Exhibit 10.25


 


Working Capital
Loan Contract (Rev.1/2012)


 


 






 


No.: 2H38921201001-2JK


 


Working Capital
Loan Contract


 


China Everbright
Bank


 




    	 



    	 



    

  


Borrower: Shenzhen
Sanjun Power Industries Co., Ltd.


 


Address: Dalang
Sub-district, Bao’an District, Shenzhen


 


Postal Code: 518000


 


Legal Representative:
Wu Henian


 


Authorized Agent:
/


 


Handled by: Zheng
Xuesong


 


Tel: 15920012976


 


Fax: 28109420


 


Bank of Deposit:
China Everbright Bank Co., Ltd Shenzhen Shangbu Branch


 


Account No.: 38920188000038601


 


Lending Bank: China
Everbright Bank Co., Ltd Shenzhen Shangbu Branch


 


Address: 1/F, Archive
Building, Shennan M. Road, Shenzhen


 


Postal Code: 518000


 


Legal Representative/Principal:
Gao Yunliang


 


Authorized Agent:
/


 


Handled by: Li Jie


 


Tel: 25941418


 


Fax: /


 




    	 



    	 



    

  


CONTENTS


 


Chapter 1 General


 


Chapter 2 Purpose of Loan


 


Chapter 4 Loan Interest Rate and Basis
of Interest


 


Chapter 5 Disbursement and Use of Loan


 


Chapter 6 Repayment of Loan


 


Chapter 7 Guarantee


 


Chapter 8 Expenses and Compensation


 


Chapter 9 Borrower’s Representations
and Warranties


 


Chapter 10 Breaches


 


Chapter 11 Miscellaneous


 


Chapter 12 Law Application and Dispute
Settlement


 


Chapter 13 Effectiveness, Modification
and Termination


 


Chapter 14 Attachments


 


Chapter 15 Supplemental Rules


 




    	 



    	 



    

  


Chapter 1 General


 


Whereas the Borrower
has according to its business demands requested the Lending Bank to extend the Borrower an amount of loan and the Lending Bank
through examinations has agreed to grant such a loan to the Borrower subject to the terms and conditions of this Contract.


 


In order to specify
the rights and obligations of both Parties, in accordance with the national laws and regulations and the requirements of relevant
supervision departments, and through mutual consultations, the Parties hereto are willing to enter into the following agreements
for both Parties to comply with.


 


Chapter 2 Purpose of Loan


 


Article 1 It is determined through
mutual consultations that:


 


1. The loan hereunder shall be
used by the Borrower only for the purpose of working capital circulation, i.e. procurement of raw materials.


 


2. Borrower shall not use the loan
capitals for investments such as fixed assets and equities, or the production and operation fields or purposes prohibited by the
state.


3. Without prior written consent
of the Lending Bank, the Borrower shall not alter the purpose of the loan as determined herein.


 


Chapter 3 Currency,
Amount, Term and Granting of Loan


 


	Article 2	The loan hereunder is in the principal amount of RMB 20 million Yuan (RMB Twenty Million Yuan).


 


	Article 3	The term of this loan hereunder shall commence from Jan. 15, 2013 and expire on July 14, 2013.


 


	Article 4	Upon complete fulfillment of the preconditions stipulated in Article 11 herein, the Lending Bank shall remit the amount of loan to the account of the Borrower opened with the Lending Bank in the way as specified in item 1 of the following:


 




    	 



    	 



    

  


		1.	One time transfer, i.e. the Lending Bank shall remit the full amount of loan to the account of the
Borrower opened with the Lending Bank on Jan. 15, 2013;



 


		2.	Transfer by installment, i.e. the amount and date of each installment is stipulated as follows:



 


First installment:


 


(1) Amount of transfer:
(in words);           /      


 


(2) Date of transfer:             /       


 


Second installment:


 


(1) Amount of transfer:
(in words):            /     


 


(2) Date of transfer:              /         


 


Third installment:


 


(1) Amount of transfer:
(in words):            /        


 


(2) Date of transfer:            /        


 


		3.	Irregular Installments:



 


Transferred at any
time as required with the times, amount and term in compliance with the records of certificate/documents of indebtedness.


