Document:

Exhibit 10.38

 

Contract No.: H. Y. (2020) S._ E. B. Zi (TUO
YI) No.100

 

 

 

 

 

Maximum Amount Guarantee Contract

 

(Corporate Business)

 

[Unofficial English Translation]

 

 

 

 

 

 

 

China Resources Bank of Zhuhai Co., Ltd.

 

February 2020 Version

 

    1

     

    

 

Maximum Amount Guarantee Contract

 

Creditor: China Resources Bank of
Zhuhai Co., Ltd. Shenzhen Branch

 

Guarantor: Bao Minfei

 

Guarantor: Ping Qiuzi

 

Guarantor: Guizhou United Time
Technology Co., Ltd.

 

(hereinafter referred to as “Guarantor”;
“Guarantor” refers to each and/or all of the above Guarantors)

 

Whereas, the
Guarantor is willing to provide the maximum amount guarantee for the continuous creditor’s rights between the Creditor and United
Time Technology Co., Ltd. (hereinafter referred to as the “Debtor”), and in accordance with the relevant
national laws and regulations, the Parties have entered into the Contract through negotiation.

 

Chapter
I  Guaranteed Principal Creditor’s Rights

 

Article
I The Principal Creditor’s Rights guaranteed by the Guarantor are the
creditor’s rights arising from various credit businesses handled by the Creditor during the period from November 13,
2020 to November 13, 2022 (hereinafter referred to as the “Master Contract Term”) when the creditor
signs a contract with the Debtor, as well as the prior creditor’s rights agreed by both parties (hereinafter
collectively referred to as the “Principal Creditor’s Rights”). The principal balance of the Principal
Creditor’s Rights shall not exceed the equivalent RMB (currency) Twenty-two Million (in words) during the
Master Contract Term, and the Principal credit facility include but are not limited to:

 

1. All creditor’s rights
that occur continuously according to all specific credit business contracts signed by the Creditor and the Debtor under the General
Credit Agreement with the contract number of H.Y. 2020 S.Z.Zi TUO YI No.108.

 

2. The
principal of all debts (currency) ____________________ (in words) that have not yet been repaid by the Debtor under the ____________________
with the contract number of ____________________.

 

3. Creditor’s
rights arising under all credit business contracts to be successively signed by the Debtor and the Creditor during the Master Contract
Term.

 

During the above-said
Master Contract Term, all credit business contracts that the Debtor and the Creditor have signed and/or will sign shall be the
Master Contract guaranteed by this Contract.

 

Article
II The type, amount, interest rate, term and other contents of each business guaranteed
by this Contract shall be subject to relevant legal instruments or vouchers.

 

Article III
During the Master Contract Term agreed herein and within the balance of maximum principal, the Creditor does not need to confirm
or go through the guarantee registration formalities for a specific deal when issuing the loans agreed in this Contract or providing
other bank credits.

 

Article IV
Regarding the businesses occurring during the Master Contract Term agreed herein and within the balance of maximum principal, regardless
of the currency, the Guarantor shall assume the guarantee responsibility according to the original currency.

 

Chapter
II  Scope of Guarantee

 

Article
V Scope of Guarantee

 

The guarantee scope
of this Contract is: all debts under the Master Contract, including but not limited to principal and interest of all Principal
Creditor’s Rights, compound interest, default interest, liquidated damages, compensation, other payments that the Debtor shall
pay to the Creditor (including but not limited to relevant handling fees, telecommunications fees, miscellaneous fees and relevant
bank charges that foreign beneficiaries refuse to bear), and expenses incurred by the Creditor in realizing creditor’s rights and
guarantee rights (including but not limited to legal fees, arbitration fees, property preservation fees, travel expenses, execution
fees, assessment fees, auction fees, notarial fees, service fees, announcement fees and legal fees). Interest, default interest
and compound interest shall be calculated according to the stipulations of the Master Contract and shall be calculated until the
date when the debts are paid off. Even if the actual formation time of advances, interest, expenses or any other debts of the Debtor
under the Master Contract exceeds the Master Contract Term, such fees shall still fall within the guarantee scope of this maximum
amount guarantee. The expiration date of the debt performance period under the Master Contract shall not be limited by the expiration
date of the Master Contract Term.

 

    2

     

    

 

(The above items are
collectively referred to as “Guaranteed Debts”)

 

The maximum amount of
principal balance agreed in this Contract shall only be the maximum amount of principal of the Principal Creditor’s Rights. On
the premise that the principal does not exceed the agreed limit, the Guarantor agrees to be liable for guaranteeing all payables
within the guarantee scope agreed in this Contract.

 

Article VI
Even if the actual formation time of advances, interest, expenses or any other creditor’s rights of Party B under the Master Contract
exceeds the Master Contract Term, such fees shall still fall within the guarantee scope of this maximum amount guarantee. The expiration
date of the debt performance period under the Master Contract shall not be limited by the expiration date of the Master Contract
Term. For the part that actually exceeds the maximum balance due to changes in the exchange rate, the Guarantor is willing to undertake
the guarantee responsibility.

 

Chapter III Ways of Guarantee

 

Article VII
The guarantee method of this Contract shall be joint and several liability guarantee. If there are multiple guarantors under this
Contract, each guarantor shall jointly bear the guarantee responsibility to the Creditor.

 

Chapter IV Guarantee Period

 

Article
VIII Guarantee Period

 

1. If
the Master Contract is a lending contract/loan contract, the guarantee period under this Contract is: three years from the day
following the expiration of the loan period under the Master Contract. If the Creditor announces the early maturity of the loan
according to the agreement in the Master Contract, the guarantee period shall be three years from the day following the early maturity
date of the loan.

 

2. If
the Master Contract is a bank acceptance contract, the guarantee period shall be three years from the day following the Creditor’s
external commitment.

 

3. If
the Master Contract is to a guarantee opening contract, the guarantee period shall be three years from the day after the Creditor
performs the guarantee obligation.

 

4. If
the Master Contract is a letter of credit opening agreement/contract, the guarantee period shall be three years from the day after
the Creditor pays the money under the letter of credit.

 

5. If
the Master Contract is a discount contract, the guarantee period shall be three years from the expiration date of the discount
bill.

 

6. If
the Master Contract is another type of financing document, the guarantee period shall be three years from the day following the
expiration or early expiration of the creditor’s rights determined by the Master Contract.

 

7. If
the Creditor and the Debtor reach an extension contract on the debt performance period of the Master Contract, the Guarantor shall
continue to bear the guarantee responsibility, and the guarantee period shall be three years from the date of expiration of the
debt performance period agreed in the extension contract. The Guarantor agrees that the Creditor and the Debtor have the right
to sign an extension contract on the performance period of the Principal Creditor’s Rights without obtaining the consent of the
Guarantor.

 

8. In
case of any matter stipulated by laws and regulations or agreed in the Master Contract, resulting in the debt under the Master
Contract being declared to be due in advance by the Creditor, the guarantee period shall be three years from the date when the
debt under the Master Contract is due in advance as determined by the Creditor.

 

    3

     

    

 

If the debts under the
Master Contract are performed in installments, for each installment of debts, the guarantee period shall be three years from the
date of expiration of the last installment of the debt performance period.

 

Chapter V Guarantor’s Representations
and Warranties

 

Article IX
The Guarantor hereby makes the following representations and warranties to the Creditor:

 

1. It
has obtained the authorization required by the contractual guarantee according to relevant regulations and procedures.

 

2. It
has provided true, complete and effective financial statements, articles of association or other relevant materials and information
to the Creditor as required, and accepted the supervision and inspection of the Creditor on the production, operation and financial
status of the Guarantor.

 

3. The
Guarantor has completed or will complete all required filing or notarization procedures.

 

4. At
present, there is no litigation, arbitration or administrative procedure involving the Guarantor or its major operating assets,
which will seriously adversely affect the financial status of the Guarantor or the ability of the Guarantor to perform its obligations
under this Contract.

 

Chapter V Commitments of Guarantor

 

Article
X Before all the Guaranteed Debts are paid off, the Guarantor shall abide by the following
clauses:

 

1. If
the debt under the Master Contract is due or the Creditor declares the debt to be due in advance according to the agreement or
legal provisions of the Master Contract, the Debtor fails to perform it in full and on time, or the Debtor violates other agreements
in the Master Contract, the Guarantor shall immediately assume the guarantee responsibility within the scope of guarantee.

 

2. If
the Guarantor fails to perform the guarantee responsibility as agreed in this Contract, the Creditor has the right to directly
deduct the relevant funds from the accounts opened by the Guarantor with various branches and/or sub-branches of China Resources
Bank of Zhuhai Co., Ltd.

