Document:

Exhibit 10.1

 

Working Capital Loan Contract

 

Reference No. : 2018nianzhenzhongyinbujiezi
No.0134

 

Party A: Shenzhen Highpower Technology
Co., Ltd

Business License:**

Legal Representative: Dangyu Pan

Address:**

Deposit A/C and financial institutions:
Bank of China, Pinghu Sub-branch, Shenzhen,

Telephone: ; Facsimile: 0755-89686298

 

Party B: Bank of China, Buji Sub-branch.

Legal Representative: ZHENG XIAOCHUAN

Address: 108, Buji Road, Buji Town, Longgang
District, Shenzhen; Postal code: 518000

Telephone: 0755-22334749; Facsimile: 0755-28850638

 

Borrowers and lenders through equal consultation,
the lender to the borrower liquidity loan agreement and conclude the contract.

This contract is the affiliated specific
credit contract under the “Comprehensive Credit Line Contract” (Reference No.: 2018zhenzhongyinebuxiezi No. 00028),
which is signed by Shenzhen Highpower Technology Co., Ltd and Bank of China, Buji Sub-branch.

 

Clause 1 Amount

Party B agrees to provide the following
loan:

Currency in: RMB

Amount: RMB FORTY million only

RMB 40,000,000.00

 

Clause 2 Period

The period of the loan is 12 months starting
from the first withdrawal date in part or in whole. It is Party A’s obligation to withdraw funds on the date as agreed. Any
late withdrawal will not result in delay/extension of repayment.

 

Clause 3 Use of loan

Purpose of loan: Purchase of raw materials

Party A is prohibited from changing the
use of loan without Party B’s written approval. The restrictions include but are not limited to changing the use of loan
to fixed assets or equity investments, as well as production activities prohibited by the central governments.

 

Clause 4 lending rate and interest calculations

		1.	Lending rate is floating rate, which is reset every 6 months starting from the first withdrawal
date. The rate resetting date is the first day of each floating period.

 

For each withdrawal in installments:

■ RMB floating rate

A. First withdrawal (during the first floating
period) interest rate is the twelve-month benchmark lending interest rate, set by Interbank rates, plus 134.5;

     

     

    

 

B. On the interest resetting date, the
new interest rate is the spot one-year lending interest rate, benchmarked by Interbank rates, plus 134.5 on all outstanding loan
amounts.

2. Interest calculation

Interest is calculated starting from the
actual withdrawal date on the actual amount of money withdrawn and the number of days outstanding.

Interest calculation formula: Interest
= Principal × actual number of days × daily rate.

Daily rate calculation is: daily rate =
APR / 360.

3. The method of interest settlement

Interest settlement takes place on the
20th of each month, the 21st is the interest payment date.

If the final loan principal payment date
is different from the interest payment date, the borrower should pay off all interest on the principal payment date.

4. Penalty interest

(1) For the loan overdue or violated use
the loan purpose, penalty interest rate will apply to the loan amount that is overdue or misappropriated from the date of overdue
or misappropriation until the principal and interest are paid off.

On both overdue and misappropriation of
loans, a higher penalty interest rate shall be charged.

(2) If the borrower does not pay interest
and/or penalty interest by the interest payment date, the interest is calculated based on Clause 3 and 4.

(3) Penalty rate

■ The penalty interest rate on floating-rate
loans

According to the floating period and the
method of floating as agreed in Clause 1, the penalty interest rate of the overdue loan shall be the agreed interest rate plus
50%, and the penalty interest rate of the misappropriated loan shall be the agreed interest rate plus 50%;

 

Clause 5 Withdrawal Conditions

Withdrawal must meet the following conditions:

1. This contract and its attachments have
become effective.

2. Party A has provided guarantees requested
by Party B, and the guarantee contract has become effective and has accomplished legal procedures of approval and registration.

3. Party A has provided Party B with loan
documents, seals, personnel list, specimen signature, and complete the relevant evidence.

4. Party A has opened the account for fulfilling
this contract requested by Party B.

5. Party A should submit written withdrawal
application, documentary proof for using of loans and complete the relevant formalities for withdrawal before 5 banking days.

6. Party A has submitted resolution books
and power of attorney signed by the board or other authorities to Party B.

Withdrawal can be refused by Party B if
Party A has not met the above conditions, but agreed by Party B.

 

Clause 6 Date and method of withdrawal

		1.	All loans should be withdrawn in 30 days from 10th Jan 2019.

		2.	Party B has the right to refuse the withdrawal application
of unused loan which is over the date of withdrawal.

     

     

    

 

Clause 7 Payment of the loan

1. The account

The loan should be granted and paid through
the account opened by Party A:

Account Name: Shenzhen Highpower Technology
Co., Ltd.

Account number:**

2. The way of payment

(1) The way of payment should be in accordance
with laws and regulations, regulatory requirements and the contract. The way of single payment of the Loan should be approved in
written withdrawal application. Party B has the right to change the way of payment or stop providing the loan if the way of payment
in the application doesn’t meet the requirement.

(3) Borrower makes the payment on its own.

(4) The change of payment. The way of payment
should be changed when the payment, credit rating or other conditions of Party A has changed after submitting withdrawal application.
Party A should provide the written change application, should resubmit the withdrawal application and documentary proof for using
of loans if the sum, payment object or the use of loans has changed.

3. The specific requirements of entrusted
payment

(1) Entrusted payment. Party B pay to the
specified account directly which is written in this contract, including the name of account, account number and the sum of payment.

(2) To provide the transaction information.
Party A should provide the account of loans, the account information of counterparty and relevant documents when entrusted payment.
All document provided to Party B should be true, integral and effective, or Party B does not assume any responsibility for failed
transaction, and occurred repayment obligations do not be affected.

(3) Party B’s obligations under the
entrusted payment

A. Party B pay to the specified account
after examination and approval of Party A’s commission books and other related transaction information when entrusted payment.

B. If Party B found that the proof materials
and other related trading purposes material provided by Party A does not comply with this contract or the presence of other defects,
Party B has the right to require Party A to supplement, replace, description or re-submit the relevant materials. Before these
materials are submitted, Party B has the right to refuse the issuance and payment of the relevant amounts.

