</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 12pt">Reference
number: 2013shenyinhengzongzi No.006</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Comprehensive Credit Line Contract</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">China CITIC Bank</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Shenzhen Branch</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filling Instruction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: left">Fill with blue or black ink</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: left">Be careful of the completeness, clearness, tidiness</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: left">Block capital was required in currency mark</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: left">Elide the redundancy space, or put the words as “The following was intentionally leave blank”
for payment and repayment schedule, state”/” for empty space in any other section</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.25in"> 	</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 8pt"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 12pt">Comprehensive
Credit Line Contract</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Borrower: Shenzhen
Highpower Technology Co, Ltd. (“Party A” )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Address: Building
A2, Luoshan Industrial Zone, Longgang District, Shenzhen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Postal Code:
518000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Phone number:
0755 8968 6802</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Facsimile: 0755
8968 6819</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Legal representative:
Dangyu Pan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Deposit A/C
and financial institutions: China CITIC Bank, Shenzhen Henggang Branch,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Party B: China
CITIC Bank, Shenzhen Branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Address: Phase
II North Times Square Excellence, Zhongxinsan Road, Futian Shenzhen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Postal Code:
518031</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Office number:
0755 2594 1266</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Fax:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Person in charge:
Li Songyu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Spot: <U>Shenzhen</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Date: 29<SUP>th</SUP>
Mar 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">The parties
agree as follow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Clause 1 Definition</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Unless otherwise
stated, the terminologies below are defined as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">“Comprehensive
Credit Line” – Provided by Party B to Party A with regard to a series of credit products, including but not limited
to working capital loans, bank acceptance, bills discount, Letter of Credit, packed loans, inward bills, outward bills, bank guarantee
as well as other products agreed by Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">“Comprehensive
Credit Limit” - The upper credit limit provided by Party B to Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">“Utilized
credit line” - The sum of the total fund applied, utilized and not yet repaid under the comprehensive credit line contract.
Specifically, in terms of bank acceptance, represents the total bank acceptances issued but not yet paid by Party B; in terms of
letter of credit, represents the total letter of credit issued but not yet paid by Party B; in terms of bank guarantee, represents
all the guarantor issued but not yet paid by Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Clause 2 Limits
and Categories of the Comprehensive credit line</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">2.1. The total
credit line can be applied by Party A within the period is</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: #FBFCFE; text-indent: 0.025in">Currency:
<U>Renminbi</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: #FBFCFE; text-indent: 0.025in">Amount
(in Capital): <U>Forty-five million</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: #FBFCFE; text-indent: 0.025in">Amount:<U>
45,000,000</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">2.2. The credit
line can be applied within the following categories: working capital loans, bank acceptance, bills discount, Letter of Credit,
packed loans, inward bills, outward bills, bank guarantee as well as other products agreed by Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">2.3. The detailed
terms and conditions, such as: amount, category, period and purpose will be specified in the specific credit line agreement. Party
B will only perform for specific credit line agreements signed under this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Clause 3 Utilization
of the comprehensive credit line</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">3.1 The period
of the comprehensive credit line is <U>one</U> year, starting from<U> 29<SUP>th</SUP> March 2013 until 29<SUP>th</SUP> March 2014.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">3.2 Within the
period and credit limit, Party A is capable to apply the credit line in one or in several times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE; text-indent: 0.5in">Party
A is required to submit the drawdown application specified with the amount, category, and period of the funds borrowed. Party B
will review the qualification, and process the signature of a specific credit line agreement if eligible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">3.3 The sum
of the utilized credit line should not exceed the comprehensive credit limit at any time during the period. Credit line can be
used recurring after repayment within the period. Unused credit line will be abolished automatically upon end of the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">3.4 The handling
charge rate for bank acceptance, guarantor and international trade finance, the discount rate for bills discount, the interest
rate and exchange rate for loans and bills will be defined in each specific credit line agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">3.5 If there
is discrepancy in terms and conditions between specific credit line agreements and this contract, the specific credit line agreements
prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">3.6 Party A
applies for the specific credit line; Party B will review the application and make sure it is consistent with the bank’s
regulation and terms agreed in this contract. Both parties will sign specific credit line agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Clause 4 Party
A’s statement and commitment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">4.1</TD><TD STYLE="text-align: justify">Party A is a well established company legally set up and operates in its jurisdiction, Party A
has full authorization of the company and operating the business within the scope legally registries in the government authorities.
