Exhibit 10.2




 





BANK OF GANZHOU


 


Working Capital Loan Contract


 


Contract No.: 2885001601110051


 


Borrower (Party A): Ganzhou Highpower
Technology Co. Ltd. (Seal)


 


Legal Representative: Qu Hancheng
(Seal)


 


Domicile (Address):                                       


 


Lender (Party B): Bank of Ganzhou Co.,
Ltd. 

Bank of Ganzhou Co., Ltd. Development Zone Sub-branch (Seal)


 


Legal Representative / Person in Charge:
Guo Yunqian (Seal)


 


Domicile (Address):                                       


 


Printed in 2013


 


Explanation


 


The contents of this Contract are composed
of such two parts as the particular terms and conditions agreed and the terms and conditions of standard format. The particular
terms and conditions agreed shall be handwritten and the terms and conditions of standard format are printed herein. The undersigned
of this Contract shall have complete and accurate understanding of the meanings of all terms and conditions, without any objection.


 


Contents


 


I. Particular terms and conditions agreed


 


II. Terms and conditions of standard format


 


In accordance with the Contract Law,
Party A and Party B make and enter into this Contract to define both parties’ rights and obligations in the working capital
loan relationship upon unanimity through consultation.


 


I. Particular terms and conditions agreed


 


Article 1 Currency: CNY.


 


Article 2 Loan purpose: turnover. 


 


Article 3 Loan amount (in words): CNY
Ten Million Only; (in figures): ¥10,000,000.00.
(In case of difference between the amount in figures and that in words, that in words shall prevail).


 


Article 4 Loan term: totally 12
months, from August 3, 2016 to August 2, 2017. Loan payment method: entrusted payment. If the payment object
is specific and the single payment amount is more than CNY (included), the loan capital shall be paid by means of entrusted payment.


 


Article 5 Loan interest rate: 5.655%
(30% higher than the benchmark interest rate for loans of the same period). Interest shall be paid by quarter and the
date of payment of interest shall be the 20th day of the last month of each quarter (the 20th day
of each month/ 20th day of the last month of each quarter). 50% shall be surcharged in case of delay in payment
and 100% shall be surcharged in case of appropriation.


 


Article 6 Method of repayment of principal:
repayment in a lump sum (repayment in a lump sum/repayment in installments). Where repayment is made in installments, the
loan shall be repaid according to the following repayment plan:


 


          Repay
CNY                        on                    (MM)
                (DD),                
(YYYY);


 


          Repay
CNY                        on                    (MM)
                (DD),                
(YYYY);


 







          Repay
CNY                        on                    (MM)
                (DD),                
(YYYY);


 






          Repay
CNY                        on                    (MM)
                (DD),                
(YYYY);


 






          Repay
CNY                        on                    (MM)
                (DD),                
(YYYY);


 



     


     


    








          Repay
CNY                        on                    (MM)
                (DD),                
(YYYY);


 






          Repay
CNY                        on                    (MM)
                (DD),                
(YYYY);


 






          Repay
CNY                        on                    (MM)
                (DD),                
(YYYY);


 






          Repay
CNY                        on                    (MM)
                (DD),                
(YYYY);


 






          Repay
CNY                        on                    (MM)
                (DD),                
(YYYY);


 



Article 7 Guarantee method: suretyship.
The Guarantor and Party B shall make and enter into a guarantee contract separately. Contract No.: 288500160811000203, 288500160811000204,
288500160811000205, 288500160811000206, 288500160811000207.


 


Article 8 Number of originals of Contract:
two.


 


Article 9 Other provisions                                                  .


 


	
        Party A: Ganzhou Highpower Technology
        Co. Ltd. (Seal)

         

        Legal Representative / Person in Charge:

         

        Qu Hancheng (Seal)

         
	
        Party B: Bank of Ganzhou Co., Ltd.
        Development Zone Sub-branch (Seal)

         

        Legal Representative / Person in Charge:

         

        Guo Yunqian (Seal)

         



II. Terms and conditions of standard
format 


 


Article 1 The Borrower means a legal person
with the capacity for civil rights and the capacity for civil conducts, or other economic organization, individual businessman,
leaseholding rural household and natural person. The Borrower is in good credit standing and has no significant bad record.


 


Article 2 The Borrower shall use the loan
according to the loan purpose specified in the particular terms and conditions agreed. Without Party B’s written consent,
the Borrower shall not change the loan purpose.


 


Party B shall manage and control payment
of the loan capital through entrusted payment by Party B or independent payment by Party A. In the event that independent payment
is adopted, Party A shall report to Party B the use of the loan capital each month. Party B has the right to determine the payment
method according to the supervision needs.


 


Article 3 In the event that the actual
date of issue and the date of repayment are different from the starting date of the loan term recorded in IOU due to causes of
loan approval and guarantee registration, that recorded in IOU shall prevail, without affecting the determination of claims and
debts.