 

3. In
case of any of the following circumstances, the Guarantor shall immediately notify the Creditor in writing:

 

(1) The
Guarantor changes its name, domicile, legal representative, contact information and other information; The Guarantor (natural person)
changes its occupation, income, address, correspondence address, contact number and other personal circumstances during the loan
period.

 

(2) The
Guarantor changes its affiliation, changes its senior management, amended its articles of association, or adjusts its organizational
structure.

 

(3) The
financial situation of the Guarantor worsens, serious difficulties occur in production and operation, or major litigation and arbitration
events occur.

 

(4) The
Guarantor suspends production, suspends operation, suspends business for rectification or is subject to the application for bankruptcy
or reorganization, etc.

 

(5) The
business license of the Guarantor is canceled or revoked, or the Guarantor is ordered to close down or there are other reasons
for dissolution.

 

(6) The
Guarantor encounters other circumstances that are not conducive to the Creditor’s realization of the creditor’s rights.

 

4. In
case of any of the following acts, the Guarantor shall notify the Creditor in writing fifteen days in advance and obtain the written
consent of the Creditor:

 

(1) The
Guarantor changes the capital structure or operation system, including but not limited to contracting, leasing, shareholding system
reform, associate, merger, division, joint venture, capital reduction, asset transfer, application for reorganization, application
for settlement and application for bankruptcy.

 

    4

     

    

 

(2) The
Guarantor provides guarantee for the debts of the third party or sets mortgage or pledge guarantee for itself or the debts of the
third party on its assets, which may affect the performance of its guarantee responsibilities under this Contract.

 

5. After
assuming the guarantee responsibility, the Guarantor has the right to recover the money from the Debtor on the premise of not affecting
the Debtor’s future repayment of debts. However, where the Debtor faces both the Guarantor’s recovery and any payment demand from
the Creditor under the Master Contract, the Guarantor agrees that the Debtor will prioritize the repayment of its debts to the
Creditor.

 

Article XI
If the Debtor and the Guarantor have signed or will sign a counter-guarantee contract for the guarantee obligations under this
Contract, the counter-guarantee contract shall not damage any rights enjoyed by the Creditor under this Contract in law or in fact.

 

Article XII
The Guarantor agrees that in case of any of the following circumstances, the Guarantor shall continue to bear the guarantee responsibility
according to the stipulations of this Contract:

 

1. The
Creditor and the Debtor negotiate to change the Master Contract without increasing the debtor’s debt (unless otherwise agreed in
this contract).

 

2. Under
international and domestic trade financing, the Creditor and the Debtor modify the letter of credit related to the Master Contract
without heightening the debtor’s payment obligation under the letter of credit.

 

3. The
Creditor and the Debtor agree to raise the loan interest rate under the Master Contract through negotiation.

 

4. The
amount of Principal Creditor’s Rights changes due to the adjustment of floating interest rate or loan prime rate (LPR) in the Master
Contract.

 

5. The
Creditor assigns the Principal Creditor’s Rights to a third party.

 

6. The Creditor and
the Debtor sign an extension contract to extend the debt performance period under the Master Contract.

 

Article XIII
In the event of any of the following circumstances under domestic letters of credit, buyer’s financing under domestic letters of
credit, import letters of credit and import bill advance/import payment agency business, the Guarantor shall have an indisputable
guarantee obligation, and the Guarantor shall not seek for any exemption or defense by reason of any stop-payment order, injunction
or measures to seal up, detain, freeze the property related to the letters of credit or similar measures issued or taken by any
judicial or administrative authority against the payment obligations under the letters of credit:

 

1. The
Creditor’s nominee or authorized person has paid in good faith according to the Creditor’s instructions.

 

2. The
Creditor or its nominee or authorized person has issued in good faith a confirmation of payment due for the purchase price under
the domestic letters of credit or has accepted in good faith the documents under the import letters of credit.

 

3. The
confirming bank of the letter of credit has fulfilled its payment obligation in good faith.

 

4. The
negotiating bank of the letter of credit has negotiated the payment in good faith.

 

Chapter VII Nature and Effectiveness
of Guarantee

 

Article XIV
If the secured claims (including but not limited to the guarantee of real right, personal guarantee, standby letters of credit,
etc.) is with other guarantee, no matter whether the guarantee is provided by the Debtor or by a third party, the Creditor shall
have the right to determine the order of realizing the guarantee, and the Guarantor promises not to raise any objection thereto.

 

    5

     

    

 

If the Creditor exercises
the right of set-off against the Guarantor in accordance with the law or the agreement in this Contract, the Creditor shall determine
the debts to be set-off and the priority order of set-off. If the Creditor exercises the right of subrogation according to law,
the Creditor shall determine the debts paid off by the payment from the subordinate debtors to the Creditor and the priority order
of offsetting.

 

Article X If
the Creditor waives, changes or loses other security interests under the Master Contract, the Guarantor’s guarantee responsibility
shall remain valid and shall not be invalidated or reduced.

 

If the Guarantor provides
guarantee for several debts existing between the Debtor and the Creditor (including but not limited to the debts under this Contract),
and the Guarantor’s payment is not sufficient to pay off all the debts due, the debts paid off and the priority order of offset
shall be determined by the Creditor.

 

Article XV
If the transfer of creditor’s rights or debts under the Master Contract is ineffective, invalid, canceled or terminated, the Guarantor
shall still assume the guarantee responsibility to Party B in accordance with this Contract.

 

Chapter
VIII  Breach and Remedies

 

Article
XVII Each of the following events and matters shall constitute the Guarantor’s breach
of Contract:

 

1. The
Debtor of the Master Contract is declared dissolved and bankrupt within the validity period of this Contract.

 

2. The
Debtor breaches the Master Contract.

 

3. Other
circumstances resulting in the situation where the rights of the Creditor under the Master Contract are difficult to realize or
cannot be realized.

 

4. The
Guarantor suspends or stops its business or enters bankruptcy, liquidation, closure or other similar procedures, or the Guarantor
is subject to the application for bankruptcy or liquidation or decision by the competent department to stop or suspend its business;
The Guarantor is deceased, declared missing or declared dead.

 

5. Major
litigation, arbitration or administrative procedures have taken place against the Guarantor or its major operating assets, resulting
in the possibility that the Guarantor is unable to perform its guarantee responsibility.

 

6. There
is a major breach of contract by the Guarantor under other contracts between the Guarantor and the Creditors.

 

7. There
is a major breach of contract by the Guarantor under other contracts between the Guarantor and other banks.

 

8. The
Guarantor or Debtor fails to comply with laws, regulations or rules on environmental protection, energy conservation and emission
reduction, and pollution reduction, or may have risks of energy consumption and pollution.

 

9. The
Guarantor violates its other obligations under this Contract, or other events that the Creditor believes will seriously and adversely
affect its rights under this Contract.

 

Article
XVIII After the above breach occurs, the Creditor has the right to take any one or
more of the following measures where appropriate:

 

1. Exercise
the security rights under this Contract or the remedies for breach of contract available under the Master Contract and this Contract.

 

2. Reduce,
suspend or terminate all or part of other credit lines granted to the Guarantor.

 

3. Suspend
or terminate the acceptance of the Guarantor’s business application under other contracts in whole or in part; For loans that have
not been issued and trade financing that has not been handled, suspend or terminate the issuance and handling in whole or in part.

 

4. Announce
that all or part of the outstanding loan/trade financing principal and interest and other payables of the Guarantor under other
contracts will immediately be mature.

 

    6

     

    

 

5. Terminate
or cancel this Contract, and terminate or cancel all or part of other contracts between the Guarantor and the Creditor.

 

6. Require
the Guarantor to compensate the Creditor for the losses caused.

 

Chapter
IX  Expenses and Reimbursements

 

Article
XIX All expenses incurred due to the conclusion and performance of this Contract shall
be determined by the parties through negotiation, except that laws, regulations and rules specify the subject to assume the expenses.

 

The Guarantor shall
immediately pay or compensate the Creditor the following expenses at the request of the Creditor: all costs and expenses incurred
by the Creditor in exercising its rights under this Contract or lodging a lawsuit against the Guarantor or seeking compensation
or defense based on the aforesaid reasons, or waiver or assignment of the Contract (including but not limited to lawyer’s service
fees, accounting service fees, auditing fees, authentication fees, litigation fees and all other actual expenses).

 

Chapter
X  Others

 

Article XX
The Guarantor shall not assign or otherwise dispose of all or part of its obligations under this Contract without the prior consent
of the Creditor.

 

Article XXI
The Creditor may assign all or part of the creditor’s rights guaranteed by this Contract to a third party without obtaining the
consent of the Guarantor. The security interests under this Contract will be transferred to the third party at the same time, and
the Guarantor shall bear the guarantee responsibility to the new creditor within the original guarantee scope.

 

Article XXII
After this Contract comes into effect, if the Guarantor is divided or merged, the organization after change shall assume the Guarantor’s
obligations under this Contract.