 


Others terms: ______________________________/_________________________________


 


The loan hereunder,
once transferred by the Lending Bank, is deemed to have been granted and the interest of this loan shall be calculated from the
date of granting.


 


Chapter 4 Loan Interest Rate and Basis
of Interest


 


	Article 5	The Borrower shall pay to the Lending Bank interests based upon the loan granted by the Lending Bank hereunder and fixed (fixed / floating) rate shall be adopted for such a loan.


 


		1.	If fixed interest rate is adopted, the annual interest rate shall be 6.44 %.



 




    	 



    	 



    

  


		2.	If floating interest rate is adopted, the annual interest rate shall be determined by means of approach
of the following __/___:



 


		A:	At the benchmark interest rate provided for by the People’s Bank of China: __/___%



 


		B:	At an annual interest rate of __/___% with (upward/downward) fluctuation of __/___%
by proportion of based on the benchmark interest rate of __/___% (benchmark interest rate over the same period) provided
for by the People’s Bank of China.



 


		C:	At an annual interest rate of __/___% with (upward/downward) fluctuation of __/___%
by proportion of based on the benchmark interest rate of __/___% (benchmark interest rate over the same period) provided
for by the People’s Bank of China.



 


Interest rate adjustment
cycle: ____________________/___________________


 


Concrete date of
adjustment: ____________________/___________________


 


3. Other terms: ________________________/______________________


 


	Article 6	Both Parties agree that the Lending Bank has the right to determine a new interest rate for the loan hereunder based on the adjusted benchmark interest rate or basis of interest with the same upward/downward fluctuation of proportion/rate provided during the loan term the benchmark interest rate or the basis of interest has been adjusted by the People’s Bank of China and applies to the loan hereunder. The Lending Bank may implement such adjustment without prior consent of the Borrower and has the right to collect interest based on the adjusted loan interest or the basis of interest from the date of adjustment provided for by the People’s Bank of China.


 


	Article 7	The interest on the loan hereunder shall be paid on monthly (quarterly/monthly) basis on the 20th day of a month.


 


	Article 8	The interest on the loan hereunder shall be calculated on a 360 days per year basis and collected from the drawdown date based on the amount of loan remitted by the Lending Bank and the number of days the loan is occupied.


 


	Article 9	If the Lender fails to repay the loan as stipulated hereunder, the Lending Bank has the right to collect interest at the overdue penalty interest rate from the overdue date to the pay-off date. The overdue penalty rate shall be loan interest rate as specified in Article 5 herein plus 30% (30%-50%) thereof.


 




    	 



    	 



    

  


If the Lender fails
to use the loan for the purpose as stipulated hereunder, the Lending Bank has the right to collect interest at the appropriation
penalty interest rate from the date of such violation by the Borrower to the date on which the Borrower has paid off the principal
and interest. The appropriation penalty rate shall be loan interest rate as specified in Article 5 herein plus 50% (50%-100%)
thereof.


 


	Article 10	With respect to interest the Borrower fails to pay in time, the Lending Bank has the right to collect compound interest from the Borrower at the penalty interest rate.


 


Chapter 5 Disbursement and Use of Loan


 


Article 11 Unless the following preconditions
are satisfied, the Lending Bank has no obligations to disburse to the Borrower the loan hereunder:


 


		1.	Documents required by the Lending Bank (including but not limited to the transaction background materials
relating to the repayment of the loan such as the Fund Repayment Plan or the Entrusted Loan Repayment Notification and
Business Contracts etc to be provided by the Borrower prior to the disbursement of the loan) have been fully provided by the
Borrower, the information contained in these documents has not changed and such documents continue to be valid or the Borrower
has made explanations and descriptions satisfactory to the Lending Bank with respect to any changes;



 


		2.	The Borrower has completed the certificate/documents of indebtedness relating to this drawdown which
constitute part of this contract and have the same legal force therewith. If the amount, term and interest rate of the loan hereunder
etc are not in conformity with the abovementioned certificate/documents of indebtedness, certificate/documents of indebtedness
shall prevail;



 


		3.	The borrower shall have government permits, approval, registration and other legal formalities relating
to the loan hereunder handled according to relevant laws and regulations; and also the notarization of this contract etc if required
by the Lending Bank;



 


		4.	If the loan hereunder is secured, the Borrower shall according to the requirements of the Lending
Bank have security contract concluded and other legal formalities such as the notification, registration and/or insurance of the
collateral and such security and insurance shall remain valid;



 




    	 



    	 



    

  


		5.	No breaching events specified herein have occurred to the Borrower;



 


With the above
drawdown conditions fulfilled, the Lending Bank may according to Article 4 hereof remit the amount of loan to the following account
of the Borrower opened with the Lending Bank.


