Document:

Exhibit 10.47

 

Execution Version 

 

  

 

 

SECURITIES PURCHASE AGREEMENT

 

BY AND AMONG

 

SEVEN STARS CLOUD GROUP, INC. AND ITS AFFILIATES,

 

TIANJIN SUN SEVEN STARS CULTURE DEVELOPMENT
CO. LTD.

 

BEIJING NANBEI HUIJIN INVESTMENT CO. LTD.,
and

 

SHANGHAI GUANGMING INVESTMENT MANGEMENT
LIMITED

 

DATED AS OF December 7, 2017

 

 

 

    	-i-

     

    

 

SECURITIES PURCHASE
AGREEMENT 

 

This
SECURITIES PURCHASE AGREEMENT, dated as of December 7, 2017 (this “Agreement”), by and among Seven Stars Cloud Group,
Inc., a Nevada corporation, and its affiliates (hereinafter referred to collectively as “SSC” or “Purchaser”),
Shanghai GuangMing Investment Management Limited (Chinese name: 上海光旻投资管理有限公司),
a PRC limited liability entity, (hereinafter referred to as “GuangMing”),Tianjin Sun Seven Stars Culture
Development Co. Ltd (Chinese name: 天津阳光七星文化发展有限公司”,
hereinafter referred to as “Tianjin SSCD”) and Beijing Nanbei Huijin Investment Co., Ltd (Chinese name:
北京南北汇金投资有限公司,
hereinafter referred to as “Beijing Nanbei”). Tianjin SSCD and BNHI are collectively referred to individually
or collectively as the “Sellers”.

 

WHEREAS, Tianjin
SSCD and Beijing Nanbei are both PRC limited liability entities and are, respectively, the 80% and 20% equity shareholders of GuangMing;

 

WHEREAS, GuangMing
is a PRC limited liability entity which holds a special fund management license, and SSC wishes to wholly acquire GuangMing from
the Sellers for purposes of developing its fund management platform;

 

WHEREAS, the
Sellers propose to sell to SSC, and SSC proposes to acquire 100% of GuangMing’s issued and outstanding shares for a total
purchase price of $2.4 million RMB (approximately $363,436 USD);

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the parties hereto agree as follows:

 

Article
1

PURCHASE AND SALE OF SECURITIES 

 

1.1         Purchase
and Sale of Securities. Subject to the terms set forth herein and in reliance upon the representations set forth below, at
the Closing, Sellers shall sell to one of Purchaser’s designated subsidiaries (to be determined later) 100% GuangMing for
a total purchase price of $2.4 million RMB (approximately $362,930 USD) (the “Purchase Price”).

 

1.2         Closing.
The sale and purchase of the securities shall take place at venue to be designated by the Parties (the “Closing”).
The Closing may be conducted as a “virtual closing”, with the parties providing signature pages to each other electronically
or via facsimile). Following the Closing, Purchaser, Sellers and GuangMing shall take further actions that may be necessary or
desirable to exchange necessary information for the issuance and delivery of all necessary materials.

 

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Article
2

REPRESENTATIONS AND WARRANTIES OF GUANGMING  

 

GuangMing hereby represents
and warrants to Purchaser as follows:

 

2.1          Existence
and Power. GuangMing (a) is duly organized and validly existing under the laws of the People’s Republic of China; and
(b) has all requisite power and authority to execute, deliver and perform its obligations under the Agreement.

 

2.2         Authorization;
No Contravention. The execution, delivery and performance by GuangMing related to the contemplated transactions (a) have been
duly authorized by all necessary corporate or other action, (b) do not contravene the terms of GuangMing’s organizational
documents, and (c) do not violate, conflict with or result in any breach or contravention of, or the creation of any lien under,
any contractual obligation of GuangMing or any requirement of law applicable to GuangMing, except for such violations, conflicts,
breaches or liens which, individually or in the aggregate, have not had and would not reasonably be expected to have a material
adverse effect on GuangMing’s ability to consummate the contemplated transactions.

 

2.3         Governmental
Authorization; Third Party Consents. Except as set forth herein, no approval, consent, exemption, authorization, or other action
by, or notice to, or filing with, any governmental authority or any other person in respect of any requirement of law, and no lapse
of a waiting period under a requirement of law, is necessary or required in connection with the execution, delivery or performance
by the Purchaser, or enforcement against GuangMing, of this Agreement or the consummation of the contemplated transactions.

 

2.4         Binding
Effect. This Agreement has been duly executed and delivered by GuangMing and constitutes the legal, valid and binding obligation
of GuangMing, enforceable against it in accordance with its terms.

 

2.5         Shareholder
Approval. GuangMing’s shareholders have held the necessary shareholder meetings and has unanimously determined the contemplated
transactions to be advisable and in the best interests of GuangMing and its shareholders and has approved the contemplated transactions.

 

2.6         No
Brokers or Finders. Except as contemplated by this Agreement, no agent, broker, finder, or investment or commercial banker
or other person (if any) engaged by or acting on behalf of GuangMing or any of its affiliates is or will be entitled to any brokerage
or finder’s or similar fee or other commission as a result of this Agreement or the contemplated transactions.

 

2.7         Litigation.
There is no legal action, suit, arbitration or other legal, administrative or other governmental investigation, inquiry, proceeding
or other actions pending or, to the knowledge of the Purchaser, threatened against or affecting GuangMing or relating to any of
the Agreement or the contemplated transactions which, if determined adversely to GuangMing, has had or would reasonably be expected
to have a material adverse effect on GuangMing’s ability to consummate the contemplated transactions. GuangMing is not subject
to any decree that, individually or in the aggregate, has had or would reasonably be expected to have a material adverse effect
on GuangMing’s ability to consummate the contemplated transactions.

 

2.8         Financial
Statements & Accounts Receivable. True and complete copies of GuangMing’s unaudited consolidated financial statements
consisting of the most recent balance sheet of the GuangMing and the related statements of income and retained earnings, stockholders’
equity and cash flow (the “Financial Statements”), have been or will be provided to Purchaser. The Financial Statements
are true, complete and correct and have been prepared in accordance with generally accepted accounting principles (“GAAP”)
applied on a consistent basis throughout the periods involved. The Financial Statements are based on the books and records of the
GuangMing, and fairly present the financial condition of GuangMing as of the respective dates they were prepared and the results
of the operations of GuangMing for the periods indicated. The consolidated balance sheet of GuangMing is referred to herein as
the “Balance Sheet” and the date thereof as the “Balance Sheet Date.” GuangMing will also provide to Purchaser
a true and correct list of all accounts receivable and unbilled receivables (for services performed prior to Closing) of the Company
or any affiliated entity (“Accounts Receivable”) as of the Balance Sheet Date. All Accounts Receivable as of the Balance
Sheet Date (other than those paid since such date) and that have arisen since the Balance Sheet Date represent valid obligations
and are not subject to any setoffs or counterclaims of which GuangMing has knowledge.

 

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2.9         No
Undisclosed Liabilities. GuangMing has no material liabilities, debt, obligations, payables or commitments of any nature whatsoever,
asserted or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise (“Liabilities”),
except (a) those which are adequately reflected or reserved against in the Balance Sheet as of the Balance Sheet Date, (b) those
which have been incurred in the ordinary course of business and consistent with past practice since the Balance Sheet Date and
which are not, individually or in the aggregate, material in amount, and (c) obligations under contracts described herein.

