Document:

Exhibit 4.1

 

SANCAI HOLDING GROUP LTD

 

WARRANT TO PURCHASE CLASS A ORDINARY
SHARES

 

	Shares: ___________	Initial Exercise Date: ________, 2021

 

THIS WARRANT TO PURCHASE CLASS A ORDINARY
SHARES (the “Warrant”) certifies that, for value received, Univest Securities, LLC or its assigns (the
“Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after _______ __, 2021 (the “Initial Exercise Date”) and, in accordance
with FINRA Rule 5110(g)(8)(A), will expire at 5:00 p.m. (New York time) on the date that is five (5) years following the Effective
Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from Sancai Holding Group
Ltd, an exempted company incorporated in the Cayman Islands (the “Company”), up to ______ Class A ordinary
shares (the “Warrant Shares”), par value US$0.0001 per share, of the Company (“Ordinary Shares”),
as subject to adjustment hereunder. The purchase price of one Warrant Share shall be equal to the Exercise Price, as defined in
Section 2.2.

 

	1.	Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings
set forth in that certain Underwriting Agreement, dated _________, 2021, by and between the Company and Univest Securities, Inc.,
as representative of the several underwriters listed on Schedule I thereto. In addition to the terms defined elsewhere in
this Agreement, the following terms have the meanings indicated in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board of Directors”
means the board of directors of the Company.

 

“Business Day”
means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which
banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Effective Date”
means the date that the Registration Statement on Form F-1 (File No. 333-248636) was declared effective by the Commission.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Liens”
means a lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

     

     

    

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Trading Day”
means a day on which the Nasdaq Stock Market is open for trading.

 

“Trading Market”
means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the date in question:
the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange
(or any successors to any of the foregoing).

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then
listed or quoted on a Trading Market, the daily volume weighted average price of the Ordinary Shares for such date (or the nearest
preceding date) on the Trading Market on which the Ordinary Shares is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 A.M. (New York City time) to 4:02 P.M. (New York City time)), (b) if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on the OTCQB or
OTCQX as applicable, (c) if the Ordinary Shares are not then listed or quoted for trading on the OTCQB or OTCQX and if prices the
Ordinary Shares are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Ordinary Shares so reported,
or (d) in all other cases, the fair market value of the Ordinary Shares as determined by an independent appraiser selected in good
faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

		2.	Exercise; Exercise Price; Cashless Exercise.

  

		2.1.	Exercise. Exercise of the purchase rights represented by this Warrant may be made, in whole
or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery via email
to the Company at ________________.com and to the registered office provider of the Company at _______________.com (or such other
office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder
appearing on the books of the Company and the transfer agent of the Company (the “Transfer Agent”)) of
a duly executed scanned copy of the Notice of Exercise in the form annexed hereto. Within three (3) Trading Days following the
date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable
Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank or, if available, pursuant to the cashless
exercise procedure specified in Section 2.3 below if specified in the applicable Notice of Exercise. Notwithstanding anything herein
to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased
all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender
this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered
to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to
the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant
Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within two (2)
Business Days of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that,
by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number
of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

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		2.2.	Exercise Price. The exercise
                                         price per ORDINARY SHARE under this Warrant shall be $______1, subject
                                         to adjustment hereunder (the “Exercise Price”).

  

		2.3.	Cashless Exercise. If at the time of exercise hereof, the last VWAP immediately preceding
the time of delivery of the Notice of Exercise is higher than the Exercise Price, then this Warrant may also be exercised, in whole
or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive the number
of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

A = the last VWAP immediately
preceding the time of delivery of the Notice of Exercise giving rise to the applicable “cashless exercise,” as set
forth in the applicable Notice of Exercise (to clarify, the “last VWAP” will be the last VWAP as calculated over an
entire Trading Day such that, in the event that this Warrant is exercised at a time that the Trading Market is open, the prior
Trading Day’s VWAP shall be used in this calculation);

 

B = the Exercise Price of this
Warrant, as adjusted hereunder; and

 

X = the number of Warrant Shares
that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means
of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a “cashless exercise,” the parties acknowledge and agree that in accordance with
Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised,
and the holding period of the Warrants being exercised may be tacked on to the holding period of the Warrant Shares. The Company
agrees not to take any position contrary to this Section 2.3.