 

Article
XXIII The Guarantor has fully realized the interest rate risk. If the Creditor adjusts
the interest rate level, interest accrual or interest settlement method according to the agreement of the Master Contract or the
change of the national interest rate policy, resulting in an increase in the interest, default interest and compound interest payable
by the Debtor of the Master Contract, the Guarantor shall also assume the guarantee responsibility for the increased part.

 

Article
XXIV If the Debtor has other debts due to the Creditor in addition to the debts under
the Master Contract, the Creditor has the right to deduct the amount in RMB or other currencies from the accounts opened by the
Debtor in the Creditor’s banking system, which will be used to pay off any debts due first, without any reduction or exemption
of the Guarantor’s guarantee responsibility.

 

Article XXV
Any grace, preference or delay granted by the Creditor to the Guarantor will not affect, damage or restrict all the rights enjoyed
by the Creditor in accordance with this Contract and laws and regulations, and shall not be regarded as a waiver of the rights
and interests of the Creditor under this Contract, nor will it affect any responsibilities and obligations assumed by the Guarantor
under this Contract.

 

Article
XXVI If any provision of this Contract is illegal, invalid or unenforceable at any
time, the legality, validity or enforceability of other provisions of this Contract will not be affected or impaired in any way.

 

Article
XXVII Unless there is reliable and definite evidence to the contrary, the Creditor’s
internal accounting records related to the principal, interest, expenses and repayment records, or the documents and vouchers produced
and retained by the Creditor during the Debtor’s withdrawal, repayment, interest payment and other business processes, or the Pledgee’s
loan collection records and vouchers, shall constitute valid evidence to prove the creditor-debtor relationship.

 

Article XXVIII
The Creditor has the right to request the Guarantor to provide relevant information required by the Creditor, and has the right
to query and use the credit reports and relevant information of the Guarantor through the basic financial credit information database
or other information systems recognized or approved by the competent national authorities such as credit bureaus established in
accordance with the law in the process of contract performance and post-loan management;

 

The Creditor has the
right to provide the information related to the Contract (including bad information such as the Guarantor’s breach of contract)
and other relevant information (including basic information of the Guarantor, credit transaction information such as transaction
records formed in external guarantee and other relevant credit information) to the basic financial credit information database
or other credit reference institutions established in accordance with the law, regulations or other regulatory documents or the
requirements of the financial regulatory authority.

 

    7

     

    

 

Article
XXIX If the Creditor and the Debtor reach a settlement agreement or agree to a reorganization
plan during the Debtor’s bankruptcy proceedings, the Creditor’s rights under this Contract will not be damaged by the settlement
agreement or reorganization plan, and the Guarantor’s guarantee liabilities will not be reduced or exempted. The Guarantor shall
not oppose the Creditor’s claims with the conditions stipulated in the settlement agreement or reorganization plan. For the part
of the creditor’s rights that are not paid off due to the concession made by the Creditor to the Debtor in the settlement agreement
or reorganization plan, the Creditor shall still have the right to demand the Guarantor to assume the guarantee responsibility.

 

Article
XXX Confirmation and Notification of Service Address

 

1. Confirmation of Delivery
Address

 

(1) The
contact information and delivery address under this Contract are as follows:

 

Address of the Guarantor:
No. 702, Block A, Building 5, Software Industry Base, Shenzhen City; Addressee: Yu Shibin; Tel: 15817405072; Fax: ______,
E-mail: ______________.

 

Address of the Guarantor:
No. 702, Block A, Building 5, Software Industry Base, Shenzhen City; Addressee: Yu Shibin; Tel: 15817405072; Fax: ______,
E-mail: ______________.

 

Address of the Guarantor:
No. 702, Block A, Building 5, Software Industry Base, Shenzhen City; Addressee: Yu Shibin; Tel: 15817405072; Fax: ______,
E-mail: ______________.

 

Address of the Creditor:
3rd Floor, Phase II, Zhuoyue Shidai Square, Futian District; Addressee: China Resources Bank of Zhuhai Co., Ltd. Shenzhen
Branch.

 

(2) Both
parties agree that the above contact information and delivery address shall apply to all non-litigation notices, agreements and
other documents of the parties; serve as the delivery address in judicial proceedings after the contract is performed and disputes
arise. The scope of application includes arbitration, first instance, second instance, retrial and execution procedures for cases
entering the judicial procedure. Once the legal document has been sent (mailed) by the court (arbitration institution) to the party
according to the above address, it shall be deemed to have been delivered whether signed or not, or signed by whomsoever.

 

(3) The
Parties agree that the court (arbitration institution) may serve the legal documents to the fax number and e-mail address confirmed
by the above parties.

 

(4) In
case of any change of the aforesaid contact information and service address of either party hereto, it shall immediately notify
the other party in writing; if the judicial procedure has been entered, the court (arbitration institution) shall be notified in
writing in a timely manner.

 

If the parties fail
to perform the notification obligation as set forth above, the contact information and delivery address confirmed by the parties
shall be deemed to be the valid delivery address. In case of the legal documents are not actually received by one party for the
reason that the party provides inaccurate delivery address, fails to timely notify other parties and court (arbitration institution)
the change of delivery address, or the party or the designated recipient refuses to receive the legal documents, if it is delivered
by mail, the date of return of the legal document shall be deemed as the date of delivery; for direct delivery, the date on which
the addressee records the situation on the service receipt on the spot shall be deemed as the date of delivery; if the obligation
to notify the change of delivery address is fulfilled, the changed delivery address shall be valid. For the contact information
and delivery address explicitly agreed by one party herein, the court (arbitration institution) may directly mail the legal documents.
Even if a party fails to receive the legal document served by mail from the court, it shall be deemed to have been delivered as
stipulated in the Contract. In case of that the dispute is to be solved by judicial process, if one party responds to the lawsuit
and directly submits a confirmation letter of delivery address to the court (arbitration institution), when the confirmed address
is inconsistent with the delivery address confirmed before the lawsuit, the confirmed delivery address submitted to the court (arbitration
institution) shall prevail.

 

2. Notification

 

Where the Creditor sends
the notice by way of announcement on its website, online banking, telephone banking, mobile banking or business outlets, the date
of announcement shall be deemed as the date of delivery. Under no circumstances shall the Creditor be responsible for any transmission
errors, omissions or delays in mail, fax, telephone or any other communication system.

 

Article
XXXI If the Creditor needs to entrust other branches of China Resources Bank of Zhuhai
Co., Ltd. to perform its rights and obligations under this Contract due to business needs, the Guarantor shall approve this. Other
branches of China Resources Bank of Zhuhai Co., Ltd. authorized by the Creditor shall have the right to exercise all rights under
the Contract, and have the right to bring a lawsuit to the court or submit the dispute under the Contract to the arbitration institution
for adjudication.

 

    8

     

    

 

Article
XXXII The headings of this Contract are for convenience of reading only and shall not
be used for the interpretation of this Contract or any other purpose.

 

Chapter
XI  Governing Law and Dispute Resolution

 

Article XXXIII
The laws of the People’s Republic of China (excluding the laws of Hong Kong, Macao and Taiwan) shall apply to this Contract and
any matters involved in this Contract.

 

Article XXXIV
Disputes arising from the performance of this Contract between the Guarantor and the Creditor shall be settled by both parties
through negotiation. If negotiation fails, the disputes shall be submitted to litigation or arbitration according to the dispute
resolution method agreed in the Master Contract.

 

During the litigation
or arbitration, the provisions of this Contract that do not involve the disputes shall still be performed.

 

Chapter
XII  Effectiveness, Alteration and Termination of Contract

 

Article
XXXV This Contract shall come into effect after being signed and stamped by all parties
(if a party is a natural person, this Contract shall be signed by such party; if a party is a corporate or other organization,
this Contract shall be signed by the legal representative or authorized agent of such party).

 

Article XXXVI
After this Contract comes into effect, neither party may change or terminate this Contract in advance without consent. If this
Contract needs to be changed or terminated, the Guarantor and the Creditor shall reach a written contract through negotiation.
Until the written contract is entered into, the terms and conditions of this Contract shall remain in force.

 

Article XXXVII
If the Creditor and the Debtor agree to change the terms of the Master Contract (including but not limited to changing the repayment
currency, repayment method, loan account number, repayment account number, payment plan, repayment plan, value date, interest settlement
date and starting date or ending date of the debt performance period), the Guarantor agrees to assume the guarantee responsibility
for the debts under the changed Master Contract.

 

The validity of this
Contract is independent of the Master Contract. The failure, invalidity, partial invalidity, cancellation or termination of the
Master Contract shall not affect the validity of this Contract. If the Master Contract is confirmed as invalid, ineffective, partially
invalid or canceled or terminated, the Guarantor shall assume the guarantee responsibility for the debts incurred by the Debtor
due to the return of property or compensation for losses.