 

Article
3

 

REPRESENTATIONS AND
WARRANTIES OF THE SELLERS

 

3.1          Existence
and Power. Each Seller (a) is duly organized and validly existing under the laws of the People’s Republic of China; and
(b) has all requisite power and authority to execute, deliver and perform its obligations under the Agreement.

 

3.2         Authorization;
No Contravention. The execution, delivery and performance by each Seller of the Agreement to which it is a party and the contemplated
transactions (a) have been duly authorized by all necessary corporate or other action, (b) do not contravene the terms of each
Seller’s organizational documents, and (c) do not violate, conflict with or result in any breach or contravention of, or
the creation of any lien under, any contractual obligation of each Seller or any requirement of law applicable to each Seller,
except for such violations, conflicts, breaches or liens which, individually or in the aggregate, have not had and would not reasonably
be expected to have a material adverse effect on each Seller’s ability to consummate the contemplated transactions.

 

3.3         Governmental
Authorization; Third Party Consents. Except as set forth herein, no approval, consent, exemption, authorization, or other action
by, or notice to, or filing with, any governmental authority or any other person in respect of any requirement of law, and no lapse
of a waiting period under a requirement of law, is necessary or required in connection with the execution, delivery or performance
by the Purchaser, or enforcement against each Seller, of this Agreement or the consummation of the contemplated transactions.

 

3.4         Binding
Effect. This Agreement has been duly executed and delivered by each Seller and constitutes the legal, valid and binding obligation
of each Seller, enforceable against it in accordance with its terms.

 

3.5         No
Brokers or Finders. Except as contemplated by this Agreement, no agent, broker, finder, or investment or commercial banker
or other person (if any) engaged by or acting on behalf of each Seller or any of its affiliates is or will be entitled to any brokerage
or finder’s or similar fee or other commission as a result of this Agreement or the contemplated transactions.

 

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3.6         Litigation.
There is no legal action, suit, arbitration or other legal, administrative or other governmental investigation, inquiry, proceeding
or other actions pending or, to the knowledge of the Purchaser, threatened against or affecting each Seller or relating to any
of the Agreement or the contemplated transactions which, if determined adversely to each Seller individually or in the aggregate,
has had or would reasonably be expected to have a material adverse effect on each Seller’s ability to consummate the contemplated
transactions. Each Seller is not subject to any decree that, individually or in the aggregate, has had or would reasonably be expected
to have a material adverse effect on each Seller’s ability to consummate the contemplated transactions.

 

3.7         Financial
Statements & Accounts Receivable. Sellers will ensure that true and complete copies of GuangMing’s unaudited consolidated
financial statements consisting of the most recent balance sheet of the GuangMing and the related statements of income and retained
earnings, stockholders’ equity and cash flow (the “Financial Statements”), have been or will be provided to Purchaser.
The Financial Statements are true, complete and correct and have been prepared in accordance with generally accepted accounting
principles (“GAAP”) applied on a consistent basis throughout the periods involved. The Financial Statements are based
on the books and records of GuangMing, and fairly present the financial condition of GuangMing as of the respective dates they
were prepared and the results of the operations of GuangMing for the periods indicated. The consolidated balance sheet of GuangMing
is referred to herein as the “Balance Sheet” and the date thereof as the “Balance Sheet Date.” Sellers
will also ensure that GuangMing will provide to Purchaser a true and correct list of all accounts receivable and unbilled receivables
(for services performed prior to Closing) of the Company or any affiliated entity (“Accounts Receivable”) as of the
Balance Sheet Date. All Accounts Receivable as of the Balance Sheet Date (other than those paid since such date) and that have
arisen since the Balance Sheet Date represent valid obligations and are not subject to any setoffs or counterclaims of which Sellers
and GuangMing have knowledge.

 

3.8         No
Undisclosed Liabilities. Sellers have no material liabilities, debt, obligations, payables or commitments of any nature whatsoever,
asserted or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise that
negatively effects this transaction (“Liabilities”), except those that have been disclosed in writing to Purchaser.
Should Sellers become aware of any Liabilities during the period that this Agreement is being negotiated and during the time before
Closing has occurred, Sellers shall send prompt written notice to Purchaser listing all Liabilities.

 

Article
4

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

 

Purchaser hereby represents
and warrants to the Sellers as follows:

 

4.1         Existence
and Power. SSC (a) is duly organized and validly existing under the laws of the state of Nevada; and (b) has all requisite
power and authority to execute, deliver and perform its obligations under the Agreement.

 

4.2         Authorization;
No Contravention. The execution, delivery and performance by the Purchaser of the Agreement to which it is a party and the
contemplated transactions (a) have been duly authorized by all necessary corporate or other action, (b) do not contravene the terms
of the Purchaser’s organizational documents, and (c) do not violate, conflict with or result in any breach or contravention
of, or the creation of any lien under, any contractual obligation of the Purchaser or any requirement of law applicable to the
Purchaser, except for such violations, conflicts, breaches or liens which, individually or in the aggregate, have not had and would
not reasonably be expected to have a material adverse effect on the Purchaser ability to consummate the contemplated transactions.

 

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4.3         Governmental
Authorization; Third Party Consents. Except as set forth herein, no approval, consent, exemption, authorization, or other action
by, or notice to, or filing with, any governmental authority or any other person in respect of any requirement of law, and no lapse
of a waiting period under a requirement of law, is necessary or required in connection with the execution, delivery or performance
by the Purchaser, or enforcement against the Purchaser, of this Agreement or the consummation of the contemplated transactions.

 

4.4         Binding
Effect. This Agreement has been duly executed and delivered by the Purchaser and constitutes the legal, valid and binding obligation
of the Purchaser, enforceable against it in accordance with its terms.

 

4.5         Board
Approval. The Purchaser’s board of directors at meetings duly called and held and has unanimously determined the contemplated
transactions to be advisable and in the best interests of the Purchaser and its stockholders and has approved the contemplated
transactions.

 

4.6         No
Brokers or Finders. Except as contemplated by this Agreement, no agent, broker, finder, or investment or commercial banker
or other person (if any) engaged by or acting on behalf of the Purchaser or any of its affiliates is or will be entitled to any
brokerage or finder’s or similar fee or other commission as a result of this Agreement or the contemplated transactions.

 

4.7         Litigation.
There is no legal action, suit, arbitration or other legal, administrative or other governmental investigation, inquiry, proceeding
or other actions pending or, to the knowledge of the Purchaser, threatened against or affecting the Purchaser or relating to any
of the Agreement or the contemplated transactions which, if determined adversely to the Purchaser individually or in the aggregate,
has had or would reasonably be expected to have a material adverse effect on the Purchaser’s ability to consummate the contemplated
transactions. The Purchaser is not subject to any Decree that, individually or in the aggregate, has had or would reasonably be
expected to have a material adverse effect on the Purchaser’s ability to consummate the contemplated transactions.

