10-Q - YBGJ - Equibles

U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2021

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to __________

Commission File Number 0-21320

YUBO INTERNATIONAL BIOTECH LIMITED

| (Exact name of registrant as specified in its charter) |

New York	11-3074326

| (State or other jurisdiction of | (I.R.S. Employer Identification No.) |

| incorporation or organization) | |

Room 105, Building 5, 31 Xishiku Avenue, Xicheng District, Beijing, China

(Address of principal executive offices and Zip code)

+86 (010) 6615-5141

(Registrant’s telephone number, including area code)

____________________February 29, 2020____________________

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated fi ler,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer	☐	Accelerated filer	☐

| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |

| | | Emerging growth company | ☐ |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common equity as of the latest practicable date – May 21, 2021

Class A Common Stock, $0.001 Par Value	118,177,885

| Class B Common Stock, $0.001 Par Value | 4,447 |

| Class | Shares |

YUBO INTERNATIONAL BIOTECH LIMITED (formerly Magna-Lab, Inc.)

TABLE OF CONTENTS

PART 1 – FINANCIAL INFORMATION
Item 1.	– Financial Statements	3
	Condensed Consolidated Balance Sheets	F-1
	Condensed Consolidated Statements of Operations (unaudited)	F-2
	Condensed Consolidated Statements of Cash Flows (unaudited)	F-4
	Condensed Consolidated Statements of Stockholders’ Deficit (unaudited)	F-3
	Notes to Condensed Consolidated Financial Statements (unaudited)	F-5
Item 2.	– Management’s Discussion and Analysis of Financial Condition and Results of Operations	4
Item 3.	– Quantitative and Qualitative Disclosures about Market Risk	9
Item 4.	– Controls and Procedures	9
PART II - OTHER INFORMATION
Item 1.	– Legal Proceedings	10
Item 1A.	– Risk Factors	10
Item 2	– Unregistered Sales of Equity Securities and Use of Proceeds	10
Item 3.	– Defaults Upon Senior Securities	10
Item 4.	– Mine Safety Disclosures	10
Item 5.	– Other Information	10
Item 6.	– Exhibits	11
SIGNATURES		12

In this quarterly reoport, unless otherwise specified, the terms “we,” “our,” “us,” the “Company,” or the “Registrant” refer to Yubo International Biotech Limited, a New York corporation formerly known as Magna-Lab, Inc. and its wholly owned subsidiaries, including without limitation, Platinum International Biotech Co., Ltd., a company organized under the laws of the Cayman Islands (which we refer to herein as “Platinum”)., and Yubo International Biotech (Beijing) Limited, a company organized under the laws of the People’s Republic of China (which we refer to herein as “Yubo”).

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Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

YUBO INTERNATIONAL BIOTECH LIMITED

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

For the three-months periods ended March 31, 2021 and 2020

Table of Contents

Consolidated Balance Sheets	F-1
Consolidated Statements of Operations and Comprehensive Loss	F-2
Consolidated Statements of Changes in Shareholders’ Equity	F-3
Consolidated Statements of Cash Flows	F-4
Notes to Consolidated Financial Statements	F-5

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YUBO INTERNATIONAL BIOTECH LIMITED

CONSOLIDATED BALANCE SHEETS

(Expressed in US Dollars)

(Unaudited)

			December 31,

| | | | 2020 | | |

| | | | | | |

| Cash | 126,313 | | $ | 1,382,525 | |

| Receivables | 296,049 | | | 2,316 | |

| Prepaid expenses | 302,573 | | | 27,160 | |

| Inventory | 82,947 | | | 67,144 | |

| Due from related parties | 399,507 | | | 429,648 | |

| Total Current Assets | 1,207,389 | | | 1,908,793 | | | Property and equipment, net | 527,936 | | | 79,153 | |

| Intangible assets, net | 52,414 | | | 54,912 | |

| Operating lease right of use assets | 1,942,351 | | | 315,207 | |

| Lease security deposit | 177,289 | | | 86,811 | |

| Total Assets | 3,907,379 | | $ | 2,444,876 | |

| Accounts payable and accrued expenses (including accounts payable and accrued expenses of VIE without recourse to the Company of 0 and 101,175 as of March 31, 2021 and December 31, 2020, respectively) | - | | $ | 101,175 | |

| Customer deposits (including customer deposits of VIE without recourse to the Company of 0 and 11,028 as of March 31, 2021 and December 31, 2020, respectively) | - | | | 11,028 | |

| Advances from prospective customers/distributors (including advances from prospective customers/distributors of VIE without recourse to the Company of 794,951 and 757,896 as of March 31 2021 and December 31, 2020, respectively) | 794,951 | | | 757,896 | |

| Due to related parties (including due to related parties without recourse to the Company of 243,556, and 91,951 as of March 31, 2021 and December 31, 2020 respectively) | 243,556 | | | 91,951 | |

| Operating lease liabilities – current (including operating lease liabilities - current of VIE without recourse to the Company of 231,264 and 315,207 as of March 31, 2021 and December 31, 2020, respectively) | 456,155 | | | 315,207 | |

| Total Current Liabilities | 1,494,662 | | | 1,277,257 | | | Non-current liabilities | | | | | |

| Operating lease liabilities - non-current | 1,486,196 | | | - | |

| Total Liabilities | 2,980,858 | | | 1,277,257 | | | Commitments and contingencies | | | | - | | | Shareholders' Equity: | | | | | |

| Preferred stock, par value .01 per share, 5,000,000 shares authorized, none issued | - | | | | |

| Common stock, Class A par value 0.001 per share; authorized 1,000,000,000 shares, 118,177,885 and 117,000,000 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 118,178 | | | 117,000 | |

| Common stock, Class B, par value .001 per share, 3,750,000 shares authorized, 4,447 and 0 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 4 | | | - | |

| Additional Paid in Capital | 2,117,599 | | | 1,991,617 | |

| Accumulated deficit | (1,381,669 | ) | | (942,994 | ) |

| Accumulated other comprehensive income (loss) | 72,409 | | | 1,996 | |

| Total Shareholders' Equity | 926,521 | | | 1,167,619 | |

| Total Liabilities and Shareholders' Equity | 3,907,379 | | $ | 2,444,876 | |

All values are in US Dollars.

The accompanying notes are an integral part of these consolidated financial statements.

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YUBO INTERNATIONAL BIOTECH LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Expressed in US Dollars)

(Unaudited)

	For the three months ended March 31,

| | 2021 | | | 2020 | | |

| Sales | $ | 462,329 | | $ | - | |

| Cost of Goods Sold | | (146,738 | ) | | - | |

| Gross Profit | | 315,591 | | | - | |

| Sales commissions | | 138,348 | | | - | |

| Employee compensation | | 202,832 | | | 19,481 | |

| Occupancy | | 107,734 | | | 75,933 | |

| Depreciation and amortization of property and equipment | | 2,772 | | | 1,824 | |

| Amortization of intangible assets | | 2,154 | | | - | |

| Other operating expenses | | 300,321 | | | 43,664 | |

| Total Operating Expenses | | 754,161 | | | 140,902 | |

| Income (loss) from operations | | (438,570 | ) | | (140,902 | ) | | Other Income (Expenses) | | | | | | |

| Interest expenses | | (105 | ) | | (46 | ) |

| Total Other Income (Expenses) | | (105 | ) | | (46 | ) | | Loss before Provision for Income Tax | | (438,675 | ) | | (140,948 | ) | | Provision for Income Tax | | - | | | - | | | Net loss | $ | (438,675 | ) | $ | (140,948 | ) |

| Net loss per share basic and diluted | | (0.00 | ) | | (0.00 | ) |

| Weighted average common shares outstanding basic and diluted | | 118,130,820 | | | 115,245,000 | | | Comprehensive income (loss) | | | | | | |

| Net loss | $ | (438,675 | ) | $ | (140,948 | ) |

| Foreign currency translation adjustment | | 70,413 | | | (24,516 | ) |

| Total comprehensive income (loss) | $ | (368,262 | ) | $ | (165,464 | ) |

The accompanying notes are an integral part of these consolidated financial statement

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YUBO INTERNATIONAL BIOTECH LIMITED

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Expressed in US Dollars)

(Unaudited)

	Common Stock								Additional		****			****	Accumulated Other Comprehensive		****	Total		****

| **** | Class A | | | | Class B | | | | paid in | | **** | Accumulated | | **** | Income | | **** | Stockholders' | | **** |

| BALANCE, December 31, 2020 | | 117,000,000 | $ | 117,000 | | - | $ | - | $ | 1,991,617 | | $ | (942,994 | ) | $ | 1,996 | | $ | 1,167,619 | | | Capital contributions to Yubo Beijing | | - | | - | | - | | - | | 127,164 | | | - | | | - | | | 127,164 | | | Reverse acquisition of Yubo International Biotech Limited by Platinum International Biotech Co. Ltd. | | 1,177,885 | | 1,178 | | 4,447 | | 4 | | (1,182 | ) | | - | | | - | | | - | | | Net loss for the three months ended March 31, 2021 | | - | | - | | - | | - | | - | | | (438,675 | ) | | - | | | (438,675 | ) | | Foreign currency translation adjustment | | - | | - | | - | | - | | - | | | - | | | 70,413 | | | 70,413 | | | BALANCE, March 31, 2021 | | 118,177,885 | $ | 118,178 | | 4,447 | $ | 4 | $ | 2,117,599 | | $ | (1,381,669 | ) | $ | 72,409 | | $ | 926,521 | | | BALANCE, December 31, 2019 | | 115,245,000 | $ | 115,245 | | - | $ | - | $ | 608,616 | | $ | (231,193 | ) | $ | (3,935 | ) | $ | 488,733 | | | Capital contributions to Yubo Beijing | | | | | | | | | | 504,892 | | | | | | | | | 504,892 | | | Net loss for the three months ended March 31, 2020 | | - | | - | | - | | - | | - | | | (140,948 | ) | | - | | | (140,948 | ) | | Foreign currency translation adjustment | | - | | - | | - | | - | | - | | | - | | | (24,516 | ) | | (24,516 | ) | | BALANCE, March 31, 2020 | | 115,245,000 | $ | 115,245 | | - | $ | - | $ | 1,113,508 | | $ | (372,141 | ) | $ | (28,451 | ) | $ | 828,161 | |

The accompanying notes are an integral part of these consolidated financial statements

F-3
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YUBO INTERNATIONAL BIOTECH LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in US Dollars)

(Unaudited)

	For the three months ended March 31,

| | 2021 | | | 2020 | | |

| Cash flows from operating activities: | | | | | | |

| Net loss | $ | (438,675 | ) | $ | (140,948 | ) |

| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | |

| Depreciation and amortization | | 4,926 | | | 1,824 | |

| Changes in operating assets and liabilities: | | | | | | |

| Receivables | | (293,733 | ) | | (34,806 | ) |

| Prepaid expense | | (275,413 | ) | | (145,230 | ) |

| Inventory | | (15,803 | ) | | (86,216 | ) |

| Due from related parties | | 30,141 | | | 7,639 | |

| Lease security deposit | | (90,478 | ) | | - | |

| Accounts payable and accrued expenses | | (101,175 | ) | | - | |

| Customer deposits | | (11,028 | ) | | - | |

| Advances from prospective customers/distributors | | 37,055 | | | - | |

| Due to related parties | | 151,605 | | | (93,852 | ) |

| Net cash used in operating activities | | (1,002,578 | ) | | (491,589 | ) | | Cash flows from investing activities: | | | | | | |

| Purchases of property and equipment | | (451,555 | ) | | (48,284 | ) |

| Purchases of intangible assets | | - | | | - | |

| Net cash used in investing activities | | (451,555 | ) | | (48,284 | ) | | Cash flows from financing activities: | | | | | | |

| Capital Contributions to Yubo Beijing | | 127,164 | | | 504,892 | |

| Net cash provided by financing activities | | 127,164 | | | 504,892 | | | Effect of exchange rate changes | | 70,757 | | | 58,869 | | | Net increase (decrease) in cash | | (1,256,212 | ) | | 23,888 | |

| Cash at beginning of period | | 1,382,525 | | | 1,262 | |

| Cash at end of period | $ | 126,313 | | $ | 25,150 | |

| Income taxes paid | | - | | | - | |

| Interest paid | | - | | | - | |

| Operating lease right of use asset acquired | $ | 1,930,350 | | $ | - | |

The accompanying notes are an integral part of these consolidated

F-4
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YUBO INTERNATIONAL BIOTECH LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three-months periods ended March 31, 2021 and 2020

(Unaudited)

NOTE 1 – ORGANIZATION

Yubo International Biotech Limited (formerly Magna-Lab Inc.) (the “Company”), a New York corporation, acquired Platinum International Biotech Co. Ltd. (“Platinum”) in a “reverse merger” transaction on January 14, 2021.

On January 14, 2021 (the “Closing Date”), the Company closed a voluntary share exchange transaction with Platinum International Biotech Co., Ltd., a company organized under the laws of the Cayman Islands (“Platinum”), pursuant to that certain Agreement and Plan of Share Exchange, dated January 14, 2021 (the “Exchange Agreement”), by and among the Company, Platinum, Yubo International Biotech (Beijing) Limited, a company organized under the laws of the People’s Republic of China (“PRC”) (“Yubo”), and certain selling stockholders named therein.

In accordance with the terms of the Exchange Agreement, on the Closing Date, the Company issued a total of 117,000,000 shares of its Class A common stock to the Selling Stockholders, who were then stockholders of Platinum (the “Selling Stockholders”), in exchange for 100% of the issued and outstanding capital stock of Platinum (the “Exchange Transaction”). As a result of the Exchange Transaction, the Selling Stockholders acquired more than 99% of the Company’s issued and outstanding capital stock, Platinum became the Company’s wholly-owned subsidiary, and the Company acquired the business and operations of Platinum and Yubo. Immediately prior to the Exchange Transaction, the Company had 117,875,323 shares of Class A common stock and 4,447 shares of Class B common stock issued and outstanding. Immediately after the Exchange Transaction and the surrender and cancellation of 116,697,438 shares held by Lina Liu, the controlling shareholder, Chief Financial Officer, Treasurer and Secretary of the Company, the Company has 118,177,885 shares of Class A common stock and 4,447 shares of Class B common stock issue and outstanding.

Platinum was incorporated on April 7, 2020 under the laws of the Cayman Islands as a holding company. On May 4, 2020, Platinum incorporated a wholly owned subsidiary Platinum International Biotech (Hong Kong) Limited (“Platinum HK”) in Hong Kong. On September 4, 2020, Platinum HK incorporated a wholly foreign owned enterprise (“WFOE”) Yubo International Biotech (Chengdu) Limited (“Yubo Chengdu”) in Chengdu, China.