 


Article 4 If the People’s Bank of
China adjusts interest rates for loans during the execution of this Contract and such adjustment applies to the loan under this
Contract, Party B shall have the right to increase or decrease interest on the basis of the interest rate agreed herein, without
notifying Party A.


 


Article 5 Interest of the loan hereunder
shall be calculated from the actual date of issue (daily interest rate = annual interest rate /360). When the loan is due, the
Borrower shall repay the principal with interest. In the event that Party A makes prepayment upon Party B’s written consent,
interest may be calculated according to the actual number of days.


 


Article 6 Party A makes a commitment to
Party B that the loan materials and information provided are genuine and legitimate.


 


Article 7 The date of repayment under this
Contract shall be the date of maturity of loan. Where repayment in installments is adopted, the term agreed shall be implemented.
Party A shall, prior to the date of payment of interest or the date of repayment of principal specified herein, prepare and deposit
sufficient accounts payable to the account opened by Party B and authorize Party B to transfer unconditionally.


 


Article 8 Rights and obligations of Party
A


 


8.1 To use the loan
according to the term and purpose specified herein.


 


8.2 To make up guarantee
timely according to Party B’s requirements.


 



     


     


    




8.3 To accept consciously
Party B’s investigation, understanding and supervision on the use of the loan under this Contract.


 


8.4 To coordinate Party
B actively to investigate, understand and supervise the production, operation and financial conditions of Party A, and to provide
Party B with relevant reports and materials, including profit and loss statement, and balance sheet.


 


8.5 To repay the loan
principal and interest hereunder according to the stipulations of this Contract.


 


8.6 To bear relevant
expenses hereunder, including but not limited to the costs of notarization, appraisal, evaluation, registration, legal investigation
and review, and so on.


 


8.7 To send out the
receipt within three days after receiving a letter of collection or a document of collection sent or delivered by other means by
Party B.


 


8.8 In case of implementation
of contracting lease, shareholding reform, joint operation, business combination, merger, joint investment, division, reduce of
registered capital, equity change, transfer of material assets, foreign investment, substantial increase of debts, and other acts
enough to affect the realization of the creditor’s right of Party B, to notify Party B at least 30 days in advance and obtain
Party B’s written consent, or the foregoing acts may not be conducted prior to full repayment of all debts.


 


8.9 In case of change
of domicile, mailing address, business scope, legal representative and other items of industrial and commercial registration, to
notify Party B in written form within seven days after change of the relevant item.


 


8.10 To notify Party
B in written form immediately when there is any other event threatening its normal business operation or causing major adverse
impact on the performance of its obligation of repayment under this Contract, including but not limited to major economic dispute,
bankruptcy and worsening of financial conditions.


 


8.11 To notify Party
B in written form immediately when it goes out of business, is dissolved, suspends operation for rectification, is revoked with
its business license or is cancelled, and to ensure immediate repayment of the loan principal and interest.


 


Article 9 Rights and obligations of Party
B


 


9.1 For the needs of
loan investigation, review and supervision, Party B may request Party A to provide the loan-related credit materials and has the
right to review Party A’s relevant operation and financial vouchers.


 


9.2 Party B has the
right to deduct all accounts receivable from Party A’s account according to the stipulations of this Contract or the provisions
of laws.


 


9.3 As promised by
Party A, if Party A escapes from Party B’s supervision, owes the loan principal and interest or has other serious breach
behavior, Party B shall have the right to implement credit sanction, make announcement to the society and urge collection through
public announcement in media.


 


9.4 Party B shall provide
Party A with the loan on time (except as otherwise delayed due to causes attributable to Party A) according to the stipulations
of this Contract.


 


9.5 Party B shall keep
confidential Party A’s credit materials mastered by Party B during handling of the loan.


 


Article 10 Liability for breach of contract


 


10.1 When this Contract
becomes effective, Party A and Party B shall actively perform their obligations specified herein. Either party which does not perform
all or part of its obligations shall assume liability for breach of contract by law.


 


10.2 In the event that
Party A does not use the loan according to relevant stipulations of this Contract, Party B shall have the right to charge interest
from the date of issue of the loan.


 


10.3 In the event that
Party B does not issue the loan according to relevant stipulations of this Contract, Party B shall pay Party A penalty for delay
by day according to the interest rate specified herein.


 


10.4 If Party A makes
prepayment without Party B’s written consent, Party B shall have the right to charge interest according to the loan term
and interest rate specified herein.


 



     


     


    




10.5 In the event that
Party A fails to repay the loan principal and interest when the loan is due, Party B shall have the right to request Party A to
make repayment within a time limit or deduct capital from Party A’s all accounts opened with Party B for repayment. Meanwhile,
Party B shall have the right to surcharge interest for the delayed loan on the basis of the interest rate specified herein and
charge compound interest for the interest unpaid.


