Document:

Exhibit 10.11

 

Contract No.: 0140200014-2022 (M.W.) Zi No. 00649

 

Contract for Operating Fast Loans

 

(Online Signing Edition for Legal Person in
2021)

 

Special Note: The
Contract is made and concluded by lender and debtor through legal consultation on the basis of equality and voluntariness, and all the
terms and conditions of the Contract are the true expression of the intention of the Parties. With a view to protect the legitimate rights
and interests of the Borrower, the Lender hereby specially requests the Borrower to pay full attention to all clauses associated with
the rights and obligations of the Parties, particularly those in bold.

 

Lender: Fuzhou
Branch of Fujian Pilot Free Trade Zone of Industrial and Commercial Bank of China Limited

 

Domicile (Address): _________________

 

Borrower: Fuzhou Yukai
Trading Co., Ltd.

Legal Representative: Zhenyu
Zheng

Domicile (Address): _______________

Postcode: _________ Fax: _________
Tel: _________

E-mail: _________ Contact:
_________ Mobile: _________

Alipay Account: __________________
Alitalk Account: __________________

 

[The Borrower is requested to fill in the above
information accurately and completely to ensure that subsequent notices and legal documents are delivered timely]

 

Part I     Basic
Agreements

 

Article 1     Loan
Purpose

 

The loan hereunder is used
for the following purposes. Without the written consent of the Lender, the Borrower shall not misappropriate the loan for other purposes,
and the Lender shall be entitled to supervise the use of the loan.

 

Loan purpose: Production
and operation

 

Article 2     Amount
and Term of Loan

 

2.1 The
loan amount hereunder is RMB 3,000,000.00 (in words: RMB Three Million only) (in the case of any discrepancy, the amount
in words shall prevail). The loan term hereunder counts from the date of withdrawal to April 14, 2023. The date of withdrawal
shall be subject to the withdrawal instruction. The Borrower shall withdraw the loan at one time.

 

2.2 The
term of loan under the Contract shall be valid from April 14, 2022 to April 14, 2023.

 

     

     

    

 

Article 3     Interest
Rate, Interest and Expenses

 

3.1 [Determination
Method of Interest Rates of RMB Loans]

 

The interest rate of loans
hereunder is determined in the following way:

 

The interest rate of each loan
is determined by the pricing benchmark plus floating points. If the loan term is within 60 months (inclusive), the pricing benchmark shall
be the one-year loan prime rate (LPR) announced by the National Interbank Funding Center one working day prior to the date of withdrawal;
if the loan term is within 12 months (inclusive), the number of floating points shall be zero (plus/minus) 0.000000 basis
points (one basis point is 0.01%, similarly hereinafter); if the loan term is more than 12 months and less than 60 months (inclusive),
the number of floating points shall be zero (plus/minus) 0.000000 basis points. If the loan term is more than 60 months,
the pricing benchmark shall be the above-mentioned loan prime rate (LPR) of more than 5 years announced by the National Interbank Funding
Center one working day prior to the date of withdrawal, and the number of floating points shall be zero (plus/minus) 0.000000
basis points. If there is no LPR issued by the National Interbank Funding Center on the working day before the rate determination day,
the LPR issued by the National Interbank Funding Center on the working day before that working day shall count; and so on.

 

Upon issuance of each loan,
the interest rate will be adjusted as per method A:

 

A.  Assuming
12 (1/3/6/12) months is an interest period, the loan interest rate will be adjusted for each interest period, and the interests
will accrue for each interest period. For the second or each following interest period, the rate determination day shall be the day when
the prior interest period expires. On the rate determination day, the Lender will adjust the loan interest rate to the LPR issued by the
National Interbank Funding Center on the working day before the rate determination day for the said period plus a margin. If there is
no day in a month of the adjustment corresponding to the Utilization Date, the last day of the month shall count.

 

B.  No
adjustment will be made in the Loan Period.

 

3.2 The
loan hereunder will accrue interest on a daily basis from the date of withdrawal, and the interest will be settled on a monthly
basis. When the loan is due, the interest will be paid off along with the principal. Wherein, the daily interest rate = annual interest
rate /360.

 

3.3 The
overdue penalty interest rate hereunder is determined by adding 50.000000% to the original interest rate of loans, and the penalty
interest rate for misappropriation of loans is determined by adding 50.000000% to the original interest rate of loans.

 

3.4 Annualized
capital cost

 

The annualized capital
cost of the Borrower includes the annualized interest rate of loans and the annualized capital cost of        /        as well as other expenditures.
The receiver of the aforementioned        /         expenditures is not the Lender, and the concrete receiver is        /        .

 

The concrete interest
rates and rates of the aforementioned expenditures are listed below (the following are for reference only, and the concrete interest rates
and rates may be adjusted along with the clauses of the Contract, specifically subject to the relevant provisions of the Contract):

 

(1) The annualized interest
rate of loans calculated in accordance with Article 3.1-3.3 of the Contract;

 

(2)                 /                .

 

Article 4     Withdrawal

 

4.1 The
Borrower shall withdraw the loan in one lump sum. Where the Borrower fails to withdraw the loan in one lump sum as agreed, the Lender
shall be entitled to cancel all or part of the loan. After the Lender pays the loan funds to the Borrower’s withdrawal account specified
herein, it will be deemed that the Lender has issued the loan to the Borrower in accordance with the provisions of the Contract.

 

     

     

    

 

4.2 The
Borrower may withdraw the loan hereunder in the following ways (2):

 

(1) Withdraw the loan
directly from the business outlets named by the Lender;

 

(2) Withdraw the loan
through the E-banking of ICBC by self-service.

 

Article 5     Payment
Method

 

The Borrower shall repay
the loan hereunder in the following (1) way:

 

(1) The loan will
be repaid in one lump sum when it is due;

 

(2) Others: __________

 

Article 6     Accounts

 

The Borrower shall open an
account or designate the following account with the Lender as the special account for withdrawal and repayment:

 

Withdrawal account: 1402026119601206047

 

Repayment account: 1402026119601206047

 

Article 7     Guarantee

 

The loan guarantee hereunder
is __________, and the principal information of the corresponding guarantee contract is specifically as below:

 

Name of the guarantee contract:
__________ (No.: _________)

 

Guarantor: ___________________

 

The guarantee contract
shall be concluded separately by and between the Lender and the Guarantor. Please refer to the above-mentioned guarantee contract for
details.

 

Article 8     Channels
for Complaint/Consultation

 

The channels for complaint/consultation
about these Party A’s financial services (products) are listed below:

 

8.1 Business
outlets

 

Reflect problems to the
customer service manager and the person in charge of business outlets of Industrial and Commercial Bank of China or leave some messages
through the customer opinion book.

 

8.2 Customer
service telephone

 

Call the customer service
hotline at (95588), and contact the representative of customer service via manual service.

 

8.3 Online
banking and mobile banking

 

Contact the online customer
service of Industrial and Commercial of Bank by logging in to personal online banking through the portal website (http: //www.icbc.com.cn)
or logging in to the mobile APP, i.e., “Corporate Mobile Banking of Industrial and Commercial Bank of China”.

 

8.4 Other
channels                 /                  .

 

     

     

    

 

Article 9     Other
Matters Agreed by the Parties.

 

Part II     Specific
Clauses

 

Article 1     Interest
Rate and Interest

 

1.1 If
the floating interest rate is employed for the loan hereunder, after the loan is overdue, the original way will still apply to the rules for
adjustment of interest rates.

 

1.2 If
the loan interest is settled on a monthly basis, the date of interest settlement shall be the 20th of each month; if interest is settled
on a quarterly basis, the date of interest settlement shall be the 20th of the last month of each quarter; if the interest is settled
every half a year, the date of interest settlement shall be June 20th and December 20th of each year.

 

1.3 The
first interest period is from the date of withdrawal of the Borrower to the first date of interest settlement; the last interest period
is from the day after the end of the previous interest period to the final date of repayment; the remaining interest period is from the
day after the end of the previous interest period to the next date of interest settlement.

 

1.4 Interests
= Principal × Daily interest rate × Elapsed days. If the average principal & interest applies to the repayment, the
capital & interest amount repayable shall be calculated in the following formula:

 

Gross principal and interest
of each period = (loan principal× interest rate of the period × (1+interest rate of the period) number of repayment periods)
/ ((1+ interest rate of the period) number of repayment periods -1)

 

1.5 If
the People’s Bank of China adjusts the method for determining the loan interest rate, the relevant regulations of the People’s
Bank of China shall prevail without any further notice from the Lender to the Borrower.

 

1.6 If
the interest rate of loans determined while making and entering into the Contract is executed after being reduced by a certain basis point
as per the loan prime rate (LPR) announced by the National Interbank Funding Center, the Lender shall be entitled to re-evaluate the interest
rate concessions granted to the Borrower every year, and decide to cancel all or part of the interest rate concessions granted to the
Borrower at its own discretion in line with the national policies, the Borrower’s credit status and the changes of loan guarantee,
and notify the Borrower in a prompt manner.

 

1.7 Unless
otherwise specified, the interest rate of loans herein shall be the annualized interest rate calculated by means of simple interest method.

 

Article 2     Issuance
and Payment of Loans

 

2.1 The
Borrower must be in line with the following preconditions before withdrawing the loan, otherwise, the Lender is not obliged to make any
payment to the Borrower, unless the Lender consents to issue the loan ahead of schedule:

 

(1) Except
for the credit loan, the Borrower has provided the corresponding guarantee at the request of the Lender, and has gone through the relevant
guarantee formalities, and the Guarantor has not violated the provisions of the guarantee contract;

 

     

     

    

 

(2) At
the time of withdrawal, the representations and warranties made by the Borrower hereunder are still true, accurate and complete, and there
is no breach of contract hereunder or under other contracts concluded by and between the Borrower and the Lender;

 

(3) The
proof materials furnished for the purpose of the loan are tally with the agreed purpose;

 

(4) Submit
other materials as required by Lender.

 

(5) If
the Borrower withdraws the loan through the E-banking of ICBC, the Corporate Customer Service Agreement of the E-banking of ICBC
concluded by and between the Borrower and the Lender will remain valid throughout the loan term.

 

2.2 If
the Borrower withdraws the loan through the business outlets named by the Lender, it shall submit the notice of withdrawal to the Lender
at least 5 banking days ahead of time. Once the notice of withdrawal is submitted, it cannot be revoked without the written consent of
the Lender.

 

2.3 If
the Borrower withdraws the loan through the E-banking of ICBC, the Borrower shall sign the Corporate Customer Service Agreement of
the E-banking of ICBC with the Lender, and promise to observe the Articles of Association of the E-banking of ICBC as well
as relevant trading rules and operate it in accordance with relevant trading rules. The withdrawal instruction submitted by the Borrower
through the E-banking of ICBC and confirmed by the Lender shall be considered as the receipt.

 

2.4 After
the Borrower satisfies the preconditions of withdrawal or the Lender consents to advance the loan, the Lender shall transfer the loan
to the Borrower’s withdrawal account specified herein, and in that case, it shall be deemed that the Lender has granted the loan
to the Borrower in accordance with the provisions of the Contract.

 

2.5 In
accordance with the relevant regulatory regulations and the management requirements of the Lender, if the loan is beyond a certain amount
or conforms to other conditions, the Lender shall employ the entrusted payment method, and the Lender shall pay the loan to the payee
who meets the purpose specified herein based on the Borrower’s withdrawal application and payment entrustment.

 

2.6 When
handling the entrusted payment, the Borrower shall furnish the Lender with the account information of the payment object as well as the
certification materials proving that the withdrawal meets the agreed purpose. The Borrower shall warrant that all information furnished
to the Lender is true, complete and valid.

 

2.7 When
handling the entrusted payment, the Lender only performs formal examination on the information of the payment object, the proof materials
of the loan purpose as well as other materials furnished by the Borrower. Where the Lender fails to complete the entrusted payment in
a prompt manner due to the untrue, inaccurate and incomplete information furnished by the Borrower, the Lender will not assume any liability.

 

2.8 The
Lender shall be entitled to request the Borrower to supplement, replace, explain or re-submit the relevant materials if it finds any inconsistency
or other defects in the relevant materials furnished by the Borrower through review. Before the Borrower submits the materials that conform
to the management requirements of the Lender, the Lender shall be entitled to refuse the issuance and payment of the relevant funds.

 

2.9 Based
on the loan purpose specified herein, the Lender shall be entitled to request the Borrower, independent intermediary agencies as well
as other interested parties to issue a joint visa form as well as other relevant certification materials, and the Lender shall issue and
pay the financing funds with these certification materials.

 

     

     

    

 

2.10 Upon
the examination, if the Lender holds that the information furnished by the Borrower is tally with the agreed loan purpose and the withdrawal
is in accordance with the Contract, it shall first transfer the loan to the Borrower’s withdrawal account specified herein, and
then transfer the corresponding amount to the account of the payment object named by the Borrower based on the needs and the relevant
business vouchers submitted by the Borrower.

 

2.11 Under
any of the following circumstances, the Lender shall be entitled to re-determine the conditions for issuance and payment of the loan,
or stop the issuance and payment of the loan:

 

(1) The
Borrower presents false or invalid information to the Lender to obtain financing funds;

 

(2) The
Borrower’s production and operation have undergone material adverse changes, the credit status has declined, or there is a breach
of contract hereunder;

 

(3) The
Borrower fails to withdraw and pay the financing funds in accordance with the provisions of the Contract, and the use of the financing
funds is abnormal;

 

(4) The
Borrower violates the Contract or relevant regulatory provisions, and evades the entrusted payment by breaking up the whole into parts;

 

(5) The
withdrawal account or payment object’s account named by the Borrower is frozen or stopped by the competent authority from payment.

 

2.12 Where
the Lender fails to complete the entrusted payment in a prompt manner as entrusted by the Borrower because the withdrawal account named
by the Borrower or its payment object’s account is frozen or stopped by the competent authority from payment, the Lender will not
assume any liability or influence the repayment obligations of the Borrower hereunder.

 

2.13 If
the loan hereunder is paid by the Borrower independently, the Borrower promises to accept and actively cooperate with the Lender in the
inspection and supervision of the use of financing funds, including the purpose, by means of account analysis, voucher inspection and
on-site investigation, etc., and summarize and report the use of the loan on a regular basis at the request of the Lender.

 

2.14 If
the information furnished by the Borrower to the Lender is untrue, incomplete or invalid, resulting in the loss of the Lender, the Borrower
shall make compensation accordingly.

 

2.15 Where
the Lender fails to issue and pay the loan in a prompt manner as specified herein, it shall assume the corresponding liability for breach
of contract, unless otherwise provided herein.

 

2.16 Where
the Lender fails to pay the corresponding amount on time due to unforeseeable, inevitable and insurmountable force majeure events such
as war, natural disasters, or unexpected events such as system failure and communication failure of the Lender, the Lender will not assume
any liability, but the Lender shall promptly notify the Borrower by telephone or in writing.

 

Article 3     Repayment

 

3.1 The
Borrower shall repay the loan principal, interest as well as other payables in full and on time as specified herein. On the date of
repayment and one bank working day prior to each date of interest settlement, the Borrower shall fully deposit the payable interest of
current period, principal as well as other payables in the repayment account opened with the Lender, and the Lender shall be entitled
to take the initiative to collect the amount on the date of repayment or date of interest settlement, or request the Borrower to cooperate
with the relevant transfer formalities. Where the amount in the repayment account is insufficient to cover all due and payable amounts
of the Borrower, the Lender shall be entitled to decide the order of repayment.

