Document:

Exhibit 10.12

 

Debt
Settlement Agreement

 

	Party
    A (Debtor):	Tai’an
    Tony Fun Shopping Mall Co., Ltd.
	Unified social credit code:	 91370902312626213G
	Domicile:	Baosheng
    Plaza, Qili River East, West of Yingsheng Road South Section, South of Taishan Street Middle Section, Tai’an City
	Legal
    representative:	Han
    Zhiqiang
	Contact
    number:	 

 

	Party B (Creditor):	Tai’an Zhongtai Jinqiao Business Management Co., Ltd.
	Unified social credit code: 	91370900731704861L
	Domicile:	 
	Legal representative:	 
	Contact number:	 

 

	Party
    C (third party): Zhiqiang Han
	ID
    card No.:	 
	Contact
    number:	 

 

Whereas:
Party A, Party B and Party C have signed the Borrowing Agreement on December 7, 2017, agreeing that Party A will borrow
¥20,000,000 (in words: RMB Twenty Million Only) from Party B via the account of Party C, the term of borrowing
starts from December 2017 till November 2018, the annual interest rate is 9.85%, the interest payment date is the
19th day of each calendar month, and when the last borrowing becomes due, the interest will be paid off along with the principal.
On the basis of equality and voluntariness and by consensus, regarding matters related to Party B’s consent on Party C’s
replacement of Party A to undertake the aforesaid repayment responsibility for the debt owed by Party A to Party B, Party A, Party
B and Party C hereby conclude and enter into this Agreement as follows:

 

		I.	Party
                                         A, Party B and Party C unanimously confirm that: on November 19, 2018, Party B had received
                                         the interest on borrowing of totally ¥1,805,103.60 (in words: RMB One Million
                                         Eight Hundred and Five Thousand One Hundred and Three Point Six Only) paid by Party
                                         A on time every month; on November 26, 2018, Party B had received the borrowing principal
                                         of ¥20,000,000 (in words: RMB Twenty Million Only) paid by Party C
                                         on behalf of Party A, and total interest on borrowing of ¥1,805,103.60 (in
                                         words: RMB One Million Eight Hundred and Five Thousand One Hundred and Three Point
                                         Six Only). As at the date of signature hereof, Party B has received the interest
                                         on borrowing of ¥1,805,103.60 (in words: RMB One Million Eight Hundred
                                         and Five Thousand One Hundred and Three Point Six Only) in total, and the principal
                                         and interest of borrowing this time have all been settled. Party B hereby unconditionally
                                         and irrevocably promises not to claim any right to Party A or Party C for any reason
                                         or excuse any more.

  

    1

     

    

 

		II.	Party
                                         C hereby unconditionally and irrevocably promises that: Party C is the natural person
                                         of full capacity for civil conduct, Party C knows and recognizes all the debts of Party
                                         A owed to Party B under the aforesaid Borrowing Agreement, and voluntarily replaces Party
                                         A to become the Debtor of such Borrowing Agreement, and has replaced Party A to repay
                                         the debt stated in such Borrowing Agreement, totally ¥21,805,103.60 (in words:
                                         RMB Twenty-One Million Eight Hundred and Five Thousand One Hundred and Three Point
                                         Six Only) on November 26, 2018. For that, Party C shall not claim compensation for
                                         the aforesaid amount, in whole or in part, from Party A; nor claim any right of the aforesaid
                                         amount to Party A for any reason or excuse any more.

 

		III.	This
                                         Agreement will become effective as of the date of signature and seal by each party hereto,
                                         the Borrowing Agreement signed by and among each party for this borrowing or any IOU
                                         or credit and debt certificate issued before the date of signature hereof will all be
                                         invalid, the repayment of credit and debt among Party A, Party B and Party C regarding
                                         this borrowing is subject to the contents of this Agreement, and all parties will not
                                         go back on their words.

