the Economic Interest of the Target Equity Interest.

 

1.2                     The Transferor and the Transferee hereby agree and acknowledge that, upon the execution of this Agreement, the repayment of the Loan by the Transferor under the Amended and Restated Loan Agreement, is deemed as fulfilled and satisfied.

 

1.3                     For the avoidance of doubt, the Parties hereby confirm that the Economic Interest hereunder refers to the economic interest in relation to the Target Equity Interest currently held and hereafter acquired by the Transferor, including but not limited to:

 

(1)                                 incomes arising from the disposal of the Target Equity Interest (including derivative equity interest of the Target Equity Interest, the same below) under any circumstance;

 

(2)                                 dividends and bonus obtained on the basis of the Target Equity Interest under any circumstance;

 

(3)                                 residual assets and other economic profits allocated after the liquidation of the Company;

 

(4)                                 any other cash income, property and economic benefit arising from the Target Equity Interest.

 

1.4                     Since the effective date hereof, in case the shareholding held by the Transferor increases and the Transferor pay no consideration, the Economic Interest of the increased portion shall automatically be transferred to the Transferee, and the Transferee has no obligation to pay any consideration to the Transferor.

 

1.5                     The Company shall pay directly any economic interest generated from the Target Equity Interest to the Transferee.

 

2.                  Representations and Warranties of the Transferor and the Company

 

2.1                     As of the date of this Agreement, the Transferor and the Company hereby severally represent and warrant to the Transferee that:

 

2.1.1                    The Company is a limited liability company duly organized and validly existing under the PRC laws;

 

2.1.2                    The Transferor is the sole legal owner of the Target Equity Interest;

 

2.1.3                    The Transferee shall have the right to dispose of and transfer the Economic Interest of the Target Equity Interest in accordance with the provisions set forth in this Agreement;

 

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2.1.4                    Except for the pledge under the Amended and Restated Equity Interest Pledge Agreement entered into by and among the Parties on March 1, 2019, no other security interest or encumbrance on the Target Equity Interest;

 

2.1.5                    They have the power, capacity and authority to execute and deliver this Agreement and to perform their obligations hereunder.  This Agreement, when executed, will constitute their legal, valid and binding obligations and shall be enforceable against them in accordance with the provisions thereof;

 

2.1.6                    The Transferor and the Company have obtained any and all approvals and consents from applicable government authorities and third parties (if required) for execution, delivery and performance of this Agreement; and

 

2.1.7                    The execution, delivery and performance of this Agreement will not: (i) violate any relevant PRC laws; (ii) conflict with the Company’s articles of association or other constitutional documents; (iii) result in any breach of or constitute any default under any contract or instrument to which it is a party or by which it is otherwise bound; (iv) result in any violation of any condition for the grant and/or maintenance of any permit or approval granted to any Party; or (v) cause any permit or approval granted to any Party to be suspended, cancelled or attached with additional conditions.

 

2.2                     The Transferee hereby makes the following representations and warranties to the Transferor:

 

2.2.1                    The Transferee is a corporation duly organized and legally existing in accordance with the PRC laws;

 

2.2.2                    The Transferee has the power, capacity and authority to execute and deliver this Agreement and to perform its obligations hereunder.  This Agreement, when executed, will constitute its legal, valid and binding obligations and shall be enforceable against it in accordance with the provisions thereof;

 

2.2.3                    The execution, delivery and performance of this Agreement will not: (i) violate any relevant PRC laws; (ii) conflict with the its articles of association or other constitutional documents; (iii) result in any breach of or constitute any default under any contract or instrument to which it is a party or by which it is otherwise bound; (iv) result in any violation of any condition for the grant and/or maintenance of any permit or approval granted to any Party; or (v) cause any permit or approval granted to any Party to be suspended, cancelled or attached with additional conditions.

 

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3.                  Covenants of the Transferor and the Company

 

3.1                 During the term of this Agreement, the Transferor and the Company hereby jointly and severally covenant to the Transferee:

 

3.1.1                     The Transferor shall not transfer the Target Equity Interest, place or permit the existence of any security interest or other encumbrance on the Target Equity Interest or any portion thereof, without the prior written consent of the Transferee, except for the performance of the Transaction Documents (as defined below); the Company shall not assent to or assist in the aforesaid behaviors.  For the purpose of this Agreement, the “Transaction Documents” shall refer to the Amended and Restated Loan Agreement executed by and between the Transferee and the Transferor on March 1, 2019, the Amended and Restated Exclusive Option Agreement executed by and among the Transferor, the Company and the Transferee on March 1, 2019, the Amended and Restated Economic Interest Transfer Agreement executed by and among the Transferor, the Company and the Transferee on March 1, 2019, and the Amended and Restated Power of Attorney issued by the Transferor on March 1, 2019 and any modification, amendment and/or restatement to the aforementioned documents;

 