C. Party B will assume no responsibility
and the generated obligations of Party A will be not affected if Party B cannot pay the loan to the counterparty in time in accordance
with payment order of Party A because of the refund by opening bank of the counterparty. Party A hereby authorizes Party B to freeze
the fund returned by opening bank of the counterparty. In this case, Party A shall resubmit the payment order and use proven materials
and other related transaction materials.

(4) Party A shall not piecemeal way to
circumvent the trustee to pay Party B.

5. Party B has right to redefine the terms
of payment and loan disbursement or stop the loan if the following situations occurred:

(1) Party A violates the contract to circumvent
entrusted payment of Party B by piecemeal way.

(2) Party A's credit status drops or main
business profitability is not good.

(3) The use of loan is abnormal.

(4) Party A fails to provide the records
and information of the loan requested by Party B timely.

(5) Party A contravenes this section to
use the loan.

 

Clause 8 Repayment

1. Party A shall specify the following
account as capital recovery account and provide the information of this account. Party B has the right to ask Party A to explain
inflows and outflows of large-sum and abnormal capital, as well as monitor capital recovery account.

Account Name: Shenzhen Highpower Technology
Co., Ltd.

Account number:**

2. Except otherwise agreed, on the expiry
date, Party A must repay all the loans under this contract.

If Party A wants to change the plan of
repayment, a written application confirmed in writing by both parties jointly should be submitted in 10 banking days before the
loans maturity.

3. Unless otherwise agreed, Party A has
the right to decide repayment order of the principal or interest. If there are several expiring loans or overdue loans which are
repaid in installment way under this contract, Party B has the right to decide the liquidation sequence of a repayment. Party B
has the right to decide the priority of the repayment order if multiple contracts expire at the same time.

4. Unless otherwise agreed, Party A can
repay in advance, but Party A should notice Party B in written 15 banking days advance. The amount of the first advance payment
used to repay the final maturity of the loan, in reverse order to repay the loans.

5. Party A must deposit funds in the following
account three banking days advance of every expiring principle with interest. Party B has the right to take the funds from the
account on the expiry date.

Account Name: Shenzhen Highpower Technology
Co., Ltd.

Account number: 744557938816

 

Clause 9 Guarantee

1.       To
ensure that borrowing under this agreement is repaid, both parties signed the guarantees.

2.       Under
certain circumstance, Party B believes that will affect the capacity for fulfilling the contract of Party A or Guarantor, or Guarantee
Contracts are invalid, revoked or dissolved, or the financial position of Party A/Guarantor deteriorate or Party A/Guarantor involved
in litigation issues, or other factors which might affect its repayment ability, or guarantors were found default in other contracts
with Party B, or devaluation, dismiss or damage of collaterals which might cause the value of the collaterals slaked or losses,
Party B reserves the right to request Party A and Party A has the obligation to add or replace the guarantor.

 

Clause 10 Statement and Commitment

1.       Party
A’s statement:

1)       Party
A is legally register and exist with full capacity for civil rights and civil conduct;

2)       Signing
and performing the contract is the true will of Party A, Party A has been granted all legal and valid authorizations before signing
the contract. The contract does not form a default for other contracts signed and performed by Party A and other legal documents.
It is Party A’s responsibility to complete all required approvals, registrations, permits and filings.

3)       All
document and information, financial statement, certificates and other materials provided by Party A to Party B are true, complete,
accurate and effective.

4)       All
the transactions mentioned by Party A for apply specific credit line should be real and not for illegal purposes such as: money
laundry.

5)       No
hidden events regarding Party A and guarantor’s financial and repayment abilities.

     

     

    

 

6)       Party
A and the loan project reach the national environmental standards, not in the list of the enterprises which have problems of energy
consumption and pollution, don’t have the risk of energy consumption and pollution.

2.       Party
A’s commitment:

1)       Party
A shall submit the financial statements and other relevant information regularly, including but not limited to annual, quarterly
and monthly financial reports.

2)       Any
counter-guarantee agreement between the guarantors and Party A will not affect the Party B’s underlying rights under this
contract.

3)       Cooperated
in Party B’s exam and inspection on the utilization of the loan as well as Party A’s financials and operations.

4)       Under
circumstances Party A or Guarantor’s capability of performing the contract might be affected, Party A should notify Party
B in written in time. Those circumstances included but not limited to merger, division, decrease of capital, equity transfer, investment,
a substantial increase of debt financing, a major asset and credit assignment.

Party A should notify Party B in time,
when the following things occurred:

A. changes of articles of association,
the scope of business, registered capital and legal representative of Party A or Guarantor.

B. Any form of management mode change,
including joint operation, invest and cooperate with foreigners, contract management, reorganization, restructuring, listing plan.

C. Party A is involved in major litigation
or arbitration, or property or collateral is seized, detained or regulated, or set new guarantee in collateral.

D. Out of business, dissolution, liquidation,
suspend business for rectification, cancellation, revocation of the business license or (be) filed for bankruptcy.

E. Shareholders, directors and senior management
personnel suspected of serious cases or economic disputes.

F. Default events in other contracts.

G. Operating difficulties and financial
situation has deteriorated.

(5) The repayment to Party B prior to shareholders,
and is comparable to other creditors of the same kind debts.

Party A is prohibited to repay the loan
to shareholders before paying off the principal and interests under the contract.

(6) If Party A fails to pay principal,
interests and fees on time in the fiscal year, any form of dividends is forbidden.

(7) Party A cannot dispose of assets to
reduce its debt paying ability and promises the total amount of external guarantee is not 1 time higher than its net assets, and
the total amount of external guarantee and the amount of single guarantee shall not exceed the limitation set by the articles of
association.

(8) Except the use agreed in this contract
or agreed by Party B, Party A is prohibited to transfer the loans to other accounts or related accounts.

Party A should provide documentary proof
when the loan is transferred to other accounts or related accounts.

(9) Party B has the right to call the loan
advanced according to the situation of capital return of Party A.

