Document:

Exhibit 10.55

 

Trust Loan Contract

 

Between

 

China Minsheng Trust Co., Ltd.

 

And

 

Wuhan Kingold Jewelry Co., Ltd.

 

Contract No.: [2018-MSJH-91-2]

 

2018

 

     

     

    

 

 

Trust Loan Contract

 

Lender (Party A): China Minsheng Trust
Co., Ltd.

 

Address: 19/F, Tower C, Minsheng Financial
Center, No. 28, Jianguo Mennei Road, Dongcheng District, Beijing

 

Zip Code: 100005

 

Legal Representative: Zhiqiang Lu

 

Fax Number: 010-85259080

 

Phone Number: 010-85259071

 

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

 

Address: Te 15, Huangpu Science & Technology
Garden, Jiangan District

 

Zip Code: 430023

 

Legal representative: Zhihong Jia 

 

Fax Number: 027-65694977

 

Phone Number: 027-65694977

 

Whereas:

 

1. Party A is a duly incorporated
trust company with good standing, and Party B is a duly incorporated limited liability company with good standing.

 

2. According to [2018-MSJH-91-1]
China Mingshen Trust – Zhixin No. 537 Kingold Jewelry Loan Assembled Fund Trust Plan Trust Contract (“Trust Contract”
or “Trust Document”), Party A sets up China Mingsheng Trust – Zhixin No. 537 Kingold Jewelry Loan Assembled
Fund Trust Plan (“Trust Plan”) and agrees the trust fund is used to issue loans to Party B.

 

3. According to the Trust
Document, Party A plans to sign this Contract with Party B and issue a trust loan to Party B.

 

The Contract is made in
line with relevant laws and regulations to specify the rights and obligations of both parties after reaching consensus through
consultation.

  

     

     

    

 

Article 1 Definitions

 

1. In the Contract (as
defined below), save where the context or text otherwise requires, the following words and expressions shall have the same meanings
in the Trust Document:

 

1.1 Contract:
the Contract [2016-MSDY-47-2] Trust Loan Contract between China Minsheng Trust Co., Ltd. and Wuhan Kingold Jewelry Co., Ltd. and
any other effective revisions and annexes.

 

1.2 Issuance
Date of Loan: for each allocation of trust loan, the date of issued loan by Party A to Party B, specified on the certificate
of indebtedness of loan regarding that allocation. If the first Issuance Date of Loan is inconsistent with the date of establishment
of the Trust Plan, or if any following Issuance Date of Loan is inconsistent with the date of successful funding of the fund corresponding
to this loan, the date of when the Trust Plan begins effective or the corresponding following date of actual usage of each fund
allocation is the Issuance Date of Loan.

 

1.3 Expiration
Date of Loan: for each allocation of the trust loan, the expected expiration date of each trust loan, or the date of advanced
expiration of loan of each trust loan, or the date when the extending period of this loan ends.

 

1.4 Interest Settlement
Date: March 15, June 15, September 15, December 15 of each natural year and each Expiration Date of Loan. The Interest
Settlement Date cannot be extended.

 

1.5 Interest Payment
Date: each Interest Settlement Date. If Interest Payment Date is not a business day, then it will be the next business day.

 

1.6 Month:
for each allocation of trust loan, the period from the Issuance Date of Loan or corresponding date of the Issuance Date of Loan
(including that date; if there is no corresponding date of that month, then to be the last date of that month) to the corresponding
date of the Issuance Date of Loan of next month (excluding that date; if there is no corresponding date of that month, then to
be the last date of that month) is a loan Month for that allocation. The specific starting date and ending date should be the
dates on the certificate of indebtedness of that allocation.

 

1.7 Year:
for each allocation of the trust loan, the 12 Month period since the Date of Loan is a loan Year for that allocation.

 

1.8 Pledgor:
Wuhan Kingold Jewelry Co., Ltd.

 

1.9 Gold Pledge
Agreement: Gold Pledge Agreement between China Minsheng Trust Co., Ltd. and Wuhan Kingold Jewelry Co., Ltd. signed
by Party A and Pledgor [2016-MSJH-60-3].

 

1.10 Authorized
Subscription Contract of Trust Industry Security Fund: Authorized Subscription Contract of Trust Industry Security Fund [2016-MSJH-60-4]
signed by Party A and Party B.

 

     

     

    

 

1.11 Yuan:
refers to the monetary unit of China, the Reminbi or RMB.

 

1.12 China: Refers
to the People’s Republic of China excluding Hong Kong, Macau and Taiwan.

 

Article 2 Amount of
Loan

 

The amount of loan under
the Contract is One Billion Yuan, or RMB 1,000,000,000.00, in multiple allocations. The specific amount of each allocation of
loan shall follow the amount specified on the certificate of indebtedness of loan. 

 

Article 3 Purpose
of Loan and Supervision

 

3.1 Party B shall use the
loan for supplementary liquidity needs.

 

Party B is not allowed
to change the purpose of loan without prior written consent of Party A. Party B is not allowed to use the loan for fixed investment
in assets and stock rights etc., securities market investment, land storage, and real estate development, projects prohibited
by any law, regulation, regulatory provision and national policy.

 

3.2 The trustor under the
trust or a third party designated by it supervises if Party uses the money according to this Contract, and checks if

 

Article 4 Life of Loan

 

4.1 The loan
under this Contract is issued in allocations. The life of loan of each allocation of loan is 12 Months, calculated since its respective
Issuance Date of Loan.

 

4.2 Based on conditions
prescribed in the Contract, Party A shall have the right to announce that the loan or partial of the loan is due in advance.

  

Article 5 Interest
Rate, Interest Calculation, Settlement of Interest, Payment of Interest and Penalty Interest

 

5.1 Interest Rate

 

The annual interest rate
of loan under the Contract is 11%.

 

5.2 Interest Calculation

 

Interest of each loan under
the Contract will calculated respectively starting from the Issuance Date of Loan. The interest of each loan is calculated by
day, with daily interest rate= monthly interest rate/30= yearly interest rate/360. For each loan, amount of loan interest due
every day = amount of loan balance on that date x [11]%/360.

 

     

     

    

 

5.3 Interest Settlement

 

Interest on the loan under
this Contract is calculated by using the Interest Settlement Date corresponding to each loan. The period is from loan issuance
date (inclusive) or the last Interest Settlement Date (inclusive) to this Interest Settlement Date (exclusive). The last interest
settlement date of each loan under this Contract is the Expiration Date of Loan. The principal should be paid off along with its
interest.

 

5.4 Interest
Payment

 

Party B shall make full
interest payment to Party A for each loan on each Interest Payment Date.

 

5.5 Penalty Interest

 

(1) If Party B changes
the purpose of loan, Party B should pay additional 100% interest based on the original interest rate starting from the date of
such change regarding the changed part.

 

(2) If Party B fails to
make loan payments as scheduled, Party B shall pay additional 50% interest based on the original interest rate starting from the
date of such failure. If Party B fails to make interest payment as scheduled, Party B shall pay compound interest according to
the 50% penalty interest rate.

