<SEC-DOCUMENT>0001213900-19-016577.txt : 20190823
<SEC-HEADER>0001213900-19-016577.hdr.sgml : 20190823
<ACCEPTANCE-DATETIME>20190823134513
ACCESSION NUMBER:		0001213900-19-016577
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190823
FILED AS OF DATE:		20190823
DATE AS OF CHANGE:		20190823

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Dragon Victory International Ltd
		CENTRAL INDEX KEY:			0001682241
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTORS, NEC [6799]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38208
		FILM NUMBER:		191048417

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 2001 PHOENIX CENTER
		STREET 2:		NO. 28 QIUTAO ROAD, SHANGCHENG DISTRICT
		CITY:			HANGZHOU
		STATE:			F4
		ZIP:			310008
		BUSINESS PHONE:		86-571-82213772

	MAIL ADDRESS:	
		STREET 1:		SUITE 2001 PHOENIX CENTER
		STREET 2:		NO. 28 QIUTAO ROAD, SHANGCHENG DISTRICT
		CITY:			HANGZHOU
		STATE:			F4
		ZIP:			310008
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k082219_dragonvictory.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 6-K</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">REPORT OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>For the month of
August 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Commission File
Number:&nbsp;001-38208</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Dragon Victory International
Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Hanshi Tower 22nd
Floor, No. 1786 Binsheng Road,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Binjiang District,
Hangzhou, Zhejiang Province, China</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>(Address of principal
executive offices)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 100%; font-size: 10pt; text-align: left; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 20-F&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;&#9744;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Departure of Directors and Certain Officers;
Appointment of new Directors and Certain Officers</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On August 20, 2019, Mr.
Jianjun Sun informed Dragon Victory International Limited (the &ldquo;Company&rdquo;) that he was resigning from his positions
as the Chief Executive Officer (&ldquo;CEO&rdquo;), Chairman of the Board of Directors (the &ldquo;Board&rdquo;), and a director
of the Company, effective immediately. Mr. Sun resigned for personal reasons and not due to any disagreements with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On August 21, 2019, Mr.
Limin Liu (&ldquo;Mr. Liu&rdquo;) was appointed to fill the vacancy and serve as the CEO, Chairman of the Board, and a director
of the Company until his successor is duly qualified and elected to succeed him at the Company&rsquo;s next annual meeting or such
earlier date of his resignation or removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">From July 2014 to June
2019, Mr. Liu served as the Global Lead of Department of Financial Service Industry of Huawei Technologies Co., Ltd. From 2006
to 2014, Mr. Liu served as the vice president for sales and technology of Beijing Futong Dongfang Technology Co., Ltd. From 1994
to 2006, Mr. Liu worked at IBM China subsequently as an engineer, business representative, and director of sales. Mr. Liu graduated
from Zhejiang University in 1993 with a major in motor control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Effective as of August
21, 2019, the Company and Mr. Liu entered into a director offer letter (the &ldquo;Liu Director Offer Letter&rdquo;), a form of
which is attached hereto as <U>Exhibit 10.1</U>, and an employment agreement (the &ldquo;Employment Agreement&rdquo;), which is
attached hereto as <U>Exhibit 10.2</U>. Pursuant to the Liu Director Offer Letter and the Employment Agreement, the Company agreed
to pay Mr. Liu RMB 200,000 in cash per year for serving on the Board starting from the date of the Liu Director Offer Letter, which
shall be paid to Mr. Liu quarterly in arrears as determined by the Company, and RMB 600,000 in cash per year for serving as the
CEO, which shall be paid to Mr. Liu monthly in arrears as determined by the Company. The Company shall also reimburse Mr. Liu for
reasonable and approved expenses incurred by him in connection with the performance of his duties under the Liu Director Offer
Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Mr. Liu has no family relationships
with any of the executive officers or directors of the Company. There have been no transactions in the past two years to which
the Company or any of its subsidiaries was or is to be a party, in which Mr. Liu had, or will have, a direct or indirect material
interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On August 20, 2019, the
Board also received the resignation of Mr. Hongyu Zhang as a director of Company, effective immediately. Mr. Zhang resigned for
personal reasons and not due to any disagreements with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On August 21, 2019, Mr.