Clause 11 disclosure of the affiliated
transaction inside Party A 's group

Party A is a Group customer confirmed by
Party B according to the "Commercial Bank Group guidelines for customer credit risk management business"(hereinafter
referred to as “guideline”). During the credit period, Party A shall promptly report to Party B about more than 10%
of net assets associated with the transaction, including but not limited to: the parties to the transaction of the association;
trading program and nature of the transaction; the amount of the transaction or the corresponding ratio; pricing policies (including
no amount or only nominal amounts of transactions).

     

     

    

 

Under any of the following circumstances,
Party B shall have the right to unilaterally decide to suspend the unused loan and recover part or all of the principal and interest
of the loan in advance: use the false contracts which are signed with affiliated parties to discount or pledge at bank and to obtain
bank funds or credit with notes receivable and accounts receivable without actual trade background; the occurrence of major mergers,
acquisitions and reorganization which are considered by Party B may affect the loan safety; evasion or discarding of bank debts
on purpose through affiliated transactions; other circumstances stipulated in article eighteenth of "guidelines".

 

Clause 12 Breach of Covenants

Each of the following events and issues
constitute Party A in the event of default under the contract:

1.       Party
A did not perform the repayment obligation under this contract;

2.       Party
A has not used the credit funds according to agreed purposes, or has not paid the loan by agreed way in this contract;

3.       Party
A’s statements in this contract are untrue or in violation with commitments made by Party A in this contract.

4.       Under
the circumstance defined in 2.(4) of Clause 10, Party A refused to provide additional guarantee or replacement of a new guarantor.

5.       Deterioration
of credit, or profitability, debt paying ability, operating ability, cash flow and other financial indicators of Party A deteriorate,
breaking the contract index constraint agreed or other financial covenants.

6.       Party
A breaches other contracts signed with Party B or other affiliated institutions of Bank of China.

7.       Guarantors
breach contracts, or have default events with Party B or other affiliated institutions of Bank of China.

8.       The
termination of business or dissolution, revocation or bankruptcy of Party A.

9.       Party
A is or may be involved in major economic disputes, litigation, arbitration, or its assets were seized, detained or enforced, or
investigated or punished by the judicial organ or taxation, industry and commerce administrative organs in accordance with the
law, has been or may affect its ability to fulfill the obligations under this contract.

10.     Abnormal
change, missing, legal restriction of personal liberty and investigation by judicial authorities of Party A’s major individual
investors, key management personnel, which have been or may affect Party A to fulfill the obligations under this contract.

11.     Party
B finds the problems which may affect the borrower or guarantor's financial situation and performance capabilities when reviewing
Party A’s financial condition and performance capabilities every year (every year from the effective date of the contract);

12.     Party
A cannot provide materials to Party B to explain large and abnormal capital inflow and outflow in the account.

13.     Party
A is in violation with other rights and obligations agreed in this contract.

     

     

    

 

When any of the above situations occurred,
Party B will perform the following in separate or all at the same time according to the specific situation:

1)       Require
Party A or Guarantor to rectify defaults within a definite time.

2)       Reduce
completely or partly, pause or terminate Party A’s Credit limit.

3)       Pause
or terminate completely or partly Party A’s business applications in this contract or in other contracts between Party A
and Party B specific credit line under this contract. Pause or terminate completely or partly, or cancel or stop offering, paying
and settling the unissued loans and unsettled trade financing.

4)       Announce
the immediate expiration on all or part of the outstanding loans, principle and interest of trade financing and other accounts
payable under this contract or other contracts between Party A and Party B.

5)       Terminate
or release this contract, terminate or release contracts between Party A and Party B completely or partly.

6)       Require
compensation from Party A on the losses caused by Party A to Party B.

7)       Deduct
the fund from Party A’s deposit accounts to pay off the debts to Party B under this contract. All the undue funds in the
accounts were considered as acceleration of maturity. If the currency in deposit account is different from the currency of Party
B’s loans, the exchange rate on the date of the hold in custody will be applied.

8)       Real
rights of pledge will be executed.

9)       Require
Guarantors assume liability of guaranty.

10)     Other
necessary or probable procedures on Party B’s concern.

 

Clause 13 Rights reserved

One party does not perform part or all
of the rights under this contract, nor does not require the other party to perform, undertake part or all of the obligations and
responsibilities, which does not mean the abdication of the right or exemption of the obligation and responsibility.

Any tolerance, extension or delay from
one party to another party for exercising of rights under this contract does not affect the rights one party enjoys according to
this contract and laws and regulations, and does not mean the abdication of the right.

 

Clause 14 Changes, Modification, Termination

Upon negotiation and agreed by both parties,
this contract can be changed and modified by written. Any of the changes and modifications should form the inseparable part of
this contract.

 

Unless otherwise provided for in any law
or regulation or stipulated between the parties, this contract would not be terminated prior to all the rights and obligations
are fulfilled.

 

Unless otherwise provided for in any law
or regulation or stipulated between the parties, the invalidation of single terms under this contract should not affect the validation
of other terms under this contract.

 

Clause 15 Applicable Law and Resolution
for Dispute

1. This contract is applicable to the laws
of People’s Republic of China.

During the performance of this contract
or in connection with all disputes relating to this contract, the two parties settled through friendly consultations. If negotiation
cannot reach agreement, both parties can apply to the local people's court of Party A or other affiliated institutions of Bank
of China.

     

     

    

 

Clause 16 Attachments

The Appendix hereof and the other appendix
confirmed by both parties shall form an integral part of this contract, and shall be of legally equal effect with this contract.

1.       Withdrawal
application;

 

Clause 17 Other terms and conditions

1.       Without
Party B’s written approval, Party A is not allowed to transfer the rights and obligations under this contract to the 3rd
Parties.

2.       Party
A should give the consent that Party B might somehow authorize other affiliated institution of Bank of China to perform the obligation.
The performing party entitles all the rights and obligations under this contract, the performing party reserves the rights to appeal
a resolution of dispute if necessary.

3.       The
contract has equivalent restrictions to the successors or inherits of both parties.

4.       Unless
otherwise agreed, the domicile addresses stated in this contract are for corresponding use; both parties should notify each other
in writing about any changes of its domicile addresses.

