Exhibit 10.7


 


Comprehensive Credit Line Contract


 


Contract No.: H.X.H.F.Z.Z. No. 20180913001


 


Party A: Guangdong Huaxing Bank Co., Ltd.
Huizhou Branch 


Address: 1/F and 2/F, Qiangli Business
Building, No. 6, Yanda Avenue, Huicheng District, Huizhou City


Tel.:                           
                                Fax:                           


Person in Charge: Huang Yang               Position:
President


 


Party B: Huizhou Highpower Technology
Co. Ltd.


Address: Xinhu Industrial Development
Area, Ma’an Town, Huicheng District, Huizhou City


Tel.:                               
                       Fax:                          


Legal Representative: Pan Dangyu
 Position: President


 


In accordance with relevant laws, Party
A and Party B make and enter into this Contract upon unanimity through consultation and both parties are willing to abide by all
terms and conditions of this Contract.


 


Article 1 Contents of Comprehensive Credit
Line


 


1. Contents of comprehensive credit line:


 


(Equivalent to) RMB (in words) one
hundred and sixty million only.


 


Exchange rates of currencies other than
RMB shall be converted according to the foreign exchange rate published by Party A when a specific business actually occurs.


 


2. Term of comprehensive credit line: from
September 13, 2018 to August 7, 2019. Use method during this period:


 


þ     Comprehensive
credit line may be revolved. The revolved method, amount and term shall be determined by Party A and Party B through consultation.
However, the sum of all outstanding credit line balances used shall not exceed the amount of comprehensive credit line.


 


 ̈
    Comprehensive credit line may not be revolved.


 


The commencement date of each specific
business term under the credit line shall be within the credit term. The expiry date whether in or out of the credit term shall
be specified in a specific business contract.


 


If Party A does not issue any credit line
to Party B prior to February 8, 2019, the comprehensive credit line shall be automatically terminated.


 


Article 2 Transfer of Credit under the
Line


 


Party B agrees to transfer the credit line
to the following a third party to use (in other words, the following object may use the credit line), and Party B shall undertake
the joint guarantee liability for the principal, interest, default interest and compound interest of all the debts (including contingent
liabilities) under the line, and the expenses for realization of the creditor’s right (including but not limited to legal
cost, attorney fee, notary fee and execution fee), and other losses and expenses caused to Party A due to the debtor’s breach
of contract. The guarantee period shall be from the date of effectiveness of the specific credit contract to two years after the
expiration of the debt performance term specified in the credit contract (including acceleration of maturity of debt).


 


The specific credit-transferred object
and amount are as follows:


1.       /            (Credit
Transferee), amount: (equivalent to)      /     (currency) (in words)
     /     ;


2.       /            (Credit
Transferee), amount: (equivalent to)      /     (currency) (in words)
     /     ;


3.       /            (Credit
Transferee), amount: (equivalent to)      /     (currency) (in words)
     /     ;


4.                                                                     /                                                                                          


 




     


     


    

 


Article 3 This Contract is formulated under
the laws of the People’s Republic of China and it shall apply to the laws of the People’s Republic of China. In case
of any dispute during the execution of this Contract, both parties shall make settlement through consultation or mediation; where
a dispute cannot be settled through consultation or mediation, it shall be settled according to the method set forth in the following
1:


 


1. to initiate a lawsuit in the people’s
court at the location where Party A is located.


2. to apply the     /    
arbitration commission for arbitration.


3.                    /                                   
..


 


Article 4 Enforcement of Notarization


 


 ̈
    Both Parties agree to handle enforcement of notarization for this Contract.


 


If Party B does not perform or does not
completely perform its obligations specified herein after enforcement of notarization of this Contract is handled by both parties,
Party A shall have the right to apply to the original notary public for an enforcement certificate, and holding the original notarial
certificate and the enforcement certificate, apply to the competent people’s court (the people’s court at the location
where the person subject to enforcement lives or where the property of the person subject to enforcement is located) for enforcement.


 


þ     No
enforcement of notarization shall be handled for this Contract.


Article 5 Other provisions agreed by Party
A and Party B:                           /                                       


                                                                                                                                                                         


                                                                                                                                                                         


                                                                                                                                                                         


                                                                                                                                                                         


 


Article 6 This Contract is made out in
two (2) originals for Party A holding one (1), and Party B,         /    /     
and    /    each holding one (1), which shall be equally authentic.


 


Article 7 Comprehensive Credit Granting
Method


 


The credit granting method of comprehensive
credit line shall include but not be limited to:


 


Loan, bank lending, bill acceptance and
discount, overdraft, factoring, security, loan commitment and opening of L/C.


 


The specific credit granting method shall
be subject to the specific business contract concluded and signed by both parties.


 


Article 8 Use of Comprehensive Credit Line


 


When Party B needs to use the comprehensive
credit line, it must submit an application. Upon examination and approval by Party A, both parties shall enter into a specific
business contract.