Wei Wang (&ldquo;Mr. Wang&rdquo;) was appointed to fill the vacancy and serve as a director of the Company until his successor
is duly qualified and elected to succeed him at the Company&rsquo;s next annual meeting or such earlier date of his resignation
or removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Mr. Wang has served as
the general manager of Zhejiang Getai Curtain Wall Decoration Engineering Co., Ltd. since January 2014. From February 1991 to December
2013, Mr. Wang worked in the Fire Department of Hangzhou City. Mr. Wang received a bachelor&rsquo;s degree in business management
from Party School of the Central Committee of C.P.C. in 2000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Effective as of August
21, 2019, the Company and Mr. Wang entered into a director offer letter (the &ldquo;Wang Director Offer Letter&rdquo;), pursuant
to which the Company agrees to pay Mr. Wang RMB 600,000 in cash per year for serving on the Board starting from the date of the
Wang Director Offer Letter, which shall be paid to Mr. Wang quarterly in arrears as determined by the Company. The Company shall
also reimburse Mr. Wang for reasonable and approved expenses incurred by him in connection with the performance of his duties under
the Wang Director Offer Letter.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Mr. Wang has no family
relationships with any of the executive officers or directors of the Company. There have been no transactions in the past two years
to which the Company or any of its subsidiaries was or is to be a party, in which Mr. Wang had, or will have, a direct or indirect
material interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">On August 23, 2019, the Company
issued a press release announcing the change of Chairman, CEO, and directors. A copy of the press release is being furnished as
<U>Exhibit 99.1</U> to this report.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="text-align: left; padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dragon Victory International Limited</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; text-align: left; padding: 0">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: left; padding: 0">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: left; padding: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: August 23, 2019</FONT></TD>
    <TD STYLE="text-align: left; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Xiaohua Gu</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Xiaohua Gu</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: black 1.5pt solid; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 89%; border-bottom: black 1.5pt solid; padding: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 10.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; padding: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="f6k082219ex10-1_dragon.htm" STYLE="-sec-extract: exhibit">Form of Director Offer Letter</A></FONT></TD></TR>
<TR STYLE="background-color: Transparent">
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 10.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; padding: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="f6k082219ex10-2_dragon.htm" STYLE="-sec-extract: exhibit">Employment Agreement between Dragon Victory International Limited and Limin Liu dated August 21, 2019</A></FONT></TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; padding: 0">Exhibit 99.1</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; padding: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; padding: 0"><A HREF="f6k082219ex99-1_dragon.htm">Press Release dated August 23, 2019</A></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>f6k082219ex10-1_dragon.htm
<DESCRIPTION>FORM OF DIRECTOR OFFER LETTER
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dragon Victory International Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Hanshi Tower 22nd Floor, No. 1786 Binsheng Road,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Binjiang District, Hangzhou, Zhejiang Province,
China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">August 21, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Limin Liu&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD STYLE="width: 98%; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Director Offer Letter</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dear Mr. Liu,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dragon Victory International Limited., a Cayman
Islands exempted company with limited liability (the &ldquo;<B>Company</B>&rdquo;), is pleased to offer you a position as Chairman
of its Board of Directors (the &ldquo;<B>Board</B>&rdquo;). We believe your background and experience will be a significant asset
to the Company and we look forward to your participation on the Board. Should you choose to accept this position as a member of
the Board, this letter agreement (the &ldquo;<B>Agreement</B>&rdquo;) shall constitute an agreement between you and the Company
and contains all the terms and conditions relating to the services you agree to provide to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>1. <U>Term</U>.</B>