On September 11, 2020, Yubo Chengdu entered into a series of Variable Interest Entity (“VIE”) agreements with the owners of Yubo International Biotech (Beijing) Limited (“Yubo Beijing”). Pursuant to the VIE agreements, Yubo Beijing became Yubo Chengdu’s contractually controlled affiliate. The purpose and effect of the VIE Agreements is to provide Yubo Chengdu with all management control and net profits earned by Yubo Beijing.

Yubo Beijing was incorporated on June 14, 2016. For the year ended December 31, 2020 (commencing April 2020), Yubo Beijing sold approximately 850 nebulizers to customers in the People’s Republic of China (“PRC”).

Upon executing the series of VIE agreements in September 2020, Yubo Beijing has been considered a Variable Interest Entity (“VIE”) of Yubo Chengdu, its primary beneficiary. Accordingly, Yubo Beijing has been consolidated under the guidance of FASB Accounting Standards Codification (“ASC”) 810, Consolidation.

The officers, directors, and controlling beneficial owners of Yubo Beijing from its inception on June 14, 2016 are also officers, directors, and controlling beneficial owners of Platinum. Accordingly, the accompanying consolidated financial statements include Yubo Beijing’s operations from its inception on June 14, 2016.

Commencing in the quarterly period ended March 31, 2021 Yubo Beijing started also selling certain oral liquid health products. For the three months ended March 31, 2021, sales consisted of:

Oral liquid health products	$	345,607

| Nebulizers | | 116,722 |

| Total | $ | 462,329 |

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In December 2020 and January 2021, Platinum HK formed two new wholly owned subsidiaries: Yubo Jingzhi Biotechnology (Chengdu) Co. Ltd. (“Yubo Jingzhi”) and Yubo Global Biotechnology (Chengdu) Co. Ltd (“Yubo Global”).

Yubo International Biotech Limited and its consolidated subsidiaries and VIE are collectively referred to herein as the “Company” unless specific reference is made to an entity.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Interim Financial Information

The unaudited financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) applicable to interim financial information and the requirements of Form 10-Q and Rule 8-03 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosure required by accounting principles generally accepted in the United States of America for complete financial statements. Interim results are not necessarily indicative of results for a full year. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position and the results of operations and cash flows for the interim periods have been included. These financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2020, as not all disclosures required by generally accepted accounting principles for annual financial statements are presented. The interim financial statements follow the same accounting policies and methods of computations as the audited financial statements as of and for the year ended December 31, 2020.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and its consolidated VIE for which the Company is the primary beneficiary.

All transactions and balances among the Company, its subsidiaries and consolidated VIE have been eliminated upon consolidation.

The accompanying consolidated financial statements reflect the activities of the following entities:

Name	Background	Ownership

| Yubo International Biotech Limited (“Yubo New York”) | · A holding company · Incorporated in New York | |

| Platinum International Biotech Co. LTD (“Platinum”) | · A Cayman Island company · Incorporated on April 7, 2020 · A holding company | 100% owned by Yubo New York |

| Platinum International Biotech (Hong Kong) Limited. (“Platinum HK”) | · A Hong Kong company · Incorporated on May 4, 2020 · A holding company | 100% owned by Platinum |

| Yubo International Biotech (Chengdu) Limited (“Yubo Chengdu”) | · A PRC company and deemed a wholly foreign owned enterprise · Incorporated on September 4, 2020 · Subscribed capital of $1,500,000 · A holding company | 100% owned by Platinum HK |

| Yubo International Biotech (Beijing) Limited (“Yubo Beijing”) | · A PRC limited liability company · Incorporated on June 14, 2016 · Subscribed capital of $1,531,722 (RMB 10,000,000) · Stem cell storage and bank | VIE of Yubo Chengdu WFOE |

| Yubo Jingzhi Biotechnology (ChengDu) Co. Ltd. (“Yubo Jingzhi”) | · A PRC company incorporated on January 21, 2021 | 100% owned by Platinum HK |

| Yubo Global Biotechnology (Chengdu) Co. Ltd (“Yubo Global) | · A PRC company incorporated on December 20, 2020 | 100% owned by Platinum HK |

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On September 11, 2020, our wholly-owned subsidiary, Yubo Chengdu, entered into the following contractual arrangements with Yubo Beijing and the shareholders of Yubo Beijing (the “Yubo Shareholders”), as applicable, each of which is enforceable and valid in accordance with the laws of the PRC:

Exclusive Consulting Services Agreement

Pursuant to the Exclusive Consulting Services Agreement among Yubo, Yubo WFOE, and the Yubo Shareholders, Yubo WFOE agrees to provide, and Yubo agrees to accept, exclusive management services provided by Yubo WFOE. Such management services include but are not limited to financial management, business management, marketing management, human resource management and internal control of Yubo. The Exclusive Consulting Services Agreement will remain in effect until the acquisition of all assets or equity of Yubo by Yubo WFOE is complete (as more fully described in the Exclusive Purchase Option Agreement below).

Exclusive Purchase Option Agreement

Under the Exclusive Option Agreement among Yubo, Yubo WFOE, and the Yubo Shareholders, the Yubo Shareholders granted Yubo WFOE an irrevocable and exclusive purchase option to acquire Yubo’s equity and/or assets at a nominal consideration. Yubo WFOE may exercise the purchase option at any time.

Equity Pledge Agreement

Under the Equity Pledge Agreement among Yubo WFOE and the Yubo Shareholders, the Yubo Shareholders pledged all of their equity interests in Yubo, including the proceeds thereof, to guarantee all of Yubo WFOE’s rights and benefits under the Exclusive Consulting Services Agreement and the Exclusive Option Agreement. Prior to termination of this Equity Pledge Agreement, the pledged equity interests cannot be transferred without Yubo WFOE’s prior consent. The Yubo Shareholders covenants to Yubo WFOE that among other things, it will only appoint/elect the candidates for the directors of Yubo nominated by Yubo WFOE.

Financial Statements of Yubo Beijing (VIE)

The assets and liabilities of Yubo Beijing (VIE) at March 31, 2021 and December 31, 2020 consist of:

	March 31,<br> <br>2021		December 31,<br> <br>2020

| Cash | $ | 48,278 | $ | 746,613 |

| Receivables | | 296,049 | | 2,316 |

| Prepaid Expenses | | 58,399 | | 27,160 |

| Inventory | | 82,947 | | 67,144 |

| Due from related parties | | 399,507 | | 429,648 |

| Property and equipment (net) | | 80,337 | | 79,153 |

| Intangible assets (net) | | 52,414 | | 54,912 |

| Operating lease right of use assets | | 231,264 | | 315,207 |

| Lease security deposits | | 86,255 | | 86,811 |

| Investment in Yubo Jingzhi (A) | | 228,290 | | - |

| Receivables from other consolidating entities (A) | | 250,624 | | - |

| Total assets | | 1,814,364 | | 1,808,964 | | Accounts payable and accrued expense | | - | | 101,175 |

| Customer deposits | | - | | 11,028 |

| Advances from prospective customers/distributors | | 794,951 | | 757,896 |

| Due to related partis | | 243,556 | | 91,951 |

| Operating lease liabilities | | 231,264 | | 315,207 |

| Total liabilities | | 1,269,771 | | 1,277,257 | | Shareholders' equity | $ | 544,593 | $ | 531,707 |

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Except for $149,769 other operating expenses for the three months ended March 31, 2021, all revenues and expenses included in the accompanying Consolidated Statements of Operations for the three months ended March 31, 2021 and March 31, 2020 represent revenues and expenses of Yubo Beijing.

Foreign Currency Translation

The accompanying consolidated financial statements are presented in United States dollars (“$”), which is the reporting currency of the Company. The functional currency of Platinum and Platinum HK is the United States dollar. The functional currency of the Company’s subsidiaries and VIE located in the PRC is the Renminbi (“RMB”). For the entities whose functional currencies are the RMB, results of operations and cash flows are translated at average exchange rates during the period ($1=6.5506 RMB for the three months ended March 31, 2021 and $1=7.0312 RMB for the three months ended March 31, 2020), assets and liabilities are translated at the current exchange rate at the end of the period ($1=6.5706 RMB at March 31, 2021 and $1=6.5286 RMB at December 31, 2020), and equity is translated at historical exchange rates. The resulting translation adjustments are included in determining other comprehensive income (loss). Transaction gains and losses, which were not significant for the periods presented, are reflected in the consolidated statements of operations.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Significant estimates and assumptions by management include, among others, useful lives and impairment of long-lived assets, and income taxes including the valuation allowance for deferred tax assets. While the Company believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, cash in bank accounts, cash in time deposits, certificates of deposit and all highly liquid instruments with original maturities of three months or less.

Inventories

Inventories, mainly consisting of nebulizers and components, are stated at the lower of cost utilizing the weighted average method or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated selling costs.

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The valuation of inventory requires the Company to estimate excess and slow-moving inventories. The Company evaluates the recoverability of the inventory based on expected demand and market conditions. No inventory write downs were recorded in the periods presented.

Property and Equipment

Property and equipment consist of leasehold improvements, air conditioning equipment, and office equipment. All property and equipment are stated at historical cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Property and equipment are depreciated on a straight-line basis over the following periods:

Leasehold improvements	Remaining term of lease

| Air conditioning equipment | 5 years |

| Office equipment | 3 years |

Intangible Assets

Intangible assets consist of distribution software and patents and are stated at historical cost less accumulated amortization. Amortization of intangible assets is calculated on a straight-line basis over the shorter of the contractual terms or the expected useful lives of the respective assets. The amortization period by major asset classes is as follows:

Distribution software	5 years

| Patents | 20 years |

Impairment of Long-Lived Assets

The Company’s long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of the asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management’s estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated by management which could have a material effect on our reporting results and financial position. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

Fair Value of Financial Instruments

The Company adopted ASC 820 “Fair Value Measurements,” which defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures.

The three levels are defined as follows:

Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the financial instruments.

Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value.

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Financial instruments include cash, receivables, due from related parties, accounts payable and accrued expenses, advances from prospective customers/distributors and due to related parties. The carrying values of these financial instruments approximate their fair values due to the short-term maturities of these instruments.

For the periods presented, there were no financial assets or liabilities measured at fair value.

Leases

We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities - current, and operating lease liabilities - noncurrent on the balance sheets. The initial lease liability is equal to the future fixed minimum lease payments discounted using the Company’s incremental borrowing rate, on a secured basis. The initial measurement of the right-of-use asset is equal to the initial lease liability plus any initial direct costs.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term.

Revenue Recognition

The Company derives its revenue from the sale of nebulizers containing frozen tubes with medical fluid and from the sale of oral liquids health products. The nebulizers are sold directly to consumers on the Company’s online e-commerce platform. The Company recognizes product revenues when the following four revenue recognition criteria are met: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred, (iii) the selling price is fixed or determinable, and (iv) collectability is reasonably assured. The Company does not allow sales returns or exchanges.

Revenue is recorded net of value-added tax (“VAT”).

Advertising Costs

Advertising costs are expensed as incurred.

Income Taxes

The Company follows the liability method in accounting for income taxes in accordance with ASC topic 740 (“ASC 740”), Income Taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance against deferred tax assets if, based on the weight of available evidence, it is more-likely than not that some portion, or all, of the deferred tax assets will not be realized.

The Company applies the provisions of ASC 740 to account for uncertainty in income taxes. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the consolidated financial statements.

The Company will classify interest and penalties related to unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of operations.

Net Loss per Share

Basic loss per ordinary share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

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Diluted loss per ordinary share reflects the potential dilution that could occur if dilutive securities (such as stock options and convertible securities) were exercised or converted into ordinary shares. For the periods presented, the Company had no dilutive securities outstanding.

Comprehensive Loss

Comprehensive loss is defined as the decrease in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Comprehensive loss is reported in the consolidated statements of operations and comprehensive loss, including net loss and foreign currency translation adjustments, presented net of tax.

New Accounting Pronouncements

In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02) “Leases (Topic 842)”. ASU 2016-02 requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted.

For finance leases, a lessee is required to do the following:

·	Recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the balance sheet.
·	Recognize interest on the lease liability separately from amortization of the right-of-use asset in the statement of comprehensive income.
·	Classify repayments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability and variable lease payments within operating activities in the statement of cash flows.
For operating leases, a lessee is required to do the following:
·	Recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the balance sheet.
·	Recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis.
·	Classify all cash payments within operating activities in the statement of cash flows.

Other than increasing assets and liabilities at the inception of Yubo Beijing’s office lease on August 1, 2019 and Yubo Global’s laboratory space lease on March 1, 2021 (See Note 8), ASU 2016-02 has not had a significant effect on the Company’s financial position or results of operations.

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material impact on its consolidated financial position, statements of operations or cash flows.

NOTE 3 – GOING CONCERN

The Company’s financial statements as of March 31, 2021 and December 31, 2020 have been prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues and cash flows sufficient to cover its operating costs and allow it to continue as a going concern. For the three-months ended March 31, 2021 and March 31, 2020, the Company had losses of $438,675 and $140,948, respectively. These factors among others raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time.

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In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE 4 – INVENTORY

Inventory consisted of the following:

	March 31,		December 31,

| | 2021 | | 2020 | |

| Frozen tubes to be attached to the nebulizer product | $ | 39,317 | $ | 40,499 |

| Unassembled nebulizers | | 19,403 | | 4,733 |

| Fluids to be inserted in the frozen tubes | | 10,327 | | 11,470 |

| Total product components raw materials | | 69,047 | | 56,702 |

| Refrigerated boxes | | 7,455 | | 3,310 |

| Delivery boxes | | 6,445 | | 7,132 |

| Total Inventory | $ | 82,947 | $ | 67,144 |

NOTE 5 – DUE FROM RELATED PARTIES

Due from related parties consisted of:

	March 31,		December 31,

| | 2021 | | 2020 | |

| Beijing Zhenhuikang Biotechnology Co., LTD (“Zhenhuikang”) (1) | $ | 399,507 | $ | 404,288 |

| Yubo Global Biotechnology (Chengdu) Co., Ltd. (2) | | - | | 25,360 |

| Total Due From Related Parties | $ | 399,507 | $ | 429,648 |

(1)	Zhenhuikang is controlled by Zhenxigu.

| (2) | Yubo Global Biotechnology (Chengdu) Co., Ltd. is controlled by Mr. Jun Wang. |

The due from related parties receivables are noninterest bearing and are due on demand.

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NOTE 6 – PROPERTY AND EQUIPMENT

Property and equipment, net, consisted of the following:

	March 31,			December 31,

| | 2021 | | | 2020 | | |

| Leasehold improvements | $ | 41,396 | | $ | 44,777 | |

| Construction in progress | | 411,721 | | | - | |

| Air conditioning equipment | | 57,241 | | | 21,496 | |

| Office equipment | | 29,645 | | | 22,241 | |

| Total property and equipment | | 540,003 | | | 88,514 | |

| Less accumulated depreciation and amortization | | (12,067 | ) | | (9,361 | ) |

| Property and equipment, net | $ | 527,936 | | $ | 79,153 | |

For the three-months ended March 31, 2021 and 2020, depreciation and amortization of property and equipment was $2,772 and $1,824, respectively.