 


Bank
of Deposit: China Everbright Bank Co., Ltd Shenzhen Shangbu Branch


 


Account
No.: 38920188000038601


 


Online payment service
shall not be made available for the loan drawdown account unless with the consent of the Lending Bank.


 


Article 12 Payment of loan capital


 


		1.	Means of payment of loan capital



 


The loan capital hereunder may be paid via
either entrusted payment by the Lending Bank or direct payment by the Borrower.


 


Entrusted payment
by the Lender means that the Lending Bank, according to the Borrower’s drawdown application and payment instruction, pays
the loan capital, through the borrower’s account, to the counterpart of the Borrower consistent with the purposes stipulated
herein.


 


Direct payment by
the Borrower means that, after the Lender releases loan capital to the Borrower's account according to the Borrower's drawdown
application, the Borrower directly pays such loan capital to its counterpart consistent with the purposes stipulated herein.


 


2. Conditions on payment of loan capital


 


1) Conditions and amount standard for entrusted
payment by the Lender


 


The Borrower agrees that capital loans under
any of the following circumstances shall be paid via entrusted payment by the Lending Bank according to relevant laws and regulations
and rules of supervision department:


 


		a.	The credit relationship with the Borrower is newly established and the Borrower has an average credit
standing;



 


		b.	The payment receiver is definite and the amount of a single payment is relatively large; or



 




    	 



    	 



    

  


		c.	Other circumstances determined by the Lending Bank.



 


The Borrower agrees
that minimum amount of a single entrusted payment hereunder is RMB ten million Yuan. During the validity of this contract, the
Lending Bank has the right to adjust the minimum standard of such single payment according to its management requirements.


 


Where the single
payment exceeds the above minimum amount, entrusted payment must be adopted. Direct payment by the Borrower shall be adopted under
other circumstances. Where the loan capital is paid via entrusted payment, the Borrower shall take the Entrusted Loan Repayment
Notification with the format as required by the Lending Bank as the only certificate for the payment of loan capital, otherwise
the Borrower shall be responsible for any consequences in respect of payment delay, default of payment, dishonored check, recourse
and compensation etc.


 


2) For circumstances other than entrusted
payment as stipulated by aforesaid 1), direct payment by the Borrower shall be adopted.


 


Where direct payment by the Borrower is adopted,
the Borrower shall submit a loan capital payment plan as required by the Lending Bank who shall after review and approval thereof
remit the amount of loan to the abovementioned account according to the payment plan and the Borrower shall pay the loan capital
according to the same plan and make a quarterly (monthly/quarterly) summary report to the Lending Bank with respect to the
payment of loan capital.


 


Article 13 Change of payment means
and conditions of triggering change


 


If during the payment of the loan the following
circumstances occur to the Borrower, the Lending Bank has the right to negotiate with the borrower to add conditions for the granting
and payment of the loan, or change the payment method:


 


1. The credit standing of the borrower deteriorates;


 


2. Its principal business profitability becomes
weak;


 


3. There are abnormal circumstances in the
use of loan capital;


 


4. Other circumstances deemed appropriate
by the Lending Bank.


 


Article 14
Limited and prohibited behaviors of payment of loan capital


 


Where following circumstances
occur after this Contract is signed, the Lending Bank can limit or even stop granting and paying the loan capital:


 


		1.	The circumstances mentioned in Article 13 occur;



 




    	 



    	 



    

  


		2.	The Lending Bank finds that the Borrower fails to pay or use the loan capital for the purposes as
stipulated herein and performs other conducts in violation thereof;



 


		3.	Borrower avoids the provisions on entrusted payment by the Lending Bank by means of breaking up the
whole into parts;



 


		4.	Borrower breaches other provisions hereof;



 


		5.	Other circumstances deemed appropriate by the Lending Bank.



 


