Exhibit 10.2 


 


Basic Credit Line Contract


 


Reference: Xing Yin Shen Longgang credit zi
(2014) No. 0504


 


Creditor: Industrial Bank Co., Ltd., Shenzhen
Longgang Branch


 


Address: Parkland, Longxiang Road, Longgang
town, Shenzhen


 


Legal Representative / CEO: Jinkui Li


 


Contact: Jinlong Huang


 


Address:


 


	Postal Code:	Fax :
	 	 
	Tel: 0755-33837817	Fax:


 


 


Debtor: Springpower Technology (Shenzhen) Co.,
Ltd.


 


Address: Building
A, Chaoshun Industrial Zone, Renmin Street, Danhu, Guanlan Road, Baoan, Shenzhen


 


Legal Representative / CEO: Dangyu Pan


 


Contact:


 


Address:


 


	Postal Code:	Fax :
	 	 
	Tel: 0755-89686236	Fax:


 


Contract Location: Industrial Bank Building,
Industrial Bank Co., Ltd. Shenzhen Branch


 




    	 



    	 



    

 


Important Prompt


 


For protecting your rights and interests, please
read, check and confirm the following items carefully before signing:


 


1. You have the right to sign this contract
or you have been given sufficient authority legally.


 


2. You have read and understood this contract
carefully and sufficiently, and have paid attention on assuming, exempting or limiting responsibilities of Industrial Bank Co.,
Ltd., and the content with bold font.


 


3. Your company and you understand the meaning
of this contract and the relevant legal consequences, and agree to accept these provisions.


 


4. The contract provided by Industrial Bank
Co., Ltd. is a model contract. There is space for modifying, supplementing and deleting.


 


5. If you have further questions on this contract,
please consult Industrial Bank Co., Ltd.


 


After application, creditor agrees to provide
a basic credit line to debtor. To clarify the rights and obligations of both parties, and abide by credit, the contracting parties
sign this contract agreed together according to relevant state laws and regulations.


 




    	 



    	 



    

 


Clause 1 Definitions and interpretation


 


Except agreed in writing by the contracting
parties, the following words in this contract will be explained as follows:


 


1. Basic credit line: based on comprehensive
evaluation of management and risk of debtor, creditor will decide the maximum amount of comprehensive financing principal of debtor,
including but not limited local foreign currency, various trade financing (issuing letter of credit, trust receipt, packing loan,
export bill purchase, export bill purchase under collection and advanced against inward documentary bills, etc.) bank acceptance
bill, notes discounted, notes repo, guarantee (including independent guarantee, demand guarantee, standby letter of credit, etc.)
and so on.


 


2. Valid period of credit line is one uninterrupted
period, during which the debtor can conduct business transactions stipulated under the basic credit line, with creditor’s
consent. The basic credit line expires when the valid period of credit ends.


 


3. Balance: creditor will manage and control the
balance of various businesses of debtor. The balance is the sum of used credit line, including undue balance and expired outstanding
balance, as follows:


 




    	 



    	 



    

 


(1) Undue balance: the sum of undue outstanding
debts which are used by debtor according to this contract.


 


(2) The due unpaid balance is the debt principal
balance that the Creditor granted the Debtor, or is entitled for to perform certain legal responsibilities, but remained unpaid
at the expiry date.


 


4. Macro contract: Basic credit line contract,
which is signed by creditor and debtor.


Sub-contract: the specific business contract
signed by two parties voluntarily. This contract is the macro contract of any sub-contracts, any sub-contract is an inalienable
part of this contract, and has the same legal effect.


 


5. Principal debt: debt principal, interest
and expense resulting from conducting various business transactions under this contract applied by debtor, including but not limited
local foreign currency, various trade financing (such as issuing letter of credit, trust receipt, packing loan, export bill purchase,
export bill purchase under collection and advanced against inward documentary bills, etc.) bank acceptance bill, notes discounted,
notes repo, guarantee (including independent guarantee, demand guarantee, standby letter of credit, etc.) and so on. (Including
principal, interest, punitive interest, compound interest, liquidated damages, damage awards, expenses for realizing financial
claim, etc.)