 

Chapter
XIII  Supplementary Provisions

 

Article XXXVIII
For matters not covered in this Contract, the Guarantor and the Creditor may separately agree to reach a written supplementary
contract.

 

Article XXXIX
The annexes to this Contract shall be an integral part of this Contract and have the same legal effect as the text of this Contract.

 

Article XL
Other matters

 

1. The
Guarantor shall take the initiative to understand the Debtor’s operating conditions and the occurrence and performance of various
businesses under this Contract. The Master Contract, relevant legal documents or certificates for various businesses under this
Contract will no longer be delivered to the Guarantor.

 

2. __________________________________________________________________________________________

 

 

 

 

 

Article
XLI This Contract is made in quadruplicate, one for each Guarantor, one
for the Creditor, and _/ for the other, which shall have the same legal effect.

 

(Remainder of Page Intentionally
Left Blank)

 

    9

     

    

 

(This page is a signature
page with no text)

 

This Contract was signed
by the Guarantor and the Creditor on November 13, 2020. The Guarantor confirms that when signing the Contract, both parties
have explained and discussed all the terms in detail, both parties have no doubt about all the terms of the Contract and have an
accurate understanding of the legal significance of the parties’ rights, obligations and limitation or exemption clauses.

 

Creditor (Seal): China Resources Bank of
Zhuhai Co., Ltd. Shenzhen Branch (Seal Affixed)

 

Legal Representative or Authorized Agent:
Zhao Yuwu (Seal Affixed)

 

	
        Guarantor
(Official Seal):

        Guizhou United Time Technology Co., Ltd.

        (Seal Affixed)

         

        Legal Representative or Authorized Agent:

        __Bao Minfei (Seal Affixed)____________

        (Applicable to the above legal persons)
	 	
        Guarantor (Signature): /s/ Bao Minfei
        (Fingerprint Affixed)

        Type and number of valid identity documents:

        510402197304140958

        (Applicable to the above natural persons)

	 	 	 
	
        Guarantor (Official Seal):

        Legal Representative or Authorized Agent:

        _____________________________________

        (Applicable to the above legal persons)
	 	
        Guarantor (Signature): /s/ Ping Qiuzi
        (Fingerprint Affixed)

        Type and number of valid identity documents:

        330702198608251240

        (Applicable to the above natural persons)

	 	 	 
	
        Guarantor (Official Seal):

        Legal Representative or Authorized Agent:

        _____________________________________

        (Applicable to the above legal persons)
	 	
        Guarantor (Signature):

        Type and number of valid identity documents:

        _____________________________________

        (Applicable to the above natural persons)

 

 

10Exhibit 10.39

 

Contract No.: H. Y. (2020) S._ E. D. Zi (TUO
YI) No. 100

 

 

 

 

 

 

 

 

 

 

Maximum
Amount Mortgage Contract

 

(Corporate Business)

 

[Unofficial English Translation]

 

 

 

 

 

 

 

 

 

 

 

China Resources Bank of Zhuhai Co., Ltd.

February 2020 Version

 

    1

     

    

 

Maximum Amount Mortgage Contract

 

Mortgagee: China Resources Bank of Zhuhai
Co., Ltd. Shenzhen Branch ___________________

 

Mortgagor: United Time Technology Co.,
Ltd.

 

Mortgagor: ________________________________________

 

Mortgagor: ________________________________________

 

(hereinafter referred to as the “Mortgagor”
refers to each and/or all of the above mortgagors)

 

Whereas the Mortgagor
(if the Mortgagor and the third party jointly own the Collateral, the “Mortgagor” mentioned in this Contract shall also
include the co-owner of the Collateral) is willing to provide the maximum mortgage guarantee for the continuous creditor’s rights
of the Mortgagee and United Time Technology Co., Ltd. (hereinafter referred to as the Debtor),

the parties have reached
an agreement through consultation and entered into this Contract in accordance with the relevant laws and regulations of the State.

 

Chapter
I  Guaranteed Principal Creditor’s Rights

 

Article
I  The Principal Creditor’s Rights guaranteed by the Mortgagor are the creditor’s
rights arising from various financing business handled by and under the contracts concluded between the Mortgagee and the Debtor
during the period from November 13, 2020 to November 13, 2022 (including the commencement date and expiration date
of the period, hereinafter referred to as the “Master Contract Term”), as well as the prior creditor’s rights agreed
by both parties (hereinafter collectively referred to as the “Principal Creditor’s Rights”). The principal balance of
the Principal Creditor’s Rights shall not exceed Twenty-two Million Yuan (in words) in RMB (currency) during the Master Contract
Term, and the Principal Creditor’s Rights include but are not limited to:

 

1. All creditor’s rights
that occur continuously according to all specific credit business contracts signed by the Creditor and the Debtor under the  General Credit Agreement with the contract number of H.Y. 2020 S.Z.Zi TUO YI No.108.

 

2. The principal of
all debts with the amount of __________ yuan in __________ (currency) that has not yet been repaid by the Debtor under the __________
Contract with the contract number of __________________/_____.

 

3. The creditor’s rights
under all financing business contracts to be successively signed by the Debtor and the Mortgagee during the Master Contract Term.

 

During the Master Contract
Term mentioned, all financing business contracts that the Debtor and the Mortgagee have signed and/or will sign are the master
contract guaranteed by this Contract.

 

Article
II  The type, amount, interest rate, term and other contents of each business guaranteed
by this Contract shall be subject to relevant legal instruments or vouchers.

 

Article III
During the Master Contract Term and within the maximum principal balance agreed in this Contract, the Mortgagee does not need the
Mortgagor to confirm or go through the guarantee registration formalities one by one when issuing the loans agreed in this Contract
or providing other bank credits.

 

Article IV
For the business occurred during the Master Contract Term and within the maximum principal balance agreed in this Contract, the
currency is not limited, and the Mortgagor shall bear the guarantee liability in the original currency.

 

Chapter II Scope of Maximum Mortgage
Guarantee

 

Article
V Scope of Guarantee

 

1. The
guarantee scope of this Contract: all debts under the master contract, including but not limited to all principal and interest,
compound interest, default interest, liquidated damages, compensation, other payments that the Debtor shall pay to the Mortgagee
arising from the Principal Creditor’s Rights (including but not limited to relevant handling charges, telecommunication charges,
miscellaneous charges, relevant bank charges refused by foreign beneficiaries, etc.) and expenses incurred by the Mortgagee in
realizing the creditor’s rights and security rights (including but not limited to litigation costs, arbitration costs, property
preservation costs, travel expenses, execution costs, assessment costs, auction costs, notarization costs, service costs, announcement
costs, property management costs, lawyers’ fees, etc.).

 

    2

     

    

 

Interest, default interest
and compound interest shall be calculated according to the stipulations of the Master Contract and shall be calculated until the
date when the debts are paid off.

 

The maximum amount of
the principal balance agreed in this Contract is only the maximum amount of the principal of the Principal Creditor’s Rights. On
the premise that the principal does not exceed the agreed limit, the Mortgagor agrees to undertake the guarantee responsibility
for all payables within the guarantee scope agreed in this Contract.

 

2. The
expenses incurred in the custody of the Collateral and any other amounts that the Mortgagor shall pay to the Mortgagee under this
Contract. (The above items are collectively referred to as the “Guaranteed Debts”)

 

3. Unless
contrarily specified in this Contract, the Mortgagor shall provide mortgage guarantee for all debts under the Master Contract with
all mortgaged property under this Contract, and any mortgaged property has no fixed amount guaranteed, even if the mortgage registration
authority requires distribution of amount guaranteed and registration of the differentiated amount guaranteed on certificates of
other rights or other documents of title.

 

Article VI Even if the
actual time of the formation of the advance, interest, expense or any other creditor’s right of Party B under the Master Contract
is posterior to the time when the Master Contract is signed, it still falls within the guarantee scope of this maximum amount guaranteed.
The expiration date of the debt performance period under the Master Contract shall not be limited by the expiration date of the
Master Contract Term. The Mortgagor is willing to assume the guarantee responsibility for the part that actually exceeds the maximum
balance due to any change to the exchange rate.

 

Chapter
III  Mortgaged Property

 

Article
VII Please refer to the Appendix “List of Mortgaged Property” for details
of the mortgaged property under this Contract.

 

Article
VIII The value of the mortgaged property recorded in the “List of Mortgaged Property”
or otherwise agreed upon by both parties (hereinafter referred to as “provisional value”) in this Contract, whether recorded
in the register book of the registration authority or not, does not indicate the final value of the mortgaged property. Its final
value shall be subject to the net amount of the proceeds from actual disposal of the mortgaged property at the realization of mortgage
after deducting various taxes and fees.