This Agreement is effective upon your acceptance and signature below. Your term as director shall continue subject to the provisions
in Section 8 below or until your successor is duly elected and qualified. The position shall be up for re-election each year at
the annual shareholder&rsquo;s meeting and upon re-election, the terms and provisions of this Agreement shall remain in full force
and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>2. <U>Services</U>.</B>
You shall render services as Chairman of the Board (hereinafter your &ldquo;<B>Duty</B>&rdquo;). During the term of this Agreement,
you shall attend and participate in such number of meetings of the Board and of the committee(s) of which you are a member as regularly
or specially called. You may attend and participate at each such meeting via teleconference, video conference or in person. You
shall consult with the other members of the Board and committee(s) as necessary via telephone, electronic mail or other forms of
correspondence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>3. <U>Compensation</U>.</B>
As compensation for your services to the Company, you will receive RMB 200,000 in cash per year for serving on the Board starting
from the date of this Agreement, which shall be paid to you quarterly in arrears as determined by the Company. You shall be reimbursed
for reasonable and approved expenses incurred by you in connection with the performance of your Duty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>4. <U>No Assignment</U>.</B>
Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior
written consent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>5. <U>Confidential Information;
Non-Disclosure</U>.</B> In consideration of your access to certain Confidential Information (as defined below) of the Company,
in connection with your business relationship with the Company, you hereby represent and agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>a. <U>Definition</U>.</B>
For purposes of this Agreement the term &ldquo;Confidential Information&rdquo; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B>i.</B> Any information which the
Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial
value or utility in the business in which the Company is engaged; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B>ii.</B> Any information which is
related to the business of the Company and is generally not known by non-Company personnel.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B>iii.</B> Confidential Information
includes, without limitation, trade secrets and any information concerning services provided by the Company, concepts, ideas, improvements,
techniques, methods, research, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies,
forecasts, customer and supplier identities, characteristics and agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>b. <U>Exclusions</U>.</B>
Notwithstanding the foregoing, the term Confidential Information shall not include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B>i.</B> Any information which becomes
generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any
other agreement requiring confidentiality between the Company and you;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B>ii.</B> Information received from
a third party in rightful possession of such information who is not restricted from disclosing such information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B>iii.</B> Information known by you
prior to receipt of such information from the Company, which prior knowledge can be documented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>c. <U>Documents</U>.</B> You agree
that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas,
programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information,
nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions
or copies, to the Company upon the earliest of Company's demand, termination of this Agreement, or your termination or Resignation,
as defined in Section 8 herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>d. <U>Confidentiality</U>.</B>
You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or
indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company,
except as maybe necessary in the course of your business relationship with the Company. You further agree that you will not use
any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your
business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>e. <U>Ownership</U>.</B> You
agree that Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work
rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating
to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas
and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that
arise out of your Duty (collectively, &ldquo;<B>Inventions&rdquo;</B>) and you will promptly disclose and provide all Inventions
to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and
to perfect, obtain, maintain, enforce, and defend any rights assigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>6. <U>Non-Competition</U></B>.