 




    	 



    	 



    

 


Expenses for realizing a financial claim: the
money which creditor spends for realizing a financial claim by litigation, arbitration, etc. such as court (arbitration) costs,
attorneys’ fees, traveling fees, execution fees, maintenance costs, and other necessary costs for realizing a financial claim.


 


6. Important transaction which is mentioned
in clause 8 (including but not limited): anything which might have a bad effect on the basic organization of debtor’s company,
changes of stockholders, contingent liabilities, cash flows, profitability, core business secrets, important assets, significant
claims and debts, repayment ability, other transactions which are considered as


significant transactions by creditor and/or debtor.


 


7. Important transaction which is mentioned
in clause 8 (including but not limited): anything which may have bad effect on executives’ operational capability, employment
and termination of core staff, core business secrets, core competence, basic organization, legality, stability, development, profitability,
repayment ability, other things which are considered as significant things by creditor and/or debtor.


 


8. Workday mentioned in this contract refers
to a banking day. If the drawdown date or the repayment date is on a legal holiday, then it is delayed to the first working day
after the holiday.


 




    	 



    	 



    

 


Clause 2 Credit Line


 


1. The maximum amount of basic credit line
is RMB (in words) FORTY MILLION YUAN ONLY. If debtor uses foreign currency in specific business, the foreign currency will be converted
to RMB according to the exchange rate announced by creditor on the date when the applicable sub-contract is signed, and will be
included in credit line.


 


2. Decomposition of credit line


 


(1) Working capital loan: RMB 20,000,000


 


(2) Bank acceptance: RMB40,000,000


 


(3) Export loan under mortgage of
documents: RMB 20,000,000


 


(4) Standby letter of credit: RMB
40,000,000


 


3. If the Debtor repays the used line of credit
within valid period of credit line, the equivalent amount of credit line recovers automatically.


 


4. The financing balance should not be more
than RMB 40,000,000, including all debts used by debtor according to this contract, and the single credit line cannot be more than
RMB 40,000,000.


 


Clause 3 Valid Period and Adjustment of
Credit Line


 


1. Valid period of credit line under this contract
is from Oct 23th 2014 to Oct 23th 2015.


 


2. This contract is not the definite obligation
of creditor, in any circumstance, creditor has the right to adjust or cancel the credit line and valid period under this contract
partly or completely without the consent of debtor. Foregoing “any circumstance” includes but not limited following
situations:


 




    	 



    	 



    

 


(1) debtor has significant operational difficulties
and risks;


 


(2) debtor has significant changes in ownership
or contingent debt;


 


(3) debtor has significant changesin its operational
mechanism (including but not limited discrete, merger, termination, etc.);


 


(4) debtor gets hit with credit downgrade and
which increasesrisk of repayment;


 


(5) the situation and conditions of one transaction,
which Debtor works on, have significant changes;


 


(6) the statements and commitments of debtor
mentioned in clause 7 become invalid;


 


(7) other creditors think it is necessary to
change, adjustment or canceldebtor’s credit line.


 


3. If debtor needs to increase temporary the
credit line because of a change of situation or special project, debtor can apply for special credit line from creditor, which
can only be used for special project, and should not be used as cycle.


 




    	 



    	 



    

 


Clause 4 Repayment and adjustment of advance
in cash and receipt under different credit line


 


Creditor has the right to use the funds received
under one or more of the lines to repay the advanced money which is used according to this contract, without the consent of debtor
and guarantor.