 

If the mortgaged property
is used to offset creditor’s rights of the Mortgagee, the above provisional value shall not be used as the basis for the mortgaged
property to offset the creditor’s rights of the Mortgagee. Meanwhile, the value of the mortgaged property shall be determined by
both parties through negotiation or fair evaluation according to law.

 

For any registered mortgaged
property, if the mortgage term exceeds two years, the assessment company shall conduct a pre-assessment each year and provide simplified
appraisal report (unless a formal evaluation report is made in the current year). In addition, a formal assessment shall be conducted
every three years and a formal assessment report shall be provided. The qualification of the assessment company shall be subject
to approval by the Mortgagee.

 

Article IX
If the mortgaged property is renewed with a new certificate (certification) of ownership or other rights, resulting in inconsistency
between the “List of Mortgaged Property” or other rights (mortgage rights) certificates or mortgage rights certification
documents received by the Mortgagee and the above-mentioned new certificate (certification) of rights or relevant records in the
register book of the registration authority, the Mortgagor shall not refuse to assume the guarantee responsibility on this ground.

 

Article
X The effect of the mortgage right under this Contract extends to the insurance premium
from the collateral’s subordinate, subordinate rights, subrogation, separation, attachment, mixture, processed materials and collateral
as well as the other properties and rights stipulated by laws and regulations. The Mortgagor shall complete necessary formalities
like mortgage as required by the Mortgagee.

 

    3

     

    

 

Article XI
If the value of the mortgaged property has decreased or may decrease, affecting the realization of the creditor’s right of the
Mortgagee, the Mortgagor shall provide a new guarantee as required by the Mortgagee.

 

Article XII
All valid certificates and information of and related to the mortgaged property shall be sealed upon confirmation by both the Mortgagor
and the Mortgagee, and then handed over by the Mortgagor to the Mortgagee for safekeeping.

 

Chapter
IV  The Statement and Guarantee of Mortgagor

 

Article XIII
The Mortgagor hereby makes the following statements and guarantees to the Mortgagee:

 

 

1. All
the documents, materials, statements and vouchers provided by the Mortgagor to the Mortgagee are accurate, authentic, complete
and valid, and the documents provided in the form of photocopy are consistent with the original.

 

2. The
Mortgagor has obtained the authorization required for the guarantee of this Contract according to relevant regulations and procedures.

 

3. The
Mortgagor has full and undisputed ownership or disposition of the collateral.

 

4. The
collateral may be circulated or transferred according to law.

 

5. The
Mortgagor has completed or will complete all necessary registration, filing or notarization procedures, including but not limited
to the registration of the collateral with relevant registration authority.

 

6. The
collateral is not sealed up, detained or supervised.

 

7. The
Mortgagor shall truthfully inform the Mortgagee of the tax in default, the construction price of the mortgaged property and other
monies as well as the situations that the collateral has been mortgaged or leased.

 

8. The
Mortgagor has obtained the consent of the collateral co-owner for the collateral under this Contract.

 

9. The
collateral does not otherwise affect the Mortgagee realizing the mortgage.

 

Article XIV
Within the period of mortgage (from the date when this Contract comes into force to the date when all debts under the Master Contract
are settled, the same as below), in case of any of the following circumstances, the Mortgagor shall immediately notify the Mortgagee
in writing:

 

1. The
collateral is sealed up, detained, supervised or subject to other compulsory measures.

 

2. The
Mortgagor changes its capital structure or management system, including, without limitation, contracting, leasing, shareholding
system reform, joint operation, merger, spin-off, joint venture and asset transfer.

 

3. The
Mortgagor has its business license revoked and canceled, and is ordered to close down or involved in dissolution for other causes.

 

4. The
Mortgagor applies for bankruptcy, reorganization or reconciliation, or is filed for bankruptcy or reorganization.

 

Chapter V Commitment of Mortgagor 

 

Article XV
Before all the guaranteed debts are paid off, the Mortgagor shall abide by the following provisions:

 

1. The
Mortgagor shall ensure that the ownership/disposition of the collateral remains legal and valid.

 

    4

     

    

 

2. The
Mortgagor shall provide the Mortgagee with all valid information on the collateral.

 

3. As
required by the Mortgagee, the Mortgagor shall submit to the Mortgagee at any time financial reports, financial statements or other
materials reflecting its business and credit position.

 

4. The
Mortgagor shall inform the Mortgagee of the contents of any notice or order issued by any government department regarding the collateral
within five workdays after receiving such notice or order.

 

5. The
Mortgagor shall pay all taxes and expenses payable in connection with the collateral on schedule.

 

6. The
Mortgagor shall promptly notify the Mortgagee of any material matters concerning the Mortgagor and any event that may affect the
collateral or its value. Where the Mortgagee believes that such event causes or may cause depreciation of the collateral, it may
require the Mortgagor to provide a guarantee as recognized by it.

 

7. During
the validity period of this Contract, as long as the debts guaranteed have not been fully paid off, the Mortgagor shall not take
any of the following actions unless a prior written consent of the Mortgagee is obtained:

 

(1) Assign
or otherwise dispose of the collateral or any part thereof.

 

(2) To
reset or agree to set any other mortgage or security interest on the collateral.

 

Chapter VI Possession and Management
of the Collateral

 

Article
XVI Before the Mortgagee realizes the mortgage set under this Contract, the
collateral under this Contract shall be possessed and managed by the Mortgagor. The Mortgagor shall keep the collateral intact
when it is possessed, and the Mortgagee shall have the right to check the management of the collateral. Expenses incurred from
the collateral management and maintenance shall be borne by the Mortgagor.

 

Article
XVII  If the collateral is damaged or lost, the Mortgagor shall promptly inform
the Mortgagee and take immediate actions to prevent further loss. In the meantime, the Mortgagor shall timely submit to the Mortgagee
the proof of the cause to such damage or loss issued by the relevant competent authority and apply to the insurance company for
claim settlement. 

 

Chapter
VII  Disposal of the Collateral

 

Article
XVIII  All funds obtained by the Mortgagor from transferring or otherwise disposing
of the collateral with the consent of the Mortgagee shall be immediately deposited into the account designated by the Mortgagee
as security deposit or used to pay off debts. Without the written consent of the Mortgagee, the Mortgagor shall not make any withdrawal
from the aforesaid designated account. The Mortgagee shall have the priority of compensation for the monies mentioned above. 

 

Article XIX
During the period of mortgage, in case of any event counter to his Contract as specified in Chapter XI herein, the Mortgagee shall
have the right to take the following actions according to law:

 

1. To
the extent permitted by law, the Mortgagee shall have the right to auction or sell at the price recognized by the Mortgagee the
collateral in due time, without assuming any responsibility to the Mortgagor for any loss arising therefrom.

 

2. The
Mortgagor is required to pay the Mortgagee necessary expenses incurred in performing this Contract or exercising any right conferred
by law.

 

The Mortgagee shall
have the right to choose to exercise all or part of the above-mentioned rights or to suspend the exercise of any right, and the
Mortgagor shall provide necessary cooperation.

 

Article XX
The monies acquired by the Mortgagee from disposing of the collateral under this Contract shall be handled in the following order:

 

1. Used
to pay all expenses incurred from Mortgagee exercising its rights or disposing of the collateral (including expenses incurred by
any professional or management personnel entrusted by the Mortgagee to exercise its rights).

 

    5

     

    

 

2. Used
to pay the tax required for the Mortgagee due to the disposal of the collateral.

 

3. Used
to pay the debts guaranteed.

 

4. After
deduction of the aforesaid monies, the Mortgagee shall deliver the balance (if any) to the Mortgagor.

 

If the monies obtained
by the Mortgagee from disposing of the collateral are not sufficient to pay off the debts guaranteed, the Mortgagee shall have
the right to continue to make further claim to the Debtor under the Master Contract according to law.

 

Article XXI
When the Mortgagee exercises its rights under this Contract or disposes of the collateral according to law, it shall not be liable
for any losses to the Mortgagor or the collateral caused by the said exercise of right or disposal of the collateral except for
intentional or gross negligence.

 

Article
XXII Special provisions on the demolition of mortgaged buildings and other land attachments
and the right to use construction land: 

 

1. If the collateral
under this Contract is building, any other land attachment or right to use construction land, and the said collateral needs to
be demolished for requisition, expropriation or similar purposes (hereinafter collectively referred to as “demolition”),
the Mortgagor shall notify the Mortgagee within three days after receiving the notice of demolition.

 

2. If
the compensation for demolition is executed by right exchange and the Debtor fails to pay off the debt in advance, the Mortgagor
shall continue to set mortgage and sign relevant contracts for the loan with the demolished or replaced building, any other land
attachment or right to use construction land, and shall cooperate with the Mortgagee to complete the advance-notice registration
and mortgage registration for such exchanged building, land attachment and right to construction land. Before the mortgage registration
is refreshed, the Mortgagee shall have the right to require the Mortgagor to provide other guarantees.

