Kandi Technologies Group, Inc.: Exhibit 10.25 - filed by
   newsfilecorp.com






Exhibit 10.25 

Private Placement Bond Underwriting Agreement of

Medium-Sized and Small Enterprises 


This agreement is made the 26 day of the month of Dec, 2013,
between the two parties in Shanghai 

Party A: Zhejiang Kandi Vehicles Co., ltd 
Location: Jinhua
Industrial Zone 
Legal Representative: Xiaoming Hu

Party B: Everbright Securities co. ltd.
Location: No. 1508,
Xinzha Road, Jing'An District, Shanghai, China
Legal Representative:
Changqing Yuan

	Everbright Securities co. ltd. is a company lawfully formed and validly
  existing by virtue of the law of China. The company holds license of the
  business corporation issued by State Administration for Industry and Commerce
  (registration No: 100000400009059) and security business permit issued by
  Securities Regulatory Commission (No.Z22831000). The company has been audited
  and verified by SAC (Security Association of China) and is qualified as a
  securities underwriter. 









Whereas


	
1. 		
Party A intends to be filed with Shenzhen Stock Exchange ( hereinafter called the Exchange ), applying for issuing private placement bond, total amount of which shall not exceed 80 million yuan, of 2013 medium-sized and small
enterprises of Zhejiang Kandi Vehicles Co., ltd.

	
	 	 
	
2. 		
Party B is qualified as a bond underwriter.

	
	 	 
	
3. 		
Party A agrees Party B to act as 2013 private placement bond underwriter of Zhejiang Kandi Vehicles Co., ltd , meanwhile Part B shall underwrite bond of current period on a principal basis (standby underwriting ), which has been
approved by Party A.

	
	 	 
	
4. 		
Party A hereby undertakes that all information it provides is authentic, accurate and complete.

	
	 	 
	
5. 		
Both Party A and B hereby undertake that they have legal and disposing capacity to sign and perform this agreement. The agreement shall become legal binding once it is signed.

	
	 	 
	
6. 		
Both Party A and Party B hereby undertake that rights and obligations they are responsible for under this agreement are legal and valid. Signing and implementing the agreement shall not conflict with obligations that need to take
under other contract, neither shall affect fulfillment of obligations of this agreement.

	








Based on mutual trust, equality and mutual benefit after
friendly negotiation, now therefore the parties hereto hereby agree the
following underwriting agreement: 

Definitions 

Unless the context otherwise requires, the following terms
whenever used in this agreement has the following meanings: 

“Issuer” or “Kandi Vehicle”: means Zhejiang Kandi
Vehicles Co., ltd. 

“Bond of current period” : means private placement bond
issued by Zhejiang Kandi Vehicles Co., ltd , of “ private placement bond of 2013
medium-sized and small enterprise” , total amount of which shall not exceed 80
million yuan. 

“Issuing for this period”: means issuing bond for the
current period.

“Prospectus”: means prospectus of 2013 medium-sized and
small enterprises of Zhejiang Kandi Vehicles Co., ltd, for raising funds through
issuance of corporate bonds.

“Underwriter”: means Everbright Securities Co., ltd
(hereafter called the “Everbright Securities”

“China securities registrar company “: means China
securities registrar and clearance company with limited liability. 




“Public holiday or non-working day”: means official
holidays that enacted by PRC and no-working days that stipulated by government
(exclude public holidays and non-working days of HK. SAR and Taiwan) 

“Working days”: means Monday to Friday each week
(exclude public holidays and non-working days stipulated by government) 

“Yuan”: unless otherwise stated, “yuan” means RMB

“Standby underwriting”: means Party B shall purchase the
unsold bonds of current period to be offered by Party A at the end of the
underwriting period under this agreement defined herein. (This clause applies to
standby commitment approach) 

“Funds to be raised”: means all or part of funds raised
from issuance of bonds in this period (depending on context).

“The two parties”: means Party A and Party B

“Document of public offering”: means document, material
or other information required in the process of issuing bond of current
period.(Including, but not limited to announcement, prospectus) 

“Initial public offering”: means the initial public
offering on date of Dec, 27, 2013 (the first day of offering period).