You agree and undertake that you will not, so long as you are a member of the Board and for a period of 12 months following termination
of this Agreement for whatever reason, directly or indirectly as owner, partner, joint venture, stockholder, employee, broker,
agent principal, corporate officer, director, licensor or in any other capacity whatsoever, engage in, become financially interested
in, be employed by, or have any connection with any business or venture that is engaged in any activities involving services or
products which compete, directly or indirectly, with the services or products provided or proposed to be provided by the Company
or its subsidiaries or affiliates; <I><U>provided</U></I>, <I><U>however</U></I>, that you may own securities of any public corporation
which is engaged in such business but in an amount not to exceed at any one time, one percent of any class of stock or securities
of such company, so long as you has no active role in the publicly owned company as director, employee, consultant or otherwise.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>7. <U>Non-Solicitation</U>.</B>
So long as you are a member of the Board and for a period of 12 months thereafter, you shall not directly or indirectly solicit
for employment any individual who was an employee of the Company during your tenure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>8. <U>Termination and
Resignation</U>.</B> Your membership on the Board may be terminated for any or no reason by a vote of the stockholders holding
at least a majority of the shares of the Company&rsquo;s issued and outstanding shares entitled to vote. Your membership on the
Board or on a Board committee may be terminated for any or no reason by a majority of the Board at any time, if you have been declared
incompetent by an order of a court of competent jurisdiction or convicted of a felony. You may also terminate your membership on
the Board or on a committee for any or no reason by delivering your written notice of resignation to the Company (&ldquo;<B>Resignation</B>&rdquo;),
and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice
of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder
will terminate subject to the Company's obligations to pay you any compensation (including the vested portion of the Shares) that
you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your
Duty as of the effective date of such termination or Resignation. Any Shares that have not vested as of the effective date of such
termination or Resignation shall be forfeited and cancelled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>9. <U>Governing Law</U>.</B>
All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties
hereunder, shall be determined in accordance with the law of the State of New York applicable to agreements made and to be performed
entirely in the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>10. <U>Entire Agreement;
Amendment; Waiver; Counterparts</U>.</B> This Agreement expresses the entire understanding with respect to the subject matter hereof
and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this
Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties
hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach
or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at
any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party
to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate
counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and
may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable,
as an original of such signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>11. <U>Indemnification</U></B>.
The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses,
including reasonable attorney&rsquo;s fees, judgments, fines, settlements and other legally permissible amounts (&ldquo;<B>Losses</B>&rdquo;),
incurred in connection with any proceeding arising out of, or related to, your performance of your Duty, other than any such Losses
incurred as a result of your negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable
attorneys&rsquo; fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable
law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final
disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation
evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking
adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant
to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>12. <U>Not an Employment
Agreement</U>.</B> This Agreement is not an employment agreement, and shall not be construed or interpreted to create any right
for you to continue employment with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>13. <U>Acknowledgement</U>.</B>
You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive,
and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">The Agreement has been executed and delivered by the undersigned
and is made effective as of the date set first set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 35%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DRAGON VICTORY INTERNATIONAL LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/Xiaohua Gu</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xiaohua Gu</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>AGREED AND ACCEPTED:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; border-bottom: black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Limin Liu</I></FONT></TD>
    <TD STYLE="width: 65%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limin Liu</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B></B></P>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>f6k082219ex10-2_dragon.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT BETWEEN DRAGON VICTORY INTERNATIONAL LIMITED AND LIMIN LIU DATED AUGUST 21, 2019
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt; background-color: white">This EMPLOYMENT AGREEMENT
(the &ldquo;<U>Agreement&rdquo;</U>), is entered into as of&nbsp;<FONT STYLE="color: #222222">August 21, 2019</FONT>&nbsp;by and
between Dragon Victory International Limited, a company incorporated and existing under the laws of the Cayman Islands (the &ldquo;Company&rdquo;),
and&nbsp;<FONT STYLE="color: #222222">Limin Liu</FONT>, an individual (the &ldquo;<U>Executive&rdquo;</U>).&nbsp;The term &ldquo;Company&rdquo;
as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its
direct or indirect parent companies, subsidiaries, affiliates, or subsidiaries or affiliates of its parent companies (collectively,
the &ldquo;<U>Group</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt; background-color: white">The Company desires
to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt; background-color: white">The Executive desires
to be employed by the Company during the term of Employment and upon the terms and conditions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt; background-color: white">The parties hereto
agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>POSITION</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">The Executive hereby accepts
a position of&nbsp;Chief Executive Officer of the Company (the &ldquo;<U>Employment</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TERM</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">Subject to the terms and conditions
of this Agreement, the initial term of the Employment shall be three years, commencing on&nbsp;<FONT STYLE="color: #222222">August
21, 2019&nbsp;</FONT>(the &ldquo;<U>Effective Date</U>&rdquo;), unless terminated earlier pursuant to the terms of this Agreement.
