Exhibit 10.1

SHARE PURCHASE AGREEMENT

THIS SHARE PURCHASE AGREEMENT , dated as of November 30, 2018 (the “ SPA ”), is made by and among Jiangsu Rong Hai Electric Power Fuel Co., Ltd., a PRC limited liability company (the “ Rong Hai ”), shareholders listed in the Exhibit A , (each a “ Shareholder ,” and collectively the “ Shareholders ”) who owns 100% equity interests of Rong Hai and TMSR Holding Company Limited., a Company incorporated under the laws of the State of Nevada (“ TMSR ”) (individually a “ Party ” or collectively “ Parties ”).

RECITALS

NOW, THEREFORE , for and in consideration of the foregoing premises, the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

SECTION I

PURCHASE OF TMSR SHARES AND DELIVERY

1.1 The Parties agree that TMSR shall issue 4,630,000 shares of TMSR’s common stock (“ TMSR Shares ”) to the Shareholders with individual amount set forth in the Exhibit A, in exchange for the Shareholder’s agreement to enter into, and cause Rong Hai to, enter into certain VIE Agreements (“ VIE Agreements ”) with Shengrong Environmental Protection Technology (Wuhan) Co., Ltd. (“ WFOE ”), through which the WFOE has the right to control, manage and operate Rong Hai in return for a service fee approximately equal to 100% of Rong Hai’s net income. The VIE Agreements consist of Consulting Services Agreement, Equity Pledge Agreement, Call Option Agreement, Voting Rights Proxy Agreement and Operating Agreement. 

1.2  Upon execution of this SPA, TMSR shall deliver to instruction letters to TMSR’s transfer agent to issue the TMSR Shares to the Shareholders.

1.3  Upon execution of this SPA, the Shareholders shall deliver to TMSR the VIE Agreements executed by Rong Hai and the Shareholders.

1.4 The closing of the transactions contemplated by this SPA (the “ Closing ,”) shall occur on the date when this Agreement and the VIE Agreements are executed and the TMSR Shares are issued.

SECTION II

SHAREHOLDERS’ REPRESENTATIONS AND

WARRANTIES.

The Shareholders and Rong Hai hereby acknowledge, represent and warrant to, and agree with, TMSR and its affiliates as follows:

2.1 The Shareholders are acquiring the TMSR Shares for their own account, not as a nominee or agent, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof in whole or in part and no other person has a direct or indirect beneficial interest in such Common Stock or any of the components of the Common Stock, other than the Shareholders. Further, none of the Shareholders has any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the TMSR Shares.

2.2 The Shareholders and Rong Hai have full power and authority to enter into this SPA, the execution and delivery of this SPA have been duly authorized, if applicable, and this SPA constitutes a valid and legally binding obligation of each Shareholder and Rong Hai.

2.3 The Shareholders acknowledge their understanding that the offering and sale of the Common Stock is intended to be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) by virtue of Section 4(2) of the Securities Act and the provisions of Regulation S promulgated thereunder (“Regulation S”). In furtherance thereof, the Shareholders and Rong Hai represent and warrant and agree that they are not U.S. persons or affiliates of any U.S. persons as defined in Rule 501(b) under the Securities Act.

2.4 The Shareholders:

2.5 The Shareholders represent, warrant and agree that they will not sell or otherwise transfer the TMSR Shares without registration under the Securities Act or an exemption therefrom and fully understands and agrees that they must bear the economic risk of their purchase because, among other reasons, the TMSR Shares have not been registered under the Securities Act or under the securities laws of any state and, therefore, cannot be resold, pledged, assigned or otherwise disposed of unless they are subsequently registered under the Securities Act and under the applicable securities laws of such states or an exemption from such registration is available. In particular, the Shareholders and Rong Hai are aware that the TMSR Shares are “restricted securities,” as such term is defined in Rule 144 promulgated under the Securities Act (“Rule 144”), and they may not be sold pursuant to Rule 144 unless all of the conditions of Rule 144 are met. The Shareholders and Rong Hai also understand that TMSR is under no obligation to register the TMSR Shares on their behalf or to assist them in complying with any exemption from registration under the Securities Act or applicable state securities laws. The Shareholders and Rong Hai further understand that sales or transfers of the TMSR Shares are further restricted by state securities laws and the provisions of this SPA.

2.6 No representations or warranties have been made to the Shareholders by TMSR, or any officer, employee, agent, affiliate or subsidiary of TMSR, other than the representations of TMSR contained herein, and in acquiring the TMSR Shares the Shareholder are not relying upon any representations other than those contained herein.

2.7 Any information which the Shareholders have heretofore furnished to TMSR with respect to their financial position and business experience is correct and complete as of the date of this SPA and if there should be any material change in such information they will immediately furnish such revised or corrected information to TMSR.

2.8 The Shareholders understand and agree that the certificates for the TMSR Shares shall bear the following legend until (i) such securities shall have been registered under the Securities Act and effectively been disposed of in accordance with a registration statement that has been declared effective; or (ii) in the opinion of counsel for TMSR such securities may be sold without registration under the Securities Act as well as any applicable “Blue Sky” or state securities laws:

“THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED, ASSIGNED OR TRANSFERRED EXCEPT (i) PURSUANT TO A REGISTRATION STATEMENT UNDER THE SECURITIES ACT WHICH HAS BECOME EFFECTIVE AND IS CURRENT WITH RESPECT TO THESE SECURITIES, OR (ii) PURSUANT TO A SPECIFIC EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT BUT ONLY UPON A HOLDER HEREOF FIRST HAVING OBTAINED THE WRITTEN OPINION OF COUNSEL TO THE CORPORATION, OR OTHER COUNSEL REASONABLY ACCEPTABLE TO THE CORPORATION, THAT THE PROPOSED DISPOSITION IS CONSISTENT WITH ALL APPLICABLE PROVISIONS OF THE SECURITIES ACT AS WELL AS ANY APPLICABLE “BLUE SKY” OR SIMILAR SECURITIES LAW.”

2.9 The Shareholder understand that an investment in the TMSR Shares is a speculative investment which involves a high degree of risk and the potential loss of their entire investment.

SECTION III

 TMSR REPRESENTATIONS AND WARRANTIES.

TMSR hereby acknowledges, represents and warrants to, and agrees with the Shareholders and Rong Hai (which representations and warranties will be true and correct as of the date of the Closing as if they were made on the date of Closing) as follows:

3.1 TMSR has been duly organized, is validly existing and is in good standing under the laws of the State of Nevada. TMSR has full corporate power and authority to enter into this SPA. This SPA, has been duly and validly authorized, executed and delivered by TMSR and are valid and binding obligations of TMSR, enforceable against TMSR in accordance with their terms, except as such enforcement may be limited by the United States Bankruptcy Code and laws effecting creditors rights, generally.

3.2 Subject to the performance by the Shareholders and Rong Hai of their respective obligations under this SPA and the accuracy of the representations and warranties of the Shareholders and Rong Hai, the offering and sale of the TMSR Shares will be exempt from the registration requirements of the Securities Act.

3.3 The execution and delivery by TMSR of, and the performance by TMSR of its obligations hereunder in accordance with its terms will not contravene any provision of the charter documents of TMSR.

3.4 The TMSR Shares have been duly authorized and, when issued and delivered as provided by this SPA, will be validly issued and fully paid and non-assessable, and the TMSR Shares are not subject to any preemptive or similar rights.

3.5 Except as otherwise disclosed in its SEC filings, TMSR is not in violation of its charter or bylaws and is not in material default in the performance of any bond, debenture, note or any other evidence of indebtedness or any indenture, mortgage, deed of trust, license, contract, lease or other instrument to which TMSR is a party or by which it is bound, or to which any of the property or assets of TMSR is subject, except such as have been waived or which would not, singly or in the aggregate, prevent TMSR from discharging its obligations under this SPA.

SECTION IV

GENERAL PROVISIONS

4.1  Survival .  All representations, warranties, covenants, and obligations in this SPA shall survive until the expiration of the applicable statute of limitation with respect to the underlying claim to which such representation, warranty, covenant, or obligation relates.

4.2  Written Changes .  Neither this SPA nor any provision hereof may be changed, waived, discharged or terminated orally, except by a statement in writing signed by the Party against which enforcement of the change, waiver, discharge or termination is sought.

4.3  Delays or Omissions .  Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any party under this SPA shall impair any such right, power or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence thereto, or of a similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party hereto of any breach or default under this SPA, or any waiver on the part of any party of any provisions or conditions of this SPA, must be in writing and shall be effective only to the extent specifically set forth in such writing.

4.4  Entire Agreement .  This SPA constitutes the entire understanding and agreement of the Parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements or understandings, inducements or conditions, express or implied, written or oral, between the Parties with respect hereto. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof.

4.5  Severability .  Should any one or more of the provisions of this SPA or of any agreement entered into pursuant to this SPA be determined to be illegal or unenforceable, all other provisions of this SPA and of each other agreement entered into pursuant to this SPA, shall be given effect separately from the provision or provisions determined to be illegal or unenforceable and shall not be affected thereby. The Parties further agree to replace such void or unenforceable provision of this SPA with a valid and enforceable provision which will achieve, to the extent possible, the economic, business and other purposes of the void or unenforceable provision.

4.6  Successors and Assigns . The terms and conditions of this SPA shall inure to the benefit of and be binding upon and be enforceable by the successors and assigns of the Parties.

4.7  Governing Law .  The validity, terms, performance and enforcement of this SPA shall be governed and construed by the provisions hereof and in accordance with the laws of the State of Nevada applicable to agreements that are negotiated, executed, delivered and performed in the State of Nevada.

4.8  Counterparts .  This SPA may be executed concurrently in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument and shall become effective when counterparts have been signed by each Party and delivered to the other Party.

4.9  Further Assurances .  Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this SPA and the consummation of the transactions contemplated hereby.

4.10  Third Party Beneficiaries .  Nothing expressed or implied in this SPA is intended, or shall be construed, to confer upon or give any person other than the Parties any rights or remedies under or by reason of this SPA.

4.11  Headings .  The headings of this SPA are for convenience of reference and shall not form part of, or affect the interpretation of, this SPA.

[SIGNATURE PAGES TO FOLLOW]

IN WITNESS WHEREOF, the parties have executed and delivered this Share Purchase Agreement as of the date first written above.

Exhibit 10.2

CONSULTING SERVICES AGREEMENT

咨询服务协议

This Consulting Services Agreement (this “ Agreement ”) is dated November 30, 2018, and is entered into in Wuhan, People’s Republic of China (“PRC” or “China”) by and among Shengrong Environmental Protection Technology (Wuhan) Co., Ltd (“ Party A ”), and Jiangsu Rong Hai Electric Power Fuel Co., Ltd. (“ Party B ”), Party A and Party B are referred to collectively in this Agreement as the “ Parties .”

本咨询服务协议（“本协议”）于2018年11月30日在中华人民共和国（“PRC”或“中国”）武汉市，由声荣环保科技技术（武汉）有限公司（“甲方”）以及江苏荣海电力燃料有限公司（“乙方”）协商一致签订。甲方和乙方总称为“各方”。

RECITALS

前言

甲方为根据中国法成立的外商独资企业，专业从事环保技术开发、技术转让、技术咨询、技术服务；

乙方主要从事煤炭批发经营；焦炭、钢材、建筑材料、机械设备、废钢的销售（总称为“业务”）；

乙方期望甲方提供技术咨询服务和其他与乙方从事业务相关的服务给乙方；与

各方签订本协议以确定相关条款和条件，据于此，甲方将向乙方提供咨询以及其他相关服务。

NOW THEREFORE, the Parties agree as follows:

为此，各方签订以下协议，以资双方遵守：

1.1 In this Agreement the following terms shall have the following meanings:

本协议中以下词组应具有以下含义：

“ Affiliate ,” with respect to any Person, shall mean any other Person that directly or indirectly controls, or is under common control with, or is controlled by, such Person. As used in this definition, “control” shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether by ownership of securities or partnership or other ownership interests, or by contract or otherwise);

“关联人”，指的是对于任何人而言，直接或者间接地予以控制的、或者被其控制、或者共同被他人控制的某人。在本定义中，控制指的是直接或者间接拥有，具有能力直接或者间接影响管理的方向和政策（不管是通过股份所有权还是通过合伙或者其他所有权权益，这种安排可以通过合同或者其他形式进行）；

“ Consulting Services Fee ” shall be as defined in Clause 3.1;

“咨询服务费”由第 3.1 条进行定义；

“ Indebtedness ” shall mean, as to any Person, any one of the following: (i) money borrowed by such Person (including principal, interest, fees and charges) for the deferred purchase price of any property or services, (ii) the face amount of all letters of credit issued to such Person and all drafts drawn thereunder, (iii) all liabilities secured by any Encumbrance on any property owned by such Person, whether or not such liabilities have been assumed by such Person, (iv) the aggregate amount required to be capitalized under any lease for which such Person is the lessee, or (v) all contingent obligations (including, without limitation, all guarantees to third parties) of such Person;

“债务”指的是，对任何人而言，下述情况之一（ i ）所有因此类人的借款以便还清迟延支付的购买财产价款或者服务费而产生的债务（包括本金，利息，费用和收费），（ ii ）所有应当由此类人支付的信用证以及由此出具的票据的票面价值，（ iii ）任何由设置于此类人拥有的财产之上的担保的责任，不管此类人是否承担了这些责任，（ iv ）此类人作为租赁人应当支付的租约总金额，或（ v ）所有此类人的或有债务（包括但不限于向所有第三方作出的担保）；

“ Encumbrance ” shall mean any guarantee, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), preference, priority or other security agreement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement, any financing or similar statement or notice filed under recording or notice statute, and any lease having substantially the same effect as any of the foregoing);

“担保”指的是任何保证、抵押、质押、担保、转让、存款安排、权利负担，留置（法定或者其他），优惠，优先权或者任何其他性质种类的担保安排（包括但不限于任何有条件的出售或者其他所有权保留协议，根据法定形式签发的任何融资或者类似的申明或者通知，以及任何与前述安排具有实质性相同效果的租约）。

“ Person ” shall mean any individual, corporation, company, voluntary association, partnership, joint venture, trust, unincorporated organization, entity or other organization or any government body;

“人”，指的是任何个人，公司，自愿性的组织，合伙，合资企业，信托，非公司型组织，团体或者其他组织和政府机构；

“ PRC ” means the People’s Republic of China;

“PRC” 指的是中华人民共和国；

“ Services ” means the services to be provided under the Agreement by Party A to Party B, as more specifically described in Clause 2.

“服务”指的是本协议下，由甲方向乙方提供的服务，由第二条详细解释。

1.2 The headings in this Agreement shall not affect the interpretation of this Agreement.

本协议中的标题不应当影响对本协议的解释。

2.1 Party B hereby agrees to retain the services of Party A, and Party A accepts such appointment, to provide to Party B services in relation to the current and proposed operations of Party B’s business in the PRC pursuant to the terms and conditions of this Agreement (the “ Services ”). The Services shall include, without limitation:

乙方在此同意聘用甲方提供服务，并且甲方依据本协议规定的条款，接受聘用，向乙方在中国正在开展或者即将开展的业务提供相关服务 （“服务”）。服务包括但不限于：

(a) General Business Operation . Provide general advice and assistance relating to the management and operation of Party B’s business.

一般业务经营。提供和管理、运行与乙方业务相关的咨询服务和协助。

(b) Human Resources .

人力资源。

(i) Provide general advice and assistance in relation to the staffing of Party B, including assistance in the recruitment, employment and secondment of management personnel, administrative personnel and staff of Party B;

为乙方的人事提供建议和协助，包括乙方管理人员、行政人员与普通员工的招募、雇佣、调任等；

(ii) Provide training of management, staff and administrative personnel;

提供管理层、员工和行政人员的培训；

(iii) Assist Party B to establish an efficient payroll management system; and

协助乙方建立健全的薪金管理体系；与

(iv) Provide assistance in the relocation of Party B’s management and staff;

对于乙方管理人员和员工的重新安置提供建议和协助；

(c) Business Development . Provide advice and assistance in business growth and development of Party B.

业务发展。对乙方的业务发展提供建议和协助。

(d) Other . Such other advice and assistance as may be agreed upon by the Parties.

其他。双方同意的其他建议和协助。

2.2 Exclusive Services Provider . During the term of this Agreement, Party A shall be the exclusive provider of the Services. Party B shall not seek or accept similar services from other providers without the prior written approval of Party A.

排他性的服务提供者。在本协议有效期间，甲方应当是排他性的服务提供者。除非获得了甲方事先书面同意，乙方不可以寻求或者接受来自其他服务提供者类似的服务。

2.3 Intellectual Property Rights Related to the Services . Party A shall own all intellectual property rights developed or discovered through research and development in the course of providing Services, or derived from the provision of the Services. Such intellectual property rights shall include patents, trademarks, trade names, copyrights, patent application rights, copyright and trademark application rights, research and technical documents and materials, and other related intellectual property rights including the right to license or transfer such intellectual property rights. If Party B requires the use of Party A’s intellectual property rights, Party A agrees to grant such intellectual property rights to Party B on terms and conditions to be set forth in a separate agreement.

有关服务的知识产权。在提供服务过程中，甲方应当拥有所有由服务产生的通过开发和研究获得的知识产权。此类知识产权应当包括专利、商标、商号、版权、专利申请权、版权或者商标申请权，研究及技术文件资料，以及其他有关的知识产权（包括许可、转让此类知识产权的权利）。如果乙方要求使用甲方的知识产权，甲方应当通过和乙方签订独立的协议授予乙方此类权利。

2.4 Pledge . Party B shall permit and cause the owners of Party B to pledge their equity interests in Party B to Party A for securing the payment of the Consulting Services Fee as required pursuant to this Agreement.

质押。乙方应当允许和促使乙方股东向甲方出质其在乙方的股权以便保证乙方向甲方支付本协议规定的咨询服务费。

3. PAYMENT ( 支付 )

3.1 General .

普通条款。

(a) In consideration of the Services to be provided by Party A hereunder, Party B shall pay to Party A consulting services fees (the “ Consulting Services Fee ”) to be determined and paid in the manner as listed in Annex 1 during the term of this Agreement.

就甲方提供的服务，乙方应当在本协议有效期间向甲方支付咨询服务费（“咨询服务费”），该费用将依附件 1 规定的方式决定和支付。

(b) Party B will permit, from time to time during regular business hours as reasonably requested by Party A, its agents or representatives (including independent public accountants, which may be Party B’s independent public accountants), (i) to conduct periodic audits of the financial books and records of Party B, (ii) to examine and make copies and abstracts from all books, records and documents (including, without limitation, computer tapes and disks) in the possession or under the control of Party B, (iii) to visit the offices and properties of Party B for the purpose of examining such materials described in clause (ii) above, and (iv) to discuss matters relating to the performance by Party B hereunder with any of the officers or employees of Party B having knowledge of such matters. Party A may exercise the audit rights described herein at any time, provided that Party A provides a ten (10) day written notice to Party B specifying the scope, purpose and duration of such audit. All such audits shall be conducted in such a manner as not to interfere with Party B’s normal operations.