 

If the repayment account
is reported as lost, frozen, stopped or canceled, or the Borrower needs to change the repayment account, the Borrower shall go through
the formalities for changing the repayment account at the Lender. Before the change formalities come into effect, if the original repayment
account cannot cover the full payment for transfer, the Borrower shall handle repayment at the Lender’s counter. Where the Borrower
fails to go through the formalities for changing the repayment account or repay the loan at the Lender’s counter in a prompt manner,
rendering it unable to pay off the principal and interest of the due loan as well as other expenses in full and on time, the Borrower
shall be liable for breach of contract.

 

     

     

    

 

3.2 If
the Borrower applies for prepayment of all or part of the loan, it shall submit a written application to the Lender, or submit the prepayment
instruction to the Lender through the E-banking of ICBC.

 

3.3 If
the Lender consents to repay the loan ahead of schedule, the Borrower shall pay off the loan principal, interest as well as other fees
due and payable in accordance with the provisions of the Contract at the same time until the date of prepayment.

 

3.4 The
Lender shall be entitled to recover the loan ahead of time based on the withdrawal of the Borrower’s funds. At the request of the
Lender, the Borrower shall repay the loan in installments with reference to the repayment plan proposed by the Lender.

 

3.5 If
the actual loan term is shortened due to the early repayment of the Borrower or the early recovery of the loan by the Lender in accordance
with the provisions of the Contract, the corresponding grade of interest rate will not be adjusted, and the original interest rate of
loans shall still apply.

 

Article 4     Guarantee

 

4.1 Except
for credit loan, the Borrower shall furnish legal and effective guarantee recognized by the Lender for the fulfillment of its obligations
hereunder.

 

4.2 In
the event that the collateral hereunder is damaged, devalued, involved in property right disputes, sealed up or detained, or the Guarantor
violates the provisions of the guarantee contract, or the financial condition of the Guarantor of warrandice is adversely changed, or
the collateral and the Guarantor undergo other changes that are unfavorable to the creditor’s rights, the Borrower shall promptly
notify the Lender and furnish other guarantees approved by the Lender separately.

 

4.3 The
Lender shall have the right to re-value the security and to re-evaluate the guarantor’s guarantee, regularly or irregularly. If,
in the opinion of the Lender, the security value decreases, the guarantor’s guarantee reduces, or the guarantor violates the guarantee
contract, the Borrower shall provide additional guarantee to the extent of such decrease or reduce, or give other guarantee acceptable
to the Lender.

 

4.4 If
the loan hereunder provides pledge guarantee with accounts receivable, within the validity period of the Contract, the Lender shall be
entitled to announce the early maturity of the loan, require the Borrower to repay part or all of the loan principal and interest forthwith,
or add legal, effective and full guarantee recognized by the Lender:

 

(1) The
bad debt rate of accounts receivable from the pledgor to the payer has increased for two consecutive months;

 

(2) The
outstanding accounts receivable of the pledgor to the payer make up more than 5% of the balance of the accounts receivable to the payer;

 

(3) Trade
disputes (including, without limitation, disputes on quality, technology and service) or debt disputes arise between the pledgor of accounts
receivable and the payer or other third parties, resulting in accounts receivable that may not be paid on schedule.

 

     

     

    

 

Article 5     Representations
and Warranties

 

The Borrower makes the
following representations and warranties to the Lender, which are valid throughout the term of the Contract:

 

5.1 It
is in possession of the Borrower’s subject qualifications, as well as the qualifications and capability to sign and fulfill the
Contract in accordance with the law.

 

5.2 It
has obtained all necessary authorizations or approvals for signing the Contract, and its signing and fulfillment of the Contract is not
in violation of the provisions of the Articles of Association as well as relevant laws and regulations or in conflict with its obligations
under other contracts.

 

5.3 It
has paid other debts payable on schedule, and there is no malicious default on the principal and interest of bank loans.

 

5.4 It
has a sound organizational structure and financial management system, and there is no material violations of laws and regulations during
the production and operation in the last year; the current senior executives have no material bad records.

 

5.5 All
documents and materials furnished by the Borrower to the Lender are true, accurate, complete and valid and free from any false records,
material omissions or misleading statements.

 

5.6 The
financial and accounting reports furnished by the Borrower to the Lender are prepared in line with Chinese accounting standards, which
reflects the Borrower’s operating conditions and liabilities in a true, fair and complete manner, and there have been no material
adverse changes in the financial condition of the Borrower since the date of the most recent financial and accounting statements.

 

5.7 The
Borrower has not concealed the litigation, arbitration or claims involved from the Lender.

 

5.8 The
Borrower has known and fully comprehended all the trading rules of the electronic banking system such as the online banking of Industrial
and Commercial Bank of China associated with the Contract.

 

Article 6     The
Borrower’s Commitments

 

6.1 The
loan shall be withdrawn and used based on the term and purpose specified herein, and shall not flow into the securities market and futures
market in any form or be used for the development of fixed assets, equity investment and real estate projects or for the purchase of stocks,
bonds, wealth management products, investment account trading products, financial derivatives and asset management products, or for the
purchase of houses and the repayment of housing mortgage loans, or loans, or other projects that are prohibited by laws and regulations
of other countries.

 

6.2 The
Borrower shall pay off the loan principal, interest as well as other payables in accordance with the provisions of the Contract.

 

6.3 The
Borrower shall accept and actively cooperate with the Lender’s inspection and supervision over the use of the loan funds, including
the purpose, by means of account analysis, voucher inspection and on-site investigation, and summarize and report the use of the loan
funds on a regular basis at the request of the Lender.

 

6.4 The
Borrower shall accept the Lender’s credit inspection, furnish true, accurate and complete financial information as well as other
information reflecting the Borrower’s debt-paying capability in a timely manner at the Lender’s request, including all bank
accounts, bank account numbers, deposit balances, and so on, and actively assist and cooperate with the Lender in investigating, understanding
and supervising its production, operation and financial condition.

 

6.5 Where
there are outstanding loan principal and interest as well as other payables due (including being announced to be due forthwith) hereunder,
dividends and bonuses shall not be distributed in any form.

 

     

     

    

 

6.6 When
there are merger, division, capital reduction, changes in equity, pledge of equity, transfer of material assets and creditor’s rights,
material foreign investment, substantial increase in debt financing or other actions that may adversely influence the rights and interests
of the Lender, the Borrower shall get the written consent of the Lender beforehand or make arrangements that conform to the management
requirements of the Lender for the realization of the creditor’s rights.

 

6.7 Under
any of the following circumstances, the Borrower will inform the Lender in a prompt manner:

 

(1) The
Borrower changes its name, official seal, Articles of Association, domicile, legal representative or person in charge, mailing address
as well as other matters;

 

(2) The
Borrower goes out of business, is dissolved, liquidated, suspends business for rectification, has its business license revoked, is revoked
or applies for (is applied for) bankruptcy;

 

(3) The
Borrower is involved or may be involved in material economic disputes, litigation, arbitration, or its assets are sealed up, detained
or enforced, or the judicial organs, taxation, industry and commerce and other authorities are entitled to file a case for investigation
or take punishment measures in accordance with legal provisions;

 

(4) The
Borrower’s shareholders, directors and current senior executives or partners and investors are suspected in material cases or economic
disputes;

 

(5) There
are merger, division, capital reduction, changes in equity, pledge of equity, joining or withdrawing from partnership, transfer of material
assets and creditor’s rights, material foreign investment, substantial increase in debt financing as well as other matters that
may adversely influence the rights and interests of the Lender.

 

6.8 The
Borrower will disclose related party relationships and related transactions to the Lender in a timely, comprehensive and accurate manner.

 

6.9 The
Borrower will timely sign for all sorts of notices sent by the Lender or served by other means.

 

6.10 The
Borrower will not dispose of its own assets in a way that reduces its solvency and it will provide guarantee to a third party without
prejudicing the rights and interests of the Lender.

 

6.11 If
the loan hereunder is issued by credit, the Borrower will submit the information of external guarantee to the Lender in a complete, true
and accurate way on a regular basis, and sign the account supervision agreement at the request of the Lender. If the provision of external
guarantee may influence the fulfillment of its obligations hereunder, the Borrower will get the written consent of the Lender.

 

6.12 The
order of repayment of the Borrower’s debts hereunder takes precedence over the Borrower’s debts to its shareholders, legal
representatives or persons in charge, partners, principal investors or key managers, and it is at least equal to the similar debts of
other creditors of the Borrower.

 

6.13 The
Borrower has been aware of and fully comprehended all the trading rules of online banking of ICBC as well as other electronic banking
systems associated with the Contract; it will keep the customer certificates and passwords in good custody. Any operation using the Borrower’s
customer numbers (card numbers), passwords or customer certificates shall be considered as the Borrower’s own actions, and the resulting
electronic information records shall serve as the evidence to prove and handle the debtor-creditor relationship hereunder.

 

6.14 Where
the repayment funds of the Borrower (including, without limitation, the funds acquired by the Lender through deduction and disposal of
collateral, etc.) are insufficient to pay off all debts of the Borrower to the Lender hereunder as well as under other contracts,
the Lender shall be entitled to decide the order of payment.

 

     

     

    

 

6.15 Strengthen
environmental and social risk management and undertakes to accept the supervision and inspection by the Lender. To submit the environmental
and social risk report to the Lender if requested.

 

Article 7     The
Lender’s Commitments

 

7.1 It
will issue the loan to the Borrower in accordance with the provisions of the Contract.

 

7.2 It
will keep confidential the non-public data and information furnished by the Borrower, unless otherwise prescribed by laws and regulations,
required by the competent authority or otherwise specified herein.

 

Article 8     Breach
of Contract

 

8.1 Under
any of the following circumstances occurs, it will constitute the Borrower’s breach of contract:

 

(1) The
Borrower fails to repay the loan principal and interest as well as other payables hereunder as agreed, or fails to fulfill any other obligations
hereunder, or violates the representations, warranties or commitments hereunder;

 

(2) The
guarantee hereunder changes against the creditor’s rights of the Lender, or the Guarantor violates the provisions of the guarantee
contract, and the Borrower fails to furnish other guarantees that conform to the management requirements of the Lender;

 

(3) There
appear bad records in the Lender or other financial institutions;

 

(4) The
Borrower fails to pay off any other debt after maturity (including being announced as early maturity), or fails to fulfill or violates
its obligations under other agreements, which has influenced or may influence the fulfillment of its obligations hereunder;

 

(5) The
financial indicators such as the Borrower’s profitability, debt paying capability, operating capability and cash flow are beyond
the agreed standards, or the deterioration has influenced or may influence the fulfillment of its obligations hereunder;

 

(6) Significant
adverse changes have taken place in the ownership structure, production and operation, foreign investment and other aspects of the Borrower,
which has influenced or may influence the fulfillment of its obligations hereunder;

 

(7) The
Borrower is involved in or may be involved in material economic disputes, litigation, arbitration, or its assets are sealed up, detained
or enforced, or it is investigated and punished by judicial organs or administrative organs in accordance with the law, or it is exposed
by the media for violating relevant national regulations or policies, which has influenced or may influence the fulfillment of its obligations
hereunder;

 

(8) The
Borrower’s principal investors and key managers are abnormally changed, disappeared or their personal freedom is investigated or
restricted by judicial organs in accordance with the law, which has influenced or may influence the fulfillment of its obligations hereunder;

 

(9) The
Borrower obtains funds or credit from the Lender by taking advantage of false contracts with related parties or transactions with no actual
transaction background, or intentionally evades the creditor’s rights of the Lender through related party transactions;

 

(10) The
Borrower has been or may be closed, dissolved, liquidated, closed for rectification, business license revoked, revoked or filed for bankruptcy;

 

(11) The
Borrower causes liability accidents and material environmental and social risk events in violation of the provisions on food safety, production
safety, environmental protection as well as other laws and regulations associated with environmental and social risk management, regulatory
provisions or industry standards, which has influenced or may influence the fulfillment of its obligations hereunder;

 

     

     

    

 

(12) If
the loan hereunder is issued by credit, the Borrower’s credit rating, profit level, asset-liability ratio, net cash flow from operating
activities as well as other indicators are not in conformity to the Lender’s credit loan conditions; or the Borrower sets mortgage
(pledge) guarantee to others or provides external guarantee with its effective operating assets without the written consent of the Lender,
which has influenced or may influence the fulfillment of its obligations hereunder;

 

(13) Under
other circumstances that may adversely influence the realization of the creditor’s rights of the Lender hereunder.

 

8.2 In
the event that the Borrower breaches the Contract, the Lender shall be entitled to take one or more of the following measures:

 

(1) To
require the Borrower to correct the breach of contract within a time limit;

 

(2) To
stop issuing loans as well as other financing funds to the Borrower in accordance with the provisions of the Contract as well as other
contracts between the Lender and the Borrower, and partially or completely cancel the unpaid loans as well as other financing funds of
the Borrower;

 

(3) To
announce that the outstanding loan as well as other financing funds hereunder as well as under other contracts between the Lender and
the Borrower are due forthwith, and recover the outstanding funds immediately;

 

(4) To
require the Borrower to compensate the losses suffered by the Lender due to its breach of contract, including, without limitation, the
expenses incurred by the Lender in realizing the creditor’s rights hereunder, such as attorney fees, auction fees, and expenses
incurred in applying for an execution certificate issued by a notary office;

 

(5) To
take other remedies prescribed by law, regulations or agreed herein or deemed necessary by the Lender.

 

8.3 Where
the Borrower fails to repay the loan when it is due (including being announced to be due forthwith), the Lender shall be entitled to charge
a penalty interest at the rate of overdue penalty interest specified herein from the overdue date. For the interest (including penalty
interest) charged because the Borrower fails to repay the loan on time, compound interest shall be calculated based on the overdue penalty
interest rate. Penalty interest/compound interest shall apply to the interests accrued hereunder.

 

8.4 Where
the Borrower fails to use the loan based on the purpose specified herein, the Lender shall be entitled to charge penalty interest on the
misappropriated part based on the penalty interest rate of the misappropriated loan specified herein from the date when the loan is misappropriated,
and the interest (including penalty interest) not paid on time during the misappropriated period shall be compounded based on the penalty
interest rate of the misappropriated loan. Penalty interest/compound interest shall apply to the interests accrued hereunder.

 

8.5 In
the event that the Borrower is under the above-mentioned circumstances in Articles 8.3 and 8.4 simultaneously, the penalty interest rate
shall be the heavier one, and must not be concurrently imposed.

 

8.6 Where
the Borrower fails to repay the loan principal, interest (including penalty interest and compound interest) or other payables on time,
the Lender shall be entitled to make an announcement for through the media for collection.

 

8.7 If
there is any change in the controlling or controlled relationship between the related party of the Borrower and the Borrower, or other
circumstances other than Items (1) and (2) in Article 8.1 above happen to the related party of the Borrower, which has
influenced or may influence the fulfillment of the obligations of the Borrower hereunder, the Lender shall be entitled to take various
measures provided herein.

 

     

     

    

 

Article 9     Automatic
Cancellation of Commitment

 

9.1 If
the Borrower’s credit conditions deteriorate, the Lender may automatically cancel the non-utilized part of the commitment made to
the Borrower without prior notice.

 

9.2 The
Borrower’s credit conditions will deteriorate if any circumstance pursuant to Clauses 8.1 and 8.7 of Part II of this Contract
occurs to the Borrower.

 

Article 10     Deduction

 

10.1 Where
the Borrower fails to repay the debts due hereunder (including being announced to be due forthwith) as agreed, the Borrower consents that
the Lender shall deduct the corresponding amount from all local and foreign currency accounts opened by the Borrower in Industrial and
Commercial Bank of China to pay off the debts until all debts of the Borrower hereunder are paid off.