 


10.6 In the event that
Party A does not use the loan for the purpose specified herein, Party B shall have the right to stop issue of the loan, take back
all or part of the loan in advance or cancel this Contract, and surcharge interest for the default loan on the basis of the interest
rate specified herein and charge compound interest for the interest unpaid.


 


10.7 If Party A has
the breaches of sub-clause 10.5 and sub-clause 10.6 simultaneously, Party B shall investigate Party A’s liability for breach
according to the one which is more serious.


 


10.8 If Party A has
any conduct which is enough to affect the realization of the creditor’s right of Party B, Party B shall have the right to
notify Party A in written form, and Party A shall, within seven days, make correction and take remedial measures satisfying Party
B, or Party B shall have the right to cancel this Contract or stop issue of the remaining loan and take back all or part of the
loan issued in advance. Where it is unable to take back the loan, Party B may charge penalty by day according to the interest rate
for delayed loan. Party A’s conducts which may affect the realization of the creditor’s right of Party B shall include
but not be limited to:


 


10.8.1 Party A does not
make repayment on time or delays in payment of interest:


 


10.8.2 Party A provides
Party B with false or important facts concealed balance sheet, profit and loss statement, and other financial materials;


 


10.8.3 Party A does not
coordinate or refuses to accept Party B’s supervision on Party A’s use of the loan and on Party A’s production,
operation and financial activities;


 


10.8.4 Party A transfers
or disposes its material assets without Party B’s consent;


 


10.8.5 An important part
or all of Party A’s properties are possessed by any other creditor, or are taken over by the designated trustee, receiver
or similar personnel, or are detained or frozen, which may cause serious losses to Party B;


 


10.8.6 Without Party
B’s consent, Party A implements contracting, lease, shareholding reform, joint operation, business combination, merger, joint
investment, division, reduce of registered capital, equity change, transfer of material assets, foreign investment, substantial
increase of debts, and other acts enough to affect the realization of the creditor’s right of Party B;


 


10.8.7 Party A has any
change of domicile, mailing address, business scope, legal representative, or has major foreign investment, which is enough to
affect the safety of the creditor’s right of Party B;


 


10.8.8 There is any major
economic dispute or worsening of financing conditions, and financing overdue in other financial institutions, which affects the
realization of the creditor’s right of Party B.


 


10.9 If Party A has
any breach of contract, Party A shall, unconditionally, repay and pay Party B the loan principal, interest, compound interest,
default interest, penalty and compensation, and bear Party B’s arbitration cost, legal cost, attorney fee and all other expenses
payable for realization of the creditor’s right of Party B. The attorney fee shall be determined according to the upper limit
of the charging standard of Jiangxi lawyers.


 


Chapter 11 Effectiveness, change, cancellation
and termination of contract


 


11.1 This Contract
shall come into force upon signature and seal of both parties. Where there is guarantee, it shall come into force upon effectiveness
of the guarantee contract and establishment of the real rights for security. It shall be terminated on the date of full repayment
and payment of the loan principal, interest, compound interest, default interest, penalty and all other expenses payable under
this Contract.


 


11.2 Under any one
of the following circumstances, Party B shall have the right to cancel this Contract and request Party A to repay the loan principal
and interest in advance and make compensation for losses:


 


11.2.1 Party A goes out
of business, is dissolved, suspends operation for rectification, is revoked with its business license or is cancelled;


 



     


     


    




11.2.2 The guarantee
hereunder affects the realization of the creditor’s right of Party B and Party A is unable to provide other security according
to Party B’s requirements;


 


11.2.3 Party A has other
serious breach of contract.


 


11.3 If Party A requires
extension of the loan term, Party A shall present a written application to Party B 30 days prior to the date of expiration of this
Contract. If it is agreed by Party B through review, an extension agreement shall be concluded before the loan term under this
Contract is extended. This Loan Contract shall be continuously executed prior to conclusion of an extension agreement.


 


11.4 When this Contract
becomes effective, Party A or Party B shall not change or cancel in advance this Contract without authorization, unless as otherwise
provided herein. If it is necessary to change or cancel this Contract, both parties shall reach consensus through consultation
and reach a written agreement. This Contract shall be continuously executed prior to conclusion of a written agreement.


 


Article 12 Dispute settlement


 


Any and all disputes between Party A and
Party B during the execution of this Contract shall be settled by both parties firstly through consultation. Where consultation
fails, the dispute may be settled through litigation in the court at the location where Party B is located.


 


	
        Party A:

         

        Ganzhou Highpower Technology Co.
        Ltd. (Seal)

         

        Legal Representative / Person in Charge:

         

        /s/ Qu Hancheng (Seal)

         
	
        Party B:

         

        Bank of Ganzhou Co., Ltd. Development
        Zone Sub-branch (Seal)

         

        Legal Representative / Person in Charge:

         

        /s/ Guo Yunqian (Seal)

         



 





	 	 
	Date of
Signature: Aug. 3, 2016	Place of Signature: Ganzhou City