乙方应当允许，在通常的工作时间，根据甲方或者其代理人或者代表的要求（包含独立的注册会计师，其可能是乙方的独立的注册会计师） (i) 对乙方的账簿和财务记录进行审计， (ii) 对乙方持有的或管理的所有的账簿，财务记录和文件进行摘要，检查和备份（包括但不限于电脑磁盘和磁带）， (iii) 造访乙方的办公场所和财产以便对上述（ ii ）中的材料进行审查， (iv) 和乙方了解情况的雇员讨论乙方的经营活动。甲方可以在任何时间行使本条规定的审计权，只要提前十天向乙方提供书面的通知确定审计的范围，目的和持续时间即可。所有此类的审计不应当影响乙方的正常经营活动。

3.2 Party B shall not be entitled to set off any amount it may claim is owed to it by Party A against any Consulting Services Fee payable by Party B to Party A unless Party B first obtains Party A’s prior written consent.

乙方不应当把其应当向甲方支付的咨询服务费和甲方可能的欠款自行抵消，除非乙方已获得了甲方的书面同意。

3.3 The Consulting Services Fee shall be paid in RMB by telegraphic transfer to Party A’s bank account No.______________, or to such other account or accounts as may be specified in writing from time to time by Party A.

咨询服务费应当以人民币通过电汇的方式汇至甲方账户：__________ ，或者甲方在不时通过书面确定的其他账户。

3.4 Should Party B fail to pay all or any part of the Consulting Services Fee due to Party A in RMB under this Clause 3 within the time limits stipulated, Party B shall pay to Party A interest in RMB on the amount overdue based on the three (3) month lending rate for RMB published simultaneously by the Bank of China on the relevant due date.

如果乙方没有依据本第三条的规定在规定的期间内，以人民币支付全部或者部分人民币咨询服务费，乙方应当向甲方支付未付款的人民币利息；相关利息的支付应当依据中国银行公布的三月期银行贷款利率。

3.5 All payments to be made by Party B hereunder shall be made free and clear and without any consideration of tax deduction, unless Party B is required to make such payment subject to the deduction or withholding of tax.

所有本条规定的乙方的支付义务不包含任何扣减和税负考虑，除非乙方被要求在扣除后或者代扣税后进行支付。

4. UNDERTAKINGS OF PARTY B ( 乙方保证 )

Party B hereby agrees that, during the term of the Agreement:

乙方在此同意，在本协议有效期间：

4.1 Information Covenants . Party B shall provide to Party A:

信息条款。乙方将提供甲方：

4.1.1 Preliminary Monthly Reports . Within five (5) days after the end of each calendar month the preliminary income statements and balance sheets of Party B made up to as of the end of such calendar month, in each case prepared in accordance with the generally accepted accounting principles of the PRC.

初期月报。每公历月度的满后五天内，乙方依据中国公认会计原则制作的月收入报表和资产负债表。

4.1.2 Final Monthly Reports . Within ten (10) days after the end of each calendar month, a final report from Party B on the financial and business operations of Party B as of the end of such calendar month, setting forth the comparison of financial and operation figures for the corresponding period in the preceding financial year, in each case prepared in accordance with generally accepted accounting principles of the PRC.

最后月报。在每个公历月度结束后十天之内，乙方制作的，用以说明其财务状况、经营成绩、以及与往年同期的比较的报表，该报表依据中国公认会计原则制作。

4.1.3 Quarterly Reports . As soon as available and in any event within forty-five (45) days after each Quarterly Period (as defined below), unaudited consolidated and consolidating statements of income, retained earnings and changes in financial positions of Party B and its subsidiaries for such Quarterly Period, and for the period from the beginning of the relevant fiscal year to such Quarterly Date, and the related consolidated and consolidating balance sheets as of such Quarterly Period, setting forth in each case the actual versus budgeted comparisons and a comparison of the corresponding consolidated and consolidating figures for the corresponding period in the preceding fiscal year, accompanied by a certificate of Party B’s Chief Financial Officer, and such certificate shall state that the said financial statements fairly represent the consolidated and consolidating financial conditions and results of operations, as the case may be, of Party B and its subsidiaries, in accordance with the general accepted accounting principles of the PRC for such period (subject to normal year-end audit adjustments and the preparation of notes for the audited financial statements). For the purpose of this Agreement, a “ Quarterly Period ” shall mean the last day of March, June, September and December of each year, the first of which shall be the first Quarterly Period following the date of this Agreement; provided that if any such Quarterly Period is not a business day in the PRC, then such Quarterly Period shall be the next succeeding business day in the PRC.

季报。在每季度结束后 45 天内制作的，乙方及其子公司未审计的合并和未合并收入报表，未分配利润和乙方财务状况的变化的报表；如果可能的话，每季度及从每财务年度的开始到季报制作日，相关合并和未合并报表，并且以比照形式和去年同期的相关报表列于一处。相关报表应有乙方首席财务官的证明。该证明应当申明相关财务报表依法提供了乙方及其子公司合并及未合并的财务状况和经营业绩，并且该报表的制作符合中国公认会计原则（相关数据应以年度审计的调整和相关已审计的财务报表为准）。在本协议中，“ a Quarterly Period ”的含义是：每年三月份，六月份，九月份和十二月份的最后一天，第一次 Quarterly Period 应当是本协议签订日后的以上月份的最后一天。如果上述日期在中国不是营业日，那么相关日期应推迟到此后的第一个营业日。

4.1.4 Annual Audited Accounts . Within 90 days after the end of the financial year, Party B’s annual audited accounts (setting forth in each case the comparison of the corresponding figures for the preceding financial year), shall be prepared in accordance with the generally accepted accounting principles of the PRC.

年度审计。每会计年度结束后九十天之内，乙方年度审计帐目（以比较形式与去年同期进行对比）应以中国公认会计原则制作。

4.1.5 Budgets . At least ninety (90) days prior to the beginning of Party B’s fiscal year, Party B shall prepare a budget in a form satisfactory to Party A (including budgeted statements of income and sources and uses of cash and balance sheets) for each of the four quarters of such fiscal year accompanied by the statement of Party B’s Chief Financial Officer, to the effect that, to the best of his or her knowledge, the budget is a reasonable estimate for the corresponding period.

预算。每财务年度开始前 90 天，乙方应准备一份使甲方能够接受的乙方之预算（包括预算收入、资金来源、用途和资产负债表）。该预算应当包括每财务年度季度预算。该预算应由乙方首席财务官申明以确定根据其所知相关预算是对相关期间合理的估计。

4.1.6 Notice of Litigation . Party B shall notify Party A, within one (1) business day of obtaining the knowledge thereof, of (i) any litigation or governmental proceeding pending against Party B which could materially adversely affect the business, operations, property, assets, condition or prospects of Party B, and (ii) any other event which is likely to materially adversely affect the business, operations, property, assets, condition or prospects of Party B.

诉讼通知。在任何情况下，在乙方获知（ i ）任何尚未了结的诉讼或者政府行政程序即将对乙方的业务、经营、财产或者财务状况或者乙方未来的发展产生重大不利影响，以及（ ii ）任何其他有可能对乙方上述方面产生重大不利影响的情况后的一天之内，通知甲方。

4.1.7 Other Information . From time to time, such other information or documents as Party A may reasonably request.

其他情况。其他甲方不时合理要求的信息和文件（财务或者其他方面）。

4.2 Books, Records and Inspections . Party B shall keep accurate books and records of its business activities and transactions according with PRC’s generally accepted accounting principles and all other legal requirements. During an appropriate time and within a reasonable scope requested by Party A, Party B will permit Party A’s officers and designated representatives to visit the premises of Party B and to inspect, under the guidance of Party B’s officers, Party B’s books and records, and to discuss the affairs, finances and accounts of Party B.

账簿、财务记录和审查。乙方应当保留相关账簿和财务记录，该记录应当完整，真实，并且准确地按照中国公认会计原则以及所有法律的要求制作，同时应当包含所有的交易和业务活动。乙方应当允许甲方的高级管理人员和任命的代表，在合适的时间，依据甲方合理要求的范围，在乙方高级管理人员的引导下对乙方财产进行检查，审查乙方的账簿和财务记录，并且和乙方高级管理人员讨论乙方的经营、财务和账目。

4.3 Corporate Franchises . Party B will do or cause to be done, all things necessary to preserve and keep in full force and effect its valid existence and maintain its material rights and licenses.

公司特许。乙方应当尽全力，保持其合法有效存续，及其拥有的重大权利、特许和许可的存在和效力。

4.4 Compliance with Laws . Party B shall abide by all applicable laws, regulations and orders of all relevant governmental administration, in respect to its business and the ownership of its property, including, without limitation, maintenance of valid and proper governmental approvals and licenses necessary to provide the services, unless such noncompliance could not, in the aggregate, have a material adverse effect on the business, operations, property, assets, condition or prospects of Party B.

遵守法律。乙方就其业务、财产所有权（包括但不限于保持有效和合适的政府审批和许可以便提供相关服务）应当遵守所有适用的法律、法规、政府机构的行政命令；除非此类不遵守，总体而言，对乙方的业务、经营、财产和财务状况及未来发展不会带来重大不利影响。

5. NEGATIVE COVENANTS ( 不作为保证 )

Party B covenants and agrees that, during the term of this Agreement, without the prior written consent of Party A:

乙方同意并且保证，在本协议有效期间，在没有事先获得甲方书面同意的情况下：

5.1 Equity . Party B will not issue, purchase or redeem any equity or debt securities of Party B.

股权。乙方不会发行，购买或者回购任何乙方的股权或者债权凭证。

5.2 Encumbrances . Party B will not create, incur, assume or suffer to exist any Encumbrance upon or with respect to any property or assets (real or personal, tangible or intangible) of Party B whether existing or hereafter acquired, provided that the provisions of this Clause 5.2 shall not prevent the creation, incurrence, assumption or existence of:

担保。乙方不会设定、招致、承担或者承担任何加诸于其财产（动产或者不动产，有形或者无形）之上的担保，不管这类财产是现在拥有的还是之后获得的，但是本协议第 5.2 条没有阻止下列情况的产生、招致或者承受：

5.2.1 Encumbrances for taxes not yet due, or Encumbrances for taxes being contested in good faith and by appropriate proceedings for which adequate reserves have been established; and

未到期税款的担保，由善意及恰当程序提起争议的税款担保且为此已建立足够的保留 ; 以及

5.2.2 Encumbrances in respect to Party B’s property or assets imposed by law, which were incurred in the ordinary course of business, and (i) which do not in the aggregate, materially detract from the value of Party B’s property or assets or materially impair the use thereof in the operation of Party B’s business or (ii) which are being contested in good faith by appropriate proceedings and proceedings which have the effect of preventing the forfeiture or sale of the property of assets subject to any such Encumbrance.

在通常业务中产生的，置于乙方财产之上的担保，并且（ i ）该担保不会在总体上重大减损此类财产的价值或者重大损害乙方在业务经营中对其的使用；或者（ ii ）此类担保通过合适的程序善意地进行，而此类程序依据担保的效力具有防止相关财产转移和出售的效力。

5.3 Consolidation, Merger, Sale of Assets, etc . Party B will not wind up, liquidate or dissolve its affairs or enter into any transaction of merger or consolidation, or convey, sell, lease or otherwise dispose of (or agree to do any of the foregoing at any future time) all or any part of its property or assets, or purchase or otherwise acquire (in one or a series of related transactions) any part of the property or assets (other than purchases or other acquisitions of inventory, materials and equipment in the ordinary course of business) of any Person, except that (i) Party B may sell inventory in the ordinary course of business and (ii) Party B may sell equipment which is uneconomic or obsolete, in the ordinary course of business.

合并、兼并和资产出售等。乙方不会进行清盘、清算或者解散，或者签订任何兼并合并协议、或者转让、出售、出租或者放弃（或者同意在未来进行任何前述的活动）所有或者其部分财产；不会购买或者另行获取（通过一次或者一系列相关联的交易行为）任何人的全部或者部分财产（除非通过正常的交易购买、获取任何存货、材料和设备）；除非（ i ）乙方在日常业务中出售存货；（ ii ）乙方在日常业务中出售其多余或者高成本的设备。

5.4 Dividends . Without the approval of Party A, Party B will not declare or pay any dividends, or return any capital, to its shareholders or authorize or make any other distribution, payment or delivery of property or cash to its shareholders as such, or redeem, retire, purchase or otherwise acquire, directly or indirectly, for a consideration, any shares of any class of its capital stock now or hereafter outstanding (or any options or warrants issued by Party B with respect to its capital stock), or set aside any funds for any of the foregoing purposes.

分红。未经甲方同意，乙方不会宣布任何红利方案或者支付红利，不会向其股东退返任何资本，不会授权或者直接向股东进行任何分配、支付或者交付任何财产或者现金；回赎、撤资、购买或者直接或者间接通过支付对价的方式获取现在已发行或者以后将发行的任何种类的资本（或者乙方依据其股本发行之任何期权或者股权凭证），不会为了前述的目的拨留款项。

5.5 Leases . Party B will not permit the aggregate payments (including, without limitation, any property taxes paid as additional rent or lease payments) by Party B under agreements to rent or lease any real or personal property to exceed US$ 30 ， 000 or the equivalent calculated in RMB in any fiscal year of Party B.

租约。乙方不应当使其签订的任何动产、不动产租约总额（包括但不限于任何作为租金之外的不动产税费）在任何一个会计年度超过三万美元或等值人民币。

5.6 Indebtedness . Party B will not contract, create, incur, assume or suffer to exist any indebtedness, except accrued expenses and current trade accounts payable incurred in the ordinary course of business, and obligations under trade letters of credit incurred by Party B in the ordinary course of business, which are to be repaid in full not more than one (1) year after the date on which such indebtedness is originally incurred to finance the purchase of goods by Party B.

债务。乙方不会签约、产生、招致、承受或者忍受相关债务的存在，除非：此类费用及应付款产生于通常的业务活动中，及产生于日常业务中乙方总还款期在一年以内的信用证（用以乙方购货）。

5.7 Advances, Investment and Loans . Without the approval of Party A, Party B will not lend money or grant credit or make advances to any Person, or purchase or acquire any stock, obligations or securities of, or any other interest in, or make any capital contribution to, any other Person, except that Party B may acquire and hold receivables owing to it, if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms.

预付款、投资和借款。 未经甲方同意，乙方不得出借、给予信用安排或者提供预付款给任何人，不得购买任何人的股权、义务或者证券及其相关利益，不得向任何人注资；除非：产生于通常的交易并且依照商业惯例是应当支付和履行的，乙方获得因此产生的应收账款。

5.8 Transactions with Affiliates . Party B will not enter into any transaction or series of related transactions, whether or not in the ordinary course of business, with any Affiliate of Party B, other than on terms and conditions substantially as favorable to Party B as would be obtainable by Party B at the time in a comparable arm’s-length transaction with a Person other than an Affiliate and with the prior written consent of Party A.

关联交易。无论是否是通常的交易，乙方不得和乙方的任何关联人进行任何或者一系列相关联的交易。除非获得甲方的书面批准，并且相关交易根据和非关联人进行一般公平交易的比较，对乙方具有重大利益。

5.9 Capital Expenditures . Party B will not make any expenditure for fixed or capital assets (including, without limitation, expenditures for maintenance and repairs which are capitalized in accordance with generally accepted accounting principles in the PRC and capitalized lease obligations) during any quarterly period which exceeds the aggregate the amount contained in the budget as set forth in Section 4.1.5.

资本支出。在任何季度期间内，乙方不得为任何固定资产或者资本财产（包括但不限于依据中国公认会计原则资本化的维持和修理费支出和资本化的租赁支出）支出超过本协议 4.1.5 条约定的总计预算额度。

5.10 Modifications to Debt Arrangements, Agreements or Articles of Association . Party B will not (i) make any voluntary or optional payment or prepayment on or redemption or acquisition for value of (including, without limitation, by way of depositing with the trustee with respect thereto money or securities before due for the purpose of paying when due) any existing Indebtedness or (ii) amend or modify, or permit the amendment or modification of, any provision of any existing Indebtedness or of any agreement (including, without limitation, any purchase agreement, indenture, loan agreement or security agreement) relating to any of the foregoing or (iii) amend, modify or change its Articles of Association or business license, or any agreement entered into by it, with respect to its capital stock, or enter into any new agreement with respect to its capital stock.

对于债权安排、协议或者章程的修改。乙方不会 (i) 对于任何现存的债务进行任何自愿的、选择性的支付、预先的支付、回购或者获得。（包括但不限于为到期支付而在受托人处预存钱款或证券） (ii) 对于现存的任何债务或者与此有关的任何协议进行修正、修改或者允许这种修正或者修改（包括但不限于任何购买协议、契约、贷款协议或者担保协议）。 (iii) 修正、修改或者改变其章程、营业执照、或者任何其签订的有关资本的协议；或者签订与其资本有关的新协议。

5.11 Line of Business . Party B will not engage (directly or indirectly) in any business other than those types of business prescribed within the business scope of Party B’s business license except with the prior written consent of Party A.

业务行业。乙方不会（直接或者间接）从事乙方营业执照确定的业务范围以外的业务，除非事先获得了甲方书面的同意。

6. TERM AND TERMINATION ( 有效期和终止 )

6.1 This Agreement shall take effect on the date of execution of this Agreement and this Agreement shall be in full force and effective until Party B’s valid operation term expires, unless terminated pursuant to Clause 6.2. Party A may, at its discretion, decide to renew or terminate this Agreement.