Party A has obtained any necessary permissions and authorization before signing this contract.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"> </P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">4.2</TD><TD STYLE="text-align: justify">Party A commits to follow the purpose of fund stimulated in this contract and affiliated specific
credit line agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">4.3</TD><TD STYLE="text-align: justify">Party A should guarantee the true, completeness, legitimate and valid for all the documents provided,
no fake record, misleading statement and significant omission in the documents provided.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 5 Party A's rights and obligations</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">5.1</TD><TD STYLE="text-align: justify">Within the effective period, Party A should notify Party B at least 30 day in advance for any significant
changes in Party A’s operation. This includes but not limit to: share transfer, merge, split, restructuring, transform, joint
venture, cooperation, change of operation scale, change of registry capital. It is Party A’s responsibility to obtain Party
B’s consents on Party A’s repayment capability under new circumstances, repayment before expiration or providing additional
guarantee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">5.2</TD><TD STYLE="text-align: justify">Notify and obtain Party B’s consents at least 30 days before on handle Party A’s significant
assets or sales in form of transfer, on lend, collateral or pledge.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">5.3</TD><TD STYLE="text-align: justify">Notify Party B at least 3 days in advance, if any adverse issue occurred and such issues might
affect Party A’s capability to perform the contract. Those adverse issues include but to limit to: litigation, administrative
penalty, cease of operation, dismiss, bankrupt, deteriorated financials, etc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">5.4</TD><TD STYLE="text-align: justify">Party A should provide additional guarantor, if the existing guarantor is under adverse issue such
as litigation, administrative penalty, cease of operation, dismiss, bankrupt, deteriorated financials, etc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">5.5</TD><TD STYLE="text-align: justify">Party A should not transfer the liability under this contract without Party B’s written approval.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">5.6</TD><TD STYLE="text-align: justify">Party A commits to repay the due debt( including but not limited to the loan principle, the interest,
the penalty interest and related expenses under this contract and the related specific credit line contracts) on time. Party B
reserves the right to hold custody Party A’s account for any unpaid due debt without prior notice to Party A. Once the currency
in the custody account is different from the debt, the exchange rate on the date of the hold will be applied.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">5.7</TD><TD STYLE="text-align: justify">Party A should notify Party B in writing about any changes of its domicile, address, phone of contact
as well as scope of business and legal representative, The written notification should be sent within 7 days after the registry.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 6 Party B's rights and obligations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">6.1</TD><TD STYLE="text-align: justify">Party B will follow the administration rules and working manual of China CITIC Bank. Party B reserves
the right to approve or reject Party A’s application in accordance to the above rules and regulations. Party B reserve the
rights to conduct inspection from on and on with regard to Party A’s performing capabilities.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"> </P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">6.2</TD><TD STYLE="text-align: justify">Party A applies for the specific credit line; Party B will review the application and make sure
it is consistent with the bank’s regulation and terms agreed in this contract. Both parties will sign specific credit line
agreement and perform accordingly.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">6.3</TD><TD STYLE="text-align: justify">Party B might sometimes tolerant, extend or delay the execution of certain rights, this does not
deem as the party is surrendered or remitted the rights.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">6.4</TD><TD STYLE="text-align: justify">Party B will commit to obey the confidentiality rules on all information provided by Party A, unless
otherwise required by laws and regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 7 Guaranty</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">7.1</TD><TD STYLE="text-align: justify">The liability under this contract will be guaranteed by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 39pt; text-align: justify"><U>Springpower Technology (Shenzhen)
Co., Ltd</U>, <U>Dangyu Pan</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.27in; text-align: justify; text-indent: 0.27in">The guaranty
contract reference numbers are: <U>2013shenyinhengzuibaozi No.002</U>, <U>2013shenyinhengzuibaozi No.009.</U></P>

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<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">7.2</TD><TD STYLE="text-align: justify">Party B reserves the right to request additional guaranty on specific credit line agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 39pt; text-align: justify; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 8 Breach of covenants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify"> 8.1 Both parties should follow the terms and conditions agreed in this contract, non-performing will be assumed liability and compensate for the other party’s loss.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">8.2 The following circumstance
will be treated as a breach of covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 21pt">8.2.1 Party
A violates or intends to violate the terms herein or in any supplementary contracts or agreements signed by Party A and Party B
regarding the application of specific credit line.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 21pt">8.2.2 Party
A failed to perform any obligations agreed under this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 21pt">8.2.3 The statements,
documents or information provided by Party A under Clause 4 were proved to be untrue, incomplete, inaccurate and misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 21pt">8.2.4 Party