 

Article
5

COVENANTS  

 

5.1         Regulatory
Approval; Litigation.

 

(a)          The
Purchaser GuangMing, and each Seller agree that it will use its reasonable efforts to take, or cause to be taken, all actions and
to do, or cause to be done, and to assist and cooperate with the other party in doing all things, which may be required to obtain
all necessary actions or non-actions, waivers, consents and approval from governmental authorities in order to consummate the contemplated
transactions.

 

(b)          The
Purchaser GuangMing, and each Seller agree that if any action is brought seeking to restrain or prohibit or otherwise relates to
consummation of the contemplated transactions, the parties shall use all commercially reasonable efforts to defend such action,
whether judicial or administrative, and to seek to have any stay or temporary restraining order entered by any court or governmental
authority reversed or vacated.

 

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Article
6

CONDITIONS PRECEDENT TO THE OBLIGATION OF THE PURCHASER TO CLOSE 

 

6.1         Conditions
to Closing. The obligation of the Purchaser to enter into and complete the Closing are subject to the fulfillment on or prior
to the Closing of the following conditions, any one or more of which may be waived by the Purchaser:

 

(a)          Representations
and Covenants. The representations and warranties of the Sellers and GuangMing contained in this Agreement shall be true and
correct in all material respects (other than those which are qualified as to materiality, material adverse effect or other similar
term, which shall be true and correct in all respects) of the Closing with the same force and effect as though made as of the Closing
(except that representations and warranties made as of a specific date shall be true and correct in all material respects (except
as aforesaid) on such date); the Sellers and GuangMing shall have in all material respects performed and complied with all covenants
and agreements required by this Agreement to be performed or complied with by the Sellers and GuangMing on or prior to the Closing.

 

(b)          Good
Standing. GuangMing shall have delivered to the Purchaser a good standing certificate (or its equivalent) for GuangMing.

 

(c)          No
Actions. (i) No action shall be pending or overtly threatened by any governmental authority or any other party against the
Sellers or GuangMing or any of its directors or against Purchaser, which action is reasonably likely to (A) restrain or prohibit
the consummation of any of the contemplated transactions, or (B) result in damages that alone or together with the costs and expenses
of defending such action are material in relation to the Sellers and GuangMing, taken as a whole, and (ii) no law, order, decree,
rule or injunction shall have been enacted, entered, promulgated or enforced by any governmental authority that prohibits or makes
illegal the consummation of any of the contemplated transactions.

 

(d)          No
Material Adverse Effect. Since the date hereof, no event or development shall have occurred (or failed to occur) and there
shall be no circumstance (and that Purchaser shall not have become aware of any previously existing circumstance) that, individually
or in the aggregate, has had or would reasonably be expected to have a material adverse effect.

 

(e)          Consents
and Amendments. Any and all consents, approvals, orders, licenses and other actions necessary to be obtained from governmental
authorities, the board, AC committee, and shareholders in order to consummate the contemplated transactions.

 

(f)          Approval
from AMAC. Sellers and GuangMing must have obtained all of the necessary approvals from the Asset Management Association of
China (“AMAC”), a self-regulatory organization which oversees and regulates funds management companies in China. Should
the AMAC refuse to accept Sellers’s/GuangMing’s submission for change of ownership, this Agreement shall be completely
rescinded, at which point Seller shall resume its original ownership of GuangMing and shall refund to Purchaser the Purchase Price
within 15 days of notice for repayment from Purchaser.

 

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(g)          Fairness
Opinion & Valuation Report. This agreement and the transaction contemplate herein are subject to a satisfactory fairness
opinion and valuation report which, as requested by Purchaser’s management, will be arranged post-signing of this Agreement
(the “Post-Signing Reports”). The Closing of this transaction is conditioned on the Post-Signing Reports concluding
that the transaction was fair from a financial point of view to the Purchaser. Should any of the Post-Signing Reports fail to deliver
a satisfactory result to Purchaser, this Agreement shall be completely rescinded, at which point Seller shall resume its original
ownership of GuangMing and shall refund to Purchaser the Purchase Price within 15 days of notice for repayment from Purchaser.

 

Article
7

CONDITIONS PRECEDENT TO THE OBLIGATION OF THE SELLERS AND GUANGMING TO CLOSE 

 

7.1         Conditions
to Closing. The obligation of the Sellers and GuangMing to enter into and complete the Closing are subject to the fulfillment
on or prior to the Closing of the following conditions, any one or more of which may be waived by the Seller and GuangMing:

 

(a)          Representations
and Covenants. The representations and warranties of the Purchaser contained in this Agreement shall be true and correct in
all material respects (other than those which are qualified as to materiality, which shall be true and correct in all respects)
on and as of the Closing with the same force and effect as though made on and as of the Closing (except that representations and
warranties made as of a specific date shall be true and correct in all material respects (except as aforesaid) on such date); each
Purchaser shall have in all material respects performed and complied with all covenants and agreements required by this Agreement
to be performed or complied with by it on or prior to the Closing; and Purchaser shall have delivered to the Seller a certificate,
dated the date of the Closing and signed by the Purchaser, to the foregoing effect.

 

(b)          No
Actions. (i) No action shall be pending or overtly threatened by any governmental authority or any other party against the
Purchaser or any of its directors, which action is reasonably likely to (A) restrain or prohibit the consummation of any of the
contemplated transactions, or (B) result in damages that alone or together with the costs and expenses of defending such action
are material in relation to the Purchaser, the company and its subsidiaries, taken as a whole, and (ii) no law, order, decree,
rule or injunction shall have been enacted, entered, promulgated or enforced by any governmental authority that prohibits or makes
illegal the consummation of any of the contemplated transactions.

 

(c)          Consents
and Amendments. Any and all consents, approvals, orders, licenses and other actions necessary to be obtained from governmental
authorities in order to consummate the contemplated transactions.

 

Article
8

INDEMNIFICATION 

 

8.1         Indemnification.
Each Seller hereby agree to indemnify, defend and hold harmless the Purchaser, its respective affiliates and its directors, managers,
officers, agents, advisors, representatives, employees, successors and assigns (each, a “Purchaser Indemnitee”) from
and against all claims, including without limitation, interest, penalties and attorneys’ fees and expenses, asserted against,
resulting to, or imposed upon or incurred by such Purchaser Indemnitee by a third party and arising out of or resulting from any
allegation or claim in respect of (i) any wrongful action or inaction by each Seller in connection with the authorization, execution,
delivery and performance of this Agreement, except to the extent that the Purchaser Indemnitee has committed a material breach
of its representations, warranties or obligations under this Agreement, which breach is the cause of each Seller’s wrongful
action or inaction, (ii) any inaccuracy in or breach of any of the representations or warranties of the Seller contained in this
Agreement or any certificate or other document delivered pursuant hereto, and (iii) any breach by each Seller of any of its covenants
or agreements contained in this Agreement or any other schedule, certificate or other document delivered pursuant hereto.

