EX-10.31 8 ff12020a2ex10-31_utimeltd.htm DEBT TRANSFER AGREEMENT, DATED MARCH 31, 2019, BY AND AMONG BRIDGETIME LIMITED, UTIME LIMITED AND MINFEI BAO

Exhibit 10.31

Debt Transfer Agreement

[Unofficial English Translation]

Party A: BRIDGETIME LIMITED (Transferor)

Party B: Minfei Bao (Creditor)

Party C: UTIME LIMITED (Transferee)

Whereas,

| 1. | As of March 31, 2019, the balance due to Party B from Party A is US$984,000.

By consensus of the Parties, Party A, Party B and Party C agree as follows:

| I. | Party C agrees to assume the debt of US$984,000 owed by Party A to Party B without consideration. Upon the assuming of the debt, Party C shall repay the debt due to Party B.

| II. | If Party C breaches this Agreement, it shall be liable for the breach of agreement to Party A.

| III. | In the event of disputes or litigation arising out of or in connection with this Agreement, the Parties agree that such dispute shall be first negotiated in an amicable way; if the dispute cannot be settled through such negotiation, any party may bring a lawsuit in the court where Party A is located.

| IV. | This Agreement shall be provided in triplicates, with each party holding one copy and the three copies are in full force and effect.

| V. | This Agreement shall enter into force after all parties have signed or sealed properly.

Party A: |  | Party B: |  | Party C:
For an on behalf of BRIDGETIME LIMITED |  | /s/ Minfei Bao |  | UTime Limited (Seal Affixed)
|  |  |  | /s/ Minfei Bao
/s/ Weihuang Chen |  |  |  |
Authorised Signature(s) |  |  |  |
Date: |  | Date: |  | Date: March 31, 2019