本协议自签署之日起生效，并在乙方存续期间一直有效。除非根据第 6.2 条终止，本协议应当保留完全的效力和强制力。甲方可以依其自主判断决定继续或终止本协议。

6.2 This Agreement may be terminated:

本协议在以下情况下终止 :

6.2.1 By Party A’s giving written notice (including, but not limited to, the failure by Party B to pay the Consulting Services Fee) and such breach, if capable of remedy, has not been so remedied within fourteen (14) days, in the case of breach of a non-financial obligation, following the receipt of such written notice;

根据甲方发出的书面通知（包括但不限于乙方未支付相关咨询服务费），并且如果是可以补救的且是非金钱方面的违约，未在收到书面通知后 14 天内作出补救 ;

6.2.2 By Party A’s giving written notice to the Party B if the Party B becomes bankrupt or insolvent or is the subject of proceedings or arrangements for liquidation or dissolution or ceases to carry on business or becomes unable to pay its debts as they become due;

甲方向乙方发出书面通知，如果乙方破产或者进入了清算或者解散程序，不再开展任何业务或者无法支付到期债务 ;

6.2.3 By Party A’s giving written notice ;

因甲方的单方面通知而终止 ;

6.2.4 Party B’s business license or any other license or approval material for the business operations of Party B is terminated, cancelled or revoked;

乙方的营业执照或者对乙方经营具有重大影响的许可和批准被终止，取消或者撤销 ;

6.2.5 By Party A’s giving written notice to Party B if circumstances arise which materially and adversely affect the performance or the objectives of this Agreement; or

如果因为实际情况发生重大不利变化导致本协议的目标无法实现时，甲方向乙方发出书面通知 ;

6.3 Any Party electing to terminate this Agreement pursuant to Clause 6.2 shall have no liability to the other Party for indemnity, compensation or damages arising solely from the exercise of such termination right, provided that the expiration or termination of this Agreement shall not affect the continuing obligation of Party B to pay any Consulting Services Fees already accrued or due and payable to Party A. Upon expiration or termination of this Agreement, all amounts then due and unpaid to Party A by Party B hereunder, as well as all other amounts accrued but not yet payable to Party A by Party B, shall thereby become due and payable by Party B to Party A.

一方有根据第 6.2 条终止本协议，并不承担仅由于行使该权利而产生的向另一方补偿和赔偿的责任。本协议的到期或者终止不应当影响已经产生的乙方向甲方支付咨询服务费的责任。在本协议终止或者到期时，本协议规定的任何到期未支付以及所有其他已经产生但是未到支付期的钱款，应当就此到期并且由乙方支付。

7. PARTY A’S REMEDY UPON PARTY B’S BREACH ( 甲方因为乙方违约而应得到的救济 )

In addition to the remedies provided elsewhere under this Agreement, Party A shall be entitled to remedies permitted under PRC laws, including, without limitation, compensation for any direct and indirect losses arising from the breach and legal fees incurred to recover losses from such breach.

除了本协议其他规定提供的救济外，甲方应当有权获得中国法律规定的其他救济，包括但不限于对产生于此类违约直接或者间接引起的损失的补偿，以及为弥补损失而产生的法律费用。

8. AGENCY ( 代理 )

The Parties are independent contractors, and nothing in this Agreement shall be construed to constitute either Party to be the agent, partner, legal representative, attorney or employee of the other for any purpose whatsoever. Neither Party shall have the power or authority to bind the other except as specifically set out in this Agreement.

各方为独立之签约人。并且本协议的任何规定不管任何原因均不得被解释为一方为另一方的代理人、合伙人、法定代表人、代表或者雇员等。除非本协议另有规定，任何一方均无权利或者授权去约束另一方。

9. GOVERNING LAW AND JURISDICTION ( 适用法和管辖 )

9.1 Governing Law . This Agreement shall be governed by, and construed in accordance with, the laws of the PRC.

法律适用。本协议的适用法为中华人民共和国法律，并依据其进行解释。

9.2 Arbitration . Any dispute arising from, out of or in connection with this Agreement shall be settled through amicable negotiations between the Parties. Such negotiations shall begin immediately after one Party has delivered to the other Party a written request for such negotiation. If, within forty-five (45) days following the date of such notice, the dispute cannot be settled through negotiations, the dispute shall, upon the request of either Party with notice to the other Party, be submitted to arbitration in China under the auspices of China International Economic and Trade Arbitration Commission (the “ CIETAC ”). The Parties shall jointly appoint a qualified interpreter for the arbitration proceeding and shall be responsible for sharing in equal portions the expenses incurred by such appointment. The arbitration proceeding shall take place in Beijing, China. The outcome of the arbitration shall be final and binding and enforceable upon the Parties.

仲裁。双方应尽量通过友好协商解决与本协议解释或履行相关的任何争议。此类协商应当在一方向另一方递交请求协商的书面要求后立即进行。如果在通知发出后 45 天内争议仍无法通过协商解决，相关争议应当根据任一协议方向另一方发出的通知而提交中国国际经贸仲裁委员会（ CIETAC ）仲裁。各方应当联合任命一名合格的仲裁翻译并且对于由此产生的花费承担相同的比例。仲裁地为北京。仲裁裁决是终局性的，对双方均有约束力，并可根据其条款予以强制执行。

9.2.1 Number and Selection of Arbitrators . There shall be three (3) arbitrators. Party B shall select one (1) arbitrator and Party A shall select one (1) arbitrator, and both arbitrators shall be selected within ten (10) days after giving or receiving the demand for arbitration. Such arbitrators shall be freely selected, and the Parties shall not be limited in their selection to any prescribed list. The chairman of the CIETAC shall select the third arbitrator. If a Party does not appoint an arbitrator who consents to participate within thirty (30) days after giving or receiving the demand for arbitration, the relevant appointment shall be made by the chairman of the CIETAC.

仲裁员的选择和数量。仲裁应当有三名仲裁员组成。乙方和甲方应当各选择一名仲裁员，并且这两名仲裁员应当在发出或者接受仲裁请求的 10 天内选择。此类仲裁员应当自由选择，同时各方不应当受到任何仲裁员名单的限制。 CIETAC 的主席应当选择第三名仲裁员。如果任意协议方没有在发出或接受仲裁请求 30 天内选出仲裁员，该仲裁员由 CIETAC 的主席指定。

9.2.2 Arbitration Language and Rules . Unless otherwise provided by the arbitration rules of CIETAC, the arbitration proceeding shall be conducted in Chinese. The arbitration tribunal shall apply the arbitration rules of the CIETAC in effect on the date of execution of this Agreement. However, if such rules are in conflict with the provisions of this clause, or with Section 9 of this Agreement, then the terms of Section 9 of this Agreement shall prevail.

语言与适用法律。除非 CIETAC 的仲裁规则另有规定，仲裁使用中文。仲裁庭应当使用本协议签字时 CIETAC 有效的仲裁规则。但是，如果此类规则和本条款或本协议第九节相冲突，应采用本协议第九节相关条款的规定。

9.2.3 Cooperation; Disclosure . Each Party shall cooperate with the other Party in making full disclosure of and providing complete access to all information and documents requested by the other Party in connection with such proceedings, subject only to any confidentiality obligations binding on such Parties.

合作；披露。除非受到保密义务的限制，根据另一方的要求，每一方应当和另一方合作以期提供完全地披露与相关法律程序有关的信息和文件。

9.2.4 Jurisdiction . Judgment rendered by the arbitration may be entered into by any court having jurisdiction, or application may be made to such court for a judicial recognition of the judgment or any order of enforcement thereof.

管辖权。仲裁委员会的裁决可以交予任何具有管辖权的法院，或者可以向其申请承认裁决或者强制执行裁决。

9.3 Continuing Obligations . The Parties shall continue their implementation of this Agreement during the period when the relevant dispute is being resolved.

持续之义务。在相关纠纷解决期间，各方应在其他各个方面继续履行本协议。

10. ASSIGNMENT ( 转让 )

No part of this Agreement shall be assigned or transferred by either Party without the prior written consent of the other Party. Any such assignment or transfer shall be void, provided that Party A may assign its rights and obligations under this Agreement to an Affiliate without Party B’s consent.

在没有得到另一方事先书面同意的情况下，本协议的任何一部份都不能转让。任何此类的转让都无效。但是甲方可以不需乙方同意将其在本协议下的权利和义务转让给其关联人。

11. NOTICES ( 通知 )

Notices or other communications required to be given by any Party pursuant to this Agreement shall be written in English and Chinese and delivered personally or sent by registered mail or prepaid mail or by a recognized courier service or by facsimile transmission to the address of the other Party set forth below or to such other address of the Party as specified by such Party from time to time. The date when the notice is deemed to be duly served shall be determined as the follows: (a) a notice delivered personally is deemed duly served upon the delivery; (b) a notice sent by mail is deemed duly served the tenth (10 ^th ) day after the date, or the fourth (4 ^th ) day after the delivery date of an internationally recognized courier service; and (c) a notice sent by facsimile transmission is deemed duly served upon the time shown on the transmission confirmation of relevant documents.

任何一方根据本协议要求发出的通知或其他函件应以英文和中文制作，在以专人递送、或挂号信或邮资预付邮件、或知名邮件服务机构或传真方式等送达到下列相关各方的地址或者各方不时通知的地址。通知有效送达的日期应当由以下条件决定： (a) 由专人递送的通知，在递交时视作有效送达； (b) 通过邮递送达的，在邮资预付的航空挂号邮件投递后（见邮戳）的第十天视为有效送达；如果通过国际知名快递公司邮寄的，在投递后的第四天视为有效送达； (c) 如果一份邮件是通过传真递送的，在相关文件传输确认单上显示的接受时间应当视作有效送达日期。

12. GENERAL ( 一般条款 )

12.1 The failure or delay in exercising a right or remedy under this Agreement shall not be constituted as a waiver of the right or remedy, and no single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy.

未主张、延迟主张权利或者救济不能被视作放弃本协议下其他权利和救济，并且对于部分权利和救济的主张不能阻止进一步权利和救济的主张。

12.2 Should any clause or any part of any clause contained in this Agreement be declared invalid or unenforceable for any reason whatsoever, all other clauses or parts of clauses contained in this Agreement shall remain in full force and effect.

如果本协议任何条款或者条款的某部分因为任何原因被宣布为无效或者无强制执行力，所有其他的条款或者条款的其他部分仍保持完全的效力。

12.3 This Agreement constitutes the entire agreement between the Parties relating to the subject matter of this Agreement and supersedes all previous agreements.

本协议构成各方针对本协议主题事项的完整协议并且取代所有之前的协议。

12.4 No amendment or variation of this Agreement shall be valid unless it is in writing and executed by the Parties or their authorized representatives.

除非通过书面的方式并由各方或者各方代表签署，任何修正或者更改都无效。

12.5 This Agreement shall be executed in two (2) duplicate originals in both English and Chinese. Each Party shall receive one (1) duplicate original, and all originals shall be equally valid. In case of any discrepancies among the different languages, the Chinese version shall prevail.

本协议用中英文制作二份。每方各持有一份，具有同等效力。当本协议中英文含义不一致时，以中文文本为准。

[SIGNATURE PAGE FOLLOWS]

[以下是签字页]

［ SIGNATURE PAGES ］

签字页

IN WITNESS WHEREOF this Agreement is duly executed by each Party or its legal representatives/authorized representative.

兹证明，本协议由各方或者各方的法定代表人签订/被授权人。

Annex 1 Calculation and Payment Method of Technology Consulting Service Fees

附件1 咨询服务费计算和支付方式

  乙方应向甲方支付咨询服务费的计算方法如下：

Exhibit 10.3

EQUITY PLEDGE AGREEMENT

股权质押协议

This Equity Pledge Agreement (hereinafter this “ Agreement ”) is dated November 30, 2018, and is entered into in Wuhan, People’s Republic of China (“PRC” or “China”) by and among Shengrong Environmental Protection Technology (Wuhan) Co., Ltd. (“ Pledgee ”), Jiangsu Rong Hai Electric Power Fuel Co., Ltd. (“Domestic Enterprise”) and each of the shareholders listed on the signature pages hereto (each a “Pledgor” and collectively, the “ Pledgors ”) of Domestic Enterprise.

此《股权质押协议》（以下作 “ 协议 ” ）于 2018 年 11 月 30 日在中华人民共和国（ “PRC” 或 “ 中国 ” ）武汉市，由声荣环保科技技术（武汉）有限公司（ “ 质权人 ” ） , 江苏荣海电力燃料有限公司（ “ 内资公司 ” ）以及签字页所示的内资公司的股东（各股东分别或统称为 “ 出质人 ” ）共同订立。

RECITALS

前言

1. The Pledgee incorporated in the PRC as a foreign investment enterprise and specializes in environment protection technology development, transfer, consulting and services.

质权人为根据中国法成立的外商投资企业，专业从事环保技术开发、技术转让、技术咨询、技术服务科技推广及应用服务。

2. Domestic Enterprise is engaged in coal wholesales and sales of coke, steels, construction materials, mechanical equipment and steel scrap (collectively the “Business”).

内资公司主要从事煤炭批发经营；焦炭、钢材、建筑材料、机械设备、废钢的销售（总称为“业务”）。

3. The Pledgors are shareholders of the Domestic Enterprise, legally holding 100% of the issued and outstanding equity interests of the Domestic Enterprise (collectively the “ Equity Interest ”).

出质人系内资公司的股东，持有内资公司股权的100%（以下统称“股权”）。

4. On November 30, 2018, Pledgee, Pledgors and Domestic Enterprise entered into Voting Rights Proxy Agreement and Power of Attorney thereunder (collectively, “Voting Proxy Agreement”), pursuant to which Pledgors irrevocably authorize Pledgee to exercise their voting rights of shareholder in Domestic Enterprise;

出质人、质权人与内资公司于2018年11月30日签订了《股东表决权代理协议》及其相应的《授权委托书》（以下统称“《股东表决权代理协议》”），根据该等文件的规定，出质人不可撤销地全权委托质权人代表出质人行使其在内资公司中的全部股东表决权利；

On November 30, 2018, Pledgee, Pledgors and Domestic Enterprise entered into Call Option Agreement (“Call Option Agreement”), pursuant to which, the Pledgors shall, upon the request of Pledgee, to the extent permitted under PRC laws, transfer to Pledgee and/or other entity or individual designated by the Pledgee all or parts of Equity Interest and/or assets of Domestic Enterprise;

出质人、质权人与内资公司于2018年11月30日签订了《购买选择权协议》（以下统称“《购买选择权协议》”），根据该协议的规定，出质人应在中国法律允许的条件下，根据质权人的要求，向质权人和/或其指定的任何其他实体或个人转让其在内资公司中持有的全部或者部分股权和/或全部或部分资产；

On November 30, 2018, Pledgors and Domestic Enterprise entered into Consulting Services Agreement (“Consulting Services Agreement”), pursuant to which Domestic Enterprise shall pay Pledgee consulting and services fees in connection with consulting services and other services related to the business of the Domestic Enterprise;

质权人与内资公司于2018年11月30日签订了《咨询服务协议》（以下统称“《咨询服务协议》”），内资公司需向质权人就其提供的咨询和其他与内资公司业务相关的服务支付咨询和服务费；

On November 30, 2018, Pledgee and Domestic Enterprise entered into Operating Agreement (“Operating Agreement”), pursuant to which, Domestic Enterprise agrees to cooperate with Pledgee and provide related services according to such agreement.

质权人与内资公司于2018年11月30日签订了《经营协议》（以下统称“《经营协议》”），根据该协议，内资公司同意根据该协议的条款与质权人进行业务合作，并向质权人提供相关服务。

5. As for the Pledgors and Domestic Enterprise, to provide security for the performance of Contractual Obligations and the repayment of Secured Indebtedness , the Pledgors hereby agree to pledge or create first ranking charge over Equity Interests in favor of Pledgees and Domestic Enterprise agrees such Pledge.

作为出质人和内资公司对合同义务的履行以及对担保债务清偿的担保，出质人愿意在法律允许可的范围内将其持有的全部内资公司股权出质给质权人，并赋予质权人第一受偿质押权，且公司同意该等股权质押安排。

NOW THEREFORE , the Pledgee and the Pledgors through mutual negotiations hereby enter into this Agreement based upon the following terms:

因此，质权人和出质人经相互协商签订以下协议，以资遵守：

1.  Definitions and Interpretation . Unless otherwise provided in this Agreement, the following terms shall have the following meanings:

定义和解释。如果该协议不另作说明，下述条款将有下述含义：

1.1 “ Pledge ” refers to the full content of Section 2 hereunder.

“ 质押 ” 指的是下文第 2 节的全部内容。

1.2 “ Contractual Obligations ” refers to all obligations of Pledgors under Voting Rights Proxy Agreement and Call Option Agreement, all obligations of Domestic Enterprise under Voting Rights Proxy Agreement, Consulting Service Agreement, Operating Agreement and Call Option Agreement and all obligations of Pledgors and Domestic Enterprise under this Agreement.

“合同义务” 指出质人在《股东表决权代理协议》和《购买选择权协议》项下所负的所有合同义务；内资公司在《股东表决权代理协议》、《咨询服务协议》、《经营协议》和《购买选择权协议》项下所负的所有合同义务；出质人与内资公司在本协议项下所负的所有合同义务。

1.3 “Secured Indebtedness” refers to all direct, indirect, derivative and foreseeable losses incurred by the Events of Default (see below) of Pledgors and/or Domestic Enterprise, the amount of which is including without limitation the reasonable business plan and profit forecast and fees for the enforcement by Pledgee of Contractual Obligations of Pledgor and /or Domestic Enterprise under this Agreement.

“担保债务” 指质权人因出质人和/或内资公司的任何违约事项(如下文定义)而遭受的全部直接、间接、衍生损失和可预计利益的丧失，该等损失的金额的依据包括但不限于质权人合理的商业计划和盈利预测；及质权人为强制出质人和/或内资公司执行其合同义务而发生的所有费用。

1.3 “ Equity Interest ” refers to all the equity interests in the Domestic Enterprise legally held by the Pledgors.

“ 股权 ” 指的是由出质人合法拥有的在内资公司中的全部股权。

1.4 “ Term of Pledge ” refers to the period provided for under Section 3.2 hereunder.

“ 质押期限 ” 指的是下文 3.2 节所提到的期限。

1.5 “ Event of Default ” refers to any event in accordance with Section 7.1 hereunder.

“ 违约事项 ” 指的是下文 7.1 节所列任何事项。

1.6 “ Notice of Default ” refers to the notice of default issued by the Pledgee in accordance with this Agreement.

“ 违约通知 ” 指的是由质权人根据本协议发出的违约通知。

2.  The Pledge .

质押

2.1 The Pledgors hereby pledge the all their Equity Interest to the Pledgee as a security for the performance of Contractual Obligations and repayment of the Secured Indebtedness (the “ Pledge ”). Pursuant thereto, the Pledgee shall have priority in receiving payments from the evaluation or the proceeds from the auction or sale of the Equity Interest. The Equity Interest shall hereinafter be referred to as the “ Pledged Collateral ”.

出质人谨此向质权人质押其各自持有的内资公司的全部股权以作为合同义务履行和担保债务偿还的担保（“质押”）。依照该协议，质权人将从股权权益的拍卖或销售的价款获得优先受偿权。股权以下称为“质押权利”。

2.2 During the term hereof, the Pledgee shall not be liable in whatsoever manner for any diminution in value of the Pledged Collateral and the Pledgors shall have no right to seek any form of recourse or bring any claims against the Pledgee in connection therewith, except where such diminution arises out of any willful conduct of the Pledgee or out of its gross negligence.

