Document:

Exhibit 10.9

 

Translation

 

LOAN
CONTRACT (in RMB) 

Contract No. XD-2014-SHUOJIE-001

 

The Borrower:
Jinshang International Financial Leasing Co., Ltd.

Business
license number: 110000450099763

Legal representative:
MU Renhui

	Address:	2 Xizhimen Nanda Street, B8-18G, Xicheng District, Beijing City,
    PR. China.

	Bank:	Bank of China, Zhenhua Street Branch, Shuozhou City

	Tel:	010-82255118
	Fax:	010-82255118-802

 

	The Lender:	Bank of China, Shuozhou Branch

	Legal representative/Officer-in-charge:	HAN Yuhui

	Address:	19 Kaifanan Road, Shuozhou City, Shanxi Province. PR. China.

	Tel:	0349-8855880
	Fax:	0349-8855883

 

Through
fair consultation, it is agreed between the Borrower and the Lender that pursuant to the contract which was entered into between
the Borrower and Tong Coal Zheneng Majialiang Coal Industry Company Limited (Contract number: JS201414-RZ-001, the financial leasing
agreement), the Lender shall grant the loan to the Borrower as follows:

 

	1.	Currency and amount of the Loan

	 	Currency:	Renminbi
	 	Amount:	Renminbi 500,000,000.00 Yuan
	 	 	Five
hundred Million Renminbi Yuan.

 

	2.	Loan period

 

	 	Loan Period:	The Loan period of each drawdown of the Loan shall not exceed 5 years as
from the date of the first drawdown.

The
Borrower shall make drawdowns according to the agreed schedule and if the Borrower makes the drawdowns on the date later than
the agreed schedule, the Borrower shall still be obliged to repay the Loan on schedule.

 

	3.	Loan usage

 

	 	Loan
usage:	The Loan usage is for the Borrower to buy the sold leased back asset from Tong Coal Zheneng Majialiang Coal Industry Company Limited.

Without
the Lender’s consent in writing, the Borrower shall not change the Loan usage, including but not limited to, for investments
in stock and other securities, real estates, projects prohibited by any laws and rules, policy forbidden and disapproved projects
and projects which are not supported by bank loans.

 

    	 

    	 

    

 

	4.	Loan interest rate and interest rate determination

 

	 	1)	Loan interest rate

 

The
Loan interest rate is determined with reference to the announced lending rates of the People’s Bank of China for 1-5 years.

 

The
Loan interest rate shall be adjusted once annually as from the second year of the Loan period.

 

Adjustments
of Loan interest rates shall depend on whether there are changes of the announced lending rates of the People’s Bank of
China for 1-5 years. Loan interest rate may be adjusted on the day of the anniversary of the first drawdown of the Loan. There
shall be no adjustment to the Loan interest rate if there is no change of the announced lending rates of the People’s Bank
of China for 1-5 years and if as at the date for adjustment, there are changes of the announced lending rate of the People’s
Bank of China for 1-5 years, the Loan interest rate shall be adjusted according to the changes of the lending rates during the
corresponding period. If the date for adjustment falls on a bank’s non-business day, the Loan interest rate shall be adjusted
on the business day immediately prior to the bank’s non-business day. If the announced lending rates of the People’s
Bank of China are no longer suitable for determination of the Loan interest rates, the Borrower and Lender may, by friendly consultation
agree upon a mechanism for the determination of the Loan interest rates failing which the Borrower may elect to early repayment
of the Loan and if the Borrower does not elect an early repayment of the Loan, the Loan interest rates shall be determined by
the Lender.

 

	 	2)	Interest Computation

 

Interest
will be charged as from the date of the actual drawdown of the Loan and calculated on basis of the drawdown amount and the number
of actual days of the borrowed amount.

 

The
formula of interest computation: Interest = borrowed amount x actual number of days of the borrowing interest rate per day.

 

The
interest rate per day is calculated on 360 days per year basis and the formula is: Interest Rate per day = Interest rate per annum
/ 360

 

	 	3)	Interest settlement method

 

The
Borrower shall settle interest payments every three months and on the 21st day of March, June, September and December of the year.
If the interest settlement day falls on a statutory holiday or a public rest-day, the interest settlement shall be made on the
working day immediately prior to the statutory
holiday or the public rest-day.

 

    	 

    	 

    

 

According
to Clause 7 hereof, if the Loan repayment day does not fall on the interest settlement day, the Loan repayment day shall also
be the interest settlement day on which day, the Borrower shall re-pay the Loan and pay the accrued outstanding interest.

 

	 	4)	Penalty

 

		(1)	If
                                         Borrower fails to re-pay the Loan and interest thereon on schedule, the Borrower shall
                                         pay an overdue penalty interest on the overdue amount as from the overdue day to the
                                         day of settlement of the Loan and the overdue interest. Overdue penalty interest shall
                                         be 30% in addition to the Loan interest rate stipulated in Clause 1 hereof.

 

		(2)	If
                                         the Borrower uses the Loan not according to the agreed usage, the Borrower shall pay
                                         an embezzled penalty interest on the embezzled part of the Loan from the day of embezzlement
                                         to the day of the full settlement of the outstanding Loan and interests.

 

Embezzled
penalty interest shall be 50% in addition to the Loan interest rate stipulated in Clause 1 hereof.

 

		(3)	For
                                         the overdue and embezzled Loan amount, the Borrower shall pay the interest thereon according
                                         to the embezzled penalty interest rate.

 

		(4)	If
                                         Borrower fails to pay interest on time according to Sub-Clause 3 of this Clause, the
                                         Borrower shall pay the overdue interest which shall be a compound interest rate on the
                                         Loan interest rate stipulated in Clause 1 hereof. If the Loan is overdue, borrower shall
                                         pay a compound penalty interest pursuant to this Clause.

 

		(5)	In
                                         the circumstance that the agreed composite interest rate is adjusted, the penalty interest
                                         and compound interest rates shall be adjusted accordingly as from the date of the composite
                                         interest rate being adjusted and shall be computed on periodical basis.

 

	5.	Conditions precedent of drawdowns

 

The
Borrower May make drawdowns of the Loan upon the following conditions being satisfied:

 

		(1)	This
                                         Contract and attachments when signed shall become effective.

 

		(2)	The
                                         financial leasing contract between the Borrower and Tong Coal Mine Group Zheneng Majiangliang
                                         Coal Company Limited had been executed and the certified true copies thereof had been
                                         provided to the Lender.

 

    	 

    	 

    

 

		(3)	The
                                         financial leasing income transfer agreement between the Borrower, Tong Coal Mine Group
                                         Zheneng Majiangliang Coal Company Limited and the Lender had been executed and became
                                         effective.

 

		(4)	The
                                         financial supervision agreement between the Borrower, Tong Coal Mine Group Zheneng Majiangliang
                                         Coal Company Limited and the Lender had been executed and became effective.

 

		(5)	The
                                         Borrower has provided to the Lender with photocopies of the business license and identification
                                         proof of the authorized representative of the Borrower.

 

		(6)	The
                                         Borrower and Tong Coal Mine Group Zheneng Majiangliang Coal Company Limited have successfully
                                         opened the requisite bank accounts for the purpose of this Contract with the People’s
                                         Bank of China at its Shouzhou Zhenghua Jie Branch.

