Document:

Service Agreement between China Metro-Rural Exchange Limited and Mr. Su Shaobin

 Exhibit 4.17 

Dated the 25th day of August 2011 
 CHINA METRO-RURAL EXCHANGE LIMITED 
 

 
 AND 
 SU SHAOBIN 
 (

) 
  
  

SERVICE AGREEMENT 
  

 

 CONTENT 

 

							
	 Clause
	  	 Description
	  	Page	 
			
	 1.
	  	INTERPRETATION	  	 	1	  
			
	 2.
	  	APPOINTMENT	  	 	2	  
			
	 3.
	  	DURATION	  	 	2	  
			
	 4.
	  	EXECUTIVE’S DUTIES	  	 	2	  
			
	 5.
	  	REMUNERATION	  	 	3	  
			
	 6.
	  	OTHER BENEFITS	  	 	3	  
			
	 7.
	  	EXPENSES	  	 	4	  
			
	 8.
	  	DEDUCTIONS	  	 	4	  
			
	 9.
	  	LEAVE	  	 	4	  
			
	 10.
	  	TERMINATION	  	 	5	  
			
	 11.
	  	EXECUTIVE’S UNDERTAKINGS	  	 	6	  
			
	 12.
	  	INTELLECTUALPROPERTYRIGHTS	  	 	8	  
			
	 13.
	  	MISCELLANEOUS	  	 	8	  

 THIS AGREEMENT is made on the 25th day of August, 2011. 

BETWEEN: 
  

	(1)	China Metro-Rural Exchange Limited (

), a company incorporated under the laws of Hong Kong and having its principal place of business in Hong Kong at Suite 2204, 22/F, Sun Life Tower, The Gateway, 15 Canton Road, Tsimshatsui, Kowloon, Hong Kong; and

  

	(2)	Su Shaobin (

) of 33/F, Apartment No.19, Celestial Heights, 80 Sheung Shing ST, Kowloon, Hong Kong (the “Executive”). 

 WHEREBY IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.01	In this Agreement, unless the context requires otherwise: 

 “Board” means the board of directors for the time being of the Company; 

“Group” means the Company and its subsidiaries from time to time and “member of the Group” shall be construed
accordingly; 
 “HK$” means Hong Kong dollars; 
 “Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China; 
 “Listing Rules” means the Rules Governing the Listing of Securities on NYSE Amex (as the same may be amended from time to time); 

“Month” means calendar month; 
 And 
 “Secretary” means the company secretary for the time being of the
Company. 
  

	1.02	References herein to Clauses are to clauses in the Agreement unless the context requires otherwise. 

 

	1.03	The headings are inserted for convenience only and shall not affect the construction of this Agreement. 

 

	1.04	Unless the context requires otherwise, words importing the singular include the plural and vice versa and words importing a gender include every gender.

  
 1 

	2.	APPOINTMENT 

 It has been
resolved by the respective Boards of Directors of the Company and its holding companies to appoint the Executive as the director of the Company, its holding companies and any other companies within the same group as assigned by the holding companies
of the Company, upon the terms and subject to the conditions hereinafter appearing. 
  

	3.	DURATION 

 Subject to
termination as hereinafter provided, the Company will engage the Executive with effect from the September 1, 2011 (hereinafter called the “Commencement Date”) until terminated by either party giving to the other a) not less than one
(1) month’s notice in writing. 
  

	4.	EXECUTIVE’S DUTIES 

The Executive shall, during the continuance of his engagement hereunder: 

 

	 	(a)	serve the Company as a director and, in such capacity, perform the duties and exercise the powers from time to time assigned to or vested in him by the Board
(including, without further remuneration unless otherwise agreed, serving on the board of directors, or in any other office, of any member(s) of the Group and the Group’s holding companies, as the Board may require) and he will perform those
duties at such place or places in Hong Kong or elsewhere as the Board may from time to time determine; 

  

	 	(b)	comply with and conform to any lawful instructions or directions from time to time given or made by the Board, or with the authority of the Board, and shall comply with
the Company’s rules, regulations, policies and procedures from time to time in force; 

  

	 	(c)	faithfully and diligently serve the Group and use his best endeavours to promote the business and interests thereof; 

 

	 	(d)	devote himself exclusively and diligently to the business and interests of the Group and personally attend thereto at all times during usual business hours and during
such other times as the Company may reasonably require except in case of i) incapacity through illness or accident in which case he shall forthwith notify the Secretary of the Company of such incapacity and shall furnish to the Board such evidence
thereof as it may require and ii) prior approval having been obtained from the Company in respect of his engagement in any personal business not competing with any of the Group’s business and which he shall have furnished to the Company such
information relating to the said business as the Company may require to be informed of from time to time; 

  
 2 

	 	(e)	keep the Board promptly and fully informed (in writing if so requested) of his conduct of the business or affairs of the Group and provide such explanations as the
Board may require in connection therewith; 

  

	 	(f)	carry out his duties and exercise his powers jointly with any other director or executive of any member of the Group as shall from time to time be appointed by the
Board to act jointly with the Executive and the Board may at any time require the Executive to cease performing or exercising any of his duties or powers under this Agreement; and 

 

	 	(g)	comply with the relevant requirements of all applicable laws, regulations, codes of practice and rules (including but not limited to the Rules Governing the Listing of
Securities on NYSE Amex and US Securities and Exchange Commission and the rules of any other stock exchange, market or dealing system on which the securities of any member of the Group is traded and the applicable laws, regulations, codes of
practice in that jurisdiction). 

  

	5.	REMUNERATION 

 The
remuneration of the Executive shall be: 
  

	 	(a)	an annual package of HKD3,600,000.00, such package to include any sum receivable as director’s fees or other remuneration from any other member of the Group (if
any). This package will be reviewed by the Board each year at the time of the annual remuneration reviews for senior executives provided that the Executive shall abstain from voting and shall not be counted in the quorum in respect of any resolution
regarding the amount payable to himself in relation to his engagement under this Agreement which is proposed at any meeting of the Board; 

  

	 	(b)	in respect of every financial year of the Company (which expression shall include any other financial period in respect of which the Company’s accounts are made
up), a discretionary bonus of such amount as shall be determined by the Board (provided that the aggregate of such amount and all discretionary bonuses payable by the Company to its executive directors in any financial year shall not exceed ten per
cent. of the net profits (after tax and after extraordinary of items) of the Group for such year as shown in its audited accounts), provided that such discretionary bonus shall be paid only on a pro-rata basis in respect of any financial year of the
Company during a portion only of which the Executive has served the Company hereunder, unless his engagement shall have been terminated pursuant to Clause 10.02, in which case no discretionary bonus is payable; 

 

	 	(c)	a landing bonus of HKD600,000.00 to be payable to the Executive upon the starting of Commencement Date (ie. September 1, 2011) of this Agreement.

  

	6.	OTHER BENEFITS 

  

	 	(a)	The Executive shall also be entitled to such other benefits under any applicable employee benefit plan and employee share option scheme adopted by the Company and any
member of the Group of which the Executive is a director or holds office for their respective employees (including the Executive) as the Board shall from time to time determine. 

  
 3 

	7.	EXPENSES 

 The Company
shall reimburse the Executive (against receipts or such other reasonable evidence of expenditure as the Board may require) for all reasonable expenses properly incurred in the course of his engagement hereunder or in promoting or otherwise in
connection with the business of the Company. 
  

	8.	DEDUCTIONS 

 The Company
shall be entitled, subject to any laws or agreements to the contrary, at any time to deduct from the Executive’s remuneration hereunder any monies due from him to any member of the Group including, but not limited to, any outstanding loans,
advances, the cost of repairing any damage to or loss of the Company’s property caused by him (and of recovering the same) and any other monies owed by him to the Company or any of its subsidiaries. 

 

	9.	LEAVE 

 The Executive
shall be entitled after completion of each year of service with the Company to fifteen (15) days’ leave (in addition to public holidays) with full pay, which leave shall be taken at such time or times as may be convenient to the Board
having regard to the exigencies of the Group’s business provided that: 
  

	 	(a)	if the engagement of the Executive hereunder is to cease on the completion of any year of service, the Executive shall be entitled to take his said leave immediately
prior to the end of such year of service notwithstanding that at that time such year of service shall not have been completed; 

  

	 	(b)	if the engagement of the Executive hereunder is to cease (for any reason other than termination pursuant to Clause 10.02) during any year of service, the Executive
shall be entitled to an amount of leave proportionate to the part of the year during which he has been engaged by the Company, such leave to be taken immediately prior to the termination of his engagement; and 

 

	 	(c)	if for any reason the Executive shall not have taken him full entitlement of leave in any particular year he shall not have any claim against the Company in respect
thereof nor, unless the reason is the exigencies of the Company’s business (of which the Board shall be the sole judge), shall he be entitled to additional leave in any year in respect of leave not taken in previous years.

  
 4 

	10.	TERMINATION 

  

	10.01	If the Executive is at any time incapacitated by illness, injury or accident from performing his duties hereunder and (if so required) furnishes the Board with evidence
satisfactory to it of such incapacity and the cause thereof he shall be entitled to receive his full salary for the first three (3) months or any shorter period during which such incapacity continues and if he continues so incapacitated for a
longer period than three (3) consecutive months or if he is so incapacitated at different times for more than ninety (90) days in any one period of fifty-two (52) consecutive weeks then and in either of such cases his engagement may
be terminated by the Company by one (1) month’s notice in writing. 