NOTE 7 – INTANGIBLE ASSETS

Intangible assets, net, consisted of the following:

	March 31,			December 31,

| | 2021 | | | 2020 | | |

| Distribution software | $ | 37,672 | | $ | 37,907 | |

| Patents acquired from related party (Note 12) | | 21,096 | | | 21,239 | |

| Total intangible assets | | 58,768 | | | 59,146 | |

| Less: Accumulated amortization | | (6,354 | ) | | (4,234 | ) |

| Intangible assets, net | $ | 52,414 | | $ | 54,912 | |

For the three-months ended March 31, 2021 and 2020, amortization of intangible assets expense was $2,154 and $0, respectively.

At March 31, 2021, the expected future amortization of intangible assets expense was:

Year ending December 31, 2021	$	6,134

| Year ending December 31, 2022 | | 8,632 |

| Year ending December 31, 2023 | | 8,632 |

| Year ending December 31, 2024 | | 8,632 |

| Year ending December 31, 2025 | | 4,846 |

| Thereafter | | 15,538 |

| Total | $ | 52,414 |

NOTE 8 – OPERATING LEASE RIGHT OF USE ASSET AND OPERATING LEASE LIABILITY

On August 1, 2019, Yubo Beijing executed a lease agreement with Jiu Si Cheng Investment Management (the “Landlord”) to rent approximately 746 square meters of office space in Beijing China. The lease provided for an initial term of 2 years and 4 months from August 2, 2019 to November 30, 2021 with a right to renew for an additional term of 2 years and 8 months from December 1, 2021 to July 31, 2024. The lease also provided for payments of quarterly rent and management fees to the landlord for the initial term of a total of RMB 4,756,649 ($728,586 at the 6.5706 current exchange rate at March 31, 2021) and the payment of a security deposit to the Landlord of RMB 566,754 ($86,257 at the 6.5706 current exchange rate at March 31, 2021).

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Effective March 1, 2021, Yubo Global executed a lease agreement with Chengdu Liangkang Investment Co. to rent approximately 6,960 square meters of laboratory space in Chengdu China. The lease provides for a lease term of 5 years from March 1, 2021 to February 28, 2026. The lease also provides for payments of monthly rent to the landlord of approximately RMB 300,000 ($45,658 at the 6.5706 current exchange rate at March 31, 2021) and the payment of a security deposit to the Landlord of RMB $598,553 ($91,096 at the 6.5706 current exchange rate at March 31, 2021).

At March 31, 2021, the future undiscounted minimum lease payments under the two noncancellable leases are as follows:

	As of March 31, 2021

| Year ending December 31, 2021 | $ | 644,319 |

| Year ending December 31, 2022 | | 546,573 |

| Year ending December 31, 2023 | | 546,573 |

| Year ending December 31, 2024 | | 573,902 |

| Year ending December 31, 2025 | | 579,368 |

| Thereafter | | 96,561 |

| Total | $ | 2,987,296 |

The operating lease liabilities totaling $1,942,351 at March 31, 2021 as presented in the Consolidated Balance Sheet represents the discounted (at a 4.75% estimated incremental borrowing rate) value of the future lease payments of $2,987,296 March 31, 2021.

For the three-months ended March 31, 2021 and March 31, 2020, occupancy expense attributable to these two leases was $86,555 and $60,257, respectively.

NOTE 9 – ADVANCES FROM PROSPECTIVE CUSTOMERS/DISTRIBUTORS

As of March 31, 2021, Yubo Beijing received a total of RMB ¥ 5,229,012 ($794,951) from nine PRC entities in amounts of RMB ¥ 348,000, RMB ¥50,000, RMB ¥50,000, RMB ¥500,000, RMB ¥500,000, RMB ¥500,000, RMB ¥3,000,000, RMB¥ 31,012, and RMB ¥250,000. The related verbal agreements provide for the nine entities to purchase inventory from Yubo Beijing or enter into such other arrangements with Yubo Beijing as the parties mutually agree. Pending formal approval of any such arrangements, all of the nine PRC entities have the right to request the return of their advances.

NOTE 10 – DUE TO RELATED PARTIES

Due to related parties consisted of the following:

	March 31,		December 31,

| | 2021 | | 2020 | |

| Mr. Jun Wang (1) | $ | - | | - |

| Mr. Yang Wang (2) | | 243,556 | | 91,951 |

| Total | $ | 243,556 | | 91,951 |

(1)	Mr. Jun Wang controls 33.80% of the outstanding Class A common stock of Yubo New York and is the chief executive officer and a director of Yubo New York and Yubo Beijing.

| (2) | Mr. Yang Wang controls 21.14% of the outstanding Class A common stock of Yubo New York and is a director of the Company and Yubo Beijing. |

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The due to related parties payables are noninterest bearing and are due on demand.

NOTE 11 – SHAREHOLDERS’ EQUITY

Yubo Biotech International Limited

The Company has three types of stocks:

Preferred stock – par value 0.01 per share, 5,000,000 shares authorized, none issued.

Common Stock Class A – par value 0.001 per share, 1,000,000,000 shares authorized, 118,177,885 shares issued and outstanding at March 31, 2021.

Common Stock Class B – par value 0.001 per share, 3,750,000 shares authorized, 4,447 shares issued and outstanding at March 31, 2021.

On January 14, 2021, Lina Liu, Company CFO, cancelled 116,697,438 shares of Class A common stock acquired by her on October 2, 2020.

The Company issued 117,000,000 shares of Class A common stock issued in connection with the acquisition of Platinum.

Name of Selling Shareholder	Number of Exchange Shares		Percentage of Exchange Shares

| FLYDRAGON INTERNATIONAL LIMITED (controlled by Mr. Jun Wang) | | 39,943,800 | | 34.14 | % |

| CHINAONE TECHNOLOGY LIMITED (controlled by Mr. Yang Wang) | | 19,211,400 | | 16.42 | % |

| BOAO BIOTECH LIMITED (controlled by Mr. Yulin Cao) | | 24,967,800 | | 21.34 | % |

| FOCUS DRAW GROUP LIMITED (controlled by Ms. Lina Liu) | | 13,829,400 | | 11.82 | % |

| FOCUSONE TECHNOLOGY GROUP LIMITED (controlled by Mr. Jin Wei) | | 11,524,500 | | 9.85 | % |

| DRAGONCLOUD TECHNOLOGY LIMITED (Controlled by Mr. Yang Wang) | | 5,768,100 | | 4.93 | % |

| CHEUNG HO SHUN | | 1,755,000 | | 1.50 | % |

| TOTAL | | 117,000,000 | | 100.00 | % |

Platinum International Biotech Co., LTD (Cayman Islands) (“Platinum”)

Platinum has authorized 500,000,000 ordinary shares with a par value of $0.0001 per share with 10,152,284 shares issued and outstanding at March 31, 2021.

On April 7, 2020, Platinum issued a total of 10,000,000 ordinary shares to six entities as follows:

Entity	Shares

| 1. Flydragon International Limited (controlled by Mr. Jun Wang) | | 3,466,000 |

| 2. Chinaone Technology Limited (controlled by Mr. Yang Wang) | | 1,667,000 |

| 3. Boao Biotech Limited (controlled by Mr. Yulin Cao) | | 2,167,000 |

| 4. Dragoncloud Technology Limited (controlled by Mr. Yang Wang) | | 500,000 |

| 5. Focus Draw Group Limited (controlled by Ms. Lina Liu) | | 1,200,000 |

| 6. Focusone Technology Group Limited (controlled by Mr. Jin Wei) | | 1,000,000 |

| Total | | 10,000,000 |

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On September 11, 2020, Platinum sold 152,284 ordinary shares to an investor for $750,000 cash.

On January 21, 2021, Yubo New York acquired all 10,152,284 ordinary shares of Platinum outstanding.

Yubo International Biotech (Chengdu) Limited (“Yubo Chengdu”)

Yubo Chengdu has subscribed capital of $1,500,000 which has not yet been paid by its shareholder. The subscribed capital is due for payment on January 1, 2040.

Yubo International Biotech (Beijing) Limited (“Yubo Beijing”)

Yubo Beijing has subscribed capital of $1,521,931 (RMB 10,000,000), all of which have been paid by its shareholders as of March 31, 2021.

Restricted net assets

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries or its VIE. Relevant PRC statutory laws and regulations permit payments of dividends by Yubo Chengdu, Yubo Jingzhi, Yubo Global, and Yubo Beijing only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations and after it has met the PRC requirements for appropriation to statutory reserves. Paid in capital of the PRC subsidiary and VIE included in the Company’s consolidated net assets are also non-distributable for dividend purposes. The results of operations reflected in the accompanying consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of Yubo Chengdu, Yubo Jingzhi, Yubo Global, and Yubo Beijing.

Yubo Chengdu, Yubo Jingzhi, Yubo,Global and Yubo Beijing are required to set aside at least 10% of their after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. In addition, Yubo Chengdu, Yubo Jingzhi, Yubo Global and Yubo Beijing may allocate a portion of its after-tax profits based on PRC accounting standards to an enterprise expansion fund and a staff bonus and welfare fund at its discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends.

Since inception to March 31, 2021, Yubo Chengdu, Yubo Jingzhi, Yubo Global, and Yubo Beijing have not generated any profit and had negative retained earnings as of March 31, 2021. As a result, these entities have not accrued statutory reserve funds.

The ability of the Company’s PRC subsidiary and its VIE to make dividends and other payments to the Company may also be restricted by changes in applicable foreign exchange and other laws and regulations. Foreign currency exchange regulation in China is primarily governed by the following rules:

·	Foreign Exchange Administration Rules (1996), as amended in August 2008, or the Exchange Rules;

| · | Administration Rules of the Settlement, Sale and Payment of Foreign Exchange (1996), or the Administration Rules. |

Currently, under the Administration Rules, Renminbi is freely convertible for current account items, including the distribution of dividends, interest payments, trade and service related foreign exchange transactions, but not for capital account items, such as direct investments, loans, repatriation of investments and investments in securities outside of China, unless the prior approval of the State Administration of Foreign Exchange (the “SAFE”) is obtained and prior registration with the SAFE is made. Foreign-invested enterprises that need foreign exchange for the distribution of profits to its shareholders may affect payment from their foreign exchange accounts or purchase and pay foreign exchange rates at the designated foreign exchange banks to their foreign shareholders by producing board resolutions for such profit distribution. Based on their needs, foreign-invested enterprises are permitted to open foreign exchange settlement accounts for current account receipts and payments of foreign exchange along with specialized accounts for capital account receipts and payments of foreign exchange at certain designated foreign exchange banks.

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Although the current Exchange Rules allow the convertibility of Chinese Renminbi into foreign currency for current account items, conversion of Chinese Renminbi into foreign exchange for capital items, such as foreign direct investment, loans or securities, requires the approval of SAFE, which is under the authority of the People’s Bank of China. These approvals, however, do not guarantee the availability of foreign currency conversion. The Company cannot be sure that it will be able to obtain all required conversion approvals for its operations or that the Chinese regulatory authorities will not impose greater restrictions on the convertibility of Chinese Renminbi in the future. Currently, all of the Company’s revenues are generated in Renminbi. Any future restrictions on currency exchanges may limit the Company’s ability to use its retained earnings generated in Renminbi to make dividends or other payments in U.S. dollars or fund possible business activities outside China.

NOTE 12 – RELATED PARTY TRANSACTIONS

On February 17, 2020, Yubo Beijing executed an Agreement of Joint Research and Development with Beijing Zhenxigu Medical Research Center LP (“Zhenxigu”), an entity that owns 18.18% of Yubo Beijing Capital stock and is controlled by Mr. Yulin Cao (who is a director of Platinum and Yubo Beijing). Pursuant to the agreement, Yubo Beijing paid RMB 241,880 ($35,848 at the 6.7473 average exchange rate for the year ended December 31, 2020) to Zhenxigu for research and development relating to the medical fluid to be included with the nebulizers to be sold to customers. Such expense has been included with other operating expenses in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the three months ended March 31, 2020.

On February 27, 2020, Yubo Beijing executed a Patent Transfer Agreement with Beijing Zhenhuikang Biotechnology Co. LTD (“Zhenhuikang”), an entity controlled by Mr. Yulin Cao (who is a director of Platinum and Yubo Beijing). The Agreement provided for the assignment of two patents owned by Zhenhuikang to Yubo Beijing for consideration of RMB 140,000 ($21,307 at the 6.5706 current exchange rate at March 31, 2021) (See Note 7).

On February 27, 2020, Yubo Beijing executed an Entrustment Technical Service Agreement with Beijing Zhenhuikang Biotechnology Co. LTD (“Zhenhuikang”), an entity controlled by Mr. Yulin Cao (who is a director of Platinum and Yubo Beijing). The Agreement provides for Zhenhuikang to, among other things, assist Yubo Beijing in the preparation of 300 sets of endometrial stem cell harvesting packages. As amended July 2, 2020, the Agreement provides for Yubo Beijing to pay Zhenhuikang at the rate of RMB 666 per set or RMB 199,800 total ($30,408 at the 6.5706 current exchange rate at March 31, 2021). As of March 31, 2021, preparation of the stem cell harvesting packages has not yet commenced, no payments to Zhenhuikang have been made, and no expense or liability has been recorded.

NOTE 13 – INCOME TAX

Cayman Islands

Under the current laws of the Cayman Islands, Platinum is not subject to tax on income or capital gains. In addition, payments of dividends by Platinum to its shareholders are not subject to withholding tax in the Cayman Islands.

Hong Kong

Platinum HK was incorporated under the Hong Kong tax law where the statutory income tax rate is 16.5%. Platinum HK has had no taxable income or loss from May 4, 2020 (inception) to March 31, 2021.

People’s Republic of China

Yubo International Biotech (Chengdu) Limited (“Yubo Chengdu”), Yubo Jingzhi Biotechnology (Chengdu) Co. LTD. (“Yubo Jingzhi”), Yubo Global Biotechnology (Chengdu) Co. Ltd (“Yubo Global”) and Yubo International Biotech (Beijing) Limited were incorporated in the PRC and are subject to PRC Enterprise Income Tax (“EIT”) on their taxable income in accordance with the relevant PRC income tax laws. On March 16, 2007, the National People’s Congress enacted a new enterprise income tax law, which took effect on January 1, 2008. The law applies a uniform 25% enterprise income tax rate to both foreign invested enterprises and domestic enterprises.

Yubo Chengdu and Yubo Jingzhi have had no taxable income or loss from September 4, 2020 (inception) to March 31, 2021.