5.       The
transactions under the contract based on independent interests. According to relevant laws, regulations and regulatory requirements,
other parties of the transaction constitutes a connected party or associated persons, any party shall not seek to use this relationship
to affect the fair of transaction.

6.       The
title and name of business in this contract is only for business purposes, will not be used for interpretation of the contract
terms, the rights and obligations.

7.       In
accordance with the provisions of the relevant laws and regulations, supervision, Party B has the right to provide the information
of this contract and other relevant information to the credit system of the people's Bank of China and other legally established
credit information database, for organizations or individuals who have the appropriate qualifications to query and use.

8.       If
the drawdown date or the repayment date is in legal holidays, then it is delayed to the first working day after the holidays.

9.       If
required by the governing institutions, Party B might not be able to perform the obligations agreed in this contract, Party B has
the right to stop or change the contract or its clauses, and Party B is exempted from punishment under this circumstance.

 

Clause 18 Effective of the contract

This contract enters into force upon the
date when it is signed or sealed and affixed with official seals by the legal representatives or entrusted agents of Party A and
Party B.

 

This contract is signed in quadruplicate,
each party holds two copies, which have the equal legal effect.

 

	/s/ [Stamp of Party A]	 
	Signature	 
	 	 
	/s/ [Stamp of Party B]	 
	SignatureExhibit 10.2

 

C13001 Bank of Beijing

 

Contract No.: [0528336]

 

Comprehensive Credit Contract

 

(Applicable to Single Customer Comprehensive
Credit)

 

Trustee: Springpower Technology (Shenzhen)
Company Limited

 

Creditor Grantor: Bank of Beijing Co., Ltd.
Shenzhen Branch

 

Date of Concluding the Contract: January
22, 2019

     

     

    

 

Table of Conditions of Comprehensive
Credit Contract

 

Trustee: Springpower Technology
(Shenzhen) Company Limited

Business license number/ uniform social credit
code:**

Legal representative/ person in charge: PAN
Dangyu

Contact: SUN Xun

Correspondence address:**

 

Creditor grantor (hereinafter referred
to as “Bank of Beijing”): Bank of Beijing Co., Ltd. Shenzhen Branch 

Legal representative/ person in charge: QU
Ruiguang

Correspondence address: First Floor, Bank
of Beijing Plaza, China Resources MixC T5, No. 9668, Shennan Avenue, Nanshan District, Shenzhen City

Postal code: 518040 Tel.: 0755-23957000 Fax:
0755-23957009

 

The trustee and Bank of Beijing (hereinafter
collectively referred to as “both parties”) hereby conclude this contract through equality, voluntariness and consensus
in the domicile of Bank of Beijing on the date of concluding the contract recorded in the cover page of the contract on the basis
of the Contract Law of the People’s Republic of China and other laws and regulations in accordance with the following
contract conditions and the Basic Terms and Conditions of Comprehensive Credit Contract.

 

A. Maximum credit limit (when the amount
in words is inconsistent with the amount in numbers, the amount in words shall prevail, same below):

 

The total amount is marked by RMB,
which is (in words) fifty million Yuan only, (in numbers) 50,000,000 Yuan;

 

B. Limit distribution of specific business
(the total balance of the limit actually used in each business shall not exceed the maximum credit line):

 

(1) This foreign currency loan limit is converted
to RMB (in words) fifty million Yuan only in total. The loan term of each loan shall be no more than 12 months. The
term of withdrawal is [12] months from the day of concluding the contract. The limit is revolving limit.

 

(2) The foreign currency (currency) XXX
loan limit is converted to RMB (in words) XXX. The loan term of each loan shall be no more than XXX months. The term
of withdrawal is [XXX] months from the day of concluding the contract. The limit is XXX revolving limit;

 

(3) The RMB discount limit is RMB (in words)
XXX. The term of withdrawal is [XXX] months from the day of concluding the contract. The limit is XXX revolving
limit;

 

(4) The import and export documentary limit
is converted to RMB (in words) XXX. The term stipulated for each business shall be no more than XXX months. The term
of withdrawal is [XXX] months from the day of concluding the contract. The limit is XXX revolving limit;

 

(5) The RMB draft acceptance limit is RMB
(in words) XXX. The term of each draft acceptance shall be no more than 12 months. The term of withdrawal is [12]
months from the day of concluding the contract. The limit is revolving limit; the ratio of deposit shall not be less than
30%;

 

(6) The import I/C opening limit is converted
to RMB (in words) XXX. If it is usance I/C, the payment term stipulated in each I/C shall be no more than XXX months;
the term of withdrawal is [XXX] months from the day of concluding the contract. The limit is XXX revolving limit;
the ratio of deposit shall not be less than XXX%;

 

     

     

    

 

(7) The domestic I/C opening limit is converted
to RMB (in words) XXX. If it is usance I/C, the payment term stipulated in each I/C shall be no more than XXX months;
the term of withdrawal is [XXX] months from the day of concluding the contract. The limit is XXX revolving limit; the ratio
of deposit shall not be less than XXX%;

 

(8) The L/G limit is converted to RMB (in
words) XXX; the validity term of each L/G stipulated shall be no more than XXX months; the term of withdrawal is
[XXX] months from the day of concluding the contract. The limit is XXX revolving limit; the ratio of deposit shall not be
less than XXX%;

 

(9) The corporate account overdraft limit
is converted to RMB (in words) XXX; the term of overdraft of each corporate account shall be no more than XXX months;
the term of withdrawal is [XXX] months from the day of concluding the contract. The limit is XXX revolving limit;

 

(10) The factoring limit is converted to RMB
(in words) XXX; the term of each factoring shall be no more than XXX months; the term of withdrawal is [XXX] months from
the day of concluding the contract. The limit is XXX revolving limit;

 

(11) The bond underwriting limit is converted
to RMB (in words) XXX; the term of withdrawal is [XXX] months from the day of concluding the contract. The limit is XXX
revolving limit;

 

(12) The external guarantee limit is converted
to RMB (in words) XXX; the term of each external guarantee limit shall be no more than XXX months; the term of withdrawal
is [XXX] months from the day of concluding the contract. The limit is XXX revolving limit; the ratio of deposit shall not
be less than XXX%.