A failed to or indicated not able to repay the debt in due course.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.5 Party A
has undergone significant organizational changes, e.g. business splitting, merger and termination, disposal of major assets, capital
reduction, liquidation, reorganization, withdrawal, bankruptcy, and dissolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.6 Party A
changed the address, scope of operation, legal representative or conduct significant investments to third party which might severely
affect Party B’s position on loan collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.7 Party A
has experienced severely financial downturn, loss of assets or loss of assets due to 3<SUP>rd</SUP> party guarantee or other financial
crisis which might affect Party B’s position on loan collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.8 Party A
changed the purpose of the loan without prior notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.9 There is
financial crisis on Party A’s controlling shareholders and the related parties of which Party A has strong business connection
with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.10 Severely
industrial downturn in the business Party A was engaged with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.11 Party A’s
senior management was got involved in significant corruption case which Party B believes might affect Party B’s position
on loan collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.12 there is
breach of covenants behaviors of Party A when engaged into other contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.13 Guarantor
has breach the covenants and Party A failed to provide additional guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.14 the collateral
under this contract was seized, sealed, foreclosed, lost or in the dispute of ownership and Party A failed to provide additional
guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.15 Other circumstance
in Party A which might affect Party B’s position in collecting the debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">8.3 If any of the above circumstances
exists, Party B will execute the following actions and Party A should not have any objections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.3.1 adjust,
cancel or pause the comprehensive contract or adjust the effective period for the contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.3.2 Cease
the unused credit line and announce the immediate expiration of the debt under this contract. Party A is required to repay the
outstanding debt immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.3.3 Require
for additional guarantee to ensure Party B’s rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.3.4 Execute
the guarantee contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.3.5 Party
A’s deposit account in Party B will be hold in custody for debt pay off for the comprehensive credit line and specific credit
line under this contract without Party A’s prior agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">8.4 Party B’s expense
incurred to protect the rights should be covered by Party A. These expenses including but not limited to litigation, travelling,
lawyer’s consulting fee, etc)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 9 Effective, change and release
of the contract</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">9.1 This contract is established
and enters into effect upon signing or sealing by the legal representatives (or person-in-charge) of Party A and Party B or their
duly authorized agents, together with sealing by the company chop</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">9.2 The contract can not be
change or early release arbitrarily. Both parties should negotiate and record in written to modify the contract terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 10 Resolution for dispute</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 39.2pt; text-align: justify; text-indent: 0.25in">The resolution
of dispute should be appealed in People’s court located in Party B’s registry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 11 Appendix</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">11.1 The notification from both
parties to each other should sent through telegram or facsimile, once sent will assumed received. Postal mail will be deemed received
3 days after the date of sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">11.2 If other agreements were
made in the specific credit line contracts, the specific credit line contracts prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">11.3 Unaccomplished matters
will be made in separate agreements, the separate agreements will form an inseparable part of this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">11.4 This contract will be print
for two copies, one for each party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">11.5 Party B has already notified
and fully explained to Party A with regard to the exemption clause in this contract. Both parties do not have disagreements with
regards to this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ [COMPANY SEAL]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stamp of Party A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signature of director or<B> </B>authorized
representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ [COMPANY SEAL]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stamp of Party B (if Party B is a corporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signature of legal representative or authorized
representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 12pt">Reference
number: 2013shenyinhengebaozi No.009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Guaranty Contract of Maximum Amount</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Applicable to guaranty provided by natural
person)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">China CITIC Bank</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Shenzhen Branch</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U> </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U></U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U> </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filling Instruction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: left">Fill in with blue or black ink</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: left">Be careful of the completeness, clearness, tidiness</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: left">Block capital was required in currency mark</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: left">Elide the redundancy space, or put the words as “The following was intentionally leave blank”