 

(3) Original interest rate
refers to the applicable rate used prior to the Expiration Date of Loan (including accelerated maturity date or expiration date
for extension).

 

(4) In case the payment
is overdue AND the purpose of loan has been changed, Party B shall pay the higher interest rate according to above provisions.

 

Article 6 Issuance of
Loan

 

6.1 Only after satisfying
the following prerequisites, Party A is in duty bound to issue a loan to Party B.

 

 (1) To issue the first
loan, the trust plan has been set; to issue each of following loans, the subscription of that trust unit is successful;

 

(2) According to currently
effective laws, regulations, certificate of incorporations and other organizational documents, Party B, each Warrantor and others
have provided all necessary legal documents and legally valid internal/external approval and authorization documents, and submit
the list of persons with signature rights and the signature specimen of these persons;

 

     

     

    

 

(3) The Contract, Contract
of Warranty, Fund Supervision Contract, Safekeeping Contract, Authorized Subscription Contract of Trust Industry Security Fund
and other transaction documents have been signed and taken affect;

 

(4) Notarization of compulsory
execution of the Contract and Gold Pledge Agreement has been transacted;

 

(5) Contract of Pledge
has been signed and taken affect and the pledged gold has been stored in a safe in Xingye Bank Ltd, Wuhan Branch;

 

(6) Until the issuance
date of the loan, all the statements and guarantees provided by Party B in Article 10 of this Contract are true, accurate and
effective. Party B’s financial situation is basically similar with it when signs this Contract without any major adverse
change;

 

(7) Until the issuance
date of the loan, the issuance of the trust loan of Party A to Party B under the Contract does not violate all the laws and regulations;

 

(8) Party B’s business
operation status (including but not limited to its financial status) does not have any substantial changes which cause any major
adverse influence on the transaction under the Contrac;.

 

(9) Any laws, regulations,
regulatory provisions, other regulatory documents or regulatory agencies do not limit or prohibit Party A to issue a loan to Party
B as described in the Contract;

 

(10) Other requirements
by Party A.

 

6.2 Within
three days since all conditions under Article 6.1 are met (unless Party A waives any or more of them), Party A should transfer
each loan to the following loan account opened by Party B.

 

Bank Name: Bohai Bank,
Wuhan Guanggu Branch

Account Number: 2002127680000525

Account Name: Wuhan Kingold
Jewelry Co., Ltd

 

Article 7 Repayment

 

7.1 Principal of Repayment

 

As for the loan under the
Contract, Party B shall repay interest first and then principal. Party A is entitled to use the payment of Party B to first pay
off all expenses which should be undertaken by Party B but are paid by Party A for Party B and expenses for Party A realizing
creditor’s right.

 

If the payment of Party
B is insufficient to pay off the payable amount of Party A (including but not limited to loan principal, interest, liquidated
damages, compensation for damage, expense for achieving the creditor’s right and other expenses payable) under the Contract,
Party A is entitled to decide the sequence of refunding principal, interest and other expenses.

 

     

     

    

 

7.2 Repayment of Principal
and Interest

 

Party B shall pay the interest
according to the Article 5.4 in the Contract on each Interest Payment Date. The last Interest Payment Date of every loan is the
Expiration Date of Loan for such loan under the Contract and the principal should be paid along with the interest.

 

7.3 Prepayment

 

(1) After each allocation
is issued for 3 months, Party B could request prepayment, but only after sending request in writing 30 days in advance to Party
A and getting Party A’s approval.

 

(2) Interest rate under
the Contract shall not change if Party B prepays.

 

(3) The interest of prepayment
is calculated according to this Contract. If the life of the loan of that month is less than 30 days, the loan interest is calculated
basing on 30 days. If the life of the loan is over 30 days (including), the loan interest is calculated basing on the actual usage
dates.

 

(4) If Party B prepays,
Party B shall make one lump-sum payment of principal along with interest.

 

7.4 Party B shall transfer
the payment of principals and interests to the following account appointed by Party A:

 

Bank name: China Merchants
Bank East Chang’an Branch of Beijing Subsidiary

Account number: 755900002810826

Account name: China Minsheng
Trust Co., Ltd 

 

Article 8 Warrant of
Loan

 

8.1 All debts under the
Contract (including but not limited to all principals, interests, default interests, compound interests, liquidated damages, compensation,
all payments for creditor to realize the creditor’s rights and other payments that Party B shall pay) are guaranteed by
the Pledgor in the following manners:

 

(1) Pledge: Party B provides
pledge guarantee with its inventory of gold with standard not lower than Au9995. Under the presumption of principal pledge rate
no higher than 70%, the gold amount that should be pledged is calculated basing on the Au9995 closing price of Shanghai Gold Exchange
on the day prior to pledgor date. The details are specified in the Gold Pledge Agreement.

 

8.2 For the details about
all warrant ways under Article 8., the Gold Pledge Agreement prevails.

 

     

     

    

 

Article 9 Rights, Obligations,
Representations and Warranties of Party A

 

9.1 Rights of Party A

 

(1) Party A is entitled
to require Party B to repay the principals, interests and expenses of the loan;

 

(2). Party A is entitled
to require Party B to provide the most recent audited financial statements and all other relevant documents related to the loan
under the Contract;

 

(3) Party A is entitled
to understand the production and management, financial activity of Party B;

 

(4) Party A is entitled
to report to the authorities if Party B evades Party A’s supervision, delays payment of loan principal and interest and
conducts other actions of breach of Contract;

 

(5) Party A or its authorized
third party is entitled to collect payments that are not fully paid or timely paid by Party B via various communication channels.
The expenses resulted from such collection acts will be borne by Party B;

 

(6) Party A or its authorized
third party is entitled to perform regular inspections on Party B’s purchase agreements to check the matching status of
the actual purchase agreements and actual fund usage;

 

(7) If any situation happens
as prescribed in Article 11 and Party A believes it may endanger creditor’s rights under the Contract, or Party B defaults
under this Contract in any way, Party A is entitled to announce the loan is due in advance and require Party B to pay all due
principals and interests of the loan;

 

(8) Party A’s other
rights entitled by law, regulations and the Contract.

 

9.2 Obligations
of Party A

 

(1) Issue the
loan on schedule based on the Contract, save the delay due to reason of Party B or other reasons not concerned about Party A;

 

(2) Keep the financial
information and the commercial secrets about production and management provided by Party B in confidentiality, save the laws and
regulations otherwise require, or disclose according to regulatory department and administrative supervision department or disclose
to engaged third parties.

 

9.3 Representations
and Warranties of Party A

 

Representations and Warranties
of Party A are as follows:

 

     

     

    

 

(1) It is a registered
trust company approved by China Banking Regulatory Commission and has the qualification to sign this Contract;

 

(2) Its real intention
to sign and perform the Contract. It has legally performed all necessary formalities for signing and performing the Contract.
All the procedures to sign and fulfill the Contract have been legally performed and are legally effective.

 

(3) It issues trust loan
to Party B under the Trust Contract and its execution and enforcement of this Contract does not violate any of its obligations
under the Trust Contract.