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Yubo Beijing has had net losses of $231,193 for the year ended December 31, 2019, $597,713 for the year ended December 31, 2020, and $192,087 for the three months ended March 31, 2021. These losses can be carried forward for five years to reduce future years’ taxable income through year 2024 to year 2026. Based on management’s present assessment, the Company has not yet determined it to be more likely than not that future utilization of the net operating loss carryforwards will be realized. Accordingly, the Company has recorded a 100% valuation allowance against the deferred tax asset at March 31, 2021 and December 31, 2010.

The components of deferred tax assets were as follows:

	March 31,<br> <br>2021`			December 31,<br> <br>2020
Net operating losses carry forward	$	279,392		$	207,227

| Valuation allowance | | (279,392 | ) | | (207,227 | ) |

| Deferred tax assets, net | $ | — | | $ | — | |

The reconciliation of the provisions for (benefits from) income tax by applying the PRC tax rate to income (loss) before provisions for income tax and the actual provisions for income tax is as follows:

	For the three months ended<br> <br>March 31,<br> <br>2021			For the three months ended March 31,<br> <br>2020
Income tax (benefits) at 25%	$	(109,669	)	$	(35,237	)

| Net loss of Platinum | | 37,504 | | | - | |

| Increase in valuation allowance | | 72,165 | | | 35,237 | |

| Provision for income taxes | $ | — | | $ | — | |

Accounting for Uncertainty in Income Taxes

The tax authority of the PRC government conducts periodic and ad hoc tax filing reviews on business enterprises operating in the PRC after those enterprises complete their relevant tax filings. Therefore, the Company’s PRC entities’ tax filings results are subject to change and may lead to tax liabilities.

ASC 740 requires recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. The management evaluated the Company’s tax positions and concluded that no liability for uncertainty in income taxes was necessary as of March 31, 2021 and December 31, 2020.

NOTE 13 – COMMITMENTS AND CONTINGENCIES

Freelancer Service Contract

On March 30, 2020, Yubo Beijing executed an agreement with Hainan Huiyonggong Service Ltd. (“HHS”). The agreement provided for HHS to engage sales representatives (often Yubo Beijing customers) to refer new customers to Yubo Beijing and for Yubo Beijing to pay fees to HHS based on the amount of sales generated from HHS’s sales representatives. The term of the agreement was for one year expiring March 29, 2021. For the three months ended March 31, 2021, the Company expensed $138,349 pursuant to this agreement which is included in “Sales Commissions” in the accompanying statement of operations.

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Website Platform Maintenance Agreement

On April 29, 2020, Yubo Beijing executed an agreement with Hainan Haifu Technology Ltd. (“HHT”). The agreement provided for HHT to provide certain website maintenance services for Yubo Beijing and provided for Yubo Beijing to pay a monthly fee of RMB 150,000 ($22,231 using the December 31, 2020 average rate of 6.7473) to HHT. The term of the agreement, which originally was for one year expiring April 28, 2021, was mutually terminated on October 30, 2020.

Credit risk

Cash deposits with banks are held in financial institutions in the PRC, which are insured with deposit protection up to RMB 500,000 (approximately $76,097 at March 31, 2020). Accordingly, the Company has a concentration of credit risk related to the uninsured part of bank deposits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk.

Risks of Variable Interest Entity Structure

Although the structure the Company has adopted is consistent with longstanding industry practice, and is commonly adopted by comparable companies in China, the PRC government may not agree that these arrangements comply with PRC licensing, registration or other regulatory requirements, with existing policies or with requirements or policies that may be adopted in the future. There are uncertainties regarding the interpretation and application of PRC laws and regulations including those that govern the Company’s contractual arrangements, which could limit the Company’s ability to enforce these contractual arrangements. If the Company or its variable interest entity is found to be in violation of any existing or future PRC laws, rules or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures, including levying fines, revoking business and other licenses of the Company’s variable interest entity, requiring the Company to discontinue or restrict its operations, restricting its right to collect revenue, requiring the Company to restructure its operations or taking other regulatory or enforcement actions against the Company. In addition, it is unclear what impact the PRC government actions would have on the Company and on its ability to consolidate the financial results of its variable interest entity in the consolidated financial statements, if the PRC government authorities were to find the Company’s legal structure and contractual arrangements to be in violation of PRC laws, rules and regulations. If the imposition of any of these government actions causes the Company to lose its right to direct the activities of Yubo Beijing or the right to receive their economic benefits, the Company would no longer be able to consolidate Yubo Beijing.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**.**

This quarterly report on Form 10-Q (this “Report”) and other written and oral statements made from time to time by us may contain so-called “forward-looking statements,” all of which are subject to risks and uncertainties. Forward-looking statements can be identified by the use of words such as “expects,” “plans,” “will,” “forecasts,” “projects,” “intends,” “estimates,” and other words of similar meaning. One can identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address our growth strategy, financial results and product and development programs. One must carefully consider any such statement and should understand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially.

Information regarding market and industry statistics contained in this Report is included based on information available to us that we believe is accurate. It is generally based on industry and other publications that are not produced for purposes of securities offerings or economic analysis. We have not reviewed or included data from all sources, and cannot assure investors of the accuracy or completeness of the data included in this Report. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and the additional uncertainties accompanying any estimates of future market size, revenue and market acceptance of products and services. We do not assume any obligation to update any forward-looking statement. As a result, investors should not place undue reliance on these forward-looking statements.

The following discussion and analysis are intended as a review of significant factors affecting our financial condition and results of operations for the periods indicated. The discussion should be read in conjunction with our consolidated financial statements and the notes presented herein. In addition to historical information, the following Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties. Our actual results could differ significantly from those expressed, implied or anticipated in these forward-looking statements as a result of certain factors discussed herein and any other periodic reports filed and to be filed with the Securities and Exchange Commission.

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Cautionary Note Regarding Forward-Looking Statements

Some of the statements contained in this report discuss our plans and strategies for our business or state other forward-looking statements, as this term is defined in the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical facts may be deemed to be forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "plan," "intend," "should," "seek," "will," and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. These forward-looking statements reflect the current views of our management. However, various risks, uncertainties and contingencies could cause our actual results, performance or achievements to differ materially from those expressed in, or implied by, these statements. See our current report on Form 8-K filed on January 14, 2021 for a discussion of certain known risks.

Business Overview

We are a leading supplier of innovative products that process, store and administer therapeutic doses of endometrial stem cells for treatment of disease and injuries in the PRC. Our future products will harvest stem cells, wound healing proteins or growth factors from the blood, or tissue, of a single donor. We also plan to market our products, Life Shinkansen Liquid Dressing and Life Shinkansen Spray Dressing, which, combined with different ingredients and equipment, will be used for treatment of small wounds, bruises, cutting wounds and other superficial wounds, as well as for skincare, respiratory system cleansing and conditioning, and eye cleansing.

Unless otherwise provided in this Item 2, this Item 2 discusses the financial condition and results of operations of Platinum International Biotech Co., Ltd., a company organized under the laws of the Cayman Islands, and its wholly-owned subsidiaries, including without limitation, Yubo International Biotech (Beijing) Limited, a company organized under the laws of the People’s Republic of China. Our previous shell company’s results of operations are immaterial and will not be included in the discussion below. Key factors affecting our results of operations include revenues, cost of revenues, operating expenses and income and taxation.

History

We were incorporated as a New York corporation on February 22, 1991 and commenced operations on February 10, 1992. Prior to March 2003, our business had been focused on pre-revenue development and commercialization of disposable medical devices designed to enhance the effectiveness of magnetic resonance imaging in detection and diagnosis of heart disease. Due to the unavailability of funding, beginning in the Fall of 2002 we essentially ceased all of our operations including product development and commercialization activities. Our efforts to realize value for our prior business and MRI technology have been unsuccessful. As a result, we view our most viable option to be merging with an unrelated operating company that could benefit from our status as a reporting company in a so-called “reverse merger” transaction. In November 2006, our then shareholders approved a 1 for 100 reverse stock split of our common stock. On March 1, 2007, such reverse stock split became effective. Fractional shares were rounded up to the next full share.

Change of Control

On September 23, 2020, Activist Investing LLC (the “Seller”), the owner of 116,697,438 common shares (the “Shares”) upon conversion of $1,472,000 of promissory notes and accrued interest acquired by the Seller after the Seller purchased control of our Company in July 2020, agreed to sell the Shares to Lina Liu (the “Purchaser), a resident of China, for $255,000, pursuant to an Amended and Restated Stock Purchase Agreement (the “Stock Purchase Agreement”). The first agreement between the Seller and the Purchase was superseded because it had the incorrect name of the Seller. The Seller is owned 100% by David Lazar. The Shares represent approximately 99.0% of the 117,875,323 Class A common shares outstanding at November 30, 2020.

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The sale of the Shares to Ms. Liu was completed on October 2, 2020. Ms. Liu, as our 99.0% majority shareholder, then appointed Jun Wang, Yang Wang and Zhihui Bai as members of our board of director (the “Board”) and Ms. Liu as a director and CFO, Treasurer and Secretary (together, the “Designees”). As a result, there was a change of control of our Company; and the change of management was completed on or about October 12, 2020 (the “New Management Date”), ten (10) days after our Information Statement pursuant to SEC Rule 14f-1 was filed with the SEC and mailed to our stockholders. There is no family relationship or other relationship between the Seller and the Purchaser.

In connection with the sale under the Stock Purchase Agreement, Mr. Lazar resigned as an officer and director, and John B. Lowy and Dovid Kotkes have resigned as directors, and have appointed the Designees as our directors, on the New Management Date. As a result thereof, the Designees became our directors, on or about October 12, 2020.

Name Change

After obtaining the approval of the Board and the majority stockholder, we amended our Article of Incorporations by filing of a Certificate of Amendment changing the name of the Company to “Yubo International Biotech Limited” under stock symbol “YBGJ”. The name change became effective December 4, 2020, pursuant to the Certificate of Amendment, upon completion of processing by the Financial Industry Regulatory Authority and in accordance with the SEC rules and regulations.

Reverse Merger with Platinum International Biotech Co., Ltd.

On January 14, 2021 (the “Closing Date”), we entered into a voluntary share exchange transaction with Platinum International Biotech Co., Ltd., a company organized under the laws of the Cayman Islands (“Platinum”), pursuant to that certain Agreement and Plan of Share Exchange, dated January 14, 2021 (the “Exchange Agreement”), by and among us, Platinum, Yubo International Biotech (Beijing) Limited, a company organized under the laws of the People’s Republic of China (“Yubo”), and certain selling stockholders named therein.

In accordance with the terms of the Exchange Agreement, on the Closing Date, we issued a total of 117,000,000 shares of our Class A common stock to the then stockholders of Platinum (the “Selling Stockholders”), in exchange for 100% of the issued and outstanding capital stock of Platinum (the “Exchange Transaction”). As a result of the Exchange Transaction, the Selling Stockholders acquired more than 99% of our issued and outstanding capital stock, Platinum became our wholly-owned subsidiary, and we acquired the business and operations of Platinum and Yubo.

Platinum was incorporated on April 7, 2020 under the laws of the Cayman Islands as a holding company. Commencing April 2020, its consolidated variable interest entity Yubo is a leading supplier of innovative products that process, store and administer therapeutic doses of endometrial stem cells for treatment of disease and injuries in the PRC.

Immediately prior to the Exchange Transaction, we had 117,875,323 shares of Class A common stock and 4,447 shares of Class B common stock issued and outstanding. Immediately after the Exchange Transaction and the surrender and cancellation of 116,697,438 shares of Class A common stock previously held by Lina Liu, and as of the date hereof, our authorized capital stock consists of 120,000,000 shares of common stock, par value $.001 per share, of which 118,177,885 Class A common plus 4,447 Class B common) are issued and outstanding, and 5,000,000 shares of Preferred Stock, $.001 par value, none of which shares are issued or outstanding. Each share of Class A common stock is entitled to one vote with respect to all matters to be acted on by the stockholders; and each share of Class B common stock is entitled to five votes per share, and is convertible into one share of Class A common stock.

COVID-19

On March 11, 2020, the World Health Organization declared the COVID-19 outbreak to be a global pandemic. In addition to the devastating effects on human life, the pandemic is having a negative ripple effect on the global economy, leading to disruptions and volatility in the global financial markets. Most U.S. states and many countries have issued policies intended to stop or slow the further spread of the disease.

COVID-19 and the U.S’s response to the pandemic are significantly affecting the economy. There are no comparable events that provide guidance as to the effect the COVID-19 pandemic may have, and, as a result, the ultimate effect of the pandemic is highly uncertain and subject to change. We do not yet know the full extent of the effects on the economy, the markets we serve, our business, or our operations.

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Critical Accounting Principles

This section discusses our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to accrued expenses, financing operations, and contingencies and litigation. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The most significant accounting estimates inherent in the preparation of our financial statements include estimates as to the appropriate carrying value of certain assets and liabilities which are not readily apparent from other sources. We consider certain accounting policies related to fair value measurements and earnings per share to be critical accounting policies that require the use of significant judgments and estimates relating to matters that are inherently uncertain and may result in materially different results under different assumptions and conditions. See Note 2 – Summary of Significant Accounting Policies.

As of March 31, 2021, the impact of COVID-19 on our business continued to unfold. As a result, many of our estimates and assumptions carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, our estimates may change in future periods.

Recently Issued and Adopted Accounting Pronouncements

Results of Operations for the Three Months Ended March 31, 2021 Compared to the Three Months Ended March 31, 2020

Sales, Cost of Goods Sold and Gross Profit

We generated sales of $462,329 for the three months ended March 31, 2021, as compared to $0 for the three months ended March 31, 2020. Such increase was primarily due to sale of nebulizers. Our cost of goods sold was $146,738 for the three months ended March 31, 2021, as compared to $0 for the three months ended March 31, 2020. Such increase was primarily due to cost of nebulizers sold. As a result, our gross profit increased from $0 for the three months ended March 31, 2020 to $315,591 for the three months ended March 31, 2021.

Operating Expenses

Our operating expenses were $754,161 for the three months ended March 31, 2021, as compared to $140,902 for the three months ended March 31, 2020. The increase in operating expenses was primarily due to sales commissions, employee compensation, occupancy, and other operating expenses.

Loss from Operations

Our loss from operations was $(438,570) for the three months ended March 31, 2021, as compared to $(140,902) for the three months ended March 31, 2020. The increase in loss from operations was due to $613,259 increase in operating expenses offset by $315,591 increase in gross profit.

Other Income (Expense)

Our other income (expense) was $(105) for the three months ended March 31, 2021, as compared to $(46) for the three months ended March 31, 2020. The increase in other expense was primarily due to increase in bank charge.

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Net Loss

Our net loss was $(438,675) for the three months ended March 31, 2021, as compared to $(140,948) for the three months ended March 31, 2020. The increase in net loss was primarily due to $613,259 increase in operating expenses offset by $315,591 increase in gross profit.