 

3. If
the demolition is compensated with currency, the Mortgagee shall have the priority of compensation from the demolition obtained
by the Mortgagor. If the loan performance period has not expired, the Mortgagee shall have the right to require the Mortgagor to
deposit the compensation for demolition into the special deposit account or provide guarantee for the debt by means like pledge
and sign a guarantee contract.

 

4. If
the Mortgagor violates the provisions of this Article, it shall pay liquidated damages to the Mortgagee at 5% of the principal
amount of the principal creditor’s rights guaranteed under this Contract and compensate the Mortgagee for the losses arising therefrom.

 

Article
XXIII  Where the Debtor fails to pay its/his due debts or is involved in any
other circumstance concerning realization of the mortgage under this Contract, which results in the collateral being seized by
the people’s court according to law, the Mortgagee shall have the right to collect the natural or statutory fructus of the sized
mortgaged property, unless the Mortgagee fails to inform the obligor of paying off the statutory fructus. 

 

The fructus mentioned
in the preceding paragraph shall first be used to offset the cost of collecting fructus.

 

Chapter VIII Insurance of the Collateral

 

[This chapter is optional, and both parties
choose applicable (applicable/not applicable) in this Contract)]

 

Article
XXIV  Before the Debtor of the Master Contract uses the financing provided by
the Mortgagee for the first time according to the Master Contract, the Mortgagor shall purchase insurance for the collateral from
an insurance company approved by the Mortgagee according to the types of insurance required by the Mortgagee and keep it completely
effective, and all expenses incurred shall be undertaken by the Mortgagor. The insurance amount shall not be less than the value
of the collateral. Provided that the insurance agency can not cover such insurance at a time, the Mortgagor shall handle the renewal
procedures without delay to ensure that the contract is valid and not interrupted within the collateral property insurance period.

 

    6

     

    

 

Article XXV
Within the validity period of the Contract, the Mortgagee shall be the first beneficiary of the insurance. The contents of the
insurance policy shall conform to the requirements of the Mortgagee and shall not be accompanied by restrictive conditions that
impair the rights and interests of the Mortgagee. The insurance policy shall specifically indicate: the Mortgagee shall be paid
in priority (the first beneficiary) of the insurance compensation; the change of insurance policy shall be subject to the written
consent of the Mortgagee; in the event of an insured accident, the insurer shall directly transfer the insurance compensation to
the account designated by the Mortgagee. If the mortgaged property is insured but the insurance policy does not indicate the above
contents, the insurance policy shall be annotated or changed accordingly. The insurance policy shall be without any clause that
restricts the rights and interests of the Mortgagor.

 

Article
XXVI  During the mortgage period, if the Mortgagor fails to pay the insurance
premium or go through the insurance (renewal) formalities as agreed, the Mortgagee shall have the right to advance or go through
the insurance (renewal) formalities on behalf of the Mortgagor, and the relevant expenses shall be borne by the Mortgagor. The
Mortgagor agrees that the Mortgagee shall directly transfer the above fees from the accounts opened by the Mortgagee in various
institutions of China Resources Bank of Zhuhai Co., Ltd.

 

Article
XXVII  During the mortgage period, without the written consent of the Mortgagee,
the Mortgagor shall not alter, cancel, or terminate the insurance contract unilaterally or through consultation with the insurer;
shall not waive the right to claim insurance benefit or claim compensation from the third party.

 

Article XXVIII
The Mortgagor shall deliver the original insurance policy, the Insurance Contract and other relevant documents or corresponding
copies (as the case may be) of the mortgaged property to the Mortgagee in a timely manner after completing the relevant insurance
procedures for the mortgaged property (including renewal), and reserve the necessary documents for the insurance claim or transfer
of the insurance rights and interests of the Mortgagee.

 

Article
XXIX The insurance period shall not be shorter than the debt performance period under
the Master Contract, and must be longer than 90 days after the expiration of the debt performance period under the Master
Contract. If the credit rights guaranteed by the Mortgagor are not fully repaid when the insurance period expires, the Mortgagor
shall renew the insurance and extend the insurance period accordingly.

 

Article
XXX  If the insured accident listed in the insurance policy occurs, the Mortgagor
shall promptly notify the insurance company and the Mortgagee within the time specified in the insurance policy. All losses caused
by the Mortgagor’s failure to notify the insurance company in time shall be borne by the Mortgagor.

 

Article
XXXI The Mortgagee has the right to choose the following methods to deal with the insurance
compensation obtained from the mortgaged property, and the Mortgagor shall assist in handling the relevant procedures:

 

1. Repair
the mortgaged property to restore the value of the mortgaged property upon the consent of the Mortgagee.

 

2. Make
settlement or early settlement of the principal and interest of the debts and related expenses under the Master Contract.

 

3. Provide
mortgage guarantee for debts under the Master Contract.

 

4. After
the Mortgagor provides a new guarantee that meets the requirements of the Mortgagee, the Mortgagor shall dispose of it freely.

 

Chapter
IX  Nature and Effectiveness of Guarantee

 

Article
XXXII The Mortgage under the Contract is a continuous guarantee and has full effect
until the Guaranteed Debts are fully paid off.

 

Article XXXIII
If the Master Contract is non-established, ineffective, invalid, partially invalid or canceled or dissolved, and the Mortgagor
and the Debtor are not the same person, the Mortgagor shall be jointly and severally liable to the Debtor for the debts arising
from the return of property or compensation for losses within the guarantee scope agreed in the Contract.

 

    7

     

    

 

If the transfer of credit
rights or debts under the Master Contract is ineffective, invalid, canceled or terminated, the Mortgagor shall still assume the
guarantee liabilities to the Mortgagee in accordance with the Contract.

 

Article XXXIV
If the secured claims (including but not limited to the guarantee of real right, personal guarantee, standby letters of credit,
etc.) is with other guarantee, no matter whether the guarantee is provided by the Debtor or by a third party, the Mortgagee shall
have the right to determine the order of realizing the guarantee, and the Mortgagor promises not to raise any objection thereto.

 

Article
XXXV  If the Mortgagee abandons, alters or loses other security interest under
the Master Contract, the Mortgagor’s security liability shall remain valid and shall not be invalid or reduced.

 

Article XXXVI
If the Mortgagor uses the Collateral under the Contract to provide security for the debts between the Creditor and the Mortgagee,
including but not limited to debts under the Contract, and the proceeds from the discount or auction or sale of the mortgaged property
are not sufficient to pay off all the debts due, the debts paid off and the order of offset shall also be determined by the Mortgagee.
If the Collateral guarantees the debts between other debtors and the Mortgagee at the same time, when the discount of the Mortgaged
Property or the proceeds from auction or sale are not sufficient to pay off all the debts due to the Debtor, and there are no other
agreed matters, the debts paid off and the order of offset shall also be determined by the Mortgagee.

 

Chapter
X  Breach and Remedies

 

Article XXXVII
Each of the following events and matters shall constitute the Mortgagor’s breach of contract hereunder:

 

1. The
Debtor of the Master Contract is declared dissolved and bankrupt within the validity period of this Contract.

 

2. The
Debtor breaches the Master Contract.

 

3. Other
circumstances resulting in the fact that the creditor’s rights of the Mortgagee under the Master Contract are difficult to realize
or cannot be realized.

 

4. The
Mortgagor assigns, sells, leases or otherwise disposes of the Collateral to other parties without authorization, or creates or
tries to create any security interest in any part of the Collateral, or any third party claims any right in respect of the Collateral.

 

5. The
statement, guarantee or promise made by the Mortgagor under the Contract is confirmed to be incorrect or untrue, or the Mortgagor
violates any agreement of the Contract.

 

6. The
collateral or a significant part thereof is confiscated, requisitioned or forcibly purchased or acquired, whether any compensation
has been paid or not.

 

7. The
Mortgagor suspends or ceases its business or enters into bankruptcy, liquidation, suspension of business or other similar procedures,
or the Mortgagor is filed for bankruptcy, liquidation or decided by the competent department to suspend or suspend its business;
the Mortgagor is dead, declared missing or declared dead.

 

8. Major
litigation, arbitration or administrative procedures have taken place against the Mortgagor or the Collateral.

 

9. The
Mortgagor has materially breached any other contract signed with the Mortgagee.

 

10. The
Mortgagor has materially breached any other contract signed with other banks.

 

11. The
value of the collateral is substantially reduced, and the Mortgagor fails to reset or increase the collateral or other guarantees
as required by the Mortgagee.

 

12. The
Mortgagor or the Debtor fails to comply with laws, regulations or rules on environmental protection, energy conservation, emission
reduction and pollution reduction, or may have risks of energy consumption and pollution.