 

		2.4.	Mechanics of Exercise.

 

		2.4.1.	Delivery of Warrant Shares Upon Exercise. The Company shall cause its Transfer Agent to
deposit the Warrant Shares and to credit the account of the Holder’s prime broker with The Depository Trust Company through
its Deposit/Withdrawal At Custodian system (“DWAC”) if the Transfer Agent is then a participant in such system
and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale by the Holder
or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144
and, in either case, the Warrant Shares have been sold by the Holder prior to the Warrant Shares Delivery Date (as defined below),
by the date that is fifth (5) Trading Days after the delivery to the Company of the Notice of Exercise (such date, the “Warrant
Shares Delivery Date”), provided that the Company shall not be obligated to deliver the Warrant Shares hereunder
unless the Company has received the aggregate Exercise Price on or before the Warrant Shares Delivery Date. If the Warrant Shares
can be delivered via DWAC, then in addition to the delivery of the Warrant Shares, within 3 Trading Days of the applicable exercise,
the Transfer Agent shall have received from the Company any legal opinions or other documentation required by the Transfer Agent
to deliver such Warrant Shares without legend (subject to receipt by the Company of reasonable back up documentation from the Underwriter,
including with respect to affiliate status) and, if applicable and requested by the Company prior to the Warrant Shares Delivery
Date, the Transfer Agent shall have received from the Holder a confirmation of sale of the Warrant Shares (provided the requirement
of the Holder to provide a confirmation as to the sale of Warrant Shares shall not be applicable to the issuance of unlegended
Warrant Shares upon a cashless exercise of this Warrant if the Warrant Shares are then eligible for resale pursuant to Rule 144(b)(1)).
If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant
Shares Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000
of Warrant Shares subject to such exercise (based on the VWAP of an Ordinary Share on the date of the applicable Notice of Exercise),
$10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue)
for each Trading Day following such Warrant Shares Delivery Date until such Warrant Shares are delivered or Holder rescinds such
exercise.

 

 

	1	110% of the Offering Price of the Ordinary pursuant to
the Registration Statement.

 

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		2.4.2.	Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part,
the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant
Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called
for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

  

		2.4.3.	Rescission Rights. If the Company fails to cause the Transfer Agent to deliver to the Holder
the Warrant Shares pursuant to Section 2.4.1 by the Warrant Shares Delivery Date, then the Holder will have the right to rescind
such exercise; provided, however, that the Holder shall be required to return any Warrant Shares subject to any such
rescinded exercise notice concurrently with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant
Shares and the restoration of Holder’s right to acquire such Warrant Shares pursuant to this Warrant (including, issuance
of a replacement warrant certificate evidencing such restored right).

 

		2.4.4.	No Fractional Shares or Scrip. No fractional Warrant Shares or Warrant Shares shall be issued
upon the exercise of this Warrant. As to any fraction of an Ordinary Share which the Holder would otherwise be entitled to purchase
upon such exercise, the Company shall round up to the next whole Ordinary Share.

 

		2.4.5.	Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to
the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of
which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in
such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are
to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the
Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of
a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required
for same-day processing of any Notice of Exercise.

 

		2.4.6.	Closing of Books. The Company will not close its shareholder books or records in any manner
which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

 

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		2.5.	Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant,
and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent
that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together
with the Holder’s Affiliates and any other Persons acting as a group together with the Holder or any of the Holder’s
Affiliates (such Persons, collectively, the “Attribution Parties”) would beneficially own in excess of
the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of Ordinary Shares beneficially
owned by the Holder and its Attribution Parties shall include the number Ordinary Shares held by the Holder and its Attribution
Parties plus the number of Ordinary Shares issuable upon exercise of this Warrant with respect to which the determination is being
made, but shall exclude the number of Ordinary Shares which would be issuable upon (i) exercise of the remaining, nonexercised
portion of this Warrant beneficially owned by the Holder or any Attribution Parties and (ii) exercise or conversion of the nonexercised
or nonconverted portion of any other securities of the Company (including, without limitation, any Ordinary Share equivalents)
subject to a limitation on conversion or exercise analogous to the limitation contained herein that are beneficially owned by the
Holder or any of its Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2.5, beneficial
ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder,
it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with
Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.
To the extent that the limitation contained in this Section 2.5 applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Attribution Parties) and of which portion of this Warrant
is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be
the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership
Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination
as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder. For purposes of this Section 2.5, in determining the number of outstanding Ordinary Shares,
the Holder may rely on the number of Ordinary Shares as reflected in (x) the Company’s most recent Annual Report on Form
20-F, Current Report on Form 6-K or other public filing with the Commission, as the case may be, (y) a more recent public announcement
by the Company or (z) any other written notice by the Company or Transfer Agent setting forth the number of Ordinary Shares outstanding.
Upon the written request of the Holder, the Company shall within two (2) Trading Days confirm in writing or by electronic mail
to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined
after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder and any Attribution
Party since the date as of which such number of outstanding Ordinary Shares was reported. The “Beneficial Ownership
Limitation” shall be 4.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance
of Ordinary Shares issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the
Beneficial Ownership Limitation provisions of this Section 2.5, provided that the Beneficial Ownership Limitation in no event exceeds
9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares upon exercise
of this Warrant held by the Holder and the provisions of this Section 2.5 shall continue to apply. Any increase in the Beneficial
Ownership Limitation will not be effective until the sixty-first (61st) day after
such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2.5 to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary
or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor
holder of this Warrant.