 

Article 10 Rights and
Obligations of Party B

 

10.1 Rights of Party B

 

(1) Entitled to get and
use the loan according to the stipulated terms and loan usages of the Contract.

 

(2) Entitled to require
Party A to keep the relevant financial information and commercial secrets about production and management provided by Party B
in confidentiality, save where laws, regulations or this Contract otherwise require or necessary disclosure to principals and
beneficiaries because Party A sets up the trust .

 

10.2 Obligations of Party
B

 

(1) Get the loan according
to stipulations of the Contract;

 

(2) Per Party A’s
requests, provide materials quarterly to Party A about financial accounting and production and management (depending on specific
situation of projects), including but not limited to the balance sheet, profit and loss statement, cash flow statement and financing
situation (all the banks with its accounts, accounts, balance situation, etc.), usage situation of loan fund, etc., and takes
responsibility of the authenticity, legality, completeness and validity of the foregoing provided documents;

  

(3) Use the loan for the
purpose agreed in the Contract and do not forcibly occupy and misappropriate it or use it in any project that violates the laws
and regulations;

 

(4) Actively cooperate
and consciously accept the investigation and supervision of Party A or its engaged third party on its production and management,
financial activity and loan utilization under the Contract;

 

(5) Pay off principals
and interests of loan on schedule and pay other amounts due (if any) in accordance with the stipulations of the Contract;

 

     

     

    

 

(6) Bear related expenses
under this Contract, including but not limited to insurance, evaluation, registration, safekeeping, appraisal, notarization and
other matters;

 

(7) Party B and its investors
are not allowed to secretly withdraw funds or transfer assets to evade debts to Party A;

 

(8) Before paying off the
principals and interests, it shall not, without Party A’s consent, use the assets resulted from the loan to warrant for
a third party;

 

(9) During the duration
of the Contract, it shall not provide any warrant to a third party without Party A’s consent, shall not allocate its profits;
repayment of loans of Party A’s shareholders shall not be done before the repayment of principal and interest of the loan
under this Contract;

 

(10) Before any full or
partial transfer of debt to a third party, it shall get prior written consent of Party A;

 

(11) During the duration
of the Contract, if Party B alters its name, legal representative, address, business scope and registered capital, it should notify
Party A in writing;

 

(12) During the duration
of the Contract, in case Party B engages in contracting out business operation, lease, shareholding system transformation, joint
venture, merger, acquisition, separation, increase and decrease of capital, alternation of stock rights, transfer of material
assets or other acts of disposition which will impact the realization of Party A’s credit, Party B shall notify Party A
in writing at least 30 days in advance for its consent and address the matters of payment and guaranty of the debt under the Contract
according to Party A’s requirements;

 

(13) In case Party B suffers
business halts, bankruptcy, dissolution, closure of business, cancellation of business license, and revocation, the Contract is
deemed to reach its expiration. Party B shall send a written notice to Party A within three days since the date of its occurrence
and repay all principals and interests immediately;

 

(14) If any incident causes
danger to Party B’s normal business or materially and adversely affect Party B’s ability to fulfill its payment obligation
under the Contract, including but not limited to, material financial disputes, litigation, deterioration of financial situation,
serious hardship of production and operation, dissolution, closure of business, cancellation of business license, and revocation,
etc., Party B shall send a written notice to Party A within three days since the date of its occurrence and address the matters
of payment and guaranty of the debt under the Contract according to Party A’s requirements;

 

(15) Ensure all Warrantors
(if any) to work with Party A to sign Contracts of Warranty (if any) and go through relevant notarization and registration procedures;

 

     

     

    

 

(16) In case the Warrantors
under the Contract suffers business halts, bankruptcy, dissolution, closure of business, cancellation of business license, revocation
or similar situations, and partly or fully loses the warrant ability corresponding to this loan, Party B shall promptly provide
Party A other warrant recognized by Party A;

 

(17) Party B, without any
consent from Party A, shall not incur any kind of debt, investment or financing, including but not limited to, bank loan, trust
loan, merger loan, setting property trust, setting special asset earning right, share or share beneficiary investment and financing,
and other kinds of investment and financing activities;

 

(18) During the term of
this Contract, Party B does not distribute dividends to shareholders;

 

(19) Party B shall take
responsibility to Party A for the loss caused by breaching the Contract.

 

10.3 Representations and Warranties of
Party B

 

Representations and warranties
of Party B are as follows:

 

(1) It is a legally registered
and validly existing business entity. Until the Issuance Date of Loan, it is in normal operation, and does not have any current
or reasonably expected factor which may cause it to be unable to keep the normal operation during the loan term;

 

(2) It is its real intention
to sign and perform the Contract. It has legally performed all necessary formalities for signing and performing the Contract.
These conducts do not violate the certificate of incorporation or other organizational documents or any laws, regulations, charters
and other regulatory documents, judgments, contracts, commitments, or arrangements. All the procedures to sign and fulfill the
Contract have been legally performed and are legally effective;

 

(3) All the documents,
materials, relevant financial statements and certificates provided to Party A for the loan under the Contract are true, correct,
complete, legally valid, and do not have any misleading statements, false record or material omission;

 

(4) It does not conceal
any past actions or actions that may happen which might prevent the issuance of the loan under the Contract, including but not
limited to,

 

1) serious illegal actions,
discipline incidents or material claims related to it or its person in charge;

3) any breach actions related
to contracts with other creditors;

2) litigations, arbitrations
and other disputes;

4) its debt and debt guarantees;

5) other situations that
might influence its financial status or repayment ability.

 

     

     

    

 

(5) It allows Party A to
investigate its credits from the credit data center approved and set up by People's Bank of China and its credit supervisor department
or relevant agencies, agrees Party A to disclose its information to the credit data center approved and set up by People's Bank
of China and its credit supervisor department, or reasonably use or disclose those credit information out of business needs;

 

(6) Any existing legal
documents relevant to financing and/or guarantee (if any) do not include any terms that limit Party B’s refinancing or providing
guarantee and do not affect Party B’s application of trust loan to Party A under the Contract.

 

Article 11 Responsibility of Default

 

11.1 Default Situations

 

(1) Party B shall take
the responsibility of default by law if any situation as follow happens:

 

1) Fail to provide true,
complete and valid financial, accounting, operation status and other materials; conceal information that may affect its ability
to repay the loan;

 

2) Fail to use the loan
for the purpose agreed in the Contract, refuse Party A’s or its authorized third party’s supervision over the usage
of the loan;

 

3) Fail to pay interests
or any term of interest under the Contract on schedule, or fail to pay other amount payable (if any);

 

4) Transfer assets or withdraw
funds to evade debt;

 

5) Deterioration of operation
and financial conditions, failure to pay off due debt, involvement in serious litigation, arbitration or other legal disputes
or undertaking other debts happens and Party A believes it may affect or threaten its rights and benefits under the Contract;

 

6) During the duration
of the Contract, conducting transactions such as contracting out business operation, lease, shareholding system transformation,
joint venture, merger, acquisition, separation, increase and decrease of capital, alternation of stock rights, and other actions
changing operating way or system which Party A believes may impact or have impacted Party A’s rights under the Contract;

 

7) Its other debts may
or have affected the fulfillment of obligations to Party A;

 

8) Distribute dividend
without any consent from Party A during the duration of the Contract;

 

9) Enter into legal proceedings
of custody, taken over, consolidation, settlement, reorganization, bankruptcy, or dissolution, or being cancelled business license,
or being ordered business closure, stop, revocation or dissolution;

 

     

     

    

 

10) If Party B and/or Warrantor
has any situation that Party A believes material and disadvantageous, or violates any other project or contract with Party A or
other financial institution, Party A has the right to adopt the remedies under Article 11.2 under this Contract. If the violation
is serious, Party A has the right to terminate all projects cooperated with Party B;

 

11) Other breaches of the
Contract or other circumstances that Party A believes may affect or threaten or have affected or threatened the realization of
Party A’s rights and benefits under the Contract.