for payment and repayment schedule, state”/” for empty space in any other section</TD></TR></TABLE>

<P STYLE="margin: 0"> </P>

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</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: #FBFCFE"><FONT STYLE="font-size: 12pt">Guarantee
Contract of Maximum Guarantee Amount</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: #FBFCFE">Contract NO：Shenfa
Shenxinzhou ebao zi di 20121207004-02</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Guarantor: Dangyu
Pan (Guarantor)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Type of certification: identification card</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Certification number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Creditor: China
CITIC Bank, Shenzhen Branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Address: Phase
II North Times Square Excellence, Zhongxinsan Road, Futian Shenzhen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Postal Code:
518031</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Office number:
0755 2594 1266</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Fax:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Person in charge:
Li Songyu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Spot: <U>Shenzhen</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Date: 29<SUP>th</SUP>
Mar 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">To ensure the
perform of creditor’s rights of Party B with regard to a series of credit contract signed by Party B with Shenzhen Highpower
Technology Co. Ltd. (hereinafter referred to as “Debtor”), Party A agrees to provide maximum amount guarantee. As such,
in accordance to the Guarantee Law of the People’s Republic of China and the Contract Law of People’s Republic of China
both parties agreed the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"><B>Clause 1
Definition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"><B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Maximum Amount
Guarantee: represents the maximum amount of creditor’s rights between Party A an Party B with regards to a series of liabilities
of debtor in certain period of time. Party A commit to assume guarantee responsibility to Party B on the maximum amount of the
creditor’s right. The maximum amount is the sum of total liabilities (or contingent liabilities) between debtor and Party
B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"><B>Clause 2
The principle creditor’s rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">2.1 The principle
creditor’s rights represents the liabilities (including contingent liabilities) provided by Party B to Debtor during the
period starting from<U> 29<SUP>th</SUP> March 2013 until 29<SUP>th</SUP> March 2014</U>, including but not limited to loans, bills,
guaranty, and letter of credit, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">2.2 The principle
creditor’s rights assumed responsible is equivalent to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Renminbi Forty-five
Million</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Once the guarantor’s
obligation has been performed by Party A, the proportion performed will be deducted from the total amount assumed responsible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">2.3 During the
responsible period and within the maximum amount, all contracts signed by Party B and Debtor are assumed the principle contract
for this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"><B>Clause 3
Pattern of guarantee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">3.1 Party A
provides joint guarantee. Under the circumstance that the single creditor’s rights under main contract did not perform in
part or in full when due, Party B entitles the right to request assume the guarantee responsibility of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"><B>Clause 4
Scope of guarantee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">The scope of
guarantee includes but not limited to loan principle, interest, compound interest, punitive interest, liquidated damage, as well
as the cost for realization of the creditor’s right (includes but not limited to the announcement fee, delivery fees, appraisal
fees, legal fees, travel expenses, assessment fees, auction fees, the property preservation fee, compulsory execution fee and etc).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">No matter there
is or is not real security on the creditor’s right provided by Debtor or third parties, Party B reserves the right to request
Party A assume guarantee responsibility before any disposal of real security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 5 Period of Guarantee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">5.1 The period
of guarantee starts from the effective day of the Principal Contract and ends two years after the expiration date of each specific
credit line contract under the Principal Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">5.2 Under the
circumstance that the creditor’s right early terminated due to either the requirements of laws and regulations or the separate
agreement between Party B and debtors, the guarantee responsibility assumed early terminated on the date the principle contract
terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">5.3 For the
creditor’s right on bank acceptance and letter of credit, the period of guarantee is two years after the withholding payment
was made. For contracts with more than 1 withholding payments, the period will be two years after the last payment was made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 6 Party A’s statement and
commitment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">6.1 Party A is a natural person
who possesses the capacity for civil rights and civil conducts in People’s Republic of China to perform this contract. Party
A can perform the civil conduct independently, no bad credit records such as debt overdue, overdue interest, malicious overdraft
on credit card, no criminal records, qualified to be a legal guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">6.2	Party A has full understanding
about the terms and conditions set forth in the contract. It is Party A’s true will to provide guarantee to debtor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">6.3	The establishment of this