在本协议有效期间，除非因质权人的故意或与重大过失，对质押权利发生任何价值减少的情况，质权人都不负任何责任，出质人也无权对质权人进行任何形式的追索或提出任何要求。

2.3 Without prejudice to above Article 2.2, if the Pledged Collateral is likely to suffer such a manifest value diminution as to impair the rights of the Pledgee, the Pledgee may at any time auction or sell the Pledged Collateral on behalf of the Pledgors and may, as agreed with the Pledgors, apply the proceeds from such auction or sale towards early full satisfaction of the Secured Indebtedness, or deposit (entirely at the cost of the Pledgee) such proceeds with a notary organ of the place of the Pledgee.

在不违反上述 2.2 条规定的前提下，若质押权利有任何价值明显减少的可能，足以危害质权人权利的，质权人可以随时代理出质人拍卖或者变卖质押权利，并与出质人协议将拍卖或者变卖所得的价款用于提前清偿担保债务或者向质权人所在地公证机关提存 ( 由此所发生之任何费用全部由质权人承担 ) 。

2.4 The Pledgors may not increase the capital of Domestic Enterprise except with prior consent of the Pledgee. Any increase in the capital contributed by the Pledgors to the registered capital of Domestic Enterprise as a result of any capital increase shall become part of the Pledged Collateral. To the extent permitted by PRC Laws, Pledgors shall register the pledge for increased capital with administration for industry and commerce as practical as possible. Domestic Enterprise undertakes to cooperate with Pledgors to complete above registration for Pledged Collateral.

在质权人事先同意的情况下，出质人方可对内资公司增资。出质人因对内资公司增资而在内资公司注册资本中增加的出资额亦属于质押权利。在中国法律允许的前提下，出质人应在完成增资后，尽快将该新增出资额对应的股权质押于相关工商行政管理部门办理出质登记。内资公司承诺其将配合出质人完成本条所述的股权质押工商出质登记事宜。

2.5 The Pledgors agree to waive any right of dividend distribution in respect of the Pledged Collateral except with prior written consent of the Pledgee during the term of the Pledge.

除非质权人另行书面同意，出质人承诺在质押存续期间内放弃就质押权利进行分红的权利。

2.6 Subject to Article 2.5, any dividend or distribution received by the Pledgors in respect of the Pledged Collateral, or any assets received by the Pledgors on the termination, liquidation or dissolution of the Domestic Enterprise, shall be deposited into an account designated by the Pledgee, which shall be inspected by the Pledgee and used for the payment of Secured Indebtedness in the first priority.

受限于第 2.5 款的规定，在不违反中国法律的前提下，出质人因质押权利而分得的股利或分红或资产权益分配应全额补偿给质权人，存入质权人的指定帐户内，受质权人监管，并用于首先清偿担保债务。

3.  Term of Pledge .

质押期限。

3.1 The Pledge Agreement shall take effect as of the date when this Agreement is duly signed or chopped by all the parties; the effectiveness and execution of this Agreement will not be affected by the pledge registration specified under Section 4 herein. This Agreement shall in full force and effective until the Domestic Enterprise and Pledgee’s satisfaction of all Contractual Obligations and settlement of all Secured Indebtedness (the “ Term ”). Upon Pledgee’s request, the Domestic Enterprise shall extend its operation period to sustain the effectiveness of this Agreement.

本协议自各方签署或盖章之日起生效。第 4 条规定之质押登记不影响本协议的生效和执行。有效期限（“期限”）将在内资公司和出质人充分履行合同义务或担保债务被完全清偿时到期。经质权人要求，内资公司应延长经营期限以使本协议的效力得以持续。

3.2 During the Term, the Pledgee shall be entitled to vote, control, sell, or dispose of the Pledged Collateral in accordance with this Agreement, including without limitation, disposing and having priority in repayment through auction or sale of Pledged Collateral, in the event that the Domestic Enterprise does not perform its obligations under the Consulting Services Agreement or any Events of Default occur. The Pledgee shall not bear any loss raised from the performance of aforesaid remedy rights and powers.

在期限之内，如果内资公司没有履行合同义务，或发生任何违约事项，质权人有权根据本协议投票、控制、出售或处分质押权利，包括 ( 但不限于 ) 拍卖或变卖质押权利以优先受偿。质权人对其合理行使该等权利和权力造成的任何损失不负责任。

3.3 During the Term, the Pledgee shall be entitled to collect any and all dividends declared or paid in connection with the Pledged Collateral.

在期限之内，出质人应将所有已宣告或已支付的与质押权利有关的红利转让给质权人。质权人有权收取该等价款。

3.4 Upon full and complete performance by the Pledgors and the Domestic Enterprise of all of their Contractual Obligations, the Pledgee shall, at the request of the Pledgors, release the Equity Pledge hereunder and cooperate with the Pledgors in relation to both the deregistration of the Equity Pledge in the shareholders’ register of Domestic Enterprise and the deregistration of the Equity Pledge with the relevant industry and commerce administration; reasonable costs arising out of such release of Equity Pledge shall be borne by the Pledgee.

在出质人和内资公司充分、完全地履行了所有的合同义务和清偿了所有的担保债务后，质权人应根据出质人的要求，解除本协议下的股权质押，并配合出质人办理注销在公司的股东名册内以及在内资公司的主管工商行政管理部门处所作的股权质押的登记，因解除股权质押而产生的合理费用由质权人承担。

4.  Pledge Procedure and Registration .

质押程序和登记。

4.1 The Pledge shall be recorded in the Domestic Enterprise’s Register of Shareholders.

质押应在内资公司股东名册上载明。

4.2 Domestic Enterprise shall record the Pledge in the Domestic Enterprise’s Register of Shareholders which shall be provided to the Pledgee. To the maximum extent permitted by the PRC laws, the Pledgors and Pledgee will file the application with Administration for Industry and Commerce with competent authority to register the Pledge within the term of this Agreement.

内资公司应在本协议签署之日，在内资公司股东名册中登记质押，并向质权人提供该股东名册。在中国法律最大的许可范围内，出质人和质权人将在本协议期限内向具有权限的工商行政管理机关申请登记质押。

4.3 Pledgors and Pledgee agree to use their best efforts to take any action required for the completion of the registration of the Pledge, including without limitation, the execution of documents, the payment of filing fees and submission of applications.

出质人和质权人将尽其最大努力进行任何完成质押登记所需要的行动，包括但不限于签署文件、支付申报费用及提交申请。

5.  Representation and Warranties of Pledgors .

出质人的陈述和保证。

5.1 The Pledgors are the legal owners of the Pledged Collateral, free from any ongoing dispute as to the ownership thereof; and the Pledgors have the right to dispose of the Pledged Collateral or any part thereof.

在本协议生效时，出质人是质押权利的唯一合法所有人，没有任何现存的有关质押权利所有权的争议。出质人有权处分质押权利及其任何部分。

5.2 Other than to the Pledgee, the Pledgors have not pledged the Pledged Collateral to any other party, and the Pledged Collateral is not encumbered to any other party.

除质权人以外，出质人没有将质押权利质押给其它任何人或在质押权利上为其他人设定权利负担。

The Pledgors and the Domestic Enterprise represent and warrant that the execution of this Agreement would not violate any loan agreement, guaranty agreement, business agreement or other contract with material affect on the operation of the Domestic Enterprise, to which the Domestic Enterprise has been a party.

出质人和内资公司陈述并保证：本协议的签订并不违反任何公司作为一方签署的任何借款协议、担保协议、业务合同或其他对公司业务有重大影响的合同。

6.  Representations and Warranties of Pledgors and the Domestic Enterprise .

出质人与内资公司的陈述和保证

6.1 During the Term, the Pledgors represent and warrant to the Pledgee for the Pledgee’s benefit that the Pledgors shall:

在期限内，出质人向质权人陈述并保证：基于质权人的利益，出质人必须做到：

6.1.1   Not transfer or assign the Pledged Collateral, nor create or permit to create any new pledge or encumbrance to the Pledged Collateral which may adversely affect the rights and/or benefits of the Pledgee without the Pledgee’s prior written consent. Furthermore, without the Pledgee’s prior written consent, the Domestic Enterprise would not assist or allow the Pledgor to transfer the Pledged Collateral or create any new pledge or encumbrance to the Pledged Collateral

未经质权人事先书面同意，不得转让质押权利，不得设立或允许设立任何新的质押或权利负担。未经质权人的事先书面同意，内资公司将不会协助或允许出质人在质押权利上设立任何新的质押或其他任何担保权益，或将质押权利转让。

The Pledgor and the Domestic Enterprise warrant that the registered capital of the Domestic Enterprise would not be altered, the Pledgor’s investment percentage of the Domestic Enterprise would not be altered, either, without the prior written consent of the Pledgee.

未经质权人事先书面同意，出质人和内资公司保证不变更公司注册资本，不变更出质人的出资比例。

6.1.2   Comply with the laws and regulations with respect to the Pledge; present to Pledgee any notices, orders or advisements with respect to the Pledge that may be issued or made by a competent PRC authority within five (5) days upon receiving such notices, orders or advisements; comply with such notices, orders or advisements; or object to the foregoing matters upon the reasonable request of the Pledgee or with consent from the Pledgee.

遵守与质押相关的法律、法规；在接到中国主管单位发布或制作的关于抵押的公告、命令或者广告 5 天内转交给质权人；遵守这些公告、命令或者广告；或者根据质权人合理要求或经质权人允许而对上述公告、命令或广告提出异议；

6.1.3   Timely notify the Pledgee of any events which may affect the Pledged Collateral or the Pledgors’ rights thereto, or which may change any of the Pledgors’ warranties or affect the Pledgor’s performance of their obligations under this Agreement.

及时通知质权人那些可能影响质押权利或出质人对质押权利的事件，或可能改变出质人在本协议下的保证或影响出质人履行本协议项下义务的事件。

6.2   The Pledgors agree that the Pledgee’s right to the Pledge pursuant to this Agreement shall not be suspended or inhibited by any legal proceedings initiated by the Pledgors, jointly or separately, or by any successor of or any person authorized by the Pledgors.

出质人同意，质权人对依本协议对质押的权利不应被由出质人、出质人继承者、出质人授权的人（单独或共同）提起的法律程序所中止或禁止。

6.3   The Pledgors represent and warrant to the Pledgee that in order to protect and perfect the execution of this Agreement, the creation of the Pledge and the registration at the relevant authority, the Pledgors and the Domestic Enterprise shall hold necessary shareholder and board meetings, execute necessary resolutions and legal documents and/or take other necessary actions in accordance with PRC laws, administrative regulations and its Articles of Association.

出质人向质权人陈述并保证：出质人和内资公司为确保本协议的签订、质权的设定以及职权行事之目的而按照中国法律、行政法规和公司章程召开必要的公司股东会、董事会，并签署必要的决议等法律文件，并采取其他必要的行动。

6.4   The Pledgors represent and warrant to the Pledgee or its appointed representative (whether a natural person or a legal entity) that they will execute all applicable and required amendments in connection with the registration of the Pledge, and within a reasonable amount of time upon request, provide the relevant notice, order and decision regarding such registration to the Pledgee.

出质人向质权人或其指定代表（自然人或法人机构）陈述并保证：其会签署与质押登记有关的所有适用且必要的修正文件，并且根据要求在合理的时间内向质权人提供与登记相关的通知、命令或决定。

6.5   The Pledgors represent and warrant to the Pledgee that they will abide by and perform all relevant guarantees, covenants, warranties, representations and conditions necessary to insure the rights of the Pledgee under this Agreement. The Pledgors shall compensate all the losses suffered by the Pledgee as a result of the Pledgors’ failure to perform any such guarantees, covenants, warranties, representations or conditions.

出质人向质权人陈述并保证：其会遵守和履行所有相关的担保、承诺、保证、陈述和条件来保证本协议项下质权人的权利。出质人应对由于其没有履行此等担保承诺、契约、担保、陈述或条件而给质权人造成的损失作出赔偿。

6.6 Provided that the Domestic Enterprise is insolvent, the Pledgors will transfer the residual assets obtained thereunder to Pledgee according to PRC laws.

如果内资公司清算，出质人将向质权人转让其依中国法取得的剩余资产。

7.  Events of Default .

违约事项。

7.1 The occurrence of any one of the following events shall be regarded as an “ Event of Default ”:

如下事项将被视为违约事项 :

7.1.1   This Agreement is deemed illegal by a governing authority of the PRC, or the Pledgor is incapable of continuing to perform the obligations herein due to any reason except force majeure ;

该协议被中国监管部门视作非法，或出质人由于除不可抗力以外的任何原因不能继续履行本协议规定的义务；

7.1.2   The Domestic Enterprise fails to timely pay the Consulting Services Fee in full as required under the Consulting Service Agreement;

内资公司不能如期全额支付《咨询服务协议》中的服务费用；

7.1.3   A Pledgor makes any materially false or misleading representations or warranties under Section 5 herein, or breaches any warranties under Section 5 herein;

出质人在第 5 节作出任何重大错误说明或误导性的陈述或保证，或者出质人违反第 5 节中的保证；

7.1.4   A Pledgor or Domestic Enterprise breach the representations and warranties under Section 6 herein;

出质人或内资公司违反第 6 款规定的陈述与保证；

7.1.5   A Pledgor breaches any terms and conditions of this Agreement;

出质人违反协议规定的任何条款或条件；

7.1.6   A Pledgor transfers or assigns, cause to be transferred or assigned, or otherwise abandons the Pledged Collateral without the prior written consent of the Pledgee;

事先未经质权人的书面允许，出质人转让质押权利，或导致质押权利被转让，或放弃质押权利；

7.1.7   The Domestic Enterprise is incapable of repaying debt;

内资公司无力偿付债务；

7.1.8   The assets of a Pledgor are adversely affected so as to cause the Pledgee to believe that such Pledgor’s ability to perform the obligations herein is adversely affected;

出质人财产遭受不利影响导致质权人确信出质人履行本协议义务的能力也受到不利影响；

7.1.9   The successors or agents of the Domestic Enterprise refuse, or are only partly able, to perform the payment obligations under the Consulting Services Agreement;

内资公司的承继人或代理人拒绝履行，或仅能部分履行《咨询服务协议》中的支付义务；

7.1.10 The Pledgors or Domestic Enterprise breach Contractual Obligations.

任何出质人或内资公司对合同义务的违反。

7.2 A Pledgor shall immediately give a written notice to the Pledgee if such Pledgor is aware of or discovers that any event under Section 7.1 herein, or any event that may result in any one of the foregoing events, has occurred or is likely to occur.

出质人一旦意识到或发现 7.1 款中的事件或其他可能导致上述任一事件发生的因素，必须马上给予质权人书面通知。

7.3 Unless an Event of Default has been resolved to the Pledgee’s satisfaction within 15 days of its occurrence (the “ Cure Period ”), the Pledgee may, at any time thereafter, give a written default notice (the “ Default Notice ”) to the Pledgor and require the Pledgors to dispose the Pledged Collateral in accordance with Section 8 herein.

除非违约事项在发生后 15 天内（“补救期”）得到解决，并且质权人对此满意，质权人可以在此后给予出质人一个书面的违约通知（“违约通知”）并且要求出质人根据第 8 节规定的方式处分质押权利。

8.  Exercise of Remedies .

补救措施。

8.1 Authorized Action by Secured Party . The Pledgors hereby irrevocably appoint Pledgee as the attorney-in-fact of the Pledgors for the purpose of carrying out the security provisions of this Agreement and to take any action and execute any instrument that the Pledgee may deem necessary or advisable to accomplish the purpose of this Agreement. Such power of attorney shall be effective, automatically and without the necessity of any action (including any transfer of any Pledged Collateral) by any person, upon the occurrence an Event of Default. Pledgee shall not have any duty to exercise any such right or to preserve the same and shall not be liable for any failure to do so or for any delay in doing so.

被担保方的受权措施。出质人不可撤销地指定质权人为自己的事实代理人，以实现本协议担保条款之目的、并采取任何质权人认为对达到本协议目的必要的或有益的行动和签署此等文书。在违约事项发生时，该代理权将自动生效，无须任何人的任何行为（包括抵押物的转移）。质权人没有义务行使或保留上述权利，也不对未行使或延迟行使上述权利负责。

If an Event of Default occurs, or is already proceeding, Pledgee shall have the right to exercise the following rights:

如果一个违约事项发生，或者正在发展，质权人有权利行使如下权利：

(a) Collect by legal proceedings or otherwise, and endorse and/or receive all payments, proceeds and other sums and property now or hereafter payable on or on account of the Pledged Collateral;

基于法定程序或其它方式收取、背书、接收所有付款、价款以及现今及今后所有应收的因质押权利或基于质押权利而产生的款项和财产；

(b) Enter into any extension, reorganization, deposit, merger, consolidation or other agreement pertaining to, or deposit, surrender, accept, hold or apply other property in exchange for the Pledged Collateral;

参与关于处置、放弃、接受、或拥有其它财产交换质押权利的任何延期、重组、处置、兼并、合并等安排；

(c) After the delivery of written notice to the Pledgor, the Pledgee shall be entitled to all the remedy rights and powers under PRC laws and basic provisions of this Agreement, which is including but not limited to: disposing the Pledged Collateral through auction or sale. The Pledgee shall not bear any loss raised from the performance of aforesaid remedy rights and powers;

质权人有权在给与出质人书面通知后，行使其根据中国法律、本协议基本协议条款而享有的全部违约救济权利和权力，包括（但不限于）拍卖或变卖质押权利以优先受偿。质权人对其合理行使该等权利和权力造成的任何损失不负责任；

(d) Make any compromise or settlement, and take any action the Pledgee deems advisable, with respect to the Pledged Collateral;

就质押权利作出质权人认为有益的妥协或和解。

(e) Notify any obligor with respect to the Pledged Collateral to make payment directly to the Pledgee;

通知任何与质押权利有关的债务人直接付款给质权人；

(f) All rights of the Pledgors that they would otherwise be entitled to enjoy or exercise with respect to the Pledged Collateral, including without limitations the rights to vote and to receive distributions, shall cease without any further action by or notice, and all such rights shall thereupon become vested in the Pledgee; and

无需任何其他措施或通知，出质人应丧失原先所有对质押权利享有或行使的其他权利，包括但不限于投票权及获得分配的权利。这些权利应归属于质权人；并且

(g) The Pledgors shall execute and deliver to the Pledgee such other instruments as the Pledgee may request in order to permit the Pledgee to exercise the rights set forth herein.