 

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8.2         Terms
of Indemnification. The obligations and liabilities of Seller with respect to claims by third parties will be subject to the
following terms and conditions: (a) a Purchaser Indemnitee will give the Seller prompt notice of any claims asserted against, resulting
to, imposed upon or incurred by such Purchaser Indemnitee, directly or indirectly, and the Seller will undertake the defense thereof
by representatives of their own choosing which are reasonably satisfactory to such Purchaser Indemnitee; (b) if within a reasonable
time after notice of any claim, the Seller fails to defend, such Purchaser Indemnitee will have the right to undertake the defense,
compromise or settlement of such claims on behalf of and for the account and at the risk of the Seller, subject to the right of
the Seller to assume the defense of such claim at any time prior to settlement, compromise or final determination thereof; (c)
if there is a reasonable probability that a claim may materially and adversely affect a Purchaser Indemnitee other than as a result
of money damages or other money payments, such Purchaser Indemnitee will have the right at its own expense to defend, or co-defend,
such claim; (d) neither the Seller nor the Purchaser Indemnitee will, without the prior written consent of the other, settle or
compromise any claim or consent to entry of any judgment relating to any such claim; (e) with respect to any claims asserted against
a Purchaser Indemnitee, such Purchaser Indemnitee will have the right to employ one counsel of its choice in each applicable jurisdiction
(if more than one jurisdiction is involved) to represent such Purchaser Indemnitee if, in such Purchaser Indemnitee’s reasonable
judgment, a conflict of interest between such Purchaser Indemnitee and the Seller exists in respect of such claims, and in that
event the fees and expenses of such separate counsel shall be paid by the Seller; and (f) the Seller will provide each Purchaser
Indemnitee reasonable access to all records and documents of the Seller relating to any claim.

 

Article
9

TERMINATION  

 

9.1         Termination
of Agreement. The Parties may terminate this Agreement as provided below:

 

(a)          the
Purchaser and the Seller may terminate this Agreement by mutual written consent at any time prior to the Closing;

 

(b)          the
Purchaser may terminate this Agreement by giving written notice to the Seller at any time prior to the Closing (i) in the event
the Seller has breached any material representation, warranty, or covenant contained in this Agreement in any material respect
(or breached in any respect, if such representation, warranty or covenant is qualified by materiality or material adverse effect),
and the Purchaser have notified the Seller of the breach or (ii) if the Closing shall not have occurred on or before March 1, 2018,
by reason of the failure of any condition precedent under this Agreement (unless the failure results primarily from the Purchaser
breaching any representation, warranty, or covenant contained in this Agreement); and

 

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(c)          the
Seller may terminate this Agreement by giving written notice to the Purchaser at any time prior to the Closing (i) in the event
a Purchaser has breached any material representation, warranty, or covenant contained in this Agreement in any material respect
(or breached in any respect, if such representation, warranty or covenant is qualified by materiality or material adverse effect),
and the Seller has notified the Purchaser of the breach or (ii) if the Closing shall not have occurred on or before March 1, 2018,
by reason of the failure of any condition precedent under this Agreement (unless the failure results primarily from the Seller
itself breaching any representation, warranty, or covenant contained in this Agreement).

 

9.2         Effect
of Termination. Upon termination of this Agreement pursuant to this section, all rights and obligations of the Parties hereunder
shall terminate without any liability of either Party to the other Party (except for Sellers must refund the Purchaser Price to
Purchaser if agreement is terminated due to Sellers’ and GuangMing’s failure to meet any condition precedent).

 

Article
10

MISCELLANEOUS 

 

10.1       Survival.
All representations and warranties, covenants and agreements of the Sellers, GuangMing and the Purchaser contained in this Agreement
shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Purchaser, any
of its officers and directors or any controlling person thereof or by or on behalf of the Sellers and GuangMing, any of its officers
and directors or any controlling person thereof, and such representations and warranties shall survive for a period of 24 months
from the Closing. The covenants and agreements contained herein shall survive in accordance with their terms.

 

10.2       Fees
and Expenses. At the Closing, each party shall pay the expenses incurred by itself in connection with the negotiation, execution,
delivery, performance and consummation of this agreement and the contemplated transactions.

 

10.3       Notices.
All notices or other communications required or permitted hereunder shall be in writing and shall be delivered personally, telecopied
or sent by certified, registered or express mail, postage prepaid. Any such notice shall be deemed given if delivered personally
or telecopied, on the date of such delivery, or if sent by reputable overnight courier, on the first Business Day following the
date of such mailing, as follows:

 

	 	(a)	if to the Sellers:
	 	 	 
	 	 	Tianjin Sun Seven Stars Culture Development Co. Ltd 
	 	 	(天津阳光七星文化发展有限公司)
	 	 	Attn: Yun Zhu
	 	 	Address: ______________
	 	 	__________________________
	 	 	 
	 	 	Beijing Nanbei Huijin Investment Co., Ltd 
	 	 	(北京南北汇金投资有限公司)
	 	 	Attn: Qiang Wang
	 	 	Address: ______________
	 	 	__________________________
	 	 	 

 

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	 	(b)	if to the Purchaser:
	 	 	 
	 	 	Seven Stars Cloud Group, Inc.
	 	 	Attn: Legal Department
	 	 	686 Wuzhong Road, Tower D, 9th Floor
	 	 	Shanghai, China 201103

 

Any party may by notice given in accordance
with this section and designate another address or person for receipt of notices hereunder.

 

10.4       Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of the parties
hereto. Other than the parties hereto and their successors and permitted assigns, and except as set forth in this Agreement, no
person is intended to be a beneficiary of this Agreement. No party hereto may assign its rights under this Agreement without the
prior written consent of the other party hereto; provided, however, that, the Purchaser may assign all or any portion of its rights
and obligations hereunder to any affiliates or designees of the Purchaser. Any assignee of any Purchaser pursuant to the proviso
of the foregoing sentence shall be deemed to be a “Purchaser” for all purposes of this Agreement.

 

10.5       Amendment
and Waiver.

 

(a)          No
failure or delay on the part of the Seller or the Purchaser in exercising any right, power or remedy hereunder shall operate as
a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. The remedies provided for herein are cumulative and are not exclusive
of any remedies that may be available to the Seller or the Purchaser at law, in equity or otherwise.

 

(b)          Any
amendment, supplement or modification of or to any provision of this Agreement and any waiver of any provision of this Agreement
shall be effective only if it is made or given in writing and signed by the Sellers or GuangMing (in the case of any amendment,
supplement, modification or waiver after the Closing, with the approval of not less than a majority of the directors not appointed
by each Purchaser) and the Purchaser.

 

10.6       Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, all of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

10.7       Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

10.8       Governing
Law; Waiver of Jury Trial. This Agreement shall be construed in accordance with and governed by the internal Laws of the State
of Nevada without giving effect to any choice or conflict of Law provision or rule that would cause the application of Laws of
any jurisdiction other than those of the State of Nevada.

 

    	10

     

    

 

10.9       Severability.
If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal
or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or
unenforceable shall substantially impair the benefits of the remaining provisions hereof.

 

10.10     Entire
Agreement. This Agreement, together with the schedules and exhibits hereto (if any), are intended by the parties as a final
expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties
hereto in respect of the subject matter contained herein and therein. There are no restrictions, promises, warranties or undertakings,
other than those set forth or referred to herein or therein. This Agreement, together with the schedules and exhibits hereto (if
any), supersede all prior agreements and understandings between the parties with respect to such subject matter.