 

10.2 If
the deduction amount is not tally with the currency of the Contract, it shall be converted at the exchange rate applicable to the Lender
on the date of deduction. The interest as well as other expenses incurred from the date of deduction to the date of payment (the date
when the Lender converts the deduction amount into the currency of the Contract and actually pays off the debts hereunder in compliance
with the national policy for management of foreign exchanges), and the difference resulting from exchange rate fluctuations during this
period shall be undertaken by the Borrower.

 

Article 11     Transfer
of Rights and Obligations

 

11.1 The
Lender shall be entitled to transfer part or all of its rights hereunder to a third party, and the Lender’s transfer behavior does
not require the consent of the Borrower. The Borrower shall transfer any rights and obligations hereunder without the written consent
of the Lender.

 

11.2 The
Lender or Industrial and Commercial Bank of China Limited (“ICBC”) may authorize or entrust other branches of ICBC to fulfill
the rights and obligations hereunder based on the needs of operation and management, or assign the loan creditor’s rights hereunder
to other branches of ICBC to undertake and manage these rights and obligations, and the Borrower hereby expresses its recognition. The
Lender does not have to get the consent of the Borrower for the above-mentioned actions. Other branches of ICBC, which undertake the rights
and obligations of the Lender, shall enjoy the right to exercise all the rights hereunder and to file a lawsuit, submit to arbitration
or apply for compulsory execution in the name of this institution for disputes hereunder.

 

Article 12     Effectiveness,
Change and Rescission

 

12.1 The
Contract shall come into force after conforming to the following conditions simultaneously and remain valid until the date when all obligations
of the Borrower hereunder are fulfilled:

 

(1) The
Contract is affixed with the electronic signature of the Borrower and confirmed by the Lender;

 

(2) The
loan application submitted by the Borrower is in line with the management requirements of the Lender and is approved by the Lender upon
examination.

 

     

     

    

 

The Lender may confirm
the Contract by displaying the validity status of the Contract in the electronic banking system.

 

12.2 In
the event that the contractual elements such as loan amount and term are displayed incorrectly in the electronic banking system of ICBC
on account of system failure or force majeure, the Lender shall be entitled to make corrections and inform the Borrower in a prompt manner.

 

12.3 The
Borrower has been aware of and fully comprehended all the trading rules of the online banking of ICBC as well as other electronic
banking systems associated with the Contract; the Borrower shall properly keep the customer certificates and passwords, and any operation
using the Borrower’s customer numbers (card numbers), passwords or customer certificates shall be deemed as the Borrower’s
own actions, and the resulting electronic information records shall serve as certificates to prove and handle the financing relationship
hereunder. The electronic signature affixed by the Borrower on the Contract with the online banking certificate through the E-banking
of ICBC shall be considered as the signature of the Borrower itself or authorized by the Borrower.

 

12.4 Any
changes to the Contract shall be made in written form (including electronic data form) by all Parties through amicable negotiation. The
changed clauses or agreements constitute a part of the Contract and shall be equally authentic in respect of legal effect. Except for
the changed part, the remaining clauses of the Contract shall still remain valid; the original clauses shall still valid before the changed
part comes into effect.

 

12.5 The
Parties shall discuss and amend relevant provisions promptly in the event that the provisions hereof do not conform to the laws, regulations
or policies of the State in full or in part due to any change to the said laws, regulations or policies.

 

12.6 In
the case that any clause herein is held to be invalid or unenforceable, the validity and enforceability of the remaining clauses shall
not be affected, nor shall it affect the validity of the entire Contract.

 

12.7 The
modification and termination of the Contract shall not affect the right of each contracting Party to claim compensation for their losses.
The termination of the Contract shall not affect the validity of the dispute resolution provisions hereof.

 

Article 13     Governing
Law and Dispute Resolution

 

The conclusion, effectiveness,
interpretation, performance and dispute resolution of and in connection with the Contract shall be governed by the laws of the People’s
Republic of China. Any and all disputes arising out of or in connection with the performance of the Contract shall be settled via amicable
negotiation by the Parties first. In the case that no settlement can be reached through such consultation, the dispute shall be submitted
to the court where the Lender is located or where the Contract is signed for litigation.

 

Both Parties consent that
when any dispute incurred hereunder is brought to court for litigation, the court may resort to audio-visual transmission technology,
asynchronous trial as well as other means, and both Parties raise no objection in this regard.

 

Article 14     Confirmation
of Address for Service of Judgment/Ruling Documents

 

14.1 The
Borrower agrees that the address stated in the first page of the Contract will be its address for legal instruments in case of any
dispute arising out of the Contract. The Borrower consents that the judicial authority may serve all legal documents electronically by
use of the electronic contact information recorded on the front page of the Contract, such as fax, mobile number, e-mail, account
number of WeChat, Alipay Account, Alitalk Account, etc. The above-mentioned legal documents include, without limitation, summons,
notice of hearing, judgment, ruling, conciliation statement, notice of deadline for fulfillment, etc.

 

     

     

    

 

14.2 The
Borrower agrees that the judicial organs may serve legal instruments in any one or more of the above ways. If more than one way is taken
by the judicial organs to deliver legal instruments to the Borrower, the date of service shall be the date whichever happens the earliest.

 

14.3 The
above-mentioned service-related agreements are applicable to all stages of litigation, arbitration as well as other judicial procedures,
including, without limitation, the first trial, second trial, retrial, execution and supervision procedures.

 

14.4 The
Borrower shall ensure that the address, fax, mobile, email and other information first above stated in the Contract is true and effective.
In the case of any change to the same, the Borrower shall send prompt written notice to the Lender, or any notice delivered to the former
address shall be deemed valid (including electronic delivery), and the Borrower shall be legally liable for all the consequences.

 

Article 15     Entire
Contract

 

Part I (Basic Agreements)
and Part II (Specific Clauses) of the Contract together constitute a complete Contract for Operating Fast Loans, and
the same words in the two parts are provided with the same meaning. The Borrower’s loan is bound by the two parts mentioned above.

 

Article 16     Notices

 

16.1 The
Borrower promises that the address as well as relevant electronic contact information reserved at the Lender are verified to be accurate.
The Lender shall be deemed to have fulfilled the obligation of notification to the Borrower by sending relevant documents to the address
reserved by the Borrower or the address notified by the Borrower in written form.

 

16.2 Except
by letter, the Borrower consents to accept telephone, e-mail, SMS, WeChat as well as other electronic methods as the Lender’s notification
and collection methods. Where there is any change in the address or relevant electronic contact information reserved by the Borrower at
the Lender, the Borrower shall be obliged to inform the Lender in writing in a timely manner. If the notice and collection documents sent
by the Lender at the original reserved address or related electronic contact information are still valid due to the borrower’s failure
to notify the Lender in a timely manner, the Borrower shall undertake the legal consequences incurred thereby.

 

16.3 If
the Lender sends relevant notice to the Borrower, the notice shall be deemed to have been served to all Borrowers when it is served to
any Borrower.

 

Article 17     Special
Provisions for VAT

 

17.1 Each
of the interests and sums (subject to specific contract) paid by the Borrower to the Lender hereunder shall be tax-inclusive.

 

17.2 Where
the Borrower requests the Lender to issue VAT invoices, it shall file to the Lender registration information, including the full name,
taxpayer identity number or social credit code, address, phone, bank or account number of the Borrower. The Borrower shall ensure that
the information provided to the Lender is true, accurate and complete and that relevant supporting materials are provided at the request
of the Lender, from time to time as required in the bank notices or website announcements of the Lender.

 

     

     

    

 

17.3 If
the Borrower receives VAT invoices, it shall provide the Lender with a power of attorney stamped with its seal, designate the recipient,
and specify the ID number and other information of the recipient. The designated recipient shall receive VAT invoices by presenting the
original ID card. If the designated recipient changes, the Borrower shall issue a power of attorney stamped with its seal to the Lender
again. If the Borrower chooses to receive VAT invoices by mail, it shall also provide accurate and deliverable mail information. If the
mailing information changes, the Lender shall be notified in writing in a timely manner.

 

17.4 If
the Lender fails to issue VAT invoices in time due to Force Majeure such as natural disasters, government actions, social abnormal events
or tax authorities’ reasons, the Lender shall have the right to delay the invoicing without any liability.

 

17.5 After
the Borrower receives its copy of the VAT invoices, or if the Borrower cannot receive its copy of the VAT invoices or delays in receiving
the same, causing the failure to seek for tax deduction, due to the loss, breakage or delay occurring after the Lender has delivered the
same to a third-party delivery service provider for delivery, the Lender shall be not responsible for compensating the Borrower for related
economic losses.

 

17.6 In
accordance with applicable laws and regulations as well as relevant policies, if the VAT credit note needs to be issued for return after
sales, suspension of the services which are taxable, incorrect invoicing, or the deduction or invoicing copy which is unauthenticated,
and the Borrower is required to submit the Information Form for Issuing Special VAT Credit Note to the tax authority, the Borrower
shall do the same; until the tax authority reviews it and send a notice the Lender, the Lender will issue the special VAT credit note.

 

17.7 When
the Contract is performed, in case of any change to applicable tax rates, the Lender shall have the right to adjust the contract price
according to the change to applicable tax rates.

 

Article 18     Miscellaneous

 

18.1 The
Lender’s failure to exercise or delay in exercising any right hereunder will neither constitute a waiver or change of this right
or other rights, nor influence its further exercise of this right or other rights.

 

18.2 In
the case that any clause herein is held to be invalid or unenforceable, the validity and enforceability of the remaining clauses shall
not be affected, nor shall it affect the validity of the entire Contract.

 

18.3 The
appendixes hereto as well as any its supplementation, amendment, or modification shall constitute as the integral part of the Contract
and have the same legal force and effect as the body of the Contract.

 

18.4 The
terms “related party”, “related party relationship”, “related party transaction”, “individual
principal investor” and “key managers” mentioned herein are provided with the same meanings as those in Accounting
Standards for Business Enterprises No.36 - Related Party Disclosure (C.K. [2006] No.3) promulgated by the Ministry of Finance as well
as subsequent revisions to these Standards.

 

18.5 The
environmental and social risks mentioned herein refer to the hazards as well as related risks that the Borrower and its important related
parties may cause to the environment and society in the construction, production and business activities, including environmental and
social problems associated with energy consumption, pollution, land, health, safety, resettlement, ecological protection, climate change, etc.

 

18.6 The
documents and vouchers on the loan hereunder prepared by the Lender in line with its business rules will constitute effective evidence
to prove the creditor-debtor relationship between the Borrower and the Lender, and shall be binding upon the Borrower.

 

     

     

    

 

18.7 In
the Contract, (1) all references to the Contract shall include revisions or supplements to the Contract; (2) the titles of clauses
are for reference only; they will neither constitute any interpretation of the Contract, nor any restriction on the contents and scope
under the titles; (3) where the date of withdrawal and date of repayment fall upon non-working days of the bank, these dates shall
be postponed to the next working days of the bank.

 

Both Parties confirm that
the Borrower and the Lender have conducted full negotiation about all the clauses of the Contract. The Lender has requested the Borrower
to pay special attention to all the clauses associated with the rights and obligations of the Parties and get a comprehensive and accurate
understanding of these clauses, and besides, it has explained the relevant clauses at the request of the Borrower. The Borrower has carefully
read and fully comprehended all the clauses of the Contract (including the Part I (Basic Agreements) and Part II (Specific
Clauses). Both the Borrower and the Lender have the same understanding of all clauses hereof and raise no objection to the contents
in relation to the Contract.

 

Lender:

 

 

Borrower: Fuzhou Yukai
Trading Co., Ltd.

 

Place of Signing: Fuzhou
City, Fujian Province

 

Date of Signing: April 14,
2022

 

Media No.: 6915492174

 

Customer Authentication Type:
Ukey

 

Authentication Timestamp: 20220414165755257261Exhibit 10.12

 

 

 

20220303154425025373

 

Working Capital Loan Contract

 

No.: Liu ZY-2022025

 

Lender: Industrial Bank Co., Ltd.

 

Address: Zhongshan Building, No. 154, Hudong
Road, Fuzhou

 

Legal Representative/Principal: Lv Jiajin

 

Borrower: Fuzhou Yukai Trading Co., Ltd.

 

Address: Room 909, Xinya Building, No. 121,
Dong Street, Fuzhou

 

Legal Representative/Principal: Zheng Zhenyu

 

Place of Contract Signing: Gulou District/County,
Fuzhou City

 

    Page 1 of 28 

     

    

 

 

 

20220303154425025373

 

Important Tips for Contract Signing

 

In order to protect your rights and interests,
please carefully read, check and confirm the following matters before signing this contract:

 

I.            Your
company and you have the right to sign this contract; if it is necessary to obtain consent of others in accordance with laws, your company
and you have obtained full authorization; if personal information of others is involved, your company and you have obtained written documents
of others allowing Industrial Bank to process personal information thereof;

 

II.            Your
company and you have carefully read and fully understood contractual clauses, and paid special attention to content regarding assumption
of liability, exemption from or relief of liability of Industrial Bank, personal information processing and the like in where you have
significant interest, as well as the content in bold;

 

III.           Your
company and you have fully understood the meanings of terms and conditions of the contract and the corresponding legal consequences, and
are willing to accept these terms and conditions;

 

IV.           Your
company and you have paid special attention to clauses which require your company and you to use credit fund for the purpose agreed in
this contract and not to embezzle credit fund (including but not limited to using the credit fund to purchase and invest in real estate, etc.),
and requirements based on which your company and you should issue a letter of commitment for use of credit fund to Industrial Bank, and
your company and you have fully known and understood that Industrial Bank will take actions for your embezzlement of credit fund such
as earlier loan collection, termination of release of loan/financing not released hereunder, termination of payment of loan/financing
not paid hereunder and reduction or termination of credit granting, and pursue legal liabilities of your company and you;

 

V.           If
you and relevant individual sign this contract, it means that you and the individual permit and authorize Industrial Bank to process personal
information of you and the individual and keep the same based on period specified by Industrial Bank; you and relevant individual have
understood that you and the individual enjoy rights to know, decide, withdraw consent, restrict or reject third-party processing and so
on for personal information processing, and Industrial Bank has provided services such as informed decision for personal information processing
through diversified methods (including but not limited to notifying on the site); if you and relevant individual plan to withdraw, restrict
or reject authorization to process personal information for Industrial Bank, you and the individual may proceed in accordance with the
contract or management procedures of Industrial Bank;

 

VI.           The
contract text provided by Industrial Bank is only a template, relevant contractual clauses are followed by blank lines, and "supplementary
clauses" are added at the end of the contract so that all parties may modify, add or delete relevant contractual content;

 

VII.          If
your company and you have any question about the contract, or your company and you find that the contract and business charges hereunder
are illegal or non-compliant, please timely call the line of Industrial Bank or directly complain to or consult relevant branch of Industrial
Bank (contact no.: 95561).

 

    Page 2 of 28 

     

    

 

 

 

20220303154425025373

 

With application of the borrower, the lender reviews
and agrees to grant the borrower working capital loan. To specify rights and obligations of both parties and keep faith, the contract
is hereby made by and between and shall be binding on both contracting parties in accordance with relevant laws and regulations of the
People's Republic of China and through equal consultation.

 

The lender and the borrower confirm that loan hereunder
belongs to the situation agreed in Item III under Article 23 Special Agreement Clause hereof.

 

Article 1     Definitions &
Interpretations

 

Unless otherwise agreed by both contracting parties
in writing, the following words herein will be defined and interpreted as follows:

 

I.            "Working
capital loan" refers to loan in local and foreign currencies that borrower applies for to lender and used for daily production and
operation.