 

13. The
Mortgagor violates other obligations under the Contract, or other events occur to the Mortgagor that the Mortgagee thinks will
seriously adversely affect its rights under the Contract.

 

    8

     

    

 

Article
XXXVIII In the event of any of the above-mentioned breach of Contract, the Mortgagee
shall be entitled to take any one or more of the following measures:

 

1. Exercise
its remedies for breach of contract under the Master Contract and this Contract.

 

2. In
accordance with the stipulations in Chapter VIII of the Contract, realize the mortgage right established under the Contract in
a way that it deems appropriate according to law.

 

3. Exercise
any other Security Interest it may have in respect of the Guaranteed Debts.

 

4. Reduce,
suspend or terminate all or part of other credit line granted to the Mortgagor.

 

5. Suspend or terminate
the acceptance of the Mortgagor’s business application under other contracts in whole or in part; for loans that have not been
issued and trade financing that has not been handled, suspend or terminate the issuance and handling in whole or in part. 

 

6. Announce
that all or part of the outstanding loan/trade financing principal and interest and other payables of the Mortgagor under other
contracts will immediately be mature.

 

7. Terminate
or cancel the Contract, and terminate or cancel all or part of other contracts between the Mortgagor and the Mortgagee.

 

8. Require
the Mortgagor to compensate for the losses caused to the Mortgagee.

 

Chapter
XI  Mortgage Registration

 

Article
XXXIX  Within ten working days after signing the Contract, the Mortgagor, together
with the Mortgagee or the Mortgagee’s authorized agent, shall handle procedures for the mortgage registration at the mortgage registration
authority. Certificate for other rights or other mortgage registration certificates issued by the mortgage registration authority
regarding the mortgage registration shall be handed over to the Mortgagee for administration.

 

If the Mortgagor fails
to handle procedures for the mortgage registration as agreed in the Contract, the Mortgagor shall provide irrevocable joint and
several liability for the Principal Creditor’s Rights within the scope of the Secured Principal Creditor’s Rights.

 

Article XL
During the mortgage period, if the registration authority is required to handle the registration of change or transfer, the Mortgagor
shall assist the Mortgagee and the Assignee to handle the corresponding registration for procedures for change.

 

Chapter
XII  Fees

 

Article XXXXI
All expenses arising from the conclusion and performance of the Contract shall be determined by both parties through negotiation,
except for those whose undertaking subject is specified in laws, regulations and rules.

 

Both parties agree to
entrust an appraisal institution approved by the Mortgagee to evaluate the value of the collateral and issue an appraisal report,
and the relevant evaluation expenses shall be borne by the Mortgagee (the Mortgagor/ the Mortgagee).

 

Chapter
XIII  Others

 

Article
XLII The Mortgagor shall not transfer or dispose of all or part of its obligations
under the Contract without the prior consent of the Mortgagee.

 

Article
XLIII Whether the creditor’s rights guaranteed by the mortgage in maximum amount are
determined or not, if the Mortgagee transfers all the creditor’s rights under the Master Contract to a third party, the mortgage
in maximum amount shall be transferred to the Assignee of the creditor’s rights.

 

    9

     

    

 

After the creditor’s
rights mortgaged under the Contract are determined, if the Mortgagee transfers part of the creditor’s rights, the Mortgagee agrees
that the mortgage right will also be partially transferred, then the Mortgagee shall jointly enjoy the mortgage right to the Collateral
in proportion to the amount of the creditor’s rights that have not been transferred with the Assignee of the transferred part;
prior to the confirmation of the creditor’s rights secured by the mortgage under the Contract, if the Mortgagee assigns part of
the creditor’s rights, the Mortgagor agrees that the mortgage will also be partially transferred, and the maximum amount of the
Mortgagee’s principal creditor’s rights guaranteed by the original maximum amount of mortgage shall be correspondingly reduced
(i.e. The maximum amount of the Mortgagee’s principal creditor’s rights guaranteed by the original maximum amount of mortgage shall
be deducted from the amount of the transferred part of the creditor’s rights). After the part of the principal creditor’s rights
to the mortgage that has not been transferred is determined, the Mortgagee shall jointly enjoy the right of the Collateral in proportion
to the amount of the creditor’s rights that has not been transferred with the Assignee of the transferred creditor’s rights.

 

Article
XLIV After the Contract comes into effect, if separation or merge occurs to
the Mortgagor, the organization after change shall assume the Mortgagor’s obligations under the Contract.

 

Article
XLV The Mortgagor has fully realized the interest rate risk. If the Mortgagee adjusts
the interest rate level, interest bearing or interest settlement method according to the agreement in the Master Contract or the
change of the national interest rate policy, resulting in an increase in the interest, default interest and compound interest payable
by the Debtor under the Master Contract, the Mortgagor shall also bear joint and several guarantee liabilities for the increase.

 

Article
XLVI In addition to the debts under the Master Contract, if the Debtor has other debts
due to the Mortgagee, the Mortgagee has the right to transfer and collect the RMB or other currency in the account opened by the
Debtor in China Construction Bank system, and which shall be first used to pay off any debts due, and the Mortgagor’s guarantee
liabilities shall not be reduced and exempted.

 

Article
XLVII  Any grace, preferential treatment or delay granted by the Mortgagee to
the Mortgagor will not affect, damage or restrict all rights enjoyed by the Mortgagee in accordance with the Contract and laws
and regulations, and shall not be regarded as the Mortgagee’s waiver of the rights and interests under the Contract, nor shall
it affect any responsibilities and obligations assumed by the Mortgagor under the Contract.

 

Article XLVIII
If any provision of this Contract is illegal, invalid or unenforceable at any time, the legality, validity or enforceability of
other provisions of this Contract will not be affected or impaired in any way.

 

Article
XLIX  Unless there is reliable and definite evidence to the contrary, the Mortgagee’s
internal accounting records about the principal, interest, expenses and repayment records, the documents and vouchers produced
or retained by the Mortgagee in the process of Debtor’s withdrawal, repayment, payment of interest and other business, as well
as the records and vouchers of the Mortgagee’s collection of loans, shall constitute the confirmation evidence effectively proving
the credit rights relationship under the Master Contract.

 

Article
L The Mortgagee has the right to require the Mortgagor to provide the relevant information
required by the Mortgagee, and has the right to inquire and use the Mortgagor’s credit report and relevant information through
the basic financial credit information database or other information systems accepted or approved by the competent departments
of the State such as credit investigation agencies established according to law during the contract performance and post-loan management;

 

The Mortgagee has the
right to provide the information related to the Contract (including bad information such as the Mortgagor’s breach of contract)
and other relevant information (including basic information of the Mortgagor, credit transaction information such as transaction
records formed in external guarantee and other relevant credit information) to the basic financial credit information database
or other credit reference institutions established in accordance with the law, regulations or other regulatory documents or the
requirements of the financial regulatory authority.

 

Article
LI  In the event that the collateral is lost, damaged or expropriated, and the creditor’s
rights guaranteed by the mortgage have not reached the repayment period, the Mortgagee may have priority in compensation for the
insurance benefit, indemnity or compensation for the Collateral or deposit the above-mentioned amount. If the Mortgagor refuses
to repay or deposit, the Mortgagee may request the people’s court to take preservation measures for the insurance benefit, indemnity
or compensation.

 

Article LII
If the Mortgagee and the Debtor reach a settlement agreement or agree to a reorganization plan during the Debtor’s bankruptcy proceedings,
the Mortgagee’s rights under this Contract will not be damaged by the settlement agreement or reorganization plan, and the Mortgagor’s
guarantee liabilities will not be reduced or exempted. The Mortgagor shall not oppose the Mortgagee’s claim with the conditions
stipulated in the settlement agreement or reorganization plan. For the credit rights that the Mortgagee has made concessions to
the Debtor in the settlement agreement and reorganization plan and has not obtained the settlement, the Mortgagee shall still have
the right to require the Mortgagor bear the guaranty liability.

 

    10

     

    

 

Article
LIII  Confirmation and Notification of Service Address

 

1. Confirmation of Delivery
Address

 

(1) The
contact information and delivery address under this Contract are as follows:

 

Address of the Mortgagor:
No. 702, Block A, Building 5, Software Industry Base, Shenzhen City; Addressee: Yu Shibin; Tel: 15817405072;
Fax: ____________; E-mail: _____________.

 

Address of the Mortgagor:_________________________________Addressee:__________;Tel:
__________;Fax:__________;E-mail:____________________.

 

Address of the Mortgagor:__________________________________Addressee:__________;Tel:
__________;Fax:__________;E-mail:____________________.

 

Address
of the Mortgagee: 3rd Floor, Phase II, Zhuoyue Shidai Square, Futian District; Addressee:
China Resources Bank of Zhuhai Co., Ltd. Shenzhen Branch.

