Exhibit 10.4


 


Number :0400000928-2017nian(Henggang) No.
00085


Working Capital Loan Contract


 


Important note: The contract is signed between
borrower and lender according to laws and on equal and willing basis, and all the terms of this contract are true meaning of both
sides. In order to protect the borrower’s legitimate rights and interests, the lender hereby inform the borrower to pay full
attention to all the terms concerning the rights and obligations of both parties , especially the bold parts of the contract.


 


The lender: Industrial and Commercial
Bank of China Ltd. Shenzhen Henggang Branch


Residence (address):


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


Legal representative: Dangyu Pan   


Residence (address):


 


After equal negotiation, both sides agreed
to enter into this particular contract.


 


The First Part     Basic
Provisions


 


		Article 1	The Use of the Loan



The loan Can be used for the below purpose
and shouldn’t be used for any other purposes without written consent of the lender, the lender has the right to monitor the
use of funds.


Use of loan: The loan can be used as current
funds for production and operations.


 


		Article 2	The Loan Amount and Duration



2.1 The amount under this contract is RMB10,000,000.00
(RMB TEN MILLION ONLY)


2.2 The term under this contract is 12 months
from the date of actual withdrawal (if separate withdrawal, from the date of the first withdrawal), the actual withdrawal date
is the date on IOU.


 


		Article 3	Rate, Interest and Cost



3.1 To determine the RMB loan interest
rates:


RMB loan interest rates shall be determined
according to the following (3)


(1) Fixed interest rate. Annual interest rate
shall be /% and will not change during the duration.


(2) Floating interest rates. Interest rate
shall be determined by base rate plus floating rate. Base rate is the corresponding base lending rate announced by the People's
Bank of China on the effective date of the contract with underlying term the same as in section 2.2. The floating rate
is /% of the base rate, and shall not change within the loan period. After withdrawal, the interest rates shall be adjusted
every 6 months. The date to determine the second period’s interest rate is the corresponding date when the first
period ends.  If the corresponding date does not exist, then choose the last day of that month. Interest rate of each
withdrawals shall be adjusted according to__.


A, the interest rate for
each withdrawal during any six month period shall be determined according to the rate set at the beginning of the underlying period
regardless of the number of withdrawals and shall be adjusted at the next six month period.


B, Borrowing rates of
each withdrawal are determined and adjusted individually.


(3) Floating interest rates. Interest rate
shall be determined by base rate plus floating rate. Base rate is up 0.7% of national interbank lending rates, and the rate
cannot change during the period.


 






     


     


    

 


3.2 To Determine the Foreign Exchange
Loan Interest Rates


Borrowing rates in foreign currency follow
the / ways to determine:


(1) Fixed interest rate. Annual interest rate
shall be / and shall not change during the duration.


(2) Floating interest rates, borrowing rates
to / months / (LIBOR / HIBOR) as the base rate plus / basis points (one basis point to 0.01%) consisting of a floating interest
rate spreads. Contract period plus point spreads remain unchanged. The use of sub-pen drawing and each withdrawal rates were calculated.
Borrower after the withdrawal, following the / ways to adjust the benchmark interest rate, interest-bearing segment:


A, the benchmark interest
rate changes in accordance with the corresponding period. The second phase of the benchmark interest rate adjustment date for a
full withdrawal on the corresponding day after, if you adjust the month and the withdrawal does not exist on the corresponding
date, places corresponding to the last day of the month, day, and so on other phases.


B, the benchmark interest
rate changes in the first day of each Interest Period.


(3) Other: /


3.3 Interest for the borrower under the contract
is calculated on a daily basis from the date of withdrawal and is paid on a monthly basis (month / quarter / half year) interest
settlement. When the loan matures, interest should be settles along with the principal. One day interest rate = interest rate /
360.


3.4 Late penalty rate under the contract is
50% of the original loan interest rate, penalty interest rate for misappropriation of the loan is 100% of the original loan interest
rate.


 


		Article 4	Withdrawal(this section does not apply to loan
cycles)



4.1 Funds should be withdrawn based on the
actual needs, the borrower can make single or multiple withdrawals to the loan amount limit before 9th July 2018.


4.2 If the borrower does not withdraw according
to the contract, the lender has the right to cancel all or part of the remaining unused balance. 