 

II.            "Creditor's
right" or principal creditor's right refers to creditor's right (including principal, interest, default interest, compound interest,
liquidated damages, damages, expenses that creditor uses to realize the creditor's right, etc.) which is formed after borrower (debtor)
applies to lender (creditor) and lender provides borrower with financing based on the contract with approval. Creditor's right that lender
enjoys hereunder against borrower is consistent with the content of debt that borrower assumes hereunder.

 

"Expenses that creditor uses to realize the
creditor's right" refers to litigation (arbitration) fees, attorney fees, travel costs, enforcement fees, preservation fees and other
fees for realizing the creditor's right that are paid when the creditor's right is realized by means of litigation, arbitration, application
to notary office for issuance of relevant enforcement certificate and so on.

 

III.            Words
under Article 5 hereof shall have the following definitions and interpretations:

 

"Fixed interest rate" refers to interest
rate that remains unchanged during life of a loan, and in case of release of loan in batches, interest rate that remains unchanged during
the period from each actual release date to date of expiry of loan hereunder.

 

"Floating interest rate" refers to interest
rates that changes based on cycles and ranges agreed on by borrower and lender during the life of loan.

 

"Floating cycle" refers to frequency of
change of interest rate of loan agreed upon by borrower and lender. During a floating cycle, interest rate of loan is calculated and determined
based on the pricing benchmark interest rate and the pricing method agreed herein, and interest rate of loan will remain unchanged during
the floating cycle; when one floating cycle expires and the next floating cycle starts, interest rate of loan is calculated and determined
based on the pricing benchmark interest rate of the new floating cycle and the pricing method agreed herein, and interest rate of loan
will remain unchanged during the floating cycle.

 

"Pricing benchmark interest rate" refers
to interest rate standards used to determine loan interest rate hereunder, including but not limited to loan prime rates released by China
or relevant country, region or market, such as LPR, SHIBOR, SOFR, SOFR term interest rate, €STR, SONIA, TSRR, TONA, SARON.HIBOR,
SIBOR and benchmark interest rate for deposit in RMB of the People's Bank of China.

 

"LPR" refers to loan prime rate calculated
and released by National Interbank Funding Center with authorization of the People's Bank of China. According to the banking practices,
both parties agree to define the pricing benchmark interest rate rule hereunder as Day T-1 LPR, among which, "T" refers
to date of determination of loan interest rate and "T-1" means the working day immediately preceding date of determination.

 

"SHIBOR" refers to Shanghai Interbank
Offered Rate that is released by National Interbank Funding Center and applicable on date of determination.

 

"SOFR" refers to Secured Overnight Funding
Rate, of which currency is US dollar. According to the banking practices, both parties agree to define the pricing benchmark interest
rate rule hereunder as Day T-5 SOFR, among which, "T" refers to date of determination of loan interest rate and "T-5"
means the fifth working day immediately preceding date of determination.

 

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20220303154425025373

 

"SOFR term interest rate" refers to forward-looking
mortgage financing interest rate of Chicago Mercantile Exchange, of which currency is US dollar. According to the banking practices, both
parties agree to define the pricing benchmark interest rate rule hereunder as Day T-2 SOFR term interest rate, among which, "T"
refers to date of determination of loan interest rate and "T-2" means the second working day immediately preceding date of determination.

 

"€STR" refers to Euro Short-Term
Rate, of which currency is Euro. According to the banking practices, both parties agree to define the pricing benchmark interest rate
rule hereunder as Day T-5 €STR, among which, "T" refers to date of determination of loan interest rate and "T-5"
means the fifth working day immediately preceding date of determination.

 

"SONIA" refers to Sterling OverNight Index
Average, of which currency is sterling. According to the banking practices, both parties agree to define the pricing benchmark interest
rate rule hereunder as Day T-5 SONIA, among which, "T" refers to date of determination of loan interest rate and "T-5"
means the fifth working day immediately preceding date of determination.

 

"TSRR" refers to term interest rate of
SONIA, of which currency is sterling. According to the banking practices, both parties agree to define the pricing benchmark interest
rate rule hereunder as Day T-2 TSRR term interest rate, among which, "T" refers to date of determination of loan interest
rate and "T-2" means the second working day immediately preceding date of determination.

 

"TONA" refers to Tokyo OverNight Average
Rate, of which currency is Japanese yen. According to the banking practices, both parties agree to define the pricing benchmark interest
rate rule hereunder as Day T-5 TONA, among which, "T" refers to date of determination of loan interest rate and "T-5"
means the fifth working day immediately preceding date of determination.

 

"SARON" refers to Swiss Average Rate OverNight,
of which currency is Swiss franc. According to the banking practices, both parties agree to define the pricing benchmark interest rate
rule hereunder as Day T-5 SARON, among which, "T" refers to date of determination of loan interest rate and "T-5"
means the fifth working day immediately preceding date of determination.

 

"HIBOR" refers to Hong Kong Inter Bank
Offer Rate. According to the banking practices, both parties agree to define the pricing benchmark interest rate rule hereunder as
Day T-2 HIBOR, among which, "T" refers to date of determination of loan interest rate and "T-2" means the second working
day immediately preceding date of determination.

 

"SIBOR" refers to Singapore Interbank
Offered Rate, to which only Singapore dollar is applicable. According to the banking practices, both parties agree to define the pricing
benchmark interest rate rule hereunder as Day T-2 SIBOR, among which, "T" refers to date of determination of loan interest
rate and "T-2" means the second working day immediately preceding date of determination.

 

"Benchmark interest rate for deposit in RMB
of the People's Bank of China" refers to benchmark interest rate for deposit in RMB that is released by the People's Bank of China
and applicable on date of determination.

 

Among them, currencies and specific values of "LPR",
 "SHIBOR", "SOFR", "SOFR term interest rate", "€STR", "SONIA", "TSRR",
 "TONA", "SARON", "HIBOR", "SIBOR" and "benchmark interest rate for deposit in RMB of the
People's Bank of China" defined based on applicable pricing benchmark interest rate rules hereunder shall be subject to the
inquiry result on the core system of Industrial Bank. Date of determination of loan interest rate may be date of actual loan release,
date of execution of contract or date of re-pricing.

 

"Loan interest rate" refers to interest
rate for execution of the contract formed by fluctuations of the addition/subtraction points on the basis of pricing benchmark interest
rate on date of determination of loan interest rate hereunder when both contracting parties follow the loan interest rate pricing formula
hereunder with consensus.

 

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20220303154425025373

 

IV.            "Major
transaction" agreed in Article 13 hereof refers to (including but not limited to): any confirmed or potential transactions which
will have severe impact on corporate basic structure, corporate shareholder change, contingent liabilities, cash flow, profitability,
corporate core trade secrets, corporate core competitiveness, corporate important assets, corporate major creditor's rights and debts,
debt repayment ability and the ability to perform the contract of borrower, or other transactions which lender and/or borrower considers
to constitute major transactions.

 

V.            "Major
event" agreed in Article 13 hereof refers to (including but not limited to): any confirmed or potential events that will have
severe impact on ability to perform duties of corporate senior management, employment and termination of contract of personnel engaged
in corporate core businesses, corporate core trade secrets, corporate core competitiveness, corporate basic structure, corporate shareholder
change, corporate contingent liabilities, existing of company, legality of corporate businesses, corporate stability, corporate development,
corporate profitability, corporate debt repayment ability and corporate ability to perform the contract of borrower, and other events
which lender and/or borrower considers to constitute major events.

 

VI.            "Working
day" herein refers to any working day of China (excluding Hong Kong, Macao and Taiwan) other than national legal holidays and weekends.
 "Business day" herein refers to any business day of bank of lender; during the performance of the contract, if some date of
withdrawal or repayment is non business day, it will be postponed to the following business day.

 

Article 2     Amount
of Loan

 

For currency and amount of loan that lender grants
borrower, see Item IV in Article 23 Special Agreement Clause hereof.

 

Article 3     Purpose
of Loan

 

For use of loan, see Item V in Article 23 Special
Agreement Clause hereof; without written consent of the lender, the borrower may not use the loan for other purposes.

 

Article 4     Term
of Loan

 

I.            For
term of loan, see Item VI in Article 23 Special Agreement Clause hereof.

 

II.            In
case of one-off loan release, date of release shall be subject to the actual release date indicated in relevant evidence or certificate
of loan; if actual release date is later than the release date indicated in the previous clause, due date of loan shall be postponed accordingly.

 

III.            For
split loan use plan, see Item VII in Article 23 Special Agreement Clause hereof.

 

Borrower shall submit an application to lender to
process the withdrawal formalities three working days prior to date of withdrawal of each period or other time required by lender in writing.

 

If borrower fails to withdraw loan in light of split
use periods and amount agreed above, lender is entitled to require borrower to pay liquidated damages in accordance with Item VII in Article 23
Special Agreement Clause hereof. If borrower belongs to a micro/small-size enterprise consistent with national systems or policies, this
liquidated damages will not be collected.

 

IV.            On
condition that prerequisites for withdrawal agreed in Article 6 hereof are met, lender will pay loan fund in accordance with Article 7
hereof.

 

V.            Lender
is entitled to properly adjust the split loan use plan according to factors, such as whether loan meets relevant laws, regulations or
policies and prerequisites for withdrawal agreed herein, loan fund payment conditions, execution of corresponding security contract hereof
and security formality processing time, and other factors that lender considers necessary.

 

VI.            In
case of split loan use, each date of release shall be subject to actual release date indicated in relevant evidence or certificate of
loan; if the same due date is implemented, it means that loan of each period released separately uses due date of loan determined in the
evidence or certificate of loan released for the first time as the due date.

 

VII.            If
lender recovers loan in advance in light of conditions agreed herein, it will be considered that due date of loan is moved up accordingly.

 

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Article 5     Loan
Interest Rate and Calculation and Collection of Interest

 

I.            Loan
interest rate (refers to annualized interest rate calculated with simple interest method, the same below)

 

(I)            Pricing
benchmark interest rate shall be implemented in line with Item VIII in Article 23 Special Agreement Clause hereof.

 

(II)            For
loan interest rate pricing formula, see Item IX in Article 23 Special Agreement Clause hereof.

 

(III)            Loan
interest rate shall be implemented in line with Item X in Article 23 Special Agreement Clause hereof.

 

(IV)            Corresponding
pricing benchmark interest rate of loan hereunder shall use each actual loan release date (or re-pricing date, if any) as date of determination
of pricing benchmark interest rate. During the loan term, unless otherwise agreed herein, the borrower will no longer be notified if loan
interest rate is adjusted based on the contract.

 

(V)            For
loan released hereunder, if China or relevant country/region cancels pricing benchmark interest rate hereunder, or relevant market no
longer releases pricing benchmark interest rate or requirements of regulatory departments, the lender will be entitled to re-determine
loan interest rate in light of interest policies of the same period of China or relevant country/region, principles of fairness and honesty
and factors such as industrial practices and interest rate situation and then notify borrower. If the borrower has objections, the borrower
shall consult the lender. If consultation fails within five working days upon issuance of notification from the lender, the lender is
entitled to recover loan in advance, and the borrower shall immediately pay off the remaining principal and interest of loan. If the lender
or relevant country or regulatory policy requires the borrower to sign a supplementary agreement for relevant matters on that occasion,
the borrower shall cooperate.

 

II.            Method
of Repayment of Interest of Loan

 

(I)            Calculation
of Interest of Loan. For principal of loan in local and foreign currencies, interest thereof will be calculated from the date when the
lender allocates the loan into borrower's account based on the contract. Daily accrued interest of loan = Balance of loan on the date
 × daily interest rate. Conversion of daily interest rate and annual interest rate shall be carried out in accordance with regulations
of the People's Bank of China and international practices.

 

(II)            Mode
of repayment of interest of loan shall be executed in accordance with Item XI in Article 23 Special Agreement Clause hereof.

 

III.            Default
Interest and Compound Interest

 

(I) If borrower fails to use loan in light
of purpose agreed herein, from date of embezzlement, lender is entitled to calculate and collect default interest of the embezzled loan,
and for rate of default interest, see Item XII in Article 23 Special Agreement Clause hereof; if borrower fails to repay on schedule
and also fails to reach an agreement with lender with regard to grace, that is, if loan is overdue, from the overdue date, lender is entitled
to calculate and collect default interest for overdue loan, and for rate of default interest, see Item XIII in Article 23 Special
Agreement Clause hereof; for interest that is not paid on schedule (including interest before and after loan is due, default interest
for embezzlement or overdue default interest), lender is entitled to calculate and collect compound interest based on overdue default
interest rate for loan agreed herein. If the same loan is not only overdue but also not used based on the purpose agreed herein, default
interest rate shall be calculated according to the higher one.

 

(II)            If
loan interest rate uses a fixed interest rate, default interest rate is also the fixed interest rate; if loan interest rate uses floating
interest rate, default interest rate is also the floating interest rate, and floating cycle thereof is consistent with that of loan interest
rate.

 

(III)            Method
of calculation and collection of default interest and compound interest shall be subject to loan interest repayment method agreed herein.

 

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Article 6     Prerequisites
for Withdrawal

 

I.            After
the borrower meets the following various withdrawal prerequisites required by the lender, borrower may apply to lender to release loan
hereunder:

 

(I)            The
borrower has delivered the following documents to the lender, situations indicated in the documents remain unchanged and are continuously
effective, or borrower has given explanations to the satisfaction of lender:

 

1.            Letter
of application for loan, of which main content includes but is not limited to: loan project name, amount, purpose, term, repayment plan,
repayment source, etc.;

 

2.            Legal
and effective business license, Articles of Association, loan card and password/credit code, list and signature samples of legal representative
and members of board of directors and main principals and CFO registered in relevant administration for industry and commerce, effective
identity certifications of legal representative or authorized representative thereof, written documents of legal representative or authorized
representative thereof and relevant natural person that allow lender to deal with their personal information, and other corporate document
that lender considers necessary of borrower;

 

3.            Decisions
of meetings of board of directors or general meetings held according to legal procedures by borrower that are approved by voting of a
quorum of directors or shareholders, truthfully, legally and effectively allow borrower to apply to lender for loan hereunder and specify
purpose of loan and accept various loan conditions required by lender, or other documents lender considers necessary;

 

4.            Annual
reports for the past three years (with audit reports and notes) approved by lender, financial statements for the latest period and the
same period of the previous year, and for borrowers established for less than three years, submit annual reports since establishment;

 

5.            Information
of related enterprises;

 

6.            In
case of application for a temporary working capital loan, it is necessary to provide relevant contracts, vouchers or materials such as
procurement contracts, order contracts and debt certificates;

 

7.            In
case of proposed mortgage/pledge guarantee, it is necessary to provide a certificate of ownership of the mortgage/pledge property and
a value appraisal report, and the mortgage/pledge registration formalities that shall be completed in accordance with requirements of
relevant laws and regulations have been properly dealt with, and originals such as relevant ownership certification documents and registration
certification documents have been handed over to lender for storage as required by lender; if a third-party guarantee is proposed, relevant
guarantee materials shall be provided in accordance with requirements of Items 2 to 4 above, and the guarantee contract has come into
effect; the above-mentioned guarantee shall continue to be effective;

 

8.            If
lender requires insurance for the mortgage/pledge property, relevant insurance formalities for regarding lender as the first beneficiary
have been properly dealt with and original policy has been handed over to lender for storage; and the insurance continues to be effective;
if borrower provides mortgage/pledge, borrower hereby transfers the insurance claim enjoyed due to occurrence of insured events to lender;

 

9.            Enterprise
in special industries must provide production and operation license for special industry or enterprise qualification level certificate
issued by relevant competent approval department;

 

10.            If
any party hereto requires completion of notarization formalities and so on, relevant notarization formalities have been appropriately
dealt with;

 

11.            The
borrower has followed requirements of lender to open an account in lender and is willing to accept credit supervision and payment &
settlement supervision from lender;

 

12.            If
borrower applies for a foreign exchange project loan, borrower must provide a valid foreign exchange loan use certificate and approval
documents from relevant departments, and comply with relevant foreign exchange management policies;

 

13.            VAT,
business tax and income tax returns required by lender;

 

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14.            The
borrower has issued a letter of commitment for use of credit loan fund based on requirements of lender;

 

15.            The
borrower and relevant natural person have issued written documents allowing lender to process their personal information in line with
requirements of lender;

 

16.            Other
documents, statements, vouchers and the like required by lender.

 

(II)            The
borrower is legally established, production and operation thereof is legal and compliant, borrower is able to continue the operation,
and borrower has legal source of repayment;

 

(III)            Purpose of loan is specific, legal and
compliant.