Upon expiration of the three-year term, the Employment shall be automatically extended for successive one&nbsp;-year terms unless
either party gives the other party hereto a three-month prior written notice to terminate the Employment prior to the expiration
of such one-year term or unless terminated earlier pursuant to the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROBATION</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">No probationary period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DUTIES AND RESPONSIBILITIES</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">The Executive&rsquo;s duties
at the Company will include all jobs assigned by the Company&rsquo;s Board of Directors (the &ldquo;<U>Board</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">The Executive shall devote all
of his/her working time, attention and skills to the performance of his/her duties at the Company and shall faithfully and diligently
serve the Company&nbsp;in accordance with this&nbsp;Agreement, the Memorandum and Articles of Association of the Company (the &ldquo;<U>Articles
of Association</U>&rdquo;), and the guidelines, policies and procedures of the Company approved from time to time by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NO BREACH OF CONTRACT</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">The Executive shall use his/her
best efforts to perform his/her duties hereunder.&nbsp;The Executive shall not, without prior consent of the Board, become an employee
of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned or interested in
any business or entity that directly or indirectly competes with the Group (any such business or entity, a &ldquo;<U>Competitor</U>&rdquo;),
provided that nothing in this clause shall preclude the Executive from holding shares or other securities of any Competitor that
is listed on any securities exchange or recognized securities market anywhere,&nbsp;<U>provided however,</U>&nbsp;that the Executive
shall notify the Company in writing prior to his/her obtaining a proposed interest in such shares or securities in a timely manner
and with such details and particulars as the Company may reasonably require.&nbsp;The Company shall have the right to require the
Executive to resign from any board or similar body which he/she may then serve if the Board reasonably determines in writing that
the Executive&rsquo;s service on such board or body interferes with the effective discharge of the Executive&rsquo;s duties and
responsibilities to the Company or that any business related to such service is then in competition with any business of the Company
or any of its subsidiaries or affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">The Executive hereby represents
to the Company that: (i)&nbsp;the execution and delivery of this Agreement by the Executive and the performance by the Executive
of the Executive&rsquo;s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement
or policy to which the Executive is a party or otherwise bound, except for agreements that are required to be entered into by and
between the Executive and any member of the Group pursuant to applicable law of the jurisdiction where the Executive is based,
if any; (ii)&nbsp;that the Executive has no information (including, without limitation, confidential information and trade secrets)
relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or carrying
out his/her duties hereunder; (iii)&nbsp;that the Executive is not bound by any confidentiality, trade secret or similar agreement
(other than this) with any other person or entity except for other member(s)&nbsp;of the Group, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LOCATION</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">The Executive will be based
in the People&rsquo;s Republic of China, until both parties hereto agree to change otherwise. The Executive acknowledges that he/she
may be required to travel from time to time in the course of performing his/her duties for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPENSATION AND BENEFITS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Compensation</U>.&nbsp;The Executive&rsquo;s cash compensation (inclusive of the statutory welfare reserves that the Company is required to set aside for the Executive under applicable law) shall be provided by the Company in a separate schedule A attached herein (&ldquo;Schedule A&rdquo;) or as specified in a separate agreement between the executive and the company&rsquo;s designated subsidiary or affiliated entity, subject to annual review and adjustment by the Company or the compensation committee of the Board.&nbsp;<U>The cash compensation</U>&nbsp;may be paid by the Company, a subsidiary or affiliated entity or a combination thereof, as designated by the Company from time to time.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Equity Incentives</U>.&nbsp;To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to participate in such plan pursuant to the terms thereof.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Benefits</U>.&nbsp;The Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday plan.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TERMINATION OF THE AGREEMENT</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>By the Company</U>.&nbsp;The Company may terminate the Employment for cause, at any time, without notice or remuneration, if the Executive (1)&nbsp;commits any serious or persistent breach or non-observance of the terms and conditions of your employment; (2)&nbsp;is convicted of a criminal offence other than one which in the opinion of the Board does not affect the executive&rsquo;s position as an employee of the Company, bearing in mind the nature of your duties and the capacity in which the executive is employed; (3)&nbsp;willfully disobeys a lawful and reasonable order; (4)&nbsp;misconducts himself/herself and such conduct being inconsistent with the due and faithful discharge of the Executive&rsquo;s material duties; (5)&nbsp;is guilty of fraud or dishonesty; or (6)&nbsp;is habitually neglectful in his/her duties. The Company may terminate the Employment without cause at any time with a three-month prior written notice to the Executive or by payment of three months&rsquo; salary in lieu of notice.