Article 15
Records and documents in respect of the use of the loan capital to be provided timely by Borrower


 


The Borrower undertakes
to promptly provide the records and documents in respect of the use of the loan capital, including but not limited to:


 


1. Transaction materials
(including written or electronic documents which can prove the specific purpose of loan capital, such as commodity, labor and capital
contracts and/or invoices);


 


2. Fund transfer
voucher and payment settlement proofs;


 


3. Other documents
required by the Lending Bank.


 


Chapter 6 Repayment of Loan


 


	Article 16	The Borrower shall pay the interest as stipulated herein and repay the principal as agreed in item 1 of the following.


 


1. One-off payment
of principal. The Borrower shall repay the overall principal on July 14, 2013 ;


 


2. Repaying principal
by installments with the specific amounts and dates specified as follows:


 


First installment:


 


(1) Amount of principal
to be repaid: (In words): ___/___


 


(2) The principal
shall be repaid on: ___/___


 


Second installment:


 


(1) Amount of principal
to be repaid: (In words): ___/___


 


(2) The principal
shall be repaid on ___/___


 




    	 



    	 



    

  


Third installment:


 


(1) Amount of principal
to be repaid: (In words): ___/___


 


(2) The principal
shall be repaid on ___/___


 


Other terms:


 


_____________________________/______________________________


 


If the date of repayment
of the loan falls on a non-business day of Lending Bank, it shall be postponed to the immediately next business day and such non-business
day shall be included in the actual occupation days. When the last installment of principal is paid, the interests shall be settled.


 


Article 17
Borrower shall deposit sufficient funds for repayment of the principal and interest due in the account opened with Lending Bank
prior to the interest settlement date or principal repayment date stated in this Contract and proof of indebtedness/loan, and repay
the loan as follows:


 


		1.	Authorizing Lending Bank to deduct from borrower’s account at agreed interest settlement date
or principal repayment date;



 


		2.	Repaying directly by Borrower.



 


Article 18
Borrower shall repay the principal and interest of loan hereunder as stipulated in the Contract; otherwise, Lending Bank is entitled
to deduct payables, loan interests and compound interests, and loan principal in turn from any accounts opened by Borrower with
Lending Bank or its any branch. Where loan principal or interests are defaulted by 90 days, the deduction order is subject to relevant
regulations of Ministry of Finance.


 


If in certain day
of repayment of principal and interest, a sum repaid by Borrower is not enough to repay payables due, the sum shall firstly be
used to pay Borrower’s payables before it can be used to repay loan interests and compound interests, and finally loan principal.
Where loan principal or interests are defaulted by 90 days, the deduction order is subject to relevant regulations of Ministry
of Finance.


 


Article 19
Where Borrower intends to repay the loan in advance, a written application shall be submitted to Lending Bank for approval 30 business
days in advance.


 


The interest calculation
standard for advance repayment is [  /  ]:


 


		1.	Calculating until the advance repayment date according to interest rate stipulated by this Contract;



 


		2.	Others: ___________/________



 




    	 



    	 



    

  


Article 20 Where intending to postpone
the loan under loan contract, Borrower shall submit the written loan extension application to Lending Bank for approval [ / ] business
days in advance. If Lending Bank approves, both parties shall conclude Loan Extension Contract as the supplement to this Contract.


 


Chapter 7 Guarantee


 


Article 21 The guarantee for the
loan hereunder is: 1, 2 & 3.


 


		1.	Shenzhen Borou Industrial Co., Ltd. and Wu Henian (guarantors) bear joint and several liabilities
of guarantee; the guarantee contract number is GB38921201001-1 and GB38921201001-2.



 


		2.	Sun Jiayao and Tu Lanzhen (mortgagors) provide estate (collateral) mortgage guarantee;
the guarantee contract number is GD38921201001.



 


		3.	Shenzhen Sanjun Power Industries Co., Ltd (pledgor) provides accounts receivable
(pledge/pledge right) pledge guarantee; the pledge contract number is G238921201.



 


Article 22 Lending Bank and Guarantors
shall sign guarantee contract for guarantee issues, and handle the formalities of contract notarization and/or guaranty insurance
and registration.