Liquidity and Capital Resources

As of March 31, 2021, we had cash and equivalents on hand of $126,313 and working capital of $(287,273). Generally, the primary sources of our funds have been cash from operations and capital contributions. In addition, on May 6, 2021, we filed a registration statement on Form S-1 with the SEC in connection with an offering, on a “best efforts” basis, up to an aggregate of 5,000,000 shares of our Class A common stock at a fixed price of $0.50 per share. We estimate that the net proceeds of this offering will be approximately $2.42 million. We believe that our cash on hand and working capital will be sufficient to meet its anticipated cash requirements through January 31, 2022. We intend to continue working toward identifying and obtaining new sources of financing. No assurances can be given that we will be successful in obtaining additional financing in the future. Any future financing that we may obtain may cause significant dilution to existing stockholders. Any debt financing or other financing of securities senior to common stock that we are able to obtain will likely include financial and other covenants that will restrict our flexibility. Any failure to comply with these covenants would have a negative impact on our business, prospects, financial condition, results of operations and cash flows.

If adequate funds are not available, we may be required to delay, scale back or eliminate portions of our operations, cease operations or obtain funds through arrangements with strategic partners or others that may require us to relinquish rights to certain of our assets. Accordingly, the inability to obtain such financing could result in a significant loss of ownership and/or control of our assets and could also adversely affect our ability to fund our continued operations and our expansion efforts.

During the next 12 months, we expect to incur significant research and development expenses with respect to our products. The majority of our research and development activity is focused on development of our stem cell bank.

We also expect to incur significant legal and accounting costs in connection with being a public company. We expect those fees will be significant and will continue to impact our liquidity. Those fees will be higher as our business volume and activity increases.

Going concern

The accompanying interim unaudited condensed consolidated financial statements for the three months ended March 31, 2021 included an explanatory paragraph referring to our recurring operating losses and expressing substantial doubt in our ability to continue as a going concern. Our consolidated financial statements have been prepared on a going concern basis, which assumes the realization of assets and settlement of liabilities in the normal course of business. Our ability to continue as a going concern is dependent upon our ability to generate profitable operations in the future and/or to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they become due. The outcome of these matters cannot be predicted with any certainty at this time and raise substantial doubt that we will be able to continue as a going concern. Our consolidated financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should we be unable to continue as a going concern.

Off Balance Sheet Arrangements

We have not entered into any other financial guarantees or other commitments to guarantee the payment obligations of any third parties. We have not entered into any derivative contracts that are indexed to our shares and classified as shareholder’s equity or that are not reflected in its consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research and development services with us.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk**.**

We are a smaller reporting company and are not required to provide the information under this item pursuant to Regulation S-K.

Item 4. Controls and Procedures**.**

Evaluation of Disclosure Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of our management, including Mr. Jun Wang, our Chief Executive Officer (who is our Principal Executive Officer) and Ms. Lina Liu, our new Chief Financial Officer (who is our Principal Financial Officer and Principal Accounting Officer), of the effectiveness of the design of our disclosure controls and procedures (as defined by Exchange Act Rules 13a-15(e) or 15d-15(e)) as of March 31, 2021, pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were not effective as of March 31, 2021 in ensuring that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC rules and forms. This conclusion is based on findings that constituted material weaknesses. A material weakness is a deficiency, or a combination of control deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s interim financial statements will not be prevented or detected on a timely basis.

In performing the above-referenced assessment, our management identified the following material weaknesses:

i) We have insufficient quantity of dedicated resources and experienced personnel involved in reviewing and designing internal controls. As a result, a material misstatement of the interim and annual financial statements could occur and not be prevented or detected on a timely basis.

ii) We do not have an audit committee. While not being legally obligated to have an audit committee, it is the management’s view that to have an audit committee, comprised of independent board members, is an important entity-level control over our financial statements.

iii) We did not perform an entity level risk assessment to evaluate the implication of relevant risks on financial reporting, including the impact of potential fraud-related risks and the risks related to non-routine transactions, if any, on our internal control over financial reporting. Lack of an entity-level risk assessment constituted an internal control design deficiency which resulted in more than a remote likelihood that a material error would not have been prevented or detected, and constituted a material weakness.

Our management believes that the weaknesses identified above have not had any material effect on our financial results. However, we are currently reviewing our disclosure controls and procedures related to these material weaknesses and expect to implement changes in the near term, including identifying specific areas within our governance, accounting and financial reporting processes to add adequate resources to potentially mitigate these material weaknesses.

Our management team will continue to monitor and evaluate the effectiveness of our internal controls and procedures and our internal controls over financial reporting on an ongoing basis and is committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal controls over financial reporting that occurred during the quarterly period ended March 31, 2021 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting. We believe that a control system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the control system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within any company have been detected.

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PART II - OTHER INFORMATION ****

Item 1. Legal Proceedings.

We are currently not a party to any material legal or administrative proceedings.

Item 1A. Risk Factors**.**

We are a smaller reporting company and are not required to provide the information under this item pursuant to Regulation S-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

In December 2020 and January 2021, Platinum International Biotech (Hong Kong) Limited, a wholly-owned subsidiary of Platinum, formed two new wholly owned subsidiaries: Yubo Jingzhi Biotechnology (Chengdu) Co. Ltd. (“Yubo Jingzhi”) and Yubo Global Biotechnology (Chengdu) Co. Ltd (“Yubo Global”), respectively.

Effective March 1, 2021, Yubo Global entered into a lease agreement with Chengdu Liangkang Investment Co. to rent certain laboratory space of approximately 6,960 square meters in Chengdu, China. The lease has a term of five years commencing on March 1, 2021 and ending on February 28, 2026. The monthly rent payment under the lease is approximately RMB300,000 (approximately $46,000).

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Item 6. – Exhibits .

2.1	Agreement and Plan of Share Exchange, dated January 14, 2021(1)

| 3.1 | Articles of Incorporation of Registrant, as amended (2) |

| 3.2 | Bylaws of Registrant (1) |

| 10.1 | Employment Agreement, dated December 1, 2020, by and between Yubo International Biotech (Beijing) Limited and Jun Wang (English Translation) (3) |

| 10.2 | Employment Agreement, dated October 10, 2020, by and between Yubo International Biotech (Beijing) Limited and Yang Wang (English Translation) (1) |

| 10.3 | Employment Agreement, dated October 10, 2020, by and between Yubo International Biotech (Beijing) Limited and Lina Liu (English Translation) (1) |

| 10.4 | Equity Pledge Agreement, dated September 11, 2020, by and among Yubo International Biotech (Chengdu) Limited and each of the stockholders of Yubo International Biotech (Beijing) Limited (English Translation) (1) |

| 10.5 | Exclusive Option Agreement, dated September 11, 2020, by and among Yubo International Biotech (Chengdu) Limited and each of the stockholders of Yubo International Biotech (Beijing) Limited (English Translation) (1) |

| 10.6 | Exclusive Consulting Service Agreement, dated September 11, 2020, by and between Yubo International Biotech (Chengdu) Limited and Yubo International Biotech (Beijing) Limited (English Translation) (1) |

| 10.7 | Entrustment Technical Service Agreement, dated February 27, 2020, by and between Yubo International Biotech (Beijing) Limited and Beijing Zhenhuikang Biotechnology Co., Ltd. (English Translation) (1) |

| 10.8 | Agreement of Joint Research and Development, dated February 17, 2020, by and between Beijing Zhenxigu Medical Research Center (L.P.) and Yubo International Biotech (Beijing) Limited (English Translation) (1) |

| 10.9 | Cooperation Agreement, dated March 1, 2020, by and among Beijing Zhenxigu Medical Research Center (L.P.), Yubo International Biotech (Beijing) Limited and Huailai Huayue Hengsheng Medical Device Co., Ltd. (English Translation) (1) |

| 10.10 | Loan Agreement, by and between Yubo International Biotech (Beijing) Limited and Beijing Zhenhuikang Biotechnology Co., Ltd. (English Translation) (1) |

| 10.11 | Jiusi Cultural Creative Park Lease Contract, by and between Jiusicheng Investment Management (Beijing) Co., Ltd. and Yubo International Biotech (Beijing) Limited (English Translation) (1) |

| 10.12 | Indemnification Agreement by and between the Registrant and Jun Wang (1) |

| 10.13 | Indemnification Agreement by and between the Registrant and Yang Wang (1) |

| 10.14 | Indemnification Agreement by and between the Registrant and Zhihui Bai (1) |

| 10.15 | Indemnification Agreement by and between the Registrant and Lina Liu (1) |

| 10.16+ | Form of Lease Agreement between Yubo Global Biotechnology (Chengdu) Co. Ltd., our wholly-owned subsidiary, and Chengdu Liangkang Investment Co (English Translation) ** |

| 10.17+ | Supplement Agreement to Lease Agreement between Yubo Global Biotechnology (Chengdu) Co. Ltd., our wholly-owned subsidiary, and Chengdu Liangkang Investment Co (English Translation) ** |

| 31.1 | Certification of Principal Executive Officer pursuant to Exchange Act Rule 13a – 14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* |

| 31.2 | Certification of Principal Financial Officer pursuant to Exchange Act Rule 13a – 14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* |

| 32.1 | Certification of Principal Executive Officer pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* |

| 32.2 | Certification of Principal Financial Officer pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* |

101.ins	XBRL Instance Document**

| 101.sch | XBRL Taxonomy Schema Document** |

| 101.cal | XBRL Taxonomy Calculation Document** |

| 101.def | XBRL Taxonomy Linkbase Document** |

| 101.lab | XBRL Taxonomy Label Linkbase Document** |

| 101.pre | XBRL Taxonomy Presentation Linkbase Document** |

| (1) | Included as an exhibit to our Current Report on Form 8-K filed on January 14, 2021. |

| (2) | Included as an exhibit to our Current Report on Form 8-K filed on April 13, 2021. |

| (3) | Included as an exhibit to our Registration Statement on Form S-1 filed on May 6, 2021. |

| | * Furnished herewith ** Filed herein |

| | + Portions of this exhibit containing personally identifiable information have been redacted. |

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SIGNATURES

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.

		YUBO INTERNATIONAL BIOTECH LIMITED

| | | Jun Wang |

| | | President, Chief Executive Officer and Director |

| | | Lina Liu Chief Financial Officer, Treasurer and Secretary |

| | | (Principal Financial and Accounting Officer) |

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yubo_ex1016.htm EXHIBIT 10.16

CERTAIN PERSONALLY IDENTIFIABLE INFORMATION CONTAINED IN THIS

DOCUMENT, MARKED BY [***], HAS BEEN OMITTED

PROPERTY LEASE CONTRACT

(Contract No.: LKTZ-SYEQA-BGZL-2020-00X)

Lessor (hereinafter referred to as Party A): Chengdu Liankang Investment Co., Ltd.

Mailing Address: No. 38, North Section, Eighth First Road, Yongning Town, Wenjiang District, Chengdu

Business License Registration Number: 91510115069780631J

Legal Representative: Zhang Heping

Mailing Address: No. 38, North Section, Eighth First Road, Yongning Town, Wenjiang District, Chengdu

Postal Code: 611135 Telephone: [***************]

Lessee (hereinafter referred to as Party B):

Correspondence address:

Business License Registration Number:

Legal Representative:	Nationality:
Telephone:	Email:

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WHEREAS:

1、 Party A is entitled to the ownership of the premises located at the Unit No. of the Building, Phase II of Zone A, III Medical Innovation Center (Registered Address at the Police Station: Unit No. Floor of the Building), No. 333, Second Part of Furong Avenue, Yongning Town, Wenjiang District, Chengdu, and has the right to lease the premises at the Unit No. of the Building, Phase II of Zone A, III Medical Innovation Center (Registered Address at the Police Station: Unit No. Floor of the Building) to others and receive income thereon in accordance with laws and at its own will.

2、 Party B is an independent legal person registered with the relevant administrative authority for industry and commerce and has legal operation right and civil right capability and civil action capability. After Party B has paid the Rent and Fees payable by Party B to Party A in accordance with this Contract, Party B has the independent right to conduct legal business operation activities in the leased premises according to the purpose agreed upon.

3、 For operation and office needs, Party B needs to lease the premises owned by Party A located at the Unit Number of Building, Phase II of Zone A, III Medical Innovation Center (Registered Address at the Police Station: Unit No. Floor of the Building).

This Contract is made and entered into by and between the Parties on the lease of the premises of Party A to Party B in accordance with the Contract Law of the People's Republic of China and relevant laws and regulations on the basis of equality and voluntariness.

Article 1 Basic Information of the Premises

1、 The premises leased by Party A to Party B shall be the Unit of Building, Phase II of Zone A, III Medical Innovation Center (Registered Address at the Police Station: Unit No. Floor of the Building), (the "Leased Premises" or the “Premises”). The specific address on the property ownership certificate is No. 333, Section 2 of Furong Avenue, Yongning Town, Wenjiang District, Chengdu. The final number of the Premises shall be subject to the municipal government number determined by the relevant governmental agency after the delivery of the Premises.

2、 The actual construction area of the Premises is square meters. The floor plan is set forth in Appendix IV to this Contract.

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3、 The current conditions of the Premises are non-decorated room. The standards for Party A to deliver the Premises and Party B to take over the Premises are set forth in Appendix I to this Contract. The Parties agree to consider the Appendix I as the basis for acceptance of the Premises as Party A delivers the Premises to Party B.

Article 2 Status of Title to the Premises

Party A guarantees that it has the legal right to rent out the Premises.

Article 3 Purpose of the Premises

1、 Party B undertakes to lease the Premises only for operation and office use of Party B. Party B guarantees that Party B shall not change the purpose and structure of the Premises without the written consent of Party A during the Term. Party B shall obtain relevant licenses, permits and approval procedures necessary for the achievement of the said purpose at its own cost. In addition, Party B shall have the legitimate qualification and administrative permits (if necessary) for engaging in the corresponding business activities. Party B shall not refuse or delay the performance of the Contractual obligations on the grounds of obstacles to the above-mentioned procedures..

2、 Party B shall carry out business activities in compliance with national laws and regulations, relevant government policies and the regulations of Party A on the administration of the Premises. Without the written consent of Party A and the approval of relevant government departments in accordance with regulations, Party B shall not engage in or change the purpose of use provided in this contract without authorization.

3、 All layout inside and outside of the Premises by Party B, including advertisements, light-boxes, signboards, decorations, flags, poster, show windows and rack display, are subject to prior approval of the competent governmental departments and comply with the regulations of relevant administrative authorities. In addition, Party B shall obtain a written consent from Party A before committing any of the foregoing acts outside the Premises.

4、 Without Party A's special permission in writing, Party B shall not use Party A's name or its public logo.

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Article 4 Lease Term

1、 The lease term of the Premises shall be calendar years (12 months as 1 year), i.e., the lease term will be from _____ to _____ .

2、 Upon expiration of the lease term, Party B shall return the Premises within five working days upon termination of this Contract.