 

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	3.	Certain Adjustments.

  

		3.1.	Share Dividends and Splits. If the Company, at any time while this Warrant is outstanding:
(i) pays a share dividend or otherwise makes a distribution or distributions on its Ordinary Shares or any other equity or equity
equivalent securities payable in Ordinary Shares (which, for avoidance of doubt, shall not include any Ordinary Shares issued by
the Company upon exercise of this Warrant), as applicable, (ii) subdivides outstanding Ordinary Shares into a larger number of
shares as applicable, (iii) combines (including by way of reverse share split) outstanding Ordinary Shares into a smaller number
of shares, or (iv) issues by reclassification of Ordinary Shares or any shares of capital stock of the Company, then in each case
the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares (excluding treasury
shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Ordinary Shares outstanding
immediately after such event, and the number of Warrant Shares issuable upon exercise of this Warrant shall be proportionately
adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section
3.1 shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

  

		3.2.	Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company
shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary
Shares by way of return of capital or otherwise, other than cash (including, without limitation, any distribution of stock or other
securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement
or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then,
in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have
participated therein if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders
of Ordinary Shares are to be determined for the participation in such Distribution (provided, however, to the extent
that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any
Ordinary Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance
for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation).

 

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		3.3.	Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3.1 above,
if at any time the Company grants, issues or sells any Ordinary Share or Ordinary Share equivalents or rights to purchase shares,
warrants, securities or other property pro rata to the record holders of any class of Ordinary Shares (the “Purchase
Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate
Purchase Rights which the Holder could have acquired if the Holder had held the number of Ordinary Shares acquirable upon complete
exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership
Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or,
if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the grant, issue
or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase
Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Purchase Right to such extent and such Purchase Right to such extent shall be held in abeyance for the Holder until such
time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

  

		3.4.	Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company,
directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another
Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition
of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares
are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders
of 50% or more of the total voting power of the Company’s ordinary shares, (iv) the Company, directly or indirectly, in one
or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory
share exchange pursuant to which the Ordinary Shares is effectively converted into or exchanged for other securities, cash or property,
or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement
or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with another Person or group of Persons whereby such other Person or group acquires more than 50% of the total voting power of
the Company’s ordinary shares (not including any Ordinary Shares held by the other Person or other Persons making or party
to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business
combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant,
the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately
prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section
2.5 on the exercise of this Warrant), the number of Ordinary Shares or shares of common stock of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable by holders of Ordinary Shares as a result of such Fundamental Transaction for each Ordinary Share for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2.5 on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Ordinary Shares
in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable
manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Ordinary Shares
are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall
be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the “Successor Entity”;) to assume in writing all of the obligations of the Company under this Warrant
and the other Transaction Documents in accordance with the provisions of this Section 3.5 pursuant to written agreements in form
and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental
Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor
Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a
corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares
acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior
to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital
stock (but taking into account the relative value of the Ordinary Shares pursuant to such Fundamental Transaction and the value
of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting
the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably
satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity
shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this
Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity),
and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant
and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

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		3.5.	Calculations. All calculations under this Section 3 shall be made to the nearest cent or
the nearest 1/100th of an Ordinary Share. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and
outstanding as of a given date shall be the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and
outstanding.

 

		3.6.	Notice to Holder.

 

		3.6.1.	Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision
of this Section 3, the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

		3.6.2.	Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any
other distribution in whatever form) on the Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend
on or a redemption of the Ordinary Shares, (C) the Company shall authorize the granting to all holders of the Ordinary Shares rights
or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders
of the Company shall be required in connection with any reclassification of the Ordinary Shares, any consolidation or merger to
which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory
share exchange whereby the Ordinary Shares are converted into other securities, cash or property, or (E) the Company shall authorize
the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company
shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least
10 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to
be taken, the date as of which the holders of the Ordinary Shares of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or
share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Ordinary Shares
of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or
in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent
that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any
of the Subsidiaries or Affiliated Entities, the Company shall simultaneously file such notice with the Commission pursuant to a
Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such
notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

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		4.	Transfer of Warrant.

 

		4.1.	Transferability. Pursuant to FINRA Rule 5110(e)(1), neither this Warrant nor any Warrant
Shares issued upon exercise of this Warrant shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject of
any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities
by any person for a period of 180 days immediately following the date of effectiveness or commencement of sales of the offering
pursuant to which this Warrant is being issued, except the transfer of any security:

 

		4.1.1.	by operation of law or by reason of reorganization of the Company;

 

		4.1.2.	to any FINRA member firm participating in the offering and the officers or partners thereof, if
all securities so transferred remain subject to the lock-up restriction in this Section 4 for the remainder of the time period;

 

		4.1.3.	if the aggregate amount of securities of the Company held by the Holder or related person do not
exceed 1% of the securities being offered;

 

		4.1.4.	that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided
that no participating member manages or otherwise directs investments by the fund, and participating members in the aggregate do
not own more than 10% of the equity in the fund; or

 

		4.1.5.	the exercise or conversion of any security, if all securities received remain subject to the lock-up
restriction in this Section 4(a) for the remainder of the time period.