  

	10.02	If at any time during the term of his engagement hereunder the Executive shall be guilty of or commit any serious misconduct which in the absolute opinion of the Board
is in any way detrimental to the interests of any member of the Group, or shall be in breach of any of the terms of this Agreement, or shall commit any act of bankruptcy or become insolvent, or make any arrangements or composition with his creditors
generally, or become through mental disorder incapable of managing his own affairs, or fail to pay his personal debts or shall be guilty of persistent insobriety or be convicted to any criminal offense involving his integrity or honesty, the Company
may terminate the Executive’s engagement hereunder forthwith without any notice or payment in lieu of notice and upon such termination, the Executive shall not be entitled to any bonus or any payment whatsoever (other than his remuneration
package actually accrued due and payable pursuant to Clause 5(a)) for or in respect of the then current year of service or to claim any compensation or damages for or in respect of or by reason of such termination. 

 

	10.03	In the event that: (a) the Executive is lawfully removed from his office as a director of the Company by virtue of a resolution passed by the members of the
Company; or (b) the Executive, having retired from the office of director of the Company in accordance with the Bye-laws of the Company or any other applicable regulation or law, is not re-elected as a director of the Company by the
shareholders of the Company at an annual general meeting of the Company, the Company may within seven (7) days of the date of such vacation from office by the Executive, terminate this Agreement forthwith by written notice to the Executive.

  

	10.04	In the event of termination of the Executive’s engagement for whatever reason, the Executive shall: 

 

	 	(a)	(if not already vacated from such office(s)) forthwith resign as a director of the Company and from all directorships or other offices held by him in any member of the
Group (and the Executive irrevocably authorizes the Company in his name and on his behalf to execute all documents and do all things necessary to effect such resignation in the event of his failure to do so); and 

 

	 	(b)	shall cease to be entitled to any benefits under this Agreement; 

 and the Executive shall not be entitled to claim any other compensation whatsoever from the Company in respect of such termination except where the Board otherwise agrees or as expressly provided for
under this Agreement. 
  

	10.05	Any delay or forbearance by the Company in exercising any right to terminate this Agreement shall not constitute a waiver of such right. 

 

	10.06	If notice is served by either party pursuant to Clause 3, then for up to a maximum period of one (1) months, the Company shall not be obliged, at any time after
the notice of termination is served, to provide any work for the Executive or to assign to or vest in the Executive any powers, duties or functions and may in its absolute discretion suspend the Executive from work, and suspend the contractual
benefits of the Executive set out in Clause 5(b) and 6 and to require the Executive to refrain from entering any premises of any member(s) of the Group and to refrain from contacting any customers, clients, employees or suppliers of any member(s) of
the Group. 

  
 5 

	11.	EXECUTIVE’S UNDERTAKING 

  

	11.01	The Executive shall not either during the continuance of his engagement hereunder or at any time thereafter divulge to any person whomsoever or to any body corporate or
unincorporated (except to those officers of the Group whose province it is to know the same) or use for his own purpose or for any purposes other than those of the Group and shall use his best endeavours to prevent the unauthorized publication or
disclosure of any trade secret or any confidential information concerning the business or finances of any member of the Group or any of its dealings, transactions or affairs or those of its customers, suppliers, management and shareholders which may
come to his knowledge during or in the course of his engagement. Confidential information shall include, without limitation, lists or details of customers and suppliers, information relating to the working of any process of invention carried on or
used by any member of the Group, information relating to research and other projects, prices, discounts, mark-ups, future business strategy and development, marketing, price-sensitive information and any other information which is not generally
available to the public. 

  

	11.02	Forthwith upon the termination of the engagement of the Executive hereunder, and/or at any other time if the Company shall so request: 

 

	 	(a)	the Executive shall not, directly or indirectly, disseminate, disclose, divulge, reveal, report, publish, transfer or use, for any purpose whatsoever, any information
which has been obtained by or disclosed to the Executive as a result of or in relation to the Executive’s engagement by the Company, including without limitation any confidential information (which includes without limitation all lists of
customers and clients, specific customer names and data, business plans, marketing plans, business contracts, distribution and sales and marketing networks, designs, specifications, processes, formulas, trade secrets, business secrets, sales
information, systems, programs, procedures, manuals, financial and personnel information, and any other proprietary information or data which the Company has received in confidence from others) and any of the terms and conditions of this Agreement;
provided, however, that disclosure of any confidential information shall not be prohibited if (i) such disclosure is directly pursuant to a valid and existing order of a court of competent jurisdiction or other governmental body or
agency, (ii) the Executive shall first have given prompt notice to the Company of any such possible or prospective order (or proceeding pursuant to which any such order may result), and (iii) the Company shall have been afforded a
reasonable opportunity to respond to (and if so advised by counsel, to challenge) such order; provided further, that each party may disclose terms and conditions of this Agreement to his or its attorneys and accountants to the extent such
disclosure is necessary to enable such attorneys and accountants to render professional services to such party; 

  

	 	(b)	the Executive, his representatives, heirs, successors and assigns shall completely release and forever discharge the Company, its present, former or future parent,
subsidiary, affiliated, associated and other related companies, and any of their present, former and future shareholders, directors, officers, employees, agents, partners consultants, representatives and attorneys, and each of their successors and
assigns from all claims, demands, rights, causes of action, obligations, liabilities and/or attorneys’ fee claims, of any and every kind, nature and character whatsoever wheresoever, known or unknown, which the Executive may now have or has
ever had against the Group, including without limitation those arising from or in any way connected with the engagement of the Executive by the Company or the resignation or termination thereof, whether base on tort, express or implied contract,
law, rule, regulation, or ordinance; and 

  
 6 

	 	(c)	the Executive shall preserve the good name of, and shall not make any disparaging comments about the Group and any of the Company’s present, former and future
shareholders, directors, officers, employees, agents, partners, consultants, representatives and attorneys, and each of their successors and assigns. 

  

	11.03	The Executive shall not file, or cause to be filed, in any court or with any governmental or quasi-governmental agency, any action, claim or charge against the Company,
its present, former or future parent, subsidiary, affiliated, associated and other related companies and any of their present, former and future shareholders, directors, officers and employees and each of their successors and assigns.

  

	11.04	The Executive shall not at any time during the continuance of his engagement hereunder or for a period of twelve (12) months thereafter, in any country or place
where any member of the Group has carried on business, carry on or be engaged or employed or interested directly or indirectly in (whether as shareholder, director, partner, agent or otherwise and whether alone or jointly with others) any business
carried on by any member of the Group during the continuance of the said engagement in competition with any member of the Group (other than as a holder of not more than five (5) per cent of the issued shares, debentures or other securities of
any company listed on any recognized stock exchange) provided that the provisions of this Clause 11.04 shall only apply in respect of business activities or services with which the Executive was personally concerned or for which he was responsible
during his said engagement. 

  

	11.05	The Executive shall not at any time during the continuance of his engagement hereunder or for a period of twelve (12) months thereafter either on his own account
or in conjunction with or on behalf of any other person or body corporate or unincorporated in competition with any member of the Group directly or indirectly solicit or entice away from any member of the Group, any person or body corporate or
unincorporated who now is or at any time during or at the date of the termination of the said engagement may have been or become a customer or supplier or prospective customer or supplier of any member of the Group and with whom the Executive had
personal contact or dealings during his said engagement. 

  

	11.06	The Executive shall not at any time during the continuance of his engagement hereunder or for a period of twelve (12) months thereafter solicit or entice away from
any member of the Group or employ or otherwise engage any person who now is or at any time during or at the date of the termination of the said engagement may have become an employee of any member of the Group and with whom the Executive had contact
during his said engagement, whether or not such person would commit any breach of his contract of employment by reason of leaving the service of the relevant member of the Group. 

 

	11.07	The Executive shall not at any time or for any purpose after termination of this engagement hereunder use either the English or Chinese name of the Company or any name
similar thereto in connection with his own or any other name in any way calculated to suggest that he is or has been connected with the Company’s business, nor in any way hold himself out as having had any such connection.

  

	11.08	While the restrictions contained in Clauses 11.01 to 11.08 are considered by the parties to be reasonable for the protection of the business and interest of the Group
and in all the circumstances and do not work harshly upon the Executive it is recognized that restrictions of the nature in question may fail for technical reasons unforeseen and accordingly it is hereby agreed and declared that if any such
restrictions shall be adjudged to be void as going beyond what is reasonable in all the circumstances for the protection of the interests of the member(s) of the Group but would be valid if part of the working thereof were deleted or the periods (if
any) thereof were reduced or the range of products or area dealt with thereby were reduced in scope, the said restriction shall apply with such modifications as may be necessary to make it valid and effective. 

  
 7 

	12.	INTELLECTUAL PROPERTY RIGHTS 

  

	12.01	The Company (or any other member of the Group as the case may be) shall be entitled free of charge to the sole ownership and exclusive use of any invention or
improvement made or discovered by the Executive and of any copyright, design right, trade mark, service mark or trade name created or used by the Executive (hereinafter referred to as the “intellectual property rights”) in the course of or
for the purpose of providing services hereunder to the Company or any other member of the Group. 