 

(13) Other: ______________________________________________________

 

C. Prior business included in the limit
hereunder: 

 

The business hereunder which has occurred
but has not been settled occupies the credit limit hereunder. However, the rights and obligations of the business shall be executed
in accordance with this contract (unless specially stipulated herein):

 

(1) The contract called XXX
with the number of [XXX] concluded by and between XXX and the trustee;

 

(2) The contract called XXX
with the number of [XXX] concluded by and between XXX and the trustee;

 

(3) Other: _________________________________________________

 

G. Credit purpose: 

 

Meet the trustee’s business need
of normal operation in accordance with laws and regulations.

 

M. Guarantee (the details are subject to
the guarantee document): 

 

Warranty guarantee, name of warranty: Icon
Energy System (Shenzhen) Company Limited, Huizhou Highpower Technology Co., Ltd., Shenzhen Highpower Technology Company, Limited,
and PAN Dangyu.

 

U. Annex (the following annex is an integral
part of this contract): 

 

XXX 

     

     

    

 

W. Enforcement notarization: 

 

No enforcement notarization is required
for this contract.

 

X. Special agreements: 

 

1. The trustee confirms the address of delivery
of the documents involved in this contract/ agreement and relevant documents and legal instruments when a dispute occurs to this
contract/ agreement and legal consequences as follows: (1) it confirms that its valid address of delivery is the address specified
in the front of this contract/ agreement. (2) The address of delivery is applicable to the delivery of all kinds of documents during
non-litigation and relevant documents and legal instruments when a dispute occurs, including but not limited to the delivery in
the civil supervision procedure and civil litigation procedure (first trial, second trial, re-trial and execution procedure). (3)
If the address of delivery needs to be changed, it shall notify Bank of Beijing by mailing thirty working days in advance; if change
is notified according to the method specified, the address of delivery changed shall prevail. If the obligation to notify fails
to be fulfilled, the original address of delivery shall be still the valid address of delivery. In the event that the legal instruments
fail to be actually received as the address of delivery it provides or confirms is not accurate, Bank of Beijing and the court
have not been notified after the address of delivery is changed or it or the receiver it designates refuses to sign up, if they
are delivered by mailing, the day of returning the instruments shall be deemed as the day of delivery; if they are delivered directly,
the day on which the process server indicates the condition on the receipt of delivery shall be deemed as the day of delivery.
(4) Whereas it has confirmed the address of delivery, the court may directly deliver by mailing upon delivery. Even if it fails
to receive the relevant documents or legal instruments delivered by the court by mailing, it shall be deemed as delivery. (5) After
a dispute enters the civil supervision procedure or civil litigation procedure, if it responds to the litigation and directly submits
the letter of confirmation of the address of delivery to the court, and if the address of delivery confirmed is changed, the letter
of confirmation of the address of delivery that it submits to the court shall prevail.

 

2. This contract/ agreement is concluded by
the parties in Futian District, Shenzhen City. All disputes under this contract/ agreement and related to it shall be first settled
through friendly negotiation. If the negotiation fails to work, it shall be submitted to the people’s court with jurisdiction
in the place of concluding this contract/ agreement for settlement through litigation.

 

Y. The trustee hereby confirms: Bank
of Beijing has reminded it of paying attention to the terms and conditions concerning liability or right limitation and has made
full interpretation and explanation on this contract. Revision and supplementation (if any) reached by both parties has been indicated
in the special agreement column or supplementary agreement; after fully reviewing and negotiating and discussing with Bank of Beijing,
the trustee comprehensively understands and agrees all contents of this contract including the table of contract conditions, basic
terms and conditions and annexes hereto, and has no doubt or objection.

 

Z. Both parties sign as follows: 

 

	Trustee (seal): Springpower Technology (Shenzhen) Company Limited (sealed)	Bank of Beijing (seal): Special Seal for Credit Business Contract of Bank of Beijing Co., Ltd. Shenzhen Branch (sealed)
	Legal representative 	Person in charge or 
	Or authorized representative: PAN Dangyu(signature) 	 Authorized representative:
        QU Ruiguang (signature)

 

     

     

    

 

Comprehensive Credit Contract Basic Terms

 

		1.	Definition and Interpretation

 

1.1 In this contract, unless otherwise specified,
the following words have the following meanings.

This contract: refers to the overall
constituted by all the following documents: comprehensive credit contract condition table (the main text is Clauses A to Z), comprehensive
credit contract basic terms, the attachments listed in Clause U hereof, and other effective documents to determine the rights and
obligations under this contract in accordance with the law (including but not limited to the supplementary agreement, commitment,
etc.); however, the terms and conditions of the contract shall be specified in the corresponding terms and conditions in the contract
condition table and basic terms if there is no special explanation.

 

Credit limit: refers to the bank credit
fund or principal amount supported by bank credit that Bank of Beijing undertakes to grant or actually grants to the credit grantee
in accordance with the terms and conditions of this contract.

 

Withdrawal period: also known as the period
of validity of the limit, means that the credit grantee may apply to Bank of Beijing for the term of the relevant limit.

 

Limit withdrawal day: refers to the
date when the credit grantee begins to take up the limit, such as withdrawal date, acceptance day, opening date for loan business,
acceptance of bill of exchange, opening of letter of guarantee/letter of credit respectively.

 

Limit occupancy period: Refers to the
period from the conclusion date of the contract to the validity period expiration date or the date when all credit limit (if any)
used by the credit grantee and relevant funds and expenses are liquidated (the later shall prevail).

 

Specific business: refers to the loan,
trade financing, discount, guarantee letter, letter of credit, draft acceptance and other specific credit granting business of
Bank of Beijing to the credit grantor under this contract.

 

Specific business contracts: refer
to the legal documents that the credit grantor concludes with Bank of Beijing in order to use the limit under this contract and
which constitute contract relationship between the credit grantor and Bank of Beijing under specific business according to law
(no matter what its name is), including but not limited to, written, electronic data or other effective forms of business contract,
agreement, commitment, business documents, etc.