 

Subject to the foregoing restriction,
any applicable securities laws and the conditions set forth in Section 4, this Warrant and all rights hereunder (including, without
limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto
duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of
such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the
purchase of Warrant Shares without having a new Warrant issued.

 

		4.2.	New Warrants. This Warrant may be divided or combined with other Warrants upon presentation
hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new
Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4.1, as to any transfer
which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange
for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges
shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant
Shares issuable pursuant thereto.

 

    9

     

    

 

		4.3.	Warrant Register. The Company shall register this Warrant, upon records to be maintained
by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from
time to time.

 

		4.4.	Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants
that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for
its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of
the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities
Act.

 

		5.	Registration Rights.

 

		5.1.	Piggy-Back Registration.

 

		5.1.1.	Piggy-Back Rights. If at any time during the seven year period after the Effective Date,
the Company proposes to file a registration statement under the Securities Act with respect to an offering of equity securities,
or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities, by the Company for
its own account or for shareholders of the Company for their account (or by the Company and by shareholders of the Company), other
than a registration statement (i) filed in connection with any employee share option or other benefit plan, (ii) for an exchange
offer or offering of securities solely to the Company’s existing shareholders, or (iii) for a dividend reinvestment plan,
then the Company shall (x) give written notice of such proposed filing to the holders of the Ordinary Shares issued or issuable
upon the exercise of the Warrants (the “Registrable Securities”) as soon as practicable but in no event
less than ten days before the anticipated filing date, which notice shall describe the amount and type of securities to be included
in such offering, the intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters, if
any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the opportunity to register the sale
of such number of Warrant Shares held by such holder (the “Piggy-Back Registrable Securities”), as such
holders may request in writing within five days following receipt of such notice (a “Piggy-Back Registration”).
The Company shall cause such Piggy-Back Registrable Securities to be included in such registration and shall use its commercially
reasonable efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Piggy-Back
Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities
of the Company and to permit the sale or other disposition of such Piggy-Back Registrable Securities in accordance with the intended
method(s) of distribution thereof. All holders of Piggy-Back Registrable Securities proposing to distribute their securities through
a Piggy-Back Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary
form with the underwriter or underwriters selected for such Piggy-Back Registration.

 

		5.1.2.	Reduction of Offering. If the managing underwriter or underwriters for a Piggy-Back Registration
that is to be an underwritten offering advises the Company and the holders of Registrable Securities in writing that the dollar
amount or number of Ordinary Shares which the Company desires to sell, taken together with Ordinary Shares, if any, as to which
registration has been requested pursuant to written contractual arrangements with persons other than the holders of Piggy-Back
Registrable Securities hereunder, the Piggy-Back Registrable Securities as to which registration has been requested under this
Section 5.1 and the Ordinary Shares, if any, as to which registration has been requested pursuant to the written contractual piggy-back
registration rights of other shareholders of the Company, exceeds the maximum dollar amount or maximum number of shares that can
be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability
of success of such offering (such maximum dollar amount or maximum number of shares, the “Maximum Number of Shares”),
then the Company shall include in any such registration: If the registration is undertaken for the Company’s account: (A)
first, the Ordinary Shares or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; and (B) second, subject to the requirements of registration rights granted by the Company
prior to the date hereof, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A),
up to the amount of shares of Ordinary Shares or other securities that can be sold without exceeding the Maximum Number of Shares,
on a pro rata basis, from (i) Piggy-Back Registrable Securities as to which registration has been requested and (ii) the Ordinary
Shares or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
piggy-back registration rights with such persons;

 

    10

     

    

 

		5.1.3.	Withdrawal. Any holder of Piggy-Back Registrable Securities may elect to withdraw such holder’s
request for inclusion of such Piggy-Back Registrable Securities in any Piggy-Back Registration by giving written notice to the
Company of such request to withdraw prior to the effectiveness of the registration statement. The Company (whether on its own determination
or as the result of a withdrawal by persons making a demand pursuant to written contractual obligations) may withdraw a registration
statement at any time prior to the effectiveness of the registration statement. Notwithstanding any such withdrawal, the Company
shall pay all expenses incurred by the holders of Piggy-Back Registrable Securities in connection with such Piggy-Back Registration
as provided in Section 5.1.4.