  

	12.02	The Executive shall forthwith and from time to time both during ad after the term of this Agreement and at the request and costs of the Company, insofar as it is within
his power, do such acts and things and execute such documents, as may in the opinion of the Company be reasonably necessary for obtaining letters patent; registration or other protection for any such intellectual property rights in any part of the
world and shall effect such registration and vest such letters patent or other protection in the Company (or any other member of the Group as the case may be) or its nominees. The Executive irrevocably authorizes the Company for the purposes
aforesaid in the name of the Executive and execute any document or do anything on his behalf. The Executive shall at the cost and request of the Company render all reasonable assistance to the Company (or any other member of the Group as the case
may be) for and in connection with the purposes aforesaid. 

  

	12.03	The Executive shall not during or after the termination of the Agreement use to the detriment or prejudice of the Group or divulge to any person any confidential
information concerning the intellectual property rights of the Group which may have come to his knowledge. 

  

	13.	MISCELLANEOUS 

  

	13.01	This Agreement shall be in substitution for any subsisting agreement or arrangement (oral or otherwise) made between the Company and the Executive which shall be deemed
to have been terminated by mutual consent as from the date on which the Executive’s engagement under this Agreement commences. 

  

	13.02	The expiration or termination of this Agreement howsoever arising shall not operate to affect such of the provisions hereof as in accordance with their terms are
expressed to operate or have effect thereafter. 

  

	13.03	In the event of any variation of the remuneration payable to the Executive hereunder being made by consent of the parties hereto, such variation shall not constitute a
new agreement but (subject to any express agreement to the contrary) the engagement of the Executive hereunder shall continue subject in all respects to the terms and conditions of this Agreement with such variation as aforesaid.

  
 8 

	13.04	Each notice, demand or other communication given or made under this Agreement shall be in writing and delivered or sent to the relevant party at its address or
facsimile number set out below (or such other address or facsimile number as the addressee has by five (5) days’ prior written notice specified to the other parties): 

 

			
	 To the Company:
	  	Suite 2204, 22/F, Sun Life Tower, The Gateway, 15 Canton Road, Tsimshatsui,
Kowloon, Hong Kong
		
		  	Fax number: 852-2111 1890
		  	Attention: Mr. Sio Kam Seng
		
	 To the Executive:
	  	33/F, Apartment No.19, Celestial Heights, 80 Sheung Shing ST, Kowloon,
Hong Kong
		
		  	Attention: Mr. Su Shaobin (

)

 Any notice, demand or other communication so address to the relevant party shall be deemed to have
been delivered (a) if given or made by letter, by post, clear business days after the date of posting, or by recorded delivery, when actually delivered to the relevant address; and (b) if given or made by facsimile, when dispatched subject
to receipt of machine-printed confirmation of error-free despatch of the whole of the notice, demand or communication to the facsimile number of the intended addressee. 
  

	13.05	If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect, the legality, validity and enforceability of the
remaining provisions of this Agreement shall not be affected or impaired thereby. 

  

	13.06	No failure or delay by the Company in exercising any right, power or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of the same preclude any further exercise thereof or the exercise of any other right, power or remedy. Without limiting the foregoing, no waiver by the Company of any breach by the Executive of any provision in this Agreement shall be
deemed to be a waiver of any subsequent breach of that or any other provision in this Agreement. 

  

	13.07	This Agreement shall be governed by and construed in accordance with the laws of Hong Kong and the parties hereby irrevocably submit to the non-exclusive jurisdiction
of the Hong Kong courts. 

  
 9 

 IN WITNESS WHEREOF this Agreement has been executed on the day and year first above written. 

 

			
	 Signed by Sio Kam Seng
	 	)
	 For and on behalf of
	 	)
	 China Metro-Rural Exchange Limited
	 	)
		 	)
		 	)
	 In the presence of:-
	 	)
		
	 Signed by Su Shaobin (

)
	 	)
		 	)
		 	)
		 	)
		 	)
	 In the presence of:-
	 	)

  
 10Loan Contract between China Tieling Northeast and SPD Bank - 8/30/2011

 Exhibit 4.18 

 

			
	SPD Bank	 	Working Capital Loan Contract

 Contract Number: [Not disclosed in this translation] 
 The Borrower: China Northeast Logistics City Co., Ltd. 
 The Lender:_Shanghai Pudong Development
Bank Co., Ltd. Shenyang Branch 
 Whereas: 
 For funding needs, the Borrower applies for working capital loan from the Lender:After review, the Lender agrees to grant the loan in accordance with the terms and conditions stipulated under this
Contract. In order to clarify the rights and obligations of both parties, this contract is entered into upon mutual agreement, based on relevant laws, regulations and rules of the People’ s Republic of China, and shall be binding on both
parties. 
 At the same time, the Borrower and Lender ascertain the following prerequisites
(“ü” for selected, and “x” for not selected): 
  

									
	 þ
	 	This Contract is signed as the supplemental financing agreement to the Credit Facility Agreement (hereunder referred to as the Credit Facility) with serial number:
[Not disclosed in this translation]. After this Contract became effective, all the terms and conditions contained herein are incorporated into and form part of the Credit Facility (This option should be selected should an Credit Facility has
been signed previously and the serial number of the Credit Facility should be recorded here);
		
	 x
	 	This Contract is an independent financing document signed between the Borrower and the Lender (This option should be selected should a Credit Facility has not been
signed previously between the Borrower and the Lender);
		
	 x
	 	 The purpose of the loan under this Contract is for renewal of existing loan, for which the Guarantor(s) is/are
known.
 The name of the original contract: [Blank]
 Date of signing: [Blank] Serial number: [Blank] (This option should be selected should the purpose of the loan is for the renewal of existing loan).

	
	Part I: Commercial Terms
				
	 1.
	 	Type of loan: þ Short term working capital loan	    	 ̈Medium to long term working capital loan	  	
		
	 2.
	 	The loan amount under this Contract is RMB (currency) Twenty million (in words).
		
	 3.
	 	The specific purpose of the loan under this Contract is: Replenishment of working capital 
		
	 4.
	 	The term of the loan under this Contract is: (“ü” for selected, and “x” for not
selected)
		
	 þ
	 	From August 30, 2011 to August 3, 2012;
		
	 x
	 	[Blank] year (or [Blank] months) from the date of the first drawdown.
		
		 	The actual drawdown and repayment date to be determined based on the date of the drawdown voucher produced by the Borrower and the Lender. The date of the last
repayment shall not extend beyond the loan period as agreed in this Contract. The drawdown vouchers form an inseparable part of this Contract.
		
	 5.
	 	The interest rate for the loan under this Contract is (“ü” for selected, and “x” for not
selected):
		
	 þ
	 	 (1)    RMB interest
rate:

											
			
		 	þ	 	Calculated based on interest rate for similar class and types of lending announced by the People’s Bank of China
(x marking up x marking down) of [Blank]%, which equals to 6.56 % per annum at the time of signing this Contract.
			
		 	x	 	Other arrangement: [Blank] 
			
	 x
	 	(2)	 	Foreign currency interest rate (“ü” for selected, and “x” for not selected):
			
		 	x	 	Calculated based on [Blank] months London Inter-Bank Offered Rate plus [Blank] (Also referred to as LIBOR + [Blank]), on the date of the loan
granted by the Lender. “LIBOR” referred to the average (rounded to nearest four decimal points) of the related interest rate shown on the related screen page (if any) on Reuters . The abovementioned interest rate should be the interest
rate quoted for the US dollar deposit with the same corresponding period of the loan at 11:00 am (London time) on the date of determining interest rate.
			
		 	x	 	Other arrangement: [Blank] 

  
 1 

			
	SPD Bank	 	Working Capital Loan Contract

  

											
	 þ
	 	(3)	 	Interest settlement method (“ü” for selected, and “x” for not selected)
			
		 	x	 	Monthly, the interest settlement date is on the 20th of every month;
			
		 	þ	 	Quarterly, the interest settlement date is on the 20th of the final month of each quarter;
			
		 	x	 	interest to be paid once upon maturity of the loan, together with repayment of principal of the loan;
			
		 	x	 	Other arrangement: [Blank]
	
	For instalment repayment of principal or interest, the last interest payment shall be made at the time of repayment of the loan principal,
			
	 x
	 	(4)	 	Adjustment of interest rate for RMB loans under this Contract
		
		 	In the case where an adjustment to the benchmark lending interest rate is made by the People’s Bank of China before the drawdown of the RMB loan under this
Contract, the interest rate applicable to the loan under this Contract commencing from the date of the drawdown should be the interest rate for similar class and types of loans as published by the People’s Bank of China at the time of the
drawdown . In the case where benchmark lending interest rate is adjusted by the People’ s Bank of China during the term of the loan after the loan is drawn down, then (“ü” for selected,
and “x” for not selected):
			
		 	x	 	Adjusted monthly, adjusted from the 21st of every month;
			
		 	x	 	Adjusted quarterly, adjusted from the 21st of the last month of each quarter;
			
		 	x	 	Adjusted annually, adjusted from [Blank] month [Blank] date of every year;
			
		 	þ	 	Interest rate is not adjusted
			
		 	x	 	Other arrangement: [Blank]
			
	 x
	 	(5)	 	Interest rate adjustment for foreign currency loan under this Contract (“ü” for selected, and “x”
for not selected):
			
		 	 ̈	 	From the date when the loan is granted, the interest rate is adjusted every [Blank] month(s) according to the latest foreign currency interest rate with the
same period;
			
		 	 ̈	 	Other arrangement: [Blank]
		
	 6.
	 	The interest rate for penalty interest under this Contract is:
			
		 	(1)	 	The penalty interest rate for overdue payments under this Contract is determined at additional 30% over the benchmark lending interest rate published at
the time of overdue.
			