 


		Article 5	Repayment



5.1 Borrower repay the loan under this contract
in one single lump sum.


5.2 If the Borrower prepay the principal in
advance, the borrower should compensate the lender. The compensation should be calculated as: the amount of principle that is prepaid
x the remaining time under the contract (number of months) x %; the number of months calculated for remaining time should be rounded
to the greater integral number.


 


		Article 6	Cycle
Loan Special Agreement



not applicable.


 


		Article 7	Guarantees



7.1 Loans under the contract are guaranteed


7.2 The borrower should provide Legitimate,
sufficient, effective guarantee to the lender, and signed guarantee contract with the lender.


 


		Article 8	Other



Under the contract, the corresponding
maximum guarantee contracts are the following:


Maximum amount of guarantee contract name:
"the maximum guaranteed contract" (ID: ICBC 0400000928-2015 henggangbaozi 0014)


Guarantor: Huizhou Highpower Technology Co.,
Ltd.


Maximum amount of guarantee contract name:
"the maximum guaranteed contract" (ID: ICBC 0400000928-2015 henggangbaozi 0013)


Guarantor: Hong Kong Highpower Technology
Co., Ltd.


Maximum amount of guarantee contract name:
"the maximum guaranteed contract" (ID: ICBC 0400000928-2015 henggangbaozi 0012)


Guarantor: Dangyu Pan


Maximum amount of guarantee contract
name: "the maximum Collateral contract" (ID: ICBC 0400000928-2016 henggangdizi 0024)


Guarantor: Shenzhen Highpower Technology Co.,
Ltd.


 






     


     


    

 


The Second Part     Specific
Provisions


 


		Article 1	Rate and Interest



1.1 In foreign currency borrowings, LIBOR
is the benchmark interest rate on the withdrawal date or two banking days before the adjustment date of base interest rate (11:00
noon London time) Reuters (REUTRES) Financial Telecommunication terminal "LIBOR" page displays the borrower under this
contract currency interbank offered rate; HIBOR as the benchmark interest rate adjustment date or withdrawal two banking days before
(11:15 noon Hong Kong time) Reuters (REUTRES) Financial Telecommunication terminal "HIBOR" page shows the same industry
in HK Offered Rate.


1.2 For loans with floating interest rates
under the contract, , the rules to adjust the underlying interest rate will not be changed.


1.3 For loans with interest rates settled
monthly, interest settlement date is 20th of each month; For loans with interest rates settled quarterly, the interest settlement
date is the 20th of the last month of each quarter; For loans with interest rates settled semi-annually, interest settlement
dates are June 20 and December 20 of each year.


1.4 The first interest period is from the
actual withdrawal date to the date of the first interest settlement date; the last interest period is from the following day after
the previous interest period to the final repayment date; other interest period is from the following day after the previous interest
period to the next interest settlement date.


1.5 In the case the People's Bank of China
adjust the policies to mandate loan interest rate, the lender will follow such policies, and will not notify the borrower.


1.6 Upon signing the contract, if the loan
interest rate is discounted from the base interest rate determined by People’s Bank of China, the Lender has the right to
reevaluate the discount given to the Borrower based on the national policies, credit quality of the borrower, and the changes of
the guarantors, etc. The Lender has the discretion to decide on the cancellation of part or all discount, and will notify the borrower
in the due course.


 


		Article 2	Loan Withdrawal and Release



2.1 Upon withdrawal, the borrower must meet
the following prerequisites, otherwise lenders are not obliged to release any funds to the borrower, except the lender agrees to
advance loans:


(1) Except loans on credit, the Borrower has
provided appropriate guarantee according to the Lender’s requirements, and related guarantee procedures are completed;


(2) No breaches occurred under this contract
or other contracts signed by the Borrower and the Lender.;


(3) Evidence of use of funds provided by the
borrower conforms to the agreed use of funds;


(4) Provide any other materials needed by
the lender.


2.2 The written documents provided by the
Borrower to the Lender upon withdrawal shall be original; Under conditions that original written documents can not be provided,
after the consent of the Lender, a copy of the duplicate with the official seal stamped from the Borrower.


2.3 Borrowers must submit withdrawal notice
to the Lender at least five banking days in advance before any withdrawal. Once withdrawal notice is submitted, without the written
consent of the lender, it may not be revoked.