 

(2) If any following circumstances
happens to the Pledgor that Party A believes may affect the warrant ability of the mortgagor (or the Pledgor) and requires the
mortgagor (or the Pledgor) to remove the adverse implication caused by it, but the Pledgor and Party B do not cooperate, or Party
B refuses to provide new warrant and/or other remedies approved by Party A, Party B is deemed to violate the contract :

 

1) Upon signing the Gold
Pledge Agreement, the Pledgor concealed any situation that the rights associated with the pledge has been addressed, including
but not limited to, that the pledge has been rented, sold, the beneficial rights, operation rights or other rights have been transferred
by the Pledgor, the Pledgor/lessor has obtained long term rent in a lump-sum, or the Pledgor has already set up warrant, pledge
and other rights;

 

2) The behavior of a third
party resulted in the damage, lost, or devaluation of the pledge, and the Pledgor fails to address the damages under the mortgage
agreement;

 

3) The Pledgor’s
behavior will decrease the value of the pledge but refuses or fails to stop the action, restore its original situation or provide
any warrant upon Party A’s request;

 

4) Without any written
consent from Party A, the Pledgor gives, transfer, leases, repledges, transfer-pledges, moves the pledge, or addresses the pledge
in any other way or sets up other rights on the pledge;

 

5) The Pledgor addresses
the pledge with Party A’s consent, but fails to follow the Gold Pledge Agreement when handling the disposal price of the
pledge;

 

6) The pledge is damaged,
lost or its value is reduced which affects the repayment of the debt under the Contract, and the pledgor does not restore its
value promptly, or provides other warrants recognized by Party A;

 

7) The Pledgor fails to
transact notarization according to the Contract and the Gold Pledge Agreement;

 

8) Other breach scenarios
under the Gold Pledge Agreement.

 

     

     

    

 

11.2 Default Remedies

 

Party A is entitled to
take one or more of the following measures if and of the abovementioned defaults happen:

 

1) Stop issuing the rest
of the loan that has not been issued yet;

 

2) Announce the payment
is due immediately, collect in advance those loans issued, and require Party B to repay all the loan principals, interests and
other payments under the Contract;

 

3) Charge Party B the liquidated
damage which is 20% of the principal;

 

4) Exercise guarantee rights;

 

5) Terminate the Contract
and other Contracts of Warranty (if needed);

 

6) Other measures provided
by regulations, regulatory provisions and the Contract.

 

11.3 Special Agreement

 

Within 5 days since the
Loan Trust is set up, if Party B fails to fulfill relevant borrowing obligations under this Contract without any reasons, it shall
pay Party A liquidated damages of 3,000,000 Yuan and Party A has the right to terminate this Contract unilaterally.

 

Article 12 Amendment
and Termination of Contract

 

Upon the effectiveness
of the Contract, any party shall not alter or terminate the Contract unilaterally unless the Contract provides otherwise. Any
amendments or alterations shall be agreed by both parties in a written agreement.

 

Article 13 Applicable
Laws and Dispute Resolutions

 

13.1 Both parties shall
solve disputes arising from the Contract or related to the Contract by negotiation or settlement. In case no settlement can be
reached through negotiation, the parties shall submit the dispute to the people’s court with jurisdiction in the domicile
of Party A. Unless otherwise specified in the judgment, the actual cost of the parties related to the suit (including but not
limited to court fees and reasonable attorneys' fees) shall be borne by the losing party.

 

13.2 The agreement, interpretation,
performance and dispute resolution under the Contract are subject to laws and regulations of People’s Republic of China.

 

13.3 During the period
of dispute resolution, Party A and Party B shall still perform the terms without disputes under the Contract. No party could refuse
to perform any of its obligations under the Contract.

 

     

     

    

 

Article 14 Notarization
of Compulsory Execution

 

14.1 Party A and Party
B confirm that, within three days of execution of the Contract, both parties will transact compulsory notarization of the Contract
at Beijing Fangzheng Notary Office.

 

14.2 Party B hereby commits
that if it fails to fulfill or incompletely fulfills any of its obligations under the Contract, it is willing to receive judiciary
compulsory execution, without any judicial proceeding. Party A can directly apply for compulsory execution to people’s court
with jurisdiction according to Article 238 of Civil Procedure. Party B waives right of defense for such application.

 

14.3 Party A and Party
B confirm that both parties fully understand the meaning, content, procedure and effect of notarization of compulsory execution
proscribed by relevant laws, regulations and regulatory documents.

 

14.4 If Party B fails to
perform or inappropriately performs debt documents which has been notarized and have the compulsory execution effect, Party A
can apply for issuance of compulsory execution document to the notary office. Party B shall cooperate with the notary office to
complete the verification procedure. Party B commits to cooperate fully with the application by Party A (including but not limited
to the verification procedure with the completion of the notary office). If Party B fails to fulfill such obligation timely, Party
B hereby confirms: in the case of absence of Party B, after the notary, based on the notary application by Party A and its internal
procedure, completes the verification process, it deems to finish the verification process. Party B fully recognizes its legal
consequences.

 

14.5 This Article has priority
to the Article 13.1. Party B shall bear the expense arising from application of compulsory notarization.

 

Article 15 Notification
and Delivery

 

15.1 All the notifications,
documents and materials sent or provided to each party because of execution of the Contract shall be delivered according to the
contact in the cover page. If the contact information of one party changes, it shall notify the other party in writing (fax or
express mail) within three workdays since the date of change. Otherwise, the notification from he party which does not change
the contact information to the other party by fax or express mail according to the contact information in this Contract is deemed
to be delivered.

 

15.2 Contact information
of both parties:

 

Party A: China
Minsheng Trust Co., Ltd.

Mailing Address: 19/F,
Tower C, Minsheng Financial Center, No. 28, Jianguo Mennei Road, Dongcheng District, Beijing

Zip Code: 430023

Contact Person: Zhang Cheng

Phone Number: 13671758496
010-62594986

Fax Number: 010-85259080

Email: zhangcheng@msxt.com

 

     

     

    

 

Party B: Wuhan Kingold
Jewelry Co., Ltd.