		 	(2)	 	The penalty interest rate for use of the loan not according to the purpose stipulated in this Contract, is determined at additional 50% over the
benchmark interest rate published at the time of the loan misuse.
		
	 7.
	 	The drawdown period for the loan under this Contract is from August 30, 2011 to August 3, 2012.
		
	 8.
	 	The drawdown schedule for the loan under this Contract is as follows (“ü” for selected, and “x”
for not selected):
		
	 þ
	 	The withdrawal plan is as follow:
						
		 		 	Order	 	Drawn down before	 	Drawdown amount	 	
		 		 	1	 	August 30, 2011	 	RMB Twenty million	 	(In words)
		
	 x
	 	Other drawn down arrangement: [Blank]
		
	 9.
	 	The repayment plan for the loan herein is as follows (“ü” for selected, and “x” for not
selected):
		
	 þ
	 	The repayment plan is as follow:
						
		 		 	Order	 	Repayment before	 	Repayment amount	 	
		 		 	1	 	August 3, 2012	 	RMB Twenty million	 	(In words)
		
	 x
	 	Other repayment arrangement: [Blank]

  
 2 

			
	SPD Bank	 	Working Capital Loan Contract

  

									
	 10.
	 	The penalty for early repayment of the loan: equal [Blank]% of the total amount of actual early repayment or [Blank](Currency)[Blank] (In
words).
		
	 11.
	 	The portion of the loan principal being early repaid shall not less than [Blank](Currency)[Blank] (In words).
		
	 12.
	 	Set Up of Bank Account: (“ü” for selected, and “x” for not selected)
		
		 	 (1)    The Borrower’s designated working capital loan account at the Lender’s
bank:

			
		 	 Bank:
	  	Fangyuan Branch, Shanghai Pudong Development Bank Co. Ltd.
		 	 Account name:
	  	China Northeast Logistics City Co., Ltd.
		 	 Account number:
	  	[Not disclosed in this translation]
		
		 	 (2)    The Borrower’s general settlement account at the Lender’s
bank:

			
		 	 Branch:
	  	Fangyuan Branch, Shanghai Pudong Development Bank Co. Ltd.
		 	 Account Beneficiary:
	  	China Northeast Logistics City Co., Ltd.
		 	 Account number:
	  	[Not disclosed in this translation]
		
		 	 (3)    The Borrower’s funds receiving account under this Contract:

			
		 	 Bank:
	  	Fangyuan Branch, Shanghai Pudong Development Bank Co. Ltd.
		 	 Account name:
	  	China Northeast Logistics City Co., Ltd.
		 	 Account number:
	  	[Not disclosed in this translation]
		
	 13.
	 	The Lender’s entrusted payment: Any single payment required from the Borrower which exceeds an amount of (currency and amount) RMB Zero shall entrust to
the Lender for payment.
		
	 14.
	 	 The Borrower agrees to pay the Lender an amount of (currency and amount) [Blank] as payment account supervision
fee.
 Payment method:[Blank].

		
	 15.
	 	The Borrower agrees to provide the following Guarantors and guarantee contracts for the loan secured under this Contract:
			
	 x
	 	Guarantors: [Blank]	  	Guarantee Contract No.: [Blank]
	 þ
	 	Mortgagors: China Northeast Logistics City Co., Ltd.	  	Mortgage Contract No.: [Not disclosed in this translation]
	 x
	 	Pledge provider: [Blank]	  	Pledge Contract No.: [Blank]
	 x
	 	Other guarantee: [Blank]	  		  	
		
	 16.
	 	Default penalty: equivalent to [Blank] % of the loan principal or [Blank]
		
	 17.
	 	Appendices to this Contract include:
		
	 (1)
	 	Drawdown Application
		
	 (2)
	 	[Blank]
		
	 (3)
	 	[Blank]
		
	 (4)
	 	[Blank]
		
	 (5)
	 	[Blank]
		
	 18.
	 	Other matters agreed by both parties: [Blank]
		
	 19.
	 	There are Two copies of this Contract, 1 copy for the Borrower, 1 copy for the Lender, and [Blank] copies for
[Blank], all copies carry the same legal status.

  
 3 

			
	SPD Bank	 	Working Capital Loan Contract

  

Part II: General Terms 
 Section 1: The Loan 
  

	1.	The Borrower hereby irrevocably agrees and undertakes: the Lender, at all times, has full discretion on the drawings of the loan obtained under this contract; the
Lender has full discretion on the date for which regular or irregular inspection on the loan should be carry out, in order for the Lender to decide whether the Lender should continue to grant a loan of any form to the Borrower; notwithstanding of
the provisions contained in this Contract or any other documents, the Lender shall have the right to call for the Borrow to repay all of the loan at any time. The Lender shall have the right to terminate or suspend all or part of the loan, or cancel
any further usage of the loan without prior notification to the Borrower. 

  

	2.	The loan under this Contract shall only be used for purpose as agreed in this Contract, the Borrower shall not misuse the loan for fixed asset investment, share
transaction or similar investment, and productions and operations in area which are prohibited by the PRC or on activities that are not comply with the purpose of working capital loan. 

Section 2: Loan interest rate and method of calculation 

 

	1.	Unless otherwise specified in this Contract, the interest under this Contract shall be calculated based on the actual amount of loan drawn down and the number of days
for which the loan is drawn down from the date of drawdown. The number of days in use includes the first day and excludes the last day. Daily interest rate equals to monthly interest rate divided by 30, monthly interest rate equals to annual
interest divided by 12. 

  

	2.	The Lender shall entitle to receive penalty interest from the Borrower on any outstanding principal which become overdue (“overdue”, for the purpose of this
Contract includes situation where early repayment is declared by the Lender), for period starting from the day when the outstanding principal of the loan become overdue, calculated in accordance with the actual number of days overdue and overdue
interest rate agreed in this Contract, until the day the Borrower settles all of the principal and interest. 

  

	3.	In the event the Borrower does not utilize the loan which does not comply with the purpose as agreed in this Contract, the Lender shall entitle to receive penalty
interest, based on the portion of the loan being misused, calculated based on the penalty interest rate as agreed in this Contract, from the day when such misuse commence, for the number of days the portion of the loan being misused, until the
Borrower settles all of the principal and interest. 

  

	4.	The Lender shall entitle to receive from the Borrower for interest not settled on time (which include normal interest, overdue penalty interest and misuse penalty
interest) an overdue interest, which shall be calculated based on the overdue interest rate as agreed in this Contract for period, from the day when such interest become overdue (which is the day of interest settlement date as agreed in this
Contract), when such interests are overdue, on a compound interest basis. 

  

	5.	Interest rate marketization or market immobilization 

  

	 	(1)	In the event that after the loan under this Contract has been granted and the People’s Bank of China has implemented the policy of marketization of lending
interest rate for RMB loan, the Borrower shall negotiate with the Lender for the determination of the interest rate standard. Should there be no mutual agreement reached within five (5) banking days after the commencement of the negotiation,
the Borrower shall repay all of the principal and interest of the loan within thirty (30) banking days from the date on which no mutual agreement is affirmed. (This paragraph applies to RMB). 

 

	 	(2)	In the event that after the loan under this Contract has been granted, none of the relevant banks has offered any US Dollar interest rate quotation to major banks in
the London Interbank Money Market at 11:00am (London time), and no interest rate could be obtained on the day of the interest rate adjustment as agreed in this Contract, the Borrower shall negotiate with the Lender for the determination of an
alternative interest rate. if no relevant bank quotes the US Dollar deposit rate to the major banks in the London Interbank money market, by the hour of 11 am (London time) on the interest quote date of relevant interest period. Should there be no
mutual agreement reached within five (5) banking days after the commencement of the negotiation, the Borrower shall repay all of the principal and interest of the loan within thirty (30) banking days from the date on which no mutual
agreement is affirmed. (This paragraph applies to foreign currency) 

  
 4 

			
	SPD Bank	 	Working Capital Loan Contract

  

Section 3: Drawdown of the loan 
  

	1.	Prior to the first drawdown, the Borrower shall fulfill the following conditions, however the Lender is not obligated to verify the authenticity of the following
documents or conditions: 

  

	 	(1)	The Borrower shall submit the drawdown application form (refer to Appendix 1 for format), the completed borrowing/lending voucher and other related documents at a time
and method of submission as agreed in this Contract; 

  

	 	(2)	This Contract and related guarantee contract, if any, have been signed and remained valid, and the rights of the guarantee has been properly established;

  

	 	(3)	The Borrower shall provide valid business license, company articles of association, most recent financial statements from the drawdown date (including but not limited
to the audited financial statement for the preceding year and the management accounts for the current period); 

  

	 	(4)	The Borrower shall provide the resolution in respect of the loan approved by the board of directors or in shareholders’ meeting or other entities with the same
legal status, authorization letter from legal representatives to authorized representatives, and original copy of sample signatures for the legal representatives and authorized representatives; 

 

	 	(5)	The Borrower has opened general settlement, fund collection or any other accounts, if any, at the Lender’s bank as requested by the Lender;

  

	 	(6)	The Borrower has fulfilled the obligations agreed in this Contract, and no event of default as stipulated in this Contract has occurred. 