 

10.11     Further
Assurances. Subject to the terms and conditions of this Agreement, from time to time after the Closing, the Sellers, GuangMing
and the Purchaser agree to cooperate with one another, and at the request of the Seller, GuangMing, or the Purchaser, as applicable,
to execute and deliver any further instruments or documents and take all such further action as the other party may reasonably
request in order to evidence or effectuate the consummation of the contemplated transactions and to otherwise carry out the intent
of the parties hereunder.

 

10.12     Public
Announcements. Except as required by any requirement of law, none of the parties hereto will issue or make any reports, statements
or releases to the public with respect to this Agreement or the contemplated transactions without consulting the Sellers or the
Purchaser, as applicable.

 

 

    	11

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed and delivered by their respective officers hereunto duly authorized
as of the date first above written.

 

	 	SEVEN STARS CLOUD GROUP, INC.  
	 	 	 
	 	By	/s/ Bruno Wu
	 	 	 
	 	Name:  	Bruno Wu
	 	 	 
	 	Title: 	Chairman and CEO

 

[Signature Page to Securities Purchase Agreement]

  

    	 		 

     

    

 

	 	SHANGHAI GUANGMING INVESTMENT
                    MANAGEMENT LIMITED 

	 	 
	 	(上海光旻投资管理有限公司)
	 	 	 
	 	By: 	/s/ Wang Qiang
	 	 	 
	 	Name: 	Wang Qiang
	 	 	 
	 	Title:	Legal representative

 

[Signature Page to Securities Purchase Agreement]

 

    	 		 

     

    

 

	 	TIANJIN SUN SEVEN STARS CULTURE DEVELOPMENT CO. LTD.
	 	 
	 	(天津阳光七星文化发展有限公司)
	 	 	 
	 	By: 	/s/ Zhu Yun
	 	 	 
	 	Name: 	Zhu Yun
	 	 	 
	 	Title:	Legal representative

 

[Signature Page to Securities Purchase Agreement]

 

    	 		 

     

    

 

	 	BEIJING NANBEI HUJIN INVESTMENT
    CO. LTD
	 	 	 
	 	(北京南北汇金投资有限公司)
	 	 	 
	 	By: 	/s/ Wang Qiang
	 	 	 
	 	Name: 	Wang Qiang
	 	 	 
	 	Title:	Legal representative

 

[Signature Page to Securities Purchase Agreement]Exhibit 10.48

 

STOCK PURCHASE AGREEMENT

 

THIS STOCK PURCHASE
AGREEMENT (this “Agreement”) is made and entered into as of this 18th day of December, 2017 (the “Effective
Date”), by and among (i) Seven Stars Cloud Group, Inc., a Nevada corporation (the “Purchaser”), (ii)
each of the parties listed on the signature page hereto as “Seller” (each, a “Seller” and collectively,
the “Sellers”), and (iii) Delaware Board of Trade Holdings, Inc., a Delaware corporation (the “Company”).

 

WITNESSETH:

 

WHEREAS, immediately
prior to the consummation of the transactions contemplated by this Agreement (the “Transactions”), each Seller
owns certain shares of common stock, par value $0.001 per share, of the Company (“Common Stock”) and held certain
options to purchase additional shares of Common Stock (the “Options”);

 

WHEREAS, immediately
prior to the consummation of the Transactions and in connection therewith, each Seller exercised certain Options held by him or
it;

 

WHEREAS, each
Seller desires to sell to Purchaser the shares of Common Stock set forth opposite such Seller’s name on Schedule A
attached hereto, which are equivalent to the shares of Common Stock that each Seller received in connection with exercise of such
Seller’s Options immediately prior to the Transactions (collectively, the “Purchased Stock”), to the Purchaser,
and the Purchaser desires to purchase the Purchased Stock from Sellers, on the terms and subject to the conditions set forth herein;

 

WHEREAS, certain
rights and obligations related to the Purchased Stock are set forth in that certain Amended and Restated Stockholders’ Agreement,
dated as of June 13, 2017, by and among the Company and the other parties signatory thereto, as amended by that certain Amendment
No. 1 to Amended and Restated Stockholders’ Agreement, dated as of July 17, 2017 (the “Stockholders’ Agreement”);

 

WHEREAS, certain
rights and obligations related to the Purchased Stock are set forth in the Voting Agreement dated as of September 21, 2016, the
Voting Agreement dated as of March 13, 2017 and the Voting Agreement dated as of June 2017 (collectively, the “Voting
Agreements”);

 

WHEREAS, in connection
with the transactions contemplated herein, Purchaser agrees to join and be bound by the terms of each of the Stockholders’
Agreement and the Voting Agreements; and

 

WHEREAS, immediately
following the consummation of the Transactions, each Seller will remain a stockholder of the Company and continue to hold the shares
of Common Stock that were not sold to Purchaser in connection with the Transactions.

 

NOW, THEREFORE,
in consideration of the mutual covenants, promises, representations and warranties contained herein, the parties hereto agree as
follows:

 

     

     

    

 

AGREEMENT:

 

1.           Purchase
of Purchased Stock. Each Seller hereby sells, assigns and conveys to the Purchaser, and Purchaser hereby purchases from each
such Seller, the Purchased Stock owned beneficially and of record by such Seller. The Purchased Stock is hereby transferred to
Purchaser free and clear of all mortgages, liens, pledges, charges, security interests, encumbrances, rights of third parties or
other interests of any kind or character, other than as set forth in the Stockholders’ Agreement (collectively, “Liens”).

 

2.           Purchase
Price; Closing; Deliveries.

 

(a)          Purchase
Price; Payment. In consideration of each Seller’s sale of Purchased Stock to Purchaser, Purchaser shall issue to each
such Seller its shares of capital stock (“Purchaser Common Stock”) set forth opposite such Seller’s name
on Schedule B attached hereto (the “Purchase Price”), payable upon the Closing.

 

(b)          Fair
Consideration. Each of the parties acknowledges and agrees that the consideration provided for in Section 2(a) represents
fair consideration and reasonable equivalent value for the sale and transfer of the Purchased Stock and the transactions, covenants
and agreements set forth in this Agreement, which consideration was agreed upon as the result of arms-length good faith negotiations
between the parties and their respective representatives.

 

3.           Closing.
The closing of the Transactions (the “Closing”) shall occur within 30 days of the execution of this Agreement.

 

4.           Deliveries
by Seller. At the Closing, each Seller shall deliver (or cause to be delivered) to Purchaser or the Company (as applicable)
an assignment separate from certificate for such Seller’s shares of the Purchased Stock, duly executed by such Seller.

 

5.           Deliveries
by Purchaser. At the Closing, Purchaser shall deliver (or cause to be delivered) to Sellers the Purchase Price, payable as
provided in Section 2(a), along with certificates evidencing the same.

 

6.           Deliveries
by Company. At the Closing, the Company shall deliver (or cause to be delivered) to Purchaser the Company Disclosure Schedule,
which shall be true, correct and complete as of the Closing.

 

7.           Company
Actions. The Company waives any and all rights of first refusal, whether granted by statute or otherwise, which may serve to
impede, delay or prohibit the Transactions (including, without limitation, as set forth in the Stockholders’ Agreement).