 

		(7)	The
                                         Borrower has provided the board resolutions or consent of the authorized division of
                                         the Borrower approving the entering into and carrying out of this Contract and the specimen
                                         signatures and documentary proofs of the usage of the Loan which shall be provided within
                                         10 days of the drawdown.

 

		(8)	The
                                         Borrower shall submit a written drawdown notice two bank working days before the drawdown.

 

		(9)	The
                                         execution of this Contract shall be witnessed and verifications of the above mentioned
                                         documents shall be signified by the responsible person of the Bank of China at its Shuozhou
                                         Branch.

 

		(10)	Issues
                                         as required by law and agreed by the parties.

 

The
Lender reserves the right to reject a drawdown application of the Borrower on the above conditions being not satisfied other than
that the Lender approves the drawdown notice.

 

	6.	Drawdown schedule and method

 

Upon
the Borrower having satisfied the conditions under Clause 5 of the Contract, the Borrower may make drawdown of the Loan according
to the following drawdown schedule and method:

 

		1)	Within
                                         one month from March 25, 2015, the Borrower shall complete a drawdown of the Loan which
                                         notice shall be made in writing and the Loan shall not be used without the consent of
                                         the Lender and the total drawdown amount shall not exceed the Loan amount stipulated
                                         in Clause 1 hereof.

 

		2)	The
                                         Lender shall have the right to reject the Borrower’s drawdown application on lapse
                                         of time for drawdown as mentioned above.

 

    	 

    	 

    

 

	7.	Repayment schedule

 

		1)	The borrower shall repay the Loan on the following
                                                                                                                                                                                                                repayment schedule except
the Borrower and the Lender agree otherwise:

 

	 	REPAYMENT DATE	 	REPAYMENT AMOUNT

(IN RENMINBI)	 
	 	September 21, 2015	 	 	12,500,000.00	 
	 	March 21, 2016	 	 	12,500,000.00	 
	 	September 21, 2016	 	 	12,500,000.00	 
	 	March 21, 2017	 	 	12,500,000.00	 
	 	September 21, 2017	 	 	12,500,000.00	 
	 	March 21, 2018	 	 	12,500,000.00	 
	 	September 21, 2018	 	 	12,500,000.00	 
	 	March 21, 2019	 	 	12,500,000.00	 
	 	September 21, 2019	 	 	200,000,000.00	 
	 	March 21, 2020	 	 	200,000,000.00	 

 

If
the Borrower intends to make changes to the repayment schedule, the Borrower shall make application to the Lender in writing at
least 15 bank working days before the scheduled repayment day and the Lender and the Borrower shall agree to the changes of the
repayment plan in writing.

 

		2)	Except
                                         as agreed otherwise, if the Loan amount and interest accrued thereon remain in arrear,
                                         the Lender shall have the right to determine the preference order of repayment. In the
                                         case that more than one repayment being overdue, the Lender shall have the right to determine
                                         the preference order of repayments and in the case that there are more than one Loan
                                         contract between the Lender and the Borrower, the Lender shall have the right to determine
                                         the preference order of contracts execution.

 

		3)	Except
                                         as agreed otherwise, the Borrower may make early prepayment of the Loan by giving a written
                                         notice to the Lender 7 working days before the making the repayment and approval shall
                                         obtained from the Lender. The Borrower shall compansate the Lender at 0.5% on the early
                                         repaid amount. The early prepaid amount shall be applied in reverse order to repay the
                                         last repayment amount of the Loan. The Borrower shall not make a fresh drawdown on the
                                         early repaid amount.

 

		4)	On
                                         the repayment date, the Lender shall have the right to collect each repayment and interest
                                         from the special bank account of the Borrower as follows:

 

Account
name:   Jinshang International Financial Leasing Company Limited.

Account number:   147983002569

Bank
name:   the Bank of China, Shuozhou Branch

 

    	 

    	 

    

 

	8.	Representation and Warranties

 

	 	1)	The Borrower represents and warrants as follows:

 

		(1)	The
                                         Borrower is legally registered and existing and the Borrower has the entire civil capacity
                                         to sign and execute this Contract.

 

		(2)	The
                                         Borrower has genuine intention to sign and perform this Contract and has obtained lawful
                                         and effective authority for the execution of the Contract pursuant to its charter and
                                         internal regulatory documents. This Contract shall have binding effect and will not breach
                                         other contracts, agreements and other legal documents which the Borrower has entered
                                         into. The Borrower has obtained or will obtain the required approval, permits, filing
                                         or registration relating to this Contract.

 

		(3)	The
                                         Borrower agrees to provide to the Lender all documents, receipts (including but not limited
                                         to purchase orders and project invoices), seal, name list of related persons, specimen
                                         signatures, financial statements, certificates and other documents and warrants that
                                         they are true, complete, accurate and effective.

 

		(4)	The
                                         Borrower warrants that it is not involved in any anti-social activities and warrants
                                         that the trade background presented in its application to the Lender for the Loan is
                                         true and lawful and the Loan is not used in any money laundry activities.

 

		(5)	The
                                         Borrower did not conceal any information that may adversely affect the financial condition
                                         and the capacity in the performance of the contracts of the Borrower and guarantor.

 

		(6)	The
                                         Borrower warrants that the Loan usage complies with the national industrial policies,
                                         land policies, environmental protection laws, rules and regulations, and control and
                                         relative policies. The borrower warrants that the invested project shall comply with
                                         the requirement of lawful management, approval and filing. The invested project satisfied
                                         the national requirements about capital funding system.

 

	 	2)	The Borrower warrants to commit as follows:

 

		(1)	The
                                         Lender shall supervise the usage of the Loan by the Borrower and the Borrower shall ensure
                                         that Tong Coal Mine Group Zheneng Majiangliang Coal Company Limited shall accept the
                                         Lender’s supervision on the uage of the Loan.

 

		(2)	At
                                                                                                                                                                                                                   the request of the Lender, the Borrower shall and shall ensure Tong Coal Mine Group Zheneng Coal Company Limited
                                                                                                                                                                                                                   periodically and timely provide to the Lender financial statements (including but not limited to annual reports, quarterly
                                                                                                                                                                                                                   reports and monthly reports) and other related documents.

 

    	 

    	 

    

 

		(3)	If
                                         the Borrower has signed or will sign the counter guarantee agreement or similar agreement
                                         with the guarantor in respect of this Contract, such agreement shall not damage any Lender’s
                                         rights under this Contract.

 

		(4)	The
                                         Borrower shall allow Lender’s credit checking and supervision and afford sufficient
                                         support and co-operation.