 

	 	(7)	Other documents or other conditions may be requested by the Lender from time to time. 

 

	2.	Prior to each drawdown other than the first drawdown, the Borrower shall fulfill the following conditions, however the Lender is not obligated to verify the
authenticity of the following documents or conditions: 

  

	 	(1)	The Borrower shall submit the drawdown application form (refer to Appendix 1 for format), the completed borrowing/lending voucher and other related document at a time
and method of submission as agreed in this Contract; 

  

	 	(2)	The Borrower has fulfilled the obligations agreed under this Contract, and no event default as stipulated in this Contract has occurred. 

 

	 	(3)	Other documents or other conditions may be requested by the Lender from time to time. 

 

	3.	Drawdown 

  

	 	(1)	The Borrower shall make one-time drawdown or instalments drawdown in accordance with the schedules as agreed under this Contract, and submit the drawdown application to
the Lender three (3) banking days prior to the each drawdown date as agreed in this Contract for the processing of draw procedure (refer to Appendix 1 for format ) 

 

	 	(2)	In the event that a change the drawdown date such as postponement is required by the Borrower, the Borrower shall obtain consent from the Lender three (3) banking
days prior to the scheduled day, and shall pay the Lender loss of interest income as a result of such change (loss of interest income equals to interest the Lender should have earned from the loan deduct by the interest earned through savings over
the same period). 

  

	 	(3)	In the event that the Borrow wishes to cancel all or part of the undrawn loan amount, the Borrower shall obtain the approval from the Lender by submitting an
application to the Lender three (3) days prior to the scheduled drawdown day or expiry of the drawdown period. The Borrower confirms that in the event where all or part of the loan was not drawn down upon the expiry of the drawdown period, the
Borrower shall pay an undertaking fees to the Lender (as detailed in Part I of this Contract). 

  

	 	(4)	In the event where the Borrower fails to lodge its application for the draw down or postponement of the drawdown upon the expiry of the scheduled drawdown date or
drawdown period, the Lender may notify the Borrower to handle related procedure within three (3) banking days from the date of the expiry. Where the Borrower fails to complete either one of the applications, the Lender shall have the rights to
cancel the undrawn loan amount. 

  
 5 

			
	SPD Bank	 	Working Capital Loan Contract

  

 

	 	(5)	Notwithstanding the terms and conditions as agreed elsewhere in this Contract, the Lender shall have the rights to refuse the Borrower’s drawdown application and
cancel all or part of the loan agreed in this Contract, prior to any drawdown of the loan. 

 Section 4:
Account set up and management 
  

	1.	The Borrower should have opened general settlement account, fund collection account and any other accounts, is any, as agreed between both parties, at the Lender’s
bank at the time of when this Contract is signed. The Borrower agrees the Lender to monitor the abovementioned accounts. 

  

	2.	The general settlement account is used to account for the draw down and drawings of the loan obtained from the Lender by the Borrower, and the account entitles to
interest income at calculated based on current deposit savings rate. 

  

	3.	The Borrower acknowledges fund collection account shall serve as the income account and loan repayment account, as agreed in this Contract. The cash inflow from sales
or the overall cash flow of the Borrower shall be deposited in the funds receiving account. 

 The Borrower
undertakes that the balance of the funds receiving account shall not be less than the amount of principal and interest due within 3 days prior to the day of each settlement. The Borrower agrees the Lender shall have the rights to restrict or reject
any payments to third parties, within 3 days prior to the day of each settlement, where such payment will result in the balance of the funds receiving account lower than the principal and interest falling due, to ensure sufficient funds in the funds
receiving account for the repayment of the principal and interest falling due. 
 The Lender shall have the right to monitor the
funds receiving account. In the event of any irregular cash movements in the fund collection account, the Lender shall have the rights to request the Borrower for explanations and take necessary measures. 

Section 5: Payment Monitoring 
  

	1.	The Borrower agrees that the Lender shall entitle to manage and monitor the payment from the loan obtained through Lender entrusted payment or/and direct payment
methods by the Borrower, in order to supervise the purpose of usage of the loan as agreed in this Contract. 

 The
Lender entrusted payments refers to the Lender, make payments on behalf of the Borrower, upon application from the Borrower, to third parties who qualifies the purpose of the usage of the loan as agreed in this Contract, from the Borrower’s
bank accounts. 
 Direct payment by the Borrower refers to the Lender deposited the loan into the Borrower’s bank account
based on the draw down application, and payments being made to the qualified payee in accordance with the usage agreed in the respective contracts by the Borrower directly. 

 

	2.	With the consent of the Borrower, should the borrower-lender relationship between the Borrower and the Lender is a newly established relationship and the credit rating
the Borrower is average, or each single payment required by the Borrower exceeds the limit as agreed in this Contract (refer to Part I of this Contract), or other cases as specified by the Lender, the Lender entrusted payment method should be used.

 Where the Lender entrusted payment method is used, the Lender shall have the right to review and approve payees
on the payment application as provided by the Borrower whether the names of payee, amount and other information on the payment application is in conformity with relevant business contracts and related documents, and in accordance with the purpose of
usage of the loan as agreed in this Contract. Payments will be made by the Lender to the Borrower’s payees through the Borrower’s bank account where the loan is obtained. 

 

	3.	The Borrower shall provide evidence as requested by the Lender when applying payments to external parties from the loan obtained, including but not limited to:

  

	 	(1)	Documents and evidence which support the purpose of the payment is as agreed in this Contract; 

 

	 	(2)	Business contract and written documents which reflect the Borrower’s payment obligations. In the event where fees and expenses for which a written contract is not
required or available, the Borrower shall provide fee policy and standards from relevant authorities; 

  
 6 

			
	SPD Bank	 	Working Capital Loan Contract

  

 

	 	(3)	The Borrower shall provide the corresponding invoices or receipts after the payment is made if the invoices or receipts thereof are available at the time of payment;

  

	 	(4)	Legally valid payment voucher; 

  

	 	(5)	Other documents as required by the Lender. 

  

	4.	In case where a working capital loan account is not opened, the Borrower shall submit the drawdown application form (refer to Appendix 1 for format) to the Lender three
(3) banking days prior to the proposed drawdown day, and shall designate whether the Lender entrusted payment method or direct payment method the Borrower wishes to use. The Borrower confirms that the Lender shall have the rights to review and
approve whether the relevant documents complies with the payment condition stipulated under this Contract, and have the right to decide which payment method the Borrower should entitle for the loan that is drawn down. 

In case where a working capital loan account is opened, and when the Lender entrusted payment method is used, the Borrower shall submit
the Borrower pre-stamped working capital loan reserved stamp payment application form (refer to Appendix 2 for format) to the Lender three (3) banking days prior to the proposed payment day. The Lender shall have the rights to review and
approve whether the relevant documents complies with the payment condition stipulated under this Contract, and have the right to decide which payment method the Borrower should entitle for the loan that is drawn down. When the direct payment method
is used, the Borrower shall submit the payment application form (refer to Appendix 2 for format) and related information to the Lender three (3) banking days prior to the proposed payment day. The Lender shall have the rights to review and
approve whether the relevant documents complies with the payment condition stipulated under this Contract. When reviewed and approved by the Lender, the Borrower is required to complete payment voucher (the amount of each summary payment voucher
must not exceed the loan amount the Lender entrusted for payment under this Contract). When approved, the Lender will stamp on the summary payment voucher a working capital loan fund monitoring chop and the required fund will be transferred to the
Borrower’s general settlement account. 
  

	5.	In the case that direct payment method is used, the Borrower shall report to the Lender the details of direct payments from the loan obtained on a monthly basis. The
Lender shall have the right to verify whether the payments made by the Borrower complies with the purpose and payment method as agreed in this Contract, by ways of account analysis, voucher inspections and on-site investigations, etc.

  

	6.	The Borrower confirms that the Borrower shall pay to the Lender any clearing fees that may be incurred due to the drawdown of the loan. At the time when clearing fee
become chargeable, the Lender has the right to deduct the actual clearing fee from the Borrower’s bank account. 

  

	7.	In the case of the following, the Lender shall have the right to request the Borrower, during the course of drawdown application and payment application, to provide
additional condition for the drawdown and payment, to change the way of settlement or cease to granting and payment of the loan: 

  

	 	(1)	Deterioration of the credit status 

  

	 	(2)	Weak profitability of core business 

  

	 	(3)	Abnormal usage of the loan under this Contract 

 Section 6: Repayment 
  

	1.	The Borrower shall settle in full the loan principal, interest outstanding and relevant costs thereof in accordance with the repayment plan as agreed under this
Contract. The Borrower hereby irrevocably authorizes the Lender the right to deduct directly the abovementioned funds from the account set up by the Borrower with the Lender’s bank, on the due date of the repayment or other arrangement as
agreed in this Contract. 

  

	2.	Should the Borrower request an early repayment of the loan, the Borrower shall notify the Lender ten (10) banking days prior to the anticipated repayment date in
writing and written consent must be obtained from the Lender. Should the Borrower early repay the loan principal and interest without the prior written consent from the Lender, the Lender shall charge the Borrower a fixed amount of one off penalty
(see Part I of this Contract). 

