Exhibit 10.24


 


Text Encoding: CMBC-HT031 (GS2007)


 


Comprehensive Credit Granting Contract


(Applicable to corporate credit granting)


 


No.: GSXZ 2017 SSBZEZ No. 005


 


SHENZHEN HIGHPOWER TECHNOLOGY CO., LTD.
(Seal)


CHINA MINSHENG BANKING CORP., LTD. SHENZHEN
BRANCH (Seal)


 


CHINA MINSHENG BANKING CORP., LTD.


 




     


     


    

 


Comprehensive Credit Granting Contract


 


Credit Receiver: SHENZHEN HIGHPOWER TECHNOLOGY
CO., LTD. ((hereinafter referred to as Party A)


 


Address: Bldg. 1, No. 68, Xinsha Road,
Pinghu Street, Longgang District, Shenzhen


 


P. C.:


 


Legal Representative / Main Principal:
Pan Dangyu


 


Tel.:


 


Fax:


 


Opening Bank: Minsheng Bank


 


Account No.: *****


 


Credit Grantor: CHINA MINSHENG BANKING
CORP., LTD. SHENZHEN BRANCH (hereinafter referred to as Party B)


 


Address:


 


P. C.: 518048


 


Legal Representative / Main Principal:
Wu Xinjun


 


Tel.:


 


Fax:


 


In accordance with the Contract Law,
the Law on Commercial Banks and other relevant laws and regulations, Party A and Party B make and enter into this Contract
upon consensus through consultation on the principles of faithfulness, credit, equality and willingness. Both Parties shall commonly
observe this Contract.


 


Chapter 1 Credit Line and Category


 


Article 1 During the valid credit period
specified in this Contract, the highest credit line Party A may apply Party B for use is (in words) twenty million Yuan
only, adopting RMB as the currency.


 


The line under this Contract shall:


 


 ̈ be used by Party A;


 


 ̈ be used by Party A and its subordinate
wholly-owned or holding companies (hereinafter referred to as its subsidiary companies). Refer to annex 1 for the list of subsidiary
companies which can use the comprehensive credit line;


 


Credit line hereunder means the net amount
after deducting the deposit. In other words, the equal financing used after Party A or a third party other than Party A pays the
deposit (or pledge of deposit) may not occupy the said line.


 


Article 2 The highest credit line hereunder
shall be used for the following credit category:


 


RMB business: x
(1) loan;


 


þ
(2) Acceptance of draft;


 


x
(3) Discount of draft;


 


þ
(4) Letter of guarantee;


 


x
(5) Others:


 


Trade financing business: x
(1) foreign currency loan;


 




     


     


    

 


þ
(2) Letter of guarantee;


 


x
(3) Outward documentary bill;


 


x
(4) Discount of bill;


 


x
(5) Acceptance of draft;


 


x
(6) Opening of L/C;


 


x
(7) Others:                                        


 


Other business:                                        


 


Chapter 2 Credit Term


 


Article 3 The effective term of the highest
credit line specified in Article 1 herein shall be one year, from Nov 14, 2017 to Nov 14, 2018.


 


Article 4 Party B is entitled to examine
the use of the credit line hereunder at any time. In case of any event of default as specified in Chapter 7 herein, Party B shall
have the right to adjust the credit term.


 


Chapter 3 Guarantee 


 


Article 5 In order to ensure repayment
of the creditor’s rights produced herein, the following one or several guarantees are adopted:


 


x
The Mortgagor                               
and Party B (i.e. the Mortgagee) conclude a Maximum Guarantee Contract of No.                           ;


 


x
The Mortgagor                              
and Party B (i.e. the Mortgagee) conclude a Maximum Guarantee Contract of No.                           ;


 


x
The Pledgor                              
and Party B (i.e. the Pledgee) conclude a Maximum Guarantee Contract of No.                           ;


 


x
Party A shall provide maximum guarantee for the credit line used by the subsidiary company listed in the annex.