出质人应按质权人要求签署和交付其他文据，以允许质权人行使本协议项下的权利。

8.2  Other Remedies . Upon the expiration of the Cure Period, the Pledgee, in addition to the remedies set forth in Section 8.1 or such other rights in law, equity or otherwise, may, without notice or demand on the Pledgors, elect any of the following:

其他补救措施。补救期限结束之后，质权人除了享有法律、股权和 8.1 条规定等的权利以外，还有权无须通知或经向出质人提出要求，而采取以下措施：

(a) Require the Pledgors to immediately pay all outstanding unpaid amounts due under the Consulting Services Agreement;

要求出质人立即支付《咨询服务协议》中的到期未支付费用的总额；

(b) Exercise any and all rights as the beneficial and legal owner of the Pledged Collateral, including, without limitation, the transfer and exercise of voting and any other rights to the Pledged Collateral; and

行使作为质押权利合法所有人和受益人的所有权利，包括但不限于转让、行使涉及质押权利的投票权和任何其他权利；并且

(c) Exercise any and all rights and remedies of a secured party under applicable laws.

行使可适用法律下被担保方的任何权利及补救措施。

8.3 The Pledgee has priority in the receipt of payments from the proceeds of auction or sale of the Pledged Collateral, in part or in whole, in accordance with legal procedures, until all payment obligations under the Consulting Services Agreement are satisfied.

质权人依法定程序对整体地或部分地拍卖或销售质押权利的价款具有优先受偿权，直至所有《咨询服务协议》下的付款义务偿清为止。

8.4 The Pledgors shall not hinder the Pledgee from exercising its rights in accordance with this Agreement and shall give necessary assistance so that the Pledgee may exercise its rights in full.

出质人不可阻碍质权人根据本协议行使权利，并应给予必要的帮助以确保质权人充分行使权利。

9.  Assignment and Succession .

转让和继承

9.1 The Pledgors shall not assign or otherwise transfer the rights and obligations herein without the Pledgee’s prior written consent. The Pledgors and Domestic Enterprise, however, agree that to the extent permitted by PRC laws, the Pledgee shall transfer its rights and/or obligations to third party with the prior written notice to both Pledgors and Domestic Enterprise.

未经质权人的事先书面允许，出质人不得转让或以其他方式转移其权利和义务。但出质人及内资公司同意，在中国法律允许的前提下，在质权人通知出质人及内资公司后，即可将质权人在本协议项下的权利和 / 或义务转让给任何第三方。

9.2 This Agreement shall be binding upon each of the Pledgors and their respective successors, and shall be binding on the Pledgee and each of its successor and assignee. Pledgors represent to the Pledgee that all necessary actions have been taken and all necessary documents have been signed by the Pledgors to ensure that the successor, guardian, spouse or other person who may obtain Equity Interest, shall not impair or impede the performance of this Agreement in case of the occurrence of decease, disability, divorce or other circumstance which may adversely affect the rights of Equity Interest.

本协议对每个出质人及其继承者有约束力，对质权人及其继承者及受让人有约束力。出质人向质权人保证，其已经做出一切妥善安排并签署一切需要的文件，保证在其去世、丧失行为能力、离婚或发生其他可能影响其行使股权的情形时，其继承人、监护人、债权人、配偶等可能因此取得内资公司股权或相关权利的人，不能影响或阻碍本协议的履行。

9.3 Upon the transfer or assignment by the Pledgee of any or all of its rights and obligations under the Consulting Service Agreement, the Pledgee’s transferee or assignee shall enjoy and undertake the same rights and obligations as the Pledgee under this Agreement. The Pledgors shall be notified of any such transfer or assignment by written notice and at the request of the Pledgee, the Pledgors shall execute such relevant agreements and/or documents with respect to such transfer or assignment.

如果质权人转让《咨询服务协议》中的权利和义务，其受让人应当享有和承担与质权人相同的权利和义务。质权人应将该转让书面通知出质人。出质人应按质权人要求签署涉及转让的相关协议及文件。

9.4 In the event of the Pledgee’s change in control resulting in the transfer or assignment of this Agreement, the Pledgors and the successor to the Pledgee shall execute a new equity pledge agreement.

如果质权人由于控制权改变而导致本协议转让，出质人应与质权人的承继人签署新的股权质押协议。

10. Formalities, Fees and Other Charges .

手续，费用及其他支出。

10.1 The Pledgors shall be responsible for all the fees and expenses in relation to this Agreement, including, but not limited, to legal fees, cost of production, stamp tax and any other taxes and charges. If the Pledgee pays the relevant taxes in accordance with applicable law, the Pledgors shall fully reimburse the Pledgee of such taxes.

出质人将负责与该协议相关的所有费用，包括但不限于：法律费用、制作成本、印花税及其它税金和花费。如果质权人根据法律支付相关的税金，出质人将全额赔偿质权人该笔税金。

10.2 The Pledgors shall be responsible for all expenses (including, but not limited to, any taxes, application fees, management fees, litigation costs, attorney’s fees, and various insurance premiums in connection with the disposition of the Pledge) incurred by the Pledgee in its recourse to collect from the Pledgors arising from the Pledgors’ failure to pay any relevant taxes and fees.

由于出质人因某种原因没有支付应付的税金、费用而导致质权人寻求追索权而引起的费用由出质人承担（包括但不限于与处理质押有关的税金、申请费、管理费用、诉讼费、律师费及各种保险费）。

11. Force Majeure .

不可抗力。

11.1 “ Force Majeure ” shall include, but not be limited, to acts of governments, acts of nature, fire, explosion, typhoon, flood, earthquake, tide, lightning, war, and any unforeseen events beyond a Party’s reasonable control or which cannot be prevented with reasonable care. However, any shortage of credit, capital or finance shall not be regarded as an event beyond a Party’s reasonable control. A Party affected by Force Majeure shall promptly notify the other Parties of such event in order to be exempted from such Party’s obligations under this Agreement.

不可抗力，包括但不限于：政府行为、自然力、火灾、爆炸、台风、洪水、地震、涨潮、闪电、战争、各方无法预料并超出合理控制范围或不能因维护得宜而预防的其他事项。但是，任何贷款、资金或融资的短缺不应被视作超出某方合理控制范围。受不可抗力影响的一方应立即通知其他方，以获得本协议下相关义务的豁免。

11.2 In the event that the affected Party is delayed or prevented from performing its obligations under this Agreement due to Force Majeure , the affected Party shall not be responsible for any damage caused by the delay or prevention of such performance, as long as such damage is within the scope of such delay or prevention. The affected Party shall take appropriate means to minimize or remove the effects of Force Majeure and attempt to resume performance of the obligations delayed or prevented by Force Majeure . When such Force Majeure ceases to exist, both Parties covenant and agree to resume the performance of this Agreement with their best efforts.

如果受影响一方由于不可抗力推迟或被阻碍履行其在协议中的义务，在推迟或阻碍的范围内，受影响方无须对该损失负责。受影响方需采取合适措施来最小化或去除不可抗力的影响，并恢复履行被不可抗力推迟或阻碍的义务。在不可抗力消除后，双方应尽最大努力恢复履行本协议。

12.   Confidentiality . The Parties hereby acknowledge and agree to ensure the confidentiality of all oral and written materials exchanged relating to this Agreement. No Party shall disclose any confidential information to any other third party without the other Parties’ prior written approval, unless: (a) such information was in the public domain at the time it was communicated (unless it entered the public domain without the authorization of the disclosing Party); (b) the disclosure was in response to the relevant laws, regulations, or stock exchange rules; or (c) the disclosure was required by any of the Party’s legal counsel or financial consultant for the purpose of the transaction underlying this Agreement. However, such legal counsel and/or financial consultant shall also comply with the confidentiality as stated hereof. The disclosure of confidential information by employees or agents of the disclosing Party is deemed to be an act of the disclosing Party, and such disclosing Party shall bear all liabilities for any breach of confidentiality.

保密条款。各方承认并同意保证与此文件相关的所有口头或书面往来资料的保密性。未经其他方的预先书面允许，任何一方不得向第三方提供保密信息 。但下述除外：a. 提供时已为公众获悉（除非该信息未经披露方授权即向公众披露）；b.或依法律、法规股票、证券交易市场规则披露的信息；c.基于本协议载明交易之目的，依各方的法律顾问或财务顾问要求向其披露的信息。但是，该法律顾问或财务顾问也应当遵守此节提出的保密要求。任何一方的员工或者代理人披露保密信息行为应被视为该方的行为，并且该方应承担违反保密义务的责任。

13. Dispute Resolution.

争议的解决。

13.1 This Agreement shall be governed by and construed in accordance with the laws of the PRC.

本协议的应适用中华人民共和国的法律和依此解释。

13.2 The Parties shall strive to resolve any disputes arising from the interpretation or performance of this Agreement through amicable negotiations. If a dispute cannot be settled within 45 days, any Party may submit such dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration. The arbitration shall abide by the then current rules of CIETAC, and the arbitration proceedings shall be conducted in Beijing, China in Chinese. The decision of CIETA shall be final and binding upon the parties.

各方应当友好磋商解决对本协议的解释和履行所引发的争议。如果无法在协商 45 日内达成一致，各方应将此争议提交中国国际经济贸易仲裁委员会根据那时有效的该会规则进行仲裁。仲裁应在北京进行，所有程序以中文进行。仲裁结果是终局的，并对于各方有约束力。

14.   Notices. Any notice given by the parties hereto for the purpose of performing the rights and obligations hereunder shall be in writing. If such notice is delivered by messenger, the time of receipt is the time when such notice is received by the addressee; if such notice is transmitted by facsimile, the time of receipt is the time when such notice is transmitted. If the notice does not reach the addressee by the end of the business day, the following business day shall be the date of receipt. The place of delivery is the Party’s address as set forth in the signature pages hereto or the address advised in writing including via facsimile.

通知。任何一方发出的、为本协议项下行使权利和履行义务之目的的通知应当为书面形式。当上述通知以专人送交时，通知送达时间为通知实际到达被通知人的时间；当通知以传真形式传送，通知送达时间为接受传送时间。假如通知没在工作日送达被通知人，该日的下一个工作日应视为送达日，递送地址为各方签字页上的地址，或是以传真等方式书面告知的地址。

15.   Entire Contract. The Parties agree that this Agreement constitutes the entire agreement of the Parties upon its effectiveness and supersedes all prior oral and/or written agreements and understandings relating to this Agreement .

协议的完整性。各方承认本协议一经生效即构成各方之间的完整协议，并取代任何先前和同时期所有的口头和/或书面协议及谅解。

16.   Severability . If any provision or provisions of this Agreement shall be held by a proper authority to be invalid, illegal, unenforceable or in conflict with the laws and regulations of the PRC, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

协议的可分性。如果本协议中某些规定经恰当的权威机关认定无效、非法、不可执行或与中国法律法规冲突，该无效条款不应影响或削弱其他条款的有效性、合法性和可执行性。

17.   Amendment or Supplement .

改正和补充。

17.1 The Parties may amend or supplement this Agreement in writing, provided that such amendment shall be duly executed and signed by the Pledgee, the Domestic Enterprise, and such Pledgors collectively holding a majority of the Equity Interests, and such amendment shall thereupon become a part of this Agreement and shall have the same legal effect as this Agreement.

各方可用书面方式修改和补充本协议，修正应经质权人、内资公司以及合计持有多数股权的出质人适当签署。此等修正将成为本协议的一部分，并与本协议具有相同的法律效力。

17.2 This Agreement and any amendments, modification, supplements, additions or changes hereto shall be in writing and come into effect upon being executed and stamped by the parties hereto. The registration of the Pledge under section 4 will not affect the validity and enforcement of this Agreement.

协议和任何改正、修改、补充、附加及改变均应以书面方式，自各方签署并盖章之日起生效。第 4 条规定之质押登记不影响本协议的生效和执行。

18.   Language and Copies of the Agreement . This Agreement shall be executed in both English and Chinese in four (4) original copies. Each Party shall receive one (1) original copy, all of which shall be equally valid and enforceable. In case of any discrepancies among the different languages, the Chinese version shall prevail.

语言和协议的份数。本协议由中英文制作四份。各方持有一份，每份具有相同的法律效力。当本协议中英文含义不一致时，以中文文本为准。

[SIGNATURE PAGE FOLLOWS]

[以下是签字页]

[SIGNATURE PAGE]

签字页

IN WITNESS WHEREOF this Agreement is duly executed by each Party or its legal representatives/ authorized representative as of the date first set forth above.

兹证明，本协议由各方或者各方的法定代表人/被授权人在首页所述日期签订。

法定代表人/或被授权人(签字)

Name: Renqi Yang

姓名: 杨仁啟

Title: Executive director

职务: 执行董事

PLEDGOR SIGNATURE PAGE

出质人签字

PLEDGORS:

出质人：

Name: Jirong Huang

姓名: 黄继荣

ID No.: 340404196906151626

身份证号：340404196906151626

PLEDGOR SIGNATURE PAGE

出质人签字

PLEDGORS:

出质人：

Name: Qihai Wang

姓名: 王其海

ID No.: 340404196911111610

身份证号：340404196911111610

Domestic Enterprise: Jiangsu Rong Hai Electric Power Fuel Co., Ltd.

内资公司: 江苏荣海电力燃料有限公司

法定代表人/或被授权人（签字）

Name: Jirong Huang

姓名: 黄继荣

Title: Executive Director

职务: 执行董事

Exhibit 10.4

CALL OPTION AGREEMENT

购 买 选 择 权 协 议

This Call Option Agreement (this “Agreement”) is dated November 30, 2018, and is entered into in Wuhan, People’s Republic of China (“PRC” or “China”) by and among Shengrong Environmental Protection Technology (Wuhan) Co., Ltd. (“Party A”) and Jiangsu Rong Hai Electric Power Fuel Co., Ltd. (“Domestic Enterprise” or “Party B”), and the shareholders holding 100% of equity interests of Party B (the “Shareholders of Party B” or “Party C”). Party A, Party B, and Party C are each referred to in this Agreement as a “Party” and collectively as the “Parties”. Each shareholder is referred to in this Agreement as an executor and collectively as “Shareholders of Party B”.

.

本《购买选择权协议》（“本协议”）于2018年11月30日在中华人民共和国（“PRC”或“中国”）武汉市，由声荣环保科技技术（武汉）有限公司（“甲方”）、江苏荣海电力燃料有限公司（“内资公司”或“乙方”），以及拥有乙方100%股权的股东（“乙方股东”或“丙方”）协商一致签订。甲方，乙方和丙方总称为“各方”，单独称为“一方”。每个股东分别为合同签署一方，合称乙方股东。

RECITALS

前言

1. Party A, a company incorporated in the PRC as a foreign investment enterprise, specializes in environment protection technology development, transfer, consulting and services.

甲方为根据中国法成立的外商独资企业，专业从事环保技术开发、技术转让、技术咨询、技术服务科技推广及应用服务。

2. The Domestic Enterprise is engaged in engaged in coal wholesales and sales of coke, steels, construction materials, mechanical equipment and steel scrap (collectively the “Business”).

内资公司从事煤炭批发经营；焦炭、钢材、建筑材料、机械设备、废钢的销售（总称为“业务”）。

3. Party A and the Domestic Enterprise have entered into a certain Consulting Services Agreement dated November 30, 2018 (the “Consulting Services Agreement”) in connection with the Business.

甲方与内资公司在2018年11月30日签订了有关业务的《咨询服务协议》（“服务协议”）。

4. The Shareholders are shareholders of Party B, and collectively holding 100% of equity interests of Party B (collectively the “ Equity Interest ”).

乙方股东合计持有乙方股权的100%（以下统称“股权”）。

5. Each of the Shareholders desires to sell, and the Party A desires to purchase, Equity Interests held by him/her to Party B and/or its designees by the exercise of the Option, to the extent permitted by PRC laws.

甲方及/或其指定的任何其他实体或个人通过行使购买选择权，股东有意在不违反中国法律的前提下转让其各自在公司中所持有的全部股权，甲方有意接受该等转让。

6. Domestic Enterprise desires to sell, and the Party A desires to purchase, assets owned by Domestic Enterprise (“Assets”), the amount of which could be all or parts of assets and shall be decided by the Party A at its discretion in accordance with applicable PRC laws and business factors, to Party B and/or its designees by the exercise of the Option, to the extent permitted by PRC laws.

甲方及/或其指定的任何其他实体或个人通过行使购买选择权，内资公司有意在不违反中国法律的前提下向其转让所持有的资产(“资产”， 该等资产的数量可以为内资公司资产的全部或者部分，具体由甲方根据届时中国法律的规定及其自身的商业考虑而自由酌定)，甲方有意接受该等转让。

7. For the purpose of above equity or assets transfer, the Shareholders and Party B, hereby, desires to irrevocably grant to Party A an option to purchase at any time, to the extent permitted under PRC Law, all or a portion of the Equity Interest or Assets, upon the request of Party A, pursuant to which the Equity Interest or Assets shall be transferred to Party A and/or its designees according to this Agreement.

为实现上述股权或资产转让，股东和乙方同意分别向甲方独家授予不可撤销的购买选择权，根据该等购买选择权，在中国法律允许的前提下，股东或乙方应根据甲方的要求，将股权或资产按照本协议的规定转让给甲方和/或其指定的任何其他实体或个人。

NOW, THEREFORE , the Parties to this Agreement hereby agree as follows:

签订协议各方必须遵守如下条款：

1. Purchase and Sale of Equity Interest OR ASSETS ( 购买和出售股权或资产)

1.1 Grant of Rights . The Shareholders and Domestic Enterprise hereby collectively and irrevocably grant to Party A or a designee of Party A (the “Designee”) an option to purchase at any time, to the extent permitted under PRC Law, all or a portion of the Equity Interest or Assets in accordance with such procedures as determined by Party A, at the price specified in Section 1.3 of this Agreement (the “ Option ”). No Option shall be granted to any party other than to Party A and/or a Designee. Party B hereby agrees to Party C’s grant of the Option to Party A and/or the Designee. As used herein, Designee may be an individual person, a corporation, a joint venture, a partnership, an enterprise, a trust or an unincorporated organization.

授权。各股东和内资公司在此共同并不可撤销地授予甲方或者甲方指定人员（“被指定人”）购买选择权。该购买选择权行使人可随时在中国法律允许的范围内根据甲方制订的步骤和本协议1.3条中规定的价格购买内资公司部分或全部的股权或资产（“选择权”）。除甲方和被指定人之外，该选择权不得授予第三方。乙方同意丙方将购买选择权授予甲方或甲方指定的人员。在该条款中的被指定人可以是自然人、公司、合资企业、合伙企业、企业、信托基金或者其他非公司组织。

1.2 Exercise of Rights . According with the requirements of applicable PRC laws and regulations, Party A and/or the Designee may exercise the Option at any time by issuing a written notice (the “Notice”) to one or more of the Party B’s Shareholder or the Company and specifying the amount of the Equity Interest or Assets to be purchased from Party B’s Shareholder or the Company and the manner of purchase.