 

		(5)	The
                                         Borrower shall be obliged to notify the Lender if events occur affecting the financial
                                         condition or contractual capability of the Borrower or Tong Coal Mine Group Zheneng Majiangliang
                                         Coal Company Limited, including but not limited to changes in the mode of operation such
                                         as split, mergers, joint venture, joint operation, joint venture with foreigner investors,
                                         sub-contracting, re-organization, restructuring and flotation plan of going public, and
                                         reduction of registered capital, transfers of major assets and shareholdings, bearing
                                         significant liabilities or incurring significant charges in collaterals, and guaranteed
                                         assets being seized, discharged, and dismissed and being petitioned for liquidation,
                                         or being involved in material litigation or arbitration, or being difficulty to continue
                                         operation or financial condition becoming worse. In the case of the occurrence of the
                                         following events of default, the Borrower or Tong Coal Mine Group Zheneng Majiangliang
                                         Coal Company Limited shall timely notify the Lender, such as taking of any of the above
                                         actions which may adversely affect the repayment capability of the Borrower (at the absolute
                                         determination of the Lender) and shall obtain consent from the Lender prior to taking
                                         the above actions.

 

		(6)	Repayment
                                         of the Loan to the Lender ranks higher preference than repayments to its shareholders
                                         and shall not rank lower preference than Borrower’s repayments of other loans of
                                         the same nature.

 

		(7)	In
                                         the event that if the after tax net profit for the current financial year is zero or
                                         negative or the after tax net profit is insufficient to offset accumulated loss of previous
                                         financial years, or before tax profit is insufficient to repay the scheduled repayment,
                                         and pay interests and expenses for the current financial year, or before tax profit is
                                         insufficient to repay the next due scheduled repayment, interests and expenses, the Borrower
                                         shall not distribute dividends or bonus to its shareholders.
	 	 	 
	 	(8)	The borrower warrants that by entering into a
                                                                                                                             financial leasing contract with Tong Coal Mine Group Zheneng Majiangliang Coal Company Limited,
                                                                                                                             the credit risk shall be assigned to Tong Coal Mine Group Zheneng Majiangliang Coal Company Limited.

 

		(9)	Any other issues to be warranted by the Borrower.

 

    	 

    	 

    

 

		9.	The
                                         Borrower’s disclosure on related party transactions in the Borrower’s group

 

For
persons becoming customers of the Borrower under the Commercial Bank Group Customer Credit Business Risk Management Guide, the
Borrower shall report details to the Lender of the related party transactions amounting over 10% of the asset value, which details
include the relationship of the parties in the transaction, the project and nature of the transaction, amount of transaction and
the corresponding proportion, price fixing policy (inclusive of transaction without consideration or without a notional consideration).

 

In
the case of occurrence of any of the events described below, the Lender may suspend the remaining scheduled drawdowns and demand
early repayment of the principal Loan and interest thereon:

 

The
Borrower uses faked contracts with related parties and creates invoices and receivables to obtain funds or loans from banks as
discounts or collaterals with non-existing transaction background.

 

In
the occurrence of a major merger and material acquisition which, in the opinion of the Lender, will affect the security of the
Loan.

 

The
Borrower deliberately evades the Bank’s claims. Other events mentioned in Clause 18 of the Guide.

 

		10.	Events
                                         of default and handling

 

The
following events shall constitute or be deemed to constitute as events of default:

 

		1)	The
                                         Borrower fails to perform its obligation to repay to or settle with the Lender of the
                                         amounts due under this Contract.

 

		2)	The
                                         Borrower fails to use the Loan for the agreed usage under this Contract.

 

		3)	The
                                         representation made by the Borrower in this Contract is found untrue and the Borrower
                                         is in breach of its warranties hereunder.
	 	 	 
	 	4)	In the occurrence of the event mentioned in Item 5
                                                                                                                            of Sub-Clause 2 of Clause 8,
the Lender may deem the financial condition and performance capability of the Borrower or the Guarantor being adversely affected
and the Borrower fails to provide a new guarantee or fails to arrange for substitution of the guarantor.

 

    	 

    	 

    

 

		5)	The
                                         Borrower is in breach of its rights and obligations in other agreed terms of this Contract.

 

		6)	The
                                         Borrower has committed an event of default in other contracts with other organization
                                         of the Lender of the Bank of China.

 

		7)	The
                                         Guarantor has defaulted in the Contract or in other organization of the Lender of the
                                         Bank of China.

 

		8)	The
                                         Borrower ceases operation, is dissolved or becomes bankrupt.

 

In
the occurrence of the above events, the Lender may, depending on specific circumstances, shall have the right to take the following
measures, separately or simultaneously:

 

		1)	The
                                         Lender may demand the Borrower or the Guarantor to remedy the breach within a period
                                         of time.

 

		2)	The
                                         Lender may, entirely or partly, reduce or terminate the credit line.

 

		3)	The
                                         Lender may, entirely or partly, decline or suspend applications for drawdown of the Borrower
                                         under this Contract or other contracts between the Borrower and the Lender and the Lender
                                         may, entirely or partly, suspend or decline the release of payments or the loan application
                                         processing.

 

		4)	The
                                         Lender may declare that the Loan and accrued interest thereon under this Contract and
                                         loans and accrued interest thereof, entirely or partly, under other contracts between
                                         the Borrower and the Lender, entirely or partly, shall be due immediately.

 

		5)	The
                                         Lender may, entirely or partly, determine this Contract or other contracts between the
                                         Borrower and the Lender.

 

		6)	The
                                         Lender may demand the Borrower to compensate it with the loss that the Lender may suffer
                                         as a result of the breach of this Contract by the Borrower.

 

		7)	The
                                         Lender may withhold the money in the bank accounts of the Borrower in other branches
                                         of the Bank of China for the repayment of the entire or part of the debts owed by the
                                         Borrower in this contract and the undue deposits with the accounts shall be deemed as
                                         due and if the currency denoted in this Contract
is different to the currency of the money with other accounts, the exchange rate to be adopted shall be the appropriate rate applicable
to the Lender.

 

    	 

    	 

    

 

	 	8)	The Lender may enforce the Contract by exercising the collateral.
	 	 	 
	 	9)	The Lender may demand the guarantor to perform the guarantee.
	 	 	 
	 	10)	The Lender may take any other measures as it deems fit.

 

	11.	Reservation of right

 

Any
party to this Contract not having exercised part or all its rights under this Contract or not having demanded the other party
to perform or honor part or all its obligations and responsibilities shall not be deemed to abandon its right to enforce the performance
of obligations by the other party or a waiver of obligations and responsibilities.

 

Any
party to this Contract having tolerated not to or extended or delayed to exercise his rights under this Contract shall not affect
its rights under this Contract, laws and rules and shall not be deemed to abandon its rights.

 

	12.	Changes, modification and termination

 

Parties
may, by mutual negotiation, agree unanimously in writing to change or modify this Contract and any change or modification shall
form an integral part of this Contract.

 

The
rights and responsibility shall not be terminated before its expiry other than by laws and rules or as mutually agreed by the
parties.

 

The
invalidity of any clause of this Contract shall not invalidate the remaining clauses of this Contract other than by laws and rules
or as mutually agreed by the parties.

 

	13.	Applicable laws and Dispute Resolution

 

The
laws of the People's Republic of China shall apply to this Contract.

 

After
this Contract becomes effective, disputes relating to the entering into and execution of this Contract and matters in relation
thereto, shall be resolved by negotiation failing which, any of the parties may raise litigation against the other before the
People’s Court located in the place where the Lender is situate.

