China Packaging Technologies, Inc. - Exhibit 10.23 - Filed by
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Exhibit 10.23 

Commercial Bill Acceptance Agreement 

(English Summary) 

	Date of Signing 	
      Oct 15, 2009 

	  	
       

	Parties to Contract 	
      Great Shengda as Acceptance Applicant and Xiaoshan Bank
      of China as Acceptor 

	  	
       

	Principal Amount 	
                     
         RMB 20 million 

	  	
       

	No of Bills Issued 	
                     
         11 

	  	
       

	Deposit 	
                         50%
      of principal amount, which is RMB 10 million, and interest rate of the
      deposit is the same as 6 months bank deposit 

	  	
       

	Commission 	
                     
         0.05% of bill amount, and be paid one-off 

	  	
       

	Guarantee 	
                     
         None 

	  	
       

	Application, rights and 
obligations 	
                         Once
      the Acceptance Applicant sign on the commercial bill, it is deemed that
      the commercial bill is issued; 

		
                         Disputes
      regarding the transactions on which the commercial bill is based shall not
      affect this agreement; 

		
                         When
      the commercial bill is due and the Acceptance Applicant can not settle or
      can only settle part of the amount, a daily penalty interest of 0.05% of
      the remaining amount is imposed on the Acceptance Applicant; 

		
                         When
      the commercial bill is due and the Acceptance Applicant does not pay, the
      Acceptor is entitled to deduct from the Acceptance Applicant’s bank
      account with only a notification to the Borrower; 

		
                         All
      expenses when executing this agreement shall be afforded by the Acceptance
      Applicant; 

		
                         The
      following will be deemed as breach of the agreement, and in case the
      Acceptance Applicant does not correct these breaches, the Acceptor is
      entitled to terminate the agreement, or announce that all or part of the
      balace are due immediately: 




	 	1. 	
      The statement made by the Acceptance Applicant is
      untrue;

	 	2. 	
      The Acceptance Applicant breaches other
  agreements;

	 	3. 	
      The Acceptance Applicant is part of any proceeding or
      arbitration, which may harm the interest of the Acceptor;

	 	4. 	
      Termination of business or dissolution or bankruptcy of
      the Acceptance Applicant;

	 	5. 	
      The Acceptance Applicant breaches other terms of this
      agreement;



                   The
Acceptor is entitled to transfer the rights and obligations to the headquarter
or other branches of BOC, and they will replace the Acceptor as a party of this
agreement. 





	Undertaking 	
                     
         We list below some material undertakings: 

		
                         The
      commercial bill is based on legal business transactions, and the
      Acceptance Applicant shall take all responsibility for its legality;
    

		
                         In
      case of any alternation in business mode including re-organization,
      planning for IPO, disposal of material assets, change of shareholding
      structure and other events that may affect Applicant’s financial status
      and capacity to perform under the Agreement, Applicant shall notify
      Acceptor in a timely manner and if such event may materially and adversely
      affect Applicant’s capacity to repay, such event must obtain Acceptor’s
      consent. 

		
                         Any
      present or future taxation shall be afforded by the Acceptance Applicant,
      if the Acceptor pay the taxation on the Acceptance Applicant’s behalf, the
      Acceptance Applicant should compensate the Acceptor immediately.


	  	
       

	Dispute Resolution 	
                     
         PRC court where the bank locates 



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