Mailing Address: Te 15,
Huangpu Science & Technology Garden, Jiangan District

Zip Code: 430014

Contact Person: Qiao Hu

Phone Number: 13317109760

Fax Number: 027-82302999

Email: webmaster@kingold.com.cn

 

15.3 Notification is deemed
to be delivered to the other party on the following date:

 

(1) Personal delivery:
effectively delivered on the date when the designated person delivers it;

 

(2) Registered letter service:
the third day after the mailing day (postmark as the proof) ;

 

(3) Fax: when the confirmation
of successful delivery is created by the fax machine;

 

(4) Express mail service:
the second day after postmark date;

 

(5) Email: date stated
in the email system of successful delivery.

 

Article 16 Supplementary
Provisions

 

16.1 Any amendment of the
Contract as the attachment of the Contract has the equal legal effect with the Contract.

 

16.2 The Certificate of
Indebtedness under the Contract and other relevant documents confirmed by both parties are indivisible component of the Contract.

 

16.3 Party B has read all
the terms of this Contract. Per Party B’s requirements, Party A has explained the relevant provisions under this Contract.
Party B has acknowledged and fully understood on the meaning of the Contract terms and the corresponding legal consequences.

 

16.4 In the course of performing
this Contract, if Party A does not exercise or timely exercise any of its rights under this Contract, it shall not be deemed to
have waived such rights, and it does not affect the exercise of Party A’s other rights and fulfillment of Party B’s
obligations under this Contract. All waiver of rights shall be made in writing.

 

16.5 Representations and
Warranties in the Contract are set out separately and independently. Except as otherwise expressly agreed in this Contract or
the parties otherwise agreed in writing, they will not be restricted by other terms in the Contract that may contain contrary
meanings. If a provision of this Contract or any part of a provision becomes invalid at present or in the future, this invalid
provision or the invalid part of the terms of the Contract does not affect the other terms of the Contract or the validity of
other content in the term.

 

     

     

    

 

16.6 The agreements in
the Contract include Representations and Warranties specified in this Contract, and any violation of these Representations and
Warranties are treated as breach of Contract.

 

16.7 Both parties shall
ensure that the Contract is fully executed by conducting and signing any further actions, incidents, documents, so the expected
purpose of this Contract could be fully achieved.

 

16.8 The titles in the
Contract only serve as easy access to all the terms. Under no circumstances they shall be construed as an integral part of this
Contract, or as limitation of its terms of indication.

 

16.9 The Contract is the
complete document on the matters covered by it agreed by both parties. This Contract, together with any attachments to this Contract
constitutes the entire agreement between the parties of this Contract. If any previously signed letter of intent, other legal
documents or other written and oral agreements are inconsistent with this Contract, this Contract shall prevail.

 

16.10 The Contract is effective
on the day when it is signed and stamped by the legal representative or an authorized representative of each party and shall terminate
when all loan principals, interests, penalty interests, liquidated damages, damages compensation and all other sums due (if any)
are paid off.

 

16.11 All six copies of
the original Contract has the same legal effect; three copies are possessed by Party A and one copy is possessed by Party B; the
remaining copies are for handling enforcement of notarization, pledge registration procedures, etc.

 

Both parties have read
all terms of the Contract and have completely understood the meaning of Contract terms and corresponding legal consequences. No
party shall challenge any terms under the Contract on the any basis such as material misunderstanding or unconscionability.

 

(Signature page follows) 

 

     

     

    

 

(This is the signature page
of Trust Loan Contract of No. 2018-MSJH-91-2 and has no content of contract)

 

	Party
    A:	/s/
    China Minsheng Trust Co., Ltd.	 

	Legal Representative/Authorized
    Representative:	/s/
    Zhibo Zhang	 

 

	Party
    B:	/s/
    Kingold Jewelry Co., Ltd.	 

	Legal Representative/Authorized
    Representative:	/s/
    Zhihong Jia	 

  

Contract signed on:December
21, 2018

Contract signed in: Dongcheng
District of Beijing CityExhibit 10.56

 

Contract No.: 2019JHXT0002-RZ-DK01

 

Trust Loan Agreement

 

Beifang Trust Co., Ltd.

 

    	 	 	 

     

    

 

Lender: Beifang Trust Co., Ltd.

Legal representative: Wang Jiandong

Address: Beifang Jinrong Building, No. 5, Youyi
Road, Hexi District, Tianjin City

 

Borrower: Wuhan Kingold Jewelry Co., Ltd.

Legal representative: Jia Zhihong

Address: No. 15, Huangpu Technology Zone, Jiang'an
District, Wuhan

 

Whereas:

 

The Lender is a trust company approved by
China Banking Regulatory Commission and lawfully formed and validly existing by virtue of the laws of China.

 

The Borrower is a lawfully formed and validly
existing enterprise by the law of the People's Republic of China.

 

The Borrower apply trust loan to the Lender
and the Lender agrees to release trust loan according to the terms agreed in this agreement.

 

The two parties, through friendly negotiation,
have agreed on the matters of trust loan. The two parties hereby conclude the Agreement pursuant to relevant laws and administrative
regulations through friendly negotiation.

 

Article 1 Definition and Interpretation

 

1.1 Definition

 

Terms defined in the Agreement have the same
meanings herein unless there is another special explanation or the context otherwise requires.

 

Lender refers to Beifang Trust Co., Ltd.

 

Borrower refers to Wuhan Kingold Jewelry Co.,
Ltd. and its legal heir.

 

Trust/Trust Plan refers to the Trust Plan
of Beifang·Zhixin No. 54 Kingold Jewelry No.2 Gold Pledge Loan Assembled Funds.

 

Pledger refers to Wuhan Kingold Jewelry Co.,
Ltd.

 

Guarantor refers to Jia Zhihong.

 

Contract of Gold Pledge refers to the Contract
of Gold Pledge with a contract number of 2019JHXT0002-RZ-ZY01 and its appendix (including but not limited to Hostage List and
any other valid modification and supplemental agreement).

 

    	 	 	 

     

    

 

Contract of Guaranty refers to the Contract
of Guaranty with a contract number of 2019JHXT0002-RZ-BZ01, 2019JHXT0002-RZ-BZ02.

 

Policy of Property Fundamental Insurance refers
to the policy of insurance (property insurance) for the insured gold under pledge with the Pledger as the sole beneficiary and
any valid modification and supplement.

 

Standard Gold refers to the standard gold
with the finess of 999.9 to be traded in Shanghai Gold Exchange.

 

Pledged Gold refers to the standard gold that
is legally pledged by the Pledger to the Lender according to the Agreement and Contract of Gold Pledge and that is taken from
Shanghai Gold Exchange warehouse according to the relevant regulations and procedures.

 

Gold Price refers to the closing price of
the standard gold of Shanghai Gold Exchange in the afternoon of day T, unless otherwise agreed herein.

 

Pledge Date refers to the actual date when
the pledged gold is stored in the safe deposit box rent by the Lender.

 

Price of Pledged Gold refers to the price
of pledged gold on the pledge date, i.e. the gold price on the date previous to the pledge date of the pledged gold; the price
of pledged gold after the pledge date refers to the real-time gold price.

 

Day T refers to a certain trading day of standard
gold in Shanghai Gold Exchange.

