Document:

Exhibit 10.4

 

Investment Agreement

 

This agreement is dated September 2, 2019.

 

PARTIE

 

(1) Autobacs Seven Co., Ltd. (Investor;
Part 1 of Schedule 1).

 

(2) Mr. Jiang Haitao (Mr. Jiang)
and Ms. Zhong Lianhua (collectively Founders; Part 2of Schedule 1).

 

(3) OCEAN WAVE HOLDING LIMITED and
LOTUS RAY HOLDING LIMITED (Part 3 of Schedule 1).

 

(4) Car House Holding Co., Ltd.
incorporated and registered in British Virgin Islands with company number 2001378 whose registered office is at Vistra Corporate
Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands (Company; Part 1 of Schedule
2).

 

(5) Car House Group Limited incorporated
and registered in Hong Kong with company number 2780456 whose registered office is at Room 1106, Cheuk Nang Centre, 9 Hillwood
Road, Tsim Sha Tsui, Kowloon, Hong Kong. (HK Co; Part 2 of Schedule 2).

 

(6) Guangdong Car House Electronic
Commerce Technology Co., Ltd. (AICHE) incorporated and registered in China with registration number 91441900764929776P whose
registered office is at Building 3, No. 16, Science and Technology 4 Road, Songshanhu High-tech Industrial Development Zone, Dongguan
City, GUANGDONG CHINA (HK Co, AICHE and Dongguan Car House Commercial Management Co., Ltd.(AICHE CM): respectively Subsidiary,
collectively Subsidiaries, whose particulars are set out in Part 2 of Schedule 2).

 

BACKGROUND

 

(A)  The Company is a
private company limited by shares, the brief particulars of which are set out in Part 1 of Schedule 2.

 

(B)  OCEAN WAVE HOLDING
LIMITED and LOTUS RAY HOLDING LIMITED are interested in the number of shares set out against their respective names in Part
3 of Schedule 1 and the Investor in Part1 of Schedule 1.

 

(C)  The Investor has
agreed to subscribe for shares in the capital of the Company on and subject to the terms of this agreement after both transactions
prescribed in Clause 7 Paragraph 1 of the Framework Agreement, the transfer of AICHE’s shares from the Investor to HK Co
and the transfer of the Company’s shares from OCEAN WAVE HOLDING LIMITED to the Investor, are completed..

 

AGREED TERMS

 

1.  INTERPRETATION  

 

1.1  The following definitions
and rules of interpretation apply in this agreement.

 

Accounts:  the audited consolidated
and/or non-consolidated balance sheet, profit and loss account, statement of changes in equity, statement of cash flows and supplementary
schedules of AICHE and AICHE CM for the period ended on the Accounts Date, in the agreed form.

 

Accounts Date: December 31, 2018 

 

Articles:  the new articles
of association of the Company in the agreed form to be adopted by the Company on or prior to Completion.

 

Board:  the board of directors
of the Company as constituted from time to time.

 

Business Day:  a day other
than a Saturday, Sunday or public holiday in the British Virgin Islands when banks in the British Virgin Islands are open for business.

 

Business Plan:  the business
plan of the Company and each of Subsidiaries dated April 12, 2019 in the agreed form.

 

Claim:  any claim for breach
of any Warranty.

 

Completion:  completion by
the parties of their respective obligations under Clause 3.

 

Completion Date:  September
30, 2019 or tenth Business Day counting from the day on which all of the Conditions set out in Schedule 3 have been satisfied
or waived by the Investor.

 

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Conditions:  the conditions
to Completion set out in Schedule 3.

 

Data Protection Legislation: any
laws, regulations, statutes, decrees, ordinances or rules which are applicable to the Company and Subsidiaries relating to data
protection and privacy.

 

Encumbrance:  any mortgage,
charge, security interest, lien, pledge, assignment by way of security, equity claim, right of pre-emption, option, covenant, restriction,
reservation, lease, trust, order, decree, judgment, title defect (including retention of title claim), conflicting claim of ownership
or any other encumbrance of any nature whatsoever (whether or not perfected) other than liens arising by operation of law.

 

Framework Agreement: the agreement
entitled “Beiwanglu” executed between Founders, AICHE and the Investor dated April 1, 2019.

 

GDPR: the General Data Protection
Regulation ((EU) 2016/679).

 

Intellectual Property:  patents,
rights to inventions, utility models, copyright, trade marks, service marks, trade, business and domain names, rights in trade
dress or get-up, rights in goodwill or to sue for passing off, unfair competition rights, rights in designs, rights in computer
software, database rights, topography rights, moral rights, rights in confidential information (including know-how and trade secrets)
and any other intellectual property rights, in each case whether registered or unregistered and including all applications for
and renewals or extensions of such rights, and all similar or equivalent rights or forms of protection in any part of the world.

 

Investor’s Shares: has the
meaning given in Clause 3.4.

 

Listing:  the successful application
and admission of all or any of the shares in the capital of the Company, or securities representing such shares (including American
depositary receipts, American depositary shares and/or other instruments to the Nasdaq National Stock Market of the Nasdaq Stock
Market Inc ).

 

Management Accounts:  the unaudited
management accounts of AICHE and AICHE CM, comprising a balance sheet as at May 31, 2019and a profit and loss account for the period
which commenced on the Accounts Date and ended on May 31, 2019.

 

Personal Data: has the meaning given
in Article 4(1) of the GDPR. 

 

Subscription Shares:  the 6,250
new ordinary shares to be subscribed by the Investor pursuant to Clause 2.1.

 

Subsidiaries:  subsidiaries
of the Company brief particulars of which are set out in Part 2 of Schedule 2.

 

Tax or Taxation:  all forms
of taxation and statutory, governmental, state, federal, provincial, local, government or municipal charges, duties, imposts, contributions,
levies, withholdings or liabilities wherever chargeable and whether of the British Virgin Islands, Hong Kong, China or any other
jurisdiction; and any penalty, fine, surcharge, interest, charges or costs relating thereto.

 

Tax Warranties:  the warranties
set out in Paragraph 9 of Schedule 4.

 

Warranties:  the warranties,
representations and undertakings given pursuant to Clause 4, and references to a particular warranty: are to a warranty
statement set out in Schedule 4.

 

Warrantors:  means the Company,
AICHE and Mr. Jiang.

  

1.2  Clause, Schedule
and paragraph headings shall not affect the interpretation of this agreement.

 

1.3  References to clauses
and Schedules are to clauses of and Schedules to this agreement and references to paragraphs are to paragraphs of the relevant
Schedule.

 

1.4  The Schedules form
part of this agreement and shall have effect as if set out in full in the body of this agreement. Any reference to this agreement
includes the Schedules.

 

1.5  A reference to this
agreement or to any other agreement or document referred to in this agreement is a reference to this agreement or such other agreement
or document as varied or novated in accordance with its terms from time to time.

 

1.6  Unless the context
otherwise requires, words in the singular shall include the plural and in the plural shall include the singular.

 

1.7  Unless the context
otherwise requires, a reference to one gender shall include a reference to the other genders.

 

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1.8  A person includes
a natural person, corporate or unincorporated body (whether or not having separate legal personality).

 

1.9  This agreement shall
be binding on, and enure to the benefit of, the parties to this agreement and their respective personal representatives, successors
and permitted assigns, and references to any party shall include that party’s personal representatives, successors and permitted
assigns.

 

1.10  A reference to a
company shall include any company, corporation or other body corporate, wherever and however incorporated or established.

 

1.11  Unless expressly
provided otherwise in this agreement ,a reference to writing or written excludes fax and e-mail.

 

1.12  Any words following
the terms including, include, in particular, for example or any similar expression shall be construed
as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms.

 

1.13  Where the context
permits, other and otherwise are illustrative and shall not limit the sense of the words preceding them.

 

1.14  References to a
document in agreed form are to that document in the form agreed by the parties and initialled by or on their behalf for
identification.

 

1.15  A reference to a
statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time, provided that, as between
the parties, no such amendment, extension or re-enactment made after the date of this agreement shall apply for the purposes of
this agreement to the extent that it would impose any new or extended obligation, liability or restriction on, or otherwise adversely
affect the rights of, any party.

 

1.16  A reference to a
statute or statutory provision shall include all subordinate legislation made from time to time under that statute or statutory
provision.

 

1.17  Any reference to
an English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any
legal concept or thing shall be deemed to include a reference to that which most nearly approximates to the English legal term
in that jurisdiction.

 

1.18  Any obligation on
a party not to do something includes an obligation not to allow that thing to be done.

 

1.19  Where any statement
is qualified by the expression so far as the Warrantors are aware or to the Warrantor’s knowledge or any similar
expression, that statement shall be deemed to include an additional statement that it has been made after due and careful enquiry.

 

1.20  Unless the context
otherwise requires, words and expressions defined in the Articles shall have the same meaning when used in this agreement.

 

2.  SUBSCRIPTION  

 

2.1  Subject to Clause
3, the Investor applies for the allotment and issue to it of the number of Subscription Shares set out against its name below,
at a subscription price of RMB 6,429.23 (rounded off to the second decimal place) per Subscription Share, payment for which shall
be made in accordance with Clause 3.3:

 

	Shareholder	Shares	Total subscription monies (RMB)
	 	 	 
	Investor	6,250 ordinary shares	40,182,667.09

 

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2.2  Completion of the
subscription shall take place on the Completion Date.

 

2.3 Notwithstanding the preceding
two clauses, if any matter occurs which may have a material adverse effect on, or reasonably could have a material adverse effect
on operations, assets, financial condition, results of operations or future earnings plans of the Company or any of the Subsidiaries
or there is any error in the disclosed financial statements of them, the Investor, the Company and Mr. Jiang shall consult with
respect to the reduction of the subscription price set forth in Clause 2.1, and the Investor shall undertake the Subscription
Shares at the amount to be agreed upon with the Company and Mr. Jiang.

 

The Investor shall notify the Company and
Mr. Jiang in writing of the request for consultation with respect to the reduction of the subscription price set forth in the preceding
paragraph, and the Company and Mr. Jiang shall consult with the Investor in good faith upon receipt of such notice from the Investor.
The Investor may terminate this agreement if no agreement among the Investor, the Company and Mr. Jiang is reached within two (2)
weeks from the notification of the request for consultation by the Investor. If the Investor terminates this agreement pursuant
to this paragraph, the Investor shall not be responsible for performing any obligations including payments for the Subscription
Shares set forth in Clause 2.1, and the Investor shall not responsible for any and all legal liabilities arising out of
the failure to reach an agreement through consultation to any party.

 

2.4  The Company warrants
to the Investor that, on the date of this agreement and on the Completion Date, the Company shall be entitled to allot the Subscription
Shares to the Investor on the terms of this agreement, without the consent of any other person.

 

2.5  Each party to this
agreement warrants to each of the other parties that:

 

(a)  it has the power
and authority to enter into and perform its obligations under this agreement;

 

(b)  when executed, its
obligations under this agreement will be binding on it; and

 

(c)  execution and delivery
of, and performance by it of its obligations under this agreement will not result in any breach of applicable law.

 

2.6  The Investor may
direct that the Subscription Shares are issued and registered in the name of any nominee or custodian holding such shares on its
behalf as bare nominee.

 

3.  COMPLETION  

 

3.1 By the Completion Date, the
Company shall hold the Board meeting of the Company and pass the resolutions to:

 

(i) adopt the Articles;

 

(ii) issue and allot the Subscription
Shares credited as fully paid to the Investor and enter its name in the register of members in respect of them;

 

(iii) execute and deliver to
the Investor share certificate for the Subscription Shares;

 

(iv) appoint Ryo Okubo
to act as its Investor’s director[s];

 

(v) pass any other resolutions
required to carry out the Company’s obligations under this agreement; and

 

(vi) file certified copies of all
Board resolutions, articles and memoranda of association (and any amendments thereto) and any other required filings of the Company
with the Registrar of Companies of the British Virgin Islands within the required deadlines for such filings under the applicable
laws.

 

3.2  Completion of the
subscription by the Investor for the Subscription Shares shall, subject to the satisfaction or waiver by the Investor of the Conditions
set out in Schedule 3 on or before Completion, take place at the offices of the Company on the Completion Date (or at such
other time and place as the Company and the Investor shall agree).

 

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3.3 On the Completion Date, subject
to the satisfaction or waiver by the Investor of the Conditions set out in Schedule 3 on or before Completion, the Investor shall
pay the Company RMB 40,217,040.59 (which consists of the subscription monies set forth in Clause 2.1 and the outstanding
amount of the subscription price for the Investor’s Shares that is set forth in Clause 3.4) by electronic transfer
to the Company’s bank account Citibank N.A., Hong Kong Branch, CITIHKHXXXX, account number 1004929035. Payment made in accordance
with this Clause 3.3 shall constitute a good discharge for the Investor of its obligations under this Clause 3. The
Company shall be instructed to (i) deliver to the Investor a share certificate for the Subscription Shares on the Completion Date
and (ii) file all certified copies of all Board resolutions, articles and memoranda of association (and any amendments thereto)
and any other required filings of the Company with the Registrar of Companies of the British Virgin Islands within the required
deadlines for such filings under the applicable laws.

 

3.4  On the Completion
Date, subject to the satisfaction or waiver by the Investor of the Conditions set out in Schedule 3 on or before Completion,
the Investor shall pay to the Company the amount of USD 5,000, as payment for the outstanding amount of the subscription price
for the 5,000 shares in the Company that will be transferred to and held by the Investor pursuant to the share purchase agreement
dated September 2,2019 executed between the Investor, OCEAN WAVE HOLDING LIMITED, LOTUS RAY HOLDING LIMITED and HK Co (Investor’s
Shares). The Company shall accept the said amount as payment in full for the said outstanding amount, and shall take all necessary
steps (including completing internal procedures and instructing its registered agent to update its register of members) to procure
that the Investor’s Shares are legally recognized as being fully paid.

 

4.  WARRANTIES  

 

4.1  The Warrantors acknowledge
that the Investor has been induced to enter into this agreement and to subscribe for the Subscription Shares on the basis of and
in reliance upon the Warranties.

 

4.2  The Warrantors jointly
and severally warrant and represent to the Investor that each and every warranty set out in Schedule 4 is, at the date of
this agreement and as at the Completion Date, true, accurate and not misleading.

 

4.3  Each Warranty is
a separate and independent warranty and representation, and, save as otherwise expressly provided, no Warranty shall be limited
by reference to any other Warranty or by the other terms of this agreement.

 

4.4  The Investor’s
rights and remedies in respect of any breach of any of the Warranties shall not be affected by:

 

(a)  Completion;

 

(b)  any investigation
made by or on behalf of the Investor into the affairs of the Company or any of the Subsidiaries; or

 

(c)  any other event or
matter whatsoever which otherwise might have affected such rights and remedies except a specific and duly authorised written waiver
or release.

 

4.5  No information relating
to the Company or any of the Subsidiaries of which the Investor and/or its agents and/or advisers has knowledge (actual, constructive
or imputed) other than by reason of it being disclosed shall prejudice any Claim that the Investor shall be entitled to bring or
shall operate to reduce any amount recoverable by the Investor under this agreement.

 

4.6  The Investor may
claim in respect of any breach of the Warranties, either against the Company or against any of the other Warrantors and/or partly
against the Company and partly against any of the other Warrantors.

 

4.7  The Warranties shall
be deemed to be repeated at Completion. The Company and the Subsidiaries undertake to use best endeavours, and the Mr. Jiang undertakes
to use his best endeavours, to procure that neither he nor the Company or any of the Subsidiaries shall do or procure any act before
Completion which might result in a breach of any of the Warranties.

 

4.8  Each of the Warrantors
undertakes to disclose to the Investor in writing any matter occurring prior to Completion which comes to their knowledge and which
constitutes a material breach of, or is inconsistent with any of the Warranties.

 

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4.9  If the Investor becomes
aware at, or before, Completion of any material breach of any Warranty then, without prejudice to any other right which the Investor
may have, the Investor shall have the right to:

 

(a)  terminate this agreement
without liability to any of the other parties; or

 

(b)  proceed to Completion.

 

5. COVENANTS

 

5.1 By September 30, 2019, AICHE
shall consolidate any of the off the book accounts into its correct account and eliminate the difference between them in accordance
with generally accepted accounting principles in China.

 

5.2 By September 30, 2019, AICHE
shall cease using the bank accounts in the group companies’ name and personal name and transfer all of the AICHE’s
deposits in these accounts to the AICHE’s correct account.

 

5.3 By September 30, 2019, AICHE
shall solve and adjust the difference between the balance of the unpaid salary and the amount of salary paid the following month
due to the difference between financial statement for tax declaration and internal use.

 

5.4 In addition to the preceding
three clauses, by September 30, 2019, Mr. Jiang, the Company and AICHE shall cause all the Conditions set out in Schedule 3
to be satisfied.

 

5.5 AICHE shall properly issue and
acquire the receipts (“fapiao”) for all purchases, sales and any other transaction in relation to AICHE’s and
AICHE CM’s business in accordance with the laws and regulations in China.

 

5.6 AICHE shall properly pay personal
income tax, social insurance and housing reserves in relation to AICHE’s and AICHE CM’s business in accordance with
the laws and regulations in China.

 

5.7 By September 30, 2019, AICHE
shall obtain consents to, or make notifications as to, the share subscription set forth in Clause 2.1 required under any
loan agreements (if any) which require such consent or notification in connection with such share subscription.

 

5.8 AICHE shall operate its business
and AICHE CM’s business, during the period until the Completion Date, in the ordinary manner and to the extent of their business
operations which have been conducted continuously since prior to the execution of this agreement.

 

5.9 The Company and each of the
Subsidiaries shall allow the Investor to access to any of their books, agreements, minutes, materials, computer files, offices,
and other facilities and properties upon the Investor’s request.

 

5.10 The Company and each of the
Subsidiaries shall not commit any of the acts or promises listed in the Schedule 5 without the written consent of the Investor
during the period until the Completion Date.

 

6. Compensation

 

6.1 The Warrantors shall indemnify
or compensate the Investor, its subsidiary or affiliate or any director or employee of the Investor, its subsidiary or affiliate
(including but not limited to the individuals serving as director or observer at the Company or any of its Subsidiaries) for any
damage, loss, costs or expense (including reasonable attorneys’ fees and other expenses for litigation; Damages) incurred
arising out of or in connection with any of the following events (Compensation) and the Warrantors shall at all times be
jointly and severally liable for the obligations of Compensation.

 

(a) Any of the Company or Subsidiaries
has failed to perform or observe the obligations under this agreement.

 

(b) Any breach of the warranties set forth
in Clause 4.

 

6.2 In the event AICHE incurs any
Damages due to or in connection with any of the events described in the preceding clause, the Investor shall be entitled to regard
one-fifth (before the Completion; one-tenth) of the amount of such damage as the Damages of the Investor.

 

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6.3 The Investor shall indemnify
or compensate the Warrantors for Damages incurred by them in case where the Investor fail to perform the payment set out in Clause
3.3 without reasonable cause in spite of satisfaction of all Conditions.