 


þ
Others: Springpower Technology (Shenzhen) Co., Ltd. and Party B conclude a Maximum Guarantee Contract of 2017
SSBZEZ No. 005-1


 


the Guarantor Huizhou Highpower Technology
Co., Ltd. and Party B conclude a Maximum Guarantee Contract of 2017 SSBZEZ No. 005-2;


 


The Guarantor Pan Dangyu and Party B
conclude a Maximum Guarantee Contract of 2017 SSBZEZ No. 005-3; 


 


The Guarantor Pan Dangyu and Party B
conclude a Maximum Guarantee Contract of 2017 SSBZEZ No. 005-4; 


 


The Guarantor Pan Dangyu and Party B
conclude a Maximum Guarantee Contract of 2017 SSBZEZ No. 005-5; 


 


the Guarantor Shenzhen Highpower Technology
Co., Ltd. and Party B conclude a Maximum Guarantee Contract of 2017 SSBZEZ No. 005-6;


 


the Guarantor Shenzhen Highpower Technology
Co., Ltd. and Party B conclude a Maximum Guarantee Contract of 2017 SSBZEZ No. 005-7;


 


Article 6 When Party A and Party B concludes
a specific business contract hereunder, Party B has the right to demand Party A to provide any security other than that specified
in Article 5 herein.


 




     


     


    

 


Article 4 Use of Credit Line


 


Article 7 Within the credit term and highest
credit line specified herein, Party A may use the credit line once or several times. If Party B complies with the stipulations
of this Contract through review, Party B shall conclude a relevant specific credit granting business contract or agreement with
Party A (hereinafter referred to as the specific business contract).


 


Article 8 The accumulative balance of
all the credit lines used by Party A (the accumulative amount of principals used and not repaid) shall not exceed the highest
credit line at any time within the credit term. During the credit term, Party A may apply for reusing the credit line that
Party A has repaid. The credit line not used during the credit term shall be cancelled automatically when the credit term
expires.


 


If Party A fails to perform its obligations
under this Contract or under the specific business contract, Party B shall have the right to stop Party A continuously using the
remaining credit line.


 


Article 9 Party A must use credit lines
within the credit term specified in Article 3 herein. The date of use of a credit line shall not be later than the deadline of
the credit term (if the business type specified in the specific business contract is loan/import and export bill purchase, the
date of release of each loan shall not be later than the deadline; if the business type specified in the Main Contract is acceptance
of bill/discount/ opening of L/C/ opening of letter of guarantee (or letter of guarantee for the release of goods), the date of
draft of acceptance of bill/discount/ opening of L/C/ opening of letter of guarantee (or letter of guarantee for the release of
goods) shall not be later than the deadline). In case of adjustment of the credit term, the deadline shall be the deadline after
this adjustment. The use term of each credit line shall accord with the specific business contract.


 


Article 10 When this Contract becomes effective,
Party A may not use any line hereunder until it meets the following preconditions simultaneously, or Party B shall have the right
to refuse conclusion of a specific business contract with Party A.


 


10.1 Party A has provided documents according
to Party B’s requirements, including but not limited to: Party A’s business license, organization code certificate
and tax registration certificate which are qualified through annual inspection; Party A’s current effective articles of association;
identity certificate and a photocopy of the OD card of the Company's legal representative;


 


10.2 Guarantee-related documents as the
credit guarantee hereunder are effective, and the mortgage right/pledge right has been established;


 


10.3 Party A has never conducted any event
of default, or Party A has conducted any event of default but the default has been solved satisfying Party B or has been exempted
by Party B;


 


10.4 Party A’s commitments given
in Chapter 5 herein have been kept prior to the date of withdrawal;


 


10.5 Party A’s financial conditions
when the credit line is applied for use are basically the same as those when this Contract is signed, and there is no material
adverse change;


 


Article 11 The expenses which should be
charged under bills, letter of guarantee, international trade financing and other related business, the discount rate under discount
of bills, and the interest rate and exchange rate which should be determined in inward and outward documentary bills shall be agreed
by Party A and Party B in each specific business contract.


 


Article 12 In case of any discrepancy between
this Contract and the specific business contract made and entered into by and between Party A and Party B, the specific business
contract shall prevail.


 


Chapter 5 Party A’s Commitments



 


Article 13 Party A’s use of the credit
line shall comply with the provisions of laws and the stipulations of this Contract and the specific business contract, and Party
B is entitled to check the situations of the specific business at any time.


 


Article 14 During the credit use period
(from the date of signature of this Contract to the date when Party B’s all creditor’s rights are compensated), Party
A shall report true financial statements and all relevant information concerning the opening bank, account number and deposit and
loan balances according to Party B’s requirements.


 




     


     


    

 


Article 15 If providing security for any
other’s debts, Party A shall notify Party B in advance, and the performance of the specific business contract made and entered
into with Party B shall not be affected.