 


Clause 5 Guarantee Measures


 


1. The following contracts are guarantee contracts
of this contract and sub-contracts.


 


(1)REF: Xing Yin Shen Longgang credit (guarantee)
zi (2014) No. 0504


"Maximum Amount Guaranty Contract"
(the name of the contract), guarantor: Shenzhen Highpower Technology Co Ltd, mode: guarantee;


 


(2) REF: Xing Yin Shen Longgang credit (guarantee)
zi (2014) No. 0504A "Maximum Amount Guaranty Contract" (the name of the contract), guarantor: Dangyu Pan, mode: guarantee;


 


2. Before the signing of guarantee contracts
and completing the guarantee procedures, creditor has the right to refuse handling an application for using the credit line under
this contract, and providing the loans under this contract and sub-contracts.


 


3. The maximum guarantee for all debts under
the credit line should be provided by the above guarantors (guarantor, mortgagor or pledger), except as agreed by creditor, debtor
and guarantor.


 




    	 



    	 



    

 


4. If following things happen to the guarantor
under this contract, creditor has the right to take measures according to clause 9 of this contract.


 


(1) Guarantor violates the maximum guarantee
contract; a deterioration of guarantor’s credit position; or other things, which may damage guarantee ability happen;


 


(2) Mortgager violates the maximum mortgage
contract; damages mortgage intentionally; the value of mortgage might has been reduced obviously; or other things which damage
the hypothecation of creditor;


 


(3) Pledger violates the maximum pledge contract;
the value of pledge has been reduced obviously; or the right of pledge has to be cashed in advance; or other things which damage
the pledge of creditor.


 


Clause 6 The Rights and Obligations of Creditor


 


1. During credit period, if the
accumulated total balance used by debtor is less than the maximum capital limit, creditor will review a loan application
which is within the limit from debtor. The application will be accepted if it meets each of the conditions and requirements
requested by creditor. If Creditor is unable to make a substantive examination because of debtor or any other reasons, it
should not constitute a defense. Debtor and guarantor give up considering it as a defense.


 




    	 



    	 



    

 


2. Creditor has the right to acquire the
accounting statements and other operational information of debtor. Debtor should provide its marketing plan, investment plan
and demand for funds. Creditor will keep debtor’s business secret.


 


3. In order to achieve the purpose of financing
under this contract, the debtor should provide a full, effective guarantee, which is recognized by creditor. If debtor or guarantor
violates the contract, creditor has the right to seize any form of assets of the Debtor or Guarantor that the Creditor possesses


 


Clause 7 Representations and Commitments
of Debtor


 


Debtor makes the following representations
and commitments voluntarily, and assumes legal responsibility for the reality of the content.


 


1. Debtor is a legal representative, which
is established according to the laws of People’s Republic of China, with full capacity for civil conduct. Debtor promises
to provide related information requested by creditor.


 


2. Debtor can perform all obligations and responsibilities
under this contract, and will assume the repayment responsibility in any conditions.


 


3. Debtor has the right to sign this contract,
and has acquired all legal approvals and authorities.


 




    	 



    	 



    

 


4. Signing this contract is allowed by debtor’s
articles of association, internal decisions and resolutions of shareholders and board of directors. This contract will not conflict
with the articles of association, internal decisions and resolutions of shareholders and board of directors and policies of debtor.


 


5. Signing and performing this contract is the
true willing decision of debtor. Signing and performing the above contract will not violate the laws and regulations, rules and
agreements which can limit debtor. This contract is legal and enforceable, and if this contract become invalid because debtor does
not have full capacity to sign this contract, debtor should repay all losses of creditor.


 


6. All documents, financial statements and
other information, which are provided by debtor under this contract, are true, complete, accurate and effective.


 


7. Debtor agrees that bank business under this
contract is limited to the regulations, conventions and practices of creditor, and the power of interpretation belongs to creditor.


 


8. Debtor cannot change its equity structure
or major executives without written consent of creditor.


 


9. If debtor does not perform obligations according
to this contract and sub-contract, debtor grants creditor the right to obtain relevant money from any account which is opened in
creditor by debtor.