 

8.           Representations
and Warranties.

 

(a)          Each
Seller, severally but not jointly, represents and warrants to the Purchaser as of the Closing that:

 

(i)          If
not a natural person, such Seller is duly organized, validly existing and in good standing under the laws of its jurisdiction of
incorporation or organization and has all requisite power and authority to own its properties and assets and to conduct its business
as it is now conducted.

 

    	 	2	 

     

    

 

(ii)         Such
Seller owns of record and beneficially, and is transferring and delivering to the Purchaser, good and marketable title to such
Seller’s portion the Purchased Stock, free and clear of any and all Liens.

 

(iii)        Such
Seller has the legal capacity and authority to enter into this Agreement and to carry out its or his obligations hereunder. The
execution and delivery of this Agreement by such Seller and the consummation by such Seller of the Transactions have been duly
authorized by such Seller. This Agreement and all other agreements, documents and instruments executed by such Seller in connection
with the Transactions have been duly executed and delivered by such Seller and constitute such Seller’s legal, valid and
binding obligation, as applicable, enforceable against such Seller in accordance with their respective terms and conditions.

 

(iv)        No
commission or remuneration was paid to any person in connection with the offer or sale of such Seller’s portion of the Purchased
Stock.

 

(b)          Purchaser
represents and warrants to each Seller and the Company as of the Closing that:

 

(i)          Purchaser
is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization and
has all requisite power and authority to own its properties and assets and to conduct its business as it is now conducted.

 

(ii)         Purchaser
has the legal capacity and authority to enter into this Agreement and to carry out its obligations hereunder. The execution and
delivery of this Agreement by Purchaser and the consummation by Purchaser of the Transactions have been duly authorized by Purchaser.
This Agreement and all other agreements, documents and instruments executed by Purchaser in connection with the Transactions have
been duly executed and delivered by Purchaser and constitute Purchaser’s legal, valid and binding obligation, as applicable,
enforceable against Purchaser in accordance with their respective terms and conditions.

 

(iii)        Purchaser
is purchasing the Purchased Stock for Purchaser’s own account and not with a view to, or intention of, the distribution or
resale thereof to anyone else.

 

(iv)        Purchaser
is able to bear the economic risk of the investment in the Purchased Stock to be acquired hereunder for an indefinite period of
time, and Purchaser understands that the Purchased Stock has not been registered under the Securities Act of 1933, as amended (the
“1933 Act”) or any other state securities laws.

 

(v)         Purchaser
is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act;

 

(vi)        Purchaser
agrees that the Purchased Stock purchased hereunder will not be sold or transferred without: (i) registration under the 1933 Act
or any exemption available thereunder, (ii) registration under any applicable state securities law or any exemption available thereunder,
and (iii) full compliance with all transfer restrictions set forth in the Stockholders’ Agreement;

 

    	 	3	 

     

    

 

(vii)       Purchaser
has had an opportunity to ask questions and receive answers concerning the Purchased Stock to be acquired by Purchaser hereunder
and has had access to such other information concerning the Company as Purchaser has requested. Purchaser is an experienced and
sophisticated investor and has such knowledge and experience in financial and business matters as are necessary to evaluate the
merits and risks of an investment in the Purchased Stock to be acquired hereunder. Purchaser acknowledges and understands that
an investment in the Purchased Stock involves substantial risks and Purchaser is able to bear the economic risks of an investment
in the Purchased Stock pursuant to the terms hereof, including the complete loss of Purchaser’s investment in such Purchased
Stock.

 

(viii)      Purchaser
understands that the Purchased Stock will be subject to the terms and conditions of the Stockholders’ Agreement and the Voting
Agreements; and

 

(ix)         No
commission or remuneration was paid to any person in connection with the offer or sale of the Purchased Stock.

 

(x)          Purchaser
has filed all reports, schedules, forms, registrations, statements and certifications, together with any amendments required to
be made with respect thereto, that were required to be filed since January 1, 2016 with the Securities and Exchange Commission
(the “SEC”) (together with the exhibits and other information incorporated therein, the “Purchaser
SEC Reports”). No such Purchaser SEC Reports or communications, at the time filed, furnished or communicated (and in
the case of registration statements and proxy statements, on the dates of effectiveness and the dates of relevant meetings, respectively)
contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements made therein, in light of the circumstances under which they were made, not misleading, except
that information in the Purchaser SEC Reports as of a later date (but before the date of this Agreement) shall be deemed to modify
information in the Purchaser SEC Reports as of an earlier date. As of their respective dates of filing with the SEC (or, if amended
or superseded by a filing prior to the date hereof, as of the date of such filing), all Purchaser SEC Reports complied as to form
in all material respects with the regulations of the SEC with respect thereto.

 

(xi)         Each
of the consolidated financial statements of Purchaser and its subsidiaries included (or incorporated by reference) in the Purchaser
SEC Reports (including the related notes, where applicable) (i) have been prepared from, and are in accordance with, the books
and records of Purchaser and its consolidated subsidiaries in all material respects, (ii) fairly present in all material respects
the consolidated results of operations, cash flows, changes in shareholders’ equity and consolidated financial position of
Purchaser and its consolidated subsidiaries for the respective fiscal periods or as of the respective dates therein set forth (subject
in each case of unaudited statements to recurring year-end audit adjustments normal in nature and amount), (iii) complied as to
form, as of their respective dates of filing with the SEC, in all material respects with applicable accounting requirements and
with the published rules and regulations of the SEC with respect thereto (except, in the case of unaudited statements, as permitted
by Form 10-Q of the SEC) and (iv) have been prepared in accordance with GAAP consistently applied during the periods involved,
except, in each case, as indicated in such statements or in the notes thereto. The books and records of Purchaser and its subsidiaries
have been, and are being, maintained in all material respects in accordance with GAAP and any other applicable legal and accounting
requirements.

 

    	 	4	 

     

    

 

(xii)        The
shares of Purchaser Common Stock being issued to Sellers have been duly authorized for issuance and are validly issued, fully paid
and non-assessable and were not issued in violation of any purchase or call option, right of first refusal, subscription right,
preemptive right or any similar right.

 

(c)          The
Company represents and warrants to Purchaser as of the Closing that:

 

(i)          Each
of the Company and its subsidiaries, are duly organized, validly existing entities and in good standing under the laws of the jurisdiction
of its incorporation, has all requisite power to own, lease and operate its properties and to carry on its business as now being
conducted and as proposed by the Company and its subsidiaries to be conducted, and is duly qualified to do business and is in good
standing as a foreign entity in each jurisdiction in which it owns or leases property or conducts any business so as to require
such qualification, except for those jurisdictions where the failure to be so qualified and in good standing would not reasonably
be expected to be, individually or in the aggregate, material to the Company and its subsidiaries taken as a whole. The Company
Disclosure Schedule lists each jurisdiction in which the Company and its subsidiaries are qualified to do business.

 

(ii)         Each
of the Company and its subsidiaries have complied with and is not in default under its Charter Documents. “Charter Documents”
means, with respect to any entity, the certificate of incorporation, the articles of incorporation, by-laws, articles of organization,
limited liability company agreement, partnership agreement, formation agreement, joint venture agreement or other similar organizational
documents of such entity (in each case, as amended).