 


Article 23 Where loan contract is
extended, Borrower and Guarantors shall continue to bear guarantee responsibilities during the loan extension period. The guarantee
contract is valid during the loan extension period.


 


Chapter 8 Expenses and Compensation


 


Article 24 Where Borrower acts as
the entrusting party, it shall bear all expenses required for signing and performing this Contract and corresponding guarantee
contract, including notarization, registration and insurance expenses.


 


Article 25 When Lending Bank requests,
Borrower shall immediately compensate Lending Bank for all expenses and expenditures incurred by Lending Bank for exercising its
any rights hereunder, including but not limited to litigation cost, travel expenses and other expenses for realizing creditor’s
rights.


 


Chapter 9 Borrower’s Representations
and Warranties


 


Article 26 Borrower is a legal person
entity/other organization established in good standing in accordance with Chinese laws, with independent civil capability, and
has full power, authority and right to bear civil liability and carry out business activities with all its assets.


 




    	 



    	 



    

  


Article 27 Borrower has full power,
authority and right to sign this Contract and be engaged in transactions hereunder, and has adopted or obtained all necessary legal
person behaviors, other actions and approvals to authorize the signing and performance of this Contract, which is signed by legal
representative or agent of Borrower and is affixed with official seal of Borrower.


 


Article 28 Borrower has obtained
all approvals from governments and the third parties for signing this Contract; Borrower’s signing and performing this Contract
will not violate Borrower’s legal person formation/approval documents (if any) and other agreements to which it is a party.


 


Article 29 All documents, materials
and proofs provided by Borrower to Lending Bank for signing and performing the transactions hereunder are true, complete, accurate
and effective; the financial statements submitted by Borrower truly reflect Borrower’s financial status when these financial
statements are issued.


 


Article 30 This Contract is legal
and valid, constituting obligations with legal restraint toward Borrower.


 


Article 31 Borrower shall open accounts
with Lending Bank, through which the capitals hereunder will be settled and used.


 


Article 32 To guarantee the validity,
legality or forced execution of this Contract, Borrower has completed or will complete all necessary registration, filing and notarization
formalities.


 


Article 33 Borrower is not under
any action, arbitration or administration proceedings which may materially affect its capacity of performing its obligations hereunder.


 


Article 34 The representations and
warranties of Borrower shall remain correct before the loan principal and interests are repaid, and Borrower shall offer documents
required by Lending Bank.


 


Article 35 Borrower has no incident
of breach.


 


Article 36 Borrower has read and
understood the contents hereof, and has signed and performed this Contract voluntarily; Borrower’s all expressions hereunder
are true.


 


Article 37 True, complete and valid
documents shall be submitted as per requirements of Lending Bank. Where Borrower belongs to group client confirmed by Lending Bank
in accordance with Guideline for Credit Business Risk Management of Group Clients of Commercial Banks, borrower shall timely report
the status of related transaction involving 10% or more of net assets to Lending Bank in accordance with Article 17 of the Guideline,
including relationship of transaction parties, transaction items, nature, amount or proportion and pricing policy (including transaction
without amount or with nominal amount).


 




    	 



    	 



    

  


Article 38 Borrower undertakes to
assist Lending Bank in loan payment management, post-loan management and relevant check.


 


Article 39 Borrower shall accept
Lending Bank’s investigation, understanding and supervision on its production, business and financial status, and provide
Lending Bank with financial statements of recent one month such as Balance Sheet and Profits & Losses Statement or other documents
reflecting Borrower’s credit status.


 


Article 40 During effective term
hereof, where borrower’s name, legal representative or legal address will be changed, Borrower shall notify Lending Bank
in writing 30 business days in advance.


 


Article 41 Before settling all its
liabilities hereunder, where Borrower plans to invest, materially increase liability financing, merge, divide, reduce capitals,
transfer equities or assets, apply for reorganization, dissolution or bankruptcy, or involves in other important issues which may
change the creditor and debtor relationship hereof or other actions which may affect benefits of Lending Bank, Borrower shall notify
Lending Bank in writing 30 business days in advance and obtain its approval, and shall settle its liabilities.


 


Article 42 Borrower warranties that
during effective period hereof, without written approval from Lending Bank, it will not undertake any liabilities for other enterprises,
organizations or individuals, or offer security guarantee, or mortgage or pledge borrower’s assets or benefits, which may
affect its capacity of repaying its loan hereunder.