3、 Upon expiration of the lease term, if Party B intends to continue to lease the Premises, it shall give Party A a written renewal request at least ninety (90) days prior to the expiration of this Contract and enter into a new lease contract with Party A through mutual consultation. In case Party A takes back the Premises and intends to lease the Premises to others, Party B shall have the priority to lease the Premises under the same conditions. If Party B fails to give Party A written renewal request within said period due to reasons attributable to Party B and fails to execute the new lease contract within one month prior to the expiration of this Contract, the renewal right of Party B shall be deemed to be waived. In this case, Party A shall have the right to lease the Premises hereunder to any third party.

Article 5 Rent, Security and Payment Methods

1、 The amount of the Rent shall be calculated on the basis of the actual floor area of the Leased Premises.

2、 The details of the Rent hereunder are set forth as follows: The Rent rates shall be charged as follows:

Lease Year	Rent Standard (RMB/㎡/month)	Total Lease Annual Expense (RMB)

| Lease Year 1 | | |

| Lease Year 2 | | |

| Lease Year 3 | | |

| Remark: The Rent shall include the Rent of the Leased Premises, use fee of ancillary facilities and equipment and value added tax. However, the Rent shall not include the property management fee, energy cost arising from the operation of the facilities and equipment in the Leased Premises, other insurance costs except the property insurance of the building, as well as other costs in relation to the use of the Leased Premises. | | |

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3、 Payment Methods of Rent

The Rent shall be paid on a yearly basis. Party B shall pay the Rent for the Premises to Party A within fifteen working days before the beginning of each year of the Lease. The Rent for the Lease Year 1 in RMB ____(in words: _____ yuan) will be paid prior to the date of ______. If such date falls on a statutory holiday, then it shall be brought forward accordingly.

The date of payment of the Rent by Party B shall be the date of actual receipt of Party A's bank account.

The information of Party A's designated account is as follows:

Bank Name: Industrial and Commercial Bank of China Limited, Chengdu Lianghe Road Sub-branch

Name: Chengdu Liankang Investment Co., Ltd.

Account Number: 4402252709100009275

4、 Security Deposit

(1) The Parties agree that at the execution of this Contract, Party B shall pay to Party A two-month Rent (in words: yuan) as the lease security deposit to ensure Party B's compliance with all the provisions it must comply with under this Contract. During the whole lease term, Party A shall keep the Security Deposit and Party A does not need to pay any interest of Security Deposit to Party B. Party B shall pay off such Security Deposit within five working days after the execution of this Contract and Party A shall issue a receipt to Party B after receiving such Security Deposit.

(2) Refund of lease security deposit. Without prejudice to other rights of Party A hereunder, Party A shall return the security deposit paid by Party B within ten working days after the termination/release or early termination/release of this contract and after Party B has returned the leased premises to Party A in accordance with the provisions of this contract and settled all payments payable by Party B under this contract and returned the receipt of the deposit (the deposit is not interest-bearing).

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(3) If Party B breaches any provision of this Contract, or is in delay in the payment of any amounts hereunder, including but not limited to the Rent, the Property Management Fees and other expenses, Party A shall have the right to use such Security Deposit or any part thereof to offset any debts of Party B or any other amounts that Party A may require Party B to bear in accordance with this Contract due to Party B's breach of contract. If such Security Deposit or any part thereof is deducted by Party A in this manner, Party B shall pay an amount to Party A to make up the Security Deposit within fifteen (15) days upon receiving the written notice from Party A. If Party B fails to make up the Security Deposit within such period, Party B shall pay Party A 20% of the deficient amount for each day of delay as the Default damages. If Party A fails to make up the deficiency within 30 days, Party A shall have the right to terminate or rescind this Contract, where Party B shall not raise an objection and Party B shall compensate for the Losses arising therefrom.

(4) If the Security Deposit is insufficient to pay the above amounts, Party A shall also have the right to handle it in accordance with Article 10 hereof, without prejudice to other rights of Party A.

Article 6 Other Expenses

During the lease term, various expenses relating to lease of the Premises shall be assumed in the following manner:

1、 Party B shall bear its own expenses including, but not limited to, water, electricity, communication, internet use fee, CATV fee and other expenses arising from the use of the Premises. Water and electricity rates shall be collected by Chengdu Shuxin Property Service Co., Ltd. (the "property service company") on behalf of Party A, Party B shall pay water and electricity rates within 5 working days after its receipt of payment notice from the property service company and other fees shall be paid by Party B on its own.

2、 Property service fees in the common areas of the Premises shall be borne by Party B.

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3、 Other matters not mentioned herein shall be subject to the Prophase Property Service Agreement entered into by and between Party B and the property service company.

4、 The taxes arising from the lease of the Premises shall be handled by the Parties in accordance with regulations of the nation and relevant authorities.

5、 In case items not listed in the Contract but in relation to the use of the Premises are imposed by the relevant government department, Party B shall bear the expenses.

Article 7 Liability for Property Decoration and Repair

1、 Subject to the written consent of Party A, Party B shall have the right to carry out interior decoration and additions to the Premises, but shall not carry out decoration or adornment to the exterior walls. If decoration is required to be approved, Party B shall submit the decoration plan to the competent authority for approval (if Party A’s assistance is needed, Party B shall inform Party A in a timely manner) in accordance with the relevant regulations, and shall submit the decoration plan in writing to Party A 15 days prior to the commencement of the construction for the Party A's approval. After obtaining the approval, the decoration plan shall be kept by the designated property service company for record. If any decoration is carried out without the approval by Party A or Party B fails to carry out the decoration according to the decoration plan approved by Party A after approval by Party A, Party B shall immediately repair or restore the Premises to the original state within the time limit allotted by Party A. If Party B fails to do so, Party A shall have the right to engage a third party to do so and Party A shall have the right to deduct twice the actual repair costs from the security deposit set forth herein. If the security deposit are insufficient, Party B shall make up the deficiency separately and Party B covenants that it will raise no objection.

2、 If the Premises is damaged due to improper decoration, Party B shall immediately repair the Premises within the time limit allotted by Party A. If Party B fails to do so, Party A shall have the right to engage a third party to do so and Party A shall have the right to deduct twice the actual repair costs from the security deposit set forth herein and Party B shall make up the deficiency separately and Party B covenants that it will raise no objection. Party B shall guarantee that the decoration and renovation of the leased premises are in compliance with the provisions of the Rules on Supervision and Administration of Fire Control of Construction Projects and other laws and regulations and shall by itself go through fire control design, completion acceptance filing and fire safety inspection procedures for business opening in accordance with law. Party B shall bear all responsibilities by itself for fire safety accidents caused by using or operating without fire safety inspection or failing to meet the requirements after inspection.

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3、 Party B shall have the ownership of the ancillary facilities and equipment added by it during the lease term. The Parties acknowledge that, if any decoration of Party B does not form any attachment in the event this Contract is terminated or rescinded due to any reason whatsoever, Party B may dispose of the same on its own; however, when Party B disposes of the same on its own, it shall not damage Party A's premises and auxiliary facilities. If any attachment has been formed, it shall belong to Party A without compensation, and Party A will make no compensation to Party B's such decoration. However, if Party A requests to remove the attachment, Party B shall remove the same upon Party A's request and restore the premises to its original state.

4、 During the lease term, Party A guarantees that the Premises is in a normal and safe condition (see Appendix 3 for details) during the warranty period (in accordance with relevant national standards).

5、 During the warranty period, if Party B finds any damage to or failure of the main structure of the Premises, it shall notify Party A to repair, in a timely manner, and Party A shall carry out such repair work within ten (10) days upon the receiving such notice.. Party A shall not be liable for repair of any article added by Party B because of its fit-out and decoration provided, however, that Party A shall select the method of causing the minimum impact to such fit-out and decoration of Party B.

6、 Party B shall reasonably use and protect the Premises and its auxiliary facilities and shall be responsible for the repair and maintenance of the Premises and its auxiliary facilities (other than the main structure) during the lease term. In the event that any damage to or failure of the Premises and its auxiliary facilities is found during the lease term (including natural wear and tear of the Real and personal property, damages caused by man-made reasons or other reasons), Party B shall immediately notify Party A in writing, Party B shall repair or replace and all expenses incurred shall be solely borne by Party B. If Party B fails to repair or replace, Party A shall have the right to engage a third party to do so and Party A shall have the right to deduct twice the actual repair costs from the security deposit. Any shortfall shall be made up by Party B, who shall not raise any objection. Party B shall also undertake all legal liabilities and full economic liabilities independently for any personal damage and property losses due to the above reasons.

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7、 For any damage or destruction to the Premises which is caused by fire or other circumstances within the Premises due to Party B's reasons, Party B shall re-repair and reconstruct the Premises to the original state concerned and the relevant expenses thus incurred shall be borne by Party B. Rent shall still be calculated during the period of reconstruction. Provided that Party B refuses to take measures, Party A is entitled to carry out the re-repair and reconstruction by itself or engage a third party, for which the expenses will be borne by Party B. Party B agrees to effect the payment on schedule as per Party A's requirement or the construction contract between Party A and the third party.

8、 Party B shall, at its own discretion, settle any dispute with a neighboring party due to decoration and fitment or other reasons or during the use of the Premises. If Party B or the third party fails to operate normally as a result, it has nothing to do with Party A (except those caused by Party A).

Article 8 Delivery and Return of the Premises

1、 Delivery of the Premises

(1) Party A should hand over the Premises to Party B on the date of ___. Provided that Party B has no objection to the acceptance of this Premises, Party A shall be deemed to have fulfilled the obligation of delivery of the Premises after Party B signs and seals on the Delivery Procedure Form issued by Party A and Party A has handed over the key of the Premises to Party B. From the date of handover, all legal liabilities and costs arising from the use of the Leased Premises shall be borne by Party B; and the legal liabilities and costs arising from the Leased Premises itself shall be borne by Party A.

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(2) Party A and Party B should, upon the delivery of the Premises by Party A, make joint inspection. If Party B has any objection to such facilities and equipments as existing decoration and appliances, it shall raise an objection on the spot; provided that it is difficult to make inspection and judgment on the spot, the objecting party shall claim to the other party within 5 working days; provided that no objection is made within 5 working days, the Premises shall be deemed as being accepted by Party B.

(3) If Party A fails to deliver the Leased Premises on the date set forth above due to Party A's reason, the lease term (Commencement Date and Expiration Date) of this Contract shall be extended accordingly based on the actual handover date.

(4) If Party B fails to complete handover formalities with Party A on the handover date, from the agreed handover date, Party B shall bear all Rent, property management fee, utilities fee and other fees relevant to the Leased Premises.

2、 Return of the Leased Premises

(1) Upon termination or rescission of this Contract, Party B shall return to Party A the Leased Premises and its auxiliary facilities and equipment within 5 working days upon termination or rescission hereof and ensure that the Leased Premises and its auxiliary facilities and equipment are in good and clean condition that can be used normally. After the check and acceptance, both Parties shall sign and seal on the "Property Handover Procedure Form" and deliver the key of the Leased Premises, Party B shall be deemed to have performed its obligation of returning the Leased Premises. Meanwhile, both Parties shall settle all the costs and expenses payable before return of the Leased Premises respectively as agreed in the Contract.

(2) Upon the return of the Leased Premises, both Parties shall conduct a joint inspection of the Leased Premises. If any objection to such facilities and equipment as fittings, Party A and Party B shall raise it on the spot; if it is difficult to make inspection and judgment on the spot, the objecting party shall claim to the other Party within 15 working days; if no objection is made within 15 working days, the Leased Premises shall be deemed as having passed the inspection and acceptance.

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(3) Upon the return of the Leased Premises, Party B shall take back all the office equipments and items inside the Leased Premises.

(4) After the Leased Premises has been returned, Party B shall be deemed to have waived the ownership to any items that remain in it for more than 15 working days without the written consent of Party A, and Party A shall have the right to dispose of the items on its own without assuming any liabilities whatsoever. All relevant costs and Losses incurred shall be borne by Party B.

(5) Party B shall complete the industrial and commercial, water and electricity cancellation or alteration procedures of the Leased Premises as the registered or business address within 30 days upon the expiration of the lease term hereof or upon the rescission, cancellation or confirmation of invalidity of this Contract. Otherwise, Party B shall pay Party A Default damages equivalent to three times the daily Rent on the date of termination of this Contract for each day of delay.

Article 9 Sublease, Transfer and Exchange

1、 During the lease term, Party B shall not sublease the Leased Premises.

2、 Both Parties agree that Party B has the pre-emptive right to purchase this Leased Premises during the lease term. If Party A sells this Leased Premises, Party A shall give a written notice to Party B 5 days in advance. Party B shall reply in writing within 3 days upon receipt of the written notice. If Party A does not receive a written reply or Party B replies in writing that it has no intention to purchase this Leased Premises within the specified time limit, Party B shall be deemed to have waived the pre-emptive right to purchase this Leased Premises on its own initiative and Party A shall have the right to sell this Leased Premises to a third party without bearing any liability for Breach of Contract. If Party B replies to purchase this Leased Premises, Party B shall enter into a subscription agreement with Party A within 3 days upon Party A's receipt of such written reply, and pay 10% of the total price as the subscription price.

3、 If the ownership of this Leased Premises changes during the lease term, Party A undertakes that the ownership transfer shall not affect the validity of this Lease Contract signed with Party B and shall have the obligation to inform the new owner of the Premises of the fact of lease.

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Article 10 Cancellation and Termination of Contract

1、 The Parties agree that this Contract will be cancelled automatically if any of the following circumstances occurs during the term of this Contract and the Parties shall not assume any liability onto each other: The Rent shall be calculated according to the actual time of use. Any balance less than a full month shall be counted as days and the excess shall be refunded and the deficiency shall be made up.

(1) The Leased Premises is damaged, lost or declared dilapidated for reasons not attributable to Party A or Party B or their employees or contractors of the Leased Premises.

(2) The Leased Premises and ancillary facilities thereof are seriously damaged due to Force Majeure, and the Parties agree that this Contract cannot be performed continuously. The Parties hereby acknowledge that said Force Majeure refers to earthquakes, typhoons, floods and other natural disasters, epidemics, public health emergencies, war, war threats, riots and similar military operations, blockade, terrorism, civil commotion and such as strikes, slowdowns and other labor movements of which are not parties to this Contract, energy shortages and/or government embargoes, injunctions.

(3) the Parties mutually agree to rescind this Contract.

(4) This Contract shall terminate automatically upon expiration of its term.

2、 The Parties agree that the Non- Defaulting Party may terminate this Contract by giving a written notice in any of the following circumstances to the Defaulting Party. The breaching Party shall pay the non-defaulting Party twice the monthly Rent at the rate in the then current year as Default Damages. Losses caused to the non-defaulting Party and where such Default Damages are not sufficient to cover the Losses suffered by the Non- defaulting Party, the Breaching Party shall pay the difference between Losses and the Default Damages.

(1) Party A fails to deliver the Leased Premises within the specified time limit and still fails to do so within 10 days after the Party B issues a written interpellation notice;

(2) The Rent, property management fees, Security deposit and other costs are overdue in payment by Party B over 30 days;

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(3) The Lessee violates the obligational terms as agreed in this Contract and the relevant regulations of the government, and fails to cure such violation within 30 days after Party A delivers a written notice;

(4) The Lessee becomes bankrupt or goes to liquidation procedure, or a third party applies to the court for liquidation of the Lessee, and the court accepts such application;

(5) The Lessee fails to lift such seizure or impoundment within 30 days after the industrial property of the Leased Premises is seized or impounded by judicial department or other functional department;

(6) The Lessee changes the purpose of the Leased Premises without the consent of the Lessor;

(7) The Lessee uses the Leased Premises to conduct illegal activities or store hazardous materials, which do not include the oil or chemical materials necessary for the Lessee's business operations;

(8) The Leased Premises delivered by the Lessor has any defects that endanger the safety and use of the Lessee;

(9) The structure of the Leased Premises is damaged due to reasons attributable to the Lessor or the Lessee;

(10) The Lessee decorates the Leased Premises or adds any ancillary facilities and equipments without the consent of the Lessor;

(11) The Lessee subleases, subleases in disguised form, transfers, exchanges, sublets the whole or a part of the Leased Premises, or acquires shares with any other person to establish a company or cooperate with any other person in order to provide the Leased Premises for any other person's actual use, etc.;

(12) Safety liability accidents due to reasons attributable to Party B, which are investigated by the competent government departments, but Party B fails to complete rectification as required or restart its business without making any rectification;

(13) The Lessee conducts business without license, beyond the scope of business license, without industry license, or without other legal procedures, which violates the relevant laws and regulations or regulations in the industry;

(14) Other termination circumstances as provided in this Contract.

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In case of any of the above situation, this Contract shall be terminated as of the date when the Non- defaulting Party delivers the termination notice to the Defaulting Party. If the Defaulting Party has any objection to the Non- defaulting Party's written termination notice, the objection shall be raised within _ _ _ _ days, otherwise, it shall be deemed agreed by Party B.

3、 This Contract may be rescinded or terminated by the Parties through mutual consultation.

4、 This Contract shall be automatically rescinded upon expiration of the lease term.

5、 In the event that this Contract is rescinded/terminated due to whatsoever reasons, the Lessee shall return the Leased Premises within the reasonable time prescribed by the Lessor. If the Lessee fails to return the Leased Premises within the time prescribed by the Lessor, the Lessor shall have the right to take back the Leased Premises on its own in accordance with this Contract and require the Lessee to assume the liabilities arising from Breach of Contract.

6、 Upon the occurrence of any Event of Default, whether or not the Lessor continues to collect the Rent shall not affect the right of the Lessor to claim against the Lessee for its liabilities for Default of Contract. If the Lessee fails to pay the Rent or other expenses in full as specified in this Contract, Party A's right to claim against the underpaid Rent and expenses shall not be affected, nor shall it affect the right of the Party A to take other compensatory measures in accordance with this Contract and relevant laws and regulations.

Article 11 Liabilities for Default of Contract

1、 If the Lessee needs to terminate the lease of the Leased Premises ahead of schedule, it shall give a written notice to the Lessor 30 days in advance, pay to the Lessor Default damages in the amount of twice the Rent for one month in the then current year and compensate for the Losses caused to the Lessor (including, but not limited to, the expenses for re-lease by Party A and the Losses incurred by the decrease in the Rent due to the release of the Leased Premises by Party A).

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2、 If the Lessor needs to take back the lease of the Leased Premises ahead of schedule, it shall give a written notice to the Lessee 30 days in advance, and pay compensation to the Lessee at the amount of twice the Rent for one month in the then current year. The Lessee undertakes that it shall not request the Lessor to continue performing this Contract, nor shall it claim against the Lessor for other compensation, indemnity or liabilities for Breach of Contract other than those provided for in this Article.

3、 If the Lessee fails to pay the Rent within the prescribed time limit, the Lessee shall pay to the Lessor Default damages calculated on a daily basis for each day of delay in the amount equal to twice the average daily Rent in the current year. If the overdue to pay the Rent reaches 30 days, the Lessor shall have the right to terminate this Contract unconditionally.

4、 The Lessor shall deliver the Leased Premises as scheduled upon the signing of this Contract. If the Lessor raises an objection when the Lessor's delivery of the Leased Premises is made on time, the objection shall not be sustained for late delivery. However, if such objection is sustained, the Rent shall be commenced to calculate from the date when the objection is resolved.

5、 The Lessee shall return the Leased Premises as agreed in Article 8 thereof in the case of expiration of the lease term or early termination or rescission of this Contract. If Party B fails to hand over the Leased Premises within the prescribed time limit, Party B shall pay to the Lessor Default damages calculated on a daily basis of twice of the daily rent for each day of delay. And Party B shall compensate the Losses caused to Party A by such delay (including but not limited to the property occupation fee calculated on the basis of 120% of the original Rent rate, property management fee paid by Party A to the property management company, Losses recovered by a third party on Party A, etc.) and Party A shall have the right to suspend the energy supply and replace the door locks (all the losses arising therefrom shall be borne by Party B on its own). If the delay exceeds 15 days, it will be deemed that Party B has given up the ownership of all the articles in the Leased Premises, and Party A has the right to dispose of the articles on its own without assuming any responsibilities.

6、 When Party B returns the Premises, if Party A raises an objection, and if the objection is not established, the return shall not be deemed to be overdue, and the rent shall be calculated to the date when Party B submits the Premises return; but if the objection is sustained, it shall be deemed to have returned the Premises overdue, and the date of the return shall be the date when the objection is resolved.

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7、 Where Party B decorates the Leased Premises or has new facilities installed in the Leased Premises without a written permission by the Lessor or beyond the scope of the written permission by the Lessor, the Lessor shall have the right to require Party B to restore the Leased Premises to the original state and have the right to require Party B to bear the Default damages equaling to 1% of the Total Contract Price and compensate all the Losses thus caused to the Lessor.

8、 During the lease period, if Party B causes property damage or personal injury to Party B or a third party, or if there is a dispute occurred between Party B and a third party, Party A shall not bear any liability for compensation, and Party B shall solely bear all legal responsibilities and all economic losses. Losses or responsibilities caused thereby to Party A, Party A shall have the right to claim compensation from Party B after undertaking the Losses and responsibilities.

9、 At the expiration of the lease term, if the Premises fails to pass the check for acceptance, Party B shall make rectification within a specified period or Party A shall do so for Party B, and all the costs arising therefrom shall be borne by Party B. As a result, Party B’s late delivery shall be dealt with in accordance with paragraph 5 of this Article as liability for breach of contract.

10、 Losses of Party A hereunder shall include but not be limited to all expenses, such as court fee, preservation fee, attorney's fee, investigation fee, notary fee and travel expense, losses incurred by Party A due to criticism or punishment by relevant authorities and losses to Party A's reputation.

Article 12 Dispute Settlement

Any dispute arising from the performance of this Contract shall be settled through consultation between the Parties hereto, if failed, either Party may file a lawsuit to the People's Court of the place where the Leased Premises is located.

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Article 13 Notice

With respect to the delivery address and legal consequences of various notices, agreements and other documents involved in this Contract, as well as those of the relevant documents and legal documents in case of any dispute arising from the Contract, the Parties agree as follows:

1、 Party A shall confirm its effective delivery address is, Attn: Contact information is.

2、 Party B shall confirm its effective delivery address is, Attn: Contact information is.

3、 The aforesaid delivery information shall be applicable to various notices, agreements and other documents between the two Parties when the parties are not in litigation, as well as the delivery of relevant documents and legal papers in case of any dispute arising from the Contract, including the first instance, second instance, retrial and enforcement procedures after the dispute commences arbitration and civil procedures.

4、 Where the address of a party changes, the party shall notify the other party in writing 30 days in advance (postponed accordingly for holidays), otherwise the original address confirmed by both parties shall be still deemed as the effective delivery address. Where the party concerned fails to actually receive legal documents due to inaccuracy of the address of service provided or confirmed by the party concerned, or failure to notify the other party and the court of the change of the address of service according to procedures in a timely manner after the address of service is changed, or the party concerned or the designated recipient refuses to sign, etc., the date of service shall be deemed to be the return date of the document if delivered by mail; in case of personal delivery, the date of service shall be deemed to be the date stated in the receipt of service on the spot; in case of fulfillment of the obligation of notification of change of address of service, the changed address shall be deemed to be the effective delivery address. The address of delivery expressly agreed in the contract by the above parties may be directly delivered by mail at the time of delivery by the court. Even if the party concerned fails to receive the documents served by mail from the court, the documents shall be deemed to have been served as agreed in the contract.

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5、 Upon commencement of arbitration and civil procedure of a dispute, if the party concerned responds to the litigation and directly submits the confirmation of the address of service to the arbitration commission or court, if such confirmed address is different from the address confirmed prior to the arbitration or litigation, such confirmed address submitted to the arbitration commission or court shall be prevail (the method of service and legal consequences of service as provided in the above paragraph 3 shall be applied to such address).

Article 14 Miscellaneous

1、 This Contract shall take effect upon affixation of official seal by both parties.

2、 Anything not mentioned herein shall be agreed upon by the parties through negotiation, and a supplementary contract may be entered into. The supplementary contract and its annexes shall be an integral part of this Contract.

3、 This Contract and its annexes consist of ____ pages in together and are made in 8 copies. Party A and Party B hold 4 copies respectively, which shall have the same legal effect.

Party A (Seal):	Party B (Seal):
Legal Representative:	Legal Representative:
[Entrusted Agent] (Seal):	[Entrusted Agent] (Seal):

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Annex 1: Standards for Delivery of the Premises

Annex 2: Quality Guarantee Certificate for the Premises

Annex 3: Premises Instruction Manual

Annex 4: Floor Plan of the Premises

Annex 5: Photocopy of the Business License with Party B's fresh seal

Annex 1:

Standards for Delivery and Acceptance of the Premises in Area A,

Phase II of III Medical Innovation Center

(Office Part)

(I) Agreement on Decoration and Equipment Standards

1、 Thermal Insulation Materials

(1) Thermal insulation inside external wall: _ _ _ foam thermal insulation panels,

2、 External wall: _ _ second floor or above: aluminum alloy doors and windows, railings, surface tiles and other materials used.

3、 Inner wall: cement mortar plastering surface, pressing and polishing, crack resistance mortar

4、 Ceiling: concrete surface

5、 Interior floor: cement mortar blanking

6、 Doors and windows:

(1) Structural dimension of external window: according to drawings

(2) Opening method: flat open, push and pull or others;

(3) Doors and windows: aluminum alloy doors and windows.

7、 Stairwell:

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(1) Floor: cement mortar;

(2) Surface of wall: cement mortar plastering surface, putty for emulsion paint;

(3) Ceiling: cement mortar plastering surface, putty for emulsion paint;

8、 Toilet:

(1) Floor: polyurethane paint floor;

(2) Surface of wall: brush cement mortar on the 1500mm high waterproof layer, the upper part being cement mortar plastering or mortar plate wall surface;

(3) Ceiling: concrete surface.

9、 Balcony: not sealed.

10、 Elevator:

(1) Elevator brand name: XJ Schindler;

(2) Elevator speed: passenger elevator: 1.5m/s; freight elevator: 1.0m/s;

(3) Deadweight of elevator: passenger elevator: 1350 Kilogram; freight elevator: 2000 Kilogram

11、 Miscellaneous

(1) Water supply and drainage: reserved interface for water supply and drainage in indoor toilet;

(2) Strong voltage: lighting and power used to main distribution box/cabinet of this unit, voltage: 380V/220V; XJ Schindler brand elevator.

(3) Weak currency: Television, telephone, network channel reserved to the weak current room and vertical cable tray.

Chengdu Liankang Investment Co., Ltd.

Date:

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Standards for Delivery and Acceptance of the Premises in

Phase II Area A of III Medical Innovation Center

(Commercial Part)

1、 Thermal Insulation Materials

Thermal insulation inside external wall: cement based foam insulation panel

2、 External wall: aluminum alloy doors and windows, railings and surface bricks should be used together;

3、 Inner wall: cement mortar plastering face scraping putty or fabricated partition panel face scraping putty

4、 Ceiling: concrete surface

5、 Indoor floor: C30 concrete original slurry drawings

6、 Doors and windows:

(1) Structural dimension of external window: according to drawing

(2) Opening method: horizontal open or other.

(3) Doors and windows: aluminum alloy window

8、 Miscellaneous

(1) Water supply and drainage: reserved interface for water supply and drainage

(2) Fire sprinkler: commercially installed automatic alarm and sprinkler system

(3) Weak current: 7 #, 9 #, 11 # commercial televisions, telephones, network reserved indoor weak current box, 10 # commercial reserved channel to weak current well and vertical cable tray

(4) Strong current: 7 #, 9 # and 11 # commercial reserved to indoor distribution box, 10 # commercial reserved channel to building distribution box, used for lighting and power supply, voltage 380V/220V;

(5) Natural gas: commercial reserved interface on overall level.

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Appendix 2:

Quality Guarantee Letter for III Medical Innovation

Center Area A, Phase II

(7, 9, 10 #, 11 # buildings)

In order to strengthen the quality management and after-sales service for the housing in Area A, Phase II of III Medical Innovation Center, and to safeguard the legitimate rights and interests of the owners. The company makes quality guarantee and commitment for the structure, parts, components, equipment, facilities, supporting and maintenance of the premises sold in Phase II Area A (Building No.).

1 Meeting national building design standards.

2 Passed the inspection and acceptance by the supervision company and the municipal (district) quality supervision department.

3 Upon delivery of the premises, the main structure and all parts, components, equipment and facilities are in good condition, and the equipment and facilities operate normally.

4 Warranty and Warranty Period of each part and component under normal use upon delivery of the premises for use as follows:

1、 Guaranty of ground foundation and main structure will be repaired within reasonable service life as specified in design;

2、 Warranty for one year for hollow cracking or large area sand blasting on the ground with one year's warranty. Warranty for non-man-made damage aluminum windows and doors with two years.

3、 Anti-leakage warranty for roof waterproof and waterproof toilet/outer wall with five years.

4、 Warranty for electric piping, water supply and drainage piping will be two years.

5、 One year warranty for elevator.

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During the warranty period, the company shall be responsible for maintenance and repair of the above-mentioned parts and parts free of charge. The warranty period shall be calculated upon and from the date of completion and acceptance.

5 The Company will not take any warranty liability for quality problems caused by the Owner's failure to comply with the Instruction Manual of III Medical Innovation Center Phase II Area A, including owner’s improper use of the premises or unauthorized alteration of the structure, original decoration, equipment location and improper decoration.

6 As the appendixes to the Premises Purchase and Sale Contract, Phase II Area A (Building Number) of III Medical Innovation Center, this Guarantee and the Instruction Manual of III Medical Innovation Center Phase II Area A shall have the same legal effect as the Contract.