 

		IV.	All
                                         parties hereto unanimously promise that, the above terms and conditions are the true
                                         declaration of intention of all parties, and have legal binding effect to all parties
                                         hereto.

 

		V.	This
                                         Agreement is governed by the laws of the People’s Republic of China, in case of any dispute
                                         arising from the performance of this Agreement, all parties shall settle it by friendly
                                         consultation, if consultation fails, all parties unanimously agree to submit it to the
                                         competent people’s court in the location of Party A to be settled by litigation.

 

		VI.	This
                                         Agreement is made in triplicate and all of them shall have the same legal effect; each
                                         party hereto holds one copy respectively.

  

	Party
    A (Seal):	Tai’an
    Tony Fun Shopping Mall Co., Ltd.	 	Party
    B (Seal):	Tai’an
    Zhongtai Jinqiao Business Management Co., Ltd.
	 	 	 	 	 
	Authorized
    representative (Signature): 	Zhiqiang
    Han	 	Authorized
    representative (Signature): 	Zhiwei
    Han

  

Party
C (Signature): Zhiqiang Han

 

Date
of signature: December 10, 2018 (Date)

 

 

2Exhibit
10.13

 

Supplementary
Agreement to Debt Settlement Agreement

 

	Party
    A (Debtor):	Tai'an
    Tony Fun Shopping Mall Co., Ltd.
	Unified social credit code: 	91370902312626213G
	Domicile:	Baosheng
    Plaza, Qili River East, West of Yingsheng Road South Section, South of Taishan Street Middle Section, Tai’an City
	Legal
    representative:	 
	Contact
    number:	 

 

	Party
    B (Creditor):	Tai’an
    Zhongtai Jinqiao Business Management Co., Ltd.
	Unified social credit code: 	91370900731704861L
	Domicile:	 
	Legal
    representative:	 
	Contact
    number:	 

 

	Party
    C (third party): Zhiqiang Han
	ID
    card No.:	 
	Contact
    number:	 

 

Whereas:

 

		1.	Party
                                         A, Party B and Party C have signed the Borrowing Agreement on December 7, 2017,
                                         agreeing that Party A will borrow ¥20,000,000 (in words: RMB Twenty Million
                                         Only) from Party B via the account of Party C, the term of borrowing starts from
                                         December 2017 till November 2018, the annual interest rate is 9.85%, the
                                         interest payment date is the 19th day of each calendar month, and when the last borrowing
                                         becomes due, the interest will be paid off along with the principal.

 

		2.	Party
                                         A, Party B and Party C have signed the Debt Settlement Agreement (hereinafter referred
                                         to as the “Original Agreement”) on December 10, 2018, reaching an
                                         agreement on Party B’s consent on Party C’s replacement of Party A to undertake
                                         the aforesaid repayment responsibility for the debt owed by Party A to Party B.

  

    1

     

    

 

On
the basis of equality and voluntariness and by consensus, regarding the Original Agreement, Party A, Party B and Party C hereby
make the revisions and supplements as follows:

 

		I.	Revise
                                         Article I of the Original Agreement into “I. Party A, Party B and Party C unanimously
                                         confirm that: on November 19, 2018, Party B had received the interest on borrowing of
                                         totally ¥ 1,805,103.60 (in words: RMB One Million Eight Hundred and Five
                                         Thousand One Hundred and Three Point Six Only) paid by Party A on time every month;
                                         thus far, Party A still has not paid Party B the borrowing principal of ¥20,000,000
                                         (in words: RMB Twenty Million Only) (hereinafter referred to as the “target
                                         debt”). On the date of signature hereof, Party A, Party B and Party C unanimously
                                         agree that:

 

		1.	Party
                                         A will transfer all of the aforesaid target debt to Party C for undertaking the corresponding
                                         repayment responsibility, and Party C agree to undertake the repayment responsibility
                                         for such target debt and has paid the borrowing principal of ¥20,000,000 (in
                                         words: RMB Twenty Million Only) to Party C before May 1, 2019, thus far
                                         Party A has completely transferred the debt liability borne for Party B under the aforesaid
                                         Borrowing Agreement, and Party A will no longer bear any repayment obligation for Party
                                         B;

 

		2.	Party
                                         B agrees that Party A transfers the debt owed to Party B under the Original Agreement
                                         to Party C as a whole, and hereby unconditionally and irrevocably promises not to claim
                                         any right to Party A as of the effective date of this Supplementary Agreement.”

