Debt Transfer Agreement [Unofficial English Translation]
Exhibit 10.31
[Unofficial English Translation]
Party A: BRIDGETIME LIMITED (Transferor)
Party B: Minfei Bao (Creditor)
Party C: UTIME LIMITED (Transferee)
Whereas,
| 1. | As of March 31, 2019, the balance due to Party B from Party A is US$984,000. |
By consensus of the Parties, Party A, Party B and Party C agree as follows:
| I. | Party C agrees to assume the debt of US$984,000 owed by Party A to Party B without consideration. Upon the assuming of the debt, Party C shall repay the debt due to Party B. |
| II. | If Party C breaches this Agreement, it shall be liable for the breach of agreement to Party A. |
| III. | In the event of disputes or litigation arising out of or in connection with this Agreement, the Parties agree that such dispute shall be first negotiated in an amicable way; if the dispute cannot be settled through such negotiation, any party may bring a lawsuit in the court where Party A is located. |
| IV. | This Agreement shall be provided in triplicates, with each party holding one copy and the three copies are in full force and effect. |
| V. | This Agreement shall enter into force after all parties have signed or sealed properly. |
| Party A: | Party B: | Party C: | ||
| For an on behalf of BRIDGETIME LIMITED | /s/ Minfei Bao | UTime Limited (Seal Affixed) | ||
| /s/ Minfei Bao | ||||
| /s/ Weihuang Chen | ||||
| Authorised Signature(s) | ||||
| Date: | Date: | Date: March 31, 2019 |