 

(IV)            Statement
and commitment made by borrower in Article 11 hereof continue to be true and effective; no default event or potential default event
occurs on or before date of application of release;

 

(V)            The
borrower has appropriately completed relevant evidence or certificate of loan related to release of loan. Evidence or certificate of loan
is a component of the contract and has the same legal effect as the contract. If amount, term, interest rate and the like of loan hereunder
are inconsistent with evidence or certificate of loan, the evidence or certificate of loan shall prevail;

 

(VI)            The
borrower has a good credit status and no major bad records; if borrower is a new legal person, its controlling shareholder shall have
a good credit status (borrower shall provide a written document of its natural person controlling shareholder allowing lender to process
its personal information), and no major bad records;

 

(VII)            Other
prerequisites for withdrawal required by lender.

 

II.            Under
the premise that prerequisites for withdrawal agreed in this clause are met, lender shall perform obligations hereunder. Lender is entitled
to unilaterally decide to reduce or give up some prerequisites for withdrawal, and borrower or guarantor shall not use this condition
as defense against lender.

 

III.            The
lender is entitled to properly adjust the loan release according to factors, such as whether the financing project meets relevant laws,
regulations or policies and prerequisites for withdrawal required by lender, execution of corresponding security contract hereof and security
formality processing time.

 

IV.            The
borrower hereby agrees that: after the contract is executed, if any withdrawal of borrower fails to meet prerequisites for withdrawal
or loan fund payment conditions agreed herein, lender is entitled to stop release, stop paying the loan fund or terminate the loan contract,
and liabilities or losses arising therefrom shall be independently assumed by borrower. If lender terminates the contract, lender shall
notify borrower; there are five working days for borrower to raise objections, which shall be calculated from the date when notice of
termination is served on borrower in a manner agreed herein. If borrower raises no objections, the contract will be automatically terminated
after the objection period expires. If borrower raises objection but consultation between both parties still fails within five working
days after the objection period expires, lender is entitled to recover loan in advance based on the contract.

 

V. If, with review of lender, prerequisites for
withdrawal agreed herein are met by borrower, lender will pay loan fund in accordance with Article 7 hereof.

 

Article 7     Account
Monitoring & Loan Fund Payment

 

I.            Account
Monitoring

 

In accordance with relevant national laws and regulations
and regulatory policies, borrower promises that it has met prerequisites for withdrawal agreed herein before it applies for release of
loan, and will accept supervision from lender on use of the loan fund based on the purpose agreed. The lender is entitled to monitor basic
deposit account, general deposit account and special deposit account opened by borrower, and supervise and control release, payment and
repayment of loan fund based on the contract.

 

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For special fund withdrawal account designated by
borrower, see Item XIV in Article 23 Special Agreement Clause hereof; borrower will timely provide information on inflow and outflow
of fund of the account.

 

The lender may consult borrower to otherwise sign
an account management agreement in light of credit status, financing situation and so on of borrower, and lay out specific agreements
on management of inflow and outflow of fund withdrawn from circulation of the designated account. The lender is entitled to recover loan
in advance in light of the fund withdrawal situation of borrower.

 

II.            Loan
Fund Payment

 

(I)            The
lender is entitled to manage and control payment of the loan fund through commissioned lender payment or independent borrower payment.

 

1.            "Commissioned
lender payment" refers to borrower authorizing lender to pay the loan fund to borrower's counterpart consistent with purpose agreed
herein.

 

If commissioned lender payment is adopted, before
release of the loan fund, borrower shall provide relevant transaction materials consistent with purpose agreed herein, and with review
and approval of lender, the loan fund will be timely paid to borrower's counterpart through borrower's account.

 

If commissioned lender payment is adopted, after
the loan fund is paid to borrower's counterpart, lender is entitled to recover the returned loan fund in accordance with Article 12
hereof provided that the loan fund is returned due to revocation, termination, invalidity and the like of the underlying transaction contract.

 

2.            "Independent
borrower payment" refers to borrower independently paying the loan fund to borrower's counterpart consistent with purpose agreed
herein after lender releases the loan fund to borrower's account.

 

If independent borrower payment is adopted, borrower
shall regularly summarize the loan fund payment information and report the same to lender, and lender is entitled to verify whether payment
of loan is consistent with the agreed purpose through account analysis, voucher verification, site investigation and the like.

 

(II)            Commissioned
Payment

 

For loan fund payment which is consistent with one
of conditions agreed in Item XV in Article 23 Special Agreement Clause hereof, commissioned lender payment shall be adopted.

 

(III)            During
the release and payment of loan, in case of the following conditions on the part of borrower, loan release and payment conditions shall
be supplemented based on lender's requirements, and lender is entitled to adopt stricter loan release and payment conditions, and is allowed
to stop release and payment of the loan fund and take corresponding measures as agreed in Item II under Article 14 hereof:

 

1.            Decline
in credit status;

 

2.            Weak
profitability of main business;

 

3.            Use
of the loan fund is abnormal;

 

4.            Other
conditions regarded by lender.

 

Article 8     Repayment
of Principal and Interest of Loan

 

I.            Principal
of loan hereunder shall be repaid as agreed in Item XVI under Article 23 Special Agreement Clause hereof.

 

II.            Borrower
shall repay lender principal and interest of loan hereunder on time and in full on date of repayment and date of interest payment agreed
herein.

 

III.            If
date of repayment is non business day of lender, it will be postponed to the next business day of lender, and such non business day of
lender will be calculated into actual number of loan occupancy days. When borrower is repaying principal of loan of the last period, interest
shall be discharged together with principal and not be subject to date of interest payment agreed in Article 5 hereof.

 

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IV.            If
borrower fails to repay the loan under the loan contract on schedule and needs a grace, borrower shall submit a written loan grace application
to lender in advance in accordance with Item XVII in Article 23 Special Agreement Clause hereof. With review and approval of lender,
both parties shall otherwise sign a Loan Grace Contract as a supplementary contract hereof.

 

V.            Earlier
Repayment

 

Borrower shall repay principal and interest of loan
based on dates agreed herein.

 

If borrower requires earlier repayment of principal
and interest of loan in part or in whole, borrower shall notify lender in writing in advance and obtain written consent of lender in accordance
with Item XVIII under Article 23 Special Agreement Clause hereof. With written consent of lender, after borrower repays a part of
principal and interest of loan in advance, borrower shall determine subsequent number of repayment periods, time of repayment and amount
of repayment with lender through consultation. For principal of loan repaid in advance, interest thereof shall be calculated and collected
based on actual period of use and loan interest rate agreed herein. Lender will not adjust interest of loan calculated and collected before
the earlier repayment.

 

If borrower requires earlier repayment, lender is
entitled to require borrower to pay liquidated damages in accordance with Item XVIII under Article 23 Special Agreement Clause hereof.
If borrower belongs to a micro/small-size enterprise consistent with national systems or policies, this liquidated damages will not be
collected.

 

VI.            If
borrower fails to perform obligations based on the contract, borrower hereby irrevocably authorizes lender to directly deduct and collect
amount from any account opened by borrower in lender and all branches and subsidiaries of Industrial Bank without judicial procedures,
including but not limited to principal and interest of loan (including principal, interest, default interest, compound interest), liquidated
damages, damages and expenses that lender uses to realize creditor's right. The borrower agrees that lender is allowed to decide specific
deduction and collection order; if currency of amount in an account is inconsistent with currency of loan, the lender is entitled to translate
the amount into amount in currency of loan for deduction and collection based on middle rate released by lender on date of deduction and
collection; if any account agreed in this clause involves such products as wealth management products or structural deposit, borrower
hereby irrevocably authorizes lender to directly institute relevant product redemption application or take other necessary measures on
the behalf, to ensure that lender can smoothly deduct and collect the said amount, and borrower shall provide all necessary cooperation.

 

Article 9     Guarantee

 

I.            For
the security contract hereof, see Item XIX in Article 23 Special Agreement Clause hereof.

 

II.            Except
the foregoing signed security contract, in case of exchange rate fluctuation or any other event that lender believes may occur and
affect contract performance ability of borrower or guarantor, lender is entitled to require borrower to make up for deposit or
provide new security, and sign relevant security contract, and borrower shall cooperate based on requirements of lender.

 

III.            Before
the security contract hereunder is fully signed and relevant security formalities have been appropriately dealt with, lender is allowed
not to perform various obligations including release of loan hereunder.

 

Article 10     Rights &
Obligations of Both Parties

 

I.            Rights
and Obligations of Lender

 

(I)           Rights
of Lender:

 

1.            Require
borrower to provide true materials, including personal information and so on;

 

2.            Require
borrower to repay principal and interest of loan on schedule;

 

3.            Require
borrower to provide various materials regarding loan;

 

4.            Learn
about situation of production, operation and finance of borrower;

 

5.            Supervise
borrower's use of loan based on purpose agreed herein;

 

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6.            Supervise
use of loan and raise requirements;

 

7.            If
borrower owes multiple debts of the same type to lender, and borrower's payment is insufficient or may be insufficient to repay all the
debts, lender shall decide the specific repayment or deduction order at the time of repayment;

 

8.            Directly
deduct and collect amount from any account opened by borrower in lender and all branches and subsidiaries of Industrial Bank without judicial
procedures, including but not limited to principal and interest of loan (including principal, interest, default interest, compound interest),
liquidated damages, damages and expenses that lender uses to realize creditor's right. Borrower agrees that lender is allowed to decide
specific deduction and collection order; if currency of amount in an account is inconsistent with currency of loan, lender is entitled
to translate the amount into amount in currency of loan for deduction and collection based on middle rate released by lender on date of
deduction and collection; if any account agreed in this clause involves such products as wealth management products or structural deposit,
borrower hereby irrevocably authorizes lender to directly institute relevant product redemption application or take other necessary measures
on the behalf, to ensure that lender can smoothly deduct and collect the said amount;

 

9.            Transfer
all or a part of creditor's rights and security interests hereunder to a third party at any time, without consent of borrower. If lender
transfer loan and security interests hereunder, borrower still assumes all obligations hereunder;

 

10.            If
borrower fails to repay principal and interest of loan based on the contract, or fails to implement repayment of principal and payment
of interest, or violates any obligation agreed herein, lender is entitled to report and disclose default information of borrower to the
People's Bank of China and established and approved credit service institutions and system thereof, or relevant banking association, banking
regulatory institution or other administrative/judicial/regulatory departments and established or approved information management systems
or news media thereof, and take legal measures such as liquidation, litigation, arbitration or application to relevant notarization institution
for issuance for certificate of execution, and in the meantime lender may take or work with other banking and financial institutions to
take joint default punishment and right protection measures such as reducing or stopping credit granting, stopping opening new settlement
account and stopping processing new credit cards of legal representative of borrower/borrower;

 

11.            Unilaterally
decide to recover loan in advance based on the fund withdrawal situation of borrower;

 

12.            In
case of exchange rate fluctuation and other situations that creditor believes may affect safety of creditor's right, debtor is obliged
to supplement pledge security such as deposit as required by creditor, or implement other risk mitigation measures approved by creditor;

 

13.            Enjoy
other rights specified by laws, regulations and rules or the contract.

 

(II)            Obligations
of Lender:

 

1.            Release
and pay the loan fund based on the contract;

 

2.            Keep
confidential information on debts, finance, production and operation of borrower, unless:

 

(1)            required
by laws and regulations;

 

(2)            required
by relevant regulatory institution;

 

(3)            it
is disclosed to lender's partners.

 

II.            Rights
and Obligations of Borrower

 

(I)            Borrower
enjoys the following rights:

 

1.            Withdraw
and use the whole loan based on the contract;

 

2.            Require
lender to keep confidential materials it provides based on the contract.

 

(II)            Obligations
of Borrower

 

1.            The
borrower shall faithfully provide documents and materials required by lender, including information on all opening bank, accounts and
balances of deposit and loan and relevant personal information, and cooperate with lender for investigation, review and inspection;

 

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2.            The
borrower shall accept supervision or inspection on its use of loan fund and relevant production, operation and financial activities from
lender, and timely take reasonable measures for advice or requirements of lender;

 

3.            The
borrower shall use loan according to purpose agreed herein, not embezzle the same for other purposes, and guarantee that it may not be
used for investment in fixed assets; will not use loan to invest in equity; not use the loan in the fields and for purposes prohibited
by the state for production/operation; not use loan for speculation or investment in stocks, securities, futures, wealth management products
and other financial products; not use loan to buy real estate or engage/invest in the real estate field, etc.; not use loan to engage
in lending activities between enterprises or enterprise and individual; not use loan to seek illegal income; not obtain credit funds through
illegal means, and not occupy or misappropriate loans in other ways; not use loan to engage in other illegal activities or other fields
violating national laws and policies; and not use loan to engage in areas where bank credit funds are prohibited by relevant regulatory
institution;

 

4.            In
accordance with Article 7 hereof, borrower shall accept monitoring on borrower's account and loan fund payment management from lender;

 

5.            Borrower
shall repay principal and interest of loan on time and in full based on the contract;

 

6.            Without
written consent of lender, borrower may not transfer debts hereunder in whole or in part to any third party;

 

7.            The
borrower shall not reduce registered capital in any manner; without written consent of lender, borrower may not extend period of subscription
of registered capital;

 

8.            In
case of merger, separation, equity transfer, external investment, material increase in debt financing and other significant matters on
the part of borrower, borrower shall notify lender in writing at least 30 working days in advance and obtain written consent of lender,
and actively implement guarantee measures for repayment of principal and interest of loan hereunder on schedule and in full based on lender's
requirements. The foregoing significant matters include but are not limited to:

 

(1)            Applying
for loans or liabilities from banks or other third parties, or providing loans to third parties, or providing guarantees for third-party
debts, or other material increases in debt financing, which affects or may affect repayment of principal and interest of loan;

 

(2)            Making
major changes in property rights or adjustments of business mode (including but not limited to signing joint venture or cooperation contracts
with foreign investors or investors from Hong Kong, Macao and Taiwan, being revoked or closed down, stopping production or transferring
production, being divided or combined, merging or being merged, restructuring, forming or transforming into a joint-stock company, external
investment, holding shares in or investing in joint-stock companies or investment companies with fixed assets such as houses and machine
and equipment or intangible assets such as trademarks, patents, know-how and land use rights, or conducting transactions of property rights
and management rights by leasing, contracting, joint venture, trusteeship, etc.);

 

(3)            Change
of equity has reached the condition agreed in Item XX under Article 23 Special Agreement Clause hereof.