 

During
the period of time in resolving the dispute which if not being affected, the remaining parts of the Contract shall continue enforceable.

 

    	 

    	 

    

 

	14.	Other costs

 

Save
and except under the law or as agreed by the parties, the Borrower shall bear all costs related to the entering into and performing
this Contract and disputes resolution (including but not limited to fees).

 

	15.	Exhibits

 

The
following exhibits as agreed by the parties hereto shall form an integral part of this Contract and shall have the same binding
effect of this Contract:

 

	 	1)	Drawdown notice;
	 	 	 
	 	2)	Interest payment notice
	 	 	 
	 	3)	Repayment notice

 

	16. 	Other terms

 

		1)	Without
                                         the written consent of the Lender, the Borrower shall not assign the rights and obligations
                                         hereunder to third parties.

 

		2)	The
                                         Borrower recognizes that the Lender, for their needs in business, may authorize other
                                         branches of the Bank of China to enforce its rights and perform its obligations under
                                         this Contract or assign the Contract to other branches of the Bank Of China for the performance
                                         of this Contract or other banks. Other branches of the Bank of China or other banks which
                                         have accepted the assignment of this Contract shall have the right to exercise the rights
                                         of this Contract, to raise lawsuits before court and put the disputes for arbitration
                                         and apply execution thereof.

 

		3)	On
                                         basis of not affecting the enforceability of this Contract, the lawful successors and
                                         assignees of the respective parties shall be legally bound.

 

		4)	Save
                                         and except as agreed by the parties, the parties hereby agree that residential addresses
                                         of the parties shall be their respective communication and contact addresses and agree
                                         to notify the other party in writing should there be changes.

 

		5)	This
                                         Contract is entered into for the interest of the respective party’s benefit. Under
                                         the respective laws, rules and regulations, other parties shall be the related parties
                                         of the Lender and both parties shall not take advantages of such relationship which may
                                         affect the fairness of this Contract.

 

		6)	The
                                         headline and business name in this Contract are just for the convenience sake and shall
                                         not be taken for the interpretation of the texts and the rights and obligations of the
                                         parties.

 

    	 

    	 

    

 

	17. 	Contract validation

 

This Contract shall be validated upon its being signed
and sealed by the person having the authority to sign or the
authorized person. This Contract shall be valid until the Borrower has repaid the full amount of the Loan and the
interest accrued thereon.

 

This
Contract shall be executed in duplicates each of which shall have the same legal effect and each of the Lender and the Borrower
shall retain a copy thereof.

 

	 	Borrower:	Lender:
	 	Jinshang International Financial. Leasing Co., Ltd	Bank of China, Shuozhou Branch

 

	 	Authorized signature: (signed and sealed)	Authorize signature: (signed and sealed)
	 	 	 
	 	Date
: March 25, 2015	Date: March 25, 2015

 

    	 

    	 

    

 

Drawdown
Notice

 

	To:	Bank of China, ShuoZhou Branch

 

Pursuant
to the Loan Contract entered into between you and us (Contract No. XD-2014-SHUOJIE-001), we hereby submit our Drawdown Notice
as follows:

 

	 	1.	We apply to drawdown the Loan per Mode No. (1) as below:

 

		(1)	One-time
                                         drawdown.
		(2)	Number
                                             -     drawdown within the drawdown period.

 

	 	Amount of drawdown:   (Currency)   	Renminbi
	 	 	RMB
500,000,000
	 	 	Renminbi
Five Hundred Million Yuan

 

	 	2.	Please make payment of the Loan to our bank account as follows:

Name
of the account: Jinshang International Financial Leasing CO., LTD

Account Number: 147983002569

Bank
Name: Bank of China, ShuoZhou Branch

 

Time
of payment: within one month from March 25, 2015

Amount: Renminbi 500,000,000 Yuan

 

	 	3.	We confirm that:

 

		(1)	The
                                         Loan shall be used for the agreed usage per the Loan Contract.

 

		(2)	From
                                         the date of this Drawdown Notice up to the date of drawdown, the representations, warranties
                                         and guarantee in the Loan Contract remain true, accurate, complete and effective.

 

		(3)	Up
                                         to the date of this Drawdown Notice, there is no material adverse change in our business
                                         operation and financial condition.

 

	 	4.	Up to the date of this Drawdown Notice, there is no event existing as an
event of default mentioned in the Loan Contract or expected event of default and we further confirm that there shall be no event
of default as at the date of drawdown.

 

	 	5.	This withdrawal notice is irrevocable. We warrant that all conditions precedent
to the drawdown have been satisfied under the Loan Contract and the drawdown amount of the Loan paid into our bank account shall
constitute as the liability of us to you.

 

Applicant
(sealed):    Jinshang International Financial Leasing Co. Ltd

Authorized signatory:  (signed by Mr. Mu Renhui)

Date:  March 25, 2015

 

    	 

    	 

    

 

Notice
of Interest Payment

 

	To:	Company

 

Pursuant
to the Loan Contract entered into between you and us dated ________, 2015 (Contract No. XD-2014-SHUOJIE-001), we
hereby give you notice to repay the Loan and pay the interest accrued thereof as follows:

 

Interest
Payment Period: ___ Month __ Date, ___ Year to __ Month __Date, __ Year

Interest
Rate:__% 

Amount of interest:

Interest Payment Date:

 

Lender:
Bank of China, ShuoZhou Branch

 

Date:
_________,
2015                     

 

    	 

    	 

    

 

Payment
Notice

 

	To:	Company

 

Pursuant
to the Loan Contract entered into between you and us dated ________, 2015 (Contract No. XD-2014-SHUOJIE-001), we
hereby give you notice to repay the Loan as follows:

 

Amount
of principal Loan: Renminbi ______

Account information:

Date
of repayment:

 

Lender:
Bank of China, ShuoZhou Branch

 

Date:_________,
2015Exhibit 10.10

 

LOAN CONTRACT (IN RMB) 

No. (2015) XINYINYINGDAI-016333

 

Lender (Party A): China Citic Bank, Business Department, Headquarter
(hereafter called “CITIC Bank”)

Address: No. 27 Jia, Investment Square, Jin Rong Street, Xicheng
District, Beijing, China

Post Code: 100034

Tel: 010-66291529

Fax: 010-66293740

Legal representative: ZHU Jialin

 

Borrower (Party B): Jinshang International Financial Leasing Co.,
Ltd.

Business license number:110000450099763

Legal representative: Mu, Renhui

Address: 2 Xizhimen Nanda Street, B2-18G, Xicheng District, Beijing,
China.

Post Code: 100035

Tel: 010-82255118

Fax: 010-82255118

Legal representative: MU Renhui

Bank Account: 7111010182600490881, China Citic Bank, Business Department,
Headquarter, Beijing, China

Contract location: Beijing, China

Contract Date: April.1, 2015

 

This Loan Contract (this “Contract”) is entered into
between Party A and Party B, under the China Contract Laws and General Rules on loans. Through fair consultation of the parties,
it is agreed as follows:

 

	1.	Loan category

 

Party A agrees to offer Party B Class  3   loan:

 

1. Short term loan; 2. Medium term loan; 3. Long term loan

 

	2.	Loan amount and loan period

 

Under this Contract, the Loan Amount is: RMB 3,126,636.00

 

Renminbi Three Million one hundred twenty six thousand and six
hundred and thirty six Yuan.