 


Article 43 Borrower shall immediately
notify Lending Bank in writing of any incidents which endanger its normal business, adversely affect its repayment obligation hereunder
or major unfavorable issues which may affect its capacity of repaying liabilities.


 


Article 44 Lending Bank is entitled
to require Borrower to open following account with Lending Bank as special capital recovery amount; Borrower shall open such account
as per requirements of Lending Bank and sign account management agreement, timely notify Lending Bank of the account balance and
accept its management on recovered capitals. Lending Bank is entitled to recover the loan in advance. The account information is
as follows:


 


Opening
bank: China Everbright Bank Co., Ltd Shenzhen Shangbu Branch


 


Account
No.: 38920188000038601


 


Except agreed by Lending Bank, online banking
business is not available to capital recovery account.


 




    	 



    	 



    

 


Chapter 10 Breaches


 


Article 45 Any following incidents
constitute the breach hereof:


		1.	Borrower fails to repay interests or principal according to provisions hereof;



		2.	Borrower fails to use the loan as per purposes stipulated by this Contract;



		3.	Failing to pay loan capital as per agreed ways;



		4.	Failing to abide by undertakings;



		5.	Exceeding agreed financial indexes (subject to reply on credit from Lending Bank);



		6.	Occurrence of major crossed breaches;



		7.	Borrower provides Lending Bank with false Balance Sheet and Profits & Losses Statement or other
financial statements which conceal important facts, or refuses to accept supervision and inspection from Lending Bank on its loan
use or production, business and financial activities.



		8.	The representations and warranties made by Borrower or Guarantor hereunder, and representations
and warranties made by Guarantor under guarantee contract, are proved to be false or misleading;



		9.	Borrower or Guarantor breaches any other contracts to which it is a party;



		10.	Borrower or Guarantor faces deteriorated operation and financial situation;



		11.	The mortgage, pledge / deliver of pledge related to the loan hereunder are depreciated, damaged
or lost;



		12.	Borrower or Guarantor is merged, divided or under stock-system reformation, without raising repayment
arrangement or debt reorganization scheme satisfactory to Lending Bank.



		13.	Borrower or Guarantor goes bankrupt, is dissolved, closed, terminated or cancelled.



		14.	Borrower fails to timely notify Lending Bank of following circumstances:



		1)	Any major revision of its Articles of Association and any material change of its business activities;



		2)	Any major revision of its accounting principles;



		3)	Any major changes to finance, economy or other aspects of Borrower or its subsidiaries or parent
companies.



		15.	Borrower is involved in any litigation, arbitration or administrative proceedings which will greatly
affect borrower’s financial status or capacity of performing obligations hereunder.



		16.	Borrower’s properties are seized, detained or controlled legally, affecting or threatened
to affect its capacity of performing obligations hereunder.



		17.	As the Group Client confirmed by Lending Bank in accordance with the Directive, Borrower discounts
or pledges notes and accounts receivable without true trade background at bank by utilizing false contract with affiliates, cheating
bank capital or credit; or intentionally avoids bank debts through related transactions.



		18.	Borrower breaches any other articles hereof, and fails to provide relief which is satisfactory
to Lending Bank.



		19.	Occurrence of other incidents or circumstances, materially affecting the rights of Lending Bank
hereunder.



 


Article 46 Lending Bank will judge
if aforesaid breaches occur and will notify Borrower; in case of occurrence, Lending Bank is entitled to adopt following one or
more measures:


 




    	 



    	 



    

 


		1.	Stop granting the loan hereunder;



		2.	Declaring maturity of all loans which have been granted, and requiring Borrower to immediately
repay loan principal, interests or other expenses incurred for realizing creditor’s rights;



		3.	Requiring Borrower to add or change guarantor, mortgage, pledge/pledge right;



		4.	Directly deducting Borrower’s payables hereunder from any account opened by Borrower with
Lending Bank or its any branch;



		5.	Declaring implementation or realization of rights under guarantee related to loan;



		6.	Other proper measures deemed by Lending Bank.



 


Chapter 11 Miscellaneous


 


Article 47 During effective period
hereof, Lending Bank is entitled to check the use of loan, and Borrower shall provide Lending Bank with relevant documents and
explanations.