 




    	 



    	 



    

 


10. In any transactions after signing this
contract, if the debtor submits any documents related to a specific transaction to creditor for auditing, debtor promises all documents
are true. Creditor neither participates in nor knows the essence of transaction, and will not take any responsibility.


 


11. The debtor confirms it has no further litigation,
arbitration, or administrative litigation in property, liquidation or issues with going out of business, except situations which
have been disclosure in writing to creditor.


 


12. If creditor is involved in litigation,
arbitration or another dispute because of performing the obligations under this contract,the litigation or arbitration fees, legal
fees and other expenses of creditor will be borne by the debtor.


 


13. All settlement businesses under this contract
should be handled through the settlement account open in creditor.


 


14. The debtor provides full, effective or
other appropriate acceptable guarantee approved by the creditor. For the house mortgage, if the house will be removed, the debtor
shall promptly inform the creditor to fulfill obligations; if mortgage houses were demolished, the creditor has the right to require
the debtor to pay off the debt in advance, or reset the mortgage and sign a new security agreement. During the loss of the original
guarantee and the new mortgage registration has not been completed, the debtor should provide the secured party as guarantees;
For the way of compensation to compensate for the demolition of real estate, the creditor will be responsible for requesting relocation
compensation as guarantee through the opening margin accounts or certificates of deposit , etc.


 




    	 



    	 



    

 


Clause 8 Debtor has the obligation to disclosure
significant transactions and events to creditor.


 


1. Debtor should inform creditor of significant
transactions and events of debtor in writing timely.


 


2. If debtor is a group company, debtor should
inform creditor of its related transactions which are more than 10% of creditor’s net assets, including but not limited to
:


 


(1) the relationship of the parties in the
transaction;


 


(2) transactions and transaction properties;


 


(3) the amount of transaction and relevant
proportion;


 


(4) pricing policy.


 


3. During valid period of this contract, stock
transfers, reorganizations, mergers, discrete, shareholding reforms, joint ventures, cooperations, joint operations, contracts,
leases, business scope, change of registered capital, major asset transfers, contingent liabilities, or anything which may affect
debtor’s ability to assume responsibility should be reported to creditor in writing 30 days in advance.


 




    	 



    	 



    

 


4. A termination of business, going out of business,
bankruptcy, dissolution, cancellation of business license, deterioration of financial situation or involvment in a major business
dispute, or anything may affect debtor’s ability to assume responsibility should be reported to creditor in 7 days by writingfrom
the date the above thing took place.


 


5. When debtor becomes involveed in major litigation
or arbitration with any third party, or any other significant thing which may affect debtor’s ability to assume responsibility
occurs, creditor should be notified in writing within 7 days from the date debtor receives relevant notice.


 


6. The debtor promises that it will not use
its legal dispute with a third party to damage creditor’s rights.


 


Clause 9 Default and default Liability


 


1. After this contract comes into force, the
creditor and the debtor should perform the obligations as agreed in the contract. If any one party fails to perform or not completely
fulfill its obligations of this contract, it should bear the corresponding liability for breach the contract.


 


2. If any of the following situations occur,
creditor has the right to terminate the unused credit line under this contract, and ask the debtor to repay all financing, payable
interest and other expenses under this contract immediately.The date the creditor asks the debtor to repay the money is the advanced
expiration date:


 




    	 



    	 



    

 


(1) any information provided by debtor or the
statements and commitments stated in clause 7 of this contract are false, inaccurate, incomplete or misleading;


 


(2) deterioration of debtor’s credit
status and obvious weakening of repayment ability (including contingent liability);


 


(3) the cross default agreed in clause 10 of
this contract occurs to the debtor, the affiliated enterprise of the debtor, the guarantor, or the affiliated enterprise of the
guarantor;


 


(4) the debtor violates the obligations agreed
to in a sub-contract of this contract;


 


(5) the debtor fails to repay the principal,
interest and expenses of one financing under this contract on schedule;


 


(6) the debtor stops repaying its own debt,
or cannot repay due debt;


 


(7) stopping doing business, going out of business,
being announced bankruptcy, dissolution, cancellation of business license, involving in major business dispute, and deterioration
of finance condition and so on;


 


(8) other thing which may damage creditor’s
right.