 

		5.1.4.	Terms. The Company shall bear all fees and expenses attendant to registering the Piggy-Back
Registrable Securities, including the expenses of one legal counsel selected by the Holders to represent them in connection with
the sale of the Piggy-Back Registrable Securities but the Holders shall pay any and all underwriting commissions related to the
Piggy-Back Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then Holders of
outstanding Piggy-Back Registrable Securities with not less than fifteen days written notice prior to the proposed date of filing
of such registration statement. Such notice to the Holders shall continue to be given for each applicable registration statement
filed (during the period in which the Warrant is exercisable) by the Company until such time as all of the Piggy-Back Registrable
Securities have been registered and sold. The Holders of the Piggy-Back Registrable Securities shall exercise the “piggy-back”
rights provided for herein by giving written notice, within ten days of the receipt of the Company’s notice of its intention
to file a registration statement. The Company shall cause any registration statement filed pursuant to the above “piggyback”
rights to remain effective for at least nine (9) months from the date that the Holders of the Piggy-Back Registrable Securities
are first given the opportunity to sell all of such securities.

 

		5.2.	General Terms. These additional terms shall relate to registration under Sections 5.1 above:

 

		5.2.1.	Indemnification.

 

		5.2.1.1.	The Company shall, to the fullest extent permitted by applicable law, indemnify the Holder(s) of
the Registrable Securities to be sold pursuant to any registration statement hereunder and each person, if any, who controls such
Holders within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act against all loss, claim, damage, expense
or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing
or defending against litigation, commenced or threatened, or any claim whatsoever whether arising out of any action between the
underwriter and the Company or between the underwriter and any third party or otherwise) to which any of them may become subject
under the Act, the Exchange Act or otherwise, arising from such registration statement; provided, however, that,
with respect to any Holder of Registrable Securities, this indemnity shall not apply to any loss, liability, claim, damage or expense
to the extent arising out of an untrue statement or omission or alleged untrue statement or omission made in reliance upon and
in conformity with written information furnished to the Company by such Holder expressly for use in the registration statement
(or any amendment thereto), or any preliminary prospectus or the prospectus (or any amendment or supplement thereto).

 

		5.2.1.2.	The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement,
and their successors and assigns, shall severally, and not jointly, indemnify the Company, its officers and directors and each
person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against
all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred
in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Act, the Exchange
Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing,
for specific inclusion in such registration statement(or any amendment thereto), or any preliminary prospectus or the prospectus
(or any amendment or supplement thereto).

 

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		5.2.1.3.	Each indemnified party shall give prompt notice to each indemnifying party of any action commenced
against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve
the indemnifying party from any liability it may have under this Agreement, except to the extent that the indemnifying party is
prejudiced thereby. If it so elects, after receipt of such notice, an indemnifying party, jointly with any other indemnifying parties
receiving such notice, may assume the defense of such action with counsel chosen by it; provided, however, that the
indemnified party shall be entitled to participate in (but not control) the defense of such action with counsel chosen by it, the
reasonable fees and expenses of which shall be paid by such indemnified party, unless a conflict would arise if one counsel were
to represent both the indemnified party and the indemnifying party, in which case the reasonable fees and expenses of counsel to
the indemnified party shall be paid by the indemnifying party or parties. In no event shall the indemnifying party or parties be
liable for a settlement of an action with respect to which they have assumed the defense if such settlement is effected without
the written consent of such indemnifying party, or for the reasonable fees and expenses of more than one counsel for (i) the Company,
its officers, directors and controlling persons as a group, and (ii) the selling Holders and their controlling persons as a group,
in each case, in connection with any one action or separate but similar or related actions in the same jurisdiction arising out
of the same general allegations or circumstances; provided, however, that if, in the reasonable judgment of an indemnified
party, a conflict of interest may exist between such indemnified party and the Company or any other of such indemnified parties
with respect to such claim, the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional
counsel.

 

		5.2.1.4.	If the indemnification provided for in or pursuant to Section 5.2.1 is due in accordance with the
terms hereof, but held by a court of competent jurisdiction to be unavailable or unenforceable in respect of any losses, claims,
damages, liabilities or expenses referred to therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified
party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities
or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of
the indemnified party on the other in connection with the statements or omissions which result in such losses, claims, damages,
liabilities or expenses as well as any other relevant equitable considerations. The relative fault of the indemnifying party on
the one hand and of the indemnified party on the other shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party, and by such party’s relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.

 

		5.3.	Supplemental Prospectus. Each Holder agrees, that upon receipt of any notice from the Company
of the happening of any event as a result of which the prospectus included in the registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing, such Holder will immediately discontinue disposition
of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such Holder’s
receipt of the copies of a supplemental or amended prospectus, and, if so desired by the Company, such Holder shall deliver to
the Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of such destruction) all copies,
other than permanent file copies then in such Holder’s possession, of the prospectus covering such Registrable Securities
current at the time of receipt of such notice. Immediately after discovering of such an event which causes the prospectus included
in the registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then
existing, the Company shall prepare and file, as soon as practicable, a supplement or amendment to the prospectus so that such
registration statement does not include any untrue statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing and distribute
such supplement or amendment to each Holder.

 

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		6.	Miscellaneous.