 

6.4 The waiver by the Investor of
any of the Conditions set out in Schedule 3 shall not in any way affect any claim for Compensation and such waiver shall
not be deemed for the Investor to have waived any claim for Compensation set out in Clause 6.1.

 

6.5 In the case where a party which
is entitled to Compensation (Indemnification Creditor) requests the other party which is liable for Compensation (Indemnification
Obligator) to pay the Compensation, the Indemnification Creditor shall provide the Indemnification Obligator with a document
(Notice of Claims) specifying the reason for the request and the breakdown and amount of the Damages (where the amount is
not fixed, the amount may be reasonably estimated) along with the specific facts on which the respective claims are based. The
amount stated in the Notice of Claims shall not be understood as the maximum amount to be claimed by the Indemnification Creditor.

 

If the Indemnification Obligator who received
the Notice of Claims under the preceding paragraph objects to the content of the Notice of Claims, such Indemnification Obligator,
within thirty days from the date of receipt of the Notice of Claims, deliver to the Indemnification Creditor a document specifying
and describing the details and reasons of the objection together with the specific facts on which it is based (Objection Notice).
If the Indemnification Obligator fails to issue the Objection Notices to the Indemnification Creditor within the said time limit,
the Indemnification Obligator shall be deemed to have accepted the content of the Notice of Claims without objection. The Indemnification
Obligator shall pay the amount stated in the Notice of Claims within fifteen days from the date of acceptance of the Notice of
Claims.

 

7. Termination

 

7.1 This agreement shall terminate
only in the event of any of the following:

 

(a) all parties have agreed in writing
to terminate this agreement; or

 

(b) the Framework Agreement is terminated;
or

 

(c) this agreement is terminated under
Clause 7.2 or Clause 7.3.

 

7.2 The Investor may terminate this
agreement at any time by sending a written notice to the Warrantors in the event of any of the following:

 

(a) the issue and allotment of shares set
out in Clause 2 was not implemented by December 31, 2019 for reasons not attributable to the Investor;

 

(b) any of the Warrantors fails to perform
or observe its obligations under this agreement;

 

(c) there is any breach of Warranties set
forth in Clause 4;

 

(d) there is a petition for commencement
of bankruptcy proceedings, civil rehabilitation proceedings, company reorganization proceedings, special liquidation or similar
legal insolvency proceedings for any of the Company or Subsidiaries;

 

(e) The condition prescribed in Clause
11.2 (c) of the share purchase agreement for the transfer of the Company’s shares executed between the Investor, OCEAN WAVE
HOLDING LIMITED, LOTUS RAY HOLDING LIMITED and HK Co dated September 2,2019 is satisfied, or BVI-1, BVI-2, or Mr. Jiang has failed
to perform or observe the obligations under Clause 7 or 8 thereof.

 

7.3 The Warrantors may terminate
this agreement at any time by sending a written notice to the Investor in the event of any of the following:

 

(a) there is a petition for commencement
of bankruptcy proceedings, civil rehabilitation proceedings, company reorganization proceedings, special liquidation or similar
legal insolvency proceedings for the Investor.

 

7.4 The parties of this agreement
may not terminate this agreement except as set forth in the preceding three clauses.

 

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7.5 Termination under Clause
7.2 and Clause 7.3 shall not exclude any claim by the terminating party for Compensation or any other exercise of rights
and remedies under this agreement.

 

7.6 The provisions of Clause
6 through Clause 23 shall remain in full force and effect notwithstanding the termination of this agreement.

 

8.  CONFIDENTIALITY
AND ANNOUNCEMENTS  

 

8.1  Except as provided
elsewhere in this agreement, and excluding any information which is in the public domain (other than through the wrongful disclosure
of any party), or which any party is required to disclose by law or by the rules of any regulatory body to which the Company or
any of the Subsidiaries is subject, each party agrees to keep secret and confidential and not to use, disclose or divulge to any
third party (other than a party’s professional advisers) any:

 

(a)  confidential information
relating to the Company and each of the Subsidiaries (including the Intellectual Property, customer lists, reports, notes, memoranda
and all other documentary records pertaining to the Company and each of the Subsidiaries or their business affairs, finances, suppliers,
customers or contractual or other arrangements); or

 

(b)  information relating
to the negotiation, provisions or subject matter of this agreement (or any document referred to in it); or

 

(c)  information concerning
the Investor or any member of its group.

 

8.2  Except in accordance
with Clause 8.3 and Clause 8.4, the parties shall not make any public announcement or issue a press release or respond
to any enquiry from the press or other media that concerns or relates to this agreement or its subject matter (including, but not
limited to, the Investor’s investment in the Company) or any ancillary matter.

 

8.3  Notwithstanding Clause
8.2, any party may, with the prior written approval of the Investor and the Board, make or permit to be made an announcement
concerning or relating to this agreement, or its subject matter or any ancillary matter if and to the extent required by:

 

(a)  law; or 

 

(b)  any securities exchange
on which either party’s securities are listed or traded; or

 

(c)  any regulatory or
governmental or other authority with relevant powers to which either party is subject or submits, whether or not the requirement
has the force of law.

 

8.4 Notwithstanding Clause 8.2,
any party may, with the prior agreement among the parties to this agreement with regard to the content, method and timing of an
announcement, make a public announcement related to this agreement to the extent agreed to in such prior agreement. 

 

9.  ASSIGNMENT AND
OTHER DEALINGS  

 

No party shall assign, transfer, mortgage,
charge, declare a trust of, or deal in any other manner with any or all of its rights and obligations under this agreement without
the prior written consent of the other parties.

 

10.  THIRD PARTY RIGHTS  

 

10.1  This agreement does
not give rise to any rights for third party to enforce any term of this agreement.

 

10.2 The rights of the parties
to rescind or vary this agreement are not subject to the consent of any other person.

 

11.  AGREEMENT SURVIVES
COMPLETION  

 

This agreement (other than obligations
that have already been fully performed) shall remain in full force after Completion.

 

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12.  IMPLEMENTATION
OF AGREEMENT  

 

12.1  The Investor and
Mr. Jiang shall exercise all their voting rights and other powers in relation to the Company to procure that the provisions of
this agreement are properly and promptly observed and given full force and effect according to the spirit and intention of the
agreement.

 

12.2  If there is an inconsistency
between any of the provisions of this agreement and the provisions of the Articles, the provisions of this agreement shall prevail
as between the parties.

 

13.  SEVERANCE  

 

If any provision or part-provision of this
agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make
it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed
deleted. Any modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability
of the rest of this agreement.

 

14.  VARIATION AND
WAIVER  

 

14.1  No variation of
this agreement shall be effective unless it is in writing and signed by the parties.

 

14.2  A waiver of any
right or remedy under this agreement or by law is only effective if given in writing and signed by the person waiving such right
or remedy. Any such waiver shall apply only to the circumstances for which it is given and shall not be deemed a waiver of any
subsequent breach or default.

 

14.3  A failure or delay
by a party to exercise any right or remedy provided under this agreement or by law shall not constitute a waiver of that or any
other right or remedy, nor shall it prevent or restrict any further exercise of that or any other right or remedy. No single or
partial exercise of such right or remedy provided under this agreement or by law shall prevent or restrict the further exercise
of that or any other right or remedy.

 

14.4  A person that waives
a right or remedy provided under this agreement or by law in relation to one person, or takes or fails to take any action against
that person, does not affect its rights or remedies in relation to any other person.

 

15.  COSTS  

 

15.1   Except as expressly
provided in this agreement, each party shall pay its own costs incurred in connection with the negotiation, preparation, execution
and performance of this agreement (and any documents referred to in it).

 

16.  ENTIRE AGREEMENT  

 

16.1  This agreement constitutes
the entire agreement between the parties and supersedes and extinguishes all previous discussions, correspondence, negotiations,
drafts, agreements, promises, assurances, warranties, representations, arrangements and understandings between them, whether written
or oral, relating to its subject matter.

 

16.2  Each party acknowledges
that in entering into this agreement and any documents referred to in it, it does not rely on, and shall have no remedies in respect
of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this agreement
or those documents.

 

16.3 If there is any difference,
controversy, conflict or discrepancy between this agreement and the Framework Agreement, the Framework Agreement shall prevail.

 

16.4  Each party agrees
that it shall have no claim for innocent or negligent misrepresentation or negligent misstatement based on any statement or warranty
in this agreement.

 

    9

     

    

 

17.  NOTICES  

 

17.1  For the purposes
of this clause, but subject to Clause 17.7, notice includes any other communication.

 

17.2  A notice given to
a party under or in connection with this agreement:

 

(a)  shall be in writing
and in English;

 

(b)  shall be signed by
or behalf of the party giving it;

 

(c)  shall be sent to
the relevant party for the attention of the contact and to the address specified in Clause 17.3, or such other address r
contact as that party may notify to the other in accordance with the provisions of this Clause 17;

 

(d)  shall be: 

(i)  delivered
by hand; or 

(ii)  sent
by fax; or 

(iii)  sent
by pre-paid first class post or another next day working day delivery service providing proof of delivery; or 

(iv)  sent
by airmail or by reputable international overnight courier (if the notice is to be served by post to an address outside the country
from which it is sent; or 

(v)  sent by
e-mail to an e-mail address notified by the relevant party to the other party for such purpose.

 

17.3  The addresses, e-mail
address and fax numbers for service of notice are:

 

(a)  the Company 

(i)  address:
the registered office 

(ii)  for the
attention of: Haitao JIANG 

(iii)  e-mail
address: **********

 

(b)  the Investor 

(i)  address:
to the address shown alongside its name in Schedule 1. 

(ii)  for the
attention of: Ryo Okubo 

(iii)  e-mail
address: **********

 

(c)  AICHE 

(i)  address:
the registered office 

(ii)  for the
attention of: Haitao JIANG 

(iii) e-mail address:
**********

 

(d)  Mr. Jiang 

(i)  address:
No.101, building66, Jinxiushanhe Community Hongmian Road No. 3 Songshan lake Science and Technology Industrial Zone Dongguan City
Guangdong China 

(ii)  for the
attention of: Haitao JIANG 

(iii)  e-mail
address: **********

 

17.4  A party may change
its details for service of notices as specified in Clause 17.3 by giving notice in writing to the other parties. Any change
notified pursuant to this clause 17.4 shall take effect at 9.00 am on the later of:

 

(a)  the date
(if any) specified in the notice as the effective date for the change; and

 

(b)  five Business
Days after deemed receipt of the notice of change.

 

    10

     

    

 

17.5  Delivery of a notice
is deemed to have taken effect (provided that all other requirements in this clause have been satisfied):

 

(a)  if delivered
by hand, on signature of a delivery receipt;

 

(b)  if sent
by fax, at the time of transmission;

 

(c)  if sent
by pre-paid first-class post or another next day working day delivery service providing proof of postage to an address, at 9.00
am on the second Business Day after posting

 

(d)  if sent
by pre-paid airmail to an address outside the country from which it is sent, at 9.00 am on the fifth Business Day after posting;

 

(e)  if sent
by reputable international overnight courier to an address outside the country from which it is sent, on signature of a delivery
receipt;

  

(f)  if sent
by e-mail, at the time of transmission.; and

 

(g)  if deemed
receipt under the previous paragraphs of this Clause 17.5 would occur outside business hours (meaning 9.00 am to 5.30 pm
Monday to Friday on a day that is not a public holiday in the place of deemed receipt), at 9.00 am on the day when business next
starts in the place of deemed receipt. For the purposes of this clause 17.5, all references to time are to local time in the place
of deemed receipt.

 

17.6  To prove service,
it is sufficient to prove that:

 

(a)  if delivered
by hand, the notice was delivered to the correct address;

 

(b)  if sent
by fax, a transmission report was received confirming that the notice was successfully transmitted to the correct fax number;

 

(c)  if sent
by post or by airmail, the envelope containing the notice was properly addressed, paid for and posted;

 

(d)  if sent
by e-mail, the notice was properly addressed and sent to the e-mail address of the recipient.

 

17.7  This Clause 17
does not apply to the service of any proceedings or other documents in any legal action or, where applicable, any arbitration or
other method of dispute resolution.

 

18.  FURTHER ASSURANCE  

 

Without prejudice to Clause 3, at
its own expense each party shall, and shall use all reasonable endeavours to procure that any necessary third party shall, promptly
execute and deliver such documents and perform such acts as may reasonably be required for the purpose of giving full effect to
this agreement.

 

19.  COUNTERPARTS  

 

19.1  This agreement may
be executed in any number of counterparts, each of which when executed and delivered shall constitute a duplicate original, but
all the counterparts shall together constitute the one agreement.

 

19.2  Transmission of
an executed counterpart of this agreement (but for the avoidance of doubt not just a signature page) by (a) fax or (b) e-mail (in
PDF, JPEG or other agreed format), shall take effect as delivery of an executed counterpart of this agreement. If either method
of delivery is adopted, without prejudice to the validity of the agreement thus made, each party shall provide the others with
the original of such counterpart as soon as reasonably possible thereafter.

 

19.3  No counterpart shall
be effective until each party has executed and delivered at least one counterpart.

 

    11

     

    

 

20.  NO PARTNERSHIP  

 

20.1  Nothing in this
agreement is intended to, or shall be deemed to, establish any partnership or joint venture between any of the parties, constitute
any party the agent of another party, or authorise any party to make or enter into any commitments for or on behalf of any other
party.

 

20.2  Each party confirms
it is acting on its own behalf and not for the benefit of any other person.

 

21.  LANGUAGE  

 

21.1  This agreement is
drafted in the English language.

 

21.2  Any notice given
under or in connection with this agreement shall be in English. All other documents provided under or in connection with this agreement
shall be in English.

 

21.3  The English language
version of this agreement and any notice or other document relating to this agreement shall prevail if there is a conflict except
where the document is a constitutional, statutory or other official document.

 

22.  INADEQUACY OF
DAMAGES  

 

Without prejudice to any other rights or
remedies that a party may have, each party acknowledges and agrees that other than in respect of a Claim, damages alone would not
be an adequate remedy for any breach of the terms of this agreement by that party. Accordingly, the other parties shall be entitled
to seek the remedies of injunction, specific performance or other equitable relief for any threatened or actual breach of the terms
of this agreement.

 

23.  GOVERNING LAW
AND JURISDICTION  

 

23.1  This agreement and
any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with its subject matter or
formation shall be governed by and construed in accordance with the law of Singapore.

 

23.2 Any dispute arising out
of or in connection with this agreement, including any question regarding its existence, validity or termination, shall be referred
to and finally resolved by arbitration in Singapore in accordance with the Arbitration Rules of the Singapore International Arbitration
Centre for the time being in force, which rules are deemed to be incorporated by reference in this clause. Any dispute arising
out of or in connection with this agreement, first of all, shall be settled through good faith consultation; provided, however,
that such consultation shall not preclude the application for the arbitration with the aim of resolving the dispute through arbitration
as set forth in the preceding sentence.

 

This agreement has been entered into on
the date stated at the beginning of it.

 

    12

     

    

 

IN WITNESS WHEREOF, each of the
Parties has caused this agreement to be executed on its behalf by its duly authorized representative as of the day and year first
above written.

 

	SIGNED by /s/ Haitao Jiang	)
	 	 
	for and on behalf of	)
	 	 
	Car House Holding Co., Ltd.	 
	 	 
	SIGNED by /s/ Kiomi KOBAYASHI	 
	 	 
	as Representative Director and Chief Executive Officer,	)
	 	 
	for and on behalf of	)
	 	 
	Autobacs Seven Co., Ltd.	 
	 	 
	SIGNED by /s/ Haitao Jiang [Corporate Seal Affixed]	)
	 	 
	for and on behalf of	)
	 	 
	Guangdong Car House Electronic Commerce Technology Co., Ltd.	 
	 	 
	SIGNED by /s/ Haitao Jiang	)
	 	 
	Mr. Jiang Haitao	 

 

    13

     

    

 

SCHEDULE 1

 

THE FOUNDERS

 

Part 1

 

The Investor

	Name and registered official address	Number of ordinary shares at the date of this agreement
	Autobacs Seven Co., Ltd.	0
	NBF Toyosu Canal Front, 5-6-52, Toyosu, Koto-ku, Tokyo	 

 

Part 2

 

The Founders

	Name and identification number	Mr. Jiang Haitao
	 	***************
	Name and identification number	Ms. Zhong Lianhua
	 	***************

 

Part 3

 

Other Shareholders

	
        Name and registered official address

        OCEAN WAVE HOLDING LIMITED

        Vistra Corporate Services Centre,
        Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands
	
        Number of ordinary shares at the date
        of this agreement

        48,000

	 	 
	
        Name and registered official address

         

        LOTUS RAY HOLDING LIMITED

         

        Vistra Corporate Services Centre,
        Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands
	
        Number of ordinary shares at the
        date of this agreement

         

        2,000

 

    14

     

    

 

SCHEDULE 2

 

Part 1

 

Particulars of the Company

	Registered number:	2001378
	Status:	Private limited company
	Registered office:	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands 
	Representative Director:	Haitao JIANG 
	Accounting reference date:	June 30 each year
	Issued share capital:	50,000 ordinary shares of USD 1.00 each

 

Part 2

 

Particulars of Car House Group Limited

	Registered number:	2780456
	Status:	Private limited company
	Registered office:	Room 1106, Cheuk Nang Centre, 9 Hillwood Road, Tsim Sha Tsui, Kowloon, Hong Kong
	Representative Director:	Haitao JIANG
	Accounting reference date:	December 31 each year
	Issued share capital:	10,000 shares of HKD1.00 each

 

Particulars of Guangdong Car House
Electronic Commerce Technology Co., Ltd.

	Registered number:	91441900764929776P
	Status:	Private limited company
	Registered office:	Building 3, No. 16, Science and Technology 4 Road, Songshanhu High-tech Industrial Development Zone, Dongguan City, GUANGDONG  CHINA
	Representative Director:	Haitao JIANG 
	Accounting reference date:	December 31 each year
	registered capital 	RMB 42.501.522 

 

Particulars of

	Registered number:	91441900MA51NF0381
	Status:	Private limited company
	Registered office:	1F-A-B, Humen Wanda Plaza, No.388 Liansheng North Road, Boyong Road, Humen Town, Dongguan City CHINA
	Representative Director:	Yanan ZHONG
	Accounting reference date:	December 31 each year
	registered capital 	RMB 10,000,000

 

    15

     

    

 

SCHEDULE 3

 

CONDITIONS TO COMPLETION

 

1.  The Investor receives
from the Company copies of the resolutions of the Board meeting set out in Clause 3.1.

 

2.  The Investor receives
from the Company the Business Plan, the Accounts, and the Management Accounts.

 

3. The Investor receives from
AICHE documents or materials that prove that AICHE dully complete the performance of the covenants set out in Clause 5.1, Clause
5.2 and Clause 5.3.