3.1.2                     The Transferor and the Company shall comply with the provisions of all laws and regulations applicable to the transfer of Economic Interest, and within five (5) days of receipt of any notice, order or recommendation issued or prepared by relevant competent authorities regarding the Economic Interest, shall present the aforementioned notice, order or recommendation to the Transferee, and shall comply with the aforementioned notice, order or recommendation or submit objections and representations with respect to the aforementioned matters upon the Transferee’s reasonable request or upon consent of the Transferee;

 

3.1.3                     The Transferor shall not conduct or allow any activities or actions that would adversely affect the Transferee’s rights related to the Contract Obligations or the Target Equity Interest.  The Transferor and the Company shall promptly notify the Transferee of any event or notice received by the Transferor that may have an impact on the Target Equity Interest or any portion thereof, as well as any event or notice received by the Transferor that may have an impact on any guarantees and other obligations of the Transferor arising out of this Agreement;

 

3.1.4                     The Company shall complete the registration procedures for extension of the term of operation within three (3) months prior to the expiration of such term to maintain the validity of this Agreement.

 

3.2                 The Transferor agrees that the rights acquired by the Transferee in accordance with this Agreement with respect to the Economic Interest shall not be interrupted or harmed by the Transferor, any heirs or representatives of the Transferor or any other persons through any legal proceedings.

 

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3.3                 The Transferor and the Company shall strictly abide by the provisions of this Agreement and other contracts jointly or separately executed by the Parties hereto or any of them, including the Transaction Documents, performing the obligations hereunder and thereunder, and refraining from any action or omission that may affect the effectiveness and enforceability thereof.  Any remaining rights of the Transferor with respect to the Target Equity Interest pledged hereunder shall not be exercised by the Transferor except for instructed by the Transferee in writing.

 

3.4                 The Transferor hereby undertakes to comply with and perform all guarantees, promises, agreements, representations and conditions under this Agreement.  In the event of failure of or partial performance of its guarantees, promises, agreements, representations and conditions, the Transferor is deemed in breach of this Agreement and shall indemnify the Transferee for all losses resulting therefrom.

 

4.                  Effective Date and Term

 

4.1                     This Agreement shall become effective upon execution by the Parties, and remain effective until all of the Target Equity Interest held by the Transferor have been transferred or assigned to the Transferee and/or any other person designated by the Transferee in accordance with Transaction Documents.

 

4.2                     Within the term of this Agreement, the Transferee may at its sole discretion decide to unconditionally terminate this Agreement by issuing a written notice to the Transferor in advance and bears no liability.  Unless otherwise provided for by any mandatory provision of PRC laws, neither the Transferor nor the Company is entitled to terminate this Agreement unilaterally.

 

5.                  Governing Law and Resolution of Disputes

 

5.1                     Governing Law

 

The execution, effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed by the PRC laws.

 

5.2                     Methods of Resolution of Disputes

 

In the event of any dispute with respect to the interpretation and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations.  In the event the Parties fail to settle the dispute through negotiations, such dispute shall be submitted to Shenzhen Court of International Arbitration (Shenzhen Arbitration Commission) for arbitration, in accordance with its arbitration rules and procedures in effect at the time.  The arbitration shall be conducted in Shenzhen.  The arbitration award shall be final and binding on all Parties.

 

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5.3                     To the extent permitted by PRC laws and where appropriate, the arbitration tribunal may grant any remedies in accordance with the provisions of this Agreement and applicable PRC laws, including preliminary and permanent injunctive relief (such as injunction against carrying out business activities, or mandating the transfer of assets), specific performance of contractual obligations, remedies concerning the equity interest or assets of the Company and awards directing the Company to conduct liquidation.  To the extent permitted by PRC laws, when awaiting the formation of the arbitration tribunal or otherwise under appropriate conditions, either Party may seek preliminary injunctive relief or other interlocutory remedies from a court with competent jurisdiction to facilitate the arbitration.  Without violating the applicable governing laws, the Parties agree that the courts of Hong Kong, Cayman Islands, China and the place where the principal assets of the Company are located shall all be deemed to have competent jurisdiction.

 

5.4                     Upon the occurrence of any disputes arising from the interpretation and performance of this Agreement or during the pending arbitration of any dispute, except for the matters under dispute, the Parties shall continue to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement.

 

6.                  Taxes and Fees

 

Unless as otherwise agreed in this Agreement, each Party shall pay any and all transfer and registration tax, expenses and fees incurred thereby or levied thereon in accordance with the laws of China in connection with the preparation and execution of this Agreement, as well as the consummation of the transactions contemplated under this Agreement.

 

7.                      Notices

 

7.1                     All notices and other communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission to the address of such Party set forth below.  A confirmation copy of each notice shall also be sent by email.  The dates on which notices shall be deemed to have been effectively given shall be determined as follows:

 

7.1.1                    Notices given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of receipt or refusal at the address specified for notices;

 

7.1.2                    Notices given by facsimile transmission shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation of transmission).

 

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7.2                     For the purpose of notices, the addresses of the Parties are as follows:

 

The Transferee:                   Shenzhen Pengai Hospital Investment Management Co., Ltd.

