Exhibit 10.48
                                                                         Summary

  Summary of Loan Agreement between Shenzhen BAK Battery Co., Ltd. and Shenzhen
      Longgang Branch, Agricultural Bank of China dated September 27, 2005.

              Shenzhen Longgang Nong Ying Jie Zi 81101200500001395

Borrower: Shenzhen BAK Battery Co., Ltd.
Lender: Shenzhen Longgang Branch, Agricultural Bank of China

In  accordance  with  relevant  laws and  regulations  of PRC,  the Parties have
reached the following agreement through friendly negotiation.

Article 1. Loan

1.   Type: short-term working capital loan;

2.   Purpose: purchase of raw materials;

3.   Currency and amount: RMB Nine Million Yuan;

4.   Term:

     (1)  the term of the loan is as follows:

------------------------------------------ -------------------------------------
           Granting of the loan                   Maturity of the Loan
------------------------------------------ -------------------------------------
        Date                  Amount             Date              Amount
------------------- ---------------------- ---------------- --------------------
 27 September 2005      RMB 9million yuan   27 March 2006    RMB 9 million yuan
------------------- ---------------------- ---------------- --------------------

     (2)  In  case of any  discrepancy  between  this  Agreement  and  the  loan
          credence concerning the loan amount, date of granting,  maturity date,
          the loan credence shall prevail. The loan credence is an integral part
          to this Agreement and has the same legal effect as this Agreement.

     (3)  If the loan under this Agreement is in foreign currency,  the Borrower
          shall repay the  principal  and  interest of the loan in the  original
          foreign currency.

5.   Interest rate

The annual interest rate is 5.22% until the maturity date of the loan.


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6.   Payment of interest

The interest shall be paid monthly on 20th day of each month. The Borrower shall
pay the interest on this  interest  payment day. If the date of repayment of the
last  installment  of the principal is not the interest  payment day, the unpaid
interest  shall be paid  with  the  last  installment  of  principal  at a daily
interest rate equivalent to one thirtieth of the monthly interest rate.

Article  2. The  Lender is  entitled  to  withhold  the loan  unless  all of the
following requirements are met:

1.   The Borrower opens its basic account in the Lender;

2.   The  Borrower  provides  all  necessary  documentations,  materials  and go
     through all procedures as required by the Lender;


3.   In case that the loan is in foreign currency, the Borrower shall go through
     all the legal procedures for approval, registration etc. in accordance with
     the relevant laws and regulations;

4.   In case that the  mortgage  or pledge is  required  for the loan under this
     Agreement,  the  relevant  legal  procedures  such as  registration  and/or
     insurance  etc. have been completed and the said security and insurance are
     continuously  valid.  In case that the guaranty is  required,  the relevant
     guaranty agreement has been signed and become effective.

Article 3. Rights and Obligations of Lender

1.   The  Lender  is  entitled  to know  the  production,  operation,  financial
     activities,  material storage,  usage of the loan etc. of the Borrower. The
     Lender is also  entitled to demand the  Borrower to  regularly  provide the
     relevant  documentation,  information  and materials  such as the financial
     report etc.

2.   In case of any negative  circumstance which may impair the timely repayment
     of the loan, including but not limited to the circumstances stated in 7, 8,
     10 of Article 4 of this  Agreement,  the Lender is entitled to withhold the
     granting of the loan or demand prepayment of the loan.

3.   The Lender is entitled to transfer the relevant  amount from any account of
     the Borrower for repayment or prepayment  of principal,  interest,  penalty
     interest, compound interest or other fees owed by the Borrower.



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4.   In case that the payment  made by the  Borrower is not  sufficient  for all
     indebtedness of the Borrower under this  Agreement,  the Lender is entitled
     to  use  such  payment  for  settlement  of  principal,  interest,  penalty
     interest, compound interest or other fee.

5.   The Lender is  entitled  to  disclose  the  default by the  borrower to the
     public.

6.   The Lender shall grant the loan to the  Borrower  timely and in full amount
     in accordance with this Agreement.

Article 4 Rights and Obligations of Borrower

1.   The  Borrower is entitled  to receive and use the loan in  accordance  with
     this Agreement.

2.   The  Borrower  shall use the bank account  stated  under  Article 2 of this
     Agreement for the purpose of payment, settlement and deposit related to the
     loan under this Agreement.

3.   In case that the loan is in foreign currency, the Borrower shall go through
     all the legal procedures for approval, registration etc. in accordance with
     the relevant laws and regulations.

4.   The Borrower shall repay the principal and interest of the loan in time. In
     case that the Borrower  wishes to extend the loan term,  the Borrower shall
     submit a written application to the Lender 15 days before the maturity date
     and shall  sign the  extension  agreement  with the  Lender  subject to the
     approval by the Lender.

5.   The  Borrower  shall  use the loan for the  agreed  purpose  and  shall not
     embezzle or use the loan for other purpose.

6.   The Borrower  shall  provide the  truthful,  complete  and valid  financial
     report and other relevant information,  materials to the Lender monthly and
     shall  cooperate  with the  Lender to assist the  Lender to  supervise  the
     business  operation,  financial  activities  and  usage  of the loan by the
     Borrower.

7.   In case of contractual management,  lease,  transformation of stock system,
     co-management,   merger,   acquisition,   division,  joint  venture,  asset
     transfer, application for cease of operation,  application for dissolution,
     application  for bankruptcy etc. of the Borrower which may cause the change
     of  indebtedness  under this  Agreement  or impair the  realization  of its
     rights by the Lender, the Borrower shall give prior written notification to
     the Lender and obtain the approval by the Lender.  The Borrower  shall also
     settle its  indebtedness  before maturity or make specific  arrangement for
     the  settlement of its  indebtedness,  or otherwise the Borrower  shall not
     conduct any of the aforementioned activities.