contract is lawful and will not be restricted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">6.4	All information and documentation
provided by Party A is lawful, true, accurate and complete. There are no significant liabilities (or contingent liabilities), breach
of covenants, litigation and resolution of Party A unless otherwise already disclosed to Party B in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 7 Party A’s rights and
obligations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.1
Party A should provide legal certification to Party B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.2
Party A should disclose the following information to Party B upon request to testify to its performing capability, occupation,
income, expense, liability, guarantee and economic dispute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.3
Within the effective period, Party A should notify Party B of any change in name, address, and contact details within 3 days of
the change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.4
Party B entitles the rights to directly assume the guarantee once the obligation of the principle contracts could not be fulfilled
when due. Party A should not reject payment for any compensation requested by Party B. Party A willing to surrender the rights
stated in Article 20 of the Guarantee Law of People’s Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.5
Party A will obtain Party B’s written consent before entering into new guarantee agreements, and Party B’s creditor
rights prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.6
Notify Party B at least 3 days in advance, if any of the following issues might affect Party A’s capability to perform the
contracts occurred. Those issues include but are not limited to: change of nationality, change of address, change of marital status,
unemployment, disability, critical illness, legal or administrative punishment, litigation, deteriorated financials, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.7
Within the effective period, Party A should notify Party B at least 3 days in advance, if any adverse issue occurred on entities
which Party A is the shareholder or holds the de facto control of and such issues might affect Party A’s capability to perform
the contract. Those adverse issues include but to limit to: litigation, administrative penalty, cease of operation, dismiss, bankrupt,
deteriorated financials, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.8
Party A should notify Party B at least 3 days in advance, if the entities which Party A is the shareholder or holds the de facto
control of, are going to experience, share transfer, restructuring, merge, split, change in registry capital, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.9
Under the circumstances in 7.6, 7.7 and 7.8 exists, Party A assures to make proper arrangement on the guarantee’s responsibility,
the specific the plan of the arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.10
Under the circumstance that debtor failed to fulfill the creditor’s rights when due, Party B entitles the rights to assume
guarantee responsibility from Party A. Party A should arrange delinquent payment in accordance with the amount and timing immediate
upon Party B’s payment request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.11
Party A grants the authorization to Party B to custody Party A’s deposit account. If Party A failed to fulfill the obligation
in 7.10, Party B entitled the rights to hold custody Party A’s deposit account opened in Party B for pay back the creditor’s
rights. Once the currency in the custody account is different from the debt, the exchange rate on the date of the hold will be
applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.12
Party A’s guarantee responsibility remains unchanged even though 3<SUP>rd</SUP> party was appointed to provide guarantee
responsibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 8 Party B’s rights and
obligations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">8.1
Under the circumstance that Party B transfer the creditor’s rights to 3<SUP>rd</SUP> party, Party B should notify Party A
immediately after the engagement to the debt transfer contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">8.2
Party A will not receive any further notification on the engagement of affiliated specific contract under the principle contract
between Party B and debtor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">8.3
Under the circumstance that debtor did not perform in accordance with the principle contract, Party B entitles the rights to assume
guarantee’s responsibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">8.4
Party B should keep information confidentiality on all information provided by Party A unless otherwise disclosure required by
law or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 9 Breach of Covenants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">9.1 Both parties should follow
the terms and conditions agreed in this contract, non-performing will be assumed liability and compensate for the other party’s
loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">9.2 The statements, documents
or information provided by Party A under Clause 6 were proved to be untrue, incomplete, inaccurate and misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">9.3 Party A should assume full
responsibility for any losses from Party B caused by defaults of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">9.4 Under any of the following
circumstances, Party B entitled the rights to require Party A to assume guarantee responsibility or execute enforcement actions
towards Party A’s asset or rights of assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in">9.4.1 Upon
the expiration of the principle contract, Party B has not been paid off.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in">9.4.2 Upon
early termination of the principle contract, Party B has not been paid off.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in">9.4.3 Party
A has experienced severely financial downturn, loss of assets or loss of assets due to 3<SUP>rd</SUP> party guarantee or other
financial crisis which might affect Party B’s position on loan collection. Party A could not provide additional guarantee,
or Party B are not satisfied on the additional guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in">9.4.4 Party
A has undergone legal or administrative penalty or significant litigation which might affect Party B’s position on loan collection.