 

4. The Investor receives from AICHE
copies of documents certifying that AICHE has obtained consents to the share subscription set forth in Clause 2.1 from both
banks set out in Clause 5.7.

 

5.  The Investor acknowledges
that the Warranties set out by Warrantors in Schedule 4 are all true and correct.

 

6. The Investor acknowledges that
Mr. Jiang, the Company and AICHE have performed and observed their obligations under this agreement.

 

7. The conditions prescribed in
Clause 7 Paragraph 3 of the Framework Agreement is satisfied: (i) Mr. Jiang, Ms. Zhong Lianhua and AICHE fully perform and have
performed their obligations under the Investment Agreement dated September 5, 2017 (including but not limited to obligations set
forth in Clause 6.5) and the Shareholders Agreement dated September 5, 2017; (ii) the Company fully owns all of the HK Co’s shares
and no person owns any HK Co’s shares or any other securities or any rights therein; (iii) HK Co fully owns all of the AICHE’s
shares and no person owns AICHE’s shares or any other securities or any rights therein; and (iv) through the implementation
of the B-1/B-2 which is described in the charts under the Framework Agreement, the Company has obtained the power to exercise control
over the management and assets of AICHE through indirect holdings of the shares, and the articles of incorporation and other internal
rules of the AICHE, the HK Co and the Company ensures such control and there are no circumstances or facts which preclude the exercise
of such control.

 

8. Both transactions prescribed
in Clause 7 Paragraph 1 of the Framework Agreement, the transfer of AICHE’s shares from the Investor to HK Co and the transfer
of the Company’s shares from OCEAN WAVE HOLDING LIMITED to the Investor, are performed and completed.

 

9. The Investor acknowledges that
no material adverse effect on the Company’s business operations, assets or financial status, business performance, or future earnings
plans has not been newly discovered or arisen.

 

10. The Framework Agreement continues
to be in full force and effect.

 

11. The new shareholders agreement
prescribed in Clause 7 Paragraph 4 of the Framework Agreement has been executed and continues to be in full force and effect.

 

12. (i) Mr. Jiang has offset his
debts owed to AICHE (i.e. RMB 5 million) with the same amount out of his receivables from AICHE, and further waived the remaining
amount of his receivables from AICHE (i.e. RMB 16 million) and any right or interest therein, and such offset and waiver are legally
valid, binding, effective and irrevocable, and have been duly recorded on AICHE’s financial statements in accordance with the applicable
accounting standard and (ii) the Investor has received copies of documents satisfactory to the Investor certifying (i) above.

 

    16

     

    

 

SCHEDULE 4

 

WARRANTIES

 

1. ESTABLISHMENT AND CAPACITY

 

The Company is a corporation duly organized
and validly existing under the laws of the British Virgin Islands and has the requisite power and capacity to enter into this agreement,
to perform its obligations under this agreement and to carry out the issue and allotment of the Subscription Shares set out in
Clause 2.

 

AICHE is a corporation duly organized and
validly existing under the laws of the China and has the requisite power and capacity to enter into this agreement and to perform
its obligations under this agreement.

 

2. VIOLATIONS OF LAWS AND REGULATIONS

 

The execution and performance of this agreement
and the execution of the issue and allotment of Subscription Shares set out in Clause 2 by the Company shall not violate
any laws, regulations, the articles of incorporation/ the Articles or other internal rules applicable to the Company, nor violate
judgments of any judicial authorities, nor violate any permits or approvals granted for the Company.

 

3.  SHARE CAPITAL  

 

3.1  At the date of this
agreement, the total number of shares issued by the Company is 50,000 shares; OCEAN WAVE HOLDING LIMITED holds 48,000 shares and
LOTUS RAY HOLDING LIMITED holds 2,000 shares. At the Completion Date (but prior to Completion of the subscription), the total number
of shares issued by the Company is 50,000 shares; OCEAN WAVE HOLDING LIMITED holds 43,000 shares, LOTUS RAY HOLDING LIMITED holds
2,000 shares and the Investor holds 5,000 shares. All shares of the Company are validly issued. The shares issued by the Company
are ordinary shares only, and the Company does not issue shares other than ordinary shares. No subscription rights, conversion
rights, exchangeable securities or any other similar rights have been issued or granted, and there has been no agreements providing
for issues or grants of such rights.

 

3.2  The Company is the
legal and beneficial owners of HK Co. All of the shares of HK Co are 100% owned and comprise the entire issued share capital of
HK Co.

 

3.3  HK Co and the Investor
are the legal and beneficial owners of the AICHE. At the date of this agreement, ninety (90) % of the equity interests in AICHE
are owned and fully paid by HK Co and the rest of ten (10) % of the equity interests in AICHE are owned and fully paid by the Investor.
At the Completion Date, all of the equity interests in AICHE are 100% owned and fully paid by HK Co and comprise the entire registered
capital of AICHE.

 

3.4  AICHE is the legal
and beneficial owners of AICHE CM. All of the equity interests of AICHE CM are owned by AICHE.

 

3.5  None of the share
capital of the Company or any of the Subsidiaries (whether issued or unissued) is under option or subject to any Encumbrance. No
dividends or other rights or benefits have been declared, made or paid or agreed to be declared, made or paid thereon.

 

4.  INFORMATION SUPPLIED  

 

4.1  All information supplied
from the Company or any of the Subsidiaries to the Investor is true, complete and accurate.

 

4.2  The information contained
or referred to in the Background, Schedule 1 and Schedule 2 is true, complete and accurate and not misleading.

 

4.3  No Warrantor is aware
of any fact or matter not disclosed in writing to the Investor which directly affects the business of the Company or any of the
Subsidiaries, the disclosure of which might reasonably affect the willingness of a reasonable institutional investor to apply for
shares in the capital of the Company, or the price at or terms on which an institutional investor would be willing to subscribe
for them

 

    17

     

    

 

5.  BUSINESS PLAN  

 

5.1  The Business Plan
has been diligently prepared and, as at the date of this agreement, Mr. Jiang believes that it represents a realistic plan in relation
to the future progress, expansion and development of the business of the Company and Subsidiaries.

 

5.2  All factual information
contained in the Business Plan was when given, and is at the date of this agreement, true, complete and accurate in all material
respects and not misleading.

 

5.3  The financial forecasts,
projections or estimates contained in the Business Plan have been diligently prepared, are fair, valid and reasonable and are not
in need of material amendment, modification, review or other alteration, nor have they been disproved in the light of any events
or circumstances which have arisen after the preparation of the Business Plan up to the date of this agreement.

 

5.4  The assumptions on
which the prospects of the Company and each of the Subsidiaries are based, as stated in the Business Plan, have been carefully
considered and Mr. Jiang believes that, having regard to the information available and to the market conditions prevailing at the
time that the Business Plan was prepared, they were reasonable.

 

5.5  Mr. Jiang believes
that all statements of opinion in the Business Plan are fair and reasonable and are not misleading.

 

5.6  All matters within
management control which could materially and adversely affect the achievement of the financial forecasts in the Business Plan
(other than general economic factors) are referred to in the Business Plan and have been taken into account in its preparation.

 

6.  ACCOUNTS  

 

6.1  The Accounts have
been prepared in accordance with accounting principles, standards and practices which are generally accepted in the parties own
countries and on the same basis and in accordance with the same accounting policies applied consistently as the corresponding accounts
for the preceding five Financial Years, comply with the requirements of the relevant applicable laws and give a true and fair view
of the state of affairs of AICHE and AICHE CM at the Accounts Date and of the profits and losses for the period concerned. The
Accounts do not contain false statements regarding important matters or lack statements on important matters that should be stated
or on material facts that are necessary for avoiding misunderstanding.

 

6.2  The Accounts make
full provision for or, in the case of actual liabilities, properly disclose, note or take into account as at the Accounts Date:

 

(a)  all liabilities (whether
actual contingent or disputed);

 

(b)  all capital commitments
(whether actual or contingent);

 

(c)  all bad and doubtful
debts; and

 

(d)  all taxation.

 

6.3  The Accounts properly
provide or reserve for all Taxation for which AICHE and AICHE CM was liable at the Accounts Date.

 

6.4  The profits (or losses)
shown in the Accounts have not been affected (except as disclosed therein) by any extraordinary or exceptional event or circumstance
or by any other factor rendering such profits unusually high or low.

 

7.  MANAGEMENT ACCOUNTS  

 

The Management Accounts have been properly
prepared by AICHE and AICHE CM in accordance with good accounting practice and on a basis consistent with that employed in preparing
the Accounts, and fairly represent the financial position of AICHE and AICHE CM as at May 31, 2019 and for the five (5) months
period then ended. Except as expressly disclosed in the Management Accounts, there were no unusual, exceptional, non-recurring
or extraordinary items which materially affected such accounts.

 

    18

     

    

 

8.  EVENTS SINCE THE
ACCOUNTS DATE  

 

Since the Accounts Date, as regards the
Company and each of the Subsidiaries:

 

(a)  their businesses
have been carried on in the ordinary and usual course without interruption, both as regards the nature, scope and manner of conducting
the business of the Company and Subsidiaries and so as to maintain them as a going concern;

 

(b)  there has been no
material adverse change in the financial or trading position or prospects of their business, and no such change is expected; and

 

(c)  no dividend or other
distribution has been declared, made or paid to their members nor have they repaid any loan capital or other debenture;

 

(d)  no change has been
made (or agreed to be made) in the emoluments or other terms of employment of any of their employees who are in receipt of remuneration
in excess of RMB 0.5 million per annum or of any of the directors of the Company or any of the Subsidiaries nor have they paid
any bonus or special remuneration to any such employee or any of their directors;

 

(e)  they have not borrowed
monies (except in the ordinary course of the business carried on by them or from their bankers under agreed loan facilities);

 

(f)  there has not been
any deterioration in the financial position or prospects of the business of the Company or any of the Subsidiaries(whether in consequence
of normal trading or otherwise);

 

(g)  neither the trading
nor the profitability of the business of the Company or any of the Subsidiaries shows, as regards turnover, the state of order
book, expenses and profit margins, any material deterioration or downturn by comparison with the period ended on the Accounts Date;

 

(h)  no part of the business
of the Company or any of the Subsidiaries has been affected to a material extent by the loss of any important customer, any source
of supply, by the cancellation or loss of any order or contract, or by any other abnormal factor or event nor so far as the Warrantors
are aware are there any circumstances likely to lead thereto;

 

(i)  no employee has been
dismissed or made redundant, nor has the Company or any of the Subsidiaries taken (or omitted to take) any action which would entitle
any employee to claim that he has been constructively dismissed (except in the ordinary and proper course of business); and

 

(j)  there are no liabilities
(including contingent liabilities) outstanding on the part of the Company or any of the Subsidiaries other than those liabilities
disclosed in the Accounts or incurred in the ordinary and proper course of business since the Accounts Date which are similarly
disclosed in the Management Accounts or in the books and records of the Company and each of the Subsidiaries.

 

9.  TAXATION

 

9.1  The Company and each
of the Subsidiaries have duly and punctually made all returns and given or delivered all notices, accounts and information which
ought to have been made to, and is not involved in, any dispute with tax authority or any other governmental, state, federal, provincial,
local governmental or municipal authority, body or official (whether in the British Virgin Islands, Hong Kong, China or elsewhere
in the world) (Taxing Authority) concerning any matter likely to affect in any way the liability (whether accrued, contingent
or future) of them to taxation and the Company and each of the Subsidiaries are not aware of any matter which may lead to such
dispute.

 

9.2  All tax declarations
and reports have been properly filed in due time and each of these declarations and reports has been prepared and completed in
a manner consistent with laws and regulations and generally accepted in the practice in each jurisdiction and the contents of them
are true, accurate and complete and no false (including tax declaration made by the external books).

 

9.3  The Company and each
of the Subsidiaries have duly paid or fully provided for all taxation for which it is liable and there are no circumstances in
which interest or penalties in respect of taxation not duly paid could be charged against it in respect of any period prior to
Completion.

 

    19

     

    

 

9.4  No liability of the
Company or any of the Subsidiaries to taxation, or to account for taxation, has arisen or will arise up to Completion except for:

 

(a)  corporation tax payable
in respect of normal trading profits earned by them;

 

(b)  income tax deducted
under PAYE regulations;

 

(c)  National Insurance
contributions in respect of cash emoluments; or

 

(d)  value added tax for
which it is accountable to any Taxing Authority,

and which has, where appropriate, been
deducted or charged and where due, paid to the appropriate Taxing Authority.

  

9.5  Neither the Company
nor any of the Subsidiaries have entered into or been a party to any schemes or arrangements designed partly or wholly for the
purpose of it or (so far as each of the Warrantors are aware) any other person avoiding taxation.

 

9.6  All documents to
which the Company or any of the Subsidiaries is a party or which form part of the Company’s or any of the Subsidiaries’
title to any asset owned or possessed by them or which the Company or any of Subsidiaries may need to enforce or produce in evidence
in the courts of each jurisdiction have been duly stamped and (where appropriate) adjudicated.

 

10.  LITIGATION  

 

10.1  Neither the Company,
the Subsidiaries nor any person for whose acts or omissions it may be vicariously liable, is engaged in or subject to any:

 

(a)  litigation, administrative,
mediation or arbitration proceedings (except for debt collection in the ordinary and usual course of business) in relation to the
Company , any of the Subsidiaries or their business or any of them; or

 

(b)  is the subject of
any investigation, inquiry or enforcement proceedings by any governmental, administrative or regulatory body.

 

10.2  No such proceedings,
investigation or inquiry as are mentioned in Paragraph 10.1 have been threatened or are pending by or against the Company
or any of the Subsidiaries or against any such person and there are no facts or circumstances likely to give rise to any such proceedings.

 

10.3  There are no existing
or pending judgments or rulings against the Company or any of the Subsidiaries which affect (or may affect) the business of the
Company, any of the Subsidiaries or any part of them. Neither the Company nor any of the Subsidiaries has given any undertakings
arising from legal proceedings to a court, governmental agency or regulator or third party which could affect the business of the
Company, any of the Subsidiaries or any part of them.

 

10.4  There are no disputes
and claims relating to the Company’s or any of the Subsidiaries’ businesses, nor are there any warnings or other written
requests received, nor are they likely to be in the future.

 

11.  PROPERTY  

 

11.1  The Company and
each of the Subsidiaries have a good and marketable title to and are the legal and beneficial owners of their properties.

 

11.2  The properties owned
by the Company and Subsidiaries are free from all leases, tenancies, options, licences, mortgages, charges, liens and Encumbrances
and any agreement to create any of them.

 

11.3  The Warrantors are
not aware of any structural problems in any of the properties and no deleterious substances not approved have been used in the
construction of the properties.

 

11.4  All covenants, obligations
(including statutory obligations), restrictions and conditions affecting any of the properties or the Company or any of the Subsidiaries
as owner or lessee of them have been observed and performed and all outgoings (including rates) have been duly paid and all the
properties are insured to their full reinstatement value.

 

11.5  There are no covenants,
obligations, restrictions, conditions, easements, Encumbrances or statutory consents or authorisations which are of an unusual
or onerous nature or which would affect the continued use of any of the properties for the purposes of the business of the Company
, any of the Subsidiaries or the value of the properties.

 

11.6  There are no compulsory
purchase orders or resolutions affecting any of the properties or any proposal for such an order or resolution of which the Warrantors
are aware.

 

    20

     

    

 

11.7  All deeds and documents
necessary to prove title to each of the properties are in the possession of the Company and each of the Subsidiaries and have been
or will be duly stamped. Where title to any of the properties requires registration at relevant authorities, it has been so registered
with title absolute.

 

11.8  There is no actual
or contingent liability on the part of the Company or any of Subsidiaries in relation to any real property other than the properties
including any actual or contingent liability as previous lessee, underlessee, guarantor, surety or covenantor in relation to any
lease or underlease.

 

11.9  Neither the Company
nor any of the Subsidiaries has received an indication of any actual, pending or threatened actions by regulatory authorities or
third parties in respect of any alleged non-compliance with or liability under environmental law. The Company and each of the Subsidiaries
comply with applicable laws and regulations on air pollution, water pollution, soil pollution, industrial waste, specially controlled
industrial waste, dioxins, noise, vibrations, ground subsidence, offensive odors, asbestos, and other environmental matters, and
has not been pursued with criminal, administrative, and civil liability for such violations and there are no facts that could cause
such violations.

 

12.  INTELLECTUAL PROPERTY  

 

12.1  The Company and
Subsidiaries have taken all steps necessary or desirable for the fullest protection of all Intellectual Property and know-how used
by them. Except for transactions in the ordinary course of business, neither the Company nor Subsidiaries have themselves granted
any rights to third parties in relation to any of its Intellectual Property.

 

12.2  The operations of
the Company and Subsidiaries and any products or services supplied by them do not use or infringe the rights of any person or infringe
any right of privacy. The Warrantors are not aware of any claims or applications for registration which might be material for disclosure
to the Investor.

 

12.3  All Intellectual
Property (including know-how) which is, or is likely to be, material to the business of the Company and Subsidiaries, are (or in
the case of applications will be) legally and beneficially vested exclusively in the Company and Subsidiaries and valid and enforceable
and not subject to any claims of opposition from any third party.

 

12.4  No Intellectual
Property in which the Company or Subsidiaries have any interest and which is, or is likely to be, material to the business of the
Company or any of the Subsidiaries is:

 

(a)  being (or has been)
infringed, misappropriated or used without permission by any other person; or

 

(b)  subject to any licence,
estoppel or authority or similar right in favour of any other person.

 

12.5  All Intellectual
Property which is registered in the name of the Company or Subsidiaries, or in respect of which the Company has made application
for registration, is:

 

(a)  legally and beneficially
vested in the Company; and

 

(b)  valid and enforceable.

 

12.6  All renewal fees
in respect of the registered Intellectual Property have been duly paid, and all other steps required to maintain and protect the
registered Intellectual Property have been taken, in any jurisdiction in which they are registered.

 

12.7  Nothing has been
done, or omitted to be done, whereby any Intellectual Property owned or used by the Company or Subsidiaries have ceased (or might
cease) to be valid and enforceable, or whereby any person is or will be able to seek cancellation, rectification or any other modification
of any registration of any such Intellectual Property.

 

12.8  No person other
than the Company or Subsidiaries has registered or applied to register in any country any invention, topography, copyright work,
design, trade or service mark or name, trade secret or know-how or other Intellectual Property made, or claimed to be owned, by
the Company or Subsidiaries.

 

    21

     

    

 

12.9  The licences, agreements
and arrangements have been entered into in the ordinary course of business, are in full force and effect and no notice has been
given on either side to terminate any of them, and no amendment made or accepted to their terms since they were first entered into;
and the obligations of all parties under each of the same have been fully complied with and no disputes exist or are anticipated
in respect of any of them.

 

12.10  Neither the Company
nor Subsidiaries have knowingly disclosed or permitted to be disclosed, to any person (other than to the Investor and to their
agents, employees or professional advisers) any of their know-how, trade secrets, confidential information or lists of customers
or suppliers.