权利的行使。根据可适用的中华人民共和国法律法规规定，甲方或被指定人可以随时通过向一个或一个以上乙方股东或公司发布一个书面的通知（“通知”）并且指明从乙方股东或公司所购入的股权或资产的数量和购买方式来行使该选择权。

1.3 Purchase Price .

购买价格

1.3.1 The purchase price of the Equity Interest or Assets pursuant to an exercise of the Option by Party A or the Designee shall be the lowest price permitted under PRC Laws and Regulations. If appraisal is required by the laws of China at the time when Party A exercises the Equity Interest Purchase Option, the Parties shall negotiate in good faith and based on the appraisal result make necessary adjustment to the Equity Interest Purchase Price so that it complies with any and all then applicable laws of China

在甲方或被指定人行使选择权时，购买股权或资产的价格应当为中国法律法规所允许的最低价。如果在甲方行权时中国法律要求评估股权，各方通过诚信原则另行商定，并在评估基础上对该股权买价进行必要调整，以符合当时适用之任何中国法律之要求。

1.4 Transfer of Equity Interest or Assets . Upon each exercise of the Option under this Agreement:

股权或资产的转让。在本协议范围内每次行使该选择权时：

1.4.1 Party B’s Shareholder shall hold or cause to be held a meeting of shareholders of Party B in order to adopt such resolutions as necessary in order to approve the transfer of the relevant Equity Interest or Assets (such Equity Interest hereinafter the “Purchased Interest”) to Party A and/or the Designee;

乙方股东应召开或促使召开乙方股东会议，批准转让相应股权或资产给甲方或被甲方指定人的决议（该股权或资产以下称“已购权益”）。

1.4.2 The relevant Parties shall enter into an Interest Purchase Agreement in a form reasonably acceptable to Party A, setting forth the terms and conditions for the sale and transfer of the Purchased Interest;

相关各方应在甲方可接受的合理形式下签订《权益购买协议》，约定买卖和转让已购权益的各个条款和条件;

1.4.3 The relevant Parties shall execute, without any security interest, all other requisite contracts, agreements or documents, obtain all requisite approval and consent of the government, conduct all necessary actions, transfer the valid ownership of the Purchased Interest to Party A and/or the Designee, and cause Party A and/or the Designee to be the registered owner of the Purchased Interest. As used herein, “security interest” means any mortgage, pledge, the right or interest of the third party, any purchase right of equity interest, right of acquisition, right of first refusal, right of set-off, ownership detainment or other security arrangements; however, such term shall not include any security interest created under that certain Equity Pledge Agreement dated as of November 30, 2018 by and among the Parties (the “ Pledge Agreement ”).

相关各方必须在没有任何担保权益的情况下履行其余全部必备的合同、协议或者文件，获得所有政府批文，采取所有必要行动，向甲方或甲方指定的人员出让有效已购权益，促成甲方或被指定人成为已购权益的登记拥有者。在该条款中，“担保权益”指的是抵押、质押、第三方的权利或利益，任何购买股权的权利，收购权，优先取舍权，抵销权，所有权保留或者其他担保安排，但是，不包括任何在2018年11月30日签订的《股权质押协议》（“质押协议”）下所产生的担保权益。

1.5 Payment . Payment of the purchase price shall be determined through negotiation between Party B, Party B’s Shareholder and Party A in accordance with the applicable laws at the time of the exercise of the Option.

支付方式。支付方式必须由乙方、乙方股东和甲方根据所适用的法律在行使选择权时协商决定。

2. Representations Relating to Equity Interest ( 与股权相关的陈述)

2.1 Party B’s Representations . Party B hereby represents and warrants:

乙方的陈述。 乙方在此做出以下陈述和保证：

2.1.1 Without Party A’s prior written consent, Party B’s Articles of Association shall not be supplemented, changed or renewed in any way, Party B’s registered capital of shall not be increased or decreased, and the structure of Party B’s registered capital shall not be changed in any form;

未经甲方事先书面同意，不能以任何形式补充、更改或更新乙方公司章程，增加或减少乙方的注册资本或者以任何形式更改乙方注册资本的结构;

2.1.2 To maintain the corporate existence of Party B and to prudently and effectively operate the Business according with customary fiduciary standards applicable to managers with respect to corporations and their shareholders;

根据适用于公司经理对公司与股东的客户受托信义标准维持内资公司的存续，谨慎有效地开展业务；

2.1.3 Upon the execution of this Agreement, to not sell, transfer, mortgage or dispose, in any other form, any asset, legitimate or beneficial interest of business or income, or encumber or approve any encumbrance or imposition of any security interest on Party B’s assets without Party A’s prior written consent;

未经甲方事先书面同意，在签署本协议后不能以任何形式出售、转让、抵押或处理任何资产、合法的或受益的商业利益或收入，在乙方资产上设置权利负担、批准设置权利负担或设立任何担保权益；

2.1.4 To not issue or provide any guarantee or permit the existence of any debt without Party A’s prior written consent, other than (i) such debt that may arise from Party B’s ordinary course of business (excepting a loan); and (ii) such debt which has been disclosed to Party A;

未经甲方事先的书面同意，不引起任何债务或提供任何担保，除了(i)乙方日常业务中非借贷引起的债务；和(ii) 已告知甲方的债务;

2.1.5 To operate and conduct all business operations in the ordinary course of business, without damaging the Business or the value of Party B’s assets;

正常地运作所有业务，不损害乙方业务或资产价值;

2.1.6 To not enter into any material agreements without Party A’s prior written consent, other than agreements entered into in the ordinary course of business (for purpose of this paragraph, if any agreement for an amount in excess of One Hundred Thousand Renminbi (RMB 100,000) shall be deemed a material agreement);

未经甲方事先书面同意，不签订任何重大协议，但日常业务除外（本条款中，如果协议金额超过100,000人民币，该协议被视为重大协议）;

2.1.7 To not provide loan or credit to any other party or organization without Party A’s prior written consent;

未经甲方事先书面同意，不向他人或组织提供任何贷款或信用安排;

2.1.8 To provide to Party A all relevant documents relating to the Business and its operations and finance at the request of Party A;

根据甲方要求，向甲方提供所有业务和财务相关材料;

2.1.9 To purchase and maintain general business insurance of the type and amount comparable to those held by companies in the same industry, with similar business operations and assets as Party B, from an insurance company approved by Party A;

购买并维持甲方认可的保险公司所提供的保险，保险金额和种类必须与同行业经营相同业务以及资产与乙方相当的公司所持有的保险相同;

2.1.10 To not enter into any merger, cooperation, acquisition or investment without Party A’s prior written consent;

未经甲方事先书面同意，不进行任何合并、合作、收购或投资;

2.1.11 To notify Party A of the occurrence or the potential occurrence of litigation, arbitration or administrative procedure relating to Party B’s assets, business operations and/or income;

向甲方通告已发生或可能发生的与乙方资产、业务和收入相关的诉讼、仲裁或行政程序;

2.1.12 In order to guarantee the ownership of Party B’s assets, to execute all requisite or relevant documents, take all requisite or relevant actions, and make and pursue all relevant claims;

签署所有适当必要的文件，采取所有必要的或相关的措施，提出所有适当的索赔，来保障乙方所持资产的所有权;

2.1.13 To not assign the Equity Interest in any form without Party A’s prior written notice; however, Party B shall distribute dividends to the Shareholders upon the request of Party A; and

未经甲方事先书面允许，不以任何形式派发股权；但是，乙方必须在甲方的要求下将股息分配给股东；与

2.1.14 In accordance with Party A’s request, to appoint any person designated by Party A to a director or management position for Party B.

根据甲方的要求，指派甲方指定的人员担任乙方董事或管理职位。

2.2 Representations of Party B’s Shareholder . Party B’s Shareholder hereby respectively and jointly represent and warrant:

乙方股东的陈述。乙方股东各自并且连带地在此做出如下陈述和保证：

2.2.1 Without Party A’s prior written consent, upon the execution of this Agreement, to not sell, transfer, mortgage or dispose in any other form any legitimate or beneficial interest of the Equity Interest, or to approve any security interest, except as created pursuant to the Pledge Agreement;

未经甲方事先书面同意，在签订本该协议后，不得出售、转让、抵押或以任何其他形式处置任何合法的或受益的股权利益，也不得允许担保权益。《质押协议》设定的除外；

2.2.2 Without Party A’s prior written notice, to not adopt or support or execute any shareholders resolution at any meeting of the shareholders of Party B that seeks to approve any sale, transfer, mortgage or disposal of any legitimate or beneficial interest of the Equity Interest, or to allow any attachment of security interests, except as created pursuant to the Pledge Agreement, as well as the modification or transfer of registered capital;

未经甲方事先书面通知，不得通过、支持或签署任何乙方股东会议所做出的企图批准出售、转让、抵押或处置任何合法的或受益的股权利益，或是允许附加担保权益的股东决议，并且不得变更或转让注册资本，但根据《质押协议》设定的除外。

2.2.3 Without Party A’s prior written notice, to not agree or support or execute any shareholders resolution at any meeting of the shareholders of Party B that seeks to approve Party B’s merger, cooperation, acquisition or investment;

未经甲方事先书面同意，不得同意、支持或签署在乙方股东会议做出的，企图批准乙方合并、合作、收购或投资的决议；

2.2.4 Without Party A’s prior written notice, to not strive to declare or pay profits, dividends, distributions of Domestic Enterprise.

未经甲方事先书面同意，不得促使内资公司宣布分配或实际发放任何可分配利润、分红、股利或股息；

2.2.5 To notify Party A the occurrence or the potential occurrence of any litigation, arbitration or administrative procedure relevant to the Equity Interest;

向甲方通告与股权有关的已发生或可能发生的诉讼、仲裁或行政程序；

2.2.6 To cause Party B’s Board of Directors or shareholders meeting to approve the transfer of the Purchased Interest pursuant to this Agreement;

促使乙方董事会或股东会根据本协议允许已购权益的转让；

2.2.7 In order to maintain the ownership of Equity Interest, to execute all requisite or relevant documents, conduct all requisite or relevant actions, and make all requisite or relevant claims, or make requisite or relevant defense against all claims of compensation;

签署所有必要的或相关的文件，采取所有必要的或相关的措施，提出所有必要的或相关的索赔或对他方索赔提出必要的或相关的抗辩，以保障所拥有的股权；

2.2.8 Upon the request of Party A, to appoint any person designated by Party A to be a director or management position of Party B; without prior written notice from Party A, Party B shall not appoint or remove any of its directors, supervisors or officers;

根据甲方的要求，指派甲方指定的人员担任乙方董事或管理职位；未经甲方事先书面同意，不得委任或撤换任何乙方的董事、监事或管理人员；

2.2.9 Except the agreement from Party A or otherwise provided by laws and regulations, to ensure the existence of Domestic Enterprise and to not voluntarily initiate proceeding for termination, liquidation or dissolution;

除经甲方同意和法律法规另有规定外，乙方确保内资公司有效存续，不主动提起任何终止、清算或解散的程序；

2.2.10 To prudently comply with the provisions of this Agreement and any other agreements entered into with Party A and Party B in connection therewith, and to perform all obligations under all such agreements, without taking any action or nonfeasance that may affect the validity and enforceability of such agreements; and

切实遵守本协议以及其他与甲乙方达成的相关协议，履行这些协议规定的义务，不得懈怠执行或采取任何可能影响这些协议有效性和可执行性的行为；及

2.2.11 To not strive to approve the following actions conducted by the subsidiary or branch (collectively “Branch Entities”) by the company or its management, except as required in the ordinary course of business:

除正常经营活动需要外，其不得促使公司或公司的管理层同意内资公司的子公司、分公司（统称为 “ 子实体 ”) 的任何下列行为：

增加或者减少子实体注册资本、促使或同意子实体分立或与任何其他实体合并；

处分或促使子实体的管理层处分任何子实体重大资产（在正常经营过程中发生的除外 ) 或在该等资产上设置任何担保物权或其他第三方权利；

终止或促使子实体的管理层终止任何子实体签订的重大协议，或签订任何与现有重大协议相冲突的任何其他协议；

委任或撤换任何子实体的董事、监事或其他应由公司任免的管理人员；

终止、清算或解散子实体或采取任何损害或可能损害子实体有效存续的行为；

修改子实体的章程 ( 如有 ) ；和

借出或借取贷款，或提供保证或做出其他形式的担保行为，或在正常经营活动之外承担任何实质性的义务。

3. Representations and Warranties . As of the execution date of this Agreement and on each transfer of Purchased Interest pursuant to an exercise of the Call Option, Party B and Party’s Shareholder hereby represent and warrant as follows:

陈述和保证。在本协议签署之日并对每次依购买选择权行权而转让的已购权益，乙方和乙方股东作如下陈述和保证：

3.1 Such Parties shall have the power and ability to enter into and deliver this Agreement and to perform their respective obligations thereunder, and at each transfer of Purchased Interest, the relevant Interest Purchase Agreement and to perform their obligations thereunder. Upon execution, this Agreement and each Interest Purchase Agreement will constitute legal, valid and binding obligations and be fully enforceable in accordance with their terms;

本方有权利和能力签订和交付本协议，履行本协议和每次转让已购权益时《权益购买协议》所规定的义务。一经签署，本协议和每个《权益购买协议》将依其相关条款构成合法、有效、有约束力和可执行的义务;

3.2 The execution and performance of this Agreement and any Interest Purchase Agreement shall not: (i) violate any relevant laws and regulations of the PRC; (ii) conflict with the Articles of Association or other organizational documents of Party B; (iii) cause to breach any agreements or instruments or having binding obligation on it, or constitute a breach under any agreements or instruments or having binding obligation on it; (iv) breach relevant authorization of any consent or approval and/or any effective conditions; or (v) cause any authorized consent or approval to be suspended, removed, or cause other added conditions;

签署和履行本协议和《权益购买协议》不会：(1) 违反任何中华人民共和国的法律、法规；(2) 与乙方公司章程或其他组织文件相冲突；(3) 致使或造成其违反相关协议或文件或产生约束义务；(4) 违反任何同意或批准的授权和/或危害其持续有效的条件；(5) 导致任何同意或批准被中止、取消，或者产生附加条件;

3.3 The Equity Interest is not transferable in whole and in part without Party A’s prior consent, and neither Party B nor Party B’s Shareholder has permitted or caused any security interest to be imposed upon the Equity Interest other than pursuant to the Pledge Agreement;

未经甲方事先同意，乙方股权不得部分或全部转让，并且乙方或乙方股东不得将担保权益加于股权上，《质押协议》项下规定的情形除外;

3.4 Party B does not have any unpaid debt, other than (i) such debt that may arise during the ordinary course of business; and (ii) debt either disclosed to Party A or incurred pursuant to Party A’s written consent;

乙方没有任何未了债务，除了（i）由正常业务产生的债务；和（ii）已告知甲方的债务或经甲方书面允诺而导致的债务;

3.5 Party B has complied with all applicable PRC laws and regulations in connection with this Agreement;

乙方已遵守所有与本协议相关的可适用的中国法律法规;

3.6 There are no pending or ongoing litigation, arbitration or administrative procedures with respect Party B, its assets or the Equity Interests, and Party B and Party B’s Shareholder have no knowledge of any pending or threatened claims to the best of their knowledge; and

不存在任何与乙方、乙方资产或股权相关的未决或正在进行的诉讼、仲裁或行政程序。就乙方和乙方股东尽力了解，没有未决或有威胁的索赔情况存在; 以及

3.7 Party B’s Shareholder own the Equity Interest free and clear of encumbrances of any kind, other than the security interest pursuant to the Pledge Agreement.

乙方股东所持有的股权上没有任何权利负担，《质押协议》项下的担保权益除外。

3.8 Domestic Enterprise own the Assets free and clear of the pledge, mortgage, claim, collateral and other encumbrances from third party. According to this Agreement, Party A and/or its Designee may obtain good title of the Assets, free and clear of the pledge, mortgage, claim, collateral and other encumbrances from third party.

内资公司资产上不存在任何留置权、抵押权、索赔权和其他担保物权及第三方权利。根据本协议，甲方和/或其指定的其他实体或个人在行权后，可以获得对内资公司资产的良好的、不带有任何留置权、抵押权、索赔权和其他担保物权或第三方权利的所有权。

4. Assignment of Agreement (协议的转让)

4.1 Party B and Party B’s Shareholder shall not transfer their rights and obligations under this Agreement to any third party without Party A’s prior written consent.

未经甲方事先书面允许，乙方和乙方股东不得向第三方转让他们在本协议项下的权利和义务。

4.2 Party B and Party B’s Shareholder hereby agrees that Party A shall be able to transfer all of its rights and obligations under this Agreement to any third party, and such transfer shall only be subject to a written notice of Party A to Party B and Party B’s Shareholder without any further consent from Party B or Party B’s Shareholder.

乙方和乙方股东同意甲方可以向任何第三方转让其在本协议项下的所有权利和义务。但只有当甲方向乙方和乙方股东做出书面通知后才可转让，不需要乙方或乙方股东的进一步许可。

5. EVENT OF DEFAULT (违约)

The Parties agree and confirm that, if either Party (“Defaulting Party”) is in substantial breach of any provisions herein or fails to perform its substantial obligations hereunder, such breach or failure shall constitute a default under this Agreement, which shall entitle the non-defaulting Party (“Non-defaulting Party) to request the defaulting Party to rectify or remedy such default with a reasonable period of time. If the defaulting Party fails to rectify or remedy such default within the reasonable period of time or within 10 days of non-defaulting Party’s written notice requesting for such rectification or remedy, then the non-defaulting Party shall be entitled to the following remedial actions:

(1) if Defaulting Party is the Shareholders or Domestic Enterprise, Party A may terminate this Agreement and request the Defaulting Party to fully compensate its losses and damages;

(2) if Defaulting Party is Party A, the Non-defaulting Party may request fully compensate all its losses and damages.