 

Guarantor refers to the Pledger and the Guarantor
collectively.

 

Contract of Guaranty refers to the Contract
of Pledge and the Contract of Guarantee collectively.

 

Interest Settlement Date refers to the date
when the Borrower and the Lender hereunder settle the loan interest. The interest settlement date hereunder is divided into fixed
and ordinary interest settlement dates. The fixed interest settlement date is the 5th working day from the date of issuance of
each loan. The ordinary interest settlement date is the 20th day of each month at the end of each natural quarter from the date
of issuance of each loan hereunder and the maturity date of each loan (or maturity date in advance).

 

Interest settlement period refers to the period
from the actual date of issuance of each trust loan (inclusive) or the previous settlement date (inclusive) to the current interest
settlement date (exclusive), but the last interest settlement period refers to the period from the settlement date previous to
the maturity date of each trust loan (inclusive) to the maturity date of each trust loan (exclusive).

 

    	 	 	 

     

    

 

Interest Payment Date refers to the date when
the Borrower pays interest to the Lender under the Agreement. The interest payment date hereunder is the interest settlement date,
and the last interest payment date is the maturity date of trust loan. If the interest payment date is on a legal holiday, it
shall be postponed to the next working day.

 

RMB (¥) refers to the legal tender of
the People's Republic of China, calculated in Yuan.

 

Occupy Days refers to principle occupy days
from the loan issuance date (inclusive) to a closing date (exclusive).

 

Working day refers to the normal business
day of the Lender (excluding the legal weekend and holiday).

 

1.2 Explanation

 

The words used in this Agreement like “of
this Agreement”, “in this Agreement”, “mentioned in the Agreement”, “under this Agreement”
and any other words with similar words shall be referred to all parts of the Agreement and the Agreement as a whole, but not referred
to any specific part or term.

 

The title of term in the Agreement shall not
be deemed to include all the contents under the relevant term or to explain the relevant term or the Agreement.

 

Article 2 Loan

 

2.1 Loan Amount

 

The loan amount hereunder is RMB three hundred
million yuan (in figures: ¥300,000,000.00) (subject to the actual amount of funds raised by the trust plan) and can be issued
by Tranche. The amount of each Tranche shall be subject to the amount of funds raised in the corresponding period by the trust
plan.

 

2.2 Intended Use of the Loan

 

The intended use of the loan hereunder is
to purchase standard gold raw material with the density of 999.9. The Borrower shall not change the intended use of the loan without
authorization and shall not use the trust loan for the purpose of fixed assets, equity investment and any other purposes which
violate laws and regulations, national policies and financial requirements.

 

2.3 Loan Period

 

Each loan period hereunder shall be no longer
than 24 months, calculated from the date of issuance of each loan. And period of each batch of loan shall not surpass 12 months.

 

    	 	 	 

     

    

 

2.4 Loan Interest Rate

 

The loan interest rate hereunder is divided
into ordinary and fixed loan interest rates, of which, for the first year, the ordinary loan interest rate is 10% per year.

 

The interest hereunder includes VAT and surcharges.
Therefore, the Borrower doesn't need to pay VAT and surcharges separately to the Lender in addition to the interest as agreed
herein.

 

2.5       The
amount, date of issuance (i.e. commencement date) and maturity date of the trust loan hereunder shall be subject to the record
of the actual loan receipt (also called loan note, similarly hereinafter).

 

Article 3 Issuance of Loan

 

3.1       The
Lender shall issue the loan hereunder to the Borrower with all the following prerequisite conditions satisfied:

 

(1) Trust is created validly;

 

(2) The Borrower, according to the relevant
laws and regulations, has obtained approval and completed the registration, delivery and other legal procedures concerning the
Loan under this Agreement and has submitted the written voucher of the above mentioned procedures to the Lender;

 

(3) Contract of Guaranty and Contract of Gold
Pledge corresponding to the first Tranche of the loan have been signed and taken effect and their notarial acts for compulsory
execution have been completed; Policy of Property Fundamental Insurance has been signed and taken effect;

 

(4) Before the issuance of the first Tranche
of trust loan, the Borrower has provided the Lender with the corresponding amount of the pledged gold calculated according to
the pledge interest rate as the guaranty for pledge, has stored the the pledged gold in the safe deposit box rent by the Lender
(hereinafter referred to as "safe deposit box") and has bought relevant insurance for the pledged gold according to
the agreement herein;

 

(5) The loan receipt has been delivered by
the Borrower, and the legal and valid internal decision or approval documents have been delivered by the Guarantor;

 

(6) The Borrower has delivered all the written
documents for applying the loan as required by the Lender and promises that all documents delivered are true, complete, accurate
and valid.

 

3.2 The Lender shall issue subsequent trust
loans hereunder to the Borrower with all the following prerequisite conditions satisfied:

 

(1) Subsequent trust loans have been created
validly;

 

    	 	 	 

     

    

 

(2) Contract of Gold Pledge corresponding
to the subsequent trust loans have been signed and taken effect and notarial acts for compulsory execution have been completed;
Policy of Property Fundamental Insurance has been signed and taken effect;

 

(3) In the event of newly-added guarantee,
the Contract of Guarantee has been signed and taken effect and relevant procedures for guarantee have been completed (such as
mortgage and pledge registration procedures);

 

(4) Before the issuance of subsequent trust
loans, the Borrower has provided the Lender with the corresponding amount of the pledged gold calculated according to the pledge
interest rate as the guaranty for pledge, has stored the pledged gold in the safe deposit box and has bought relevant insurance
for the pledged gold according to the agreement herein;

 

(5) The loan receipt has been delivered by
the Borrower, and the legal and valid internal decision or approval documents have been delivered by the Guarantor;

 

(6) The Borrower has delivered all the written
documents for applying the loan as required by the Lender and promises that all documents delivered are true, complete, accurate
and valid.

 

3.3 Each loan issued by the Lender to the
Borrower is defined as the first, second, third, loan in the order of issuance.

 

3.4 The bank account of the Borrower which
is used to receive the loan is as following:

 

Beneficial Name: Wuhan Kingold Jewelry Limited
Liability Company

 

Account number:

 

Bank of deposit:

 

The Lender shall disburse the loan fund to
the above mentioned account, by means of which the Lender shall be deemed to have issued the loan to the Borrower and the Borrower
shall be deemed to have taken the loan.

 

Article 4 Repayment of the Principal and
the Interest

 

4.1 The Borrower shall repay the loan according
to the following sequence:

 

The Lender has the right to use the repay
of the Borrower first on the fees that agreed in the Agreement paid by the Lender which shall be repaid by the Borrower and other
fees that used to realize the Lender’s credit right.

 

If the repaid amount of the Borrower cannot
cover the amount under this Agreement that shall be paid on the expiration date (including but not limited to loan principal,
interest (including fine interest), penalty, damage awards, fees that used to realize the Lender’s credit right and other
accrued charge), the Lender has the right to decide the sequence repaying the principal, interest and other fees.