 In the case where early repayment of the loan has been accepted by the Lender,
the anticipated early repayment date shall be regarded as early maturity of the loan and the Lender shall have the right to request the Borrower for payment of a fixed amount of penalty as agreed in this Contract (see Part I of this Contract).

 Interest for early repayment of the loan shall be paid together with the principal, and calculated based on the actual number
of days for which the loan is drawn, and the amounts of the principal of the early repayment shall not be less than the limit agreed under Part I of this Contract; the amount of principal repaid shall be offset, in reversing order of the loan
repayment plan, against the total principal of the loan. 

  
 7 

			
	SPD Bank	 	Working Capital Loan Contract

  

 

	3.	In the event that the Borrower is unable to settle the repayment on maturity with justified reasons, the Borrower shall submit an application for extension of the term
of the loan thirty (30) banking days prior to the original maturity of the loan, and prepare the required documents for the processing of relevant loan extension procedures. In the event that the loans under this Contract that is guaranteed,
mortgaged or pledged, written consents should be received from the guarantor, mortgagor or pledge provider. The Lender shall has the final decision on granting of the loan extension, the loan will be transferred to as overdue loan on the following
day upon maturity when no application for loan extension is submitted by the Borrower or when loan extension is not approved by the Lender. 

 Section 7: Representations and undertakings 
 The following representations and undertakings
are made by the Borrower to the Lender at the time when this Contract is signed remain valid during the tenure of this Contract. 
  

	1.	The Borrower is an independent legal entity, possesses the capability to assume rights and obligations, and has the ability to carry out obligations under this Contract
and assume civil responsibility. 

  

	2.	The Borrower has the right to execute this Contract and has signed this Contract and exercised all necessary duties under this Contract to obtained authorizations and
approvals from the shareholders, board of directors and other authorities. The terms and conditions contained in this Contract represented the Borrower’s true intent and legally binding on the Borrower. 

 

	3.	The signing and execution of this Contract by the Borrower will not be in breach of the laws of which the Borrower is subjected to (the laws referred herein and
hereunder include laws, rules, regulations, local laws, and judicial interpretation, etc). Relevant documents, judgments and adjudications from relevant authorities do have contradict to the Borrower’s articles of association or contract and
agreements signed by the Borrower, or any other obligations undertook by the Borrower. 

  

	4.	The Borrower undertakes that all financial reports, if any, presented are in compliance with the laws of the People’s Republic of China. (For the purpose of this
Contract, do not include laws in Hong Kong and Macau Special Administrative Regions and Taiwan region). The financial reports are true, complete and fairly reflect the Borrower’s financial status. The Borrower guarantee that all materials,
information and documents, including both the Borrower and the Guarantor, provided to the Lender by the Borrower in the course of signing and execution of this Contract are true, valid, accurate and complete without any concealment of facts.

  

	5.	The Borrower guarantee that all materials, information and documents, including both the Borrower and the Guarantor, provided to the Lender by the Borrower in the
course of signing and execution of this Contract are true, valid, accurate and complete without any concealment of facts, and the Borrower has complied with the principles of honesty and integrity. 

 

	6.	The Borrower undertakes to complete all filings, registrations or any other procedures, and to bear all related costs and expenses, that are necessary for this Contract
to remain valid and can be legally executed. 

  

	7.	Subsequent to the date of latest audited financial statements, there have been no significant negative changes on the Borrower’s operations and financial status.

  

	8.	Business activities are carried out in strict compliance with laws and regulations, and strictly adhere to the operating scope as stated in business license or laws;
timely renewal of annual inspection; and that the operations are legal and qualified and has the ability to sustain its operations, and possesses legitimate source of financing for the repayment of the loan. 

 

	9.	Shall not forfeit any matured claims on debts, and shall not dispose of existing substantial assets at no cost or any other inappropriate method.

  

	10.	The Borrower has already disclosed to the Lender important facts and circumstances known or should have known to the Borrower, which are essential for the Lender to
determine whether the loan should be granted under this Contract. 

  

	11.	The Borrower undertakes that, it has not and will not be any delay in payments by the Borrower, including but not limited to salaries, medical expenses, disability
subsidies, compassionate payments and compensation of employees, on the date of signing of this Contract and during the tenure of this Contract. 

  

	12.	The Borrower undertakes that it is of sound credit status and there ware no significant adverse records. 

 

	13.	The Borrower undertakes that situations or events which will or may have a material and adverse impact on the ability of the Borrower in execution of this Contract do
not exist. 

  
 8 

			
	SPD Bank	 	Working Capital Loan Contract

  

Section 8: Agreed matters 

The Borrower and the Lender agreed on the following matters: 
  

	1.	The Borrower undertakes that its business activities be operated under legal regulations and the loan obtained under this Contract will be used for purpose as agreed in
this Contract and not for other purpose. The Borrower shall, at the requirements of the Lender, provide regular financial information to Lender, which include monthly and annual financial information of varies types, and to actively cooperate with
the Lender in monitoring the usage of the loan and the operational status of business activities. The Lender shall, at any time, have the right to carry out inspection and monitoring of the any kinds on the usage of the loan.

  

	2.	The Borrower shall repay of the principal and interest obtained under this Contract, based on the timing, amount, currency and interest rate stipulated under this
Contract, drawdown application form and borrowing/lending voucher. The actual timing, amount, currency and interest rate for the repayment shall be based on the borrowing/lending voucher. 

 

	3.	The Borrower undertakes that, in case of any events which will or may have a significant and negative impact on the financial status of the Guarantor which may affect
the Guarantor’s capacity as a guarantor under this Contract, it shall provide other new guarantees that are recognized by the Lender immediately,. 

  

	4.	The Borrower represents that, prior to receipt of written consent from the Lender, none of the following actions will be taken: 

 

	 	(1)	Selling, gifting, leasing, lending, transferring, mortgaging, pledging or otherwise disposing of all or part of its substantial assets. 

 

	 	(2)	Contracting, leasing, joint operations, external investment, share capital reform, merger and acquisition, joint venture/cooperation, sub-division, transfer of shares,
practically increase in debt financing, set up of subsidiary, transfer of property rights, deduction in capital, suspension of operation, dissolution, file for bankruptcy, reorganization and other actions that has potential impact on the repayment
ability of the Borrower. 

  

	 	(3)	Amendments to the articles of association or alteration of scope of business or core business. 

 

	 	(4)	Provide guarantees to third parties and, as a consequence thereof, having a significant and negative impact on financial status of the Borrower or its ability to
fulfill the obligations under this Contract. 

  

	 	(5)	Early settlement of other long term debts. 

  

	 	(6)	Signing of contracts or agreements which have a significant and negative impact on the ability of the Borrower to fulfill the obligations herein or assuming relevant
obligations with same implications. 

  

	5.	The Borrower undertakes that, in the event of the following circumstances, the Borrower shall notify the Lender immediately on the day when such event occurred and
ensure that the original copy of the relevant notice (stamped with company seal) reach the Lender within five (5) banking days after the event occured: 

 

	 	(1)	The occurrence of events which result in untruth, inaccuracy and invalidation on the representations and undertakings made by the Borrower under this Contract.

  

	 	(2)	The Borrower or its controlling shareholders, de facto controller or its related parties are involved in litigation or arbitration, or their assets are subject to
seizure, attachment, freezing, forcible execution or other measures of the same effect, or their legal representatives/persons in charge, directors, supervisors, or senior management are involved in litigation, arbitration or subject to other
forcible measures. 

  

	 	(3)	Changes of legal representative or authorized representative, person in charge, person in charge of financial affairs, or correspondence address, name of the entity,
and place of business of the Borrower. 

  

	 	(4)	Petition for restructuring or bankruptcy is filed by other creditors or revocation by higher-level authorities. 

 

	 	(5)	Occurrence of other significant and negative events that may have negative impact on the repayment ability of the Borrower. 

 

	6.	The Borrower undertakes that it shall not in breach of normal repayment order to settle full and early repayment of other loans, and shall not enter into any contract
or agreement, present and in the future, that would result in the subordination of the loan obtained under this Contract. 

  
 9 

			
	SPD Bank	 	Working Capital Loan Contract

  

 

	7.	The Borrower shall make every effort to settle the principal and interest with the same currency of the loan obtained under this Contract. Under the circumstance where
the principal and interest are settled in different currency, the Borrower shall voluntarily or authorize the Lender to convert the principal and interest repaid, which denominated in different currency, to the currency of the loan obtained under
this Contract according to the exchange method specified under the “Stipulations on transfers of funds”, with all the expenses and costs arising thereof to be borne by the Borrower. Under the circumstance where the Guarantor settle the
repayment of the loan on behalf of the Borrower in different currency, all cost expenses arising thereof shall be borne by the Borrower, in accordance with the “Stipulations on transfers of funds” under the Guarantor Contract.

  

	8.	In the event where specific circumstances has resulted in a specific changes in the status of the guarantee under this Contract, the Borrower shall, at the request of
Lender, provide other guarantees that is recognized the Lender. The specific circumstances or specific changes abovementioned include but not limited to suspension of production, termination of business, dissolution, suspension of business for
internal rectification, revocation or deregistration of business license, applying or being applied for restructuring, bankruptcy, significant changes in operating or financial status, involved in material litigation or arbitration, involvement in
litigations by legal representative, director, supervisor and key management, the decrease or possible decrease in the value of the assets pledged or being imposed of the property preservation measures, breaches under the Guarantee Contract and
request for lifting of the Guarantee Contract, by the Guarantor. 

  

	9.	The Lender shall entitle to carry out onsite or offsite due diligence on the Borrower, and carry out inspection on the operating and financial conditions, usage and
repayment status of the loan, etc, after the loan has been drawn down by the Borrower. The borrower has the obligation to actively cooperate with the Lender in monitoring payment management, post-drawn down management and relevant inspection.

  

	10.	The Lender shall entitle to early withdraw the loan from the Borrower in view of the funds receiving status of the Borrower. 

 

	11.	Specific terms for group corporate clients (applicable to group corporate clients). 

If the Borrower under this Contract is a part of a group corporate client, the Borrower hereby represents: 

 

	 	(1)	The Borrower shall report related party transactions over 10% of the net asset of the facility grantee on timely manner, including: i) relationships among the
transacting parties; ii) types and nature of transactions; iii) transaction amounts or proportion; iv) pricing policy (including non-monetary or nominal value transactions). 

 

	 	(2)	Any of the following events by the actual facility grantee shall be regarded as breaches of this Contract by the Borrower, where the Lender shall have the right to
unitarily cancel any unutilized credit facility of the client, and withdraw part or all of the utilized credit facility, or request from the client for additional security deposit with coverage of up to 100%: i) provision of false information or
conceal material facts of operations and financial status; ii) change of the original purpose of use of the credit facility without authorization from the Lender, misappropriation of the credit facility or use of the bank credit facility for illegal
and unlawful trading; iii) using fictitious contracts between related parties, creating notes receivable, accounts receivable and other claims which have no real business background to substantiate, and taken to the bank to endorsed or for pledge in
order to obtain funds or facilities; iv) refusal of the monitoring and inspection request by the Lender on the usage of the funds and relevant operating and financial activities; v) the occurrence of major merger, acquisition and reorganization,
etc, that the Lender believes may have an impact on the credit facility; vi) intentional evasion of bank debts through related party transactions. 

 Section 9: Stipulations on transfers of funds 
  

	1.	The Borrower agrees that the Lender shall have the right to directly deduct and collect the funds from the general settlement account and/or funds receiving account
opened by the Borrower with Shanghai Pudong Development Bank Co., Ltd, upon the due date of any outstanding debts under this Contract. In the event where there is insufficient balance in the general settlement account and/or funds receiving account
for the repayment of the debts, the Lender shall have the right to deduct the funds from any accounts opened by the Borrower with the Shanghai Pudong Development Bank Co., Ltd. 

 

	2.	Unless otherwise published by relevant national regulators or laws, the proceeds deducted from the Borrower’s accounts shall be applied in the following order:
settlement of outstanding expenses, settlement of outstanding interest and settlement of the outstanding principal, due from the Borrower. 

  
 10 

			
	SPD Bank	 	Working Capital Loan Contract

  

 

	3.	The following ways shall be applied when the currency obtained from deduction from the Borrower’s accounts differ from the currency of amount required settlement:

  

	 	(i)	In the case the currency of the loan is RMB, the amount deducted from the Borrower’s bank accounts will be converted into RMB from their original currencies at the
bidding price of relevant exchange rates published on the day of the fund deduction by the Lender and settle the outstanding principal and interest. 

  

	 	(ii)	In the case that the currency of the loan is non-RMB, and the fund deducted from the Borrower’s bank accounts is RMB, the fund deducted will be converted from RMB
to the currency in which the loan is denominated at the asking price of relevant exchange rates published on the day of the fund reduction by the Lender and settle the outstanding principal and interest. 

 

	 	(iii)	In the case that the currency of the loan and the fund deducted from the Borrower’s bank account are different and not denominated in RMB, the fund deducted will
be first converted into RMB at the bidding price of relevant exchange rates published on the date of the fund deduction, then converted to the currency in which the loan is denominated at the asking price of relevant exchange rates published on the
same date and settle the outstanding principal and interest. 

 Section 10: Proof of Claims 

The Lender, in accordance with its usual business practice, maintains accounting ledgers for all the business activities related to this Contract on its
accounting records for proof of the loan amount due to the Lender. The Borrower confirms that the accounting documents compiled and recorded by the Lender according to its business practices constitute valid proof of its loan obligations under this
Contract. 
 Section 11: Notice and Delivery 

 

	1.	Any notice given by either party under this Contract to the other party shall be sent to the addresses shown on the signing page of this Contract, unless either one
party is notified in writing by the other party of a change of address. Once the notice is sent to the above address, it is deemed to have been delivered on following dates: For letters, the seventh (7) banking day after the dispatch of
registered mail to the principal business address; For delivery by courier, the day on which the recipient signs to acknowledge receipt; For facsimile or emails, the day on which the facsimile or email is sent. However, all notices, requests or
other correspondence sent or delivered to the Lender shall only be deemed to have been delivered when the Lender actually receives them. In addition, the originals (affixed with the company seal) of all notices and requests sent to the Lender via
facsimile or email shall be delivered by hand or mailed to the Lender afterwards for confirmation purposes. 

  

	2.	The Borrower agrees that any subpoena or notices issued to the Borrower as a result of litigation brought against it shall be deemed to have been delivered if they are
dispatched to the principal business address as shown on the signing page of this Contract. Any change to the above address will not take effect unless a written notice of the same has been given to the Lender in advance. 

Section 12: Validity, modification and rescission 
  

	1.	This Contract shall become effective after both the Borrower and Lender have affixed their seals and signed/sealed by their respective legal representatives
(responsible persons) or authorized persons, and shall be terminated when all the debts under this Contract are fully settled. 

  

	2.	When this Contract become effective, neither party to this Contract is permitted to modify or rescind this Contract before its intended term. Where modification or
rescission is required for this Contract, both parties shall reach unanimity through negotiation and evidenced by written agreement. 

 Section 13: Events of Default and Handling 
  

	1	Events of default 

 Any of the
following events shall constitute a default on part of the Borrower to the Lender: 
  

	 	(1)	Any representations and undertakings made by the Borrower in this Contract, or any notice, authorization, approval, consent, certificate and other documents provided by
the Borrower in connection with this Contract are inaccurate or misleading, or are proved to be inaccurate or misleading, or are proved to be void or rescinded or have no legal effect, at the time of being made by the Borrower.

  
 11 

			
	SPD Bank	 	Working Capital Loan Contract

  

 

	 	(2)	Any breach of the “Other matters agreed by both parties”, if any, in Part I of this Contract or any agreed matter in Section 8 in Part II of this
Contract by the Borrower. 

  

	 	(3)	Any major cross-default events on part of the Borrower, including but not limited to breaches of other loan contracts/agreements entered into by the Borrower; or
default in repayment of matured debts under other loan contracts/agreements entered into by the Borrower. 

  

	 	(4)	Embezzlement of funds, transfer of assets or sale of share holdings by investors of the Borrower. 

 

	 	(5)	The Guarantor fails or shall fail to act in the capacity of a guarantor for the loan, or in breach of the signed guarantee document. 

 

	 	(6)	The suspension of business, suspension of production, closure of business, suspension of business for internal rectification, restructuring, liquidation, being placed
in receivership or conservatorship, dissolution, revocation or cancellation of business license, or bankruptcy of the Borrower. 

  

	 	(7)	Deterioration of financial conditions of the Borrower and the Guarantor, encountering great difficulties in operations, or an event or situation which has adverse
impact on their normal operations, financial conditions or solvency. 

  

	 	(8)	The Borrower or its controlling shareholders, de facto controller or its related parties are involved in litigation or arbitration, or their assets are subject to
seizure, attachment, freezing, forcible execution or other measures of the same effect, or their legal representatives/persons in charge, directors, supervisors, or senior management are involved in litigation, arbitration or subject to other
forcible measures, which may have adverse impact on the solvency of the Borrower. 

  

	 	(9)	Failure to utilize the loan for purposes agreed in this Contract or failure to make payments with agreed methods. 

 

	 	(10)	Provision of false and misleading documents and information for the application of the loan. 

 

	 	(11)	Fail to meet with the minimum requirements on relevant financial covenants agreed under this Contract. 

 

	 	(12)	Unusual movements of fund flows in the general settlement account/fund collection account. 

 

	 	(13)	The Borrower engages in activities which in breach of this Contract and will hinder the execution of this Contract or other actions which will impair the normal
interests of the Lender to this Contract. 

  

	2.	Treatment of default 

  

	 	(1)	If any one or more of the above events of default occurs, the Lender shall entitle to take one or more of the following measures as the Lender may deemed appropriate:

  

	 	i)	Request the Borrower to rectify within defined period of time. 

  

	 	ii)	Cancelation of any undrawn credit of the loan facility, stop granting or making payments from unused loan balance granted to the Borrower. 

 

	 	iii)	Declare all or part of the loan principal granted become due immediately, and request immediate repayment of all or part of the loan, settlement of outstanding
interest, and seek for recourse from the Guarantor or Borrower with all necessary means. 

  

	 	iv)	Collect penalty interest on overdue loan principal and/or misappropriated loan portion, at compound interest rate. 

 

	 	v)	Directly deducts funds at any bank accounts opened by the Borrower at various branches of the Shanghai Pudong Development Bank Co., Ltd. 