 

(iii)        The
authorized capital stock of the Company consists of 14,000,000 shares of Company Common Stock, of which 8,207,456 shares are issued
and outstanding as of the date hereof. All issued and outstanding shares of Common Stock have been duly authorized and validly
issued, are fully paid and nonassessable, and were issued in compliance with all applicable federal and state securities laws.

 

(iv)        Except
for the Common Stock and Options outstanding as of the date hereof, the Company does not have outstanding securities of any kind.
Except as set forth in the preceding sentence, the Company is not a party to any Contract obligating the Company, directly or indirectly,
to issue additional securities. Additionally, no subsidiary of the Company is party to any contract obligating such subsidiary,
directly or indirectly, to issue any additional securities and, to the Company’s knowledge, there is no circumstance or condition
that may give rise to a claim by any person that such person is entitled to acquire the securities of any such subsidiary.

 

    	 	5	 

     

    

 

(v)         The
Company is not a party to any stockholder agreements, voting agreements, voting trusts or any such other similar arrangements with
respect to the transfer, voting or other rights associated with its securities other than the Stockholders’ Agreement and
the Voting Agreements.

 

(vi)        The
Company and its subsidiaries do not have outstanding any bonds, debentures, notes or other obligations or debt securities the holders
of which have the right to vote (or convertible into, or exercisable or exchangeable for, securities having the right to vote)
on any matter.

 

(vii)       Each
of the Company and its subsidiaries has complied in all material respects with each, and is not in violation in any material respect
of, any applicable law to which the Company or any of its subsidiaries or its business, operations, assets or properties is subject.
Other than the subsidiaries set forth in the Company Disclosure Schedule, neither the Company nor any subsidiary of the Company,
directly or indirectly, owns any securities or other interest in any corporation, partnership, joint venture or other business
association or entity, or to provide funds to or make any investment.

 

(viii)      Financial
Statements. True and complete copies of the Company’s unaudited consolidated financial statements consisting of the balance
sheet of the Company and its subsidiaries as of September 30, 2017 and the related statements of income and retained earnings and
cash flow for the September 30, 2017 period then ended (the “Financial Statements”), are included in the Company Disclosure
Schedule. The Financial Statements are true, complete and correct and have been prepared in accordance with United States generally
accepted accounting principles (“GAAP”) applied on a consistent basis throughout the periods involved. The Financial
Statements are based on the books and records of the Company and its subsidiaries, and fairly present the financial condition of
the Company and its subsidiaries as of the respective dates they were prepared and the results of the operations of the Company
and its subsidiaries for the periods indicated. The consolidated balance sheet of the Company and its subsidiaries as of September
30, 2017 is referred to herein as the “Balance Sheet” and the date thereof as the “Balance Sheet Date.”
Each of the Company and its subsidiaries maintains a standard system of accounting established and administered in accordance with
GAAP.

 

(ix)         No
Undisclosed Liabilities. The Company and its subsidiaries have no material liabilities, obligations or commitments of any nature
whatsoever, asserted or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise,
except (a) those which are adequately reflected or reserved against in the Balance Sheet as of the Balance Sheet Date, (b) those
which have been incurred in the ordinary course of business and consistent with past practice since the Balance Sheet Date and
which are not, individually or in the aggregate, material in amount, and (c) obligations under contracts described herein.

 

(x)          Accounts
Receivable. The Company Disclosure Schedule sets forth a true and correct list of all accounts receivable and unbilled receivables
(for services performed prior to Closing) of the Company or any affiliated entity (“Accounts Receivable”) as
of the Balance Sheet Date. All Accounts Receivable as of the Balance Sheet Date (other than those paid since such date) and that
have arisen since the Balance Sheet Date represent valid obligations and are not subject to any setoffs or counterclaims of which
the Company has knowledge.

 

    	 	6	 

     

    

 

(xi)         Litigation.
Except as set forth on the Company Disclosure Schedule, there is no action, suit or proceeding, claim, arbitration, litigation
or investigation (each, an “Action”) pending or threatened (i) against or affecting the Company or any of its
subsidiaries or (ii) that challenges or seeks to prevent, enjoin or otherwise delay the Transactions. To the Company’s knowledge,
no event has occurred or circumstances exist that may give rise or serve as a basis for any such Action. Except as set forth on
the Company Disclosure Schedule, there is no Action against any current or, to the Company’s knowledge, former director,
shareholder, or employee of the Company or any of its Subsidiaries with respect to which the Company or any of its subsidiaries
has or is reasonably likely to have an indemnification obligation. Except as set forth on the Company Disclosure Schedule, there
is no unsatisfied judgment, penalty or award against or affecting the Company or any of its subsidiaries or any of their respective
properties or assets. Except as set forth on the Company Disclosure Schedule, there is no order to which the Company or any of
its subsidiaries or any of their respective properties or assets are subject.

 

(d)          Survival
of Representations and Warranties. The representations and warranties of each of Purchaser and Sellers set forth in this Section
shall survive the Closing. The representations and warranties of the Company shall not survive the Closing.

 

9.           Indemnification.

 

(a)          Each
Seller, on a several basis and not on a joint basis, shall indemnify and hold harmless Purchaser and the Company for any damages
or losses sustained or incurred by Purchaser or the Company related to or arising out of (i) any breach of a representation or
warranty made by such Seller herein, or (ii) any breach or non-fulfillment of any covenant of such Seller set forth herein.

 

(b)          Purchaser
shall indemnify and hold harmless each Seller and the Company for any damages or losses sustained or incurred such Seller or the
Company related to or arising out of (i) any breach of a representation or warranty made by Purchaser herein, or (ii) any breach
or non-fulfillment of any covenant of Purchaser set forth herein.

 

10.         Release.

 

(a)          As
of the Closing, each Seller, for such Seller and for such Seller’s personal representatives, successors and assigns (the
“Seller Releasing Parties”), hereby remises, releases and forever discharges the Company, its officers, stockholders,
directors, employees, attorneys and advisors (whether acting in their individual capacities or on behalf of the Company), the subsidiaries
and affiliates of the Company (whether past, present, or future), their respective officers, shareholders, directors (whether acting
in their individual capacities or on behalf of such subsidiary or affiliate) and employees, and each of them, and their respective
personal representatives, successors and assigns (the “Seller Released Parties”) from all claims, demands, actions,
causes of action, suits in law or in equity, liabilities, costs, damages, and expenses, of whatever kind or nature, from the beginning
of the world to the Closing Date, whether known or unknown, which such Seller now owns or holds or at any time previously owned
or held or had, including, without limitation, any claims, demands, causes of action and suits in law or equity arising out of
or in any way connected with (i) the ownership by such Seller of such Seller’s portion of the Purchased Stock, (ii) any services
performed by such Seller for or on behalf of the Company, (iii) any obligations undertaken, suffered, or incurred by such Seller
for or on behalf of the Company, and (iv) any other matters in connection with the Company or the Transactions. This release constitutes
a full and final release and extends to all claims of every nature and kind, whether known or unknown, suspected or unsuspected,
including but not limited to, claims for injunctive relief, attorneys’ fees, and any liability, whether predicated upon statute,
employment discrimination of any kind, contract, tort or any other basis.