 


Article 16 During the credit use period,
Party A shall notify Party B 30 days in advance if Party A conducts activity of asset reorganization by means of merger, acquisition,
consolidation and division, or any activity changing its operation right in any form, such as contracting and lease, or any activity
changing its organization and operation method, or any activity for selling, transferring or disposing its any material asset or
equipment in other forms and making major investment. Party A shall repay Party B’s creditor’s rights in advance or
implement the responsibility of repaying creditor’s rights according to Party B’s requirements.


 


Article 17 In case of any event which endangers
Party A’s normal operation or constitutes any major threat to performance of the obligation of repayment hereunder (including
but not limited to the events specified in sub-clause 10.3 herein), Party A shall notify Party B immediately in written form.


 


Article 18 In case of change of the domicile
or business site of the legal person of Party A, or increase or decrease of Party A’s registered capital, or change of Party
A’s legal representative and other senior management personnel, Party A shall notify Party B within seven days after occurrence
of the change.


 


Article 19 Party A shall repay on time
the principal and interests of the funds of the specific business under the credit line and pay on time the expenses payable.


 


Article 20 If Party A uses international
trade financing credit line (including packing loan, import and export bill purchase, opening of L/C, letter of guarantee, discount
of bill and acceptance of bill of exchange), Party A shall ensure:


 


1. the settled amount of the import
and export business conducted through Party B during the credit period shall not be less than RMB                       Yuan,
of which the settled amount of the export business shall not be less than RMB
                      Yuan;


 


2. When the business is conducted, the
latest Uniform Customs and Practice for Documentary Credits, the Uniform Rules for Collections and other related
international practices prevailing when this Contract is signed shall be strictly observed. Party B’s reputation and interest
shall not be damaged due to any business dispute.


 


Chapter 6 Party B’s Commitments



 


Article 21 If Party A’s application
for use of a credit line complies with the stipulations of this Contract, Party B shall approve and perform the application timely
according to the specific business contract signed.


 


Article 22 Party B shall not make adjustment
of the credit term and the highest credit line bad for Party A, unless otherwise specified in Chapter 7 of this Contract.


 


Chapter 7 Adjustment of Credit Line and
Acceleration


 


Article 23 Under the following circumstances
during the performance period of this Contract, Party B is entitled to adjust or cancel a credit line, and demand Party A to prepay
all the borrowings having been withdrawn by Party A under this Contract:


 


23.1 Party A’s operating status is
worsen or Party A has any major operational difficulty;


 


23.2 there is any major change of the market
related to Party A’s operation;


 


23.3 there is any major adjustment of relevant
national policies;


 


23.4 Party A violates any other contract
or agreement concluded with others, or Party A makes any commitment or warranty unilaterally, which constitutes breach of other
debts or other debts have been or may be announced acceleration by other creditor;


 


23.5 the guarantee capacity of the guarantor
hereunder becomes obviously insufficient, or the guarantor violates the guarantee contract, or the guarantor violates any obligation
specified in the commitments given by the guarantor, or the pledged or mortgaged property hereunder is damaged or its value is
obviously decreased, and Party A fails to provide a new guarantee required according to Party B’s requirements;


 




     


     


    

 


23.6 during the valid period of this Contract,
Party A expressly indicates or indicates by acts that Party A is unable to or fails to perform its obligations specified in this
Contract, the specific business contract or Party A’s commitments;


 


23.7 Party A provides Party B with any
balance sheet, statement of profits and losses and other important materials which contain false information or conceal important
facts, or Party A refuses Party B’s supervision on Party A’s use of the credit line and relevant production, operation
and financial activities;


 


23.8 Party A transfers its assets, withdraws
funds, evades debts or has any other behavior which damages Party B’s rights and interest;


 


23.9 there is any major change of Party
A’s financial conditions, or Party A is involved in litigation, arbitration, administrative punishment or other judicial
administrative proceedings, which may have adverse impact for Party A on the execution of this Contract;


 


23.10 there are any other circumstances
under which Party A loses or may lose its ability to perform obligations;


 


23.11 Party A violates its any commitment
given in Chapter 5 herein or fails to perform its obligations under this Contract or the specific business contract.


 


Article 8 Effectiveness of Contract 


 


Article 24 This Contract shall become effective
when both Parties’ legal representatives/main principals or authorized agents sign or seal and both Parties affix their official
seals/special contract seals.


 


Chapter 9 Dispute Settlement


 


Article 25 Any and all disputes between
Party A and Party B arising from and in connection with the execution of this Contract and/or the specific business contract shall
be governed by the court at the location where Party B is located, except that there are additional stipulations in the specific
business contract for governing of disputes under this Contract.