Chengdu Liankang Investment Co., Ltd.

Date:

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Appendix 3:

Instruction Manual of III Medical Innovation Center Phase II Area A

(7, 9 and 11 # office buildings (including Major Commercial on the inside of first floor), 10 # parking building)

Developer: Chengdu Liankang Investment Co., Ltd.

Designer: Sichuan Pharmaceutical Design Institute Co., Ltd.

To strengthen the quality management and after-sale services in respect of the Premises of Phase II Area A of III Medical Innovation Center, facilitate the owner's use of the premises and safeguard legitimate rights and interests of enterprises, the Company will explain the structure, performance, type and standard of each part (part) of the premises provided for sale and offer the notices on use thereof.

I. The structure of the premises is of reinforced concrete frame structure with seven degree seismic fortification.

II、 The floor panel and the roof panel are made of reinforced concrete panels. The exterior wall of the wall is made of shale brick wall and the partition is made of assembled partition wall made of ash slab. The variable loads of various parts of the premises are as follows:

Office area: first floor: 4.0kN/㎡, and the second floor or above: 4.0kN/㎡

Toilet: 2.5 kN/㎡

Equipment platform: 6.0kN/㎡;

roof open to visitors: 3.0kN/㎡ (soil covering thickness of the top roof should not be more than 200mm, while the other roof will not be covered with soil);

roof not open to visitors: 0.5kn/㎡

Stairs, corridor: 3.5kN/㎡;

2、 Standard dead load value of floor leveling floor and secondary decoration shall not be more than 1.5kN/㎡.

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The additional load in the course of use of premises decoration shall not exceed the design stipulations. The owner shall bear corresponding responsibility for potential safety hazard caused by over-loaded decoration materials without approval.

III、 Indoor Strong Current Engineering

According to design standard, the power load of 7, 9 and 11 # is designed as 120W/㎡ to connect to the distribution box in each unit on the first floor by itself. According to parking building, the power consumption of 10 # power consumption is designed as 40W/㎡ to connect to the distribution box on the floor (the load may be increased if function of use is changed).

IV、 Indoor Water Supply and Drainage

Reserved pipe joint for indoor installation of drainage pipe, no sanitary ware is to be installed in toilet. The owner will install the medical waste treatment equipment by itself, such as the joint of medical waste pipes and the location of outdoor medical waste treatment tank.

V、 Indoor Weak Current Engineering

Television, telephone and network channel are reserved to the weak current room and vertical cable tray in the building.

VI、 Air Conditioning System

The air conditioning will be completed by the owner in the second installation. The position for placing air conditioner will be reserved on the equipment platform and the roof, and refrigerator well will be reserved.

VII、 Elevator Engineering

Installation of XJ Schindler elevator. Passenger elevator, carrying load 1350kg, speed 1.5m/s; freight elevator, with carrying load of 2000KG, speed 1m/s.

25

VIII、 Fire Engineering

The fire alarm system will be set up in a unified way in the park, fire hydrant is set up and sprinkler is installed on each floor (only public area in 9 # building, sprinkler supervisor is reserved for indoor). The distribution box of emergency lighting system is set up in the distribution room in each unit. Install smoke prevention and evacuation system, fire door monitoring system and electrical fire monitoring system as per design.

IX、 The water supply pipeline is PP-R pipe and the drainage pipeline is PVC-U environmental protection pipe. Indoor branch pipe and concealed buried part are marked out to indicate that within 20cm around the line shall not pick up, chisel, drill, etc. to avoid damage to the concealed buried water pipeline.

X、 The Owner shall be responsible for the maintenance and repair of the equipment and facilities added or altered by itself after signing and approving the equipment and facilities of the premises.

Chengdu Liankang Investment Co., Ltd.

Date:

26

Instruction Manual of Use of III Medical Innovation

Center, Phase II Area A (Building Number)

(Commercial on the ground floor of buildings 7、 9、 10、 11 # (except Major Commercial on the inside of first floor)

Developer: Chengdu Liankang Investment Co., Ltd.

Design company: Sichuan Architectural Design and Research Institute

To strengthen the quality management and after-sale services on the premises of Phase II Medical Innovation Center III in Area A, facilitate the owner's use of the premises and safeguard legitimate rights and interests of the enterprise, the Company will explain the structure, performance, type and standard of each part (part) of the premises provided for sale and propose the matters needing attention.

The structure of the Premises is of reinforced concrete frame structure with seven degree seismic fortification.

II、 The floor panel and roof panel are made of reinforced concrete. The exterior wall of the wall is made of shale brick wall and the partition is made of assembled partition wall made of ash board. The variable loads of various parts of the premises are as follows:

Commercial: One floor: 4.0 kN/㎡.

Stairs, walkway: 3.5kN/㎡;

2、 Standard dead load value of floor leveling floor and secondary decoration shall not exceed 1.5kN/㎡.

The additional load in the use of premises decoration shall not exceed the design stipulations. The owner shall bear corresponding responsibility for potential safety hazard caused by unauthorized use of over-loaded decoration materials.

III、 Indoor Strong Current Engineering

According to design standard, 80W per square meter for power load of 7、 9 and 11 #, the line is distributed to commercial purpose, and is equipped with distribution box indoors; According to design standard, 200W per square meter for power load of 10 # first floor shall be connected to the basement by the owner. Indoor lighting and air conditioning shall be completed by the owner during the second installation.

27

IV、 Indoor Water Supply and Drainage

Reserved pipe joint for indoor installation of drainage pipe, no sanitary ware will be installed in toilet.

V、 Indoor Weak Current Engineering

7、 9 and 11 # TV, telephone and network channel will be reserved in indoor weak current box. 10 # TV, telephone and network channel will be reserved in the weak current room and vertical cable tray.

VI、 Air Conditioning System

The position for placing air conditioner will be reserved.

VII、 Fire Engineering

Spray system for commercial installation on the first floor and smoke prevention and extraction system will be installed as designed.

VIII、 The water supply pipeline is PP-R pipe and the drainage pipeline is PVC-U environmental protection pipe. Indoor branch pipe and concealed buried part are marked out to indicate that within 20cm around the line shall not pick up, chisel or drill, etc. to avoid damage to the concealed buried water pipeline.

IX、 Reserved Interface for Natural Gas in Total Flat Balance

Commercial Reserved Smoke Exhausting Interface for Ten、 7 #, 9 # and 11 #

X、 The owner shall be responsible for the maintenance and repair of the equipment and facilities added or altered by itself after signing and approving the equipment and facilities of the Premises.

Chengdu Liankang Investment Co., Ltd.

Date:

28

Appendix 4

Floor Plan of Premises

29

yubo_ex1017.htm EXHIBIT 10.17

CERTAIN PERSONALLY IDENTIFIABLE INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED

SUPPLEMENTAL AGREEMENT TO LEASE

(Agreement No.: LKTZ-SYEQA-BCXY-2021-001)

Lessor (hereinafter referred to as Party A): Chengdu Liankang Investment Co., Ltd.

Mailing Address: No. 38, North Section, Eighth First Road, Yongning Town, Wenjiang District, Chengdu

Business License Registration Number: 91510115069780631J

Legal Representative: Jiang Li

Mailing Address: [*****************]

Postal Code: 611135 Telephone: [****************]

Lessee (hereinafter referred to as Party B): Platinum Universal Biotechnology (Chengdu) Co., Ltd.

Mailing Address: [**********************]

Business License Registration Number: 91510115MAACECHK73

Legal Representative: Wang Jun Telephone: [***************]

WHEREAS:

1、 Party A and Party B have signed the Premises Lease Contract with Contract No.: LKTZ-SYEQA-BGZL-2020-006 (hereinafter referred to as the "Original Contract").

2、 Party B intends to change the lease scope on the basis of the Original Contract.

NOW THEREFORE, Party A and Party B hereby agree to the Supplemental provisions as follows:

1

I. The source and area of the leased premises as mentioned in Article 1 "Basic Information of the Premises" of the Original Contract are adjusted as follows:

1、 The premises leased by Party A to Party B shall be changed to No.101, Unit 1, Building 9, Area A, Phase II of Medical Innovation Center III (registered address at the Police Station: attached No. 101, Building 9), No.102, Unit 2, Building 9 (registered address at the Police Station: attached No. 118, Building 9), No. 201 and 301, Unit 1, Building 9, No.302, Unit 2, Building 9 (registered address at the Police Station: No.302, Unit 1, Building 9), No.401, Unit 1, Building 11, No.402, Unit 2, Building 11 (registered address at the Police Station: No. 402, Unit 1, Building 11) (hereinafter referred to as the "Leased Premises" or the “Premises”). The specific address on the property ownership certificate is as follows: No. 333, Second Section of Furong Avenue, Yongning Town, Wenjiang District, Chengdu, and the final number of the Premises shall be subject to the municipal government number determined by relevant governmental agency after the delivery of the Premises.

2、 The actual construction area of the leased premises is 6959.92 square meters. The floor plan is attached hereto as Appendix.

II、 Article 4 "Lease Term" of the Original Contract is adjusted as follows:

1、 The lease term of the leased premises is adjusted to 5 lease years (12 months as one year). The specific lease term shall be as follows:

(1) No. 101, Unit 1, Building 9 (registered address at the Police Station: Attached No. 101, Building 9), No. 102, Unit 2, Building 9 (registered address at the Police Station: Attached No. 118, Building 9), No. 201 and 301, Unit 1, Building 9 and No. 302, Unit 2, Building 9 (registered address atthe Police Station: No. 302, Unit 1, Building 9). The lease term of the premises shall commence on March 1, 2021 and end on February 28, 2026.

(2) No. 401, Unit 1, Building 11 and No. 402, Unit 2, Building 11 (registered address at the Police Station: No. 402, Unit 1, Building 11). The lease term of the premises shall commence on April 25, 2021 and end on April 24, 2026.

2

III、 Article 5 "Rent, Security Deposit and Payment Method" of the Original Contract is adjusted as follows:

1、 The lease standards and cost details of the leased premises are set forth as follows:

Lease<br> <br>Year	Rent Standard<br> <br>(Yuan/㎡/month)	Lease Year Fee<br> <br>(Yuan)	Lease Year Fee<br> <br>(Yuan)

| Remark: The Rent shall include the Rent of Leased Premises, use fee of ancillary facilities and equipment and value added tax. However, the Rent shall not include the property management fee, energy cost arising from the operation of the facilities and equipment in the Leased Premises, other insurance costs except the property insurance of the building of the Premises itself, as well as other costs in relation to the use of the Leased Premises. Rent increases by 6% every two years. | | | |

2、 Payment mode of Rent is adjusted as follows:

The Rent shall be paid semi-annually. Party B shall pay the Rent for the Premises to Party A within fifteen working days before the beginning of each year of the Lease. The Rent for the first six months of lease shall be 1,795,659.5 yuan (in words: One Million Seven Hundred Ninety-five Thousand Six Hundred Fifty-nine Yuan Five Jiao). Party B has paid RMB 1,567,884 yuan (in words: One Million Five Hundred Sixty-seven Thousand Eight Hundred Eighty-four Yuan) in the early stage and the remaining amount of RMB 227,775.5 yuan (in words: Two Hundred Twenty-seven Thousand Seven Hundred and Seventy-five Yuan Five Jiao) shall be paid prior to March 10, 2021. If such date falls on a statutory holiday, then such date shall be brought forward accordingly.

The date of payment of the Rent shall be the date of actual receipt of Party A's bank account.

3

The information of Party A's designated account is as follows:

Bank Name: Business Department, Chengdu Branch, Sichuan Tianfu Bank

Account Name: Chengdu Liankang Investment Co., Ltd.

Account Number: 2000063950000012

4、 Security deposit amount and payment adjustment shall be:

The Parties agree that at the time of execution of this Contract, Party B shall pay Party A RMB 598,553 (in words: five hundred and ninety-eight thousand five hundred and fifty-three yuan), Party B has paid RMB 522,628 (in words: five hundred and twenty-two thousand six hundred and twenty-eight yuan) in the early stage and shall also pay the remaining RMB 75,925 (in words: seventy-five thousand nine hundred and twenty-five yuan) as lease security deposit to ensure Party B's compliance with all the provisions it must comply with under this Contract. During the whole lease term, Party A shall keep the Security Deposit and Party A does not need to pay any interest of Security Deposit to Party B. Party B shall pay off such Security Deposit within five working days after the execution of this Contract and Party A shall issue a receipt to Party B after receiving such Security Deposit.

IV、 Unless otherwise provided by this Agreement, all other terms shall be subject to the original Contract.

V、 This Agreement and its appendices have 8 pages in together and are made in 8 counterparts. Each Party shall hold 4 counterparts. Each counterpart shall become effective upon the signature or seal of the Parties. Each counterpart shall have the same legal effect.

Party A (Seal):	Party B (Seal):
Legal Representative:	Legal Representative:
[Entrusted Agent] (Seal):	[Entrusted Agent] (Seal):
Date of Execution:	Date of Execution: _ _ _ _ _ _ _ _ _

4

EXHIBITS:

Floor Plan of Premises

5

6

7

8

9

10

yubo_ex311.htm EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO EXCHANGE

ACT RULE 13a-14(a)(as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)

I, Jun Wang, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Yubo International Biotech Limited;
2.	Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a‑15(f) and 15d‑15(f) for the registrant and have:

a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 24, 2021	By:	/s/ Jun Wang

| | | Jun Wang, Chief Executive Officer |

yubo_ex312.htm EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO EXCHANGE

ACT RULE 13a-14(a)(as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)

I, Lina Liu, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Yubo International Biotech Limited;
2.	Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a‑15(f) and 15d‑15(f) for the registrant and have:

a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 24, 2021	By:	/s/ Lina Liu

| | | Lina Liu, Chief Financial Officer |

yubo_ex321.htm EXHIBIT 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C.

1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

In connection with the accompanying quarterly report on Form 10-Q of Yubo International Biotech Limited for the quarter ended March 31, 2021, the undersigned hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:

(1)	such quarterly report on Form 10-Q for the quarter ended March 31, 2021 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	the information contained in such quarterly report on Form 10-Q for the quarter ended March 31, 2021 fairly presents, in all material respects, the financial condition and results of operations of Yubo International Biotech Limited.

Date: May 24, 2021	/s/ Jun Wang

| | Name: Jun Wang |

| | Title: Chief Executive Officer |

yubo_ex322.htm EXHIBIT 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. 1350,

as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(1)	such quarterly report on Form 10-Q for the quarter ended March 31, 2021 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	the information contained in such quarterly report on Form 10-Q for the quarter ended March 31, 2021 fairly presents, in all material respects, the financial condition and results of operations of Yubo International Biotech Limited.

Date: May 24, 2021	/s/ Lina Liu

| | Name: Lina Liu |

| | Title: Chief Financial Officer |