 

12.11  No person has registered
domain names that are similar to any trademarks, service marks, domain names or business or trading names used, created or owned
by the Company or Subsidiaries.

 

12.12  The contents of
any website through which the Company or Subsidiaries conducts any of its business complies with all laws, regulations and codes
of practice in any applicable jurisdiction and such website is not linked by a hypertext link to any other website.

 

12.13  There are no third
party claims that any domain name registered by the Company or Subsidiaries is in infringement of a third party’s domain
name or other Intellectual Property rights.

 

13.  DATA PROTECTION  

 

13.1  The Company and
each of the Subsidiaries have complied in all respects with the Data Protection Legislation.

 

13.2  Neither the Company,
any of the Subsidiaries nor any third party or parties appointed by the Company or any of the Subsidiaries to process Personal
Data has in relation to the business of them suffered any breach of security leading to the accidental or unlawful destruction,
loss, alteration, unauthorised disclosure of, or access to any Personal Data, and each of the Company, Subsidiaries and their Processors
has passed all regulatory audits to which they have been subject.

 

13.3  Neither the Company
nor any of the Subsidiaries have in the period of five years preceding the date of this agreement, received any:

 

(a)  notice, request,
correspondence or other communication from any relevant authority, or been subject to any enforcement action (including any fines
or other sanctions), in each case in connection with a breach or alleged breach of their obligations under the Data Protection
Legislation; or

 

(b)  claim, complaint,
correspondence or other communication from a data subject or any other person claiming a right to compensation under the Data Protection
Legislation, or alleging any breach of the Data Protection Legislation,

 

13.4  There is no fact
or circumstance that may lead to any such notice, request, correspondence, communication, claim, complaint or enforcement action.

 

13.5  The Company and
each of the Subsidiaries has undertaken appropriate due diligence of any processors that it has appointed to process Personal Data
(Processors) and, in relation to any agreements with Processors, such agreements contain appropriate terms.

 

14.  ASSETS, DEBTS
AND STOCK  

 

14.1  None of the book
debts included in the Accounts, the Management Accounts or which have subsequently arisen have been outstanding for more than six
months from their due dates for payment, and all such debts have realised or will realise in the normal course of collection their
full value save as provided in the Accounts , the Management Accounts or in the books of the Company.

 

14.2  Neither the Company
nor any of the Subsidiaries has granted any security or Encumbrance over any part of its undertaking or assets.

 

    22

     

    

 

14.3  All assets used
by, and all debts due to, the Company or any of the Subsidiaries or which have otherwise been represented as being their property
or due to them or used or held for the purposes of their business are at the date of Completion its absolute property and none
is the subject of any Encumbrance (except in respect of liens arising in the normal course of trading) or the subject of any factoring
arrangement, hire-purchase, retention of title, conditional sale or credit sale agreement.

 

14.4  The present stock
and work-in-progress of the Company or each of the Subsidiaries is in good condition and is (or will be once completed) capable
of being sold profitably.

 

14.5  Each asset needed
for the proper conduct of the business of the Company or each of the Subsidiaries is in good repair and working order (fair wear
and tear excepted).

 

15.  CONTRACTS WITH
CONNECTED PERSONS  

 

15.1  There are no loans
made by the Company or any of Subsidiaries to any of their directors or shareholders and/or any person connected with any of them
and no debts or liabilities owing by the Company or any of the Subsidiaries to any of their directors or shareholders and/or any
person connected with them as aforesaid.

 

15.2  There are no existing
contracts or arrangements to which the Company or any of the Subsidiaries is a party and in which any of their directors or shareholders
(and/or any person connected with any of them) is interested except for the Framework Agreement.

 

16.  EMPLOYMENT ARRANGEMENTS  

 

16.1  There are no agreements
or other arrangements (binding or otherwise) or outstanding or anticipated claims or disputes between the Company or any of the
Subsidiaries and any trade union or other body representing all or any of the employees of the Company or Subsidiaries.

 

16.2  Neither the Company
nor any of the Subsidiaries owes any amount to, nor do they have any outstanding obligations in respect of, any of their present
or former directors, employees or shareholders other than remuneration accrued during the month in which this agreement has been
entered into.

 

16.3  No gratuitous payment
has been made or promised in connection with the actual or proposed termination or suspension of employment or variation of any
contract of employment of any present or former director or employee of the Company or any of the Subsidiaries.

 

16.4  There are no agreements
or arrangements (whether legally enforceable or not) for the payment of any pensions, allowances, lump sums or other similar benefits
on redundancy, retirement or on death or during periods of sickness or disablement for the benefit of any director or former director
or employee or former employee of the Company or any of the Subsidiaries or for the benefit of the dependants of any such person.

 

17. LABOR DISPUTES

 

17.1 There are no strikes, picketing,
business suspension, collective sabotage or other labor disputes currently or during the last five years between AICHE and/or AICHE
CM and their current or former employees. There is no labor tribunal, arbitration, conciliation, mediation of dispute resolution
or any other dispute resolution procedures, labor disputes, claims from employees or officers, claims from employees to point out
violations of labor laws or regulations or agreements, or requests to improve labor conditions, or any other claims between AICHE
and/or AICHE CM and their current or former officers or employees. All disputes or lawsuits in the past have been finally resolved,
claims and debts have been settled, and there is no reasonable possibility that disputes or lawsuits will occur or develop into
disputes or lawsuits.

 

17.2 In AICHE and AICHE CM, the
actual working hours for overtime, holidays and late at night are properly ascertained and calculated in accordance with the laws
and regulations, and wages (including extra wages and overtime) for such overtime are calculated and paid in a timely manner in
accordance with the laws and regulations.

 

    23

     

    

 

17.3 In AICHE and AICHE CM, there
is no discriminatory labor practices, sexual harassment, power harassment or other inappropriate labor supply, illegal dismissal,
abuse of the right to secondment or job rotation or any other violations of the labor laws or regulations. In AICHE and AICHE CM,
there is no notice or guidance from the authorities of the labor sector which request to take corrective measures and no case of
violations of the labor laws and regulations which can be subject to the notice or guidance from the authorities.

 

17.4 With respect to its employees
and officers, AICHE and AICHE CM have made payments, notifications, and other necessary measures in accordance with applicable
laws and regulations concerning social insurance, labor insurance, housing reserve funds and other pension required under the laws
and regulations and has made payments for pensions and accumulated pension premiums and other contributions in a lawful and timely
manner. Deductions from payments for officers and employees under social insurance, labor insurance, and other insurance and pensions
required under relevant laws and regulations have been appropriately made in accordance with laws and regulations, and no litigation
or other disputes have arisen with respect to the social insurance, labor insurance, other insurance required under the laws and
regulations, retirement pension or other pension required under the laws and regulations and there is no specific facts that could
reasonably be expected to arise. AICHE and AICHE CM have legally and timely filed, reported, and taken other measures in accordance
with the applicable laws and regulations concerning industrial accidents of its employees. There is no damage incurred by the employees
in connection with such industrial accidents that is outside the scope of coverage of the workmen’s accident compensation
insurance or that is within the scope of coverage and has not yet been paid. There is no lawsuits or investigations by the authorities
of the labor sector concerning the damage caused to employees in relation to industrial accidents, and there is no specific causes
or causes to be covered, and to the best of the its knowledge, there is no such possibility.

 

18.  STATUTORY AND
LEGAL REQUIREMENTS  

 

18.1  All statutory, municipal,
governmental, court and other requirements applicable to the carrying on of the business of the Company or any of the Subsidiaries,
the formation, continuance in existence, creation and issue of securities, management, property or operation of the Company or
any of the Subsidiaries have been complied with, and all permits, authorities, licences and consents have been obtained and all
conditions applicable to them complied with and, so far as the Warrantors are aware, there are no circumstances which might lead
to the suspension, alteration or cancellation of any such permits, authorities, licences or consents, nor is there any agreement
which materially restricts the fields within which the Company may carry on its business.

 

18.2  Neither the Company
nor any of the Subsidiaries has committed, and is liable for, any criminal, illegal, unlawful, ultra vires or unauthorised act
or breach of covenant, contract or statutory duty and, so far as the Warrantors are aware, no officer or senior manager of the
Company or any of the Subsidiaries has committed any crime other than minor traffic offences.

 

18.3  No person, not being
a director of the Company or any of the Subsidiaries, has any actual or ostensible authority, whether under a power of attorney,
agency agreement or otherwise, to commit the Company to any obligation other than an obligation of a nature which it is usual for
it to incur in the ordinary course of its business.

 

19.  RECORDS AND REGISTERS  

 

19.1  The records (including
computer records), statutory books, registers, minute books and books of account of the Company and each of the Subsidiaries are
duly entered up and maintained in accordance with all legal requirements applicable thereto and contain true, full and accurate
records of all matters required to be dealt with in them and all such books and all records and documents (including documents
of title) which are the Company’s and Subsidiaries’ property are in their possession or under their control.

 

19.2  The Warrantors are
not aware of any outstanding matter required to be entered in any of the records, statutory books, registers, minute books and
books of account of the Company or each of the Subsidiaries which has not been so entered at the date of this agreement.

 

    24

     

    

 

19.3  All accounts, documents
and returns required to be delivered or made to the public authorities for registration have been duly and correctly delivered
or made. There has been no notice of any proceedings to rectify the register of members of the Company or any of the Subsdiaries
and there are no circumstances which might lead to any application for rectification of the register of member.

 

19.4  Neither the Company
nor any of the Subsidiaries has made (or withdrawn) an election to keep information in its register of members, register of directors,
register of directors’ residential addresses or register of secretaries on the central register at the relevant authorities.

 

20.  GROUP STRUCTURE  

 

20.1  Other than the Subsidiaries,
the Company does not have any subsidiary companies, nor has it at any time been the holding company of any company or a member
of or the beneficial owner of any shares, securities or any interest in any company or other person.

 

20.2  No person has the
right (whether exercisable now or in the future and whether contingent or not) to call for the allotment, issue, sale, transfer
or conversion of any shares or loan capital of the Company under option or any other agreement (including conversion rights and
rights of pre-emption).

 

20.3  The Company is not,
in relation to any company (other than a Subsidiary), limited liability partnership.

 

21.  AGREEMENTS AND
CAPITAL COMMITMENTS  

 

21.1  The Company:

 

(a)  has no material capital
commitments;

 

(b)  is not a party to
any contract, arrangement or commitment (whether in respect of capital expenditure or otherwise) which is of an unusual, onerous
or long-term nature or which involves or could involve a material obligation or liability;

 

(c)  has not become bound,
and no person has become entitled (or with the giving of notice and/or the issue of a certificate and/or the passage of time or
otherwise may become entitled), to require it to repay any loan capital or other debenture, redeemable preference share capital,
borrowed money or grant made to it by any governmental or other authority or person prior to the stipulated due date;

 

(d)  is not a party to
any agreement which is (or may become) terminable as a result of the entry into or completion of this agreement;

 

(e)  is not bound by any
guarantee or contract of indemnity under which any liability or contingent liability is outstanding;(f)  has not
entered into any agreement which requires or may require, or confers any right to require, the sale (whether for cash or otherwise)
or the transfer by it of any asset;

 

(g)  is not a party to
any joint venture, consortium, partnership, unincorporated association or profit sharing arrangement or agreement;

 

(h)  is not a party to
or enjoys the benefit of any agreement requiring registration or notification under or by virtue of any statute; and

 

(i)  is not in default
of any agreement or arrangement to which it is a party.

 

21.2  The Company has
not been, and is not a party to, any contract or arrangements binding on it for the purchase or sale of property or the supply
of goods or services at a price different to that reasonably obtainable on an arm’s length basis.

 

22.  BORROWINGS AND
FACILITIES  

 

Full details of all limits on the Company’s
and each of the Subsidiaries’ bank overdraft facilities and all borrowings of the Company and each of the Subsidiaries have
been fully disclosed to the Investor and neither the Company nor any of the Subsidiaries is in breach of any of their terms and
none of such facilities or terms of borrowing will be terminated as a result of the entry into of this agreement.

 

    25

     

    

 

23.  INSOLVENCY  

 

23.1  No step has been
taken to initiate any process by or under which:

 

(a)  the ability of the
creditors of the Company or any of the Subsidiaries to take any action to enforce their debts is suspended, restricted or prevented;
or

 

(b)  some or all of the
creditors of the Company or of any of the Subsidiaries accept, by agreement or under a court order, an amount less than the sums
owing to them in satisfaction of those sums with a view to preventing the dissolution of the Company or any of the Subsidiaries;
or

 

(c)  a person is appointed
to manage the affairs, business and assets of the Company or any of the Subsidiaries on behalf of the Company’s or any of
the Subsidiaries’ creditors; or

 

(d)  the holder of a charge
over the Company’s assets or over any of the Subsidiaries’ assets is appointed to control the business and assets of
the Company or any of the Subsidiaries.

 

23.2  In relation to the
Company and each of the Subsidiaries:

 

(a)  no administrator
has been appointed;

 

(b)  no documents have
been filed with the court for the appointment of an administrator; and

 

(c)  no notice of an intention
to appoint an administrator has been given by the relevant company, its directors or by a qualifying floating charge holder.

 

23.3  No distress, execution
or other process has been levied on an asset of the Company or any of the Subsidiaries.

 

23.4 Neither the Company nor any
of the Subsidiaries has commenced bankruptcy proceedings, company reorganization proceedings, composition proceedings, other similar
legal insolvency proceedings or voluntary insolvency arrangements, and there is no fact that a third party has requested such filing
or commencement. Neither the Company nor any of the Subsidiaries intends to make any of these claims or proceedings, and there
is no possibility that they will be made by a third party.

 

24.  PERMITS AND LICENSES  

 

The Company and each of the Subsidiaries
have obtained and validly obtained all licenses and permits required to carry out their current business, and there are no violations
that lead to revocation, suspension, or other restrictions with respect to these licenses and permits.

 

25.  COMPLIANCE

 

25.1 The Company and each of the
Subsidiaries comply with applicable laws and regulations concerning their business activities, do not violate such laws and regulations,
and there is no specific risk that such laws or regulations will be violated. Neither the Company nor any of the Subsidiaries has
received judgments or notices from judicial or administrative agencies regarding violations of applicable laws and regulations,
and there is no specific risk of receiving judgments or notices from judicial or administrative agencies.

 

25.2 The Company, each of the Subsidiaries
and their officers have never been subject to any criminal penalties in connection with the business activities of the Company
and none of the Subsidiaries are likely to be subject to any criminal penalties in the future.

 

25.3 Neither the Company nor any
of the Subsidiaries is an anti-social force and engage in transactions, provide funds, provide conveniences, engage in management,
or have any other relations or exchanges with any anti-social forces.

 

25.4 The Company, each of the Subsidiaries
and their officers, agents and employees have complied with all applicable laws and regulations relating to bribery (including
commercial bribery) and anticorruption (including any foreign anti-bribery laws that may be applicable) and have not committed
any act (including illegal rebate transactions) that would be in violation of these laws during the last five years and have not
assumed any criminal, administrative or civil liability for such violation and there are no facts that could be the cause thereof.

 

    26

     

    

 

26. OBSOLETE INVENTORY

 

AICHE and AICHE CM do not, and is unlikely
to, hold any obsolete inventory for any reason in excess of the scope that may arise from its ordinary business activities.

 

27. INSURANCE

 

AICHE and AICHE CM are insured with the
necessary insurance for its business activities, including plant fire insurance, or with other insurances generally taken up by
the companies in the same industry, and with insurance required by applicable laws and regulations.

 

28. MATERIAL AGREEMENT

 

Any and all agreements that are material
to the conduct of AICHE’s and AICHE CM’s business (irrespective of the type and content thereof, Material Agreement)
has been duly and validly executed and continue in full force and effect, and neither AICHE, AICHE CM nor the other party of the
Material Agreement are in violation any of their obligations under this Material Agreement and there is any specific threat that
such obligations will be breached. No assertion of invalidity or rescission of this Material Agreement has been made by the other
party of the Agreement or any other third party, and no notice of termination, cancellation, rescission, refusal to renew, or other
termination has been given, and no grounds for default have arisen, and no such grounds are likely to arise.

 

29. NO ACCRUED OBLIGATIONS

 

The Company and each of the Subsidiaries
have already paid their debts as they become due, regardless of their causes, amount, or otherwise, and there are no outstanding
debts as they become due.

 

30. INTERNAL PROCEDURES

 

The execution of this agreement by the
Company and each of the Subsidiaries, the performance of their obligations under this agreement, and the execution of the issue
and allotment of the Subscription Shares set out in Clause 2 have been approved by internal organizations required by the
laws and regulations and their internal rules, and all procedures required by laws and regulations or their internal rules for
the effective and lawful performance of these acts have been legally and effectively followed.

 

31. NO CHANGES IN NET ASSETS

 

By the Completion Date, there has been
no change in net assets items of AICHE and AICHE CM and no change in assets, each beyond the normal scope of business.

 

32. COMPLETENESS, TRUTH, AND ACCURACY
OF DISCLOSED MATERIALS

 

All information on the Company’s
and each of the Subsidiaries’ financial status, business performance, any events that may affect or threaten to affect their
business conditions has been disclosed or provided to the Investor. All materials and information disclosed or provided to the
Investor or its advisors, whether written or oral, is true and correct.

 

    27

     

    

 

SCHEDULE 5

 

PROHIBITED ACTS AND PROMISES

 

1.  Subscribe or otherwise
acquire, or dispose of, any shares in the capital of any other company.

 

2.  Acquire or dispose
of the whole or part of the undertaking of any other person.

 

3.  Dispose of the whole
or part of the Company’s or any of the Subsidiaries’ undertaking.

 

4.  Merge any of the Company,
any of the Subsidiaries or any part of their business with any other person or propose to do so.

 

5.  Form, enter into,
terminate or withdraw from any partnership, consortium, joint venture or any other incorporated association.

 

6.  Allow the Company
or any of the Subsidiaries to cease or propose to cease to carry on any part of their businesses except for the retail business
of the two physical outlets operated by AICHE CM.

 

7.  Recommend, declare
or pay any dividend, or make any distribution of a capital nature.

 

8.  Capitalise any reserves,
apply any amount for the time being standing to the credit of the share premium account or capital redemption reserve of the Company
or any of the Subsidiaries or reduce any uncalled liability in respect of partly paid shares in the capital of the Company or any
of the Subsidiaries for any purpose.

 

9.  (i) Incur any indebtedness
or borrowings or (ii) make a loan in excess of RMB 6 million.

 

10.  Enter into any negotiations,
or reach any agreement, concerning a sale or Listing which values the Company or any of Subsidiaries at less than RMB 400 million.