 

Loan Period : 5 years from April 1, 2015 to February 12, 2020.

 

    	 

    	 

    

 

	3.	Loan usage

 

The Loan granted to Party B is for: 1. 
Payment of purchase price of goods; 2.    -    ; 3.     -     . Party A shall not be responsible as to the usage of the
Loan by Party B.

 

Party B shall not make payments from its bank
account opened with Party A or through other bank accounts to invest in securities, make capital investments or invest in real
estate, use the Loan to generate illegal income, use the Loan in the fields which is in breach of national laws and policies,
use the Loan in the fields which banks are forbidden to participate or not supportive by banks, obtain funding by illegal means.
Party B shall compensate Party A for its losses as a result of these acts.

 

	4.	Lending rate and interest

 

	 	1)	Lending rate is subject to the loan note in respect of each drawdown. The floating ratio is determined with reference to the interest
rate on the loan note and the ratio with the base interest rate at the time of issuing the loan note and on the same nature of
loans of the People’s Bank of China.
	 	 	 
	 	2)	Mode (1) of the following is adopted to determine the interest rate.

 

	 	(1)	Fixed interest rate, in respect of each drawdown, remains unchanged throughout the loan period of the particular drawdown;
	 	 	 
	 	(2)	Floating interest rate, in respect of each drawdown, is adjustable according to method    -   
of the following. The adjusted interest is the interest rate on the day of adjustment applicable to the same nature of loans
of the People’s Bank of China, adjusted according to the floating ratio stipulated in Sub-Clause 1 of this Clause.

 

	 	(i)	As from the date of the drawdown, interest rate is adjusted every __ months (Jan/March/June/Dec). The day for adjustment is practically
the corresponding day of the month for drawdown and if the corresponding day of the month is not applicable, the last day of the
month for adjustment shall be adopted.
	 	 	 
	 	(ii)	As from the actual day of drawdown, the first adjustment shall be __ Year __ month __ day and to be adjusted once every __ months
(Jan/March/June/Dec). The day for adjustment is practically the corresponding day of the month for drawdown and if the corresponding
day of the month is not applicable, the last day of the month for adjustment shall be adopted.
	 	 	 
	 	(iii)	As from the actual day of drawdown, the adjustment day shall be the day of the base rate adjustment of the People’s Bank
of China.

 

	 	3)	The interest of a single drawdown under this Contract shall be charge from the actual day of the drawdown, the formula is : Interest
= outstanding actual Loan amount x actual number of days of lending x annual interest rate / 360 days.

 

    	2

    	 

    

 

	 	4)	Mode    2   of the following shall be adopted as to settlement
    of interest payments:

 

	 	(1)	By monthly payments and the first payment shall be the __ day of the month for drawdown and subsequent payments shall be the __
day of the months thereafter.
	 	 	 
	 	(2)	By quarterly payments and the first payment shall be the 20th day of the last month of the quarter and subsequent payments shall
be the 20th day of the last month of each quarter thereafter.

 

	 	5)	Five (5) days before the interest settlement day, Party B shall ensure sufficient fund to be deposited on the bank account opened
with Party A so that the interest may be timely deducted from that account. If Party B elects to pay the interest to Party A by
other means, Party B shall ensure sufficient interest amount for the interest settlement to be deposited timely with the Bank
account for deduction. If the interest settlement day is not a bank working day, the interest settlement day shall be the first
working day before that day. Party B shall be regarded as having failed to make interest settlement on time if the corresponding
amount of the interest for settlement is not in place on the bank account on the interest settlement day.
	 	 	 
	 	6)	When the Loan is mature for repayment, the interest accrued thereon and principal outstanding Loan amount shall be repaid simultaneously.
If the settlement day falls on a statutory holiday or public rest day, the interest shall be settled according to the interest
rate as stipulated in this Contract on the first working day before the statutory holiday or public rest day after deducting the
interest payable for the period between the settlement day and the actual payment day. If the interest settlement made on the
first day after the statutory holiday or public rest day, additional corresponding interest shall be payable for the period between
the settlement day and payment day according to the interest rate charged for overdue interests.

 

	5.	Drawdown

 

	 	1)	Party B shall open a special Loan account with Party A:

 

Account name: Jinshang International Financial Leasing Co., Ltd

Account number: 7111010182600490881

 

	 	2)	Party B shall drawdown the Loan in accordance with the schedule below:

 

	Number	Date
    of drawdown	Amount
    (Renminbi Yuan)
	1	April
    3, 2015	RMB
    3,126,636.00

 

	 	3)	Party B shall make the drawdown on the date of drawdown for the amount according to the schedule and by a written notice to Party
A 5 bank business days prior to the day scheduled for the drawdown, failing which Party A may cancel the Loan unless Party A gives
its consent otherwise.

 

    	3

    	 

    

 

	 	4)	Party B shall have satisfied the all the following conditions for each drawdown of the Loan:

 

	 	(1)	Party B has not committed any breach as to its obligation and responsibility under this Contract and the Guarantee;
	 	 	 
	 	(2)	Party B has not committed any event of default under this Contract;
	 	 	 
	 	(3)	The Guarantee remains valid;
	 	 	 
	 	(4)	Non-existence of any event which may, in the opinion of Party A, adversely impact the financial condition of Party B or cause
delay or hinder the carrying out by Party B of the obligations and responsibility under this Contract and the guarantee document;
	 	 	 
	 	(5)	Party B has provided the agreed documents per the reasonable request of Party A;
	 	 	 
	 	(6)	Party B has opened a bank account with Party A as agreed under this Contract or as requested by Party A; and
	 	 	 
	 	(7)	Other conditions.

 

	 	5)	Party B shall submit a loan note to Party A for verification 3 days before the drawdown for Party A’s approval and upon
approval of Party A, the Loan amount will be paid into the designated Loan account of Party B.
	 	 	 
	 	6)	If the date on the loan note is different from the date stipulated in Sub-Clause 2 of this Clause and with the consent of Party
A and the Loan amount has been paid to Party B, the date on the loan note shall prevail and the interest shall be computed in
accordance with this Contract. Under these circumstances, unless as agreed otherwise, Sub-Clause 1 of Clause 6 of this Contract
shall apply on repayment date.
	 	 	 
	 	7)	Party B hereby authorizes Party A to regulate the designated bank account of Party B and shall, in making payments to outsiders,
be abide by the following:

 

	 	(1)	Party A is entrusted to make payments;

 

	 	(i)	Party B entrusts Party A to make all withdrawals and / or payments on expenses on trust basis.
	 	 	 
	 	(ii)	Party B shall provide to Party A not less than 3 working days with the following related information for making payments:

 

	 	(a)	Transaction contracts;
	 	 	 
	 	(b)	Related invoices or bills;
	 	 	 
	 	(c)	Pre-sealed authorization in writing (a sample of the seal is attached hereto as Exhibit 1 and the sample authorization is attached
hereto as Exhibit;
	 	 	 
	 	(d)	Other materials as requested by Party A:

 

Upon
approval by Party A of the above materials submitted by Party B, Party A shall make payments from Party B’s designated bank
account opened with Party A in accordance with the payment information provided by Party B, to the receiving bank accounts of
Party B’s payment targets.

