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                                                                    EXHIBIT 4.26

                                CONTRACT SUMMARY

Part I - Key Particulars

Project: Phase 4, Gusu Industrial Estate, Xixiang, Baoan, Shenzhen, PRC

Parties: (1)      Namtai Electronic (Shenzhen) Co Ltd ("THE EMPLOYER"), a
                  company incorporated under the laws of the PRC; and

         (2)      Takasago Thermal Engineering (Hong Kong) Co Ltd ("THE MAIN
                  CONTRACTOR"), a company incorporated under the laws of the
                  HKSAR.

Date of Contract:           28 October 2003

Contract Sum:               RMB124,400,000.00

Contract Commencement Date: 23 September 2003

Contract Completion Date:   11 October 2004

Architect:                  David S K Au & Associates Ltd

Quantity Surveyor:          Levett & Bailey Chartered Quantity Surveyors Ltd

Part II - Material Terms

The followings are the material terms of the subject contract in relation to the
rights and obligations of the parties: -

(1)      The Employer and the Contractor entered into the contract under which
         the Employer engaged the Contractor to carry out the construction of
         the factory premises ("THE WORKS") for Phase 4, Gusu Industrial Estate,
         Xixiang, Baoan, Shenzhen, PRC, the details and specifications of which
         are set out in the contract documents attached to the contract, and the
         Contractor agrees to carry out the Works in accordance with the general
         conditions of the contract ("GCC").

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(2)      The Main Contractor is obliged to carry out, take full responsibility
         for the care of, and complete the Works as required in (1) above to the
         reasonable satisfaction of the Architect in every respect (GCC-1), and
         the Main Contractor has a duty to comply with the instructions issued
         by the Architect in accordance with the provisions of the contract.
         (GCC-2)

(3)      The Main Contractor is under a duty to comply with and give notices
         required by any legislation or ordinance of the government of the PRC,
         the local authorities or any statutory undertaker which has
         jurisdiction with regard to the Works or with whose systems the same
         are connected. The Main Contractor is also responsible for obtaining
         all necessary permits from the said government and authorities for the
         commencement and the completion of the Works, and the fees and tax
         liabilities to be incurred therefor. (GCC-4)

(4)      The Architect may issue instructions requiring a variation of the
         Works. All variations required by the Architect shall be measured and
         valued by the Quantity Surveyor in accordance with the provisions of
         the contract. (GCC-11)

(5)      When in the opinion of the Architect the Works are practically
         completed, he shall issue a certificate of practical completion. Any
         defects or other faults which shall appear within 24 months of
         practical completion which are due to materials or workmanship not in
         accordance with the contract, shall be specified by the Architect in a
         schedule of defects, and the Main Contractor shall make good the
         defects in the said schedule within a reasonable time at his own cost.
         (GCC-15)

(6)      The Main Contractor shall be liable for, and shall indemnify the
         Employer against, any expense, liability, loss, claim or proceedings in
         respect of personal injury to or the death of any person arising out of
         or in the course of or caused by the carrying out of the Works, unless
         the death or injury is caused by the Employer or any person for whom
         the Employer is responsible. (GCC-18)

(7)      The Main Contractor shall be liable for, and shall indemnify the
         Employer against, any expense, liability, loss, claim or proceedings in
         respect of any damage to property in so far as such damage arises out
         of or in the course of or by reason of the carrying out of the Works,
         and provided that the same is due to any negligence, omission or
         default of the Main Contractor, his servants or agents or of any
         sub-contractor, his servants or agents. (GCC- 18)

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(8)      The Main Contractor shall maintain contractor's all risk insurance
         under which the Main Contractor shall insure against, amongst other
         things, loss or damage by fire, lighting, typhoon, flood, earthquake,
         aircraft or other devices or articles dropped therefrom, and riot. The
         Main Contractor shall also maintain third party insurance under which
         the Main Contractor shall insure against, amongst other things,
         liability in respect of personal injuries or deaths, and of injury or
         damage to property arising out of or in the course of or caused by the
         carrying out of the Works. (GCC-19 and 20)

(9)      If the Main Contractor fails to complete the Works by the contract
         completion date or within any extended time under the provisions of the
         contract, the Main Contractor shall pay the Employer RMB41,000.00 per
         day as liquidated damages for the period of delay. (GCC-22)

(10)     If in the opinion of the Architect the completion of the Works is
         likely to be delayed beyond the contract completion date by reason of,
         for example, force majeure, fire, lighting, explosion, flood,
         earthquake, aircraft or other devices or articles dropped therefrom,
         riot or civil commotion, and Architect's instructions issued under
         GCC-11, then the Architect shall estimate the length of the delay and
         make a fair and reasonable extension of time for completion of the
         Works. (GCC-23)

(11)     If the Architect is of the opinion that the Main Contractor has been
         involved in direct loss and/or expense for which he would not be
         reimbursed by a payment made under any other provision in the contract
         by reason of the regular progress of the Works having been materially
         affected by, for example, the Main Contractor not having received in
         due time necessary instructions, drawings, details or levels from the
         Architect for which he specifically applied, the opening up for
         inspection of any work covered up or the testing of any of the work,
         materials or goods, then the Architect or the Quantity Surveyor shall
         ascertain the amount of such loss and/or expense which shall be added
         to the contract sum. (GCC-24)