各方同意并确认，如任何一方(以下称“违约方”)实质性地违反本协议项下所作的任何一项约定，或实质性地未履行或迟延履行本协议项下的任何一项义务，即构成本协议项下的违约(以下称“违约”)，其他未违约方(“守约方”)有权要求违约方在合理期限内纠正或采取补救措施。如违约方在合理期限内或在守约方书面通知违约方并提出纠正要求后十(10)天内仍未纠正或采取补救措施的，则守约方有权自行决定：

(1) 若股东或内资公司为违约方，甲方有权终止本协议并要求违约方给予全部的损害赔偿；

(2) 若甲方为违约方，守约方有权要求违约方给予损害赔偿。

5. Effective Date and Term ( 有效日期和期限)

5.1 This Agreement shall be effective as of the date first set forth above.

此协议有效期自首页载明之日起生效。

5.2 Domestic Enterprise and Shareholders shall not terminate this Agreement under any circumstance for any reason unless it is early terminated by Party A or by the requirements under the applicable laws.

除非甲方提前终止协议，或法律另有强制性规定，内资公司和股东在任何情况下，均不得以任何理由要求终止本协议。

5.3 This Agreement shall be terminated provided that all Equity Interest or Assets under Option is transferred to Party A and/or its Designee.

本协议在各股东持有的全部股权及乙方公司资产均根据本协议的约定依法转让至甲方和/或其指定的其他实体或个人名下后终止。

6. Applicable Laws and Dispute Resolution (适用法律和争议的解决)

6.1 Applicable Laws . The execution, validity, interpretation and performance of this Agreement and the dispute resolution under this Agreement shall be governed by the laws of PRC.

适用法律。本协议的签署、效力、解释和履行以及争议的解决均适用中华人民共和国的法律。

6.2 Dispute Resolution . The Parties shall strive to resolve any disputes arising from the interpretation or performance of this Agreement through amicable negotiations. If such dispute cannot be settled within forty-five (45) days, any Party may submit such dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration. The arbitration shall abide by the current rules of CIETAC, and the arbitration proceedings shall be conducted in Beijing, China in Chinese. The determination of CIETAC shall be final and binding upon the Parties and enforceable in court with proper jurisdictions.

争议的解决。各方应当尽力通过友好协商解决任何对于本协议的解释和履行而产生的纠纷。如果无法在协商45日内达成一致，应提交中国国际经济贸易仲裁委员会并接受其当时适用的规则进行仲裁。仲裁地为北京。仲裁程序以中文进行。任何仲裁裁决应当为终局的并且对协议各方具有约束力，能够在具有管辖权的任何法院执行。

7. Taxes and Expenses . Each Party shall, according with PRC laws, bear any and all registration taxes, costs and expenses for the transfer of equity arising from the preparation, execution and completion of this Agreement and all Interest Purchase Agreements.

税收和花费。各方应根据中国法律承担因本协议和所有《权益购买协议》的准备、签订和完成而产生的所有注册税，成本以及花费。

8. Notices . Notices or other communications required to be given by any Party pursuant to this Agreement shall be written in English and Chinese and delivered personally or sent by registered mail or prepaid mail or by a recognized courier service or by facsimile transmission to the relevant address of each Party as set forth below or other addresses of the Party as specified by such Party from time to time. The date when the notice is deemed to be duly served shall be determined as follows: (a) a notice delivered personally is deemed duly served upon the delivery; (b) a notice sent by mail is deemed duly served the tenth (10th) day after the date of the air registered mail with the postage prepaid has been sent out (as is shown on the postmark), or the fourth (4th) day after the delivery by an internationally recognized courier service; and (c) a notice sent by facsimile transmission is deemed duly served upon the receipt time as shown on the transmission confirmation.

通知。任何一方发出的、与此协议相关的通知或信息都应当用中文和英文书写，并以以下方式：专人、使用挂号信件、已付邮资的信件，急件送信服务，传真发送到相关各方的地址、本页下方的地址、各方的其他地址或各方特定的其他地址。通知适时送达的日期应当遵循如下原则：（1）个人递送的通知的日期即应在送达之时；（2）用邮件递送的通知的日期在用已付邮资的空运挂号信件送出当天（以邮戳为准）后的第十天，或者用国际公认的急件送信服务机构递送日期后的第四天；（3）用传真发送的通知的，按传输确认书显示的接收时间。

9. Confidentiality . The Parties acknowledge and confirm that any oral or written information exchanged by the Parties in connection with this Agreement is confidential. The Parties shall maintain the confidentiality of all such information. Without the written approval by the other Parties, any Party shall not disclose to any third party any confidential information except as follows:

保密条款。各方承认并确认任何与本协议相关的口头或书面信息都是保密的，应当确保所有此类信息的机密性。未经其他方的书面允许，任何一方不得向任何第三方提供机密信息。但下述信息除外：

(a) Such information was in the public domain at the time it was communicated;

提供时已被公众获悉的信息；

(b) Such information is required to be disclosed pursuant to the applicable laws, regulations, policies relating to the stock exchange; or

应股票交易市场相关的法律、制度、规则之要求而披露的信息；

(c) Such information is required to be disclosed to a Party’s legal counsel or financial consultant, provided however, such legal counsel and/or financial consultant shall also comply with the confidentiality as stated hereof. The disclosure of confidential information by employees or agents of the disclosing Party is deemed to be an act of the disclosing Party, and such Party shall be responsible for all breach of confidentiality arising from such disclosure. This provision shall survive even if certain clauses of this Agreement are subsequently amended, revoked, terminated or determined to be invalid or unable to implement for any reason.

应该透露给各方法律顾问或财务顾问的信息，但该法律顾问或财务顾问应当同样遵守此节提出的保密要求。任何一方的员工或者代理人披露保密信息的行为应被视为该方的行为，并且该方将承担相应的违反保密义务的责任。本协议中的任何条款基于任何原因修改、废除、终止，或被认为无效或不能执行时，本条款始终有效。

10. Further Warranties . The Parties agree to promptly execute such documents as required to perform the provisions of this Agreement, and to take such actions as may be reasonably required to perform the provisions of this Agreement.

进一步保证。各方同意为本协议条款之履行而签署必要的文件并采取合理的行动。

11. Miscellaneous (其他条款)

11.1 Amendment, Modification and Supplement . Any amendments and supplements to this Agreement shall only take effect if executed by both Parties in writing.

协议的改善、修正和补充。任何对协议的改善和补充必须由各方书面签订才能生效。

11.2 Entire Agreement . Notwithstanding Article 5 of this Agreement, the Parties acknowledge that this Agreement constitutes the entire agreement of the Parties with respect to the subject matters therein and supercede and replace all prior or contemporaneous agreements and understandings, whether oral or in writing.

协议的完整性。尽管有本协议第5款的规定，各方承认本协议构成了各方关于协议所述问题的完整协议。本协议取代任何先前和同时期所有的口头或书面的协议或谅解。

11.3 Severability . If any provision of this Agreement is deemed invalid or non-enforceable according with relevant laws, such provision shall be deemed invalid only within the applicable laws and regulations of the PRC, and the validity, legality and enforceability of the other provisions hereof shall not be affected or impaired in any way. The Parties shall, through reasonable negotiation, replace such invalid, illegal or non-enforceable provisions with valid provisions in order to bring similar economic effects of those invalid, illegal or non-enforceable provisions.

协议的可分性。如果根据相关法律本协议的任何规定无效或者不可执行，则该规定只有在适用的中华人民共和国法律和法规范围内无效，但是其他条款的有效性、合法性和可执行性不会受到任何影响和削弱。各方需通过合理的协商，通过使用产生相同经济效益的其他有效规定来取代这些无效、不合法或不可实施的规定。

11.4 Headings . The headings contained in this Agreement are for reference only and shall not affect the interpretation and explanation of the provisions in this Agreement.

标题。此协议所含的标题仅供参考的方便，不会影响协议中条款的阐述、解释。

11.5 Language and Copies . This Agreement shall be executed in both English and Chinese in four (4) originals. Each Party shall hold one (1) original, each of which shall have the same legal effect. In case of any discrepancies among the different languages, the Chinese version shall prevail.

语言和份数。此协议以中英文签署，一式四份，各方各执一份，具同等法律效力。当本协议中英文含义不一致时，以中文文本为准。

11.6 Successor . This Agreement shall be binding on the successors of each Party and the transferee allowed by each Party.

承继。此协议将约束各方的承继人和各方认可的受让方。

11.7 Survival . Each Party shall continue to perform its obligations notwithstanding the expiration or termination of this Agreement. Article 6, Article 8, Article 9 and Section 11.7 hereof shall continue to be in full force and effect after the termination of this Agreement.

仍然有效。不论本协议的到期或终止事项，各方应当继续履行义务。在本协议终止后，第6、8、9节和11.7条款仍然有效。

11.8 Waiver . Any Party may waive the terms and conditions of this Agreement in writing with the written approval of all the Parties. Under certain circumstances, any waiver by a Party to the breach of other Parties shall not be construed as a waiver of any other breach by any other Parties under similar circumstances.

弃权。各方书面同意后，一方可以放弃协议规定的条款。某种情况下当事人一方对其他方违约的弃权，不能视作对其他方在相似情况下违约的弃权。

[SIGNATURE PAGE FOLLOWS]

[以下是签字页]

[SIGNATURE PAGE]

[签字页]

IN WITNESS WHEREOF this Agreement is duly executed by each Party or its legal representatives/authorized representative.

兹证明，本协议由各方或者各方的法定代表人/被授权人签订。

SIGNATURE PAGE FOR SHAREHOLDERS OF PARTY B

乙方股东签字页

Shareholders of Jiangsu Rong Hai Electric Power Fuel Co., Ltd.

江苏荣海电力燃料有限公司的股东 :

SIGNATURE PAGE FOR SHAREHOLDERS OF PARTY B

乙方股东签字页

Shareholders of Jiangsu Rong Hai Electric Power Fuel Co., Ltd.

江苏荣海电力燃料有限公司的股东:

Exhibit 10.5

VOTING RIGHTS PROXY AGREEMENT

股东表决权代理协议

This Voting Rights Proxy Agreement (the “ Agreement ”) is entered into in Wuhan, People’s Republic of China (“PRC” or “China”) as of November 30, 2018 by and among Shengrong Environmental Protection Technology (Wuhan) Co., Ltd. (“Party A”) and the undersigned shareholders (the “ Shareholders ”) of Jiangsu Rong Hai Electric Power Fuel Co., Ltd. (“ Domestic Enterprise ”). Party A and the Shareholders are each referred to in this Agreement as a “ Party ” and collectively as the “ Parties ”. Domestic Enterprise is made a party to this Agreement for the purpose of acknowledging the Agreement.

本《股东表决权代理协议》（“本协议”）于2018年11月30日在中华人民共和国（“PRC”或“中国”）武汉市，由声荣环保科技技术（武汉）有限公司（“甲方”）以及以下签字的江苏荣海电力燃料有限公司（“内资公司”）的股东（以下统称“股东”）签署。甲方和股东总称为“各方”，单独称为“一方”。内资公司以下签字是为认可本协议。

RECITALS

前言

1. Party A, a company incorporated in the PRC as a foreign investment enterprise, specializes in environment protection technology development, transfer, consulting and services. Domestic Enterprise is mainly engaged in coal wholesales and sales of coke, steels, construction materials, mechanical equipment and steel scrap (collectively the “Business”). Party A and the Domestic Enterprise have entered into a certain Consulting Services Agreement dated November 30, 2018 (the “Consulting Services Agreement”) in connection with the Business.

甲方为根据中国法成立的外商独资企业，专业开展从事环保技术开发、技术转让、技术咨询、技术服务科技推广及应用服务（总称为“业务”）。甲方与内资公司在2018年11月30日签订了有关业务的《咨询服务协议》（“服务协议”）。

2. The Shareholders are shareholders of Domestic Enterprise and collectively holding 100% of the equity interests of Domestic Enterprise (collectively the “Equity Interest”).

股东合计持有内资公司股权的100%（以下统称“股权”）。

3. In connection with the Consulting Services Agreement, the Parties have entered into a certain Operating Agreement dated November 30, 2018, pursuant to which the Shareholders now desire to grant to Party A a proxy to vote the Equity Interest held by them for the maximum period of time permitted by law in consideration of Party A’s obligations thereunder. Party A acknowledges and accepts such proxy right.

在签署服务协议时，各方于2018年11月30日签署一份《经营协议》。为有效实施经营协议，股东现在依甲方之义务为对价，在法律允许的最长期限内授予甲方其所持有的全部股权所产生的投票权利。甲方认可并接受该权利。

NOW THEREFORE , the Parties agree as follows:

鉴于此，各方达成如下协议：

1. The Shareholders hereby agree to irrevocably grant and entrust Party A and the person designated by Party A and execute power of attorney in a form in Schedule One, for the maximum period of time permitted by law, with all of following rights and powers:

股东在此同意不可撤销地承诺，其在本协议签订后将分别签署内容和格式如本协议附件一的授权委托书，许可和授权甲方和甲方指定的人，在法律允许的最长期限内，行使内资公司股东的下列权利和权力：

作为各股东的代理人，根据内资公司届时有效的章程提议召开和出席内资公司的股东会会议；

代表各股东对所有需要股东会讨论、决议的事项行使表决权，包括但不限于：指定和选举内资公司的董事、总经理及其他应由股东任免的高级管理人员；在可适用法律许可的范围内，处置公司资产,对公司进行解散或清算并代表各股东组成清算组并依法行使清算组在清算期间享有的职权；

中国法律法规（包括其修正、变更、增补及重新制订的内容，而不论其生效时间在本协议订立之前或之后）规定的股东所应享有的其他表决权；

其他内资公司届时有效的章程项下的股东表决权（包括内资公司章程经不时修改而规定的任何其他的股东表决权）;及

在各股东持有的公司股权根据各方另行签订的《购买选择权协议》进行转让时，代表各股东签署相关股权转让协议及其他相关文件，并办理转让所需的政府审批、登记、备案等程序。

2. Party A may establish and amend rules to govern how Party A shall exercise the powers and rights enjoyed by the Shareholders herein, including, but not limited to, the number or percentage of directors of Party A which shall be required to authorize the exercise of the voting rights granted by the Shareholders, and Party A shall only proceed in accordance with such rules.

甲方可以订立或修改有关如何行使股东所拥有的权利和权力的规则。包括但不限于决定行使表决权授权所需的甲方董事人数或比例。甲方必须仅根据上述规则进行行为。

3. The Shareholders shall not transfer or cause to be transferred the Equity Interest to any other party (other than Party A or such designee of Party A). Each Shareholder acknowledges that it will continue to perform its obligations under this Agreement even if one or more of other Shareholders no longer hold any part of the Equity Interest of Domestic Enterprise.

股东不得转让股权或导致股权转让给除甲方或甲方指定人士以外的其他人。每位股东同意：即使任何其他股东不再持有内资公司的股权的任何部分，其也将继续履行本协议。

4. This Agreement has been duly executed by the Parties as of the date first set forth above, and in the event that a Party is not a natural person, then such Party’s action has been duly authorized by all necessary corporate or other action and executed and delivered by such Party’s duly authorized representatives. This Agreement shall take effect upon the execution of this Agreement.

本协议由各方于首页载明之日期依法签署，在一方不是自然人的情况下，该协议方的作为已通过必要措施有效授权，并由该协议方的授权代表签署、交付。本协议应在签订时生效。

5. Each Shareholder represents and warrants to Party A that such Shareholder owns the Equity Interest, free and clear of all liens and encumbrances, and such Shareholder has not granted to any party, other than Party A, a power of attorney or proxy over any of such amount of the Equity Interest or any of such Shareholder’s rights as a shareholder of Domestic Enterprise. Each Shareholder further represents and warrants that the execution and delivery of this Agreement by such Shareholder shall not violate any law, regulations, judicial or administrative order, arbitration award, agreement, contract or covenant applicable to such Shareholder.

每位股东向甲方陈述和保证：该股东拥有股权，并且没有任何担保和权利负担。该股东未向除甲方以外的任何人授予任何股权和作为内资公司股东的权利的授权书或委托书。每位股东进一步陈述和保证它签署或交付本协议不违反适用于股东的法律、法规、司法决定、行政命令、仲裁裁决、合同或契约。

6. Provided that any proxy granted under this Agreement fails to be exercised due to any reason other than the default within the term of this Agreement, the Parties shall immediately find an alternative with the most similar effect and, if necessary, execute supplement agreement or amend provisions of this Agreement to ensure the purpose of this Agreement.

如果在本协议期限内的任何时候，本协议项下委托权利的授予或行使因任何原因(各股东或公司违约除外)无法实现，各方应立即寻求与无法实现的安排最相近的替代方案，并在必要时签署补充协议修改或调整本协议条款，以确保可继续实现本协议之目的。

7. The Parties agree and confirm that, if either Party (“Defaulting Party”) is in substantial breach of any provisions herein or fails to perform its substantial obligations hereunder, such breach or failure shall constitute a default under this Agreement, which shall entitle the non-defaulting Party (“Non-defaulting Party) to request the defaulting Party to rectify or remedy such default with a reasonable period of time. If the defaulting Party fails to rectify or remedy such default within the reasonable period of time or within 10 days of non-defaulting Party’s written notice requesting for such rectification or remedy, then the non-defaulting Party shall be entitled to the following remedial actions:

(1) if Defaulting Party is the Shareholders, Party A may terminate this Agreement and request the Defaulting Party to fully compensate its losses and damages;

(2) if Defaulting Party is Party A, the Non-defaulting Party may request fully compensate all its losses and damages.

各方同意并确认，如任一方 (“ 违约方 ”) 实质性地违反本协议项下所作的任何一项约定，或实质性地未履行或迟延履行本协议项下的任何一项义务，即构成本协议项下的违约 (“ 违约 ”) ，其他未违约方 (“ 守约方 ”) 的任一方有权要求违约方在合理期限内纠正或采取补救措施。如违约方在合理期限内或在相关守约方书面通知违约方并提出纠正要求后十 (10) 天内仍未纠正或采取补救措施的，则：

(1) 若任何股东为违约方，甲方有权终止本协议并要求违约方给予全部的损害赔偿；

(2) 若甲方为违约方，守约方有权要求违约方给予损害赔偿。

8. This Agreement may not be terminated without the unanimous consent of all Parties, except that Party A may, by giving a thirty (30) day prior written notice to the Shareholders, terminate this Agreement, with or without cause. Each of Party A and Party B shall complete approval or registration procedures for the extension of its business term three months prior to the expiration of its business term for the purpose of the maintenance of the effectiveness of this Agreement.

除非甲方因任何原因提前30天书面通知可以终止本协议外，本协议非经各方一致同意不得终止。甲方和乙方应在各自经营期限届满前三个月内办理完成延长经营期限的审批及登记手续，以使本协议的有效期得以持续。

9. Any amendment to and/or rescission of this Agreement shall be in writing by the Parties.

本协议的任何修改和/或解除都必须由协议各方通过书面形式进行。

10. The execution, creation, validity and performance of this Agreement shall be governed by the laws of PRC.

本协议的签署、成立、生效和履行应当适用中华人民共和国法律。

11. This Agreement shall be executed in four (4) originals in both English and Chinese, and each Party shall receive one (1) duplicate original, each of which shall be equally valid. In case of any discrepancies among the different languages, the Chinese version shall prevail.