 


Article 9 Representations, Warranties and
Commitments of Party B


 


1. Party B is a company with good reputation
duly established and validly existing within the jurisdiction of the location where it is located. Party B has all corporate rights
and has obtained the government license and approval for conducting its current business.


 


2. Party B has lawful power, right and
authorization to sign, deliver and execute this Contract. This Contract constitutes an agreement binging upon Party B and shall
be executed by Party B according to the terms and conditions of this Contract.


 


3. Party B ensures that all the application
materials provided to Party A are true, complete, legitimate and effective and exclude any false record, misleading statement or
major omission.


 


4. Party B hereby undertakes to perform
its all obligations hereunder by ways of goodwill. Without Party A’s written consent in advance, Party B may not conduct
any behavior (including those which should be done and which may not be done) which may endanger the realization of claim under
this Contract.


 




     


     


    

 


5. Party B hereby makes commitments, if
Party B changes its domicile, mailing address, telephone number, business scope, legal representative or other relevant items,
it shall notify Party A in writing within ten days after the change. In the event that Party B fails to perform the said notification
obligation, the notices and documents given by Party A according to the original mailing address shall be deemed to have been served.


 


6. Party B hereby confirms that it has
carefully read, fully known and understood all terms and conditions of this Contract and conclusion of this Contract is the representation
of its true meaning. When this Contract is concluded and signed, Party B has not violate any law, regulation and rule for environmental
protection, energy conservation and emission reduction, and pollution reduction, and Party B promises to strictly abide by such
laws, regulations and rules after the conclusion of this Contract.


 


Article 10 Special Provisions on Granting
to Group Customers and Affiliated Transactions


 


I. A group customer means an enterprise
or public institution legal person who has the following features:


 


1. It directly or indirectly controls or
is directly or indirectly controlled by another enterprise or public institution legal person in respect of stock right or management;


 


2. It is jointly controlled by a third
party enterprise or public institution legal person;


 


3. Its principal individual investor, key
manager or a close family member (including lineal blood relationship within three generations and collateral blood relationship
within two generations) commonly directly or indirectly controls;


 


4. It has other affiliated relationship
and may transfer the assets and profits not on the basis of fair price, which should be deemed as credit management by a customer
group.


 


5 II. If Party B is a customer group, it
shall give a written report to Party A within ten days after the date of affiliated transaction of over 10% of net assets. The
report contents shall include the affiliated relation between the transaction parties, transaction item and nature, transaction
amount or relevant proportion, and the pricing policy (including no-money involved transaction or only symbolic-money involved
transaction).


 


Article 11 Event of Default and Liability
for Breach of Contract


 


I. Event of Default


 


Under any one of the circumstances, an
event of default shall be deemed as having occurred:


 


1. Party B violates agreed obligations
under this Contract or any specific business contract during the validity of this Contract, or Party B expressly indicates or indicates
through its acts that it does not perform the agreed obligations under this Contract or any specific business contract during the
validity of this Contract;


 





2. The relevant certificates and documents
submitted by Party B to Party A or the representations, warranties and commitments made by Party B are not true, not accurate or
not complete, or have false record, misleading statement or major omission;







 


3. Party B conceals some important true
information, or fails to coordinate Party A’s investigation, examination and inspection;


 


4. Party B changes the purpose of the loan
funds without authorization, or conducts illegal transactions by use of the loan or bank loans;


 


5. Party B violates any other similar contract
(including but not limited to credit contract, loan contract and guarantee contract) concluded and signed with Party A or with
any third party, or debt securities issued by Party B, or any dispute arising from such contract or securities is under litigation
or arbitration;


 


6. Party B’s guarantor violates the
guarantee contract (including but not limited to guarantee contract, mortgage contract and pledge contract) or has any breach of
the guarantee contract, or the guarantee contract has not taken effect, is invalid or is canceled;


 




     


     


    

 


7. Party B has any one of the following
behaviors, being negligent in managing and claiming the creditor’s right due, or disposing and transferring its main properties
free of charge, or at unreasonable low price or by other improper means, or escaping debts;


 


8. Party B illegally get funds or credit
from Party A or other banks by using a false contract and arrangement with a third party (including but not limited to Party B's
affiliated parties), including but not limited to pledge or discount of the notes receivable and other claims without actual trading
background;


 


9. Party B evades bank claims through affiliated
transactions or by other means;


 


10. Party B's operation conditions go into
major problems, such as deterioration of financial conditions, serious financial losses, loss of assets (including but not limited
to loss of assets caused due to external guarantee) or other financial crisis;


 


11. Party B has any illegal management
behavior, and is subject to administrative punishment or criminal sanction, or is being investigated by relevant authorities, or
is likely to be subject to administrative punishment or criminal sanction;


 


12. Party B has the following changes,
such as division, consolidation, major merger, acquisition and reconstruction, disposal of major assets, reduction of capital,
liquidation, reorganization, being announced bankruptcy or being dissolved;


 