 

	 	(2)	Payments to be made by Party B

 

	 	(i)	Payments being not suitable for entrusted payments by Party A shall be made by Party B itself.
	 	 	 
	 	(ii)	After the drawdown of the Loan, Party A shall have the right, periodically or from time to time, to review or check on the uses
of the Loan as to whether uses of the Loan comply with the terms of this Contract and Party B shall co-operate with Party A which
may demand Party B to rectify the situation within a period of time to be fixed should misuses of the Loan be discovered. Party
B shall on quarterly basis provide Party A with the related information and documentary proofs for reporting to Party A on the
uses and payments of the Loan amount in respect of the preceding quarter.

 

    	4

    	 

    

 

	 	(iii)	In the occurrence of the following events of Party B, Party A shall have the right to negotiate with Party B for supplemental
terms of the Loan Contract on release of the Loan and payments, or depending on the following circumstances, Party A may suspend
the release of the Loan amount and payments:

 

	 	(1)	Credit deterioration of Party B and profit from principal operation of Party B not being strong;
	 	 	 
	 	(2)	Uses of the Loan amount not in accordance with this Contract;
	 	 	 
	 	(3)	Party B having breached the terms of this Contract and evaded entrusting Party A for payments.

 

	6.	Repayment

 

	 	1)	Party B shall repay the Loan on the following repayment schedule:

 

	ORDER	 	REPAYMENT
    DATE	 	REPAYMENT
AMOUNT

(IN RMB)
	1	 	October
    2, 2015	 	100,000.00
	2	 	April
    2, 2016	 	100,000.00
	3	 	October
    2, 2016	 	100,000.00
	4	 	April
    2, 2017	 	100,000.00
	5	 	October
    2, 2017	 	100,000.00
	6	 	April
    2, 2018	 	100,000.00
	7	 	October
    2, 2018	 	100,000.00
	8	 	April
    2, 2019	 	100,000.00
	9	 	October
    2, 2019	 	100,000.00
	10	 	April
    2, 2020	 	2,226,636.00

 

	 	2)	As assurance to make repayments on time, Party B agrees to deposit the repayment amount of the Loan on its designated account
(Account number: 7111010182600490881) 5 days before the repayment date and hereby authorize Party A to deduct automatically the
repayment amount from the said account.

 

    	5

    	 

    

 

	 	3)	Depending on the specific circumstances, Party A may request Party B to open a return account:

 

☒  Not to open a return
account;

 

☐  Open a return account

 

The Bank:

 

Name of Account: Account number:

 

Party B hereby authorizes Party A to monitor the account and dealing
of the account shall be conducted under the following conditions:

 

_____________________________________________________________________________

 

_____________________________________________________________________________

 

	 	4)	Should Party B intends to make early repayment, Party B shall irrevocably submit a written repayment plan 30 days in advance to
Party A and obtain the approval therefor from Party A who shall have the right as from the date of the early repayment, make reference
to early repayment amount, remaining lending period for interest rate adjustment of the Loan (fixed interest rate is the original
limitation), to charge Party B one lump sum amount of liquidated damage at __%.

 

The formula for liquidation damage computation:

 

Amount of penalty = the amount of early repayment
as proposed by Party B x the remaining lending period for interest rate adjustment (days) x penalty fee rate / 360.

 

	7.	Loan extension

 

If Party B is unable to make the repayment
on schedule and desirous to apply of an extension to repay, it shall submit a written extension application to Party A 30 days
before the scheduled repayment day. Party A after verification, may approve the application and an extension agreement shall be
entered into between the parties and if Party A disapprove the application, all terms on repayment of this Contract shall stand
valid.

 

	8.	Loan guarantee

 

The Loan guarantee is a pledge agreement as
specific assurance for Party B’s performance of this Contract, Contract number: 2015XYYZQZZNO000291 namely “The Contract
of Ceiling Right Pledge” which the guarantor and Party A shall enter into.

 

	9.	Representations and warranties of Party B

 

	 	1)	Party B is a legally established and existing corporation under the laws of the Republic of China with the civil capability to
enter into and perform this Contract and capability of action and is capable of bearing civil liability independently.
	 	 	 
	 	2)	All the documents submitted by Party B in relation to Loan are legal, true, accurate and complete.

 

    	6

    	 

    

 

 

	10.	Party B’s rights and obligations

 

	 	1)	Party B shall have the rights to drawdown and use the Loan during the Loan period for the usage under this Contract.
	 	 	 
	 	2)	Party B shall repay the principal amount of the Loan and the interest accrued thereon pursuant to this Contract.
	 	 	 
	 	3)	Party B shall periodically or from time to time at the request of Party A, provide Party A with financial reports which shall
truly reflect the operational and financial conditions of Party B.
	 	 	 
	 	4)	Party B shall within the Loan period inform Party A and obtain its prior approval in respect of its major changes including but
not limited to transfer of shareholdings, restructuring, merger, split, re-organization of capital structure, joint venture, co-operation,
association, lease contracting, business scope and change of registered capital, etc., at least 30 days prior to the change so
as to enable Party B to ascertaining the repayment liability, effecting early repayment or providing fresh guarantee to Party
A.
	 	 	 
	 	5)	Party B shall actively co-operate with Party A on Party B’s operation status and payments from the Loan amount, understanding
and monitoring of usage of the Loan and if Party B hinders these acts of Party A, expenses incurred in relation thereto shall
be borne by Party B.
	 	 	 
	 	6)	Party B shall not, without Party A’s prior written approval, assign, directly or indirectly, the rights and obligations
of its debt liability.
	 	 	 
	 	7)	Party B shall inform Party A by giving not less than 30 days prior written notice and obtain Party A’s prior written approval
if it intends to, by assigning, leasing or putting up a guarantee for its debts unrelated to this Contract, dispose of its major
assets and operation or significant part or the entire operation income.
	 	 	 
	 	8)	Party B shall forthwith inform Party A in writing on events which may cause serious and adverse impact to the ability of Party
B to perform its obligation to repay the Loan, and such events include but not limited to being involved in major economic disputes,
cessation of business, suspension of operation, being declared liquidation, dissolution, cancellation and suspension of business
license and deterioration in financial condition, etc.
	 	 	 
	 	9)	If the guarantor ceases business, it has suspended operation, is declared bankrupt and dissolved, its business license is cancelled
or suspended or its operation sustains losses, part or all of its ability to perform its obligation in the guarantee is lost,
the value of the collateral, pledged asset or pledged rights have diminished, Party B shall put up a fresh guarantee acceptable
to Party A.
	 	 	 
	 	10)	Party B shall inform Party A in writing within 7 days of its changes of its corporate name, legal
representative, project manager, address, telephone number and fax number.

 

    	7

    	 

    

 

	11.	Rights and obligations of Party A

 

	 	1)	Party A shall have the right to review and understand Party B’s operation and loan usage status once every quarter and after
the review shall have the right to determine the appropriateness as whether to suspend release of the Loan or terminate the business
operation under this Contract.
	 	 	 