 

		II.	Revise
                                         Article II of the Original Agreement into “II. Party C hereby unconditionally and
                                         irrevocably promises that: Party C is the natural person of full capacity for civil conduct,
                                         Party C knows and recognizes the target debt owed by Party A to Party B under the aforesaid
                                         Borrowing Agreement, and voluntarily undertakes, as a whole, the repayment responsibility
                                         of Party A under the Borrowing Agreement to become the Debtor of target debt, and will
                                         pay Party B ¥20,000,000 (in words: RMB Twenty Million Only) before
                                         May 1, 2019, and Party C agrees that the overall undertaking of Party B’s repayment
                                         responsibility is gratuitous, namely Party C agrees not to claim compensation for the
                                         aforesaid target debt, in whole or in part, from Party A, nor claim any right of the
                                         aforesaid target debt to Party A for any reason or excuse. Party C’s signing of
                                         this Agreement does not violate any other agreement of the contract in which Party C
                                         is a contracting party or any other obligation shall be borne by Party C.”

 

		III.	Revise
                                         Article IV of the Original Agreement into “IV. All parties hereto unanimously promise
                                         that, all parties know and understand relevant legal provisions of the People's Republic
                                         of China, the terms and conditions hereof are the true declaration of intention of all
                                         parties and effective, do not have any illegal act or the act violating Articles of Association,
                                         nor the circumstances of fraud, coercion, serious misunderstanding, taking advantage
                                         of others' precarious position etc., and have legal binding effect on all parties of
                                         this Agreement.”

 

		IV.	Newly
                                         add one article to the Original Agreement:

 

“VII.
Party A and Party B hereby unconditionally and irrevocably promise that:

 

		1.	The
                                         target debt between Party A and Party B is legal and effective, and free of any defects
                                         of right and encumbrance (including but not limited to mortgage, pledge, guarantee),
                                         any relevant oral or written protocol or agreement between Party A and Party B regarding
                                         the target debt before signing this Agreement will be invalid automatically as of the
                                         effective date hereof, both parties will voluntarily exercise rights and undertake obligations
                                         as agreed herein;

 

		2.	Party
                                         A and Party B have obtained all consent, approval and authorization needed for signing
                                         and performance of this Agreement, all necessary procedures have been fulfilled legally
                                         and are effective, and such consent, approval and authorization will not be changed and
                                         revoked.”

 

		V.	This
                                         Agreement will become an integral part of the Original Agreement after coming into effect,
                                         and have the same legal effect as the Original Agreement. Except for specific adjustment
                                         herein, the rest part of Original Agreement shall remain effective completely. In case
                                         of any conflicts between this Agreement and Original Agreement, this Agreement shall
                                         prevail.

 

		VI.	This
                                         Agreement is made in triplicate and all of them shall have the same legal effect; each
                                         party hereto holds one copy respectively.

  

	Party A (Seal):	Tai'an Tony Fun Shopping Mall Co., Ltd.	 	Party B (Seal):	Tai’an Zhongtai Jinqiao Business Management Co., Ltd.
	 	 	 	 	 
	Authorized representative (Signature): 	Zhiqiang Han	 	Authorized representative (Signature): 	Zhiwei Han

 

Party
C (Signature): Zhiqiang Han

                                   Jing
Ma

  

Date
of signature: December 26, 2018

 

 

2

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