 

9.            Borrower
shall notify lender in writing within 7 working days from date of occurrence or potential occurrence of the following conditions, and
actively implement guarantee measures for repayment of principal and interest of loan hereunder on schedule and in full based on requirements
of lender:

 

(1)            Significant
financial loss, asset loss or other financial crisis occurs;

 

(2)            Business
is stopped, business license is revoked or canceled, borrower applies for bankruptcy or an application for bankruptcy is submitted against
borrower, borrower is dismissed, etc.;

 

(3)            Controlling
shareholder and other related companies thereof suffer from major operation or financial crisis which affect its normal operation;

 

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(4)            Legal
representative, directors or senior management of borrower change, which affects its normal operation;

 

(5)            Change
of equity of guarantor has reached the condition specified in Item XXI under Article 23 Special Agreement Clause hereof;

 

(6)            There
are significant related transactions between borrower and controlling shareholder and other related companies thereof, which may affect
its normal operation;

 

(7)            There
is any litigation, arbitration or criminal or administrative punishment which has significant adverse impact on its operation or properties;

 

(8)            There
are other significant matters that may affect its solvency.

 

10.            At
the request of lender (such request shall be reasonably notified to lender in advance, unless it is unable to notify in advance due to
occurrence of default events or potential default events or special environment), lender's representatives are allowed to conduct the
following activities during normal working hours:

 

(1)            Visit
the premises where borrower conducts operation activities;

 

(2)            Inspect
sites, facilities, factories and equipment of borrower;

 

(3)            Check
book records and other records of borrower;

 

(4)            Inquire
of employees, agents, contractors and subcontractors of borrower who know or may know relevant information needed by lender.

 

11.            The
borrower guarantees to maintain current assets and net asset value, asset-liability ratio, asset current ratio and other financial conditions
within the scope stipulated in Item XXII under Article 23 Special Agreement Clause hereof during the loan term.

 

12.            For
letter of demand or demand document lender sends or otherwise delivers to borrower, borrower must sign for the same and submit the receipt
to lender.

 

Article 11     Statements &
Commitments of Borrower

 

The borrower is voluntary to make the following
statements and commitments, and assume legal liabilities for truthfulness of content thereof:

 

I.            The
borrower is a legal unit that was established and is existing in accordance with laws of the People's Republic of China, and has full
capacity for civil conducts. The borrower guarantees that it will provide relevant certificates, licenses, credentials and other documents
required by lender in light of lender's requirements.

 

II.            The
borrower has sufficient ability to perform all obligations and responsibilities hereunder, and its discharge liability will not be mitigated
or exempted due to any order, change of financial condition or any agreement signed with any unit.

 

III.            The
borrower has full authorization and legal rights to sign the contract; borrower has obtained and fully performed all internal approvals
and authorizations or other relevant formalities necessary for execution and performance of the contract, and has obtained and fully performed
all necessary approvals, registrations, authorizations, consents, permissions or other relevant formalities of any governmental departments
or other organs of power necessary for execution and performance of the contract, and all approvals, registrations, consents, permissions,
authorizations and other relevant formalities necessary for execution of the contract are fully legal and effective.

 

IV.            The
borrower's execution of the contract is completely consistent with relevant articles of association, internal decisions and resolutions
of general meetings and meetings of board of directors of borrower, and borrower promises that such internal decisions and resolutions
of general meetings and meetings of board of directors completely conform to national laws and regulations and articles of association
and contain no content that is invalid, untenable or revocable. And the contract will not be in conflict with or in violation of any articles
of association, internal decisions and resolutions of general meetings and meetings of board of directors and policies of borrower.

 

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V.            Execution
and performance of the contract is based on true intention expression of borrower. The loan financing is consistent with laws and regulations,
and execution and performance of the contract do not violate any laws, regulations, rules or contractual agreements binding on borrower.
The contract is legal, effective and enforceable; if the contract is invalid due to defect in rights of execution and performance of the
contract of borrower, borrower will immediately and unconditionally indemnify lender for all losses.

 

VI.            All
documents, financial statements and other materials provided to lender by borrower under the contract are true, complete, accurate and
effective, and various financial indicators required by lender will be continuously kept.

 

VII.            The
borrower agrees that the loan business hereunder is subject to provisions, customary rules and practices of lender. The lender is
entitled to recover loan in advance in light of the fund withdrawal situation of borrower.

 

VIII.            If
borrower owes multiple debts of the same type to lender, and borrower's payment is insufficient or may be insufficient to repay all the
debts, lender shall decide the specific repayment or deduction order.

 

IX.            If
borrower fails to perform obligations based on the contract, borrower hereby authorizes lender to directly deduct and collect amount from
any account opened by borrower in lender and all branches and subsidiaries of Industrial Bank without judicial procedures, including but
not limited to principal and interest of loan (including principal, interest, default interest, compound interest), liquidated damages,
damages and expenses that lender uses to realize creditor's right; borrower agrees that lender has the right to decide specific deduction
and collection order. If currency of amount in an account is inconsistent with currency of loan, lender is entitled to translate the amount
into amount in currency of loan for deduction and collection based on middle rate released by lender on date of deduction and collection;
if any account agreed in this clause involves such products as wealth management products or structural deposit, borrower hereby irrevocably
authorizes lender to directly institute relevant product redemption application or take other necessary measures on the behalf, to ensure
that lender can smoothly deduct and collect the said amount, and borrower shall provide all necessary cooperation.

 

X.            Whether
before or after the execution of this contract, if borrower submits any documents related to a specific transaction to lender for review,
borrower guarantees the authenticity of all documents, and lender will only make a decision on the apparent authenticity of the transaction
documents. Lender neither participates in nor knows substance of the specific transaction that borrower engages in, nor assumes any liability.

 

XI.            The
borrower confirms that, except conditions that have been disclosed to lender in writing, borrower does not conceal any of the following
events that have occurred or are about to occur and may lead lender to disagree with release of loan hereunder:

 

(I)            Debts
or liabilities assumed by borrower, including but not limited to any hypothecation, pledge, lien and other encumbrances that are set on
assets or incomes of borrower and not disclosed to lender;

 

(II)            Major
violations of discipline or laws or claims involving borrower or borrower's main management personnel;

 

(III)            Events
of default on the part of borrower under the creditor's right/debt contract between borrower and any other creditor;

 

(IV)            No
litigation, arbitration or administrative punishment against borrower have occurred, is pending, or to the knowledge of borrower, may
occur against borrower or properties thereof, and there are no liquidation or winding-up or other similar proceedings against borrower
brought up spontaneously or by a third party;

 

(V)            Other
conditions that may affect financial condition and solvency of borrower.

 

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XII.            The
borrower promises to use the loan based on purpose agreed herein, and not to embezzle the loan for other purposes or any purpose contrary
to the purpose of the contract. It will accept and cooperate with lender at any time in loan payment management, post-loan management
and related inspections, and cooperate with lender in supervision, inspection and checking on borrower's use of loan funds and borrower's
production and operation, financial activities, material inventory, assets and liabilities, bank deposits, cash inventory and so on or
such other requirements as lender deems necessary or appropriate.

 

XIII.            Provide
sufficient and valid security recognized by lender or other acceptable securities as deemed appropriate by lender. If security hereunder
involves mortgage of a real estate, borrower shall timely notify lender when it is aware of information on demolition of the mortgaged
house; if the mortgaged house is demolished, lender is entitled to require borrower to discharge the debt in advance or re-set the mortgage
and sign a new mortgage agreement provided that property right exchange compensation mode is adopted, and after original mortgaged real
estate is lost and before the new mortgage registration is finished, borrower shall offer a guarantor meeting guarantee conditions to
guarantee; for the removed real estate for which the indemnity mode is adopted for compensation, borrower is liable to require mortgagor
to continue to provide guarantee for main creditor's right by opening a special deposit account or certificate of deposit and the like
for removal compensation amount.

 

XIV.            The
borrower may not reduce registered capital in any manner. Without prior written consent of lender, borrower may not transfer debts hereunder
in whole or in part to any third party. Before debts hereunder are fully discharged, without written consent of lender, borrower may not
discharge any debt between borrower and other creditor (except other branches of Industrial Bank) in advance.

 

XV.            In
case of significant adverse matters that will affect borrower's solvency, lender shall be notified without any delay; in case of merger,
separation, equity transfer, external investment, material increase in debt financing and other significant matters, written consent of
lender must be obtained.

 

XVI.            If
litigation, arbitration or other dispute between lender and borrower or any third party related to borrower arises from performance of
obligations hereunder, causing lender to be involved in dispute between borrower and any third party, litigation or arbitration costs,
attorney fees and other expenses paid by lender accordingly shall be assumed by borrower.

 

XVII.            Due
to the settlement business hereunder, borrower shall process such business in the settlement account opened in lender.

 

XVIII.            The
borrower promises that information it publicizes on the national enterprise credit information publicity system is true, complete, legal
and effective, and that it will continuously allow lender to make inquiries about information enterprise chooses to or not to publicize
on the system. If lender requires capital verification, borrower agrees to conduct capital verification based on lender's requirements
and provide a capital verification report issued by a professional institution.

 

XIX.            The
borrower hereby declares and authorizes that: lender is allowed to carry out necessary investigation against credit situation of borrower
in line with national laws and regulations and relevant policies, including inquiry about credit information of borrower in basic financial
credit information database established by the state, and report relevant credit information to national basic financial credit information
database based on need of work on enterprise construction and personal credit investigation of the People's Bank, and hereby allows relevant
information to be legally inquired within the authorized scope.

 

XX.            The
borrower hereby declares and authorizes that: lender is allowed to, in light of information management work need of relevant administrative/judicial/regulatory
departments, banking regulatory institutions, banking associations and the like, report information related to the contract and other
relevant information to the said departments, institutions and information management systems established or recognized by them, and hereby
allows relevant information to be legally inquired.

 

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XXI.            If
borrower violates the contract, or conditions that may hinder lender from realizing its creditor's right occur, lender is entitled to
require the contribution subscription obligation of shareholders of borrower to be accelerated, and borrower promises that shareholders
thereof shall timely subscribe capital in time based on requirements of lender. Lender is entitled to require borrower and shareholders
thereof not to distribute dividend.

 

XXII.            The
borrower promises that the transaction background of this loan business is true and legal, and the loan is not used for illegal purposes
such as money laundering.

 

XXIII.            The
borrower hereby irrevocably promises that, in case of violation of any obligation agreed herein, the lender may report and disclose default
information of borrower to the People's Bank of China and established or approved credit service institutions and systems thereof, or
banking associations, banking regulatory institutions or other administrative/judicial/regulatory departments and information management
systems or news media established or recognized by them.

 

Meanwhile, the borrower irrevocably authorizes relevant
banking association to share default information of borrower among banking institutions and even publicize the same to the society in
an appropriate manner.

 

The borrower is aware that the lender is entitled
to take various measures based on the contract, and that lender is entitled to take or banking financial institutions including lender
are entitled to jointly take joint default punishment and right protection measures such as reducing or stopping credit granting, stopping
opening new settlement account and stopping processing new credit cards of borrower's legal representative/borrower.

 

XXIV.            For
other matters declared and promised by borrower, see Item XXIII in Article 23 Special Agreement Clause hereof.

 

Article 12     Earlier
Loan Recovery

 

I.            During
the loan term, in case of one of the following conditions on the part of borrower or surety (including guarantor, mortgagor or pledgor,
the same below), lender is entitled to unilaterally decide to stop payment of the loan borrower has not used, and recover principal and
interest of loan in whole or in part in advance; for loan which will be repaid in installments, if lender recovers the loan of a period
in advance based on the contract, other loans that have not matured will be deemed to be due in advance:

 

(I)            Provide
false materials or conceal important operation or financial facts, and any certificates and documents submitted to lender and any item
among statements and commitments in Article 11 hereof is proved to be untrue, inaccurate, incomplete or intentionally misleading;

 

(II)            Without
written consent of lender, borrower arbitrarily changes original purpose of loan, embezzles the loan or uses the loan for illegal and
non-compliant transactions;

 

(III)            Use
false contracts with related parties, to discount or pledge creditor's rights such as bills receivable and accounts receivable without
actual trade background to the lender to arbitrage lender's funds or credit;

 

(IV)            Refuse
to accept supervision and inspection on its credit fund use and relevant operation and financial activities from lender;

 

(V)            Merger,
separation, acquisition, restructuring, equity transfer, external investment, material increase in debt financing and other significant
matters occur, which lender believes may affect safety of loan;

 

(VI)            Intentionally
evade creditor's right of lender through related transactions;

 

(VII)            Credit
status deteriorates, and solvency (including contingent liabilities) apparently weakens;

 

(VIII)            Cross
defaults agreed in Article 15 hereof happen to borrower or related enterprises thereof and guarantor or related enterprises thereof;

 

(IX)            The
borrower fails to repay principal and interest of loan hereunder on schedule;

 

(X)            The
borrower ceases to repay its debts, or is unable or indicates that it is unable to repay its debts as they fall due;

 

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(XI)            The
borrower ceases to do business, goes out of business, is declared bankrupt, is dissolved, and has its business license revoked or withdrawn,
and its financial situation deteriorates;

 

(XII)            The
borrower fails to perform obligations agreed in Articles 10 & 13 hereof and other obligations agreed herein, or guarantor fails
to perform obligations agreed in the security contract;

 

(XIII)            Value
of mortgage or pledge property for security has dropped or may significantly drop, or rights of pledge must be honored before loan expires;

 

(XIV)            Legal
representative, major individual investors, directors, supervisors or senior managers of borrower or guarantor abnormally change, disappear,
or have been legally investigated or personal freedom thereof has been restricted by judicial authorities, which has affected or may affect
performance of obligations under this contract;

 

(XV)            The
borrower/guarantor or controlling shareholders, actual controllers or related persons of borrower/guarantor are involved in significant
litigation, arbitration or other disputes, or significant assets thereof are sealed up, frozen, deducted or enforced or other measures
with similar effect have been taken, which may endanger or damage interests of lender;

 

(XVI)            Events
otherwise agreed in the contract, or based on the fund withdrawal situation of borrower, other events that endanger or damage or may endanger
or damage interests of lender.

 

II.            In
case of the foregoing conditions for earlier loan recovery, lender may unilaterally decide whether to give borrower a certain grace according
to production and operation situation, financial condition, fund withdrawal and the like of borrower. If lender gives borrower a certain
grace, but borrower still fails to take remedies within the grace or remedies adopted are in conflict with requirements of lender, lender
is entitled to unilaterally decide to recover loan in advance; lender may choose not to give borrower grace and directly decide to recover
loan in advance.

 

III.            In
case of earlier loan recovery, lender is entitled to take corresponding measures based on Paragraph II in Article 14 hereof.

 

Article 13     Obligations
of Borrower to Disclose Significant Transactions and Events to Lender

 

I.            Borrower
shall promptly report significant transactions and events of borrower to lender in writing.

 

II.            If
borrower is a group customer, borrower shall timely report related transactions accounting for more than 10% of net assets of borrower
to lender in accordance with relevant regulations, including but not limited to:

 

(I)            Relationship
of all parties to the transaction;

 

(II)            Item
and nature of transaction;

 

(III)            Amount
or corresponding proportion of transaction;

 

(IV)            Pricing
policies (including transactions with no amount or only nominal amount).

 

III.            Where
underlying conditions of the contract suffer from significant changes which are unforeseeable at the time of execution of contract and
do not belong to commercial risk, and thus re-negotiation is required, borrower shall notify lender promptly within three working days
after such changes occur.

 

Article 14     Liabilities
for Breach of Contract

 

I.            After
the contract takes effect, borrower and lender shall perform obligations agreed herein, and if any party refuses to perform or fully perform
obligations agreed herein, the party shall assume corresponding liabilities for breach of contract.