Chapter 1 Summary of Bond of Current Period 





	1.1 	
      Name of Bond: private placement bond of 2013 medium-sized
      and small enterprises of Zhejiang Kandi Vehicles Co., ltd (“13 Kandi bond
      “ for short)

	 	 
	1.2 	
      Issuer: Zhejiang Kandi Vehicles Co., ltd.

	 	 
	1.3 	
      Total amount of bond to be issued: the amount shall not
      exceed 80 million yuan. ( subject to the amount stated in Acceptance
      Notice of Filing issued by Shenzhen Stock Exchange )

	 	 
	1.4 	
      Bond period and interest rate: bond of current period
      refers to 3 (2+1) –year bond with fixed interest rate, coupon rate in
      previous 1 years shall be 11.5%, raising coupon rate option of issuer and
      put back potion of investor shall be presented in the end of the second
      year. Interest accrual of bond of current period adopts simple interest
      method on yearly basis; compound interest shall not be accrued. Interest
      of overdue neither shall be accrued. Interest rate of issuing the bond of
      current period shall be set on basis of benchmark interest rate for loan
      stipulated by bank plus basic interest margin 5.35% for the corresponding
      period, benchmark interest rate for loan at the same period is subject to
      latest rate released on the website of People’s Bank of China.

	 	 
	1.5 	
      Method of repaying principal and paying the interest: the
      interest rate shall be paid annually. Interest of the final issuing shall
      be paid with capital.








	1.6 	
      Forms of bond issuing: bonds issued shall be real-name
      registered with book-entry form, registration and clearance service shall
      be provided by China securities registrar and clearance company
    (LLC).

	 	 
	1.7 	
      Issuing price: par value of bond of current period shall
      be 100 yuan, issued in parallel.

	 	 
	1.8 	
      Subscriber: amount of bond subscribed shall be integer
      multiples of 1000 yuan and no less than 1000 yuan.

	 	 
	1.9 	
      Issuing method: bond of current period shall be issued to
      specific qualified investors who have strong risk identification and
      tolerance capability via private placements.




	1.10 	
      Range and terms of issuance: bond of current period shall
      be issued to qualified institutional investor, personal investor,
      director, supervisor, senior manager of the issuer, and a shareholder who
      holds 5% or more of the shares of the issuer, as well as underwriter.
      Institutional investor that qualified to subscribe and transfer private
      placement bond shall meet the following conditions: 

      (1) Financial institutions, including commercial bank,
      securities company , fund management company , trust company, and
      insurance company, etc. that established upon approval of relevant
      financial authorities. 

      (2) Financial product issued by financial institutions
      listed above 



includes but not limited to bank’s financial product, trust
product, unit-linked product, fund product, asset management product of
Securities Company. 




(3)Enterprise legal person with no less than 10 million yuan
registered capital. 

(4) Partnership enterprise with no less than 50 million yuan of
subscribed capital contribution of partner in total, and no less than 10 million
yuan of actual paid capital.

(5) Other qualified institutional investor recognized by
Shanghai Stock Exchange and Shenzhen Stock Exchange. 

Where otherwise restrictive provisions stipulated under other
law and regulations or authorities regarding the above listed investment subject
, the provisions thereof shall be abide by. 

1.11. Offering period:2 working days, from initial day of
issuing to Dec. 30, 2013.

1.12. Initial public offering: the first day of issuance,
namely date Dec 27, 2013.

1.13. Value date: interest accrual shall start from the date of
initial public offering; Dec.27 of each year shall be the interest accrual date
of accrual period in duration of the bond.

1.14. Accrual period: bond of current period shall be from Dec.
27, 2013 to Dec. 26,2016. Where investor selects put back potion, the accrual period of the bond put back shall be from Dec. 27, 2013 to Dec.
26,2014.




1.15. Interest payment date: interest payment date of bond of
current period shall be Dec. 27of each year from 2014 to 2016(if the payment
date is a public holiday or non-working day, it shall be postponed till the
first following working day), where investor selects put back option, interest
payment date for the put back part of bond shall be Dec. 27, 2014 (if the
payment date is a public holiday or non-working day, it shall be postponed till
the first following working day).

1.16. Bond cashing date: cashing date of bond of current period
shall be Dec. 27,2016(if the cashing date is a public holiday or non-working
day, it shall be postponed till the first following working day), where investor
selects put back option, cashing date for the put back part of bond shall be
Dec. 27,2014 (if the cashing date is a public holiday or non-working day, it
shall be postponed till the first following working day). 