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8.   In case of any other  circumstance  such as cease of  production,  cease of
     business  operation,  cancellation  of  business  registration,  revoke  of
     business license,  violation of law by legal representative or other senior
     management  staff,  major  litigation or arbitration,  major  difficulty in
     business  operation,  deterioration  of financial  status  etc.,  which may
     affect  the  performance  by the  Borrower  of its  obligations  under this
     Agreement,  the Borrower shall notify the Lender immediately in writing and
     make  specific  arrangement  for  the  settlement  of its  indebtedness  as
     acceptable to the Lender.

9.   The Borrower  shall notify in writing the Lender of and obtain the approval
     by the Lender for the granting of guaranty to other third party or mortgage
     or pledge its major assets to secure the  indebtedness of other third party
     which may affect the performance by the Borrower of its  obligations  under
     this Agreement.

10.  The Borrower and its investors shall not withdraw their capital or transfer
     their assets/shares in order to avoid their oblations.

11.  The  Borrower  shall  notify the Lender in  writing  of any  alteration  of
     company name, legal representative, address and business scope etc.

12.  In case that the  guarantor for the loan lose part or whole of its capacity
     to perform its obligation of guaranty due to cease of production,  cease of
     business  operation,  cancellation  of  registration,  revoke  of  business
     license,  bankruptcy or insolvency, or the collateral,  mortgage or pledged
     rights for the loan  depreciate or are damaged,  the Borrower shall provide
     other security acceptable to the Lender.

13.  The  Borrower  shall  bear  all  fees  for  lawyer's  service,   insurance,
     transportation,  evaluation, registration, storage, authentication,  notary
     etc.,  which are related to this  Agreement or to the  security  under this
     Agreement.

Article 5 Prepayment

The  Borrower  shall obtain the  approval by the Lender for  prepayment  and the
interest shall be calculated in accordance with the agreed interest rate and the
actual loan term.

Article 6 Breach of Contract

1.   In case that the Lender fails to grant the loan to the Borrower  timely and
     in full amount in  accordance  with this  Agreement  and incurs loss to the
     Borrower, the Lender shall pay the compensation to the Borrower which shall
     be equivalent  to the interest for delayed  withdrawal of loan for the same
     amount and same period.


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2.   In case  that the  Borrower  fails to repay  the  principal  of the loan in
     accordance with this Agreement,  the Lender shall charge a penalty interest
     which is 150% of the agreed  interest rate until all principal and interest
     are paid up. The penalty  interest rate shall be increased  accordingly  if
     the basic interest rate for loan in RMB for the same period  promulgated by
     the People's Bank of China is increased.

3.   In case  that  the  Borrower  uses the loan for  purpose  other  than  that
     stipulated in this  Agreement,  the Lender shall charge a penalty  interest
     equivalent  to 200% of the agreed  interest  rate until all  principal  and
     interest  are  paid up.  The  penalty  interest  rate  shall  be  increased
     accordingly  if the basic interest rate for loan in RMB for the same period
     promulgated by the People's Bank of China is increased.

4.   The Lender shall  charge the  compound  interest for unpaid due interest in
     accordance with relevant rules of People's Bank of China.

5.   In case of breach of obligation  under this Agreement by the Borrower,  the
     Lender is  entitled to demand the  Borrower  to correct its conduct  within
     specific period, cease the granting of loan, demand prepayment of the loan,
     declare all loans under any other  agreements  between the Borrower and the
     Lender become mature immediately or take other security measures.

6.   In case of  breach  of  obligation  under  the  guaranty  agreement  by the
     guarantor,  the Lender is  entitled to cease the  granting of loan,  demand
     prepayment of the loan or take other security measures.

7.   The Borrower  shall bear the lawyer's  fee,  travel cost or other  expenses
     incurred to the Lender in realizing its creditor's right through litigation
     or arbitration due to breach of contract by the Borrower.

Article 7 Security

The  security  for the loan under this  Agreement  is guaranty  and the guaranty
agreement  shall be signed  separately.  The registered  numbers of the guaranty
agreements  of  maximal  amount  are  Shenzhen  Longgang  Nong  Ying  Gao Bao Zi
1905200500000068 and Shenzhen Longgang Nong Ying Gao Bao Zi 200502379999.



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Article 8 Dispute Settlement

Any dispute arising during the performance of this Agreement shall be settled by
litigation in the People's Court located in the area of the Lender.

Article 9 Miscellaneous

1.   This  Agreement is entered  into under the  Comprehensive  Credit  Facility
     Agreement  of Maximal  Amount  (ref.  Shenzhen  Longgang  Nong Ying Shou Zi
     20050237001).

2.   The guaranty  agreements for this  Agreement are the Guaranty  Agreement of
     Maximal   Amount   (Ref.   Shenzhen   Longgang   Nong   Ying   Gao  Bao  Zi
     1905200500000068 and Shenzhen Longgang Nong Ying Gao Bao Zi 200502379999).

Article 10 Effectiveness

This  Agreement  shall  come into  effect  once it is signed or  stamped by both
Parties.

Article 11 Originals

This  Agreement  has 3 originals.  The Lender  shall retain 2 originals  and the
Borrower shall retain 1 original. They are of the same legal effect.

Article 12 Attention

The Lender has asked the Borrower to pay attention to understand  this Agreement
comprehensively  and accurately and has made necessary  explanations as required
by the Borrower. Both Parties have the same understanding of this Agreement.

Borrower (Stamp):
Legal Representative or Authorized Representative:

Lender (Stamp):
Person in Charge or Authorized Representative:

Date: 27 September 2005
Venue: Longgang, Shenzhen