 

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II.            If
borrower fails to use loan based on the purpose agreed herein, pay the loan fund in the agreed manner or comply with statements and commitments,
information in loan application documents is false, financial indicators break through the agreements, significant cross default events
occur and any clause in the contract is not performed, lender is entitled to take one or several measures below:

 

(I)            Require
correction of breach within a period;

 

(II)            Cease
to release unreleased loan hereunder, and cease to pay unpaid loan fund hereunder;

 

(III)            Require
borrower to supplement loan release and payment conditions consistent lender's requirements or cancel use of loan by means of "independent
payment" of borrower;

 

(IV)            Unilaterally
decide that all or a part of debts shall mature earlier;

 

(V)            Unilaterally
terminate or relieve the contract, require borrower to discharge principal and interest of loan that are due or not due, and pay or indemnify
for relevant losses;

 

(VI)            If
loan is overdue, require borrower to pay overdue default interest; if borrower embezzles loan, require borrower to pay default interest
for embezzlement; require borrower to pay unpaid interest (including interest before and after the loan matures, default interest for
embezzlement and overdue default interest) and compound interest;

 

(VII)            Require
borrower to add or replace guarantor, mortgage, pledge/pledge right;

 

(VIII)            Exercise
or realize rights under any security related to the loan;

 

(IX)            Directly
deduct and collect amount from any account opened by borrower in lender and all branches and subsidiaries of Industrial Bank without judicial
procedures, or entrust the opening bank of borrower's account to deduct and collect amount from its account, including but not limited
to principal and interest of loan (including principal, interest, default interest, compound interest), liquidated damages, damages and
expenses that lender uses to realize creditor's right; borrower agrees that lender is allowed to decide specific deduction and collection
order; if currency of amount in an account is inconsistent with currency of loan, lender is entitled to translate the amount into amount
in currency of loan for deduction and collection based on middle rate released by lender on date of deduction and collection; if any account
agreed in this clause involves such products as wealth management products or structural deposit, lender is allowed to directly institute
relevant product redemption application or take other necessary measures on the behalf, to ensure that lender can smoothly deduct and
collect the said amount;

 

(X)            Initiate
a lawsuit or arbitration or apply to a notary office for issuance of certificate of execution, require borrower to pay off principal and
interest of loan, and expenses that creditor undertakes to realize the creditor's right shall be borne by borrower;

 

(XI)            Lender
is entitled to seize or detain any movable properties or real estates or tangible or intangible properties of borrower controlled and
occupied by lender or take other measures as appropriate deemed by lender;

 

(XII)            Lender
is entitled to report and disclose default information of borrower to the People's Bank of China and established and approved credit service
institutions and system thereof, or relevant banking association, banking regulatory institution or other administrative/judicial/regulatory
departments and established or approved information management systems or news media thereof, and in the meantime may take or work with
other banking and financial institutions to take joint default punishment and right protection measures such as reducing or stopping credit
granting, stopping opening new settlement account and stopping processing new credit cards of legal representative of borrower/borrower;

 

(XIII)            Other
measures stipulated by laws and regulations or agreed in the contract or as appropriate deemed by lender.

 

III.            Where
prerequisites for withdrawal and loan fund payment conditions agreed herein are met, if lender fails to provide loan based on agreed date
and amount, causing borrower to suffer from loss, lender shall indemnify borrower for direct economic losses arising accordingly. However,
in no case will lender indemnify borrower for any foreseeable or unforeseeable indirect losses arising therefrom.

 

IV.            During
the performance of the contract, if commissioned lender payment fails, payment is not timely, borrower violates the contract and processes
independent payment or other losses occur because materials provided by borrower are false, inaccurate or incomplete or contain other
defects, lender will not be responsible.

 

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V.            If
release and payment dispute or other losses occur because the loan release account or payment object account agreed herein is frozen
or due to other reasons, lender will not be responsible.

 

VI.            In
case of the following conditions on the part of surety hereunder (i.e., guarantor, mortgagor and pledgor), lender is entitled to take
measures in accordance Paragraph II in this clause:

 

(I)            The
guarantor fails to perform agreements in relevant guarantee contract, or credit condition deteriorates, or other events that weaken the
guarantee capability occur;

 

(II)            The
mortgagor fails to perform agreements in relevant mortgage contract, or damages the mortgage on purpose, or value of mortgage may drop
or has dropped notably, or there are other events that are detrimental to the mortgage right of lender;

 

(III)            The
pledgor fails to perform agreement in relevant pledge contract, or value of pledge has dropped or may drop notably, or the pledge right
must be honored before loan is discharged, or there are other events that are detrimental to the pledge right of lender.

 

Article 15     Cross
Breach of Contract

 

In case of any condition below on the part of borrower
or related enterprises thereof and guarantor or related enterprises thereof, it will be deemed that borrower violates the contract at
the same time, and lender is entitled to recover loan in advance in accordance with Article 12 hereof and require borrower to assume
liabilities for breach of contract in accordance with Article 14 hereof:

 

(I)            Any
loan, financing or debt suffers or may suffers from default or is declared to be due earlier;

 

(II)            Any
security or similar obligation is not performed, or there is a chance for failure to perform;

 

(III)            Fail
to perform or violate legal documents or contracts regarding debt guarantee and other similar obligations, or there is a chance for failure
to perform or violation;

 

(IV)            Insolvency
in due debts or due loan/financing occurs or is about to occur;

 

(V)            Be
declared or about to be declared bankrupt by legal proceedings;

 

(VI)            Transfer
assets or properties thereof to other creditors;

 

(VII)            Other
conditions that endanger safety of principal and interest of loan hereunder.

 

Article 16     Continuity
of Obligations

 

All obligations of borrower hereunder are continuous,
and have full and equal binding force on successor, agent, receiver, assignee and subject after merger, reorganization, name change and
the like thereof.

 

Article 17     Clause
on Accelerated Maturity of Principal and Interest

 

Borrower agrees that, once borrower fails to perform
statements and commitments in Article 11 hereof, or borrower fails to perform any obligation hereunder, lender is entitled to decide
that any other obligation to lender of borrower, including the repayment obligation of all mature and immature principals and interests
of loan hereunder (including default interest and compound interest), will mature immediately.

 

Article 18     Right
of Subrogation

 

Borrower hereby specifically declares that, whether
creditor's right of lender is mature or not, if, for creditor's right of borrower and collateral rights related to such creditor's right,
limitation of action is about to expire or credit in bankruptcy is not declared in time, borrower violates the contract or is unable to
repay mature advances of lender (including principal, interest and expenses) or other conditions that may affect realization of creditor's
right of lender occur, with regard to any creditor's right against third party, accounts receivable and other property interests and collateral
rights related to the said rights owned by borrower, lender is entitled to exercise right of subrogation, including but not limited to
subrogating borrower to request borrower's counterpart to perform obligations to borrower, declaring or conducting other necessary activities
to trustee in bankruptcy, or borrower giving up all defenses.

 

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Article 19     Application
of Laws, Jurisdiction & Settlement of Dispute

 

I.            Execution,
effect, performance, termination, interpretation, dispute settlement and the like of the contract shall be governed by laws of the People's
Republic of China (For the purpose of the contract, laws of Hong Kong SAR, Macao SAR and Taiwan Region are excluded).

 

II.            Any
dispute arising from the contract shall be settled through friendly consultation between borrower and lender; if friendly consultation
fails, both parties agree to settle the same in accordance with Item XXIV in Article 23 Special Agreement Clause hereof.

 

III.            During
the dispute period, the provisions of this contract that are not involved in the dispute shall still be performed.

 

Article 20     Correspondence,
Communication & Notices

 

I.            The
borrower agrees and confirms that the address agreed in Item XXV under Article 23 Special Agreement Clause hereof is the address
of service for notifications hereunder and legal instruments of relevant litigation (arbitration), notarization and the like at the time
of occurrence of dispute (including but not limited to various notices and documents of all contracting parties; complaints (or letters
of application for arbitration) and evidences, summons, notice of responding to action, notice to produce evidences, notice of court session,
payment order, judgment (award), written ruling, mediation paper, notice of execution, notice of performance within a period and other
legal instruments for trials of litigation or arbitration, proceedings for realizing security interest and the enforcement stage; various
notices and legal instruments served by notary offices), and further agrees that lender, judicial authorities such as notary offices or
courts and other servers of various notices and legal instruments are entitled to choose the paper or electronic mode for service, among
them, electronic service modes include but are not limited to email, China Judicial Process Information Online, national uniform service
platform, local or special online court service platforms and electronic platforms and APPs of servers.

 

II.            Period
of application of the service address agreed in Paragraph I of this clause includes the non-litigation stage and all stages including
the first instance, the second instance, retrial, enforcement, proceedings for realizing security interests, proceedings for supervising
and urging the clearance of debt and the enforcement notarization stage after dispute enters procedures of arbitration and litigation.
If the said service address is changed, borrower shall notify lender in writing in advance (during the litigation or arbitration period,
relevant arbitration tribunal or court shall be notified in writing in advance, and if the enforcement notarization is processed, original
notarization institution shall also be notified in writing) to re-determine address of service and obtain receipt. If they are not notified
in advance, it will be considered that the address is not changed, corresponding legal consequences shall be assumed by borrower on its
own, and address of service agreed in Paragraph I of this clause shall still be regarded as effective address of service.

 

III.            As
long as any document, communication, notice and legal instrument is delivered to any address agreed in Paragraph I of this clause, it
will be deemed to be served on the following date (in case of service on a designated receiving agent, it shall be deemed to be service
on principal):

 

(I)            In
case of post (including express mail, ordinary mail and registered mail), the fifth working day following the date of post will be regarded
as date of service;

 

(II)            In
case of fax, email, phone text, WeChat, QQ or other electronic communication address, date of sending will be regarded as date of service;

 

(III)            In
case of personal delivery, date when recipient signs for it will be regarded as date of service. If recipient rejects the mail, server
may record the service process by photography or video recording, and leave relevant instruments, which is also regarded as service.

 

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IV.            If
instruments are unable to be actually served because address provided or confirmed by borrower is inaccurate or untrue or borrower fails
to timely notify the counterpart and relevant arbitration institution, people's court or notarization institution after address of service
is changed, borrower shall independently assume corresponding legal consequences, and such instruments will be deemed to have been effectively
served:

 

(I)            In
case of post, date of return of instrument will be regarded as date of service;

 

(II)            In
case of personal delivery, date when server indicates relevant situation in the proof of service on the site will be regarded as date
of service;

 

(III)            In
case of electronic delivery, date of sending will be regarded as date of service.

 

V.            Lender
uses address indicated in the contract as address of service. If lender sends notices by releasing announcements on its website, online
banking or phone banking or in its outlets, date of release of announcement will be regarded as date of service. In no case, lender needs
to be responsible for any transmission failure, omission or delay of post, fax, call or any other communication system.

 

VI.            All
parties agree that, corporate official seals, office seals, special financial seals, special contract seals and sending and receiving
seals of all parties, special credit business seal of lender and so on are effective seals for notification or contact , service of legal
instrument and correspondence of all parties. All personnel of the unit of borrower have the right to sign for correspondence, communication
and notices.

 

VII.            This
clause is an independent clause in the contract and will not be subject to effect of the contract and other clauses thereof.

 

Article 21     Effect
of Contract and Other Matters

 

I.            The
contract will take effect as of the date when both contracting parties sign or seal or put their fingerprints.

 

II.            During
the effective term of the contract, any forbearance, grace or delay granted by lender to borrower in exercising interests or rights in
the contract will not damage, affect or restrict all interests and rights that lender shall enjoy in accordance with laws and regulations
and the contract, shall not be deemed to be lender's waiver of rights or interests hereunder, and will not affect any obligation of borrower
hereunder either.

 

III.            If
performance of lender of the loan release obligation based on the contract is inconsistent with laws and regulations or regulatory requirements
due to changes of national laws and regulations or regulatory policies, lender is entitled to unilaterally terminate the contract and
declare that all released loans are mature in advance, and borrower shall immediately pay off such loans in line with lender's requirements.
If lender is unable to perform or perform based on the contract due to such reasons, lender will not assume any legal liabilities.

 

IV.            If
loan is not released or payment is not processed on time due to force majeure, communication or network failure, fault of lender's system
and the like, lender will not be responsible but shall notify borrower without any delay.

 

V.            Lender
is allowed to, based on operation and management need, authorize or entrust other branch of Industrial Bank to perform rights and obligations
hereunder (including but not limited to authorizing or entrusting other branch of Industrial Bank to sign relevant contract), or enable
other branch of Industrial Bank to undertake and manage the loan hereunder, borrower approves the said content, and it is unnecessary
to otherwise obtain consent of borrower for the said activities of lender.

 

VI.            Borrower
agrees that lender is entitled to unilaterally reduce or cancel loan amount hereunder that has not been used in light of production and
operation condition, repayment situation, credit granting of other financial institution and other factors of borrower. If lender decides
to reduce or cancel the amount, lender shall notify borrower five working days in advance without consent of borrower.

 

VII.            In
the event that any provision of this contract is or becomes illegal, invalid or unenforceable in any respect at any time, the legality,
validity or enforceability of other provisions of this contract shall not be affected or impaired in any way.

 

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VIII.            Lender
has requested borrower to pay special attention to "Important Tips for Contract Signing" in the contract, borrower has carefully
read and fully, sufficiently and accurately understood all clauses regarding rights and obligations of both contracting parties and "Important
Tips for Contract Signing", lender has given sufficient explanations for relevant clauses and personal information processing rules at
the request of applicant, and both parties have completely consistent understanding of all clauses in the contract and have no objections
to content hereof.

 

IX.            The
subheadings of this contract are only added for convenience of reading and shall not be used for the interpretation of this contract or
any other purpose.

 

X.            Attachments
hereto constitute an integral part of the contract and have the same legal effect as body of the contract.

 

XI.            For
total number of copies of the contract and number of copy held by each party, see Item XXVI in Article 23 Special Agreement Clause
hereof, and each copy has the same legal effect.

 

Article 22     Notarization
and Voluntary Acceptance of Enforcement

 

I.            If
any party hereto brings up a notarization requirement, the other party agrees to process notarization in a notary office approved by the
state in line with requirements of the other party.

 

II.            Contract
that has been notarized for enforcement is enforceable; where borrower fails to perform or inappropriately perform debts or there are
conditions for realization of creditor's right of lender specified by laws and regulations and agreed in the contract, borrower agrees
that lender may apply to relevant notary office for issuance of a certificate of enforcement with enforcement effect, and borrower is
voluntary to accept the enforcement that lender directly applies for to relevant competent people's court with this certificate of enforcement,
aware of corresponding legal consequences and promises not to raise any objection or defense.

 

III.            All
parties agree that: before issuance of certificate of enforcement, the notary office has the right to use any or several methods such
as post, phonecall, fax, email, mobile phone message, WeChat, QQ, personal delivery and interview to verify borrower's relevant breaches
such as refusal to perform or inappropriate performance based on "Correspondence, Communication and Notices" agreed herein.
If phone call or interview is adopted for verification, it will be deemed to have been served immediately after the interview or call
ends; if post, fax, email, mobile phone message, WeChat, QQ, personal delivery or the like is used for verification, agreements in "Correspondence,
Communication and Notices" of the contract shall be executed for date of service.

 

IV.            If
borrower disagrees with breaches verified in the preceding clause, borrower shall, within five working days from date of service, produce
evidences to relevant notary office in writing and present sufficient evidence. If borrower fails to produce evidences on schedule or
relevant notary office believes that evidences are insufficient to support its claim, it will be considered that borrower confirms relevant
breaches such as refusal to perform debts or inappropriate debt performance and agrees that the notary office may issue a certificate
of enforcement based on application of lender. If the notary office has other provisions on method of verification and period of producing
evidences, they shall be executed in line with provisions of the notary office.

 

Article 23     Special
Agreement Clause

 

I.            Description
of Contracting Parties

 

Lender: Industrial Bank Co., Ltd.