1.17. Where issuer selects raising coupon rate option: issuer
may decide whether to raise coupon rate of private placement bond for two years
in the end of the first year. Issuer shall announce whether to raise coupon rate
of the bond and the raising rate in the specified column on website of Shenzhen
Stock Exchange, and the announcement shall be made on the 30th
trading day before interest payment day of the first interest accrual
period of the bond. Where the raising coupon rate option is not exercised by the issuer, coupon rate of bond of current period
shall be maintained the same as original rate for the follow-up period. 




1.18. Put back option for investor: when issuer announces
whether to raise coupon rate and the raising rate of bond of current period,
investor may exercise the right of selling all or part of the bond they hold
back to issuer according to par value on the interest payment date of the first
interest accrual period. Where investors select to sell all or part of bond of
current period they hold back to issuer, the investor shall register within 5
working days from date of a raising coupon rate announcement. Where investor
exercises the right of selling back, interest rate payment day of the first
interest accrual period of current period bond shall be payment day for selling
back, issuer shall complete the payment work for selling back in compliance with
regulations stipulated by Stock Exchange and bond registration institution.
Where the investor does not make the registration, it shall be regarded as
keeping the bond of current period and accept the decision made by issuer regard
to whether to raise coupon rate and the bond of current period. 

1.19. Method of cashing principal and interest: the transaction
shall be handled through bond related registration and trustee agency. 

1.20. Method of underwriting: bond shall be standby
underwritten by underwriter.

1.21. Underwriter: Everbright Securities co. ltd.




1.22. Place of transfer: qualified investors may trade and
transfer bond of current period on the fixed-income securities SZSE integrated
electronic trading platform or have bond traded and transferred at Shenzhen
Stock Exchange. 

1.23. Transfer method: bond of current period shall be
transferred by means of spot transaction, or such other methods recognized by
Shenzhen Stock Exchange. 

1.24. Transfer scope and constraints: the bond of current
period shall not be offered to the public, trade or transfer of the bond shall
only be conducted between qualified investors. 

     Constraints: bond transfer shall be
recognized by Shenzhen Stock Exchange in chronological sequence of transfer
declaration. In case of the condition of more than 200 accounts results from the
transfer, the late transfer shall not be recognized.

1.25. Guarantee note: Zhejiang Mengdeli Electric Co.,ltd shall
provide unconditional full guarantee to assume irrevocable joint liability of
bond of the current period. 

1.26. The purpose of use of the funds raised in bond form:
funds raised from the bond of current period shall be used to replenish
company’s working capital, improve company’s financial condition and optimize
company’s debt structure. Conversion of purpose of the funds has raised within duration of bond of current period subject to consent of
board of directors and agreement of bondholders meeting. 




1.27. Tax prompt: investor shall pay such taxes related to the
bond investment under national tax laws and regulations.

Chapter 2 Method of Underwriting 

2.1 Party B shall fully implement underwriting of bond of
current period under national laws and regulations. 

2.2. This agreement has reached mutual consent and
confirmation, Party B shall underwrite the bond of current period on a principal
basis (standby commitment).Party B shall pay the full funds raised to bank
account specified by Party A within time period prescribed in this agreement.


Chapter 3 Underwriting Fee

3.1. Party A agrees to pay Party B underwriting fee based on
the service that Party B provides to Party A regard to this issuance.
Underwriting fee shall be 2% of the total amount of funds raised from bond of
current period (namely, 1,600,000 yuan). Underwriting fee consists of leader
fee, issuing fee, follow-up service fee and sales commission, and the
underwriting fee shall be deducted from funds raised directly by Party B. 




Party A shall assume full and exclusive liability for payment
of all legal fee, guarantee fee, rating fee, audit fee and brokerage fee, as
well as other cost and fees out of range of underwriting fee that that Party A
shall bear. 

Chapter 4 Payment of Fund Raised and its
Clearance

4.1. Party A agrees Party B to use the following bank account
as a special account for funds raised from bond of current period special
account. Transaction of receipt and payment of funds raised from bond of current
period shall be handled via this special account. 