 

    	 	 	 

     

    

 

4.3 The Borrower shall pay back the payable
principal balance on the due date of each loan. If the due date is on a legal holiday, it shall be included into the actual number
of days for using the loan and the repayment shall be made on the next working day.

 

4.4 When the first loan is over a year, the
Borrower can repay the loan in advance after a written application is submitted to the Lender 10 working days in advance. If the
Borrower chooses to repay the trust loan, it shall repay each loan on the date when all loans are over 1 year.

 

If the Lender agrees to repay the loan in
advance, the interest of loan which has been paid by the Borrower shall not be returned or used to deduct the accrued but unpaid
interest or other payment.

 

4.5 The bank account of the Lender used to
receive the repayment is as follows:

 

Account title: Beifang Trust Co., Ltd.

 

Account number:

 

Bank of deposit:

 

4.6 The Borrower shall repay the accrued amount
under the Agreement in full and on time, without any offset, claim, restriction, and tax deduction or withholding of any nature.

 

Article 5 Guaranty

 

The loan under this Agreement shall be guaranteed
as the following method:

 

5.1 Contract of Gold Pledge shall be signed
by the Pledger and Lender to provide pledge guarantee for the Borrower's performance of obligations and responsibilities hereunder.
Otherwise, the Pledger shall purchase property fundamental insurance and additional insurance from the People's Insurance Company
of China Limited for pledged gold with the Lender as the sole beneficiary against theft and robbery.

 

5.2 Contract of Guaranty shall be signed by
the Guarantor and the Lender to provide guarantee for all the joint liabilities and responsibilities of the Borrower's performance
of obligations and responsibilities hereunder.

 

Article 6 Tax

 

The Lender and the Borrower shall pay their
respective relevant tax and other fees according to the national laws and regulations.

 

    	 	 	 

     

    

 

Article 7 Representations and Warranties

 

The Borrower makes the following representations
and warranties to the Lender on the date of signing this Agreement and each of the interest days:

 

7.1 The Borrower is a legal person established
and existing pursuant to the laws of the People's Republic of China, legally approved and registered by the administrative department
for industry and commerce or the competent authority, and has obtained necessary authorization and approval to sign the Agreement.
After being signed, the Agreement shall constitute a legal, effective and binding document for the Borrower.

 

7.2 The Borrower is in good financial condition
without significant poor credit record.

 

7.3 The financial statements provided by the
Borrower to the Lender are developed in accordance with the current effective laws, regulations and generally accepted accounting
standards, which truly and accurately reflect the Borrower's financial position during the reporting year.

 

7.4 Other information provided by the Borrower
to the Lender is true, complete and valid, and the copies submitted are all in consistent with the original ones.

 

7.5 The Borrower is not involved in any liquidation,
dissolution, merger, division or similar legal procedures, and has not caused any event or circumstance which may result in such
legal proceedings.

 

7.6 The Borrower's signature of this Agreement
and exercise and performance of its rights and obligations hereunder are not violating and will not violate any agreement or other
documents signed by the Borrower to affect the security of the claims under this Agreement, will not violate the approval documents,
internal rules and regulations and the laws, government orders or judicial decisions.

 

7.7 The Borrower has not concealed any circumstances
including but not limited to the following ones that have occurred or are occurring sufficient to influence its solvency: a. Involving
in major violations, illegal or claimed events of the Borrower or its principal leader; b. The Borrower's breach of contract under
other contracts; c. The debts or contingent liabilities incurred by the Borrower or the guarantee provided to the third party;
d. Unsettled major litigation, arbitration cases; e. Other circumstances that may affect the Borrower's financial position and
solvency.

 

7.8 The Borrower shall not change the purpose
of the loan without authorization, use the funds of trust loan for equity investment, investment in negotiable securities, futures
or financial derivatives, venture investment, investment in real estate development, land reserve and government public welfare
projects, use the loan directly or indirectly to provide financing for enterprises which are considered with high pollution, high
energy consumption or excess capacity, or for other purposes which violate national policies, laws, regulations and financial
regulations.

 

    	 	 	 

     

    

 

7.9 The Borrower agrees and authorizes the
Lender to make an inquiry, use the Borrower's credit report and provide information for the basic financial credit database, and
signs the Power of Attorney for Enterprise Credit Information Inquiry.

 

The Borrower confirms that the above statement
and warranty is valid for the duration of this Agreement and the Borrower has a clear understanding of the above statement and
assurance is the basis that the Lender agrees to its borrowing request and for the entering into this Agreement.

 

Article 8 Borrower's Commitments

 

The Borrower promises the following:

 

8.1 The Borrower operates pursuant to laws,
complies with national laws and regulations, and uses the loan in full accordance with the purposes agreed herein.

 

8.2 The Lender may at any time in any reasonable
manner inspect and supervise the use of the loans and understand the Borrower's plan execution, operation management, financial
activities, materials inventory and major transaction contracts, etc. The Borrower must actively cooperate with the Lender on
the supervision of the use of loans and the operation, provide relevant information like financial statements and be responsible
for the authenticity, integrity and effectiveness of the information.

 

8.3 The Borrower promises to liquidate loans
in priority without violating the normal reimbursement order, and is not entering or will not enter into any agreements or other
legal documents that cause the loans hereunder to be subordinate.

 

8.4 The Borrower shall promptly notify the
Lender of the failure of the Guarantor in the event of production halts, closing a business, the cancellation of registration,
the revocation of the business license, bankruptcy, revocation and operating loss, being partly or totally incapacitated with
the loan, and provide other guarantees approved by the Lender.

 

8.5 The Borrower shall notify the Lender in
writing within seven days of any of the following circumstances:

 

(1) All legal proceedings, arbitration or
administrative investigation procedures that affect the interests of the Borrower occur.

 

(2) Any breach of contract occurs or will
occur.

 

(3) The Borrower is informed that its or any
of its important assets relating to any proceeding or arbitral proceeding, compulsory execution, attachment, seizure or similar
measures, or events or circumstances that may result in such proceedings or measures.

 

(4) The Borrower has an economic dispute with
a third party due to economic activities or conducts affecting the Borrower to carry out normal operating activities.

 

    	 	 	 

     

    

 

(5) Any event that may be seriously detrimental
to the Borrower's business, asset status, etc.

 

(6) The Borrower is required to change the
legal representative, the name of the unit, modify the articles, or make significant changes in financial and personal matters.

 

(7) The Borrower transfers the equity, makes
foreign investment, and increases debt financing substantially.

 

8.6 The Borrower undertakes that no merger,
division, dissolution, liquidation and any other action affecting the interests of the Lender will occur without the written consent
of the Lender.

 

8.7 In the event that the after-tax net profit
for the relevant fiscal year is zero or negative, or the after-tax profit is insufficient to cover the accumulated losses in the
previous fiscal year, or the pre-tax profit is not used to settle the principal, interest and expense payable by the Borrower
during this fiscal year, or the pre-tax profit is not sufficient to pay off the next principal, interest and expenses, or before
the liquidation of the principal and interest of the loan, the Borrower shall not distribute dividends or bonus to the parent
organization and/or shareholders in any form.