2.4 If the Borrower meets the prerequisites
for withdrawal or agreed by the Lender to advance the loan, the lender transfers loan amount to the designated borrowers’
account, the lender is deemed to have issued the loan to the Borrower in accordance with the contract.


2.5 In accordance with relevant regulatory
requirements and management requirements of lenders, loans more than certain amount or that meet other conditions should be paid
by entrusted payment of the Lender, the Lender should pay loans to the designated object with the borrower's withdrawal application
and payment commission.


Therefore, the Borrower should sign
entrusted payment agreement with the Lender as the attachment of the contract, and should open or designate a specific account
at the Lender’s bank to settle the payments.


2.6 During handling of entrusted payment,
the Borrower shall provide the Lender with the account information of the payment object and the materials of proving compliance
of withdrawal with the agreed purpose each time when the Borrower withdraws money. The Borrower shall ensure that all materials
provided for the Lender are true, complete and effective. 


2.7 During handling of entrusted payment,
the Lender shall review the relevant materials provided by the Borrower, including the information about the payment object and
the materials of proving the loan purpose. If the Lender fails to complete entrusted payment timely due to untrue, incorrect and
incomplete materials provided by the Borrower, the Lender shall not bear any liability arising therefrom.


 






     


     


    

 


2.8 If the Lender discovers through examination
that the materials of proving purpose and other relevant materials provided by the Borrower are not consistent or have other defect,
the Lender shall have the right to demand the Borrower to supplement, replace, explain or re-submit relevant materials. The Lender
shall have the right to refuse the granting and payment of relevant funds before the Borrower submits relevant materials satisfied
by the Lender.


2.9 According to the Borrower's different
loan purposes, the Lender shall have the right to demand the Borrower, the independent intermediary agency and other related party
to issue the relevant supporting materials signed by the party. The Lender shall make granting and payment of financing funds on
the basis of these supporting materials.


2.10 If the Lender thinks through review that
the materials provided by the Borrower are consistent with the loan purpose agreed and the Borrower's withdrawal complies with
this Contract, firstly, the Lender shall transfer the loan to the account designated by the Borrower and then, transfer the relevant
funds to the account of the payment object of the Borrower as needed on the basis of the relevant business vouchers provided by
the Borrower.


2.11 Under any one of the following circumstances,
the Lender shall have the right to re-determine the conditions for granting and payment of loan, or stop granting and payment of
loan:


(1) the Borrower provides the Lender with
false or invalid materials to obtain financing;


(2) the Borrower suffers from any material
adverse change to its production and operation, decline of its credit status or breach of contract hereunder;


(3) the Borrower fails to withdraw and pay
financing funds pursuant to this Contract, thereby causing abnormal use of financing funds;


(4) the Borrower evades entrusted payment
in violation of this Contract or the relevant regulatory provisions, such as breaking up the whole into parts;


(5) the loan account or the payment object's
account designated by the Borrower is frozen or suspended by the relevant competent authority.


2.12 If the loan account or the payment object's
account designated by the Borrower is frozen or suspended by the relevant competent authority, thereby causing the Lender unable
to complete entrusted payment timely according to the Borrower's entrustment, the Lender shall not bear any liability and the Borrower's
obligation of repayment having been generated hereunder shall not be affected.


2.13 In case of the Borrower's direct payment
of the loan hereunder, the Borrower promises to accept and actively coordinate the Lender to inspect and supervise the use situations
of the financing funds, including the purpose, by means of account analysis, voucher examination and site investigation. the Borrower
shall summarize and report the loan use situations on a regular basis according to the Lender's requirements.


2.14 If the materials that the Borrower provides
the Lender are untrue, incomplete or ineffective, thereby causing losses to the Lender, the Borrower shall make compensation.


2.15 If the Lender does not grant or pay loan
timely as agreed herein, the Lender shall bear the relevant liability for breach of contract, except as otherwise provided herein.


2.16 If the Lender fails to pay the relevant
funds on time due to force majeure events which are unforeseeable, inevitable and insurmountable, such as war and natural disaster,
or due to failure of the Lender's system or communications, the Lender shall not bear any liability arising therefrom, but the
Lender shall notify the Borrower timely by telephone or in written form.