 


Chapter 10 Supplementary Provisions


 


Article 26 All the specific business contracts
concluded between Party A or its subsidiary companies listed in Annex 1 of this Contract and Party B for each specific credit granting
business on the basis of this Contract shall be deemed as an integral part of this Contract and constitute this Contract as a whole.


 


Article
27 The Contract has been made out in two originals for Party A, Party B and the guarantor each holding one,
which shall be equally authentic.


 


Article 28 When this Contract is signed,
Party B has explained and interpreted in details all the terms and conditions of this Contract to Party A, and both Parties have
no objection to the terms and conditions of this Contract. Both Parties have accurate understanding of the legal meaning of their
corresponding rights and obligations, limitation of responsibilities or disclaimers. 


 


Article 29 Other provisions agreed by both
Parties


 


Under this contract amount is only used
to party b the upstream enterprise procurement of raw materials and daily business turnover.


 


The credit category under this Contract
includes: bank acceptance bills, with the single deposit ratio not lower than 30% and the maximum term not exceeding 6 months.


 


Party a can use the maximum amount under
this contract is not more than 15 million yuan, Springpower technology ( Shenzhen ) co., ltd. as a quota share, can use the amount
under this contract is not more than 10 million yuan, Huizhou Highpower technology co., ltd. as a quota share, can use the amount
under this contract is not more than 5 million yuan. When using the quota, party a and Pan Dangyu must provide joint and several
liability guarantees for party b 's debts as the quota share.


 




     


     


    

 


Article 30 The credit lines granted to
Party A and/or its subsidiary companies in accordance with the Comprehensive Credit Granting Contract or any other contract
(“Original Credit Granting Contract”) prior to the signature of this Contract may be performed continuously according
to the Original Credit Granting Contract and the relevant specific business contract. However, the outstanding credit line under
the Original Credit Granting Contract shall be included in the highest credit line specified in Article 1 herein for calculation
and management.


 


Article 31 Both Parties agree and authorize
Party B irrevocably to report relevant information to the financial credit information database established by the State. Such
information shall include the name, registered address and other related information of this institution, the transaction records,
credit information and bad information (including failure to perform obligations of this Contract, the institution’s performance
of obligations and enforcement ruled or judged by the people’s court, and other relevant bad information prescribed by laws
and regulations) generated during business activities and performance activities of this institution under this Contract. 


 


This Contract is signed by Party A and
Party B in Shenzhen.


 


	Party A: SHENZHEN HIGHPOWER TECHNOLOGY CO., LTD.
    (Seal)  (Seal)
	 
	Legal Representative / Main Principal: Pan Dangyu
    (Signature)
	 	 
	(Or Authorized Agent)	(Signature or Seal)
	 	 
	Date:	 
	 	 
	Party B: CHINA MINSHENG BANKING CORP., LTD. SHENZHEN BRANCH (Seal) (Seal)
	 
	Legal Representative / Main Principal:
	 	 
	(Or Authorized Agent)	(Signature or Seal)
	 	 
	Date:	 


 


Annex:


 


List of subsidiary companies agreed by
the Credit Receiver (Party A) for using the lines under the Comprehensive Credit Granting Contract:


 


	1. Full name of the Company: Springpower Technology (Shenzhen) Co., Ltd.
	Address: Workshop Building A, Shunchao Industrial Zone, Renmin Road, Danhu Community, Guanlan Street, Bao’an District, Shenzhen City
	Legal Representative: Pan Dangyu
	P. C.: 518000                         Tel.:                         Fax:  
	Opening Bank:                     Account No.: 
	2. Full name of the Company: Huizhou Highpower Technology Co., Ltd.
	Address: Xinhu Industrial Development Zone, Ma’an Town, Huicheng District, Huizhou City
	Legal Representative: Pan Dangyu


 




     


     


    

 


	P. C.:                         Tel.:                         Fax:  
	Opening Bank:                     Account No.: 
	3. Full name of the Company: 
	Address: 
	Legal Representative: 
	P. C.:                         Tel.:                         Fax: 
	Opening Bank:                     Account No.: 
	4. Full name of the Company: 
	Address: 
	Legal Representative: 
	P. C.:                         Tel.:                         Fax: 
	Opening Bank:                     Account No.: 
	5. Full name of the Company: 
	Address: 
	Legal Representative: 
	P. C.:                         Tel.:                         Fax: 
	Opening Bank:                     Account No.: 


 


Note: the Credit Receiver shall affix its
official seal on this page. Where there is any control of the line for use by a subsidiary company, a limit may be indicated or
another page may be made for format explanation.