Special account for funds raised by Everbright Securities is as
followed:

Account name: Everbright Securities co. ltd.
Opening bank:
Pudong Branch, Shanghai Branch of China Everbright Bank 
Account No. 3654
0188 0001 02013 
System No. 3032 9000 0544 

4.2. Party B shall pay the funds raised into the special
account timely. The underwriting shall be conducted under standby commitment.
Where, the following conditions happen: (1) the subscription does not cover the
bonds issues; and/or (2) any investor fails to pay in due time, Party B is
obliged to pay the part of shortage to the special account on the fifth working
day from the day of initial public offering before Beijing time 17:00. If underwriting is on an agency basis, funds shall be
paid to the special account as the actual amount has been raised. 




4.3. Party B shall pay the amount of funds raised after
deduction of underwriting fee prescribed in 3.1 according to payment
instructions issued by Party A to the specified account of Party B on the first
working day after closure of issuance period.

4.4. Party B shall issue invoice of commission within five
working days upon receipt of the underwriting fee. 

Chapter 5 Interest Payment and Cashing of Principal
Capital

	5.1. 	
      Payment of interest and cashing of principal capital
      shall be performed through China Securities Registrar and Clearance co,
      ltd. (hereafter “China Securities Registrar”)

	 	 
	5.2. 	
      Party A shall deposit full related principal capital or
      interest in bank account specified by China Securities Registrar Company
      timely according to notification from China Securities Registrar and
      provisions that Party A signed with China Securities Registrar, as well as
      regulations stipulated by SSE and SZSE.



Chapter 6 Disclosure of Information 

	6.1. 	
      Party A and Party B, as well as other information
      disclosure obligator, shall abide by the pilot measures for private
      placement bond of medium-sized and small business at Shenzhen
    Stock Exchange and the prospectus of the method for
      raising funds through issuance of corporate bonds to fulfill obligation of
      information disclosure. A specially-appointed person shall be designated
      by Party B to guide, supervise and inspect the disclosure work
    thereof.








		
      Disclosed information shall be released in special column
      on website of Shenzhen Stock Exchange or in other forms that recognized by
      SZSE.

	 	 
	6.2. 	
      Party A shall disclose the actual offering scale,
      interest rate, time limit of the private placement bond, and other
      documents, such as prospectus, etc within 3 working days as soon as the
      registration of private placement bond has been completed.

	 	 
	6.3. 	
      If a major event occurs that may have a considerable
      effect on the paying capacity of the private placement bond in its
      duration, such event shall be disclosed in time.

	 	 
		
      Include but not limited to one of the following
      circumstances shall constitute a major event referred in the preceding
      paragraph:




	 	(1) 	the incurrence of the Party A’s
      default on debts at maturity through its breach of contract




	 	(2) 	
      the incurrence of incremental borrowing or guarantee that
      Party A provide exceeds 20%of net asset of previous year of the
      company.








	 	(3) 	
      the incurrence of free from encumbrances or asset of
      Party A exceeds 10% of that of previous year.

	 	 	 
	 	(4) 	
      the incurrence by Party A of a major loss that exceeds
      10% of net asset of previous year.

	 	 	 
	 	(5) 	
      . a decision made by Party A concerning capital
      reduction, merging, division, dissolution or bankruptcy of Party
  A.

	 	 	 
	 	(6) 	
      major lawsuit, arbitration involving Party A, or the
      company is subject to any administrative punishment.

	 	 	 
	 	(7) 	
      major civil suit or criminal litigation involving
      executives of Party A, or an investigation by the department concerned of
      a suspected crime involving executives of Party
A.




	6.4. 	
      Party A shall disclose all the information of principal
      capital cashing and interest payment pursuant to regulations stipulated by
      SZSE.

	 	 
	6.5. 	
      if directors, supervisors and senior managers and
      shareholders holding 5% or more of the shares of the company transfer
      their private placement bond, Party B should be notified in time, and the
      information should be disclosed within 3 days on the completion of the
      transaction.



Chapter 7 Rights and Obligations of Party A





	7.1 	
      Party A shall have the right to collect full actual funds
      raised from bond of current period on time according to this
    agreement.

	 	 
	7.2. 	
      Some relevant clauses can be amended through negotiation
      and discussion between the two parties due to changes of national
      policy.

	 	 
	7.3. 	
      Party A shall submit documents of issuance which
      stipulated by laws and regulation to relevant authorities
timely.

	 	 
	7.4. 	
      Upon receipt of approved or effective notice of issuance
      document from relevant authorities, Party A shall notify Party B
      immediately and provide the latter a copy of the notice. Upon receipt of
      notice regard to suspension of bond issuance and its related documents, or
      request of amendment or supplement of bond issuance documents, Party A
      shall notify Party B immediately.