 

	 	vi)	Request for the Borrower to supplement additional conditions on drawdown of the loan or modification on the payment method for utilization of the loan.

  

	 	vii)	Request the Borrower to provide other guarantees recognized by the Lender. 

 

	 	viii)	Other necessary measures as regulated by the laws. 

  
 12 

			
	SPD Bank	 	Working Capital Loan Contract

  

 

	 	(2)	Other than the above measures, the Lender may further request the Borrower for default liability and for payment of default penalty (refer to Part I of this Contract
for calculation of default penalty). Where the default penalty is insufficient to cover losses suffered by the Lender, the Borrower shall indemnify the Lender against all resulting losses. 

 

	 	(3)	The Borrower shall bear all expenses incurred by the Lender in connection with the Lender’s realization of debts and guarantee rights, including but not limited to
debt chasing expenses, litigation charges, notary fees, announcement fees, lawyers remuneration, travelling expenses, translation fees and all other fees payable. 

 Section 14: Other provisions 
  

	1.	Definitions 

  

	 	i)	“All the debts” under this Contract refers to the principal, interest, default penalty and various expenses for the realization of the debts.

  

	 	ii)	“Interest” under this Contract includes interest, penalty interest and compound interest. 

 

	 	iii)	“Banking day” under this Contract refers to the general open day for public business at the Lender’s place of residence, not including Saturdays and
Sundays (except for business day open to the public due to holiday adjustment) or other public holiday by laws. 

  

	2.	Applicable laws 

 The Laws of the
People’s Republic of China (for the purpose of this Contract, excluding the laws of Hong Kong and Macau Special Administrative Regions and Taiwan regions) are applicable to this Contract, and their interpretations. 

 

	3.	Dispute Resolution 

 All disputes
arising from this Contract shall be resolved through friendly negotiations. In the case that an agreement cannot be reached, the People’s Court of the People’s Republic of China where the Lender is located has exclusive jurisdiction over
the dispute matter. During the period of dispute, the parties shall continue to comply with the undisputed provisions of this Contract. 
  

	4.	Miscellaneous 

  

	 	(i)	The parties hereto may revise the terms and conditions of this Contract through negotiation for matters not discussed herein and set out those additional terms and
conditions in Part I of this Contract or in a separate agreement which will become a supplement to this Contract. Appendices and supplements to this Contract (detailed in Part I of this Contract) are inseparable constituent part of this Contract and
have the same legal effect as the main text of this Contract. 

  

	 	(ii)	During the tenure of this Contract, the Lender’s tolerance of extension or delay in action in connection to any events of default or other actions by the Borrower,
shall not damage, influence or restrict the Lender from enjoying all the rights and benefits in accordance with laws or with regards to this Contract, neither can be taken as the Lender’s recognition of such events of default by the Borrower,
nor can be treated as the Lender’s forfeiture of the Lender’s rights on taking action against the Borrower’s present or future events of default. 

 

	 	(iii)	Invalidity of any terms in this Contract shall not affect the validity of other terms. The Borrower shall bear the obligation for the repayment of all the debts owing
to the Lender, regardless of reasons resulting in the invalidity of this Contract. In case of the aforesaid event, the Lender shall entitle to terminate the execution of this Contract immediately and may seek for repayment all the outstanding debts
under this Contract from the Borrower. 

  

	 	(iv)	The Lender may transfer all or part of the rights and/or obligations under this Contract, and under this circumstance, the transferee shall entitle to enjoy the same
rights and/or obligations as being a party of the Lender to this Contract. The Borrower shall bind to the transferee as agreed in this Contract, after receiving notice from the Lender with regards to the transfer of debts. 

 

	 	(v)	Unless otherwise stated herein, the relevant terms and expressions in the Appendices to this Contract have the same meaning as those contained in this Contract.

  

	 	(vi)	The headings in this Contract are for ease of reference only and shall not be regarded as the basis of interpretation of the content under that heading.

 (No main text below on this page) 

  
 13 

			
	SPD Bank	 	Working Capital Loan Contract

  

(This is the signing page with no main text) 

This Contract is signed by the Borrower and the Lender (as below) on August 30, 2011. The Borrower acknowledges that, at the time of
signing this Contract, both parties have explained and discussed all the terms and conditions in details. Both parties have no disagreement toward any of the terms and conditions herein and have an accurate understanding of the legal implications of
the terms and conditions with respect to the rights and obligations, restrictions of responsibility or exclusion provisions of the subject persons. 
  

			
	Borrower (company seal)	  	Lender (company seal)
	[sealed] China Northeast Logistics City Co, Ltd	  	[Sealed] Pudong Development, Bank Co., Ltd., Shenyang Branch
		
	Legal representative or authorized	  	Responsible person or authorized
	person (signature or seal)	  	person (signature or seal)
	Cheng Chung Hing	  	[Not disclosed in this translation]
		
	Principal business address:	  	Principal business address:
	[Not disclosed in this translation]	  	[Not disclosed in this translation]
		
	Postal code: [Not disclosed in this translation]	  	Postal code: [Not disclosed in this translation]
		
	Telephone No: [Not disclosed in this translation]	  	Telephone No: [Not disclosed in this translation]
		
	Fax No.: [Not disclosed in this translation]	  	Fax No.: [Not disclosed in this translation]
		
	Email: [Not disclosed in this translation]	  	Email: [Not disclosed in this translation]
		
	Contact person: [Not disclosed in this translation]	  	Contact person: [Not disclosed in this translation]

  
 14 

 Appendix 1 
 Under “Working Capital Loan Contract” 
 Drawdown Application
Form 
 (Applicable to cases where designated working capital loan account is used) 

No:                      
                                       

Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch 
 Whereas the Company signed Working Capital Loan Contract (referred to as “loan contract” hereunder) with contract number [Not disclosed in this translation] with the Bank on
August 30, 2011, according to the drawdown plan agreed in the loan contract, the Company plans to take its 1st drawdown with an amount of RMB (currency) Twenty million (In words) on
August 30, 2011. 
 In accordance with the terms of the loan contract, this amount shall be made to the general settlement
bank account opened by the Borrower at Shanghai Pudong Development Co., Ltd., the bank account name is China Northeast Logistics City Co., Ltd., bank account number is: [Not disclosed in this translation]. 

The Company hereby confirms, as at the date of this application form, there is no occurrence of any event or situation that would constitute events of
default under the loan contract. The Company further confirms, all the representations and undertakings and guarantees are executed accordingly and all the applicable prerequisites are satisfied as agreed under the loan contract. 

Applicant: (seal): China Northeast Logistics City Co., Ltd. 
 Legal representative or authorized agent: (signature or seal) Cheng Chung Hing 

August 30, 2011 

  
 15 

 Appendix 2 
 Under “Working Capital Loan Contract” 
 Drawdown Application
Form 
 (Applicable to cases where designated working capital loan account is used) 

No:                      
                                       

Shanghai Pudong Development Bank Co., Ltd. [Blank] Branch 
 Whereas the Company signed Working Capital Loan Contract (referred to as “loan contract” hereunder) with contract number [Blank] with the Bank on [Blank], according to the drawdown
plan agreed in the loan contract, the Company plans to take its [Blank]drawdown with an amount of [Blank] (currency) [Blank] (In words) on [Blank]. 
 In accordance with the terms of the loan contract, this amount shall be made to the general settlement bank account opened by the Borrower at Shanghai Pudong Development Co., Ltd., the bank account name
is [Blank], bank account number is: [Blank]. 
 The Company hereby confirms, as at the date of this application form, there is no
occurrence of any event or situation that would constitute events of default under the loan contract. The Company further confirms, all the representations and undertakings and guarantees are executed accordingly and all the applicable prerequisites
are satisfied as agreed under the loan contract. 
 For the amount to be drawn down this time, the Company hereby makes specific application for
the below [Blank] method of making external payment from the loan obtained: 
  

					
	 (1)
	  	The Lender entrusted payment method for all payments:
		
		  	 i)       The Company has provided the following documents to the Bank in
compliance with the loan contract:

 
					
		
	  ̈
	  	Business Contract and written documents truthfully reflecting the Borrower’s payment obligation and related written documents relating to usage of the
loan;
		
	  ̈
	  	Relevant invoices or receipts, the Borrower shall submit relevant invoices or receipts for the payment timely after payment has been completed, if such invoices and
receipts are not available at the time of payment;
		
	  ̈
	  	legally valid payment voucher;
		
	  ̈
	  	Others: [Blank]

					
		
		  	 (ii)    Please transfer the loan principal requested to the following bank account of the
transacting party, on [Blank], upon verification and approval by the Bank as agreed in the loan contract:

		
		  	 Branch Name: [Blank]

		  	 Account Name: [Blank]

		  	 Account Number: [Blank]

		
	 (2)
	  	The Borrower’s direct payment method for all payments:
		
		  	 i)       The Company has provided the following documents to the Bank in
compliance with the loan contract:

 
					
		
	  ̈
	  	Business Contract and written documents truthfully reflecting the Borrower’s payment obligation and written document relating to loan usage:
		
	  ̈
	  	Others: [Blank]

					
		
		  	 (ii)    Please transfer the loan principal requested to our general settlement account upon
verification and approval by the Bank as agreed in the loan contract:

 Applicant: (seal): [Blank] 
 Legal representative or authorized agent: (signature or seal) [Blank] 

  
 16

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