	 	2)	If Party B has performed the agreed obligations under this Contract and satisfied the conditions precedent for the Loan drawdown,
Party A shall release the Loan to Party B according to the schedule of drawdown.
	 	 	 
	 	3)	Party A shall keep confidential on the information, documents, and messages provided by Party B save and except those required
for disclosure under laws and rules.

 

	12.	Breach of Contract

 

	 	1)	Upon this Contract becoming effective, both parties shall perform the agreed obligations under this Contract and any party not
performing or performing incompletely shall bear the responsibility thereof.

 

If Party B committed a breach under a loan
contract other than this Contract or the debts under other loan contracts are (or may be) declared early matured or Party B has
been placed in liquidation, declares insolvent or becoming insolvent or assigns its assets to other creditors, it shall be deemed
in breach of this Contract and Party A shall have the right to suspend release of the Loan or terminate the business operation
under this Contract, determines early maturity of the Loan and demand Party B to repay of the Loan forthwith or distribute its
asset to set off the Loan amount.

 

	 	2)	If Party B fails to make drawdown of the Loan on the agreed schedule, Party A shall have the right to charge Party B penalty interest
for the actual number of days as from the day of the agreed schedule for drawdown.
	 	 	 
	 	3)	If Party A fails to release the Loan in the drawdown of Party B on the agreed schedule, Party B may request Party A to pay a penalty
to Party B for the actual number of days as from the day of the agreed schedule for the drawdown.

 

    	8

    	 

    

 

	 	4)	In the occurrence of any of the following events, Party A shall have the right to cancel the remaining portion of the Loan which
drawdowns have not been made and to demand for immediate repayment of the extracted amount of the Loan and accrue interest and
expenses payable. Party A shall have the right to deduct from the balance on the bank account of Party B opened with China CITIC
Bank and to apply the same to settle the debts that Party B owes to Party A:

 

	 	(1)	Party B has not the repayment amount of the Loan and the interest thereon according to Clause 6 of this Contract.
	 	 	 
	 	(2)	Party B has committed events under Sub-Clause 2 to 9 of Clause 10 of this Contract.
	 	 	 
	 	(3)	The certification and documents provided by Party B to Party A in relation to this Contract is confirmed not true, not accurate,
incomplete and intentionally misleading.
	 	 	 
	 	(4)	Party B fails to make repayment or declares its inability to make repayments of the Loan.
	 	 	 
	 	(5)	Party B ceases operation, suspends business, is declared bankrupt, is dissolved, is involved in significant economic disputes
and its business license is suspended and canceled and its financial condition becomes deteriorated.
	 	 	 
	 	(6)	There are changes in certain registration matters such as Party B’s address, operation scope and legal representative, etc.,
or there are outside investments of Party B which may seriously affect or threaten Party A’s rights of claims.
	 	 	 
	 	(7)	The guarantor has breached the guarantee under this Contract.
	 	 	 
	 	(8)	There is occurrence of other events which may damage the interest of Party A.

 

	 	5)	If Party B fails to repay the Loan as agreed under this Contract, Party A may, impose penalty interest according to the number
of days overdue and __ % (30% - 50%) on top of the interest rate stipulated in this Contract and if Party B fails to pay the interest
on time, Party B shall pay the Loan interest on compound interest rate basis.
	 	 	 
	 	6)	Within the Loan period, if Party B fails to pay the interest on time, Party A may charge the Loan interest on compound interest
rate.
	 	 	 
	 	7)	If Party B applies the Loan not according to the usage as stipulated in this Contract, Party A, other than having its right to
exercise its rights under Clause 4 hereof, may as from the day of embezzlement of the Loan and according to the number of day
of the embezzlement, impose penalty interest at 100% on top of the interest rate stipulated in this Contract failing and if Party
B fails to pay interest on time, Party B shall pay the Loan interest on compound interest rate.
	 	 	 
	 	8)	Party B shall pay all expenses (including but not limited to litigation costs, travelling expenses, counsel’s fees of which
the counsel’s fees is limited not to exceed 50% of the Loan amount, etc.) incurred in the course of Party A’s achieving
repayment of the Loan.

 

	13.	Rights protection in the Industry

 

	 	1)	In the occurrence of the events of default under this Contract, Party A may seek guidance from the Beijing City Bank Association
(herein after called the “Association”) for taking the following rights protection measures with reference to Chapter
3 of the Treaty of the Beijing City Bank Industry on Rights Protection:

 

	 	(1)	Internal Communication: Party A may apply to the Association to disclose the event of default committed by Party B under this
Contract to all members of the Association.
	 	 	 
	 	(2)	Public Disclosure. Party A may apply to the Association to disclose the event of default committed by Party B under this Contract
through a designated news media of the Association or any news media chosen by Party A.

 

    	9

    	 

    

 

	 	(3)	Stop processing the Loan. Party A may request all members of the Association to stop businesses for Party B for new credits and
loans, discounts, acceptances, letters of credit and guarantees and to stop businesses for major natural person shareholders,
legal representatives, major responsible persons or responsible persons of Party B for personal credit financing and new credit
cards.
	 	 	 
	 	(4)	Stop new bank account opening and payments. Party A may request all members of the Association stop opening new bank accounts
(Renminbi and foreign currencies) for Party B and stop processing payments in respect of the bank accounts which have already
been opened for Party B.
	 	 	 
	 	(5)	Joint protection. If the breach of Party B is serious and disgusting in nature, Party A other than taking the above protection
measures, may inform China Banks Association, bank associations in other provinces for protection and also request the Association
to submit proposals to legislative, judicial and administrative authorities.

 

	 	2)	In the case that Party B has committed breaches in contracts with members of other associations, other than Party A, and members
of other associations have taken above measures, Party A shall have the right acting at the request of the Association to request
Party B to stop operating financial business, opening new bank accounts and payment activities and Party B shall solely bear all
the responsibility as a result thereof.

 

	14.	Responsibility continuity

 

All obligations of Party B under this Contract
is continuous under this Contract and binding on its successor, agent, receiver, assignee and any merger, re-structuring and change
of name of the entity shall have full binding effect on the new entity.

 

	15.	Notarization

 

If any of the parties shall request for notarization of this Contract,
notarization shall be made before the Governmental notary authority.

 

    	10

    	 

    

 

	16.	Other covenants (if different from other terms, these covenants shall prevail)

 

	 	1)	According to the Purchase Contract ( No. JSZL2014NMZDZ001) between Party B and Putin New Energy Auto Technology Company Limited
and the Leasing Operation Contract (No. JSZL2014NZZDZ001) between Party B and Putin New Energy Ranching Company Limited, Party
B shall purchase the leasehold asset and lease the same to Putin New Energy Ranching Company Limited. Party B shall use the Loan
specifically to pay, as the purchase price of the leasehold, to Putin New Energy Auto Technology Limited. Putin New Energy Ranching
Limited Company should provide the deposit receipt pledge guarantee in Renminbi to Party B under this Contract.
	 	 	 