 

11.  Amend or waive any
provision of the articles of incorporation of the Company or any of the Subsidiaries or other important internal rules. (Excluding
amendments to the articles of incorporation necessary for (i) the share transfers prescribed in Clause 7 Paragraph 1 of the Framework
Agreement: the transfer of AICHE’s shares from the Investor to HK Co and the transfer of the Company’s shares from
OCEAN WAVE HOLDING LIMITED to the Investor and (ii) the share subscription set forth in Clause 2.1, and (iii) the closure
of the retail business of the two physical outlets operated by AICHE CM)

 

12.  Make any increase
or reduction or alteration whatsoever (including by way of redemption, purchase, subdivision, consolidation, redenomination or
redesignation) of the Company’s or any of the Subsidiaries’ share capital.

 

13.  Grant any option,
warrant or other right to subscribe or convert any securities into shares, or require the allotment or issue of any such shares
or securities whether conditional or otherwise.

 

14.  Sell, transfer or
otherwise dispose of any shares for the time being held in treasury.

 

15.  Vary the rights attaching
to any class of shares.

 

16.  Take any step to
wind up the Company or any of the Subsidiaries.

 

17.  Take any step to
place the Company or any of the Subsidiaries into administration.

 

18.  Propose or enter
into any arrangement, scheme, moratorium, compromise or composition with its creditors.

 

    28

     

    

 

19.  Apply for an interim
order or to invite the appointment of a receiver or administrative receiver over all or any part of the Company’s or any
of the Subsidiaries’ assets or undertaking.

 

20.  Approve any merger,
liquidation, dissolution or acquisition of the Company or any of Subsidiaries.

 

21.  Make any change to
directors, auditors or any other executives.

 

22.  Change its accounting
reference date.

 

23. Conduct any type of organizational
restructuring of the Company or any of the Subsidiaries.

 

24. Make an investment to or an
acquisition of any other companies.

 

25. Change remuneration for directors
and payment of bonuses and retirement bonuses to directors.

 

26. Execute, cancel or terminate
any material agreements with an annual payment of RMB 6 million or more.

 

27. (i) Enter into a new business
or (ii) make a material change, suspension or withdrawal of existing business.

 

28. Make an assignment, licensing,
waiver, Encumbrance and any other disposition relating to Intellectual Property.

 

29.  Offer or grant any
registration rights to any future shareholder in the Company or any of Subsidiaries without offering substantially similar rights
to the Investor.

 

30.  Incur any capital
expenditure on any one item, or series of related items, in excess of RMB 7 million and, in respect of any period of 12 consecutive
months in excess of RMB 14 million.

 

31.  Dispose or acquire
any asset of a capital nature having a book or market value greater than RMB 5 million other than on arm’s length terms.

 

32.  Engage any employee
or consultant, or vary the terms of any person so engaged with the Company or any of Subsidiaries so that:

 

32.1  more than three
months’ notice is required to terminate the contract; or

 

32.2  the emoluments and/or
commissions or bonuses are or are likely to be more than RMB 6 million per annum.

 

33.  Make any change to:

 

33.1  its bankers or the
terms of the mandate given to such bankers in relation to its account(s);

 

33.2  its accounting policies,
bases or methods from those set out in the Accounts and the accountants’ report (other than as recommended by the auditors
of the Company or any of Subsidiaries).

 

34.  Make any material
amendment to the Business Plan.

 

35.  Enter into any contract
or arrangement that is not on an arm’s length basis.

 

36. Make an adverse effect in the
company’s operations, assets or financial status, business performance or future earnings plans under a reasonable assumption.

 

	 	END OF DOCUMENT	 

 

 

29Exhibit
10.5

 

Shareholders’
Agreement

 

This
agreement is dated September 2, 2019

 

PARTIES

 

(1)
Autobacs Seven Co., Ltd. (AB7; Part 1 of Schedule 1).

 

(2)
Mr. Jiang Haitao (Mr. Jiang) and Ms. Zhong Lianhua (Ms. Zhong) (collectively Founders; Part 2 of
Schedule 1).

 

(3)
OCEAN WAVE HOLDING LIMITED (BVI-1) and LOTUS RAY HOLDING LIMITED(BVI-2) (Part 3 of Schedule 1).

 

(4)
Car House Holding Co., Ltd. incorporated and registered in British Virgin Islands with company number 2001378 whose registered
office is at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands (Company;
Part 1 of Schedule 2).

 

(5)
Car House Group Limited incorporated and registered in Hong Kong with company number 2780456 whose registered office is at
Room 1106, Cheuk Nang Centre, 9 Hillwood Road, Tsim Sha Tsui, Kowloon, Hong Kong (HK Co; Part 2 of Schedule 2).

 

(6)
Guangdong Car House Electronic Commerce Technology Co., Ltd. incorporated and registered in China with registration number
91441900764929776P whose registered office is at Building 3, No. 16, Science and Technology 4 Road, Songshanhu High-tech Industrial
Development Zone, Dongguan City, GUANGDONG CHINA (AICHE; Part 2 of Schedule 2).

 

BACKGROUND

 

(A) 
The Company is a private company limited by shares, the brief particulars of which are set out in Part 1 of Schedule
2.

 

(B) 
As of the date of this agreement, the total number of shares issued by the Company is 50,000 shares; BVI-1 holds 48,000 shares
and BVI-2 holds 2,000 shares. All shares of the Company are validly issued. The shares issued by the Company are ordinary shares
only, and the Company does not issue shares other than ordinary shares. After the transfer of the Company’s shares from
BVI-1 to AB7 pursuant to the Share Purchase Agreement, BVI-1 will hold 43,000 shares, BVI-2 will hold 2,000 shares and AB7 will
hold 5,000 shares. After the completion of the subscription for new shares in the Company by AB7 pursuant to the Investment Agreement,
BVI-1 will hold 43,000 shares, BVI-2 will hold 2,000 shares and AB7 will hold 11,250 shares.

 

(C)
The Company is the legal and beneficial owner of HK Co. All of the shares of HK Co are one hundred (100) % owned and comprise
the entire issued share capital of HK Co. As of the date of this agreement, HK Co and AB7 are the legal and beneficial owners
of the equity interests in AICHE. Ninety (90) % of the equity interests in AICHE are owned and fully paid by HK Co and the remaining
ten (10) % of the equity interests in AICHE are owned and fully paid by AB7. After the transfer of AICHE’s shares between
AB7 and HK Co pursuant to the Share Purchase Agreement, HK Co will hold all of the equity interests in AICHE.

 

(D)
The Company and each of its Subsidiaries will carry on business on the terms and conditions of this agreement.

 

(E) 
AB7, BVI-1, BVI-2 and the Founders will exercise their rights in relation to the Company and its Subsidiaries in accordance with
the terms and conditions of this agreement.

 

    1

     

    

 

AGREED
TERMS

 

1. 
INTERPRETATION 

 

1.1 
The following definitions and rules of interpretation apply in this agreement.

 

AB7’s
Option Period: has the meaning given in Clause 11.1.5.

 

AB7
Director: any director appointed to the Board by AB7.

 

BVI-1
Director: any director appointed to the Board by BVI-1.

 

Board:
the board of directors of the Company as constituted from time to time.

 

Business:
has the meaning given in Clause 2.

 

Business
Day: a day (other than a Saturday or Sunday) when banks in British Virgin Islands and China are open for business.

 

Business
Plan: has the meaning given in Clause 8.

 

BVI-1’s
Option Period: has the meaning given in Clause 11.2.3.

 

Competitive
Business: has the meaning given in Clause 7.1.

 

Compensation:
has the meaning given in Clause 15.1.

 

Confidential
Information: has the meaning given in Clause 17.

 

Control:
in relation to a body corporate, means the power of a person to secure that the affairs of the body corporate are conducted
in accordance with the wishes of that person:

 

		a.	by
                                         means of the holding of shares, or the possession of voting power, in or in relation
                                         to that or any other body corporate; or

 

		b.	by
                                         virtue of any powers conferred by the constitutional or corporate documents, or any other
                                         document, regulating that or any other body corporate.

 

Damages:
has the meaning given in Clause 15.1.

 

Effective
Date: has the meaning given in Clause 22.1.

 

Eligible
Director: any Eligible AB7 Director or Eligible BVI-1 Director (as the case may be).

 

Eligible
AB7 Director: an AB7 Director who would be entitled to vote on a matter at a meeting of the Board (but excluding any AB7 Director
whose vote is not to be counted in respect of the particular matter).

 

Eligible
BVI-1 Director: a BVI-1 Director who would be entitled to vote on the matter at a meeting of the Board (but excluding any
BVI-1 Director whose vote is not to be counted in respect of the particular matter).

 

Encumbrance:
any interest or equity of any person (including any right to acquire, option or right of pre-emption) or any mortgage, charge,
pledge, lien, assignment, hypothecation, security interest, title retention or any other security agreement or arrangement.

 

    2

     

    

 

Financial
Year: in relation to the Company, means its financial accounting period of twelve (12) months ending on the date of June 30
each year; in relation to the Subsidiaries of the Company, means its financial accounting period of twelve (12) months ending
on the date of December 31 each year.

 

Framework
Agreement: the agreement entitled “Beiwanglu” executed between AICHE, Mr. Jiang, Ms. Zhong, and AB7 dated April
1, 2019.

 

Group:
in relation to a company (wherever incorporated), that company, any company of which it is a Subsidiary (its holding company)
and any other Subsidiaries of any such holding company; and each company in a Group is a member of the Group.

Unless
the context otherwise requires, the application of the definition of Group to any company at any time shall apply to the company
as it is at that time.

 

Intellectual
Property: patents, rights to inventions, utility models, copyright, trade marks, service marks, trade, business and domain
names, rights in trade dress or get-up, rights in goodwill or to sue for passing off, unfair competition rights, rights in designs,
rights in computer software, database rights, topography rights, moral rights, rights in confidential information (including know-how
and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all
applications for and renewals or extensions of such rights, and all similar or equivalent rights or forms of protection in any
part of the world.

 

Investment
Agreement: the Investment Agreement dated September 2 , 2019 entered into by the Company, AB7, AICHE, and Mr. Jiang.

 

Indemnification
Creditor: has the meaning given in Clause 15.4.

 

Indemnification
Obligator: has the meaning given in Clause 15.4.

 

Non-capital-relationship
Related Companies: has the meaning given in Clause 9.1.

 

Notice
of AB7: has the meaning given in Clause 11.1.6.

 

Notice
of BVI-1: has the meaning given in Clause 11.2.3.

 

Notice
of Claims: has the meaning given in Clause 15.4.

 

Objection
Notices: has the meaning given in Clause 15.4.

 

Original Shareholders Agreement:
the Shareholders Agreement dated September 5, 2017 entered into by the Founders, AB7, and AICHE relating to AICHE.

 

Potential
Purchaser: has the meaning given in Clause 12.1.

 

Potential
Seller: has the meaning given in Clause 12.1.

 

Reserved
Matters: the matters listed in Schedule 3.

 

Right
of First Refusal of AB7: has the meaning given in Clause 11.1.3.

 

Right
of First Refusal of BVI-1: has the meaning given in Clause 11.2.2.

 

Right
of Preferential Sale of AB7: has the meaning given in Clause 11.1.4.

 

Right
of Compulsory Sale: has the meaning given in Clause 13.1.

 

Right
of Particular Compulsory Sale: has the meaning given in Clause 13.2.

 

    3

     

    

 

Shareholders:
the holders of shares in the Company.

 

Share
Purchase Agreement: the share purchase agreement for the transfer of the Company’s shares executed between
AB7, ☐ BVI-1, BVI-2 and HK Co dated September 2, 2019.

 

Subsidiary:
in relation to a company wherever incorporated (the holding company), any other company in which the holding company (or a
person acting on its behalf) directly or indirectly holds or controls either:

 

		a.	a
                                         majority of the voting rights exercisable at general meetings of the company; or

 

		b.	the
                                         right to appoint or remove directors having a majority of the voting rights exercisable
                                         at meetings of the board of directors of the company,

 

and
any company which is a Subsidiary of another company is also a Subsidiary of that company’s holding company.

 

Unless
the context otherwise requires, the application of the definition of Subsidiary to any company at any time shall apply to that
company as it is at that time.

 

Subject
Shares: has the meaning given in Clause 11.2.2.

 

Transfer
etc. of Shares: has the meaning given in Clause 11.1.1.

 

Transfer
Notice of AB7: has the meaning given in Clause 11.2.1.

 

Transfer
Notice of BVI-1, etc.: has the meaning given in Clause 11.1.2.

 

Listing:
the successful application and admission of all or any of the shares in the capital of the Company, or securities representing
such shares (including American depositary receipts, American depositary shares and/or other instruments) to the Nasdaq National
Stock Market of the Nasdaq Stock Market Inc.

 

1.2
Clause, Schedule and paragraph headings do not affect the interpretation of this agreement.

 

1.3
References to clauses and Schedules are to clauses of and Schedules to this agreement and references to paragraphs are to
paragraphs of the relevant Schedule.

 

1.4
The Schedules form part of this agreement and shall have effect as if set out in full in the body of this agreement. Any reference
to this agreement includes the Schedules.

 

1.5
A reference to this agreement or to any other agreement or document referred to in this agreement is a reference
to this agreement or such other agreement or document as varied or novated in accordance with its terms from time to time.

 

1.6
Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the
singular.

 

1.7
Unless the context otherwise requires, a reference to one (1) gender shall include a reference to the other genders.

 

1.8
A person includes a natural person, corporate or unincorporated body (whether or not having separate legal personality).

 

1.9
Unless expressly provided otherwise in this agreement, a reference to writing or written excludes fax and e-mail.

 

    4

     

    

 

1.10
Any words following the terms including, include, in particular, for example or any similar expression
shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding
those terms.

 

1.11
Where the context permits, other and otherwise are illustrative and shall not limit the sense of the words preceding
them.

 

1.12
References to a document in agreed form are to that document in the form agreed by the parties and initialed by them
or on their behalf for identification.

 

1.13
A reference to a law is a reference to it as amended, extended or re-enacted from time to time, provided that, as between
the parties, no such amendment, extension or re-enactment made after the date of this agreement shall apply for the purposes of
this agreement to the extent that it would impose any new or extended obligation, liability or restriction on, or otherwise adversely
affect the rights of, any party.

 

1.14
A reference to a law shall include all subordinate legislation made from time to time under that law.

 

1.15
Any reference to an English legal term for any action, remedy, method of judicial proceeding, legal document, legal status,
court, official or any legal concept or thing shall be deemed to include a reference to that which most nearly approximates to
the English legal term in that jurisdiction.

 

1.16
Any obligation on a person not to do something includes an obligation not to allow that thing to be done.

 

1.17
References to times of the day are, unless the context requires otherwise, to British Virgin Islands time and references to
a day are to a period of twenty-four (24) hours running from midnight on the previous day.

 

2.
BUSINESS OF THE COMPANY

 

2.1
The following is the Business of the Company and its Subsidiaries (Business):

 

(a)
online sales of auto maintenance products, auto interior accessories, auto parts, and auto electronic products;

 

(b)
engagement in the development of network technology and information technology;

 

(c)
sales of auto accessories via mobile Internet;

 

(d)
research and development, manufacture, processing and sales of auto perfumes, aromatherapy products for household, shampoos,
body washes, hair conditioners, toothpastes, soaps, flavour enhancers, body perfumes, essential oils, air purifiers, aromatherapy
machines, humidifiers, air fresheners, dehumidifiers, mosquito repellents and insecticidal products, cleaning products, everyday
chemical products, daily necessities, plastic products, mobile phone accessories and crafts (excluding ivory and its products);

 

(e)
sales of canned lubricating oils, electronic cigarettes (excluding tobacco and tobacco products), explosion-proof membranes,
invisible car covers, and energy saving and emission reduction accessories for automobile engines;

(f)
equity investment, venture capital investment, enterprise marketing planning, advertising agency and advertisement release,
enterprise management consulting, and copyright services; and

(g)
import and export of goods.

 

2.2
Each party shall use its reasonable endeavours to promote and develop the Business to the best advantage of the Company and
each of its Subsidiaries.

 

3.
MATTERS REQUIRING CONSENT OF SHAREHOLDERSAND SHAREHOLDERS MEETING

 

3.1
Each party shall procure that the Company and each of its Subsidiaries shall not, without the prior written approval of BVI-1,
BVI-2, and AB7, carry out any of the Reserved Matters which are set out in Schedule 3.

 

    5

     

    

 

3.2
The parties shall ensure that at least twenty (20) Business Days’ notice of a meeting of Shareholders which specifies
the date, time and place of the meeting is given to Shareholders accompanied by:

 

(a)
an agenda specifying in reasonable detail the proposals and any other matters to be raised at the meeting; and

 

(b)
copies of any papers to be discussed at the meeting.

 

3.3
The meeting minutes of the meeting of Shareholders and all notices and materials provided under Clause 3.2 shall be
in English.

 

3.4
Upon the written request of Shareholders entitled to exercise ten (10) % or more of the votes of the outstanding voting shares
in the Company, the directors of the Company shall convene a meeting of Shareholders.

 

4.
DIRECTORS AND MANAGEMENT 

 

4.1
The Board has responsibility for the supervision and management of the Company and its Business, subject to Clause 3.

 

4.2
The term of directors of the Company shall be three (3) years. There shall be seven (7) directors on the Board made up of
four (4) independent directors and three (3) non-independent directors. One (1) of the seven (7) directors shall be AB7 Director.
After the completion of the subscription for new shares in the Company by AB7 pursuant to the Investment Agreement, and in case
there are seven (7) or more non-independent directors on the Board, AB7 shall have the right to appoint up to two (2) AB7 Directors
in total. Notwithstanding the foregoing, at its discretion AB7 may decide to appoint only one (1) AB7 Director or not to appoint
any person as director of the Company, and under such circumstances BVI-1 shall appoint the corresponding number of director(s)
as BVI-1 Directors.

 

4.3
The chairman of the Board shall not have a casting vote. The remuneration package of the directors and supervisors (if any)
of the Company and each of its Subsidiaries shall be proposed by Mr. Jiang and approved by BVI-1, BVI-2, and AB7 in writing pursuant
to Clause 3.1.

 

4.4
AB7 shall have the right to appoint two (2) representatives to attend as observers at each and any meeting of the Board and
at each and any meeting of any committee of the directors. The observer shall be entitled to receive notice of, and attend and
speak at, all meetings of directors and meetings of any committee of the directors and to receive copies of all board papers as
if a director, but shall not be entitled to vote on any resolutions proposed. Notwithstanding the forgoing, each director of the
Company shall respect the opinions of the observers. All expenses (including travel and accommodation) required for the observers
to attend any meeting of the Board and any meeting of any committee of the directors shall be borne by AB7.

 

4.5
A party may appoint a director, and remove a director whom it appointed, by giving notice in writing to the Company and the
Board. The appointment or removal takes effect on the date on which the notice is received by the Company or, if a later date
is given in the notice, on that date. No party shall be entitled to remove a director appointed by the other party.

 

4.6
The parties intend there to be a meeting of directors at least once a quarter to be held. Any and all expenses (including
travel and accommodation) required for a director to attend any meeting of the Board and any meeting of any committee of the directors
shall be borne by the party appointing such director.