 






     


     


    

 


		Article 3	Repayment



3.1 The Borrower shall timely repay the contract
principal, interest and other payables in full. On the payment date and one banking day before each settlement day, current payable
interest, principal and other payables should be fully deposited into the repayment account opened at the Lender’s bank ,
which shall be collected by the Lender on the repayment date or interest settlement date, or the Lender has the right to require
the Borrower handle transfer procedure . If the repayment amount in the account is insufficient to cover all due amounts of the
Borrower, the lender has the right to decide the liquidation order.


3.2 The Borrower should submit written application
10 banking days in advance for advanced repayment of all or part of the loans to the lender with the consent of the Lender to pay
compensation to the Lender in accordance with the standard agreed in the contract.


3.3 The Borrower shall repay due principal,
interest and other payables in advance with the consent of the Lender according to the contract on the advanced repayment date
..


3.4 The lender has the right to call loans
in advance according to the returning situation of borrower’s funds.


3.5 If the actual loan period is shorten because
of the advanced repayment by the Borrower or advanced loan call by the Lender according to the contract, the corresponding interest
rate level will not be adjusted.


 


		Article 4	Cycle Loan (not applicable)



4.1 If the loan hereunder is revolving,
at any time within the use term of the revolving loan limit, the sum of the Borrower's remaining loan shall not exceed the revolving
loan limit. The term of each loan withdrawn by the Borrower shall be from the actual date of withdrawal to the agreed date of repayment,
subject to the IOU. The date of repayment of each loan withdrawn shall not exceed the use term of the revolving loan limit.


4.2 Where the loan hereunder is revolving,
The Lender shall have the right to cancel the revolving loan limit if the Borrower fails to make withdrawal within three (3) successive
months as of the date of signature of this Contract.


 


		Article 5	Guarantee



5.1 In addition to loans on credit, the borrower
should provide legitimate and effective guarantee that is accepted by the Lender to fulfill the obligations under the contract
.. Guarantee contracts are signed separately.


5.2 Borrower shall promptly notify the lender,
and further provides other guarantees accepted by the Lender under the conditions that damages, depreciation, property disputes,
being seized or detained, or discreet disposal of collateral by the Borrower, or the guarantor’s financial condition changes
adversely,


5.3 If accounts receivables are pledged as
collaterals under the contract during the period the contract is still effective, the lender has the right to declare early maturity
of loans, and require the borrower to immediately repay some or all of loan principal and interest, or request additional legitimate
and effective collaterals against the loans, if one of the following conditions occur,


(1) The pledgor of the accounts receivable
bad debt increases on the payer of which the accounts receivable are pledged, for two consecutive months;


(2) The accounts receivable that is uncollectable
accounts for over 5% of the pledgor’s total accounts receivable.


(3) The accounts receivable is due and uncollectable
when trade disputes (including but not limited to quality, technology, service-related disputes) or debt disputes between the pledgor
and payer


 


		Article 6	Account Management



6.1 Borrower shall designate a special account
at the Lender’s bank for cash inflows for collecting sales revenues or planned capital repayment. Corresponding to the sales
in the form of non-cash settlement, the borrower should ensure timely receipt of funds into the designated account.


6.2 Lender has the right to monitor the designated
account, including but not limited to the capital income and expenditure, the borrower should cooperate. If required by the Lender,
the Borrower should enter into a special account control agreement.


 






     


     


    

 


		Article 7	Representations and Warranties



Borrower makes the following representations
and warranties to the lender, and such representations and warranties remains in effect under the term of the contract:


7.1 Borrower shall have the qualification,
and ability to perform the contract signed with the Lender.


7.2 The Borrower has received all the necessary
authorization or approval to sign and perform this contract, which is not in violation of the Articles of Association and relevant
laws and regulations, and shall bear other obligations under the contract not in conflict with other contracts.


7.3 The borrower has been scheduled to meet
other debt payments, bank loan principal and interest owed no malicious behavior.


7.4 The borrower has a sound organizational
and financial management system, in the last year of production and management process has not a major act of violation of discipline,
the current senior management has no significant adverse record.


7.5 The borrower provides to the lender of
all documents and information are true, accurate, complete and effective, there is no false record, misleading statement or significant
omission.


7.6 The borrower provides to the lender's
financial and accounting reports are prepared under Chinese accounting standards, true, fair and complete reflection of the borrower's
operations and liabilities, and the borrower's financial situation has not any material adverse change since the most recent financial
reporting period.