Address:                 South 4/F, Building 7A, Nanyou 4th Industrial Park, Nanshan District, Shenzhen

Attn:                                    Zeng Junming

Phone:                          ########

 

The Transferor:                  Zhou Pengwu

Address:                 South 4/F, Building 7A, Nanyou 4th Industrial Park, Nanshan District, Shenzhen

Phone:                          ########

 

The Company:                           Guangzhou Pengai Aesthetic Medical Hospital Co., Ltd.

Address:                 2/F, 3/F and 4/F, No.65 Tianhe East Road, Tianhe District, Guangzhou

Attn:                                    Zhou Pengwu

Phone:                          ########

 

7.3                     Any Party may at any time change its address for notices by a notice delivered to the other Parties in accordance with the terms hereof.

 

8.                  Confidentiality

 

The Parties acknowledge that the existence and the terms of this Agreement, and any oral or written information exchanged between the Parties in connection with the preparation and performance of this Agreement are regarded as confidential information.  Each Party shall maintain confidentiality of all such confidential information, and without obtaining the written consent of other Parties, it shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will be in the public domain (other than through the receiving Party’s unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any Party to its shareholders, directors, employees, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, directors, employees, legal counsels or financial advisors shall be bound by the confidentiality obligations similar to those set forth in this Section.  Disclosure of any confidential information by the shareholders, director, employees of or agencies engaged by any Party shall be deemed disclosure of such confidential information by such Party and such Party shall be held liable for breach of this Agreement.

 

9.                  Further Warranties

 

The Parties agree to promptly execute documents that are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement and take further actions that are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement.

 

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10.           Breach of Agreement

 

If the Transferor or the Company conducts any material breach of any term of this Agreement, the Transferee shall have right to terminate this Agreement and/or require the Transferor or the Company to compensate all damages; this Section 10 shall not prejudice any other rights of the Transferee herein.

 

11.           Miscellaneous

 

11.1                        Amendment, Change and Supplement

 

Any amendment, change and supplement to this Agreement shall require the execution of a written agreement by all of the Parties.

 

11.2                        Entire Agreement

 

Except for the amendments, supplements or changes in writing executed after the execution of this Agreement, this Agreement shall constitute the entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supersede all prior oral and written consultations, representations and contracts reached with respect to the subject matter of this Agreement, including the Former Transfer Agreement.

 

11.3                        Headings

 

The headings of this Agreement are for convenience only, and shall not be used to interpret, explain or otherwise affect the meanings of the provisions of this Agreement.

 

11.4                        Language

 

This Agreement is written in both Chinese and English in three copies, each Party having one copy.  In case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail.

 

11.5                        Severability

 

In the event that one or several of the provisions of this Agreement is/are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect.  The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that, to the greatest extent permitted by law, accomplish the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

 

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11.6                        Assignment

 

Without the Transferee’s prior written consent, the Transferor and the Company shall not assign their respective rights and obligations under this Agreement to any third party.  The Transferor and the Company hereby agree that the Transferee may assign its rights and obligations under this Agreement to any third party.  In case of such assignment, the Transferee is only required to give written notice to the Transferor and the Company and does not need any consent from the Transferor or the Company for such assignment.

 

11.7                        Successors

 

This Agreement shall be binding on and shall inure to the interest of the respective successors and the permitted assignees of the Parties.

 

11.8                        Survival

 

11.8.1.           Any obligations that occur or that are due as a result of this Agreement upon the expiration or early termination of this Agreement shall survive the expiration or early termination thereof.

 

11.8.2.           The provisions of Sections 5, 7, 8, 10 and this Section 11.8 shall survive the termination of this Agreement.

 

11.9                        Waivers

 

Any Party may waive the terms and conditions of this Agreement, provided that such a waiver must be provided in writing and shall require the signatures of the Parties.  No waiver by any Party in certain circumstances with respect to a breach by other Parties shall operate as a waiver by such a Party with respect to any similar breach in other circumstances.

 

[The remainder of this page has been left intentionally blank]

 

9

 

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Amended and Restated Economic Interest Transfer Agreement as of the date first above written.

 

 

	
Transferor:  Zhou   Pengwu
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Zhou Pengwu
    	
 
    

 

Signature Page

 

 

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Amended and Restated Economic Interest Transfer Agreement as of the date first above written.

 

 

	
Transferee: Shenzhen Pengai Hospital Investment Management Co., Ltd. (seal)
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Zhou   Pengwu
    	
 
    
	
Name:
    	
Zhou Pengwu
    	
 
    
	
Title:
    	
Legal Representative
    	
 
    
				

 

Signature Page

 

 

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Amended and Restated Economic Interest Transfer Agreement as of the date first above written.

 

 

	
Company: Guangzhou Pengai   Aesthetic Medical Hospital Co., Ltd. (seal)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Zhou   Pengwu
    	
 
    
	
Name:
    	
Zhou   Pengwu
    	
 
    
	
Title:
    	
Legal Representative
    	
 
    

 

Signature Page

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