 

4.7
The parties shall ensure that at least twenty (20) Business Days’ notice of a meeting of directors which specifies the
date, time and place of the meeting is given to all directors and any board observers appointed by AB7 entitled to receive notice
accompanied by:

 

(a)
an agenda specifying in reasonable detail the proposals and any other matters to be raised at the meeting or the committee
meeting; and

 

(b)
copies of any papers to be discussed at the meeting or the committee meeting.

 

    6

     

    

 

4.8
A director may call a meeting of directors by sending written notice to all the other directors. Under such circumstance,
the parties shall ensure that at least fourteen (14) Business Days’ notice of a meeting of directors which specifies the
date, time and place of the meeting is given to all directors and any board observers appointed by AB7 entitled to receive notice
accompanied by the materials specified under Clause 4.7.

 

4.9
The meeting minutes of the meeting of the directors and all notices and materials provided under Clause 4.7 and Clause
4.8 shall be in English.

 

4.10
A shorter period of notice of a meeting of directors may be given if at least one (1) AB7 Director and one (1) BVI-1 Director
agree in writing.

 

4.11
The party removing a director appointed by it shall indemnify and keep indemnified the Company against any claim connected
with the director’s removal from office.

 

4.12
Matters not on the agenda, or business conducted in relation to those matters, may not be raised at a meeting of directors
unless all the directors present at the meeting agree in writing.

 

4.13
In the event that at least one (1) AB7 Director is on the Board, the quorum at any meeting of directors (including adjourned
meetings) is one (1) Eligible AB7 Director (or alternate) and one (1) Eligible BVI-1Director (or alternate). No business shall
be conducted at any meeting of directors unless a quorum is present at the beginning of the meeting and at the time when there
is to be voting on any business.

 

4.14
If a quorum is not present within thirty (30) minutes of the time specified for a directors’ meeting in the notice of
the meeting then it will be adjourned for five (5) Business Days at the same time and place.

 

4.15
A meeting of directors shall be adjourned to another time or date at the request of any director of the Company present at
the meeting. No business may be conducted at a meeting after such a request has been made. No more than one (1) such adjournment
may be made in respect of a meeting.

 

4.16
Each party shall procure that the Company and each of its Subsidiaries shall not, without a Majority Board Resolution, carry
out any of the matters which are set out in Schedule 4. For purpose of this agreement, the term “Majority Board Resolution”
means, a resolution passed at a duly convened board meeting of the Company by majority vote of all the directors of the Company
which should include at least one (1) vote of AB Director.

 

4.17
While operating the Company and each of its Subsidiaries, Mr. Jiang and the Company shall consult with AB7 or AB7 Directors
prior to carrying out any of the matters which are set out in Schedule 5.

 

4.18
The parties shall procure that any resolutions or decisions of board of directors or any other internal organs of the Company
or each of its Subsidiaries shall be made in compliance with the resolutions of the Board of the Company and the decisions made
by BVI-1, BVI-2, and AB7 pursuant to Clause 3.1, and any resolutions or decisions made in breach thereof shall be deemed
null and void.

 

4.19
The parties shall procure that BVI-1, BVI-2 and AB7 have the right to appoint directors of each of the Subsidiaries of the
Company. The number of directors appointed by them shall be allocated in accordance with each investment ratio in the Company.

 

4.20
An action that may be taken by the directors or a committee of directors of the Company or any of its Subsidiaries at a meeting
may also be taken by a resolution of directors or a resolution of a committee of directors consented to in writing or by telex,
telegram, cable or other written electronic communication by all of the directors or by all members of the committee of directors
of the Company or any of its Subsidiaries, as the case may be, without the need for any notice.

 

    7

     

    

 

5.
FINANCING FOR THE COMPANY

 

5.1
The Company may issue shares to the parties or any other third party only upon a prior written approval of BVI-1, BVI-2 and
AB7 is obtained pursuant to Clause 3.1.

 

5.2
In the event that the shares in the Company would be issued pursuant to Clause 5.1, Mr. Jiang and the Company shall
consult with AB7 on the subscriber, number of shares, price per share, and other major terms and conditions of the issuance of
such shares.

 

5.3
In the event that the shares in the Company are to be issued pursuant to Clause 5.1, AB7 shall have the pre-emptive
right to subscribe for such new shares in accordance with its percentage shareholdings in the Company. The time limit for exercising
such right shall not exceed three (3) months from the day following the date of receipt of the issuance notice.

 

6.
DUTIES OF MR. JIANG

 

6.1
Mr. Jiang shall be the director and chairman of the board of the directors of the Company and each of its Subsidiaries. As
a director and the chairman of the Company and each of its Subsidiaries, Mr. Jiang shall diligently and faithfully perform his
duties in compliance with the fiduciary duty of loyalty to the Company and each of its Subsidiaries.

 

6.2
Mr. Jiang shall not, without the prior written consent of AB7, resign from the director or the chairman of the Company or
any of its Subsidiaries or refuse to be reappointed as a director or chairman of the Company or any of its Subsidiaries.

 

6.3
Mr. Jiang shall procure and ensure that the Company and each of its Subsidiaries shall at all times maintain their operation
in compliance with this agreement and all the resolutions of the Board and the written approvals of Shareholders duly made.

 

7.
RESTRICTIONS ON MR. JIANG

 

7.1
Mr. Jiang shall fully devote himself to his duties at the Company or its Subsidiaries, and shall not carry on or be engaged
or interested in any business which directly or indirectly competes or is likely to compete with any part of the Business (Competitive
Business) and shall not hold the office of director, supervisor, etc. of, or offer employment to, the company that performs
such Competitive Business. Mr. Jiang shall not carry on or be engaged or interested in the Competitive Business through Ms. Zhong,
other relatives of Mr. Jiang, any company Controlled by Mr. Jiang, or any other person or company that has close relationship
with Mr. Jiang.

 

7.2
Neither Mr. Jiang nor any company Controlled by him shall, in the same area of business in which the Company or any of its
Subsidiaries operates, deal with or seek the custom of any person that is, or was within the previous twelve (12) months, a client
or customer of the Company or any of its Subsidiaries.

 

7.3
Neither Mr. Jiang nor any company Controlled by him shall enter into a contract for the services of, or attempt to solicit
or seek to entice away from, the Company any individual who is, at the time of the offer or attempt a director, officer or employee
holding an executive or managerial position with the Company or any of its Subsidiaries, or procure or facilitate the making of
any such offer or attempt by any other person.

 

    8

     

    

 

7.4
Neither Mr. Jiang nor any company Controlled by him shall, solicit or endeavour to entice away from the Company or any of
its Subsidiaries any supplier who supplies, or has supplied within the previous twelve (12) months, goods AND/OR services to the
Company or any of its Subsidiaries if that solicitation or enticement causes or would cause such supplier to cease supplying,
or materially reduce its supply of, those goods AND/OR services to the Company or any of its Subsidiaries.

 

7.5
The undertakings in Clause 7 are given by Mr. Jiang to the others and to the Company and apply to actions carried out
by Mr. Jiang (or any company Controlled by him) in any capacity and whether directly or indirectly, on Mr. Jiang’s (or his
Controlling company’s) own behalf, on behalf of any other person or jointly with any other person.

 

7.6
Mr. Jiang shall, to the extent that he is able to do so, exercise all voting rights and other powers in relation to any company
Controlled by him to procure that such companies comply with the terms of Clause 7.

 

8.
BUSINESS PLAN 

 

8.1
The Business Plan is an annual business plan for the Company and each of its Subsidiaries prepared by the Board and
it shall include in relation to the Financial Year to which it relates:

 

(a)
a monthly projected profit and loss account;

 

(b)
an operating budget (including capital expenditure requirements) and balance sheet forecast; and

 

(c)
a management report giving business objectives for the Financial Year.

 

8.2
The Business Plan for every Financial Year shall be:

 

(a)
prepared by the Board at least by the end of the preceding Financial Year; and

 

(b)
approved by the Majority Board Resolution as soon as possible after it has been prepared.

 

9.
OTHER MATTERS REGARDING THE MANAGEMENT OF THE COMPANY AND ITS SUBSIDIRIES

 

9.1
Mr. Jiang and the Company shall procure that the Company and each of its Subsidiaries shall at all times:

(a)
maintain accurate and complete book and any other accounting and financial records/statements in accordance with the requirements
of all applicable laws and generally accepted accounting principles applicable in the U.S., China and other jurisdictions, as
applicable, and in no event make two (2) versions of the same kind of records/statements; and only the financial information of
the Company and any subsidiary that has capital relationship with it shall be included in the book and any other accounting and
financial records/statements and in no event the financial information of any related company that does not have capital relationship
with the Company (including but not limited to any company, other legal person, or entity that is run by Mr. Jiang, Ms. Zhong,
or director, supervisor or employee of the Company or any of the Subsidiaries, which has/had transactions with the Company or
any of its Subsidiaries) (Non-capital-relationship Related Companies) shall not be included in such book and any other
accounting and financial records/statements.

 

(b)
properly issue and acquire the receipts (“fapiao”) for all purchases, sales and any other transaction in accordance
with the applicable laws and regulations.

 

(c)
manage all its funds through the correct bank accounts in the name of the Company or any of its Subsidiaries.

 

(d)
ensure the consideration, terms and conditions are reasonable according to the commercial customs when conducting transactions
with Non-capital-relationship Related Companies (arm’s-length transactions) and enter into contracts including such reasonable
consideration, terms and conditions.

 

(e)
ensure the consideration, terms and conditions are reasonable and fair compared to those of any transaction with a third party
(arm’s-length transactions), when conducting transactions with any director, supervisor, shareholder, employee of the Company
or any of its Subsidiaries, any relative of such person, or any company that such person directly or indirectly invests in, holds
the office of director or supervisor of, or offer employment to.

 

(f)
comply with any applicable laws and regulations, memorandum or articles of associations, and internal rules.

 

(g)
never give or accept illegal kickbacks and comply with any applicable laws and regulations relating to anti-bribery (including
commercial bribery) and anti-corruption (including but not limited to Anti-Unfair Competition Law, Interim Provisions on Banning
Commercial Bribery, and FCPA, UKBA or any other applicable foreign anti-bribery and anti-corruption laws).

 

    9

     

    

 

(h)
never enter into a business relationship with any anti-social forces and immediately sever such relationship if inadvertently
entered into one.

 

(i)
promptly submit to AB7: (i) a copy of the monthly trial balance sheet by the end of the following next month; (ii) the copies
of the monthly financial statement, annual financial statement (including the audit report, balance sheet, profit and loss statement,
cash flow statement, notes to financial statement (explanatory notes) and other financial documents required by applicable laws),
and the tax returns as soon as possible after such documents have been prepared.

 

(j)
comply with all laws and regulations relating to the Intellectual Property owned or used by it, properly manage such Intellectual
Property .

 

9.2
In the event that any of the following events occurs or may occur, Mr. Jiang and the Company shall promptly give written notice
to AB7:

 

(a)
any of the matters set forth in Clause 14.2;

 

(b)
instituting, settling or compromising any lawsuit, arbitration, meditation, or other dispute resolution proceedings or instituting
any judicial or administrative procedures, involving the Company or any of its Subsidiaries;

 

(c)
having a proposal in relation to amalgamation, merger, acquisition, business transfer or undertaking, division, or other company
reorganization or capital corporation involving the Company of any of its Subsidiaries; and

 

(d)
any administrative guidance or investigation by any competent authority involving the Company or any of its Subsidiaries.

 

9.3
Mr. Jiang and the Company shall, upon AB7’s request, allow AB7 and/or its authorised representatives to access, read
and reproduce the books, records, contracts, meeting minutes, materials, computer files of the Company or any of its Subsidiaries,
and to access and examine the offices, facilities and properties of the Company or any of its Subsidiaries, without any restriction.

 

10.
DIVIDEND POLICY

 

10.1
To the extent permitted by any applicable law, and unless the parties agree otherwise in relation to any particular Financial
Year, Mr. Jiang and the Company shall procure that AICHE shall distribute by way of dividend of less than thirty (30)% of the
after-tax net profit of AICHE in relation to each Financial Year to the Company through HK Co, and the Company shall distribute
such profit by way of dividend to each Shareholder in proportion to the number of shares held.

 

10.2
A distribution under Clause 10 in relation to any Financial Year shall be made within six (6) months of the day to
which the audited accounts of distributing company (AICHE, HK Co, or the Company, as the case may be) for that Financial Year
are prepared.

 

11.
TRANSFER OF SHARES 

 

11.1
Transfer by BVI-1, etc.

 

11.1.1
BVI-1(or Mr. Jiang) or BVI-2 (or Ms. Zhong) may not create any Encumbrance over, transfer or otherwise dispose of its shares
in the Company (or BVI-1 orBVI-2, as the case may be) (Transfer etc. of Shares) except:

 

(a)
if AB7 gives prior written consent to such proposed Transfer etc. of Shares,

 

(b)
when any share in the BVI-2 held by Ms. Zhong is to be transferred to Mr. Jiang or BVI-1.

 

    10

     

    

 

11.1.2
In the event that BVI-1(or Mr. Jiang) or BVI-2 (or Ms. Zhong) desires to carry out the Transfer etc. of Shares in accordance
with the preceding clause, BVI-1(or Mr. Jiang) or BVI-2 (or Ms. Zhong) shall give prior written notice (Transfer Notice of
BVI-1, etc.) to AB7 (as the case may be) giving details of the proposed Transfer etc. of Shares including:

 

(a)
the name of the other party to the proposed Transfer etc. of Shares;

 

(b)
the number of shares subject to the proposed Transfer etc. of Shares;

 

(c)
the price per share being offered;

 

(d)
which subsection of the preceding clause that the proposed Transfer etc. of Shares would satisfy; and

 

(e)
any other major terms and conditions.

 

11.1.3
In the event that BVI-1(or Mr. Jiang) or BVI-2 (or Ms. Zhong) desires to carry out the Transfer etc. of Shares in accordance
with the subsection (a) of Clause 11.1.1, AB7 shall have the option to purchase all of the shares that are proposed to
be sold upon the same terms and conditions as outlined in the Transfer Notice of BVI-1, etc. (Right of First Refusal of AB7).

 

11.1.4
In the event that BVI-1 (or Mr. Jiang) intends to sell its shares in the Company (or the shares in BVI-1) in accordance with
the subsection (a) of Clause 11.1.1, AB7 shall have the right to sell its shares in the Company to the prospective purchaser
identified in the Transfer Notice of BVI-1, etc., upon the same terms and conditions as outlined in the same notice but in priority
over the sales by BVI-1(Right of Preferential Sale of AB7).

 

11.1.5
In the event that BVI-1(or Mr. Jiang) or BVI-2 (or Ms. Zhong) intends to carry out the Transfer etc. of Shares in accordance
with the subsection (a) of Clause 11.1.1, AB7 shall select any of the following options and notify the issuer of the Transfer
Notice of BVI-1, etc. of such selection within thirty (30) days from the day following the date of receiving such notice (AB7’s
Option Period). The failure to give notice within the AB7’s Option Period shall be deemed to be consent to the corresponding
Transfer etc. of Shares.

 

(a)
exercising the Right of First Refusal of AB7, if applicable;

 

(b)
exercising the Right of Preferential Sale of AB7, if applicable;

 

(c)
consenting to the Transfer etc. of Shares; or

 

(d)
opposing the Transfer etc. of Shares.

 

11.1.6
Based on the notice given by AB7 pursuant to Clause 11.1.5 (Notice of AB7), the Transfer etc. of Shares subject
to the subsection (a) of Clause 11.1.1 shall be carried out in accordance with the following:

 

(a)
In the event that subsection (a) of Clause 11.1.5 is indicated in the Notice of AB7, BVI-1(or Mr. Jiang) or BVI-2 (or
Ms. Zhong) shall sell all of the shares that are proposed to be sold to AB7 within thirty (30) days after the issuing date of
Notice of AB7, upon the same terms and conditions as outlined in the Transfer Notice of BVI-1, etc.

 

(b)
In the event that subsection (b) of Clause 11.1.5 is indicated in the Notice of AB7, AB7 shall sell its shares in the
Company to the prospective purchaser identified in the Transfer Notice of BVI-1, etc. within thirty (30) days after the issuing
date of Notice of AB7, upon the same terms and conditions as outlined in the same Transfer Notice of BVI-1, etc.

 

(c)
In the event that subsection (c) of Clause 11.1.5 is indicated in the Notice of AB7, BVI-1(or Mr. Jiang) or BVI-2 (or
Ms. Zhong) shall carry out the Transfer etc. of Shares outlined in the Transfer Notice of BVI-1, etc.(as the case may be).

 

(d)
In the event that subsection (d) of Clause 11.1.5 is indicated in the Notice of AB7, BVI-1(or Mr. Jiang) or BVI-2 (or
Ms. Zhong) shall not carry out the Transfer etc. of Shares outlined in the Transfer Notice of BVI-1, etc. (as the case may be).

 

11.1.7
BVI-1(or Mr. Jiang), BVI-2 (or Ms. Zhong) and the Company shall procure that the transferee of the Transfer etc. of Shares
carried out pursuant to subsection (a) of Clause 11.1.1, who is not a party hereto, assumes the obligations assumed by
BVI-1 and Mr. Jiang under this agreement as designated by AB7, and shall procure that such transferee executes a written consent
agreeing to be bound by such obligations.

 

    11

     

    

 

11.1.8
When an appropriate Transfer Notice of BVI-1, etc. is provided to AB7, AB7 shall give prior written consent to the transfer
of shares by BVI-1 to GAT POWER INTERNATIONAL LIMITED, IFRESH INTERNATIONAL LIMITED or HORWATH CAPITAL CONSULTANTS LIMITED that
is contemplated under and in compliance with the Framework Agreement, and waive the rights under Clause 11.1.3 and Clause
11.1.4, and the parties agree that Clause 11.1.7 shall not apply to such transfer of shares. Only for the purpose of
this Clause 11.1.8, it is deemed that the Transfer Notice of BVI-1 is duly made even if the notice does not include the
information provided in Clause 11.1.2(c).

 

11.2
Transfer by AB7

 

11.2.1
In the event that AB7 intends to create any Encumbrance over, transfer or otherwise dispose of its shares in the Company,
AB7 shall give a prior written notice (Transfer Notice of AB7) to BVI-1 giving details of the proposed transaction including:

 

(a)
the name of the other party to the proposed transaction;

 

(b)
the number of shares subject to the proposed transaction;

 

(c)
the price per share being offered; and

 

(d)
any other major terms and conditions.

 

11.2.2
In the event that AB7 intends to sell its shares in the Company (Subject Shares), but except when AB7 transfers its
shares in the Company to its Subsidiary or affiliate, BVI-1 shall have the option to purchase all of the Subject Shares upon the
same terms and conditions as outlined in the Transfer Notice of AB7 (Right of First Refusal of BVI-1).