7.7 The borrower has not concealed to the
lender any litigation, arbitration or claim involved.


 


		Article 8	Borrower Commitment



8.1 The Borrower withdraws and uses funds
under terms and conditions in the contract. The borrowed money is not used for fixed assets and equity and other investments, not
in any way into the stock market, futures market or uses prohibited by relevant laws and regulations.


8.2 Repay the loan principal and interest
and other payables in accordance with the contract.


8.3 Accept and actively cooperate with the
lender for account analysis, inspection, on-site reviews, etc., including use of the loan, including the use of funds and supervision
of the inspection. In accordance with the lender’s requirements, the borrower periodically provides summary reports for the
use of funds.


8.4 Accept the lender's credit check required
by the lender, and provide the lender with balance sheet, income statement and other financial and accounting information reflecting
the borrower's solvency, to actively assist and cooperate with the lender to investigate and review its financial situation and
production operations.


8.5 Before paying off the loan principal and
interest under the contract and other payables, the Borrower is not allowed to repay and dividends.


8.6 For the merger, divesture, reduction,
changes in ownership, transfer of substantial assets and debt, significant foreign investment, substantial increase in debt financing
and other activities that may adversely affect the rights of the Lender’s interest, prior written consent is required by
the lender.


8.7 One of the following circumstances occurs,
notify the lender:


(1) The change on articles of incorporation,
business scope, registered capital, the legal representative;


(2) Out of business, dissolution, liquidation,
business for rectification, revocation of business license is revoked or application (by application) bankruptcy;


(3) Or may be involved in major economic disputes,
litigation, arbitration, or the property was legally seized, detained or regulation;


(4) Shareholders, directors and senior management
is currently involved in serious cases or economic disputes.


8.8 Timely, completely and accurately disclose
related party relationships and related party transactions.


8.9 Sign and verify notices mailed,
or in the form, from lender ..


8.10 Not dispose of assets in order to reduce
the solvency; provide guarantees to third parties without damaging the interest of the lender.


 






     


     


    

 


8.11 If the loans under the contract are on
credit basis, the Borrower should provide complete, true, accurate information to reflect providing guarantees that may affect
its obligations under this contract, and acquire written consent from the lender.


8.12 Take responsibility for the expenses
from the Lender in purpose of fulfillment of contracts, including but not limited to litigation or arbitration fees, property preservation
fees, legal fees, execution fees, assessments fees, auction fees, notice fees.


8.13 Debt settlement under the contract is
in priority to its shareholders, and at least has equal status with the borrower's other similar debt from other creditors and
borrowers.


8.14 Reinforce the social and environmental
risk management, and agree to accept inspections by the Lender. If requested by the Lender, the Borrower agrees to provide the
corresponding report.


 


		Article 9	Lender Commitment



9.1 Release loans to the Borrower in accordance
with the contract.


9.2 Maintains the confidentiality of non-public
information, except required by laws and regulations otherwise.


 


		Article 10	Breach of Contract



10.1 Any of the following events constitutes
an event of breach:


(1)The borrower fails to repay principal,
interest, and other payables in accordance with the provisions specified in this contract, or fails to fulfill any other obligations
in this contract, or contrary to the statements, guarantee and commitments in this contract;


(2)The guarantees in this contract have
adversely changed to the Lender’s loan, and the Borrower is not available to provide other guarantees approved by the lender;


(3) Fail to pay off any other debts
due by the Borrower, or fails to fulfill or breach other obligations in this contract, or likely to affect the performance of the
obligations in this contract;


(4) The financial performance of the
profitability, debt payment ability, operating capacity and cash flow of the Borrower exceed the agreed standards, or deterioration
has been or may affect the obligations in this contract;


(5) The Borrower's ownership structure,
operation, external investment has changed adversely, which have affected or may affect the fulfillment of the obligations in this
contract;


(6) Borrower involves or may involve
significant economic disputes, litigation, arbitration, or asset seizure, detention or enforcement, or judicial or administrative
authorities for investigation or take disciplinary measures in accordance with the laws, or illegal with relevant state regulations
or policies in accordance with the laws, or exposure by media, which have affected or may affect the fulfillment of the obligations
in this contract;


(7) The borrower’s principal individual
investors, key management officer’s change, disappearances or restriction of personal liberty, likely to affect the performance
of the obligations in this contract;