 

(2) Both
parties agree that the above contact information and delivery address shall apply to all non-litigation notices, agreements and
other documents of the parties; serve as the delivery address in judicial proceedings after the contract is performed and disputes
arise. The scope of application includes arbitration, first instance, second instance, retrial and execution procedures for cases
entering the judicial procedure. Once the legal document has been sent (mailed) by the court (arbitration institution) to the party
according to the above address, it shall be deemed to have been delivered whether signed or not, or signed by whomsoever.

 

(3) Both
parties agree that the court (arbitration institution) may use the fax and e-mail confirmed above to deliver legal documents.

 

(4) In
case of any change of the aforesaid contact information and service address of either party hereto, it shall immediately notify
the other party in writing; if the judicial procedure has been entered, the court (arbitration institution) shall be notified in
writing in a timely manner.

 

If the parties fail
to perform the notification obligation as set forth above, the contact information and delivery address confirmed by the parties
shall be deemed to be the valid delivery address. In case of the legal documents are not actually received by one party for the
reason that the party provides inaccurate delivery address, fails to timely notify other parties and court (arbitration institution)
the change of delivery address, or the party or the designated recipient refuses to receive the legal documents, if it is delivered
by mail, the date of return of the legal document shall be deemed as the date of delivery; for direct delivery, the date on which
the addressee records the situation on the service receipt on the spot shall be deemed as the date of delivery; if the obligation
to notify the change of delivery address is fulfilled, the changed delivery address shall be valid. For the contact information
and delivery address explicitly agreed by one party herein, the court (arbitration institution) may directly mail the legal documents.
Even if a party fails to receive the legal document served by mail from the court, it shall be deemed to have been delivered as
stipulated in the Contract.

 

In case of that the
dispute is to be solved by judicial process, if one party responds to the lawsuit and directly submits a confirmation letter of
delivery address to the court (arbitration institution), when the confirmed address is inconsistent with the delivery address confirmed
before the lawsuit, the confirmed delivery address submitted to the court (arbitration institution) shall prevail.

 

2. Notification

 

Where the Mortgagee
sends the notice by way of announcement on its website, online banking, telephone banking, mobile banking or business outlets,
the date of announcement shall be deemed as the date of delivery. Under no circumstances shall the Mortgagee be responsible for
any transmission error, omission or delays in mail, fax, telephone or any other communication system.

 

    11

     

    

 

Article
LIV If the Mortgagee needs to entrust other branches of China Resources Bank of Zhuhai
Co., Ltd. to perform its rights and obligations under this Contract due to business needs, the Mortgagee shall approve this. Other
branches of China Resources Bank of Zhuhai Co., Ltd. authorized by the Mortgagee shall have the right to exercise all rights under
the Contract, and have the right to bring a lawsuit to the court or submit the dispute under the Contract to the arbitration institution
for adjudication.

 

Article
LV  The headings of this Contract are for convenience of reading only and shall
not be used for the interpretation of this Contract or any other purpose.

 

Chapter
XIV  Governing Law and Dispute Resolution

 

Article
LVI  The laws of the People’s Republic of China (excluding the laws of Hong
Kong, Macao and Taiwan) shall apply to this Contract and any matters involved in this Contract.

 

Article
LVII  Disputes arising from the performance of this Contract between the Mortgagor
and the Mortgagee shall be settled by both parties through negotiation. If negotiation fails, the disputes shall be submitted to
litigation or arbitration according to the dispute resolution method agreed in the Master Contract. During the litigation or arbitration,
the provisions of this Contract that do not involve the disputes shall still be performed.

 

Chapter XV Effectiveness, Alteration
and Termination of Contract

 

Article
LVIII This Contract shall come into effect after being signed and stamped by all parties
(if a party is a natural person, this Contract shall be signed by such party; if a party is a corporate or other organization,
this Contract shall be signed by the legal representative or authorized agent of such party). If registration is required by law,
the right to mortgage shall be established after the registration procedures have been handled by the registration authority.

 

Article
LIX After this Contract comes into effect, neither party may change or terminate this
Contract in advance without consent. If this Contract needs to be changed or terminated, the Mortgagor and the Mortgagee shall
reach a written contract through negotiation. Until the written contract is entered into, the terms and conditions of this Contract
shall remain in force.

 

Article
LX The Mortgagor agrees that in case of any of the following circumstances, the Mortgagor
shall continue to bear the mortgage obligation according to the stipulations of this Contract:

 

1. The
Mortgagee and the Debtor negotiate to change the Master Contract without increasing the Debtor’s debt (unless otherwise agreed
in this contract).

 

2. Under
international and domestic trade financing, the Mortgagee and the Debtor modify the Letter of Credit related to the Master Contract
without heightening the debtor’s payment obligation under the letter of credit.

 

3. The
Mortgagee and the Debtor agree to raise the loan interest rate under the Master Contract through negotiation.

 

4. The
amount of Principal Creditor’s Rights changes due to the adjustment of floating interest rate or loan prime rate (LPR) in the Master
Contract.

 

 

5. The
Mortgagee transfers the Principal Creditor’s Rights and the right to mortgage of the maximum amount.

 

6. The
Mortgagee and the Debtor agree to extend the debt performance period under the Master Contract through negotiation.

 

Article
LXI  After the Debtor or the Mortgagor of the Master Contract has repaid all
the Guaranteed Debts to the Mortgagee and has fully performed its responsibilities and obligations under the Contract and other
relevant documents, the Mortgagee shall assist the Mortgagor in handling the procedures for releasing or canceling the Mortgage.

 

    12

     

    

 

Chapter
XVI  Supplementary Provisions

 

Article
LXII For matters not covered in this Contract, the Mortgagor and the Mortgagee may
separately agree to reach a written supplementary contract.

 

Article
LXIII The Annex List of Mortgaged Property to this Contract is an integral part
of this Contract and has the same legal effect as the text of this Contract.

 

Article
LXIV  Other matters

 

1. The Mortgagor shall
take the initiative to understand the Debtor’s operating conditions and the occurrence and performance of various businesses under
this Contract.

 

2. __ The maximum amount
of the creditor’s rights guaranteed by the Collateral under this Contract is RMB Forty-four million. In case of any conflict
between this clause and other clauses in the Contract, this clause shall prevail._____________________________________________________________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Article
LXV  This Contract is made in triplicate, including one for the
Mortgagor, one for the Mortgagee and one for the Registration Authority, all of which have the same legal effect.

(Remainder of Page Intentionally
Left Blank)

  

    13

     

    

 

(This page is for signature,
and it is with no text)

 

This Contract was signed
by the Mortgagor and the Mortgagee on November 13, 2020. The Mortgagor confirms that when signing the Contract, both parties have
explained and discussed all the terms in detail, both parties have no doubt about all the terms of the Contract and have an accurate
understanding of the legal significance of the parties’ rights, obligations and limitation or exemption clauses.

 

	
        Mortgagee (Seal): China Resources Bank
        of Zhuhai Co., Ltd. Shenzhen Branch (Seal Affixed)

         

        Legal Representative or Authorized Agent:
        Zhao Yuwu (Seal Affixed)

         

         United Time Technology Co., Ltd. (Seal Affixed)

         

        Legal Representative or Authorized Agent:
        Bao Minfei (Seal Affixed)

         

	
        Mortgagor (Official Seal): United Time Technology Co., Ltd.
        (Seal Affixed)

         

        Legal Representative or Authorized Agent:

        Bao Minfei (Seal Affixed)
	
        Mortgagor (Signature):

        Type and number of valid identity documents:

	 	 
	(Applicable to the above natural persons)	(Applicable to the above natural persons)
	 	 
	
        Mortgagor (Official Seal):

        Legal Representative or Authorized Agent:
	
        Mortgagor (Signature):

        Type and number of valid identity documents:

	 	 
	(Applicable to the above legal persons)	(Applicable to the above natural persons)
	 	 
	
        Mortgagor (Official Seal):

        Legal Representative or Authorized Agent:
	
        Mortgagor (Signature):

        Type and number of valid identity documents:

	 	 
	(Applicable to the above legal persons)	(Applicable to the above natural persons)

 

Appendix:

 

List of the Property under Mortgage Mortgaged
Contract No.: H. Y. (2020) S. E. D. Zi (TUO YI) No. 100

 

    14

     

    

 

 

	Serial No.	Name, model and specification of the property under mortgage	Name and document number of ownership certificate (invoice, certificate, approval document, contract, etc.)	Temporary pricing (RMB Ten Thousand)	Premises of the property under mortgage	Information about the property under mortgage	Others
	1	702, 7/F, Block A, Building 5, Software Industry Base, Shenzhen City	S.F.D.Z. No.4000630679	 	Binhai Avenue, Nanshan District	For own use	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Remarks:

 

 

15

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