 

Guarantee document: refers to any guarantee
contract, guarantee clause, guaranty letter, etc., which is set up and signed or agreed by the guarantor.

 

Third party: in the terms of this contract,
the third party means any person or organization other than the parties hereto.

 

Laws and regulations: refer to the
laws, administrative regulations and judicial interpretations of the supreme people's court in the mainland of the People's Republic
of China except Hong Kong, Macao and Taiwan.

 

Financial rules and regulations: refer
to the rules, regulations and orders of the banking regulator, the People's Bank of China and the foreign exchange control department.

 

Working day: refers to any day when
the commercial banks in the city where Bank of Beijing is located deal with general corporate business to the external, not including
statutory holidays, Saturday and Sunday, but including Saturday and Sunday when the public should work as temporarily stipulated
by the government.

 

1.2 Under any document under this contract
or made on the basis of this contract, unless otherwise specified in this document, the words which have been defined in the contract
still have the same meaning.

     

     

    

 

		2.	Credit Limit

 

2.1 Refer to Clause A hereof for the maximum
credit limit; refer to Clause B hereof for the limit distribution of the specific business, the withdrawal period and the limit
type. Without the consent of Bank of Beijing, all kinds of business limits shall not be used for adjustment. Unless otherwise agreed,
the unsettled business incurred by the credit grantee in the system of Bank of Beijing occupies the limit of corresponding business
herein, which is specifically referred to in Clause C of this contract. Bank of Beijing may arrange or designate other branches
of Bank of Beijing Co., Ltd. to handle the specific business under this contract. The above mentioned institutions shall be regarded
as the credit grantors of the contract under this contract when handling the business.

 

2.2 In case that any of the following circumstances
occurs, Bank of Beijing can appropriately adjust all or part of limits under this contract which are not yet used or shorten the
period of validity: (i) the credit grantee or its guarantor defaults under this contract, the specific business contract or guarantee
document; (ii) a significant adverse change occurs to the financial or operational status of the recipient; or (iii) the country
or the financial regulator adjusts the credit policy or other related policies, major financial risks occur or lurk in the region
where the credit grantee is located, and material adverse changes occur in the market related to the operation of the credit grantee.
Bank of Beijing rationally thinks that it has a significant effect on the performance of this contract; or (iv) other circumstances
stipulated in this contract, specific business contract or warranty document.

 

2.3 Refer to Clause B hereof for the limit
type. If it is recyclable limit, from the time when the relevant debts have been totally paid off to the expiration date of the
withdrawal period, the credit grantee can apply for reuse as per the agreed conditions hereof within the usable limit. The recyclable
time within the validity period of limit is limitless; if it is unrecyclable limit, reuse shall not be applied after the credit
grantee applies.

 

		3.	Use of credit limit

 

3.1 If the expiration date of the validity
period (withdrawal period) of the limit is not working day, the last working day before this day shall prevail. During the withdrawal
period, maximum credit limit and specific credit limit, the credit grantee may submit an application to Bank of Beijing, the specific
business contract should be entered into during the withdrawal period after approval and it may actually use according to the contract;
when the withdrawal period expires, the unspent limit by the credit grantee is automatically cancelled.

 

3.2 Unless the credit grantee and Bank of
Beijing agree to change at the appointed time, the credit grantee shall handle according to the following procedures and requirements
whenever using the credit limit: (1) the credit grantee shall submit the application to Bank of Beijing in advance, explain the
types of credits and amount to be applied, purpose, proposed date of use and fill other necessary contents under this contract
and submit the documents required by the business system of Bank of Beijing; (2) Bank of Beijing shall review the application based
on the business management system implemented at the appointed time and credit review requirements and the contract; (3) if Bank
of Beijing agrees after examination, the parties shall enter into the specific business contract and handle the business procedures
as agreed upon, while reducing the credit limit available under this contract; if Bank of Beijing does not agree after the examination,
the credit grantee shall be informed.

 

3.3 Whenever the credit grantee requires using
the credit limit, unless the following conditions are met (except the condition which Bank of Beijing decides to give up), Bank
of Beijing has no obligation to agree it to use the credit limit:

 

(1)       The
guarantee document of the guarantee referred to in Clause M hereof has been entered into and duly handled delivery, registration
and other procedures;

     

     

    

 

(2)       Margin
money has been deposited into Bank of Beijing as per the margin proportion required in Clause B hereof when bank acceptance, letter
of guarantee, letter of credit and other business have been handled, pledged to Bank of Beijing as guarantee under this contract
and specific business contracts;

 

(3)       The
credit grantee has signed specific business contract with Bank of Beijing and met the conditions required in this contract and
specific business contracts. Enough limits available shall be reserved herein;

 

(4)       The
credit grantee has no default event under this contract or specific business contracts; the guarantor has no default event under
the guarantee document;

 

(5)       The
effective laws and regulations and financial rules, national credit policies have no significant adverse influence on the performance
of the contract by any party of the specific business contract and do not prohibit or restrict the handling of relevant business;

 

(6)       Other
conditions agreed in this contract or specific business contracts, specified in laws, regulations and financial rules.

 

3.4 The currency, amount, term, interest rate
and rate, repayment and other matters of specific business shall be subject to the agreements in specific business contracts. Unless
Bank of Beijing and the credit grantee implement corresponding revision on this contract by a written supplementary agreement,
the business term agreed in the specific business contracts shall not be over the term specified in Clause B hereof except the
automatic extension agreed in the specific business contracts or the term extension due to force majeure.

 

3.5 The limit amount that each specific business
occupies shall be calculated as per the credit fund principal amount and credit support nominal principal amount provided by Bank
of Beijing. The limit occupancy amount of foreign currency business shall be converted as per the initial foreign exchange selling
price published by Bank of Beijing on the limit withdrawal date. This clause is only set for limit statistics, which shall not
be deemed as restriction of the credit grantee’s debt range or the guarantor’s guarantee range. The debt of the credit
grantee under each specific business for Bank of Beijing shall be determined based on the specific business contract and other
terms of this contract.