 


3. If the debtor defaults, creditor has the
right to take one or more following measures:


 


(1) suspending or reducing the sum of financing,
until cancelling all agreed line of financing;


 


(2) announcing complete or part of debtor’s
debt expirein advance;


 




    	 



    	 



    

 


(3) terminating this contract, and asking debtor
to repay all debt and pay relevant expenses;


 


(4) the debtor should pay punitive interest
for overdue debt;


 


(5) the debtor should pay punitive interest
for misappropriation of the loan;


 


(6) requiring the debtor to pay full compensation
for losses.


 


Clause 10 the cross-defaulting


 


If one of the following events occurs to the
debtor or affiliated enterprises of the debtor, and the guarantor or the affiliated enterprises of the guarantor, it will be considered
that debtor default as well, the creditor have the right to recover loan in advance according to this contract or its sub-contract,
and require the debtor to be liable for breach of contract according to the contract:


 


(1) any loan, financing or debt defaults or
may default, or be called for repayment in advance;


 


(2) any guarantee or similar obligation fails
to be performed or might fail;


 


(3) the non-performance or violation of the
relevant debt guarantee and other similar obligations of legal document or contract or might;


 


(4) failure to repay due debts or borrowing/financing;


 




    	 



    	 



    

 


(5) be declared bankrupt by the legal procedure
or may be so declared;


 


(6) other situations that endanger the safety
of the money under this contract.


 


Clause 11 the continuity of obligation


 


All obligations of the debtor under this contract
have the same effect on its heir apparent, agent, receiver, orassignee, even after a merger, reorganization, or change of name.


 


Clause 12 accelerated maturity terms of
principal and interest


 


The debtor and the guarantor agree that once
the debtor fails to perform the statements and commitments of Clause 7, or the debtor fails to perform any obligation under this
contract, the creditor has the right to decide that any other obligations include all outstanding principal, interest (including
punitive interest and compound interest) and relevant expenses become due immediately.


 


Clause 13 The Priority Right of Subrogation
Arrangement


 


The debtor states herein, once the debtor defaults
or is unable to repay due principal, interest and fees, and doesnot have enough property to repay advanced money to creditor,creditor
has the right of subrogation on any claim, accounts receivable and other property rights of the debtor. The debtor and the guarantor
are willing to give up the defense to creditor according to article 28 of “Guarantee Law”.


 




    	 



    	 



    

 


Clause 14 Offset Arrangement


 


1. If the debtor or the guarantor fail to repay
maturing debt or pay the debt upon early maturity, the creditor has the right to directly withhold money on any account of the
debtor to repay the debt. If the currency in the debtor’s account is different from the currency of principal debt, the withholding
money will be calculated on the rate of withholding day.


 


2. Creditor’s rights under this contract
will not be offset by any reason or any third party’s offset right.


 


3. Creditor’s rights under this contract
will not be offset by any offset right of the debtor, the guarantor or any third party.


 


Clause 15 Applicable Law, Jurisdiction and
Dispute Resolution


 


1. Signing, effectiveness, performance, termination,
interpretation and dispute settlement of this contract is applicable for the laws of People’s Republic of China.


 


2. For any dispute of this contract, the debtor
and the creditor should resolve through friendly negotiations. If negotiation fails, both parties agree to solve by the following
section (2) way:


 




    	 



    	 



    

 


(2) Applying for arbitration to the Shenzhen
Arbitration Commission, resolving the dispute by applicable rules of the Arbitration Commission, the arbitration award is final
and binding on both parties. The site selection is in Shenzhen.


 


3. In the dispute period, the provisions which
are not involved in the dispute still should be carried out according to this contract.