 

11.2.3
When excising the Right of First Refusal of BVI-1, BVI-1 shall give notice to AB7 within thirty (30) days from the day following
the date of receiving the Transfer Notice of AB7 (BVI-1’s Option Period) that it wishes to excise the Right of First
Refusal of BVI-1 (Notice of BVI-1). The failure to give the Notice of BVI-1 within the BVI-1’s Option Period shall
be deemed to be consent to the sale of Subject Shares by AB7.

 

11.2.4
In the event that BVI-1 gives the Notice of BVI-1 pursuant to the preceding clause, AB7 shall sell all of the Subject
Shares to BVI-1 within thirty (30) days after receiving such notice, upon the same terms and conditions as outlined in the Transfer
Notice of AB7.

 

11.3
Transfers After Listing

 

Unless
otherwise agreed among the parties, after the Listing of the Company has been completed: When permitted under and in accordance
with the listing rules and relevant laws and regulations, AB7 shall be entitled to at its discretion create any Encumbrance over,
transfer or otherwise dispose of its shares in the Company, without the consent of BVI-1, BVI-2, the Founders, AICHE or any third
party. However, in the event that AB7 intends to transfer its shares in the Company to a third party (except a Subsidiary or affiliate
of AB7) through off-market transactions, if permitted under and in accordance with the listing rules and relevant laws and regulations,
BVI-1(or Mr. Jiang) and AICHE shall have the option to purchase all of such shares proposed to be sold upon the same terms and
conditions as agreed between AB7 and the third party

 

12.
REQUEST FOR TRANSFER UPON THE OCCURANCE OF INHERITANCE

 

12.1
In the event that the inheritance of the shares held by Mr. Jiang or Ms. Zhong in BVI-1 or BVI-2 occurs, to the extent permitted
by any applicable law, AB7, or Mr. Jiang (in the case of the shares in BVI-2) or Ms. Zhong (in the case of the shares in BVI-1)
(Potential Purchaser) may request the party who has inherited the shares in BVI-1 or BVI-2 due to such inheritance (Potential
Seller) to sell all of the shares held by Potential Seller in the Company. If more than one (1) Potential Purchaser make such
request, the shares will be apportioned based on the number of shares owned by such Potential Purchasers. If the Potential Purchaser
makes such request, the Potential Seller shall sell its shares in BVI-1 or BVI-2 as requested by the Potential Purchaser.

 

    12

     

    

 

12.2
The purchase price (price per share) of the sale of shares conducted pursuant to the preceding clause shall be the amount
designated by the Potential Purchaser pursuant to Clause 13.3.

 

13.
COMPULSORY TRANSFERS 

 

13.1
If anything referred to in this Clause 13.1 occurs, AB7 has the right to sell all or part of its shares in the Company
to BVI-1 or Mr. Jiang (Right of Compulsory Sale). Where the Right of Compulsory Sale is exercised, BVI-1 or Mr. Jiang shall
purchase all of the shares offered by AB7 within thirty (30) days after the notification date of exercising of such right.

 

(a)
Mr. Jiang, Ms. Zhong, BVI-1, or BVI-2, the Company, or AICHE commits a breach of its obligations under this agreement, the
Framework Agreement, the Share Purchase Agreement, or the Investment Agreement.

 

(b)
the warranties, representations and undertakings given pursuant to Clause 4 of the Investment Agreement by the Company,
AICHE and Mr. Jiang or given pursuant to the Share Purchase Agreement by the BVI-1 and BVI-2, is untrue, incorrect or breached.

 

(c)
AICHE transfers or suspends operating all or substantial part of its existing business (e.g. the business of fragrances and
apps), except when prior written consent of AB7 is obtained.

 

(d)
this agreement is terminated pursuant to subsection (b) or (d) of Clause 14.1.

 

(e)
an estimation by AB7 reveals any actual or potential occurrence of unrecorded liability of JPY five (5) million or more (including
pending imposition of taxes) may materialize on the part of the Company or AICHE, and BVI-1 or Mr. Jiang is unable to cover such
contingent liability within one (1) month.

 

13.2
If anything referred to in this Clause 13.2 occurs, AB7 has the right to sell all or part of its shares in the Company
to BVI-1 or Mr. Jiang so that AB7 shall not need to treat the Company as an equity-method affiliate in accordance with the accounting
rules applicable to AB7 (Right of Particular Compulsory Sale). Where the Right of Particular Compulsory Sale is exercised,
BVI-1 or Mr. Jiang shall purchase all of the shares offered by AB7 within thirty (30) days after the notification date of exercising
of such right.

 

(a)
an unqualified opinion has not been issued for any Financial Year by an external independent auditor due to any reason in
relation to the Company or any of its Subsidiaries.

 

(b)
there is any reasonable suspect that an unqualified opinion would not be issued for any Financial Year by an external independent
auditor due to any reason in relation to the Company or any of its Subsidiaries.

 

(c)
there is any unduly or inappropriate performance or nonperformance of the Company or any of its Subsidiaries, any director,
officer or other employees of such companies, or the auditors of such companies which causes AB7 or its auditors to have reasonable
doubts on the book or any other accounting and financial records/statements of the Company or any of its Subsidiaries.

 

13.3
Where the Right of Compulsory Sale or the Right of Particular Compulsory Sale is exercised, the purchase price (price per
share) of the shares to be sold pursuant to the Clause 13.1 and Clause 13.2 shall be one (1) of the following amounts
designated by AB7:

 

(a)
the amount of capital paid-in per share when the subscription of the shares in AICHE was conducted by AB7 pursuant to the
original investment agreement dated September 5, 2017;

 

(b)
the amount of capital paid-in per share when the subscription of newshares in the Company was conducted by AB7 pursuant to
the Investment Agreement;

 

(c)
the amount of net assets per share as calculated based on the net assets as recorded in the latest audited balance sheet of
the Company;

 

(d)
the price of per share of the latest transfer or issuance of shares in the Company; or

 

(e)
the amount valuated by a third-party appraiser, such as a Chinese accounting firm or appraisal body, appointed by AB7 (not
limited to those who have business bases only in China).

 

14.
TERMINATION 

 

14.1
This agreement shall terminate only upon the occurrence of any of the following events:

 

(a)
AB7, Mr. Jiang, Ms. Zhong, BVI-1, BVI-2, and the Company have agreed in writing to terminate this agreement;

 

(b)
When the dissolution of the Company or any of its Subsidiaries occurs (except dissolution for the purpose of amalgamation);

 

(c)
AB7 no longer holds the shares in the Company; or

 

(d)
This agreement is terminated pursuant to Clause 14.2 or Clause 14.3.

 

    13

     

    

  

14.2
Irrespective of whether there is any reason attributable to Mr. Jiang, Ms. Zhong, BVI-1, BVI-2, or the Company, AB7 may terminate
this agreement at any time by sending a written notice to the other parties upon the occurrence of any of the following events:

 

(a)
Any of Mr. Jiang, Ms. Zhong, BVI-1, BVI-2 or the Company has failed to perform or observe the obligations under this agreement.

 

(b)
Any of Mr. Jiang, Ms. Zhong, BVI-1, BVI-2, the Company or any of the Subsidiaries has violated any applicable laws or regulations.

 

(c)
The Company or any Subsidiaries of the Company fail to operate in compliance with this agreement or any resolution of the
Board or written approval of the Shareholders duly made.

 

(d)
The Company or any of its Subsidiaries suspends or is unable to make any payment, or any bill or check made by such company
has been dishonored.

 

(e)
There is a petition for commencement of bankruptcy proceedings, civil rehabilitation proceedings, company reorganization proceedings,
special liquidation or similar legal insolvency proceedings for the Company or any of its Subsidiaries.

 

(f)
There is a petition for attachment, seizure, freezing, property preservation, compulsory execution or public auction against
the asset or account of the Company or any of its Subsidiaries.

 

(g)
The Company or any of its Subsidiaries has been suspended from conducting transactions by a financial institution.

 

(h)
There is a suspension of business, or revocation of approval (license) or registration issued by the competent authorities
to the Company or any of its Subsidiaries.

 

(i)
Any serious damage or loss is incurred to the Company or any of its Subsidiaries due to disasters or businesses other than
force majeure, or any event that may cause such damage or loss occurs.

 

(j)
BVI-1, BVI-2 or Mr. Jiang has failed to perform or observe the obligations under Clause 7 or 8 of the Share Purchase Agreement,
or the condition prescribed in Clause 11.2 (c) of the Share Purchase Agreement is satisfied.

 

14.3
Mr. Jiang, Ms. Zhong, BVI-1, BVI-2, or the Company may terminate this agreement at any time by sending a written notice to
the other parties upon the occurrence of any of the following events:

 

(a)
There is a petition for commencement of bankruptcy proceedings, civil rehabilitation proceedings, company reorganization proceedings,
special liquidation or similar legal insolvency proceedings for AB7.

 

(b)
AB7 has been suspended from conducting transactions by a financial institution.

 

(c)
There is a suspension of business, or revocation of approval (license) or registration issued by the competent authorities
toAB7.

 

14.4
On termination of this agreement, the following clauses shall continue in force:

 

(a)
Clause 1 (interpretation);

 

(b)
Clause 7 (restrictions on Mr. Jiang);

 

(c)
Clause 14 (termination);

 

(d)
Clause 15 (compensation);

 

(e)
Clause 17  (confidentiality);

 

(f)
Clause 21 (assignment and other dealings);

 

(g)
Clause 22 (effective date and entire agreement);

 

(h)
Clause 23  (variation and waiver);

 

(i)
Clause 24 (costs);

 

(j)
Clause 25 (no partnership or agency);

 

(k)
Clause 27 (notices);

 

(l)
Clause 28 (severance);

 

(m)
Clause 31 (rights and remedies);

 

(n)
Clause 32 (language); and

 

(o)
Clause 33 (governing law and jurisdiction).

 

    14

     

    

 

14.5
Termination of this agreement shall not affect any rights, remedies, obligations or liabilities of the parties that have accrued
up to the date of termination, including the right to claim damages in respect of any breach of the agreement which existed at
or before the date of termination.

 

14.6
A party shall cease to be a party to this agreement for the purpose of receiving benefits and enforcing its rights from the
date that it ceases to hold (or beneficially own) any shares in the capital of the Company (but without prejudice to any benefits
and rights enjoyed prior to such cessation).

 

14.7
If this agreement terminates each party shall, if requested by the other, procure that the name of the Company is changed
to avoid confusion with the name of the party making the request.

 

15.
COMPENSATION

 

15.1
Mr. Jiang, Ms. Zhong, BVI-1, BVI-2 and the Company shall indemnify or compensate AB7 for any damage, loss, costs or expense
(including reasonable attorneys’ fees and other expenses for litigation; Damages) incurred by AB7 arising out of
or in connection with any of the following events (Compensation) and Mr. Jiang, Ms. Zhong, BVI-1, BVI-2 and the Company
shall at all times be jointly and severally liable for the obligations of Compensation.

 

(a)
Any of Mr. Jiang, Ms. Zhong, BVI-1, BVI-2 or the Company has failed to perform or observe the obligations under this agreement.

 

(b)
Any of Mr. Jiang, Ms. Zhong, BVI-1, BVI-2, the Company or any of the Subsidiaries has violated any applicable laws or regulations.

 

(c)
Any Subsidiaries of the Company have failed to operate in compliance with this agreement or any resolution of the Board or
written approval of the Shareholders duly made.

 

15.2
In the event AICHE incurs any Damages due to or in connection with any of the events described in the preceding clause, AB7
shall be entitled to regard one-fifth of the amount of such damage as the Damages of AB7.

 

15.3
AB7 shall indemnify or compensate Mr. Jiang, Ms. Zhong, BVI-1, BVI-2 and the Company for Damages they incurred where AB7 fails
to perform or observe the obligations under this agreement.

 

15.4
In the case where a party which is entitled for the Compensation (Indemnification Creditor) requests the other party
which is responsible for the Compensation (Indemnification Obligator) to provide the Compensation, the Indemnification
Creditor shall provide the Indemnification Obligator with a document (Notice of Claims) specifying the reason for the request
and the particulars and amount of the Damages (where the amount is not fixed, the amount may be a reasonably estimated amount)
along with the specific facts on which the respective claims are based. The amount stated in the Notice of Claims shall not be
understood as the maximum of the amount that may be claimed by the Indemnification Creditor.

 

If
the Indemnification Obligator who received the Notice of Claims under the preceding paragraph objects to the content of the Notice
of Claims, such Indemnification Obligator shall, within thirty (30) days from the date of receipt of the Notice of Claims, deliver
to the Indemnification Creditor a document specifying and describing the content and reasons of the objection together with the
specific facts on which it is based (Objection Notices). If the Indemnification Obligator fails to issue the Objection
Notices to the Indemnification Creditor within the said time limit, the Indemnification Obligator shall be deemed to have accepted
the content of the Notice of Claims without objection. The Indemnification Obligator shall pay the amount stated in the Notice
of Claims within fifteen (15) days from the date of acceptance of the Notice of Claims.

 

    15

     

    

 

16.
IMPLEMENTATION OF AGREEMENT 

 

16.1
Each party shall, to the extent that it is able to do so, exercise all its voting rights and other powers in relation to the
Company and the Subsidiaries to procure that the provisions of this agreement are properly and promptly observed and given full
force and effect according to the spirit and intention of this agreement.

 

16.2
The parties shall, when necessary, exercise their powers of voting and any other rights and powers they have to amend, waive
or suspend a conflicting provision in the memorandum or articles of association of the Company or any of its Subsidiaries to the
extent necessary to permit the Company and each of the Subsidiaries and their Business to be administered as provided in this
agreement. If any part of this agreement could not take effect due to any term of memorandum or articles of association of the
Company or any of its Subsidiaries, AB7 may reasonably request to amend the relevant memorandum or articles of association, and
BVI-1, BVI-2, the Founders and the Company shall exercise their powers of voting and any other rights and powers they have to
amend such memorandum or articles of association in accordance with AB7’s request.

 

16.3
The Company, BVI-1, BVI-2 and Founders represent, warrant and guarantee that AB7 fully holds and enjoys the same rights and
interests as a shareholder under this agreement even while the shares of the Company held by AB7 are not fully paid, as if the
shares were fully paid. The Company, BVI-1, BVI-2 and Founders shall take any and all actions necessary or appropriate to ensure
that AB7 holds and fully enjoys such right and interests. The Company shall not, and BVI-1 and Mr. Jiang shall not or not allow
the Company to, forfeit the shares of the Company held by AB7 or restrict, impair or abridge any right in the shares of the Company
held by AB7 in any manner.

 

17.
CONFIDENTIALITY

 

17.1
In this clause, Confidential Information means any information (however recorded or preserved) which:

 

(a)
either party may have or acquire (whether before or after the date of this agreement) in relation to the customers, suppliers,
business, assets or affairs or plans, intentions or market opportunities and the operations, processes, product information, know-how,
designs, trade secrets or software of the Company and each of the Subsidiaries (including, without limitation, any information
provided pursuant to Clause 9);

 

(b)
either party or any member of its Group may have or acquire (whether before or after the date of this agreement) in relation
to the customers, suppliers, business, assets or affairs or plans, intentions or market opportunities and the operations, processes,
product information, know-how, designs, trade secrets or software of the other party or any member of the other party’s
Group, as a consequence of the negotiations relating to this agreement or any other agreement or document referred to in this
agreement or the performance of this agreement or any other agreement or document referred to in this agreement;

 

(c)
relates to the existence and contents of this agreement (or any agreement or arrangement entered into pursuant to this agreement);
or

 

(d)
relates to the existence of the negotiation in relation to this agreement, the contents and the process of such negotiation,

but
excludes the information in Clause 17.2.

 

17.2
Information is not Confidential Information if:

 

(a)
it is or becomes generally available to the public (other than as a result of its disclosure in breach of this agreement);

 

(b)
a party can establish to the reasonable satisfaction of the other party that it found out the information from a person not
connected with the other party or its Group and that such person is not under any obligation of confidence in respect of the information;

 

    16

     

    

 

(c)
a party can establish to the reasonable satisfaction of the other party that the information was known to the first party
before the date of this agreement and that it was not under any obligation of confidence in respect of the information; or

 

(d)
the parties agree in writing that it is not confidential.

 

17.3
Each party shall at all times keep confidential (and ensure that its employees, agents, companies Controlled by such party
and the employees and agents of such companies, and the Company shall keep confidential) any Confidential Information and shall
not use such Confidential Information except for the purpose of exercising or performing its rights and obligations under this
agreement, and shall not disclose such Confidential Information except:

 

(a)
to a party’s professional advisers where such disclosure is for a purpose related to the operation of this agreement;

 

(b)
with the written consent of such of the Company or the party or any member of its Group that the information relates to;

 

(c)
as may be required by law or by the rules of any recognised stock exchange, or governmental or other regulatory body or by
a court or other authority of competent jurisdiction, provided that, to the extent it is legally permitted to do so, it gives
the other party as much notice of such disclosure as possible; or

 

(d)
to any tax authority to the extent reasonably required for the purposes of the tax affairs of the party concerned or any member
of its Group.

 

17.4
Each party shall inform (and shall use all reasonable endeavours to procure that any Subsidiary and the Company shall inform)
any officer, employee or agent or any professional adviser advising it in relation to the matters referred to in this agreement,
or to whom it provides Confidential Information, that such information is confidential and shall require them:

 

(a)
to keep it confidential; and

 

(b)
not to disclose it to any third party (other than those persons to whom it has already been disclosed in accordance with the
terms of this agreement).

 

17.5
The provisions of this Clause 17 shall continue to apply after termination of this agreement for any cause.

 

18.
ANNOUNCEMENTS 

 

18.1
Subject to Clause 18.2, neither party shall make, or permit any person to make, any public announcement, communication
or circular (announcement) concerning this agreement without the prior written consent of the other party. The parties shall consult
together on the timing, contents and manner of release of any announcement.

 

18.2
Where an announcement is required by law or any governmental or regulatory authority (including, without limitation, any relevant
securities exchange), or by any court or other authority of competent jurisdiction, the party required to make the announcement
shall promptly notify the other party. The party concerned shall make all reasonable attempts to agree the contents of the announcement
before making it.

 

19.
WARRANTY

 

Each
party warrants and represents to the other party that:

 

(a)
it is a corporation duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation
(if applicable);

 

(b)
it has full power and authority and has obtained all necessary authorities and consents to enter into and perform its obligations
under this agreement and such other agreements and arrangements referred to in this agreement; and

 

(c)
the signing of this agreement and the performance of its obligations under this agreement and the other agreements and arrangements
referred to in this agreement will not result in a breach of any other agreement or arrangement to which it is a party, nor give
rise to any right of termination of any other agreement or arrangement to which it is a party.

 

    17

     

    

 

20.
FURTHER ASSURANCE

 

At
its own expense each party shall, and shall use all reasonable endeavours to procure that any necessary third party shall, promptly
execute and deliver such documents and perform such acts as the other party may reasonably require from time to time for the purpose
of giving full effect to this agreement.