 

3.6 The credit grantee guarantees to use the
limit for the purpose agreed in Clause G hereof and the specific business contracts, guarantees that the aforesaid purpose will
not violate the stipulations in the laws and regulations and financial rules, promises not to use the limit in the project or business
in which commercial bank fund / credit is prohibited to use as specified in the laws, regulations or financial rules. If the credit
grantee needs to change the limit purpose, it shall obtain the written consent of Bank of Beijing.

 

3.7 In order to timely repay the relevant
amounts payable, the credit grantee shall open and maintain the relevant account (in case of alternation of account number, it
shall be applicable continuously after alternation) at Bank of Beijing. Bank of Beijing may automatically deduct the mature payable
amounts of the credit grantee from the account opened by the credit grantee at the system of Bank of Beijing Co., Ltd. and notify
the credit grantee by the statement of account or other form.

 

3.8 Unless there is assured and full contrary
evidence, the bank bookkeeping document generated in Bank of Beijing is valid evidence for business occurrence and debt repayment
under this contract.

 

		4.	Commitment and Promise

 

4.1 Both parties hereby undertake and guarantee
to each other respectively: (1) this party possesses the qualification and ability to conclude and perform this contract; the personage
who represents this party to sign this contract has obtained full authorization and has the right to represent this party to conclude
this contract; (2) this party’s conclusion and performance of this contract do not violate the articles of association and
other organizational documents, laws and regulations and financial rules and other legal documents which shall be abided by, and
any necessary internal and external authorization, permission, filing and other procedures have been obtained to ensure that this
contract has legal binding force on this party and may enforce according to law.

     

     

    

 

4.2 The creditor grantee promises and guarantees
to perform the following obligations during the occupancy period:

 

(1)       The
credit grantee has always been the legal entity established according to law and continuing as a going concern and will complete
annual inspection and other legal procedures on time; the credit grantee will completely provide Bank of Beijing with the financial
and operational status of the credit grantee and other important information related to this contract and the specific business
contracts before signing this contract and each application to use the limit is proposed;

 

(2)       The
production and management of the credit grantee are legitimate, abide by the environmental protection requirement specified in
laws and regulations, tax payment stipulation and other stipulations; necessary approval and permission documents are timely, legally
and validly obtained;

 

(3)       The
credit grantee accepts and actively cooperates Bank of Beijing’s examination and supervision on the credit grantee’s
financial status, operation status and the limit use status under this contract, including but not limited to: (i) reasonably explain
the execution of each specific business under this contract and provide relevant certificates and prove that the contract is in
conformity with the contract as per the requirements of Bank of Beijing, and (ii) provide Bank of Beijing with the audited intact
financial statements (including notes) of the previous year and the audit report before the end of Apr. and provide Bank of Beijing
with the duplicates of the balance sheet, income statement, cash flow statement and other financial statements as at the end of
the last quarter in the first month of every quarter (if there is audited semi-annual or quarterly financial statement, the audited
complete statement and audit report shall be provided);

 

(4)       All
application materials, financial statements and other information provided by the credit grantee to Bank of Beijing are true, complete,
legal and valid. There is no fraud, major omission or major misdirection;

 

(5)       The
credit grantee shall not withdraw registered capital, fabricate transactions to collect bank funds or credit, escape from debts
by transfer of assets, have associated transaction that seriously damages its repayment ability or money laundering and other improper
transactions;

 

(6)       The
credit grantee shall provide the guarantee agreed in Clause M hereof to Bank of Beijing at least before the first use of the limit.
Refer to the guarantee document for details. The credit grantee undertakes to maintain the pledge rate and mortgage rate under
the guarantee document within the agreed scope of the guarantee document (if any); the credit grantee promises to fully understand
and agree to and accept the terms and contents of the relevant guarantee document, guarantee that all guarantee provided to Bank
of Beijing based on the guarantee document are legal and valid and can be enforced in accordance with the law.

 

		5.	Taxes and Dues

 

The credit grantee and Bank of Beijing shall
bear the stamp duty under this contract which shall be paid by them respectively. The taxes and administrative fees, etc. levied
by the government or the institution that exerts administrative functions (except the taxes and dues which shall be borne by Bank
of Beijing voluntarily) and notarization expense (if any), guarantee expense (if any) shall be borne by the credit grantee.

 

		6.	Breach of Contract and Remedy Right

 

6.1 When any or several circumstances occur,
default event of the credit grantee shall be constituted:

     

     

    

 

(1)       The
credit grantee fails to use the credit limit as per the agreements in this contract or specific business contracts, or fails to
pay interest, principal or other funds payable on time in full amount, or fails to timely pay fully on time, causing that Bank
of Beijing pays in advance;

 

(2)       The
credit grantee fails to (or affirmatively shows or shows that it won’t with behavior) totally and duly perform the commitments,
guarantee, obligations or responsibilities under this contract or specific business contracts;

 

(3)       The
guarantor fails to totally and duly perform the commitments, guarantee, obligations or responsibilities under this contract or
specific business contracts, or has other default event under the guarantee document, or the collateral / pledge (if any) is damaged,
lost, the ownership is shifted, closed/ frozen / detained or compulsorily executed, or the guarantee document or any guarantee
right of Bank of Beijing is regarded as invalid, revoked or dissolved without the written consent of Bank of Beijing;

 

(4)       Any
significant credit finance, guarantee, compensation or other repayment liability of the credit grantee can’t be performed
when mature; or the operation license of the main business or significant business is suspended or canceled, or business suspension
and rectification / takeover / dissolution / declaration of bankruptcy, etc. are entered;

 

(5)       The
financial or operational status of the credit grantee has significant and adverse change, or has bad credit record, or involves
in the dispute or administrative punishment, etc. that has significant adverse influence on its repayment ability or the performance
of this contract and specific business contracts, or has other situation that has serious adverse influence on the creditor’s
right or guarantee right of Bank of Beijing.