本协议用中英文签署四份，每一方持有一份，每一份都具有同等效力。当本协议中英文含义不一致时，以中文文本为准。

12. The Parties agree that in the event a dispute shall arise from this Agreement, the Parties shall settle their dispute through amicable negotiations. If the Parties cannot reach a settlement within 45 days following the negotiations, the dispute shall be submitted to be determined by arbitration through China International Economic and Trade Arbitration Commission (“CIETAC”) in accordance with CIETAC arbitration rules and the arbitration proceedings shall be conducted in Beijing, China in Chinese. The determination of CIETAC shall be conclusively binding upon the Parties and shall be enforceable in any court of competent jurisdiction.

如果因本协议产生争议，双方同意通过协商解决。如果双方不能在协商45日内达成一致，应提交中国国际经济贸易仲裁委员会依据其仲裁规则进行仲裁。仲裁地为北京。仲裁程序以中文进行。仲裁裁决对各方具有最终约束效力，能够在具有管辖权的任何法院执行。

[SIGNATURE PAGE FOLLOWS]

[以下是签字页]

[SIGNATURE PAGE]

[签字页]

IN WITNESS WHEREOF this Agreement is duly executed by each Party or its legal representatives/authorized representative.

兹证明，本协议由各方或者各方的法定代表人/被授权人签订。

SIGNATURE PAGE FOR SHAREHOLDERS

股东签字页

Shareholders of Jiangsu Rong Hai Electric Power Fuel Co., Ltd.

江苏荣海电力燃料有限公司的股东 :

Domestic Enterprise: Jiangsu Rong Hai Electric Power Fuel Co., Ltd.

内资公司: 江苏荣海电力燃料有限公司

SIGNATURE PAGE FOR SHAREHOLDERS

股东签字页

Shareholders of Jiangsu Rong Hai Electric Power Fuel Co., Ltd.

江苏荣海电力燃料有限公司的股东 :

Schedule One

附件一：

Power of Attorney

授权委托书

This power of attorney (this “Power of Attorney”) is executed on 【】 _______, 2018, by ___________resident at and deliver to_______________, attorney in fact (“Attorney”), resident at 【】 .

本授权委托书 ( 以下称 “ 本授权书 ”) 由 _______ ( 住所为【】，其身份证号码为【】 ) 于 2018 年【】月 日签署，并向 ( 住所为【】 )( 以下称 “ 受托人 ”) 出具。

I, hereby authorizes Attorney to act, on my behalf, to exercise the following rights and powers enjoyed by me as the shareholder of Jiangsu Rong Hai Electric Power Fuel Co., Ltd. (the “Company”):

我，特此授予受托人一项全面代理权，授权受托人作为本人的代理人、以本人的名义、行使本人作为江苏荣海电力燃料有限公司 ( 以下称 “ 公司 ”) 的股东所享有的下列权利：

·作为本人的代理人根据公司章程提议召开和出席公司的股东会会议；

作为本人的代理人对股东会会议讨论、决议的所有事项行使表决权，作出并签署决议，包括但不限于：指定和选举公司的董事及其他应由股东任免的高级管理人员；在适用法律许可的范围内处置公司资产 , 对公司进行解散或清算并代表股东组成清算组并依法行使清算组在清算期间享有的职权等；

作为本人的代理人行使中国法律法规（包括其修正、变更、增补及重新制订的内容，而不论其生效时间在本协议订立之前或之后）规定的股东所应享有的其他表决权 ;

作为本人的代理人行使公司章程项下的其他股东表决权 ( 包括在该章程经修改后而规定的任何其他的股东表决权 ) ；

在本人持有的公司股权根据各方另行签订的《购买选择权协议》进行转让时，代表本人签署相关股权转让协议及其他相关文件，并办理转让所需的政府审批、登记、备案等程序。

I/We hereby irrevocably confirms that unless an instruction is given by Shengrong Environmental Protection Technology (Wuhan) Co., Ltd. (“WFOE”) to me to change the Attorney, this Power of Attorney shall be valid until Voting Rights Proxy Agreement among WFOE, the Company and its shareholders is expired or terminated.

本人兹不可撤销地确认，除非声荣环保科技技术（武汉）有限公司 (“ 独资公司 ”) 对本人发出要求更换受托人的指令，本授权书的有效期延续到独资公司、公司与公司各股东签署的《股东表决权委托协议》到期或提前终止之时。

Hereby authorized

特此授权。

Exhibit 10.6

OPERATING AGREEMENT

经营协议

This Operating Agreement (this “ Agreement ”) is dated November 30, 2018, and is entered into in Wuhan, People’s Republic of China (“PRC” or “China”) by and among Shengrong Environmental Protection Technology (Wuhan) Co., Ltd. (“ Party A ”) and Jiangsu Rong Hai Electric Power Fuel Co., Ltd. (“ Domestic Enterprise ” or “ Party B ”), and the shareholders holding 100% of the equity interests of Party B (the “ Shareholders of Party B ” or “ Party C ”). Party A, Party B, and Party C are each referred to in this Agreement as a “ Party ” and collectively as the “ Parties .

 本《经营协议》（“本协议”）于2018年11月30日在中华人民共和国（“PRC”或“中国”）武汉市，由声荣环保科技技术（武汉）有限公司（“甲方”），江苏荣海电力燃料有限公司(“内资公司”或“乙方”）, 以及拥有乙方100%股权的股东（“乙方股东”或“丙方”）协商一致签订。甲方，乙方和丙方总称为“各方”。

RECITALS

陈述

1. Party A, a company incorporated in the PRC as a foreign investment enterprise, specializes in environment protection technology development, transfer, consulting and services;

甲方为根据中国法律成立的外商独资企业，专业从事环保技术开发、技术转让、技术咨询、技术服务科技推广及应用服务；

2. Party B is engaged in coal wholesales and sales of coke, steels, construction materials, mechanical equipment and steel scrap (collectively the “Business”);

乙方主要从事煤炭批发经营；焦炭、钢材、建筑材料、机械设备、废钢的销售（总称为“业务”）；

3.   The Shareholders of Party B collectively own 100% of the equity interests of Party B;

乙方股东总计拥有乙方100％的股权；

4.   Party A has established a business relationship with Party B pursuant to that certain Consulting Services Agreement dated November 30, 2018 (hereinafter “ Consulting Services Agreement ”);

甲方已经通过2018年11月30日签订的《咨询服务协议》（“服务协议”）和乙方建立了业务联系；

5. Pursuant to that the Consulting Services Agreement, Party B is obligated to make regular payments of consulting services fee to Party A during the term of the Consulting Services Agreement. However, no payment has yet been made, and Party B’s daily operation has a material effect on its ability to make such payments to Party A; and

根据服务协议，在服务协议有效期间，乙方有义务定期向甲方支付咨询服务费。但是，该费用还未被支付，并且乙方的日常经营对于其向甲方进行支付的能力具有重大的影响；与

6. The Parties are entering into this Agreement to clarify certain matters in connection with Party B’s operations in order to ensure Party B’s ability to meet its obligations under the Consulting Services Agreement, including payment of consulting services fee.

为确认乙方有能力实现服务协议里的义务，包括支付咨询服务费，各方准备签订本协议以便理清和乙方经营有关的议题。

NOW THEREFORE, all Parties of this Agreement hereby agree as follows through negotiations:

鉴于此，通过双方协商，各方同意签订协议如下：

1. To ensure the performance of the various arrangements between Party A and Party B, including related payment obligations of Party B to Party A, Party B and the Party C hereby jointly agree that Party B or Party C shall not, without the prior written consent of Party A, conduct any transactions which may materially affect the assets, obligations, rights or the operations of Party B (excluding proceeding with Party B’s normal business operation). Such transactions shall include, without limitation the following:

为求保证甲乙双方之间达成的各类交易的履行，包括乙方向甲方应当支付的相关价款的支付，乙方及丙方在此一致同意除非事先获得来自甲方的书面同意，乙方或丙方不应当进行任何能够实质性影响乙方资产、义务、权利或者经营的交易（乙方进行日常的业务活动所必需的除外）。该等交易应包括但不局限于以下情形：

向任何第三方借款或者承担任何债务;

向任何第三方出售或许可（或者购得）任何财产或者权利，包括但不限于任何知识产权;

以其拥有的财产、应收账款或知识产权向任何第三方提供担保;

向任何第三方转让业务合同;

增加、减少乙方的注册资本、或转让任何乙方股权；

向丙方宣布、作出或支付任何利润分配、股息、红利或其他分配；

修订乙方的章程；或

兼并、合并任何第三方或被任何第三方兼并、合并。

2. In order to further ensure Party B’s performance of the various arrangements between Party A and Party B, including related payment obligations of Party B to Party A, Party B and Party C hereby jointly agree to accept the corporate policies or advice provided by Party A in connection with Party B’s daily operations, financial management and the employment and dismissal of Party B’s employees.

为了更加保证乙方履行各类在甲方和乙方之间达成的各类交易，包括乙方对甲方相关账款的支付义务，乙方及丙方在此一致同意接受甲方提供的与乙方的日常经营，财政安排和乙方员工的雇佣解雇有关的政策或建议。

3. Party B and Party C hereby jointly agree that Party C shall appoint such individuals as recommended by Party A to be Directors of Party B, and shall appoint members of Party A’s senior management as Party B’s General Manager, Chief Financial Officer, and other senior officers. If any member of such senior management of Party B leaves or is dismissed by Party A, he or she will lose the qualification to take any other position with Party B, and Party B shall appoint another member of Party A’s senior management as recommended by Party A to take such position. The person recommended by Party A in accordance with this section shall have the qualifications necessary to be a Director, General Manager, Chief Financial Officer, and/or other relevant senior officers pursuant to applicable laws.

乙方与丙方在此一致同意丙方应当任命甲方推荐的人员担任乙方的董事，且应当任命甲方的高级经理人员担任乙方的总经理、首席财务官和其他公司的高级主管。如果以上任何乙方的高级主管被甲方解雇或者自动离职，她/他自动丧失其在乙方的职务而乙方应当任命其他由甲方推荐的甲方高级管理人员以担任相关职务。甲方依照本协议规定推荐的人员应当符合相关适用法律中涉及董事、总经理、首席财务官的资质规定。

4. Party B, together with Party C, hereby jointly agree and confirm that Party B shall first seek guarantee from Party A if Party B requires any guarantee for its performance of any contract or loan in the course of its business operation. Under such circumstances, Party A shall have the right, but not the obligation, to provide the appropriate guarantee to Party B at its sole discretion. If Party A decides not to provide such guarantee, Party A shall issue a written notice to Party B immediately and Party B shall seek a guarantee from other third parties.

乙方及丙方在此一致同意并且确认乙方在经营中因为合同履行或者贷款而需要担保时，应当首先向甲方寻求此类担保。在这种情况下，甲方拥有权利（非义务）依据自身判断向乙方提供合适的担保。如果甲方决定不提供此类担保，那么甲方应当立即向乙方发出书面通知并且乙方应当寻求其他第三方获得此类担保。

5. In the event that any of the agreements between Party A and Party B terminates or expires, Party A shall have the right, but not the obligation, to terminate all agreements between Party A and Party B, including, but not limited to, the Consulting Services Agreement.

在甲方和乙方之间的协议终止或者到期的情况下，甲方拥有终止甲乙双方之间的所有协议（包括但不限于服务协议）的权利（非义务）。

6. Any amendment or supplements to this Agreement shall be made in writing. The amendments or supplements duly executed by all Parties shall be deemed as a part of this Agreement and shall have the same legal effect as this Agreement.

任何本协议的修正和补充应当以书面提供。各方签署的相关修正和补充应当视作本协议的一部份并且应当和本协议拥有相同的法律效力。

7. If any provision or provisions of this Agreement shall be held to be invalid, illegal, unenforceable or in conflict with the laws and regulations of the jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

如果根据相关法律，任何条款被视作无效、非法或者不可执行或与法域内的法律法规相冲突，那么该类条款应当仅在该类法域的范围内无效并且不会影响本协议中的其他条款。

8. Party B and Party C shall not assign its rights and obligations under this Agreement to any third party without the prior written consent of Party A. Party B and Party C hereby agree that Party A may assign its rights and obligations under this Agreement if necessary and such transfer shall only be subject to a written notice sent to Party B and Party C by Party A, and no any further consent from Party B or Party C will be required.

乙方和丙方不应当在未获得甲方事先书面同意的情况下将本协议中相关权利和义务转让给任何第三方。乙方和丙方在此同意甲方在需要时可以将其在本协议中的权利和义务进行转让，并且相关转让仅取决于甲方向乙方和丙方发出的书面通知，并且无需自乙方或丙方获得任何进一步的同意。

9. The Parties hereby acknowledge and agree the confidentiality of all oral and written materials exchanged relating to this Agreement. No Party shall disclose the confidential information to any other third party without the other Party’s prior written approval, unless: (a) it was in the public domain at the time it was communicated (unless it entered the public domain without the authorization of the disclosing Party); (b) the disclosure was in response to the relevant laws, regulations, or stock exchange rules; or (c) the disclosure was required by any of the Party’s legal counsel or financial consultant for the purpose of the transaction of this Agreement. However, such legal counsel and/or financial consultant shall also comply with the confidentiality as stated hereof. The disclosure of confidential information by employees or agents of any Party is deemed to be an act of such Party, and such Party shall bear all liabilities of the breach of confidentiality. If any provision of this Agreement is found by a proper authority to be unenforceable or invalid, such unenforceability or invalidity shall not render this Agreement unenforceable or invalid as a whole.

各方认识到并且确认任何通过口头或者书面传递的与本协议有关的材料均为机密。各方应当对此类文件采取保密措施并且在没有获得其他方书面同意的情况下不向任何第三方泄露，除非：（a）提供时已被公众知晓（排除披露方在未获授权的情况下将此类文件向公众公开）；（b）任何依照适用的法律法规及证券交易规则所做的披露；（c）应一方法律顾问或者财务顾问为本协议项下的交易而要求进行的披露，但是该法律顾问和财务顾问也应当遵守本协议的保密规定。各方的雇员或者代理人所做的披露应当视作该方所做的披露，并且该方应当承担所有违反本协议保密条款的责任。本协议任何规定被适格的监管当局判定为不可执行或者无效，并不就此得出本协议作为一个整体不可执行或无效的结论。

10. This Agreement shall be governed and construed in accordance with PRC law.

本协议应当适用中华人民共和国法律并进行解释。

11. The Parties shall strive to resolve any disputes arising from the interpretation or performance of this Agreement through amicable negotiations. If such dispute cannot be settled within forty-five (45) days, any Party may submit such dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration. The arbitration shall abide by the current rules of CIETAC, and the arbitration proceedings shall be conducted in Beijing, China in Chinese. The determination of CIETAC shall be final and binding upon the Parties and enforceable in court with proper jurisdictions.

各方应当尽力通过友好协商解决任何对于本协议的解释和履行而产生的纠纷。如果无法在协商45日内达成一致，应提交中国国际经济贸易仲裁委员会并接受其当时适用的规则进行仲裁。仲裁地为北京。仲裁程序以中文进行。任何仲裁裁决应当为终局的并且对协议各方具有约束力，能够在具有管辖权的任何法院执行。

12. This Agreement shall be executed by a duly authorized representative of each Party as of the date first written above and becomes effective simultaneously.

本协议应由各方授权的代表在首页确定的日期签署，在签署的同时本协议生效。

13. The Parties confirm that this Agreement shall constitute the entire agreement of the Parties with respect to the subject matters therein and supersedes and replaces all prior or contemporaneous verbal and written agreements and understandings.

各方确认本协议应当就其中规定的事项构成一份完整的协议，并且应当替代所有以前达成的所有口头和书面的协议和谅解。

14. Unless by the early termination of Party A, this Agreement shall be deemed as effective until Party B’s operation term expires. Each of Party A and Party B shall complete approval or registration procedures for the extension of its business term three months prior to the expiration of its business term, for the purpose of the maintenance of the effectiveness of this Agreement.

除非甲方提前终止协议，本协议在乙方存续期间一直有效。甲方和乙方应在各自经营期限届满前三个月内办理完成延长经营期限的审批及登记手续，以使本协议的有效期得以持续。

15. During the effective term of this Agreement, neither Party B nor Party C may terminate this Agreement. Party A shall have the right to terminate this Agreement at any time by giving a thirty (30) day prior written notice to Party B and Party C.

在本协议有效期间，乙方和丙方都不得终止本协议。甲方有权通过提前三十天发出书面通知的方式，在任何时间终止本协议。

16. This Agreement has been executed in four (4) originals in both English and Chinese. Each Party has received one (1) original, and all originals shall be equally valid. In case of any discrepancies among the different languages, the Chinese version shall prevail.

本协议一式四份，以中英文签署，每一方保留一份并且每一份拥有相同的效力。当本协议中英文含义不一致时，以中文文本为准。

[SIGNATURE PAGE FOLLOWS]

[以下是签字页]

[SIGNATURE PAGE]

[签字页]

IN WITNESS WHEREOF this Agreement is duly executed by each Party or its legal representatives/authorized representative.

兹证明，本协议由各方或者各方的法定代表人/被授权人签订。

Legal/Authorized Representative:           /s/ Renqi Yang _____________

法定代表人/或被授权人(签字)

Name: Renqi Yang

姓名: 杨仁啟

Title: Executive Director

职务: 执行董事

Legal/Authorized Representative:           /s/ Jirong Huang ___________

法定代表人/或被授权人（签字）

Name: Jirong Huang

姓名: 黄继荣

Title: Executive Director

职务: 执行董事

SIGNATURE PAGE FOR SHAREHOLDERS OF PARTY B

乙方股东签字页

Shareholders of Jiangsu Rong Hai Electric Power Fuel Co., Ltd.

江苏荣海电力燃料有限公司的股东 :

/s/ Jirong Huang

Name: Jirong Huang

姓名: 黄继荣

ID No.:340404196906151626

身份证号：340404196906151626

SIGNATURE PAGE FOR SHAREHOLDERS OF PARTY B

乙方股东签字页

Shareholders of Jiangsu Rong Hai Electric Power Fuel Co., Ltd.

江苏荣海电力燃料有限公司的股东 :

/s/ Qihai Wang

Name: Qihai Wang

姓名: 王其海

ID No.:340404196911111610

身份证号：340404196911111610