 


Clause 16 Files, Communications and Notifications


 


1. Any documents, communications and notifications
under this contract will be sent to each partyaccording to the address, phone number or other contact methods on the cover of this
contract.


 


2. If the contact method of one party changed,
the other party should be informed immediately, otherwise the party which does not inform its change to the other must bear full
responsibility for all the consequences.


 


3. Any documents, communications and notifications
are sent according to above address, shall be deemed to arrive on the following dates:


 


(1) by post (including speed post, ordinary
letter, registered mail), it will be deemed to arrive on the sending day after five working days;


 


(2) by facsimile or other electronic communication,
it will be deemed to arrive on sending day;


 


(3) by personal service, the date of signing
is deemed to be arriving date.


 




    	 



    	 



    

 


Notifications by the way of website, online
banking, telephone banking or business outlets announcement should be deemed to arrive on day. The creditor does not need to borne
any responsibility for any transmission errors, omissions, or delays of mail, fax, telephone or any other communication system.


 


4. The two sides
agree that the seal of the office seal, financial seal, contract seal, receive seal and credit seal is the effective seal for the
documents, communications and notifications. All staff of the debtor have right to receive files, communications and notifications.


 


Clause 17 Effectiveness, Modification of
This Contract and Other Matters


 


1. The contract will take effect from the date
of signature or stamp of both parties.


 


2. During the effective period of this contract,
the creditor’s giving to the debtor and the guarantor ofany tolerance, forgiveness, or delay to use the rights and interests,
shall not damage, impact or limit the creditor to share the rights and interests in accordance with relevant laws and regulations
and this contract, or be deemed giving up the rights and interests, also do not affect the debtor to borne any obligation under
this contract.


 


3. As a result of national laws and regulations
or regulatory policy change, which leads to loan obligations of the creditor under this contract not conforming to the laws and
regulations or regulatory requirements, the creditor has the right to unilaterally terminate the contract, announceall of the loan
is due in advance, and the debtor should pay off the loan immediately.


 




    	 



    	 



    

 


4. If the creditor cannot issue the loan or
pay on time because of force majeure, the failure of communication or network, or the failure of creditor’s system, the creditor
does not assume any responsibility, but should promptly notifythe debtor.


 


5. The creditor shall have the right to authorize
or entrust other branches of industrial bank to perform rights and obligations under this contract (including but not limited to
authorized or entrusted bank branches of other related contracts, etc.) according to the debtor’s operation and management,
or the loan under this contract as other branch’s to undertake, which is approvedby the debtor, and without prior consent
of the debtor.


 


6. The debtor agrees that the creditor has
the right to unilaterally reduce or cancel the unused loan under the contract according to the debtor’s production and operation
situation, situation of payment orcredit of other financial institutions. The creditor should notify the debtor five working days
before reduce or cancel the loans, without prior consent of the debtor.


 




    	 



    	 



    

 


7. At any time, any provision of this contract
in any way is or becomes illegal, invalid or unenforceable, the legality, validity or enforceability of other provisions under
the contract is not affected.


 


8. The heading of this contract is just for
the convenience of reading, which shall not be used for interpretation or any other purposes.


 


9. The attachment is an integral part of this
contract, and the attachment of this contract is equally valid.


 


10. This contract is triplet, the creditor
holds two copies, the debtor holds one copy, with equal legal effect.


 


Clause 18 The Notarization and Voluntarily
to Accept Compulsory Execution


 


1. The contract should be notarized by the
state notary office for if any party request notarization.


 


2. The notarized contract have the enforcement
effect, if the debtor fails to perform the debt, or the creditor realize creditor's rights according to laws and regulations and
this contract, the creditor shall have the right to directly apply the people's court with jurisdiction for enforcement.


 




    	 



    	 



    

 


Clause 19 The Supplementary Terms and Conditions:


 


/s/ [COMPANY SEAL]


The Creditor (official seal):


The legal representative (signature):


 


The Debtor (official seal):


The legal representative (signature):


/s/ Dangyu Pan