	 	2)	Before Party A releases the Loan to Party B, Party B shall provide Party A with the Leasing Operation Contract (No. JSZL2014NZZDZ001)
entered into between Party B and Putin New Energy Ranching Company Limited.
	 	 	 
	 	3)	Before Party A releases the Loan to Party B, Putin New Energy Ranching Company Limited shall have entered into the Contract of
Ceiling Right Pledge (No. XYYZQZZD000291) with Party A and shall have completed the pledge of the deposit receipt with Party A,
which pledge period of the deposit receipt shall cover the Loan period.
	 	 	 
	 	4)	Before Party A releases the Loan to Party B, Putin New Energy Ranching Company Limited shall have provided Party A, as to approval
of the provision of the guarantee, with the necessary internal corporate resolutions in compliance with the its charters.
	 	 	 
	 	5)	At any time before the Loan has been fully paid off, the pledged amount on the deposit receipt shall not be less than the outstanding
debts, inclusive of the related accrued interest and expenses thereof.
	 	 	 
	 	6)	Putin New Energy Ranching Limited Company shall pay interest every quarter and make repayment of the Loan at least twice a year.
	 	 	 
	 	7)	The interest is payable at fixed interest rate under this Contract and for single drawdown, the interest rate is fixed throughout
the Loan period. The fixed interest rate was determined with reference to the base rate as determined by the China Citic Bank
as on the day of releasing the Loan, plus 45 base point, that is, the interest rate of the Loan is 5.75% per annum. The base rate
mentioned above is determined on basis of the base rate for one year borrowing period, announced by the China Citic Bank one business
day before the loan drawdown.

 

	17.	Applicable law

 

This Contract shall be governed by the Laws of the People's Republic
of China and shall be binding on the parties hereto.

 

	18.	Disputes settlement

 

Dispute related to this Contract shall be resolved through negotiation
of the parties, failing which litigation may be instituted before the court in the city where Party A locates.

 

	19.	Rights accumulation of Party A

 

The rights of Party A under this Contract
is accumulative and do not conflict any of its rights in other contracts. Unless Party A declares in writing that any of its rights
are not exercised, partially exercised and/or delayed in exercising, it shall not be deemed that Party A has abandoned or partially
abandoned such rights and shall not affect Party A’s continuity in the exercise of such rights or other rights.

 

    	11

    	 

    

 

	20.	Effectiveness, modification and termination of the Contract

 

	 	1)	This Contract shall become effective upon it is signed by the legal representative or authorized person of Party A and the legal
representative or authorized person of Party B or stamped with the personal seal plus the corporate seal and contract seal and,
if there is a guarantee, it shall become effective on the date of the guarantee becoming effective.
	 	 	 
	 	2)	This Contract shall not be modified by any of the Parties hereto unless otherwise agreed. Should modification be needed, a written
agreement shall have to be reached by negotiation.

 

	21.	Negotiation on fees

 

	 	1)	The parties hereto confirm and approve the service charges list under this Contract
	 	 	 
	 	2)	The parties agree to accept preferential treatment of the service charges as follows:

 

	 	(1)	Expenses with preferential treatment

 

___________________________________________________

 

	 	(2)	Specific preferential treatment

 

___________________________________________________

 

	 	(3)	Date of the preferential treatment becoming effective and being terminated:

 

___________________________________________________

 

Party A shall not unilaterally increase the
agreed service charges under this Contract except as permitted under relevant laws, rules and regulations. However, Party A shall
have the right and the need to increase the service charges for reasons of market changes, etc., and shall inform Party B in the
way as agreed under this Contract. If Party B specifically declares not to accept the increase of service charges before using
the services, Party A shall have the right to terminate this Contract.

 

	 	(4)	Consultation and Complaints

 

If Party B is in doubt of the service charges
or charging method, it may make enquiries by calling the number ______ or calling Party A’s customer service hotline at
95558 or visiting Party A’s website at http://bank.ecitic.com.

 

    	12

    	 

    

 

	22.	Miscellaneous

 

	 	1)	Should any matter not be covered by this Contract, the parties hereto may reach written agreements as attachments to this Contract.
The attachments, amendments or addendum shall form the integral parts of this contract and have the same legal effect as this
Contract.
	 	 	 
	 	2)	The invalidation of a particular clause or certain part of the text of a particular clause being invalidated currently or in the
future, shall not invalidate this Contract, the other clauses of this Contract or other parts of the text of that clause.
	 	 	 
	 	3)	Notices, demands or other communication from Party A under this Contract, including but not limited to telex, telegraph and facsimile,
etc., once being sent out to Party B, shall be deemed having been delivered to Party Band registered mails sent to Party B shall
be deemed having been delivered to Party B on the third day of the day after they are sent.
	 	 	 
	 	4)	This Contract is executed in triplicated originals, Party A and Party B shall each retain a copy thereof for performance purposes
and the guarantor and the Guarantee Registration Authority (if any) shall retain a copy thereof.

 

	Party A: China Citic Bank, Headquarter Business
    Depart	 	PartyB:JinshangInternationalFinancial
Leasing Co., Ltd

	

Legal Representative

        (or Authorized Agent: Ao, Xiang 

                                        Gao, Yun
	 	

Legal Representative

        (or Authorized Agent: Mu, Renhui

	 	 	 

 

●    Special Note:

 

Party A has reminded Party B to pay attention
to the exemption or limitation clauses on its obligations under this Contract, to which sufficient explanation has been made.
Party B has read the entire Contract and thoroughly understands the contents of all clauses of this Contract. There is no disagreement
to the terms of this Contract.

 

    	13

    	 

    

 

Exhibit 1

 

Seals specimen

 

	Company Stamp	Stamps of authorized person
    and Legal Representative

 

 

 

Jinshang International Financial Leasing Co., Ltd.

 

    	14

    	 

    

 

Exhibit 2

 

Entrusted Payment Voucher

 

No:                

 

According to the Loan Contract (hereafter
called “Loan Contract”) No:_________, we hereby apply and authorize you to pay the Loan amount of Renminbi
__________ (hereafter called the “Loan”) to our designated bank account with you on____________ and we
authorize you to pay from our designated bank account with you to the bank account of the payees as follows:.

 

	Payee’s Name 1	 	Payee’s
    Name 2	 
	Bank’s
    Name	 	Bank’s Name	 
	Bank
    Account	 	Bank Account	 
	Amount	 	Amount	 

 

	Payee’s Name 3	 	Payee’s
    Name 4	 
	Bank’s
    Name	 	Bank’s Name	 
	Bank
    Account	 	Bank Account	 
	Amount	 	Amount	 

 

	Payee’s Name 5	 	Payee’s
    Name 6	 
	Bank’s
    Name	 	Bank’s Name	 
	Bank
    Account	 	Bank Account	 
	Amount	 	Amount	 

(Notes: this table may be adjusted depending on the actual number
of payees)

 

The entrusted payments and the Loan will be
used for the purpose in accordance with this Contract. The plan for uses of funds is as follows:

 

 

 

 

 

 

 

We confirms that:

 

Our representation and warranties in this
Contract are true and accurate on the date hereof and there is no event of default or hidden event of default existing on the
date hereof.

 

Dated this : 

 

(pre-sealed):

 

 

 

15

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