 

    	 	7	 

     

    

 

(b)          For
clarity, the Seller Releasing Parties do not release any actions or claims arising out of (i) any obligations or warranties made
by the Purchaser contained in this Agreement or (ii) fraud suffered by any Seller Released Party.

 

11.         Joinder.
As of the Closing, and without further action by Purchaser, Sellers or the Company, Purchaser shall be deemed to have joined each
of the Stockholders’ Agreement and the Voting Agreements, as may be amended from time to time, and be subject to all of the
rights and responsibilities of a Stockholder (in each case, as defined therein). Purchaser shall execute any documents relating
to the foregoing reasonably requested by the Company.

 

12.         Election
of Directors.

 

(a)          On
all matters relating to the election and removal of directors of the Company, Sellers and Purchaser agree to vote all of their
respective shares of Common Stock held by them (or the holders thereof shall consent pursuant to action by written consent of the
holders of capital stock of the Company) so as to elect 1 individual if designated in writing to the Company by Purchaser. Any
vote taken to remove a director designated by Purchaser pursuant to this Section or to fill any vacancy created by resignation,
removal or death of a director by Purchaser and elected pursuant to this Section shall also be subject to the provisions of this
Section. Upon the request of Purchaser, each Seller agrees to vote its respective shares of Common Stock for the removal of the
director designated by Purchaser and elected pursuant to this Section. As of the Closing, Purchaser shall be deemed to have designated
Robert Benya as its director pursuant to this Section, and no further action will be required by Purchaser, Sellers or the Company
to elect Mr. Benya to the Board.

 

(b)          Purchaser,
Sellers and the Company further agree that during the term of this Section, the size of the Board shall not exceed 7 members.

 

(c)          In
the event Purchaser elects not to designate an individual to be a director of the Board, the Company and Sellers agree that Purchaser
shall have the right to have a representative act as an observer at all Board meetings and any other Board proceeding, including
without limitation, the right to review proposed transactions that require Board approval.

 

    	 	8	 

     

    

 

(d)          The
provisions of this Section shall continue in effect so long as Purchaser owns at least 20% of the outstanding Common Stock.

 

13.         Lockup
Period. In exchange for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Seller agrees
that, during the period beginning on the Effective Date and ending on the first anniversary thereof, each Seller will not (and
will cause any spouse, domestic partner, lineal descendant, parent, stepparent, sibling, stepsibling, uncle, aunt, niece, nephew,
first cousin, or any other person with whom the undersigned has a relationship by blood, marriage or adoption not to), without
the prior written consent of the Purchaser, directly or indirectly, (i) sell, offer to sell, contract to sell or lend, pledge,
hypothecate or grant any security interest in, or in any other way transfer or dispose of, any Purchaser Common Stock whether now
owned or hereafter acquired by Seller (collectively, the “Lock-Up Securities”), (ii) make any demand for, or
exercise any right with respect to the registration of any of the Lock-Up Securities, or the filing of any registration statement,
prospectus or prospectus supplement, (iii) enter into any swap, hedge or any other agreement or any transaction that transfers,
in whole or in part, the economic consequence of ownership of the Lock-Up Securities or (iv) publicly announce the intention to
do any of the foregoing.

 

14.         No
Assumption of Company Debts and Liabilities. Purchaser and the Company agree that Purchaser shall not be liable for any of
Company’s debts, loans or liabilities by virtue of the Transactions, including but not limited to Company’s $3 million
dollar loan with New Castle County, Delaware.

 

15.         Miscellaneous.

 

(a)          Entire
Agreement; Amendment. This Agreement constitutes the entire understanding among the parties hereto concerning the subject matter
contained herein and supersedes any prior oral or written understandings or communications among the parties hereto regarding the
subject matter of this Agreement. This Agreement shall be amended only by a written instrument executed by the parties hereto.

 

(b)          Headings.
The headings of the Sections of this Agreement are included solely for convenient reference only and shall not be deemed to affect
the construction or interpretation of this Agreement.

 

(c)          Governing
Law. This Agreement shall be governed, construed and enforced in accordance with the internal laws of the State of Delaware,
without regard to the principles of conflicts of laws thereunder.

 

(d)          Counterparts.
This Agreement may be executed in two counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

 

(e)          Further
Assurances. At any time and from time to time after the date hereof, any Seller shall, upon the request of Purchaser, and Purchaser
shall, upon the request of any Seller, promptly execute, acknowledge and deliver such further instruments and other documents,
and perform or cause to be performed such further acts, as may be reasonably required to evidence or effectuate the sale, conveyance,
transfer and delivery hereunder of the Purchased Stock and the Purchaser Common Stock and the performance by the parties of any
of their other respective obligations under this Agreement and to carry out the purposes and intent of this Agreement.

 

    	 	9	 

     

    

 

(f)           Acknowledgment
of Limited Representation. Saul Ewing Arnstein & Lehr LLP has acted as counsel to the Company in connection with this Transaction,
and has not provided legal advice to Purchaser or any individual stockholder of the Company, including any Seller. Purchaser and
each Seller acknowledges that it or he has read and understood all the provisions of this Agreement, has been advised by the Company
to retain counsel, and has been advised by counsel as necessary or appropriate, as determined by Purchaser or such Seller.

 

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IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the Effective Date.

 

	PURCHASER:
	 
	SEVEN STARS CLOUD GROUP, INC.

 

	By:	/s/
    Robert G. Benya	 

	Name:	Robert G. Benya	 
	Office: 	President and Chief Revenue Officer	 

 

	COMPANY:
	 
	DELAWARE BOARD OF TRADE HOLDINGS, INC.

 

	By:	/s/ John F. Wallace	 

	Name: 	John F. Wallace	 
	Office: 	Chairman	 

 

[Signature Page to Stock Purchase Agreement]

 

     

     

    

  

	SELLERS:
	 
	ATLANTIC BRIDGE INVESTMENTS, LLC

 

	By:	/s/ Jose Albert Guadalupe	 

	Name: 	Jose Albert Guadalupe	 
	Office: 	Director	 

 

	DBOT-I LLC

 

	By:	/s/ John Hynansky	 

	Name: 	John Hynansky	 
	Office: 	Manager	 

 

	/s/ Michael J. Ramone	 
	Michael J. Ramone	 
	 	 
	/s/ Dennis Toner	 
	Dennis Toner	 

 

[Signature Page to Stock Purchase Agreement]

 

     

     

    

 

Schedule A

 

Shares of Purchased Stock to be Sold by Each
Seller

 

	Seller	 	Number of Shares
	 	 	 
	Atlantic Bridge Investments, LLC	 	625,000
	 	 	 
	DBOT-I LLC	 	833,333
	 	 	 
	Michael J. Ramone	 	918,546
	 	 	 
	Dennis Toner	 	166,667

 

     

     

    

 

Schedule B

 

Shares of Purchaser Common Stock to be Sold
to Each Seller

 

	Stockholder	 	Purchaser Shares Sold to Seller
	 	 	 
	Atlantic Bridge Investments, LLC	 	400,000
	 	 	 
	DBOT-I LLC	 	533,333
	 	 	 
	Michael J. Ramone	 	587,869
	 	 	 
	Dennis Toner	 	106,667

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