Party A could not provide additional guarantee, or Party B are not satisfied on the additional guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in">9.4.5 There
is breach of covenants between Party A and other creditors other than Party B. Party A could not provide additional guarantee,
or Party B are not satisfied on the additional guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in">9.4.6 Party
A defaulted on the clause 7.9 under this contract, and no additional guarantee or execution plan can be provide to satisfy Party
B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in">9.4.7 There
are events of Party A affect or might affect Party B’s rights and interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 10 Summative of rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.1 Party B’s rights under this
contract is summative, and will be exclude from Party’s B’s rights and interests from Party A in accordance with law
or other contracts. Unless, clearly stated by Party B, Party B’s delay, tolerance, non execution of its rights can not be
interpreted as the surrender or partial surrender of its rights under this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 11 Consecutive of rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.1 The obligation and joint responsibility
under this contract is consecutive, and has equal legal restriction to its inherit, bequeath, legal representatives. These obligations
and joint responsibilities will not be affected by either other contracts or other guarantees of the principle contracts, the bankruptcy,
disability of performing, loss of entity qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 12 Other agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 13 Applicable laws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The law of People’s Republic of China
is applicable in this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 14 Resolution for dispute</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The resolution of dispute should be appealed
in People’s court located in Party B’s registry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 15 Effectiveness of this contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">15.1 This contract is
independent from the principle contract. The invalidity of the principle contracts will not affect the performance of this contract.
The legal responsibility of joint responsibility will extend after the expiration of the debtor’s responsibility under the
principle contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">15.2 There might be
the circumstance that, certain clauses or parts of the contents in certain clauses is void, These will not affect the performance
of these contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 16 Effectiveness, change and
release of the contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">16.1 This contract is
established and entered into effect upon signing or sealing by the legal representatives (or person-in-charge) of Party A and Party
B or their duly authorized agents, together with sealing by the company chop.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">16.2 The contract can
not be changed or early released arbitrarily. Both parties should negotiate and record in writing to modify the contract terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 17 Appendix</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">17.1 Unaccomplished matters
will be made in separate agreements, the separate agreements will form an inseparable part of this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.25in">17.2 The notification
from both parties to each other should sent through telegram or facsimile, once sent will assumed received. Postal mail will be
deemed received 3 days after the date of sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">11.4 This contract will be printed
for two copies, one for each party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">11.5 Party B has already notified
and fully explained to Party A with regard to the exemption clause in this contract. Both parties do not have disagreements with
regards to this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Dangyu Pan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stamp of Party A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signature of director or<B> </B>authorized
representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ [COMPANY SEAL]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stamp of Party B (if Party B is a corporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signature of legal representative or authorized
representative</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signature of Party B (if Party B is a individual)
or authorized representative：Dangyu Pan</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Confirmation of Part A’s spouse</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Null.</P>

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