 

21.
ASSIGNMENT AND OTHER DEALINGS

 

21.1
Neither party shall assign, transfer, mortgage, charge, sub-contract, declare a trust over or deal in any other manner with
any or all of its rights and obligations under this agreement (or any other document referred to in it) without the prior written
consent of the other party.

 

21.2
Each party confirms that it is acting on its own behalf and not for the benefit of any other person.

 

22.
EFFECTIVE DATE AND ENTIRE AGREEMENT

 

22.1
This agreement shall become effective upon the date of completion of the equity transfer of the Company and AICHE pursuant
to the Share Purchase Agreement (Effective Date).

 

22.2
Except for the Share Purchase Agreement, the Investment Agreement and the Framework Agreement, this agreement constitutes
the entire agreement between the parties and supersedes and extinguishes all previous arrangements, understandings or agreements
between them relating to their subject matter. The Original Shareholders Agreement shall expire upon the Effective Date of this
agreement.

 

22.3
Each party acknowledges that in entering into this agreement, it does not rely on, and shall have no remedies in respect of,
any statement, representation, assurance or warranty that is not set out in this agreement.

 

22.4
Nothing in this clause shall limit or exclude any liability for fraud and/or willful misconduct.

 

22.5
If there is any difference, controversy, conflict or discrepancy between this agreement and the Framework Agreement, the Framework
Agreement shall prevail.

 

22.6
This agreement shall continue to be valid to the extent permitted by applicable laws and regulations and listing rules after
the shares of the Company has been transferred to other investors or the Listing of the Company has been completed. However, in
order to comply with applicable laws, regulations and listing rules and to have this agreement give effect, when necessary, the
parties may revise, or enter into a memorandum in relation to, this agreement after faithful negotiation. For such purpose, after
the Listing of the Company has been completed, the Founders and AB7 shall discuss in good faith any revision of this agreement.

 

23.
VARIATION AND WAIVER

 

23.1
No variation of this agreement shall be effective unless it is in writing and signed by the parties.

 

23.2
A waiver of any right or remedy under this agreement or by law is only effective if it is given in writing and is signed by
the person waiving such right or remedy. Any such waiver shall apply only to the circumstances for which it is given and shall
not be deemed a waiver of any subsequent breach or default.

 

23.3
A failure or delay by any person to exercise any right or remedy provided under this agreement or by law shall not constitute
a waiver of that or any other right or remedy, nor shall it prevent or restrict any further exercise of that or any other right
or remedy. No single or partial exercise of any right or remedy provided under this agreement or by law shall prevent or restrict
the further exercise of that or any other right or remedy.

 

    18

     

    

 

23.4
A person that waives any right or remedy provided under this agreement or by law in relation to one (1) person, or takes or
fails to take any action against that person, does not affect its rights or remedies in relation to any other person.

 

24.
COSTS

 

Except
as expressly provided in this agreement, each party shall pay its own costs and expenses incurred in connection with the negotiation,
preparation, execution, registration and performance of this agreement.

 

25.
NO PARTNERSHIP OR AGENCY

 

Nothing
in this agreement is intended to, or shall be deemed to, establish any partnership between the parties or constitute any party
the agent of another party, or authorise any party to make or enter into any commitments for or on behalf of any other party.

 

26.
GOOD FAITH

 

26.1
All transactions entered into between either party or any company Controlled by it and the Company shall be conducted in good
faith and on the basis set out or referred to in this agreement or, if not provided for in this agreement, as may be agreed by
the parties and, in the absence of such agreement, on an arm’s length basis.

 

26.2
Each party shall at all times act in good faith towards the other and shall use all reasonable endeavours to ensure that this
agreement is observed.

 

26.3
Each party shall do all things necessary and desirable to give effect to the spirit and intention of this agreement.

 

27.
NOTICES

 

27.1
A notice given to a party under or in connection with this agreement:

 

(a)
shall be in writing in the English language;

 

(b)
shall be signed by or on behalf of the party giving it;

 

(c)
shall be sent to the relevant party for the attention of the contact and to the address or fax number specified in Clause
27.2, or such other address, fax number or person as that party may notify to the other in accordance with the provisions
of this Clause 27; and

 

(d)
shall be:

 

(i)
delivered by hand; or

 

(ii)
sent by fax; or

 

(iii)
sent by pre-paid first class post or another next working day delivery service [providing proof of [postage OR delivery]],
recorded delivery or special delivery; or

 

(iv)
sent by airmail or by reputable international overnight courier (if the notice is to be served by post to an address outside
the country from which it is sent).

 

(e)
is deemed received as set out in Clause 27.4.

 

27.2
The addresses, e-mail address and fax numbers for service of notices are:

 

(a)AB7

 

(i)
address: the registered office

 

(ii)
for the attention of: Ryo Okubo

 

(iii)
e-mail address: *******************

 

(b)
Mr. Jiang

 

(i)
address: No.101, building66, Jinxiushanhe Community Hongmian Road No. 3 Songshan lake Science and Technology Industrial Zone
Dongguan City Guangdong China

 

(ii)
for the attention of: Haitao JIANG

 

(iii)
e-mail address: *******************

 

    19

     

    

 

(c)
Ms. Zhong

 

(i)
address: No.101, building66, Jinxiushanhe Community Hongmian Road No. 3 Songshan lake Science and Technology Industrial Zone
Dongguan City Guangdong China

 

(ii)
for the attention of: Lianhua ZHONG

 

(iii)
e-mail address: *******************

 

(d)
BVI-1

(i)
address: the registered office

 

(ii)
for the attention of: Haitao JIANG

 

(iii)
e-mail address: *******************

 

(e)
BVI-2

 

(i)
address: the registered office

 

(ii)
for the attention of: Lianhua ZHONG

 

(iii)
e-mail address: *******************

 

(f)
the Company

 

(i)
address: to the address shown alongside its name in Schedule 2.

 

(ii)
for the attention of: Haitao JIANG

 

(iii)
e-mail address: *******************

 

27.3
A party may change its details for service of notices as specified in Clause 27.2 by giving notice to the other party.
Any change notified pursuant to this clause shall take effect at 9.00 am on the later of:

 

(a)
the date (if any) specified in the notice as the effective date for the change; and

 

(b)
five (5) Business Days after deemed receipt of the notice.

 

27.4
Delivery of a notice is deemed to have taken place (provided that all other requirements in this clause have been satisfied):

 

(a)
if delivered by hand, on signature of a delivery receipt;

 

(b)
if sent by fax, at the time of transmission;

 

(c)
if sent by pre-paid first class post or another next working day delivery service, at 9.00 am on the second Business Day after
posting;

 

(d)
if sent by pre-paid airmail to an address outside the country from which it is sent, at 9.00 am on the fifth Business Day
after posting;

 

(e)
if sent by reputable international overnight courier to an address outside the country from which it is sent, on signature
of a delivery receipt;

 

(f)
if sent by e-mail, at the time of transmission; and

 

(g)
if deemed receipt under the previous paragraphs of this Clause 27.4 would occur outside business hours (meaning 9.00
am to 5.30 pm Monday to Friday on a day that is not a public holiday in the place of deemed receipt), at 9.00 am on the day when
business next starts in the place of deemed receipt. For the purposes of this clause, all references to time are to local time
in the place of deemed receipt.

 

27.5
To prove service, it is sufficient to prove that:

 

(a)
if delivered by hand or by reputable international overnight courier, the notice was delivered to the correct address;

 

(b)
if sent by fax, a transmission report was received confirming that the notice was successfully transmitted to the correct
fax number; or

 

    20

     

    

 

(c)
if sent by post or by airmail, the envelope containing the notice was properly addressed, paid for and posted.

 

(d)
if sent by e-mail, the notice was properly addressed and sent to the e-mail address of the recipient.

 

27.6
This Clause 27 does not apply to the service of any proceedings or other documents in any legal action or, where applicable,
any arbitration or other method of dispute resolution.

 

28.
SEVERANCE

 

If
any provision or part-provision of this agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified
to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision
or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this clause
shall not affect the validity and enforceability of the rest of this agreement.

 

29.
THIRD PARTY RIGHTS

 

29.1
This agreement is made for the benefit of the parties and their successors and permitted assigns and is not intended to benefit,
or be enforceable by, anyone else.

 

29.2
The rights of the parties to terminate, rescind or agree any variation, waiver or settlement under this agreement are not
subject to the consent of any other person.

 

30.
COUNTERPARTS

 

30.1
This agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute a
duplicate original, but all the counterparts shall together constitute the one (1) agreement.

 

30.2
Transmission of an executed counterpart of this agreement (but for the avoidance of doubt not just a signature page) by:

 

(a)
fax; or (b) e-mail (in PDF, JPEG or other agreed format), shall take effect as delivery of an executed counterpart of this agreement.
If either method of delivery is adopted, without prejudice to the validity of the agreement thus made, each party shall provide
the others with the original of such counterpart as soon as reasonably possible thereafter.

 

30.3
No counterpart shall be effective until each party has executed and delivered at least one (1) counterpart.

 

31.
RIGHTS AND REMEDIES

 

31.1
The rights and remedies provided under this agreement are in addition to, and not exclusive of, any rights or remedies provided
by law.

 

31.2
Without prejudice to any other rights or remedies that a party may have, each party acknowledges and agrees that damages alone
would not be an adequate remedy for any breach of the terms of this agreement by that party. Accordingly, the other party shall
be entitled to seek the remedies of injunction, specific performance or other equitable relief for any threatened or actual breach
of the terms of this agreement.

 

32.
LANGUAGE

 

32.1
This agreement is drafted in the English language.

 

32.2
Any notice given under or in connection with this agreement shall be in English. All other documents provided under or in
connection with this agreement shall be in the English Language.

 

32.3
The English language version of this agreement and any notice or other document relating to this agreement shall prevail if
there is a conflict except where the document is a constitutional, statutory or other official document.

 

33.
GOVERNING LAW AND JURISDICTION

 

33.1 
This agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it
or its subject matter or formation shall be governed by and construed in accordance with the laws of Singapore.

 

33.2
Any dispute arising out of or in connection with this agreement, including any question regarding its existence, validity
or termination, shall be referred to and finally resolved by arbitration in Singapore in accordance with the Arbitration Rules
of the Singapore International Arbitration Centre for the time being in force, which rules are deemed to be incorporated by reference
in this clause. Any dispute arising out of or in connection with this agreement, first of all, shall be settled through good faith
consultation; provided, however, that such consultation shall not preclude the application for the arbitration with the aim of
resolving the dispute through arbitration as set forth in the preceding sentence.

 

This
agreement has been entered into on the date stated at the beginning of it.

 

    21

     

    

 

IN
WITNESS WHEREOF, each of the Parties has caused this agreement to be executed on its behalf by its duly authorized representative
as of the day and year first above written.

 

	SIGNED by /s/ Haitao Jiang	)
	 	 
	for and on behalf of	)
	 	 
	Car House Holding Co., Ltd.	 
	 	 
	SIGNED by /s/ Kiomi KOBAYASHI	)
	 	 
	as Representative Director and Chief Executive Officer,	 
	 	 
	for and on behalf of	)
	 	 
	Autobacs Seven Co., Ltd.	 
	 	 
	SIGNED by /s/ Haitao Jiang	)
	 	 
	for and on behalf of	)
	 	 
	Ocean Wave Holding Limited	 
	 	 
	SIGNED by /s/ Lianhua Zhong	)
	 	 
	for and on behalf of	)
	 	 
	Lotus Ray Holding Limited	 
	 	 
	SIGNED by /s/ Haitao Jiang	)
	 	 
	for and on behalf of	)
	 	 
	Mr. Jiang Haitao	 
	 	 
	SIGNED by /s/ Haitao Jiang	)
	 	 
	for and on behalf of	)
	 	 
	Ms. Zhong Lianhua	 

 

    22

     

    

 

SCHEDULE
1

 

Part
1

 

AB
7

 

	Name
        and registered official address

         
	Number
        of ordinary shares at the date of this agreement

         

	Autobacs
        Seven Co., Ltd.

         
	0
	NBF
    Toyosu Canal Front, 5-6-52, Toyosu, Koto-ku, Tokyo	 

         

 

Part
2

 

The
Founders

 

	Name
    and identification number	Mr.
        Jiang Haitao

                                                                      

        *****************

	 

        Name
        and identification number

         
	 

        Ms.
        Zhong Lianhua

         

        *****************

 

Part
3

 

Other
Shareholders

 

	Name
        and registered official address

                                                                                                                 

        OCEAN
        WAVE HOLDING LIMITED

         

        Vistra
        Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands
	Number
        of ordinary shares at the date of this agreement

                                                                                                                 

        48,000

	 

        Name
        and registered official address

         

        LOTUS
        RAY HOLDING LIMITED

         

        Vistra
        Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands
	 

        Number
        of ordinary shares at the date of this agreement

         

        2,000

  

    23

     

    

 

SCHEDULE
2

 

Part
1

 

Particulars
of the Company

 

	Registered
    number:	2001378
    
	 	 
	Status:	Private
    limited company
	 	 
	Registered
    office:	Vistra
    Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands 
	 	 
	Representative
    Director:	Haitao
    JIANG
	 	 
	Accounting
    reference date:	June
    30 each year
	 	 
	Issued
    share capital:	50,000
    ordinary shares of USD 1.00 each

 

Part
2

 

Particulars
of HK Co

 

	Registered
    number:	2780456
	Status:	Private
    limited company
	 	 
	Registered
    office:	Room
    1106, Cheuk Nang Centre, 9 Hillwood Road, Tsim Sha Tsui, Kowloon, Hong Kong
	 	 
	Representative
    Director:	Haitao
    JIANG
	 	 
	Accounting
    reference date:	December
    31 each year
	 	 
	Issued
    share capital:	10,000
    ordinary shares of USD 1.00 each
	 	 

Particulars
of the AICHE

 

	Registered
    number:	91441900764929776P
	 	 
	Status:	Private
    limited company
	Registered
    office:	Building
    3, No. 16, Science and Technology 4 Road, Songshanhu High-tech Industrial Development Zone, Dongguan City, GUANGDONG CHINA
	Representative
    Director:	Haitao
    JIANG
	Accounting
    reference date:	December
    31 each year
	registered
    capital	RMB
    42.501.522

 

    24

     

    

 

SCHEDULE
3

 

MATTERS
RESERVED FOR SHAREHOLDER APPROVAL

 

(a)
Forming subsidiaries or branches of the Company or any of its Subsidiaries.

 

(b)
Dissolving or liquidating the Company or any of its Subsidiaries.

 

(c)
Filing petition for commencement of bankruptcy proceedings, civil rehabilitation proceedings, company reorganization proceedings,
special liquidation or similar legal insolvency proceedings for the Company or any of its Subsidiaries.

 

(d)
Issuing new shares of the Company or any of its Subsidiaries; granting any right (including option) which would entitle the
grantee to subscribe for the shares of the Company or any of its Subsidiaries and obtain the delivery of the securities of such
shares, so long as making request to the Company or its Subsidiaries; entering into, amending, or terminating any contracts in
relation to the issuance of new shares by the Company or any of its Subsidiaries or any other matters which would influence the
percentage of holding shares of BVI-1, BVI-2 or AB7 in the Company.

 

(e)
Determining the number of shares to be newly issued by the Company or sold by the selling shareholders in connection with
the Listing, or the price or other relevant terms and conditions thereof; applying for the listing or trading of any shares or
debt securities of the Company on any stock exchange or market other than NASDAQ.

 

(f)
Varying in any respect the memorandum and articles of association of the Company or any of its Subsidiaries or the rights
attaching to any of its shares.

 

(g)
Deciding remuneration packages of the directors and supervisors (if any) of the Company or any of its Subsidiaries.

 

(h)
Establishing or amending any profit-sharing, share option, bonus or other incentive scheme of any nature for directors, officers
or employees of the Company or any of its Subsidiaries.

 

(i)
Closing down any business operation or disposing of or diluting any interest of the Company in any of its Subsidiaries for
the time being.

 

    25

     

    

 

SCHEDULE
4

 

MATTERS
RESERVED FOR MAJORITY BOARD RESOLUTION 

 

(a)
Declaring or paying any dividend that exceeds in any year thirty (30)% of AICHE’s post-tax distributable profits as
shown by the audited accounts for that year, or making distribution out of the surplus reserves of AICHE, provided that, the dividend
payout ratio of that Financial Year exceeds thirty (30)%.

 

(b)
Acquiring or disposing of assets of the Company or any of its Subsidiaries having a single or aggregate value in excess of
RMB six (6) million.

 

(c)
Making any borrowing or owing any other liabilities which would cause the Company or any of its Subsidiaries incur debts having
an aggregate value in excess of RMB six (6) million, giving any guarantee, suretyship or indemnity to secure the liability of
any person or assume the obligations of any person by the Company or any of its Subsidiaries, or creating or permitting to be
created any mortgage, charge, encumbrance or other security interest whatsoever on any asset or shares of the Company or any of
its Subsidiaries.

 

(d)
Entering into, amending, or terminating any material contracts which would involve the Company or any of its Subsidiaries
in annually paying consideration having a value in excess of RMB three (3) million.

 

(e)
Transferring, granting any rights in or over, abandoning, creating Encumbrance on, or otherwise disposing of, any Intellectual
Property owned or used by the Company or any of its Subsidiaries.

 

(f)
Investing in, taking over, amalgamating or merging with any other company, or business transferring or undertaking by the
Company or any of its Subsidiaries.

 

(g)
Deciding any material business plan or investment plan, engaging in any new business project other than the Business, or varying
in any material respect of, suspending or stopping any existing business, which involve the Company or any of its Subsidiaries.

 

(h)
Entering into, amending, or terminating any contracts in relation to the investment of the Company or any of its Subsidiaries
to any other legal persons.

 

(i)
Entering into any arrangement, contract or transaction outside the normal course of the Business of the Company or any of
its Subsidiaries or otherwise than on arm’s length terms.

 

(j)
Designating one (1) or more committees of directors and delegating one (1) or more of the powers of directors to the committee.

 

(k)
Appointing or removing an agent of the Company, or revoking or varying a power conferred on an agent of the Company.

 

(l)
Adopting or amending the annual budgets or Business Plan of the Company or any of its Subsidiaries.

 

    26

     

    

 

SCHEDULE
5

 

MATTERS
REUIRE PRIOR CONSULTANCE WITH AB7 OR AB7 DIRECTOR 

 

(a)
Matters set out in Schedule 3 and Schedule 4.

 

(b)
Amending the material rules of the Company or any of its Subsidiaries.

 

(c)
Appointing or removing any BVI-1 Directors or any director of any Subsidiary of the Company appointed by BVI-1.

 

(d)
Matters in relation to the Listing (including but not limited to the listing time, underwriters, and auditing companies).

 

(e)
Any other matters that have or upon reasonable consideration may have a material adverse effect on the operation, asset or
financial status, operating results, or profit and loss plan of the Company or any of its Subsidiaries.

 

 

27

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