13. Party B's controlling shareholder or
actual controller is changed that Party A thinks having affected or likely to affect realization of creditor's rights hereunder;
or there is any significant event of Party B's controlling shareholder, actual controller, legal representative or senior management
personnel, including but not limited to due to illegal management behavior, subject to administrative punishment or criminal sanction,
or being investigated by relevant authorities, or likely to be subject to administrative punishment or criminal sanction, or is
involved in a lawsuit or arbitration case, or serious deterioration of financial conditions, being announced bankruptcy or dissolved;


 


14. There is adverse change to the industry
where Party B is located, which Party A thinks having affected or likely to affect realization of creditor's rights hereunder;


 


15. Party B fails to handle settlement
or deposit or relevant business with Party A according to provisions;


 


16. Other circumstances related to Party
B which endanger or likely to endanger realization of creditor’s right hereunder.


 


II. Liability for breach of contract


 


In case of any default event as set forth
in Clause I of this Article, Party A shall have the right to take one or more of the following actions:


 


1. to adjust, cancel or terminate the comprehensive
credit line hereunder, or to adjust the valid period of the line;


 


2. to announce immediate maturity of
all or part of Party B's debts hereunder; to demand Party B to immediately repay all or part of the credit line used;


 


3. to demand Party B to add security or
take other measures to ensure Party A’s lawful rights and interests not infringed;


 


4. to make deduction directly from the
account of Party B and the guarantor to repay all the debts under this Contract and the specific business contract (including the
debts Party A requests for prepayment), without obtaining Party B’s consent in advance;


 


5. to exercise the suretyship, ask the
surety to perform suretyship liability, or realize claim through disposal of the mortgaged property and/or pledged property.


 




     


     


    

 


Article 12 Anti-corruption and Anti-bribery


 


1. Both parties of this Contract know and
are willing to strictly abide by the anti-corruption and anti-bribery laws and regulations of the People's Republic of China.


 


2. One party hereto or the agent of one
party hereto shall not give or promise to give non-agreed unjust benefits of any form, including but not limited to cash, negotiable
securities, shopping card, gifts and tourism, to the other party's main principal, agent or other related personnel, nor ask for
unjust benefits of any form from the other party's main principal, agent or other related personnel. Otherwise, the party concerned
shall make compensation for the other party's all losses arising therefrom once it is detected.


 


3. “Other affiliated personnel”
referred to in sub-clause 2 of this Article means the personnel directly or indirectly related to the business hereunder other
than the other party's main principal and agent, including but not limited to the family members and friends of the other party's
main principal and agent.


 


Article 13 Confirmation of Address for
Service


 


Party A and Party B agree as follows on
the service address and legal consequences of various notices, agreements and documents concerned herein, and relevant documents
and legal documents of disputes hereunder:


 


1. Party A confirms that its effective
address for service is: 1/F and 2/F, Qiangli Business Building, No. 6, Yanda Avenue, Huicheng District, Huizhou City. 


 


2. Party B confirms that its effective
address for service is: Xinhu Industrial Development Area, Ma’an Town, Huicheng District, Huizhou City. 


 


3. The scope of use of such address for
service shall include service of various notices, agreements and documents during litigation between both parties, and service
of relevant documents and legal documents of disputes hereunder, including service during first instance, second instance, re-instance
and executive procedures after the dispute enters civil procedures.


 


4. Should Party A's address for service
be changed, Party A shall perform the duty of notification and notify Party B in written form; should Party B's address
for service be changed, Party B shall perform the duty of notification and notify Party A in written form.


 


If one party fails to perform the duty
of notification pursuant to the preceding paragraph, the address for service confirmed by both parties shall be deemed as the effective
address for service. If any legal document fails to be actually received by the party concerned after it is posted because the
service for address provided or confirmed is untrue or the party concerned does not perform the duty of notification to the other
party and the court after change of the address for service, or the party concerned or its designated person refuses to sign in
the document, the date of return of the document shall be deemed as the date of service; if sent directly, the date when the person
serving the document records in the service receipt on the spot shall be deemed as the date of service; when the duty of notification
on change of the address for service is performed, the address for service changed shall be deemed as the effective address for
service. The court may send a legal document directly to the address for service specified by both parties in this Contract, and
the document shall be deemed as being served even if one party fails to receive the legal document posted by the court.


 


5. After a dispute enters the civil procedures,
if the address confirmed by any party responding the lawsuit and given in the letter of confirmation of address for service directly
submitted to the court is different from that confirmed prior to this lawsuit, the address for service submitted to and confirmed
by the court shall be adopted.


 


Article 14 This Contract shall come into
force upon the signature of all the parties (signed or sealed by the authorized signatories and affixed with official seal).


 




     


     


    

 


Seal of Party A: Guangdong Huaxing Bank
Co., Ltd. Huizhou Branch (Seal)


Signature of Person in Charge or Authorized
Agent:


 


Seal of Party B: Huizhou Highpower Technology
Co. Ltd. (Seal)


Signature of Legal Representative or Authorized
Agent: Pan Dangyu (Signature)