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>By the Executive</U>.&nbsp;The Executive may terminate the Employment at any time with a three-month prior written notice to the Company or by payment of three months&rsquo; salary in lieu of notice.&nbsp;In addition, the Executive may resign prior to the expiration of the Agreement if such resignation or an alternative arrangement with respect to the Employment is approved by the Board.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notice of Termination.</U>&nbsp;Any termination of the Executive&rsquo;s employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party.&nbsp;The notice of termination shall indicate the specific provision(s)&nbsp;of this Agreement relied upon in effecting the termination.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
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    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONFIDENTIALITY AND NONDISCLOSURE</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Confidentiality and Non-disclosure.</U>&nbsp;The Executive hereby agrees at all times during the term of his/her employment and after termination, to hold in the strictest confidence, and not to use, except for the benefit of the Group, or to disclose to any person, corporation or other entity without written consent of the Company, any Confidential Information. The Executive understands that &ldquo;<U>Confidential Information</U>&rdquo; means any proprietary or confidential information of the Group, its affiliates, their clients, customers or partners, and the Group&rsquo;s licensors, including, without limitation, technical data, trade secrets, research and development information, product plans, services, customer lists and customers (including, but not limited to, customers of the Group on whom the Executive called or with whom the Executive became acquainted during the term of his/her employment), supplier lists and suppliers, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, personnel information, marketing, finances, information about the suppliers, joint ventures, licensors, licensees, distributors and other persons with whom the Group does business, information regarding the skills and compensation of other employees of the Group or other business information disclosed to the Executive by or obtained by the Executive from the Group, its affiliates, or their clients, customers or partners either directly or indirectly in writing, orally or by drawings or observation of parts or equipment, if specifically indicated to be confidential or reasonably expected to be confidential. Notwithstanding the foregoing, Confidential Information shall not include information that is generally available and known to the public through no fault of the Executive.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Company Property</U>.&nbsp;The Executive understands that all documents (including computer records, facsimile and&nbsp;e-mail)&nbsp;and materials created, received or transmitted in connection with his/her work or using the facilities of the Group are property of the Group and subject to inspection by the Group, at any time. Upon termination of the Executive&rsquo;s employment with the Company (or at any other time when requested by the Company), the Executive will promptly deliver to the Company all documents and materials of any nature pertaining to his/her work with the Company and will provide written certification of his compliance with this Agreement. Under no circumstances will the Executive have, following his/her termination, in his/her possession any property of the Group, or any documents or materials or copies thereof containing any Confidential Information.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Former Employer Information</U>.&nbsp;The Executive agrees that he has not and will not, during the term of his/her employment, (i)&nbsp;improperly use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive has an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii)&nbsp;bring into the premises of the Group any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing by such former employer, person or entity.&nbsp;The Executive will indemnify the Group and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys&rsquo; fees and costs of suit, arising out of or in connection with any violation of the foregoing.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Third Party Information</U>.&nbsp;The Executive recognizes that the Group may have received, and in the future may receive, from third parties their confidential or proprietary information subject to a duty on the Group&rsquo;s part to maintain the confidentiality of such information and to use it only for certain limited purposes.&nbsp;The Executive agrees that the Executive owes the Group and such third parties, during the Executive&rsquo;s employment by the Company and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Group&rsquo;s agreement with such third party.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">This Section&nbsp;9 shall survive
the termination of this Agreement for any reason.&nbsp;In the event the Executive breaches this Section&nbsp;9, the Company shall
have right to seek remedies permissible under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WITHHOLDING TAXES</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">Notwithstanding anything else
herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise
due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes
as may be required to be withheld pursuant to any applicable law or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTIFICATION OF NEW EMPLOYER</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">In the event that the Executive
leaves the employ of the Company, the Executive hereby grants consent to notification by the Company to his/her new employer about
his/her rights and obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ASSIGNMENT</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">This Agreement is personal in
its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any
rights or obligations hereunder;&nbsp;<U>provided, however</U>, that (i)&nbsp;the Company may assign or transfer this Agreement
or any rights or obligations hereunder to any member of the Group without such consent, and (ii)&nbsp;in the event of a merger,
consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s)&nbsp;or
entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and
such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SEVERABILITY</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">If any provision of this Agreement
or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement
which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared
to be severable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENTIRE AGREEMENT</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">This Agreement constitutes the
entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all
prior or contemporaneous oral or written agreements concerning such subject matter, other than any such agreement under any employment
agreement entered into with a subsidiary of the Company at the request of the Company to the extent such agreement does not conflict
with any of the provisions herein.&nbsp;The Executive acknowledges that he/she has not entered into this&nbsp;Agreement in reliance
upon any representation, warranty or undertaking which is not set forth in this Agreement.&nbsp;Any amendment to this Agreement
must be in writing and signed by the Executive and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REPRESENTATIONS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">The Executive hereby agrees
to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. The Executive hereby
represents that the Executive&rsquo;s performance of all the terms of this Agreement will not breach any agreement to keep in confidence
proprietary information acquired by the Executive in confidence or in trust prior to his/her employment by the Company. The Executive
has not entered into, and hereby agrees that he/she will not enter into, any oral or written agreement in conflict with this Section&nbsp;18.
The Executive represents that the Executive will consult his/her own consultants for tax advice and is not relying on the Company
for any tax advice with respect to this Agreement or any provisions hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GOVERNING LAW</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">This Agreement shall be governed
by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARBITRATION</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">Any dispute arising out of,
in connection with or relating to, this Agreement shall be resolved through arbitration pursuant to this Section&nbsp;20. The arbitration
shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the &ldquo;Centre&rdquo;)
in accordance with the rules of the United Nations Commission of International Trade Law (&ldquo;UNCITRAL Rules&rdquo;) in effect
at the time of the arbitration. There shall be one arbitrator. The award of the arbitration tribunal shall be final and binding
upon the disputing parties, and any party may apply to a court of competent jurisdiction for enforcement of such award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMENDMENT</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">This Agreement may not be amended,
modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement,
which agreement is executed by both of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WAIVER</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">Neither the failure nor any
delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof,
nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the
same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to
any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.&nbsp;No
waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTICES</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">All notices, requests, demands
and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given
and made if (i)&nbsp;delivered by hand, (ii)&nbsp;otherwise delivered against receipt therefor, or (iii)&nbsp;sent by a recognized
courier with next-day or second-day delivery to the last known address of the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COUNTERPARTS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">This Agreement may be executed
in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon,
and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts
hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.&nbsp;Photographic
copies of such signed counterparts may be used in lieu of the originals for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NO INTERPRETATION AGAINST DRAFTER</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">Each party recognizes that this
Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with legal counsel
of choice.&nbsp;In any construction of the terms of this Agreement, the same shall not be construed against either party on the
basis of that party being the drafter of such terms.&nbsp;The Executive agrees and acknowledges that he/she has read and understands
this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement
and has ample opportunity to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><I>[Remainder of this
page has been&nbsp;intentionally left blank.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">IN WITNESS WHEREOF, this Agreement has
been executed as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dragon Victory International Limited</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 34%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid"><I>/s/ Xiaohua Gu</I></P></TD>
    <TD STYLE="vertical-align: top; width: 60%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xiaohua Gu</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Executive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 34%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt solid"><I>/s/ Limin Liu</I></P></TD>
    <TD STYLE="vertical-align: top; width: 60%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limin Liu</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><I>[Signature Page&nbsp;to
Employment Agreement]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><I></I></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><I>&nbsp;</I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Schedule A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Annual compensation is RMB 600,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 14pt 0 14.5pt; text-align: center">Dragon Victory International
Limited Announces Chairman and CEO Change</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Hangzhou, China, August 23, 2019 --Dragon
Victory International Limited (Nasdaq: LYL) (the &ldquo;Company&rdquo;) today announced that Mr.&nbsp;Limin Liu (&ldquo;Mr. Liu&rdquo;)
&nbsp;had taken over the roles as Chairman of the Board and CEO of the Company, effective August 21, 2019, succeeding Mr. Jianjun
Sun (&ldquo;Mr. Sun&rdquo;). Mr. Sun resigned for personal reasons and not due to any disagreements with the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 20, 2019, the Board received the
resignation of Mr. Hongyu Zhang as a director of Company, effective immediately. Mr. Zhang resigned for personal reasons and not
due to any disagreements with the Company. Mr. Wei Wang (&ldquo;Mr. Wang&rdquo;) was appointed to fill the vacancy and serve as
a director of the Company, effective August 21, 2019.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Liu has extensive experience in many industries,
including investing, financing, and innovative high technology sectors. From July 2014 to June 2019, Mr. Liu served as the Global
Lead of Financial Service Industry of Huawei Technologies Co., Ltd. From 2006 to 2014, Mr. Liu served as the Vice President for
sales and technology of Beijing Futong Dongfang Technology Co., Ltd. From 1994 to 2006, Mr. Liu worked at IBM China as Director
of Sales. Mr. Liu received his Bachelor Degree of Electrical&nbsp;Engineering from Zhejiang University in 1993.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Wang has served as the general manager
of Zhejiang Getai Curtain Wall Decoration Engineering Co., Ltd. since January 2014. From February 1991 to December 2013, Mr. Wang
worked in the Fire Department of Hangzhou City. Mr. Wang received a bachelor&rsquo;s degree in business management from Party School
of the Central Committee of C.P.C. in 2000.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe that Mr. Liu will bring exciting
opportunities and vitalities to the Company. With his high-tech background and expertise in financial service industry, Mr. Liu
will lead the Company to further growth and development in the financial service era with continuous&nbsp;innovation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>About Dragon Victory International Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Incorporated in 2015 and headquartered in Hangzhou,
Dragon Victory International Limited offers reward-based crowdfunding opportunities in China to entrepreneurs and funding sources
through a fast-growing reward-based crowdfunding platform at&nbsp;www.5etou.cn. 5etou is designed to enable small- and medium-sized
companies, start-ups, and idea generators to raise funding from participants through the Internet. The Company also provides quality
business incubation services and financial services to entrepreneurs and business entities with funding needs who utilize our crowdfunding
platform. More information is available at&nbsp;http://ir.dvintinc.com/.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Forward-Looking Statements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>This press release contains information
about the Company&rsquo;s view of its future expectations, plans, and prospects that constitute forward-looking statements. Actual
results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety
of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its
ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its
development and introduction of new products and services, the successful integration of acquired companies, technologies and assets
into its portfolio of products and services, marketing and other business development initiatives, competition in the industry,
general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel
who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its
intellectual property. The Company encourages you to review other factors that may affect its future results in the Company&rsquo;s
registration statement and in its other filings with the Securities and Exchange Commission.</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For more information contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dragon Victory International Limited<BR>
Public Relation Contact</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amanda Yang<BR>
Tel: +86-057182213772-610</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Email: yangy@dvintinc.com</P>

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