Exhibit 10.23
                                                 Technology Development Contract
Contract Registered number: 2004105


Technology Development Contract

Project Name: Research and Production of Hybrid Electric Power Passenger Car
Assigner (Party A): Minghua Group International Holdings Ltd.
Developer (Party B): Tsinghua University (Automobile Engineering Department)

Signing Place: Tsinghua University, Beijing
Signing Date: February 15, 2004
Effective Period: January 15, 2004 - December 31, 2004

      Under the supervision of the State Science and Technology Commission

Regulated by the Contract Law of the People's Republic of China, based upon the
existing design, research and development technology of electric power vehicles
owned by Party B, and upon Party A's adequate knowledge about Party B's
technology background, through consultation and negotiation, the two parties
hereby have reached agreement on the technology development of hybrid electric
power passenger car of Minghua Group International Holdings Ltd.

I. Target content, form and requirement of technology:

According to the requirement of Minghua Group International Holdings Ltd., the
professors, experts and researchers with the Automobile Engineering Department
of Tsinghua University are committed to conduct research and development of
hybrid electric power passenger car and provide technology support including
technical training for Party A.

II. Obligations of each party:

Party A:

      1. Production of prototype--provide necessary testing and development
      equipment;
      2. Market research and exploration, including setup and approval of
      project;
      3. Quality and reliability test, improvement design and production.

Party B:
      1. Design of whole vehicle, parameters compatibility and specifications
      figuring out;
      2. Design, production and testing of whole vehicle control system;
      3. Design, production and testing of engine gun control and APU compatible
      control system;
      4. Choice and testing of battery (excluding solid electrolyte lithium
      battery), design and production of battery management system;
      5. Method and criteria of whole vehicle test, drafting and stipulation of
      pertinent Corporate standards and regulations;
      6. Coordinating with Party A in application for relevant science and
      technology project and award programs at national, provincial and
      municipal levels;
      7. Assisting Party B in establishing industrial information platform;
      8. Technical training, expertise, and human resource guidance for Party A.


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III. Research and development plan and task arrangement:

      1. By January 15, 2004: to complete design of two prototypes and project
      proposals, and to obtain expert approval;
      2. By March 15, 2004: to complete concept design of hybrid electric power
      passenger car, parameter selection of main spare parts (including standby
      battery, engine and electricity generator), draft contract with spare
      parts supplier and design of whole vehicle control system;
      3. By May 1, 2004: to complete research and production of electricity
      generator, purchase of driving electric engine and its controller,
      electric transformation on chassis, design of whole vehicle body and
      preparation for production;
      4. By August 2004: to complete integrated system testing of whole vehicle;
      5. By October 2004: to complete trial and testing of whole vehicle to
      prepare for participating in the International Michelin Bibendum
      Environmentally-Friendly Vehicles Competition in Shanghai, 12-16 October
      2004;
      6. By December 2004: to complete required test for project inspection and
      approval.

IV. Cost, remuneration and payment arrangement for research and development:

      1. Cost refers to the expenditure incurred upon completion of research and
      development; remuneration refers to utilization fee of the technological
      development of this project and bonus for personnel involved in the
      research and development.
Cost and remuneration for the project is: RMB 500,000 to be provide by Party A.
      2. Payment arrangement: in installments
Initial payment: RMB 250,000 to be made by February 29, 2004;
Second payment: RMB 250,000 to be made by May 31, 2004.

V. Proprietary right of the equipment, facilities and data purchased for
technological design and trial using research and development fund belongs to
Party B, whereas Party A has the right to use.

VI. Term, venue and way of executing the agreement:

      1. The contract is to be executed at Tsinghua University and Shenzhen
      during the period from January 15, 2004 to December 31, 2004.
      2. The contract is to be executed by Party B with supply of technology,
      staff, and fund from Party A.

VII. Confidentiality of technological data and information:

Both parties are obligated for the confidentiality of the technological data and
information provided by each side, which shall apply for a long term whatever
modification, cancellation or termination of the contract occurs.

VIII. Ownership to and participation in technological development:

The intellectual property right developed in the project is to be jointly owned
by the two parties. The technological development made by Party B can be used by
Party A on an industrialized scale with reasonable economic compensation for
Party B.

IX. Breach of contract:

If Party A does not make payment as provided (overdue in two months), Party A
shall has the right to annul the contract; if Party B has not fully executed the
contracted items, a compensation of 10% of the research and development fund
shall be repaid to Party A and Party A is entitled to annul the contract.

X. Settlement of disputes:

For any disputes arising from executing the contract, they should be settled
through friendly negotiations between the two parties. Should such negotiations
fail, the two parties may have resort to Beijing arbitrary commission.

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XII. Miscellaneous item:

This contract is made in eight copies effective upon signing and sealing by both
parties with each party holding four. As to any other matter not referred to
herein, otherwise written agreement will be needed through friendly negotiations
between the two parities and is subject to the signing and sealing by both
parties.

XII. Criteria and process of inspection and take-up

The technological development should meet the requirements set forth in Item II
and is subject to expert inspection and approval under the contract, with all
cost to be borne on Party A and technological certificates to be issued by Party
A.

XIII. Party A has committed its subsidiaries, Shenzhen Minghua Environmental
Protection Vehicle Co., Ltd. and Guangzhou Cityview Bus Installation Co., Ltd.,
to the practical executing of this contract.


/s/ Luan Yundong
Party A
Name: Minghua Group International Holdings Ltd. (sealed)
Mandatary: Luan Yundong (signature)
Contact Person: Zhuo Wenzhi (signature)

/s/ Chen Quanshi
Party B
Name: Tsinghua University (Automobile Research Institute) (sealed)
Mandatary: Lian Xiaomin (signature)
Contact Person: Chen Quanshi (signatrue)



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