 

Article 9 Breach of Contract

 

Any of the following events may constitute
a breach of the contract by Borrower:

 

9.1 The Borrower fails to pay any amount due
as agreed herein.

 

9.2 The Borrower fails to perform other payment
obligations timely under other agreement signed with the Lender.

 

9.3 The Borrower fails to use the loan for
the purposes specified herein.

 

9.4 The Borrower's matured debts under any
other loan financing agreement are unpaid, or any such debts are declared matured in advance before the expiry date.

 

9.5 The Borrower has been involved in any
liquidation, bankruptcy, dissolution, suspension or similar proceedings.

 

9.6 Any significant asset of the Borrower
has been involved in any compulsory execution, attachment, seizure, lien, regulatory measures or similar measures.

 

9.7 The Guarantor fails to comply with or
perform any of the terms of the Contract of Guarantee.

 

9.8 The Borrower violates the matters set
forth in Article 7 Representations and Warranties of the Agreement and the undertakings provided in article 8 Commitments.

 

    	 	 	 

     

    

 

9.9 Other circumstances that may endanger
the security of the claims under this Agreement.

 

Article 10 Relief Measures

 

10.1 In case of the events of default listed
in Article 9 of this Agreement, the Lender may take the following relief measures:

 

(1) The Lender is entitled to declare that
loans under this Agreement will be immediately matured in advance and part or all of the issued loans shall be withdrawn in advance.

 

(2) If the Borrower fails to repay the principal
and interest of the trust loans on schedule or use the loans for the purpose as agreed herein, a penalty of interests shall be
calculated at an interest rate of 0.06% from the date of overdue or failure to use the loan as agreed herein according to the
amount and period of default.

 

(3) The Borrower is required to provide guarantee
approved by the Lender in writing.

 

(4) Exercise any security right.

 

(5) Terminate the Agreement.

 

(6) Other necessary measures.

 

(7) If the Borrower violates the provisions
of this Agreement and causes any loss to the Lender, even the Lender has taken the above relief measures, it is insufficient to
compensate for all losses (including but not limited to all the principals of the loan, interest (including penalty), the expenses,
litigation costs, attorneys' fees, etc. incurred by the Lender to exercise claims and subordinated rights), the Lender shall have
the right to continue claims against the Borrower for the losses.

 

10.2 If the trust fails to be established,
the Agreement shall be automatically terminated, and both parties shall not assume any liability for breach of contract, unless
that the failure of the establishment of trust is due to the Borrower's violation of this Agreement.

 

Article 11 Notifications

 

11.1 Notifications hereunder shall be served
as follows:

 

(1) Send by registered letter, the date of
holding receipt of the registered letter by the party giving the notice shall be deemed to be the date of served.

 

(2) Send by fax, the first working day of
receiving a reply code or sending a confirmation bar successfully is deemed to be the date of served.

 

(3) Send by express, the fourth day after
sending is deemed to be the date of served.

 

    	 	 	 

     

    

 

(4) Send by a special courier, it will be
deemed to be delivered when sent to the relevant address.

  

Article 12 Notarization for Compulsory
Execution

 

12.1 This Agreement is notarized as an instrument
for creditor's rights with compulsory execution effect. Borrower's commitment: in the event of failure to perform or inadequate
performance of obligations hereunder, the Borrower is willing to accept the compulsory execution by a judicial authority without
going through judicial proceedings or arbitration procedures. The Lender may directly apply to a competent People's Court for
compulsory execution pursuant to the provisions in Article 238 of the Civil Procedure Law of the People's Republic of China; meanwhile,
the Borrower waives its right of defense against the Lender's direct application for compulsory execution.

 

12.2 The Borrower and the Lender jointly confirm
that both parties have fully understood the relevant laws, regulations and normative documents regarding the meaning, content,
procedure and effect of notarization for compulsory execution. After careful consideration by both parties, both parties voluntarily
apply to Shanghai Zhangjiang Notary Public Office for the notarization of this Agreement and grant the compulsory execution effect.

 

12.3 Borrower's guarantee: In case of any
changes in contact address, contact information and so on, a notice of change shall be given to the Lender and the notary public
office within 3 working days from the date of occurrence of the change and a receipt shall be obtained. Otherwise, the Lender
shall be deemed to have performed the obligation of service 3 working days after it has sent relevant documents in the contact
manner as agreed herein for business requirements, regardless of whether or not the Lender has received them. In this case, the
Borrower is willing to waive its right of defense against the Lender's obligation of notification. Contact information of Shanghai
Zhangjiang Notary Public Office is as follows:

 

Address:

Postal code:

Tel:

Fax:

Notary public:

 

12.4 If the Borrower fails to perform or appropriately
perform the notarized instrument for creditor's rights with compulsory execution effect, the Lender shall notify the Borrower
in writing of correcting its nonperformance within 5 working days from the date of giving the notice. Otherwise, the Lender may
apply to the notary public office for issuing the certificate of execution, and the Borrower shall, at the time of receiving the
written notification from the Lender, go to the notary public office to complete the in-person verification. The Borrower promises
to fully cooperate with the Lender's application (including but not limited to going to the notary public office to complete the
in-person verification at the time of receiving the written notification from the Lender). If the Borrower fails to perform the
above-mentioned obligation on schedule after receiving the written notification from the Lender, the Lender hereby confirms that
in the absence of the Borrower, the notary public office shall be deemed to have completed the in-person verification after it
has submitted the supporting evidence based on the Lender's application and examining the evidence submitted by the Lender, and
the Borrower shall fully recognize the legal consequences incurred hereby.

 

    	 	 	 

     

    

 

12.5 Article 12 herein stipulating the notarization
for compulsory execution shall take precedence over Article 13.4.

 

12.6 The notarial fees paid for the notarization
for compulsory execution shall be borne by the Lender.

 

Article 13 Miscellaneous

 

13.1 Both parties hereto may sign a supplement
contract through negotiation for matters uncovered herein.

 

13.2 This Agreement shall take into effect
with the seal of both parties and the official seal of legal or authorized representatives of both parties.

 

13.3 The present laws, administrative regulations
and rules of the People's Republic of China shall apply to matters such as the conclusion, entry into force, performance, interpretation,
modification and termination of this Agreement.

 

13.4 Disputes caused by this Agreement shall
be resolved by both parties through negotiation. If the negotiation fails, either party may submit a case to the people's court
located at the Lender's address. During the period of negotiation or litigation, for the terms of this Agreement not involved
in the disputed parts, both parties shall fulfill as well.

 

13.5 The Agreement is made in octuplicate,
two copies held by the Lender and the Borrower respectively, two copies retained at the notary public office, three copies for
standby application, with the same legal effect.

 

(The remainder of this page is intentionally
left blank)

 

    	 	 	 

     

    

 

[This is a signature page]

 

Lender (seal): Beifang
Trust Co., Ltd.

 

Legal representative or
authorized representative (seal):Wang Jiandong

 

Borrower (seal): Wuhan
Kingold Jewelry Co., Ltd.

 

Legal representative (seal):

 

Date of signature:1. 17,
2019

 

Signed at: Shanghai City

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