 


Article 48 Each party shall keep
confidential the other party’s information about liabilities, finance, production and business known through signing and
performing this Contract, except for consulting Borrower’s relevant status legally.


 


Article 49 Without prior consent
from Lending Bank, Borrower shall not transfer or otherwise dispose of its any obligations hereunder.


 


Article 50 Lending Bank may assign
its creditor’s rights hereunder to any third person without obtaining approval from Borrower, provided that Borrower shall
be notified in writing at the time of assignment.


 


Article 51 Borrower shall fully
pay all its payables hereunder, without any offset, deduction or advance withdrawal, nor shall be offset against any debt owed
by Lending Bank to Borrower. Where any laws require Borrower to deduct or withdraw any funds to be paid to Lending Bank, Borrower
shall pay to Lending Bank an extra sum so as to ensure the amount received by Lending Bank equals to the receivables if no deduction
or advance withdrawal is made.


 


Article 52 Any grace, discount or
postponement offered by Lending Bank to Borrower will not affect, damage or limit any rights owned by Lending Bank in accordance
with this Contract and laws, and shall not be deemed as waiver of any rights hereunder by Lending Bank, nor shall it influence
Borrower’s any liabilities and obligations hereunder.


 


Article 53 Should any clause of
this Agreement be found to be invalid or unenforceable, it shall not affect the other clauses of this Agreement and other clauses
hereof shall remain in full force and effect.


 


Article 54 No amendment to this
Agreement, for whatever reason, shall be of any force or effect, unless it is reduced to writing and signed by each of the parties.


 




    	 



    	 



    

  


Article 55 The headings hereof are
only inserted for convenience of reading, and shall not be used for interpretation or other purposes of this Contract. The scripts
in the option or filling places hereof have same legal force with printed contents.


 


Article 56 Any notices or demands
issued hereunder shall be in writing and sent to the address or fax of relevant party listed in first page hereof; any change to
address or fax shall be notified to other party in time in writing.


 


Article 57 Any communications between
both parties, if sent by personal delivery, it shall be deemed having served after delivery; if sent by registered mail, it shall
be deemed having served three days after mailing; if sent by fax, it shall be deemed having served when it is faxed.


 


Chapter 12 Law Application and Dispute
Settlement


 


Article 58 Chinese laws shall apply
to this Contract and its interpretation. Any disputes arising from performing this Contract shall be settled firstly by negotiation
between both parties; failing that, the disputes can be submitted to court in the place of Lending Bank for litigation.


 


Chapter 13 Effectiveness, Modification
and Termination


 


Article 59 This Contract becomes
effective after being signed by legal representative or agent of both parties, and after being affixed with official seal.


 


Article 60 After this Contract becomes
effective, except otherwise stipulated by laws or statutes or this Contract, no party shall change or terminate this Contract in
advance unless both parties reach consensus through negotiation. Before reaching written agreement, the articles hereof remain
effective.


 


Chapter 14 Attachments


 


Article 61 The unstated issues herein
can be included in written agreement concluded by both parties as attachment hereto.


 




    	 



    	 



    

  


Chapter 15 Supplemental Rules


 


Article 62 This Contract is made
in duplicate, with Borrower and Lending Bank each keeping one copy; both of which have same legal force.


 


Article 63 This Contract is concluded
in Shenzhen on Jan. 15, 2013.


 


Article 64 The parties hereto agree
with notarization of this Contract, and undertake to endow this Contract with forced execution. When Borrower fails to perform
its obligations or the circumstances where Lending Bank can realize its creditor’s rights occur, Lending Bank can apply to
the court with jurisdiction for forced execution. Borrower raises no objection to the application for forced execution. (This article
is optional; both parties choose to ____2____ this article. 1. Adopt; 2. Not adopt).


 




    	 



    	 



    

 


(This page is signing page without text)


 


	Borrower (seal):  	


 


	Legal representative (or agent):   		(Wu Henian)


 


	Lending Bank (seal):   		China Everbright Bank Co., Ltd Shenzhen Shangbu Branch


 


	Legal representative (or agent):   		(Gao Yunliang)