  

		6.1.	No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any
voting rights, dividends or other rights as a holder of Warrant Shares prior to the Warrant Shares Delivery Date.

  

		6.2.	Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt
by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any certificate
relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to
it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such
Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor
and dated as of such cancellation, in lieu of such Warrant or stock certificate.

  

		6.3.	Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action
or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right
may be exercised on the next succeeding Business Day.

  

		6.4.	Authorized Shares. The Company covenants that, during the period the Warrant is outstanding,
it will reserve from its authorized and unissued Ordinary Shares a sufficient number of shares to provide for the issuance of the
Warrant Shares and underlying Ordinary Shares upon the exercise of any purchase rights under this Warrant. The Company further
covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing
the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable
action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable
law or regulation, or of any requirements of the applicable Trading Market upon which the Ordinary Shares may be listed. The Company
covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will,
upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be
duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company
in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

Except and to the extent as waived
or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of
incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will
at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality
of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon
such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in
order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking any action which
would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the
Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

 

    13

     

    

 

		6.5.	Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation
of this Warrant shall be determined in accordance with the provisions of the Underwriting Agreement.

 

		6.6.	Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise
of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.

 

		6.7.	Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right
hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers
or remedies. Without limiting any other provision of this Warrant or the Underwriting Agreement, if the Company willfully and knowingly
fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay
to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’
fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise
enforcing any of its rights, powers or remedies hereunder.

 

		6.8.	Notices. Any notice, request or other document required or permitted to be given or delivered
to the Holder by the Company shall be delivered in accordance with the notice provisions of the Underwriting Agreement.

 

		6.9.	Limitation of Liability. No provision hereof, in the absence of any affirmative action by
the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder,
shall give rise to any liability of the Holder for the purchase price of any Ordinary Shares or as a shareholder of the Company,
whether such liability is asserted by the Company or by creditors of the Company.

 

		6.10.	Remedies. The Holder, in addition to being entitled to exercise all rights granted by law,
including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that
monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this
Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would
be adequate.

 

		6.11.	Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights
and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the
Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of
any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

 

		6.12.	Amendment. This Warrant may be modified or amended or the provisions hereof waived with
the written consent of the Company and the Holder.

 

		6.13.	Severability. Wherever possible, each provision of this Warrant shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid
under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating
the remainder of such provisions or the remaining provisions of this Warrant.

 

		6.14.	Headings. The headings used in this Warrant are for the convenience of reference only and
shall not, for any purpose, be deemed a part of this Warrant.

 

[SIGNATURE PAGE FOLLOWS]

 

    14

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	SANCAI HOLDING GROUP LTD
	 	 	 
	 	By:	 
	 	 	Name: WEN Ning 文宁
	 	 	Title: Chief Executive Officer and Director

  

    15

     

    

 

NOTICE OF EXERCISE

 

	To:	Sancai Holding Group, Ltd.

 

The undersigned hereby elects to purchase
_____________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders
herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

Payment shall take the form of (check applicable
box):

 

☐ in lawful money of
the United States; or

 

☐  if
permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in
Section 2.3, to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the
cashless exercise procedure set forth in Section 2.3.

 

Please register and issue said Warrant
Shares in the name of the undersigned or in such other name as is specified below:

 

The Warrant Shares shall be delivered to
the following DWAC Account Number or by physical delivery of a certificate to:

 

[SIGNATURE OF HOLDER]

 

	Name of Investing Entity:	 

  

	Signature of Authorized Signatory of Investing Entity:	 	 
	Name of Authorized Signatory:	 
	 	 	 

  

	Title of Authorized Signatory:	 
	Date:	 
	 	 	 

 

    16

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR VALUE RECEIVED, all of or ______________
shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

_____________________________________________________
whose address is

 

______________________________________________________________________.

 

______________________________________________________________________

  

	 	Dated: ______________, _______

  

	 	Holder’s Signature:	 	 
	 	 	 	 
	 	Holder’s Address:	 	 
	 	 	 	 
	 	 	 	 

 

NOTE: The signature to this Assignment
Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever.
Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority
to assign the foregoing Warrant.

 

  

17Exhibit 10.17

 

Share Transfer Agreement

 

Party A (Transferor): Sancaijia Co.,
Ltd

Unified Social Credit Code:

Registered Address: Room 401, Sancai
Building, No.6 Fengcheng 2nd Road, Economic and Technological Development Zone of Xi’an

Legal Representative: Ning Wen

 

Party B (Transferee): Sancai Group Co.,
Ltd

Unified Social Credit Code:

Registered Address: Room 02, 17 / F,
Qinfeng Building, No.6 Fengcheng 2nd Road, Economic and Technological Development Zone of Xi’an, Shaanxi Province

Legal Representative: Hongtao Dang

 

This Share Transfer Agreement (this
agreement) is signed by Party A and Party B in the company conference room on December 10, 2020. Through friendly negotiation,
in line with the principles of equality, mutual benefit and good faith, both parties have reached the following terms and conditions
on the share transfer of Sancai Real Estate Management Co., Ltd..

 

Article 1 Basic Information of the Target
Company

 

1. The Target Company: Sancai Real Estate
Management Co., Ltd. is a company legally registered in Xi’an City, Shaanxi Province on December 8, 2017, with Unified Social
Credit Code: 91610132MA6UP9L26P, registered address: Room 1705, Qinfeng Building, No. 6 Fengcheng Second Road, Economic
and Technological Development Zone of Xi’an, legal representative: Hongtao Dang, registered capital: RMB 50 million.

 

2. Party A is the legal shareholder of
the target company on the date of signing this agreement and its subscribed capital contribution is RMB 50 million, accounting
for 100% of the total registered capital of the target company and the paid-in capital contribution is RMB 0.

 

Article 2 Transfer of Share

 

1. Subject Matter of the Agreement: Party
A transfers 100% of the share of the target company held by Party A to Party B.

 

2. Base Date of Share Transfer: the base
date of this share transfer is November 30, 2020.

 

3. Share Delivery Date is the date when
Party A transfers 100% share of the target company held by Party A to Party B in accordance with the provisions of this agreement,
and handles the industrial and commercial change registration, and the Administrative Department for Industry and Commerce issues
a new business license to the target company accordingly.

 

     

     

    

 

Article 3 Transfer Price and Payment
Method

 

1. Transfer Price

 

In order to improve the efficiency of the
share transfer, Party A and Party B agree to consult the balance sheet in Annex I together and take it as a reference. The price
of the share transfer is RMB 1 million (hereinafter referred to as the “provisional price”), which is issued by
Shaanxi Longhao Real Estate Appraisal Co., Ltd. The price of the share transfer (hereinafter referred to as the “final price”)
is finally determined on the basis of the evaluation report of the target company (hereinafter referred to as the “evaluation
report”). The evaluation report will be attached in the subsequent supplementary agreement signed by both parties, and both
parties will confirm the final price in the subsequent supplementary agreement. If the final price is inconsistent with the provisional
price, the final price shall prevail.

 

2. Appraisal Base Date refers to the base
date of the appraisal report of the target company, and the specific date will be confirmed in the subsequent supplementary agreement
signed by both parties.

 

3. Payment Method:

 

3.1 First payment: Party B shall pay the
first share transfer amount of RMB 500,000 to the joint management account under this agreement within 3 working days of this agreement
and the date of opening the joint management account.

 

3.2 Second payment: within 3 working days
of issuing the appraisal report, Party B shall pay the remaining share transfer amount to the joint management account under this
agreement. The calculation method of the second payment amount is as follows: RMB 500,000 of the first payment shall be deducted
according to the final price determined in the appraisal report. If the final price determined according to the evaluation report
is less than RMB 500,000, Party A agrees to refund the difference between the final price and RMB 500,000 to Party B. Party A shall
issue an invoice to Party B within ten working days after receiving all the final price paid by Party B, and deliver the invoice
to Party B.

 

Article 4 Promises, Statements and Guarantees

 

I. Party A’s Promise and Guarantee

 

1. Party A is the sole legal owner of the
subject matter of the agreement and is entitled to exercise the right of the subject matter of the agreement.

 

    2

     

    

 

2. At any time before the signing date
of this agreement, Party A has not signed any legal document in any form with any third party, nor has Party A disposed of the
subject matter of this agreement in any form permitted by law, including but not limited to the transfer, pledge, entrusted management
and transfer of all or part of the rights attached to the subject matter of this agreement.

 

3. At any time after the signing of this
agreement, Party A guarantees that it will not sign any form of legal documents with any third party and will not dispose of all
or part of the subject matter of this agreement in any way permitted by law, including but not limited to the transfer, pledge,
entrusted management and transfer of some rights attached to the subject matter of this agreement.

 

4. Party A guarantees that after this agreement
comes into effect, it will actively assist Party B in handling all procedures for the transfer of the subject matter of the agreement,
including but not limited to amending the articles of association of the target company, reorganizing the board of directors, and
submitting documents on the change of share to relevant authorities.

 

5. Party A guarantees that all materials
of the target company provided by Party A to Party B, including but not limited to the financial situation, production and operation
situation, industrial and commercial registration of the target company, assets situation, etc., are true and legal.

 

II. Party B’s Commitment and Guarantee

 

1. Party B’s compliance with the conditions
of the subject matter of the transfer agreement stipulated by law before going through the registration of share change will not
affect the normal process of share transfer due to the limitations of Party B’s own conditions.

 

2. Party B guarantees that the source of
the share transfer payment paid by Party B is legal and compliant, Party B has sufficient financial capacity to purchase the subject
matter of the agreement, and Party B guarantees that it can pay the transfer price in accordance with the agreement.