 

6.2 In case that the credit grantee has the
default event under this contract or specific business contracts, Bank of Beijing shall be entitled to exert default remedy right
based on the contract agreement or/ and laws, regulations, financial rules, including but not limited to adjusting the credit limit
and validity period, requiring correcting breach of contract, collecting penalty interest, exert guarantee right and lien according
to law, announcing that all or partial debts under this contract and specific business contracts are mature at once, collecting
by announcement, requiring compensation for loss and requiring repaying the expenses incurred by Bank of Beijing to realize the
creditor’s right and guarantee right (including but not limited to litigation/ arbitration expense, appraisal / authentication
/ auction and other disposal expenses, attorney expense, expense for investigation, travel fee and other reasonable expenses),
etc.

 

6.3 When the payment currency withdrawn by
Bank of Beijing to exert rights is different from the unpaid fund currency by the credit grantee, the creditor’s rights of
Bank of Beijing are liquidated after the exchange rate of the applicable bank sold debt currency and the purchased returned money
currency published by Bank of Beijing is exchanged. The exchange rate loss and exchange expense incurred shall be borne by the
credit grantee. The credit grantee shall be obligated to cooperate with handling the exchange procedure.

 

6.4 The creditor’s rights of the funds
taken back by Bank of Beijing to exert rights are paid off as per the following order: (1) expense to realize the creditor’s
right and guarantee right and other expenses which shall be borne by the borrower, (2) damage compensation, indemnity and liquidated
damage, (3) default interest, (4) interest, (5) principal, (6) other amounts payable; but Bank of Beijing may alternate the aforesaid
liquidation order. If the credit grantee has many mature funds repayable, the repayment order determined by Bank of Beijing shall
prevail.

 

6.5 In case that one party suffers force majeure
and this party provides the certificate of the competent authority to the other party within 5 working days after the force majeure
occurs, the corresponding default responsibility of this party may be exempted according to law. However, in order to avoid doubts,
both parties confirm that the corresponding liability for breach of contract of the credit grantee may be exempted according to
law after the force majeure occurs but still have the obligation to repay the used limit principal, interest and the expense to
realize the creditor’s right and guarantee right.

 

     

     

    

 

		7.	Applicable Laws and Dispute Settlement

 

7.1 This contract is applicable for the laws
and regulations of the People’s Republic of China; all disputes arising from and in connection with this contract shall be
solved through friendly negotiation; if the negotiation fails, it shall be submitted to the people’s court at the place where
Bank of Beijing for resolution.

 

7.2 In case that there is affirmative written
agreement in the specific business contract, guarantee document on the applicable laws and dispute settlement, it shall be executed
as per this agreement. In case that there is no written agreement or the written agreement is unclear or the agreement is invalid
/ revoked according to law, it is applicable for the laws and regulations of the People’s Republic of China and shall be
filed to the people’s court at the place where Bank of Beijing is located for resolution.

 

		8.	Supplementary Rules

 

8.1 When the special agreement in Clause X
hereof is inconsistent with other clauses in the text hereof, the special agreement in this clause shall prevail; the attachments
listed in Clause U hereof constitute the component hereof. Unless there is affirmative written agreement in the text or attachment
hereof, the text hereof shall prevail when the attachment is inconsistent with the text hereof. Each specific business contract
and this contract constitute a complete contract, except as otherwise provided for in this contract situation; when the specific
business contract is inconsistent with the contract, the specific business contract shall prevail; the matters which are not agreed
in the specific business contracts shall be executed as per the agreements hereof.

 

8.2 The notice or document sent by any party
under this contract: (i) the day of receipt of the notified party or its receiving agent is delivery date if it is handed over
in person or by commission; (ii) the 3rd day after the mail is posted if it is posted by express or registered mail
in the same city (including urban and suburban) is delivery date, (iii) the 7th day after it is mailed if it is mailed
by other method is delivery date; when the delivery date determined in accordance with the aforesaid stipulations is inconsistent
with the date when the notified party actually receives or officially signs in, the earliest date shall prevail. However, Bank
of Beijing requires that the documents delivered by the credit grantee face to face shall be delivered by the special person appointed
by the credit grantee to the operator authorized by Bank of Beijing. Either party shall notify the opposite party in time if it
alternates the contact info; otherwise, the opposite party shall be entitled to deem the contact info before alternation as valid.

 

8.3 Bank of Beijing can provide the information
related to this contract and specific business contracts to the credit system and information base approved by the government department.

 

8.4 Unless otherwise agreed hereof, either
party shall have the confidentiality obligation before the aforesaid information losses confidentiality, shall not publicly disclose
and shall not disclose the commercial secret which is obtained by the party during the conclusion and performance of this contract
and belongs to the other party and other unpublished information that the other party requires keeping confidential to any third
party without the written permission of the other party. However, if one party discloses in accordance with the stipulations in
relevant laws and regulations and the requirements of the competent authority or the listed exchange, or reasonably discloses to
auditor, financial consultant, legal consultant or other intermediary institution of this party (this party shall require the aforesaid
institutions and personage to bear confidentiality obligation), it is not deemed as breach of the confidentiality obligation.

     

     

    

 

8.5 The effect of this contract is independent
from any guarantee document, specific business contract and any contract/ agreement / commitment and is not affected by the validity
and enforceability of the aforesaid documents. When any article or content of this contract is revoked according to law or affirmed
as invalid, the effect of other articles and contents are not affected and still valid. When one party breaches the contract, the
other party’s nonperformance of the corresponding remedy right shall not be deemed as waiver of right or permission of default.

 

8.6 This contract is entered into by the credit
grantee and Bank of Beijing on the conclusion date of the contract and comes into effect after it signed by the legal representative
/ principal / authorized representative of both parties and with the unit seal affixed (or the special seal for contract recognized
by the document with the official seal affixed). The original of this contract is in triplicate (the originals in the corresponding
number shall be signed if notarization is needed or guarantee registration and other procedures need to be handled) with Bank of
Beijing holding two copies and the credit grantee holding one copy. Each original has the equal effect. If there is a guarantor,
the credit grantee shall be responsible for providing the guarantee with the duplicate of this contract; however, if the credit
grantee fails to provide, the creditor’s right and guarantee right of Bank of Beijing will not be adversely influenced.

 

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