(8) The borrower using false contracts
with related parties, using no actual transaction to extract the lender’s funds or credit, or evasion of lender’s loan
right through related party transactions;


(9) Borrowers have been or may be out
of business, dissolution, liquidation, business reorganizations, business license has been revoked or bankruptcy;


(10) Borrowers breaches food safety,
production safety, environmental protection and other environmental and social risk management related laws and regulations, regulatory
requirements or industry standards, resulting in accidents, major environmental and social risk events, likely to affect the performance
of the obligations in this contract;


(11) In this contract, the borrowing is paid
by credit, the borrower's credit rating, level of profitability, asset-liability ratio, net cash flow of operating and other indicators
do not meet the credit conditions of the lender; or without the lender’s written contract, pledges guarantee or provides
assurance guarantees to other party, likely to affect the performance of the obligations in this contract;


(12) Other adverse situations may affect
in the realization of loan right in this contract.


 






     


     


    

 


10.2 If the borrower breaches of contract,
the lender has the right to take one or more of the following measures:


(1) Require the borrower to remedy the
default within a certain time limit


(2) Terminate other financing funds
in other contract issued to the borrower by the lender, cancel part or all of undrawn borrowings and other financing amount of
borrower;


(3) Announce the outstanding loan and
other financing amount between the lender and the borrower in this contract, and take back the outstanding amounts;


(4) Requires the borrower to compensate
the loss of the lender caused by the breach of contract;


(5) Measures according to provisions of lows
and regulations, provisions of this contract and other necessary measures.


10.3 If the borrower fails to repay the due
loan (including loan declared expire immediately), the lender has the right to charge penalty interest according to penalty interest
rate agreed by this contract from the due date. The interest fails to repay on time, charge compound interest according to overdue
penalty interest rate. 


10.4 Borrower fails to use the loan for agreed
usage, the lender has the right charge penalty interest on embezzlement according to embezzlement penalty interest rate agreed
by this contract. The interest fails to repay on time during the embezzlement period, charge compound interest according to embezzlement
penalty interest rate. 


10.5 The borrower simultaneously happens
the situations in section 10.3, 10.4, choosing the heavier interest rate to charge, cannot impose in double. 


10.6 If the borrower does not repay the principal,
interest (including interest and compound interest) or other payables on time, the lender has the right to announcements through
the media for collection. 


10.7 If the control or controlled relationship
between related parties of the borrower and the borrower changes, or the related parties of the borrower happens the other situations
except the situations of (1) and (2) in above provision 10.1, likely to affect the performance of the obligations of the borrower
in this contract, the lender has the right to take the measures agreed in the contract.


 


		Article 11	Deduction



11.1 Borrower does not repay the due debt
in this contract according to this contract(including the debt declared due immediately), the lender has the right to deduct corresponding
amount from all the functional and foreign accounts opened at the branches of ICBC, until all the debt of the borrower in this
contract are paid off.


11.2 If the currency of deduct payments is
inconsistent with the currency in this contract, the exchange rate on the deduction day is the applicable exchange rate. The interest
and other fees during the deduction fees and debt pay off day, and the difference because of fluctuations the exchange rate during
this period is assumed by the borrower.


11.3 If deducted amount for the lender is
insufficient to pay off all debts, the lender has the right to determine the payment order.


 


		Article 12	Transfer of Rights and Obligations



12.1 Lender has the right to transfer all
or part of the right in this contract to a third party, the transferring actions do not need to acquire the consent of the borrower.
If without the consent of the lender in writing, the borrower cannot transfer any right and obligations in this contract to a
third party.


12.2 The Lender or China Industrial and Commercial
Bank Limited ("ICBC") can Authorize or commit the other branches to perform the rights and obligations in this contract
according to operation need, or transfer the loan right in this contract to the other branches of ICBC, the borrower must agree,
and the above actions of the lender do not need to ask for permission of borrower. The other branches which undertake the lender’s
rights and obligations have the right to perform all rights in this contract, and have right to apply for litigation, arbitration,
compulsory execution for the disputes in this contract in the branch’s name.








     


     


    

 


		Article 13	Effect, Change and Terminate of this Contract



13.1 This contract is effective since the
signature date, and is terminated on the day the borrower performs all the obligations in this contract.


13.2 Any change of this contract shall be
agreed by all parties involved and be made in writing. The changes of provisions and agreements are part of the contract, has equal
legal right with the contract. Except the changed part, the rest part of this contract is still valid, before the changes is in
effect, the original terms of this contract is still valid.


13.3 The change or termination of this contract
will not affect the right of all parties involved to require compensation. The termination of this contract, will not affect the
effectiveness of the dispute settlement provisions.


13.1 This Contract shall become effective
upon electronic signature by the Borrower and confirmation by the Lender and shall be terminated as of the date when the Borrower
has performed all obligations hereunder. The Lender may confirm this Contract by showing the validity status of this Contract in
the electronic banking system.


13.2 If the loan amount, loan term or other
contract elements are incorrectly shown in the banking system of the Industrial and Commercial Bank of China due to system failure
or force majeure, the Lender shall have the right to make correction.


13.3 The Borrower has known and fully understood
various transaction rules of online banking and other electronic banking systems of the Industrial and Commercial Bank of China
in connection with this Contract. The Borrower shall keep the customer certificates and passwords appropriately. Any operation
by use of the customer code (card number), password or customer certificate shall be deemed as the Borrower's operation. The electronic
record arising therefrom shall be taken as the voucher for proving and dealing with the financing relations hereunder.

The Borrower's electronic signature hereon with an online banking certificate in the online banking of the Industrial and Commercial
Bank of China shall be deemed as the Borrower's individual signature or the signature authorized by the Borrower.


13.4 Except as otherwise provided herein,
no party may change or cancel this Contract unilaterally after the effectiveness of this Contract; any amendment or change to this
Contract shall be made in a written contract upon unanimity through consultation between both parties.


13.5 Where there is any change of relevant
national laws, regulations or policies, thereby causing all or part of this Contract not complying with the requirements of relevant
national laws, regulations or policies, both parties shall amend the relevant clauses timely through consultation.


13.6 The invalidity or unenforceability of
any clause of this Contract shall neither affect the validity and enforceability of the other clauses hereof nor affect the validity
of the entire Contract.


13.7 Change and cancellation of this Contract
shall not affect the contracting parties’ right to claim for compensation for the losses. Cancellation of the Contract shall
not affect the validity of the provisions concerning settlement of dispute.


 


		Article 14	Law and Dispute Resolution



The contract formation, validity, interpretation,
performance and dispute settlement are applicable PRC laws. All caused by the contract or in connection with the contract-related
disputes and disputes, both parties should be resolved through consultation, the consultation fails according to the contract settlement.


 


		Article 15	Complete Contract



The first part of this contract, "borrowing
conditions" and the second part of the "liquidity loan contract terms," together form a complete loan contract,
the same two words have the same meaning. The loan borrower is constrained by the above two parts.


 


		Article 16	Notice



16.1 All notices under the contract should
be given in writing. Unless otherwise agreed, the parties designated residence stated in this contract for communication and contact
address. Address of any party or other contact is changed, shall be in writing promptly notify the other party.


16.2 One party can notify the other party
in the form of announcement or notary service if the recipient party refuses to receive other circumstances that cause inability
to deliver.


 






     


     


    

 


		Article 17	Special Provisions for Value-added Tax



17.1 The costs/interest and expenses (to be
determined pursuant to the specific contract) that the Borrower pay the Lender under this Contract shall be a tax-included price.


17.2 If the Borrower requests the Lender to
issue a value-added tax invoice, the Borrower shall register information with the Lender. The information registered shall include
full name of the Borrower, identification number or social credit code of the taxpayer, address, telephone number, opening bank
and account number. The Borrower shall ensure that the relevant information provided for the Lender is accurate, correct and complete.
The Borrower shall, according to the Lender’s requirements, provide relevant supporting materials. The specific requirements
shall be announced by the Lender through website notice or website announcement.


17.3 If the Borrower collects a value-added
tax invoice itself, the Borrower shall provide the Lender with a power of attorney sealed, designate a person for collecting and
define the identification card number of the person. The person designated shall take the original of his identification card for
collecting the value-added tax invoice. In case of change of the person designated for collecting, the Borrower shall issue to
the Lender a new power of attorney sealed. In the event that the Borrower selects to collect the value-added tax invoice by post,
the Borrower shall also provide the correct mailing information for service. In case of change of the mailing information, the
Borrower shall notify the Lender timely in written form.


18.4 If the Lender is unable to issue a value-added
tax invoice timely due to force majeure, such as natural disaster, government act and social exceptional events, or due to causes
attributable to tax authorities, the Lender shall have the right to postpone issue of a value-added tax invoice, without bearing
any liability.


17.5 If the Borrower is unable to receive
a relevant copy of the value-added tax invoice due to causes not attributable to the Lender, such as loss, damage or delay of the
invoice after the Borrower collects or the Lender submits to a third party to post the invoice, or if the Borrower is unable to
make deduction due to delay of the value-added tax invoice, the Lender shall not bear liability of compensation for the Borrower’s
relevant economic losses.


17.6 Should a special red-letter invoice of
value-added tax be issued resulting from sales return, suspension of taxable service or wrong information of invoice, or authentication
failure of deduction copy and invoice copy, where the Lender should submit an Information Table for Issuing a Special Red-Letter
Invoice of Value-Added Tax to a tax authority in accordance with relevant laws, regulations and policy documents, the Borrower
shall submit an Information Table for Issuing a Special Red-Letter Invoice of Value-Added Tax to the tax authority, and the Lender
shall issue a special red-letter invoice of value-added tax after the tax authority makes review and notifies the Lender.


17.7 In case of adjustment of the national
tax rate during the execution period of this Contract, the Lender shall have the right to adjust the price agreed herein according
to the change of the national tax rate.


 


		Article 18	Other



18.1 No failure to exercise or partially exercise
or delay in exercising any right hereunder by the Lender shall be deemed as a waiver or change of this right or any other right
or affect the Lender to further exercise this right or other rights.


18.2 The invalidity or enforceability of any
provision of the Contract shall neither affect the validity or enforceability of any other provision hereof nor affect the validity
of the entire Contract.


18.3 Annex and various supplementations, amendments
or modifications to this Contract shall be deemed as an integral part of the Contract and shall have the same equal legal force
as this Contract.


18.4 According to the provisions of relevant
laws and regulations or the requirements of the financial regulatory institutions, the Lender shall have the right to provide the
information related to this Contract and the Borrower’s other relevant information for the credit consulting system of the
People’s Bank of China and other credit information database established by law, for the eligible institutions or individuals
for consultation and use. For the purpose of conclusion and performance of this Contract, the Lender shall also have the right
to inquire the Borrower’s relevant information through the credit consulting system of the People’s Bank of China and
other credit information database established by law.


18.5 The terms of “the affiliated parties”,
“the relationship between affiliated parties”, “the affiliated party transaction”, “the main individual
investor” and “the key managerial personnel” stated in the Contract shall have the same meanings as those defined
in the Accounting Standards for Enterprises No. 36 - Disclosure of Affiliated Parties (Finance and Accounting (2006) No. 3) issued
by the Ministry of Finance and future amendment thereto.


 






     


     


    

 


18.6 The term “environmental and social
risk” means the danger and relevant risk which are likely to cause by the Borrower and its affiliated party during construction,
production and operation activities, including the environmental and social problems related to energy consumption, pollution,
land, health, safety, resettlement of inhabitants, ecological protection and climate change.


18.7 The documents and vouchers for the loan
hereunder made and kept by the Lender according to its business rules shall constitute effective evidences of proving the claim
and debt relationship between the Borrower and the Lender and shall be binding upon the Borrower.


18.8 In this Contract, (1) this Contract referred
to herein shall include any amendment or supplementation to this Contract; (2) the headings to the articles hereof are for ease
of reference only, and in no event shall the substance of any paragraph be interpreted and the contents and scope be restricted
by such headings; (3) if the date of withdrawal or repayment is not a banking day, it shall be extended to the next banking day.


 


Both parties confirm: the Borrower and the
Lender have made full consultation on all terms and conditions of this Contract. The Lender has reminded the Borrower to pay special
attention to the provisions for the rights and obligations of both parties and have overall and correct understanding of these
provisions. At the Borrower’s request, the Lender has interpreted and explained relevant provisions. The Borrower has carefully
read and fully understood of all terms and conditions of this Contract (including Part 1 Basic Provisions and Part 2 Specific
Provisions). Both the Borrower and the Lender have completely consistent understanding of all terms and conditions of this Contract
and have no objection to the contents of this Contract.