 

Address: Zhongshan Building, No. 154, Hudong
Road, Fuzhou

 

Legal Representative/Principal: Lv Jiajin

 

Borrower: Fuzhou Yukai Trading Co., Ltd.

 

Address: Room 909, Xinya Building, No. 121,
Dong Street, Fuzhou

 

Legal Representative/Principal: Zheng Zhenyu

 

II.            If
you discover that there are illegal or non-compliant conditions in the contract and business charge matters hereunder, you may call the
complaint line of Industrial Bank to complain of illegal and non-compliant charges, and the charge complaint line is: 95561.

 

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III.            Lender
and borrower confirm that loan hereunder belongs to the first condition below:

 

(First) The contract is a subcontract of Credit
Line Contract (i.e, the master contract) between lender and borrower executed on March 3, 2022 (No.: Shou ZY-2022024).
Amount of this loan is calculated into credit line under Credit Line Contract. Inside, loan in foreign currency will be translated into
amount in RMB based on the middle rate released by lender on date of execution of the contract and calculated into credit line.

 

(Second) The contract is a legal instrument signed
by lender and borrower separately.

 

IV.            Lender
agrees to grant borrower a loan of (currency) RMB (amount in words) Three Million Two Hundred Thousand Only.

 

V.            The
loan is used to pay for goods; without written consent of lender, borrower may not use the loan for other purposes.

 

VI.            Term
of loan is one year, i.e., March 22, 2022 - March 22, 2023.

 

VII.            Split
loan use plan is:

 

MM-DD-YYYY,
RMB (ten thousand); MM-DD-YYYY, RMB (ten thousand);

 

MM-DD-YYYY,
RMB (ten thousand); MM-DD-YYYY, RMB (ten thousand);

 

MM-DD-YYYY,
RMB (ten thousand); MM-DD-YYYY, RMB (ten thousand);

 

MM-DD-YYYY,
RMB (ten thousand); MM-DD-YYYY, RMB (ten thousand);

 

MM-DD-YYYY,
RMB (ten thousand); MM-DD-YYYY, RMB (ten thousand);

 

Borrower shall submit an application to lender to
process the withdrawal formalities three working days prior to date of withdrawal of each period or other time required by lender in writing.

 

If borrower fails to withdraw loan in light of split
use periods and amount agreed above, lender is entitled to require borrower to pay liquidated damages that is equal to in ten thousand
of amount of loan that shall be withdrawn during the current period. If borrower belongs to a micro/small-size enterprise consistent with
national systems or policies, this liquidated damages will not be collected.

 

VIII.            Pricing
benchmark interest rate shall be executed based on the first agreement below:

 

(First) One-year term grade of LPR.

 

(Second)     /     term grade of SHIBOR.

 

(Third) SOFR.

 

(Fourth)     /     term grade of SOFR term interest
rate.

 

(Fifth) €STR.

 

(Sixth) SONIA.

 

(Seventh)     /     term grade of TSRR.

 

(Eighth)     TONA.

 

(Ninth)     SARON.

 

(Tenth)     /     term grade of HIBOR.

 

(Eleventh)     /     term grade of SIBOR.

 

(Twelfth)     /     term grade of benchmark interest
rate of deposit in RMB of the People's Bank of China.

 

Among them, LPR shall be selected as pricing benchmark
interest rate for loan in RMB with a fixed interest rate. Pricing benchmark interest rate shall be used in line with scope of currency
restricted for pricing benchmark interest rate in Article 1 "Definitions & Interpretations".

 

IX.            Pricing
formula of loan interest rate: loan interest rate = pricing benchmark interest rate +     /    % or - 0.5%.

 

X.            Loan
interest rate shall be executed based on the second agreement below:

 

(First) Fixed interest rate. Interest rate is determined
based on Method / below:

 

A.            Determine
loan interest rate based on pricing benchmark interest rate of actual date of release and the pricing formula, and the interest rate remains
unchanged during the period from each actual date of release to due date of loan hereunder.

 

B.            Based
on pricing benchmark interest rate on date of execution of contract and the pricing formula, agree that fixed interest rate of loan shall
be an annualized interest rate, i.e.,    /      %; if pricing benchmark interest rate is adjusted on actual date of release, the addition/subtraction
points in the pricing formula shall be accordingly adjusted, and the said annualized interest rate agreed herein remains unchanged.

 

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20220303154425025373

 

(Second) Floating interest rate. Determine loan
interest rate based on pricing benchmark interest rates on actual date of release and date of re-pricing and the pricing formula, and
calculate interest by stage. Date of re-pricing shall be executed based on Method A below:

 

A.            Floating
cycle is quarter (month/quarter/half a year/year); corresponding date of each full cycle from actual date of loan release is a
date of re-pricing of contract; if there is no corresponding date in current month, the last day of the month is corresponding date.

 

B.            If
SOFR, €STR, SONIA, TONA or SARON is used as pricing benchmark interest rate, each date of interest calculation of the interest period
(i.e., each natural date of the loan term) is a date of re-pricing of contract.

 

(Third) Other interest rate method:

___________________/________________________________

 

__________________________________________/_____________________________

 

__________________________________________/____________________________。

 

XI.            Repayment
of loan interest shall be executed based on the first method below:

 

(First) It is agreed that the 21st day of each month
(month/the last month of a quarter/the last month of half a year/the last month of a year) is date of interest payment for loan hereunder;
borrower shall pay lender loan interest of current period on date of interest payment, and settle the remaining principal and interest
when loan is due.

 

(Second) Corresponding date of each full / 
(month/quarter/half a year/year) from actual loan release date (if there is no corresponding date in current month, the last day of the
month is corresponding date) is date of interest payment of each period, and borrower shall pay lender loan interest of current period
on date of interest payment and settle the remaining principal and interest when loan is due.

 

(Third) Initial interest payment date is MM-DD-YYYY;
corresponding date of each full     /     (month/quarter/half a year/year) from initial interest payment date (if there is no corresponding
date in current month, the last day of the month is corresponding date) is date of interest payment of each period, and borrower shall
pay lender loan interest of current period on date of interest payment and settle the remaining principal and interest when loan is due.

 

(Fourth) Other repayment method:

 

________________________/________________________

 

__________________________________________/_____________________________

 

__________________________________________/____________________________。

 

XII.            If
borrower fails to use loan based on the purpose agreed herein, from date of embezzlement, lender is entitled to calculate and collect
default interest of embezzled loan, and default interest rate is 100% above the loan interest rate.

 

XIII.            If
borrower fails to repay on schedule and reach an agreement with lender with regard to the grace, that is, loan is overdue, from the overdue
date, lender is entitled to calculate and collect default interest for overdue loan, and default interest rate is 50% above the
loan interest rate.

 

XIV.            In
accordance with relevant national laws and regulations and regulatory policies, borrower promises that it has met prerequisites for withdrawal
agreed herein before it applies for release of loan, and will accept supervision from lender on use of the loan fund based on the purpose
agreed. The lender is entitled to monitor basic deposit account, general deposit account and special deposit account opened by borrower,
and supervise and control release, payment and repayment of loan fund based on the contract.

 

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20220303154425025373

 

Borrower designates the following account as special
fund withdrawal account, and will timely provide information on inflow and outflow of fund of the account:

 

Account Name: Fuzhou Yukai Trading Co., Ltd.

 

Account No.:

 

Opening Bank: Business Department of Head Office
of Industrial Bank

 

The lender may consult borrower to otherwise sign
an account management agreement in light of credit status, financing situation and so on of borrower, and lay out specific agreements
on management of inflow and outflow of fund withdrawn from circulation of the designated account. The lender is entitled to recover loan
in advance in light of the fund withdrawal situation of borrower.

 

XV.            In
case of one of the following condition for loan fund payment, commissioned lender payment shall be adopted:

 

1.            Borrower
establishes a new credit business relationship with lender and internal rating level of borrower in lender is below Level B3 (inclusive);
 "new credit business relationship" refers to initial credit business relationship between lender and borrower or no credit business
relationship within 2 years between them;

 

2.            Working
capital loan for replacement;

 

3.            Payment
object is specific or a single payment amount exceeds RMB Ten Million (inclusive) (in case of loan in foreign currency, translate
based on middle rate released by lender on date of payment);

 

4.            Others:
____________________________/_______________________________

 

___________________________________/___________________________________。

 

XVI.            Principal
of loan hereunder shall be repaid based on the second method below:

 

(First) Repay principal of loan in installments,
amount and dates of principal repayment are as follows:

 

MM-DD-YYYY,
repay RMB (ten thousand); MM-DD-YYYY, repay RMB (ten thousand);

 

MM-DD-YYYY,
repay RMB (ten thousand); MM-DD-YYYY, repay RMB (ten thousand);

 

MM-DD-YYYY,
repay RMB (ten thousand); MM-DD-YYYY, repay RMB (ten thousand);

 

MM-DD-YYYY,
repay RMB (ten thousand); MM-DD-YYYY, repay RMB (ten thousand);

 

___________________________________________________________________。

 

If lender adjusts the split loan use plan, dates
and amount of loan repayment in installments agreed in this clause remain unchanged, and borrower shall repay principal of loan on schedule.

 

(Second) Repay full principal of loan in a lump
sum on due date of loan.

 

(Third) Other methods for repayment of loan principal:
_________________________________________

 

_______________________________________________________________________。

 

XVII.            If
borrower fails to repay loan hereunder on schedule and needs a grace, borrower shall submit a written loan grace application to lender
thirty working days prior to due date of the loan. With review and approval of lender, both parties shall otherwise sign a Loan
Grace Contract as a supplementary contract hereof.

 

XVIII.            The
borrower shall repay principal and interest of loan based on dates agreed herein.

 

If borrower requires earlier repayment of principal
and interest of loan in part or in whole, borrower shall notify lender in writing thirty working days in advance and obtain written
consent of lender. With written consent of lender, after borrower repays a part of principal and interest of loan in advance, borrower
shall determine subsequent number of repayment periods, time of repayment and amount of repayment with lender through consultation. For
principal of loan repaid in advance, interest thereof shall be calculated and collected based on actual period of use and loan interest
rate agreed herein. Lender will not adjust interest of loan calculated and collected before the earlier repayment.

 

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20220303154425025373

 

If borrower requires earlier repayment, lender is
entitled to require borrower to pay liquidated damages based on % of amount repaid in advance. If borrower belongs to a micro/small-size
enterprise consistent with national systems or policies, this liquidated damages will not be collected.

 

XIX.            Security
contract hereof includes but is not limited to the following contracts:

 

(I)            Maximum
Mortgage Contract (name of contract) (No.: Shou ZY-2022024-DB1), guarantors: Zhang Binhua & Zheng Zhenyu, mode
of security: mortgage;

 

(II)            Maximum
Guarantee Contract (name of contract) (No.: Shou ZY-2022024-DB2), guarantor: Zheng Zhenyu, mode of security: guarantee;

 

(III)            Maximum
Guarantee Contract (name of contract) (No.: Shou ZY-2022024-DB3), guarantor: Zhang Binhua, mode of security: guarantee;

 

(IV)            _____________________________(name
of contract)

(No.:________________________),
guarantor:

__________________________________________________,
mode of security:

____________________;

 

(V)            _____________________________(name
of contract)

(No.:________________________),
guarantor:

__________________________________________________, mode of security:

____________________;

 

(VI)            _____________________________(name
of contract)

(No.:________________________),
guarantor:

__________________________________________________, mode of security:

____________________;

 

XX.            Before
equity change of borrower reaches % (including but not limited to transfer, trusteeship, escrow and pledge of equity), borrower shall
notify lender in writing at least 30 working days in advance and obtain written consent of lender, and actively implement guarantee measures
for timely and full repayment of principal and interest of loan hereunder in line with requirements of lender.

 

XXI.            Borrower
shall notify lender in writing within 7 working days from the date when equity change of guarantor reaches % (including but limited to
transfer, trusteeship, escrow and pledge of equity) or such potential date, and actively implement guarantee measures for repayment of
principal and interest of loan hereunder on schedule and in full based on requirements of lender.

 

XXII.            Borrower
guarantees to maintain current assets and net asset value, asset-liability ratio, asset current ratio and other financial conditions within
the following scope required by lender during the loan term: __________________________________

 

________________________________________________________________________

 

_______________________________________________________________________。

 

XXIII.            Other
matters declared and promised by borrower: __________________________________

 

________________________________________________________________________

 

_______________________________________________________________________。

 

XXIV.            Any
dispute arising from the contract shall be settled through friendly consultation between borrower and lender; if friendly consultation
fails, both parties agree to settle the same based on the third method below:

 

(First) Bring a lawsuit to relevant people's court
of domicile of lender.

 

(Second) Submit an arbitration application to ________________
Arbitration Commission, and apply arbitration rules effective at the time of arbitration of the arbitration commission to settle
the dispute. To the extent permitted by arbitration rules, both parties agree to select summary procedure for trial. The arbitration award
is final and binding on both parties. Venue of arbitration tribunal shall be ______________.

 

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20220303154425025373

 

(Third) Other methods: Bring a lawsuit to relevant
people's court of place of contract signing.

 

XXV.     The
borrower agrees and confirms that the following address is the     effective
address of service for notifications hereunder and legal instruments of relevant litigation (arbitration), notarization and the like at
the time of occurrence of dispute (including but not limited to various notices and documents of all contracting parties; complaints (or
letters of application for arbitration) and evidences, summons, notice of responding to action, notice to produce evidences, notice of
court session, payment order, judgment (award), written ruling, mediation paper, notice of execution, notice of performance within a period
and other legal instruments for trials of litigation or arbitration, proceedings for realizing security interest and the enforcement stage;
various notices and legal instruments served by notary offices), and further agrees that lender, judicial authorities such as notary offices
or courts and other servers of various notices and legal instruments are entitled to choose the paper or electronic mode for service,
among them, electronic service modes include but are not limited to email, China Judicial Process Information Online, national uniform
service platform, local or special online court service platforms and electronic platforms and APPs of servers:

 

(I)            Address
of Borrower:

 

1.            Name
of Borrower: Fuzhou Yukai Trading Co., Ltd.;

 

Address of Borrower: Room 909, Xinya Building,
No. 121, Dong Street, Fuzhou;

 

Post Code: 350000; Contact No.: ;

 

Contact Person: Ni Liping.

 

2.            Designated
Receiving Agent (if any): _____________;

 

Address of Receiving Agent: ____________________;

 

Post Code: ___________; Contact No.: ___________.

 

(II)            Borrower
agrees and confirms that any electronic communication address below is also an effective address of service:

 

1.            Fax,
number: _____________________;

 

2.            Email,
address: _____________________;

 

3.            Mobile
phone message, receiving number: _____________________;

 

4.            WeChat,
WeChat account no.: _____________________;

 

5.            QQ,
number: _____________________;

 

6.            Other
electronic communication address: _____________________.

 

XXVI.            The
contract is made in triplicate, the lender holds two copies, and the borrower holds one copy, /  holds /
 copy (copies), and each copy has the same legal effect.

 

XXVII.            Supplementary
Clauses

 

    Page 27 of 28 

     

    

 

 

 

20220303154425025373

 

	
    Lender (Corporate Seal):

    

     
	
    Principal/Authorized Representative (Signature/Seal):

    

     

	 	March 22, 2022
	 	 
	
    Borrower (Official Seal):

    

     
	
    Legal or Authorized Representative (Signature/Seal/Fingerprint):

    

     

    

	 	 
	 	March 22, 2022

 

Date of Contract Signing: March 22, 2022

 

Place of Contract Signing: Gulou District/County,
Fuzhou City

 

    Page 28 of 28

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