 

3. Party B or its designated authorized
representative has the full right and authorization to sign and perform this agreement and comply with all obligations under this
agreement. This agreement has constituted a legal, effective and binding obligation for Party B and can be enforced in accordance
with its terms.

 

4. The employees have right to voluntarily
choose whether to continue the current labor contract. Party B shall, according to the actual needs of the operation, extend the
labor contact of existing employees to the greatest extent, and go through the employment procedures again (if necessary).

 

    3

     

    

 

5. Party B guarantees that it has sufficient
financial capacity to ensure the normal operation of the target company.

 

Article 5 Rights and Obligations of
Both Parties

 

1. Party B becomes a shareholder of the
target company on the share delivery date. Party A will no longer have 100% share of the target company, and for this part
of share, Party A no longer enjoys any rights and no longer assumes any obligations; Party B enjoys rights and undertakes corresponding
obligations according to the proportion of share transferred according to relevant laws and articles of association.

 

2. In accordance with the laws and regulations
of the People’s Republic of China, both parties shall pay their own taxes and fees.

 

Article 6 Treatment of Creditor’s Rights
and Debts

 

1. The debt of the target company shall
be subject to the balance sheet in Annex I.

 

2. Party A and Party B confirm and agree
that: (1) the debts incurred before the share delivery date and disclosed in the above balance sheet; (2) the relevant liabilities
and losses caused by the relevant debts of the target company incurred before the share delivery date and not listed in the above
balance sheet; (3) all the relevant compensation caused by lawsuit and arbitration based on the facts existing before the share
delivery date (4) all the relevant administrative penalty based on the facts existing before the share delivery date; and (5) all
other relevant contingent liabilities that may be borne by the target A in the future due to the facts existing before the share
delivery date. The relevant liabilities and losses caused by the above debts shall be borne by Party B and Party B shall not recover
the above liabilities and losses from Party A.

 

Article 7 Liability for Breach of Contract

 

1. Both Party A and Party B shall fully
perform the contents of this agreement, and any party’s failure to perform the provisions of this agreement or its subsidiary and
supplementary provisions shall be deemed as a breach of the contract by breaching party to observant party. In the process of performing
this agreement, any party who violates this agreement must immediately notify the other party in writing. The other party shall
have the right to require the breaching party to make corrections within ten days after receiving the notice. If it fails to make
corrections within ten days, the observant party shall have the right to require the breaching party to compensate for the losses
caused by the observant party.

 

2. If either party violates this agreement,
the breaching party shall pay liquidated damages to the observant party and all losses arising therefrom, compensate the observant
party for the losses, and bear all expenses incurred by the observant party for the settlement of disputes, including but not limited
to the expenses for urging, litigation, lawyers, transportation and travel.

 

    4

     

    

 

Article 8 Effectiveness and Termination
of the Agreement

 

1. This agreement shall come into force
when it is signed by both parties on the date written in the beginning of this agreement.

 

2. This agreement may be terminated in
writing by both parties through negotiation.

 

3. The early termination of this agreement
shall not affect the rights and obligations of both parties arising from this agreement prior to the early termination date.

 

Article 9 Application of Law and Dispute
Settlement

 

1. The formation, validity, modification,
interpretation, performance, termination of this agreement and the settlement of disputes arising from or in connection with this
agreement shall be governed by the Laws of People’s Republic of China.

 

2. Any dispute arising from the interpretation
and performance of the terms of this agreement shall be settled by both parties through friendly negotiation. If both parties fail
to reach an agreement through negotiation, the dispute shall be submitted to Xi’an Arbitration Commission for arbitration in accordance
with its then effective arbitration rules. The place of arbitration is Xi’an and the language of arbitration is Chinese. The arbitration
is final and binding on both parties.

 

Article 10 Others

 

1. Any amendment to this agreement must
be in writing and signed by both parties. The amended part and the added content shall constitute an integral part of this agreement.

 

2. If some provisions of this agreement
are found invalid by the court or arbitration organization with jurisdiction, and the validity of other provisions will not be
affected, other provisions shall continue to be valid.

 

3. The following documents, as attachments
to this agreement, are an integral part of this agreement and have the same legal effect as this agreement:

The company’s balance sheet issued by the
target company on September 30, 2020.

 

4. This agreement is made in triplicate,
one for each party and one for the relevant Administration Department of Industry and Commerce, all of which have the same legal
effect.

 

    5

     

    

 

(There is no text below this page)

 

(This is the signature page of Share Transfer
Agreement of Sancai Real Estate Management Co., Ltd.)

 

 

 

	Party A: /seal/ Sancaijia Co., Ltd.	 	Party B: /seal/ Sancai Group Co., Ltd
	 	 	 
	Legal Representative: /s/ Ning Wen	 	Legal Representative: /s/ Hongtao Dang
	 	 	 
	December 10, 2020	 	December 10, 2020

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