	 	 
	7.5. 	
      Party A shall keep the information and document received
      from Party B confidential other than disclosing the information pursuant
      to laws and regulation, as well as rules of stock exchange.

	 	 
	7.6. 	
      Party A shall pay all expenses, interest and cashing
      payment that described in section 3.1 timely and
fully.








	7.7. 	
      Party A shall ensure the truthfulness, accuracy and
      completeness of all documents, material and data regard to operating,
      financial and legal situation which provide to Party B for preparing the
      document of issuance application.

	 	 
	7.8. 	
      Party A shall disclose information continuously according
      to law and regulations to meet their obligation for maintaining a positive
      market image and credit level.

	 	 
	7.9. 	
      After issuing bond, Party A shall utilize the funds
      raised in strict accordance with funding purpose which has been
      approved.

	 	 
	7.10. 	
      Capital verification of Party A shall be completed within
      3 working days, and capital verification report be provided to Party B
      within 5 working days upon receipt of funds
raised.



Chapter 8 Rights and Obligations of Party B

	8.1 	
      Party B shall have the right to request Party A to pay
      all expenses, interest and cashing payment that described in section 3.1
      timely and fully.

	 	 
	8.2. 	
      Some relevant clauses can be amended through negotiation
      and discussion between the two parties due to changes of national
      policy.












	
8.3. 		
Party B shall keep the information and document received from Party A confidential other than disclosing the information pursuant to laws and regulation, as well as rules of stock exchange.

	



	
8.4. 		
Party B guarantees that bond of current period shall not be issued at a premium, or issued at an exceeded volume or at a reduced price. The bond shall neither be issued ahead of schedule or overdue.

	



	
8.5. 		
Party B shall transfer full underwriting amount remaining after deduction of underwriting fee into bank account specified by Party A to complete the payment of funds raised from bond.

	



	
8.6. 		
Party B shall report all information related to issuing, listing, trading, circulating, and cashing of bond of current period to Party A in written form.

	



	
8.7. 		
Party B shall assist Party A to try to have the bond of current period transferred at SZSE.

	



	
8.8. 		
Party B shall assist Party A on work of submitting application for issuance, bond depository, and other related work, Party B shall also provide an overall proposal of bond issuance to Party A, assist to complete the work of
drawing up prospectus and other documents related to the issuance.

	









	8.9. 	
      Party B shall assist Party A on work of information
      disclosure, and provide the register roll of bondholder to Party A within
      15 working days on the completion of issuance, at the same time Party B
      shall also provide written subscription material that is accurate,
      complete and clear.



Chapter 9 Agreement-Breach Liabilities 

	9.1. 	
      Should any party breach this agreement, with the
      exception of Force Majeure, the liabilities shall be executed as
      follows:




	 	(1) 	
      . Each party of this agreement shall complete all
      payments according to clauses stated in the agreement on time. In case of
      overdue payment thereof, the overdue party shall pay the opposite party,
      as liquidated damages for late payment, 0.05% of the amount of the portion
      of late payment on daily basis until the day of full payment is
      completed.

	 	 	 
	 	(2) 	
      Any loss to one party or both parties arising in
      connection with or arising out of mistakes that made by signer of each
      party or its director, staff member or agent shall be for party of the
      signer’s account, full and effective compensations should be made
      accordingly.








	 	(3) 	
      Where any loss incurred to the opposite party caused by
      either party’s failure of compliance with obligations set forth in this
      agreement, the delinquent party shall undertake liability of the loss.
      Provisions of this section shall not affect either party’s liabilities for
      breach of agreement that stated in other sections.



Chapter 10 Force Majeure and Exemption

10.1. If any significant adverse impact on business and
financial conditions, prospect of the company or the issuance of bond this time
may or have been caused by unforeseeable, unavoidable Force Majeure occurs
before any time of closure of bond of current period, this agreement can be
suspended or terminated by consensus of both parties. The term “Force Majeure”
refers to earthquake, flood, infectious diseases, wars, and act of government,
etc. 

10.2. Any failure to perform its obligation of either party
under this agreement where and to the extent such failure is caused by Force
Majeure, such suspension of performance shall not be deemed a breach of
agreement, however, all other obligations under this agreement and the time for
performance prior to Force Majeure shall thereof shall remain unaffected. 