(12)     If the Main Contractor shall make default of its obligation under the
         contract, then the Architect may give him a notice specifying the
         default, and if the Main Contractor either shall continue such default
         for fourteen days after receipt of such notice or shall at any time
         thereafter repeat such default, then the Employer may within seven days
         after the expiry of the said fourteen day period determine the
         employment of the Main Contractor. (GCC-25)

(13)     Unless the Employer has been in repudiatory breach of the contract or
         any of the events as stated in GCC-26(2) has occurred, the Main
         Contractor is not entitled to determine its employment under the
         contract unless with the

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         consent of the Employer. The events as stated in GCC-26(2) include the
         Employer having failed to pay the Main Contractor the amount due on any
         certificate within 28 days upon presentation of the same, the Employer
         having interfered with the issue of any certificate due under the
         contract, the carrying out of the whole or substantially the whole of
         the uncompleted works is suspended for a continuous period of 3 months
         by reason of force majeure, and the Main Contractor not having received
         in due time necessary instructions, drawings, details or levels from
         the Architect. (GCC-26)

(14)     The Architect shall not nominate any person as a nominated
         sub-contractor against whom the Main Contractor objects with reason or
         who will not enter into a sub-contract which provides, inter alia, that
         the nominated sub-contractor shall carry out and complete the
         sub-contract works in every respect to the reasonable satisfaction of
         the Main Contractor and of the Architect, and in conformity with all
         the reasonable directions and requirements of the Main Contractor, and
         that the nominated sub-contractor shall observe, perform and comply
         with all the provisions of the contract. The nominated sub-contractor
         shall be deemed to be a sub-contractor of the Main Contractor, and the
         nominated sub-contract works shall form part of the Works. The Main
         Contractor shall enter into a sub-contract with the nominated
         sub-contractor specifying the quality, quantities, construction period
         and management matters in respect of the nominated sub-contract works.
         The Architect shall include the value of the works by a nominated
         sub-contractor in the calculation of the amount as stated due in any
         certificate to be issued to the Main Contractor. The sum representing
         the value of the said works shall be paid by the Main Contractor to the
         nominated sub-contractor within 14 days of receiving payment from the
         Employer less any retention money, any sum to which the Main Contractor
         may be entitled in respect of delay in completion of the nominated
         sub-contract works, and payment made previously. (GCC-27)

(15)     The Architect shall not nominate any person as a nominated supplier who
         will not enter into a contract of sale which provides, inter alia, that
         the materials to be supplied shall be to the reasonable satisfaction of
         the Architect, that the nominated supplier shall make good by
         replacement any defects in the materials which appear within the
         maintenance period as is mentioned in the supply contract, and that
         delivery of the materials shall be commenced and completed at such
         times as the Main Contractor may reasonably direct. The nominated
         sub-contractor shall be deemed to be a supplier of the Main Contractor,
         and the materials supplied by the nominated supplier shall form part of
         the Works. The Main Contractor shall enter into a supply contract with
         the nominated sub-contractor specifying the quality, quantities,
         delivery period, management and installation matters. The Main
         Contractor shall include in the interim payment applications the

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         applications for payment in respect of the materials supplied by the
         nominated supplier. The Main Contractor shall pay nominated supplier
         within 14 days of receiving payment from the Employer or within the
         period specified in the supply contract. (GCC-28)

(16)     The Architect shall issue an interim payment certificate on a monthly
         basis stating the amount due to the Main Contractor from the Employer.
         Upon the issuing of the interim payment certificate, the Main
         Contractor shall be entitled to payment therefor within 28 days. The
         Employer may retain 10% of the total value of the works as retention
         money provided that the sum so retained shall not exceed the limit of
         RMB 5,390,000.00 or the limit as reduced according to the provisions of
         the contract. The Employer's interest in the retention money shall be
         fiduciary as trustee for the Main Contractor. Unless the Employer is
         entitled under the provisions of the contract to deduct the retention
         money by reason of, for example, the Main Contractor having failed to
         rectify the defects of the Works, the Employer is obliged to release
         the retention money in accordance with the provisions of the contract.
         On the issue of the certificate of practical completion, the Employer
         shall release to the Main Contractor half of the retention money. On
         the expiration of the 24 months defects liability period or the issuing
         of the certificate of completion of making good defects, whichever is
         later, the Employer shall release the balance of the retention money.
         (GCC-30)

(17)     The Main Contractor shall obtain a guarantee of an insurance company or
         bank to be jointly and severally bound with the Main Contractor in
         favour of the Employer in a sum of RMB11,190,000.00 for the due
         performance of the contract on the part of the Main Contractor.
         (GCC-31)

(18)     If during the currency of the contract there shall be an outbreak of
         hostilities (whether war is declared or not) in which any city of the
         PRC shall be involved on a scale involving the general mobilisation of
         the armed forces of the PRC, then either the Employer or the Main
         Contractor may determine the employment of the contract. (GCC-32)

(19)     In case of any dispute or difference shall arise between the Employer
         or the Architect on his behalf and the Main Contractor, either during
         the progress or after the completion or abandonment of the Works, as to
         the construction of the contract or as to any matter arising
         thereunder, then such dispute or difference shall be referred to and
         determined by arbitration at Hong Kong International Arbitration Centre
         and in accordance with the arbitration rules of the United Nations
         Commission on International Trade Law. (GCC-35)