10.3. The party that claims to be affected shall immediately
notify the other party of the occurrence in written form, and shall provide
available evidence thereof within 15 days thereafter. Otherwise it should
undertake liabilities for additional losses. 

10.4 if an event of force majeure occurs, the two parties shall
coordinate and take fair means and make reasonable effort to minimize the
effects of the event of force majeure, otherwise, the party that not make
reasonable effort shall undertake liabilities for additional losses.

10.5. If the force majeure or the result of it prevent the
issuance of bond and such situation lasts for more than 6 months, neither any
fair solution and method has been found, either party (terminating party) shall
be entitled to terminate the agreement in form of written notice to the other
party. Under such circumstance, this agreement shall terminate from the date of
termination notice has been sent. 

Chapter 11 Notice

	
      11.1 
	
      All instructions, notifications, statements and other
      correspondence shall be in writing, signed by legal representative or
      authorized representative, and sealed as well. Any such notice shall be
      addressed to the following address until either party change its address
      for notice by giving the other party notice in writing of such change to
      the address specified: 



Party A: Zhejiang Kandi Vehicles Co.,ltd.




Contact: Xiaoying Zhu

Address: Kandi Motown, industrial zone, Jinhua city, Zhejiang
Province 

Zip code: 321016 

Tel: 0579-82239856 

Fax: 0579-82239855 

Party B: Everbright Securities co. ltd.

Address: No. 1508, Xinzha Road, Jing'An District, Shanghai,


Contact: Chensi Li 

Zip code: 200040 

Tel: 021-22169835 

Fax: 021-22169834

	11.2. 	
      Written notice or instruction shall be deemed to have
      been received according to 11.1:




	(1) 	
      upon confirmed receipt of delivery if delivered by
      hand.

	 	 
	(2) 	
      upon confirmed receipt of EMS if delivered by
    Express.

	 	 
	(3) 	
      upon confirmed transmission if sent by
  fax.



Chapter 12 Transfer of Rights and Obligation

12.1. Neither party shall transfer any right or obligation
under this agreement without consensus of both sides, otherwise the transfer
shall deem as invalid. 

Chapter13 Resolutions for Pending Issues and Disputes




13.1 any matters not covered in this agreement or any dispute
between the parties shall be resolved by consultation, and make a supplementary
agreement in writing. Both this agreement and supplementary agreement shall be
equally valid. If there is any inconsistency between this agreement and the
supplementary agreement, this agreement shall prevail. 

13.2. if no agreement is reached after consultation, either
party has the right to appeal to local court. 

Chapter 14 Agreement Effectiveness 

	14.1 	
      This agreement shall come into effect after being signed
      and sealed by legal representatives of both sides or authorized
      representatives

	 	 
	14.2. 	
      This agreement constitutes entire and only agreement
      regard to bond issuing of this time between Party A and Party B, if there
      is any inconsistency between commitment, understanding, arrangement, or
      other matters as agreed upon by both parties and this agreement, this
      agreement shall prevail.

	 	 
	14.3. 	
      Amendment of this agreement shall only in written form,
      and signed and sealed by legal representatives of both sides or authorized
      representatives shall come into effect.

	 	 
	14.4. 	
      if there is any inconsistency between this agreement and
      commitment, understanding, arrangement, or other matters
  agreed upon by both parties before signing of this agreement,
      this agreement shall prevail.








	 	 
	14.5. 	
      this agreement is executed in eight (8) originals, with
      each of equally binding force, and the parties hereto shall each keep one
      (1) original, the remaining copies shall be used as material that submit
      to relevant authorities and department.



Chapter 15 Termination of Agreement

15.1. This agreement can be terminated due to the following
reasons: 

15.1.1. Either party terminates this agreement according to
clause stated in 10.1.

15.1.2. The entire agreement has been fulfilled 

15.1.3. Both parties decide to terminate the agreement through
friendly consultation. 

15.2. Each party shall be responsible for any costs incurred by
the termination prospectively. 

 

Signature page:

Party A: Zhejiang Kandi Vehicles Co., ltd (seal)

 

Legal representative or authorized representative:




Date: 

 

 

Party B: Everbright Securities Co., ltd (seal) 

 

Legal representative or authorized representative: 

 

Date: