Document:

Share Purchase Agreement and Amended Share Purchase Agreement

 Exhibit 10.20 
 EXECUTION COPY 
 SHARE PURCHASE AGREEMENT 
 by and among 
 HAPPY GENIUS HOLDINGS
LIMITED 
 and 
 MANDRA SILICON LIMITED 
 and 
 GCL SILICON TECHNOLOGY HOLDINGS INC. 
 Dated as of July 18, 2008 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
	 ARTICLE I DEFINITIONS
	  	2
				
		 	1.01	  	DEFINITIONS	  	2
		 	1.02	  	ADDITIONAL DEFINITIONS	  	6
		 	1.03	  	CONSTRUCTION	  	6
		
	 ARTICLE II PURCHASE OF SHARES AND CLOSING
	  	7
				
		 	2.01	  	PURCHASE AND SALE	  	7
		 	2.02	  	CLOSING	  	7
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE SELLERS
	  	8
				
		 	3.01	  	ORGANIZATION	  	8
		 	3.02	  	AUTHORITY	  	9
		 	3.03	  	NO CONFLICTS	  	9
		 	3.04	  	GOVERNMENTAL APPROVALS AND FILINGS	  	9
		 	3.05	  	TITLE TO ASSETS AND PROPERTIES	  	9
		 	3.06	  	CLOSING SHARES	  	10
		 	3.07	  	INTEREST IN JZPTD	  	10
		 	3.08	  	LEGAL PROCEEDINGS	  	10
		 	3.09	  	COMPLIANCE WITH LAWS AND ORDERS	  	10
		 	3.10	  	BROKERS	  	10
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	11
				
		 	4.01	  	ORGANIZATION	  	11
		 	4.02	  	AUTHORITY	  	11
		 	4.03	  	NO CONFLICTS	  	11
		 	4.04	  	INFORMATION	  	11
		 	4.05	  	NO U.S. PERSON	  	12
		 	4.06	  	NO DIRECTED SELLING EFFORTS	  	12
		 	4.07	  	INVESTMENT PURPOSES	  	12
		 	4.08	  	BROKERS	  	12
		 	4.09	  	ORDINARY SHARES	  	13
		
	 ARTICLE V CONDITIONS TO OBLIGATIONS OF THE COMPANY
	  	13
				
		 	5.01	  	Representations and Warranties	  	13
		 	5.02	  	Performance	  	13
		 	5.03	  	Orders and Laws	  	13
		 	5.04	  	Regulatory Consents and Approvals	  	13
		 	5.05	  	Initial Public Offering Closing	  	14
		 	5.06	  	Release of Security Interests	  	14
		
	 ARTICLE VI CONDITIONS TO OBLIGATIONS OF THE SELLERS
	  	14
				
		 	6.01	  	REPRESENTATIONS AND WARRANTIES	  	14
		 	6.02	  	PERFORMANCE	  	14
		 	6.03	  	ORDERS AND LAWS	  	15
		 	6.04	  	REGULATORY CONSENTS AND APPROVALS	  	15
		 	6.05	  	INITIAL PUBLIC OFFERING CLOSING	  	15
		 	6.06	  	RELEASE OF SECURITY INTERESTS	  	15
		
	 ARTICLE VII SURVIVAL OF REPRESENTATIONS AND WARRANTIES
	  	15
				
		 	7.01	  	SURVIVAL OF REPRESENTATIONS AND WARRANTIES	  	15

  

					
		 	i	 	Share Purchase Agreement

							
	ARTICLE VIII TERMINATION	  	15
				
		 	8.01	  	TERMINATION	  	15
		 	8.02	  	EFFECT OF TERMINATION AND SURVIVAL	  	15
		
	 ARTICLE IX GOVERNING LAW AND RESOLUTION OF DISPUTES
	  	16
				
		 	9.01	  	GOVERNING LAW	  	16
		 	9.02	  	DISPUTE RESOLUTION FORUM	  	16
		 	9.03	  	PERFORMANCE PENDING DISPUTE RESOLUTION	  	16
		
	 ARTICLE X MISCELLANEOUS
	  	16
				
		 	10.01	  	ENTIRE AGREEMENT	  	16
		 	10.02	  	BINDING EFFECT; BENEFIT	  	17
		 	10.03	  	ASSIGNMENT	  	17
		 	10.04	  	AMENDMENT; WAIVER	  	17
		 	10.05	  	NOTICES	  	17
		 	10.06	  	COUNTERPARTS	  	18
		 	10.07	  	SEVERABILITY	  	18
		 	10.08	  	COSTS AND EXPENSES	  	18
		 	10.09	  	FURTHER ASSURANCES	  	18
		
	 APPENDIX A
	  	A-1

  

					
		 	ii	 	Share Purchase Agreement

 SHARE PURCHASE AGREEMENT 
 This SHARE PURCHASE AGREEMENT (this “Agreement”) dated as of July 18, 2008 is made by and among: 
 (1) Happy Genius Holdings Limited (“Happy Genius”), a company incorporated and existing under the laws of the British Virgin Islands and having
its registered office at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands, 
 (2) Mandra Silicon Limited
(“Mandra”; together with Happy Genius, the “Sellers”), a company incorporated and existing under the laws of the British Virgin Islands and having its registered office at P.O. Box 957, Offshore Incorporations
Centre, Road Town, Tortola, British Virgin Islands, and 
 (3) GCL Silicon Technology Holdings Inc. (the “Company”), a company
incorporated and existing under the laws of the Cayman Islands and having its registered office at Offshore Incorporations (Cayman) Limited, Scotia Centre, 4th Floor, P.O. Box 2804, George Town, Grand Cayman KY1-1112, Cayman Islands. 
 Capitalized terms not otherwise defined herein have the meanings set forth in ARTICLE I. 
 WHEREAS: 
 WHEREAS, Happy Genius is the legal and beneficial owner of 82.00% of the issued share
capital of each of Sun Wave Group Limited (“Sun Wave”), a company incorporated and existing under the laws of the British Virgin Islands and Greatest Joy International Limited (“Greatest Joy”), a company
incorporated and existing under the laws of the British Virgin Islands; 
 WHEREAS, Mandra is the legal and beneficial owner of 18.00% of the
issued share capital of each of Sun Wave and Greatest Joy; 
 WHEREAS, Sun Wave is the legal and beneficial owner of 100% of the issued share
capital of each of Wise Universe Investments Limited, Excel Bond International Limited and Asia Silicon Technology Development Holdings Limited, each a company incorporated in the British Virgin Islands. 
 WHEREAS, Wise Universe Investments Limited, Excel Bond International Limited and Asia Silicon Technology Development Holdings Limited are the legal and
beneficial owners of 100% of the issued share capital of Speedy Gain Limited, Asia Silicon Technology Development Limited and Asia Silicon Technology Development Holdings Limited respectively, each a company incorporated in Hong Kong. 
 WHEREAS, Speedy Gain Limited, Asia Silicon Technology Development Limited and Asia Silicon Technology Development Holdings Limited are the legal and
beneficial holders of 7%, 8% and 5%, respectively, of the equity interest in Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. (“JZPTD”), a limited liability company organized in the People’s Republic of China.

  

					
		 	1	 	Share Purchase Agreement

 WHEREAS, Greatest Joy is the legal and beneficial owner of 100% issued share capital of Richmore
International Development Limited, a company incorporated in Hong Kong. 
 WHEREAS, Richmore International Development Limited is the legal
and beneficial holder of 16% of the equity interest in JZPTD. 
 WHEREAS, the Sellers agree to sell to the Company and the Company agrees to
purchase from the Sellers 100% in the aggregate of the issued share capital of each of Sun Wave and Greatest Joy; 
 WHEREAS, The Sellers and
the Company agree to enter into this Agreement to govern the Sellers’ sale and the Company’s purchase of 100% of the issued share capital of each of Sun Wave and Greatest Joy; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.01 Definitions.

 The following terms shall have the following meanings for purposes of this Agreement: 
 “Actions or Proceedings” means any action, suit, proceeding, arbitration or any investigation or audit by any Government Authority.

 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or
under common control with such Person and “Affiliates” and “Affiliated” shall have correlative meanings. For the purpose of this definition, the term “control” (including with correlative meanings,
the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or influence
the direction of the management and policies of such Person, whether through the ownership of voting securities or by contract or otherwise 
 “Agreement” has the meaning stated in the preamble. 
 “Assets and Properties” of any Person means
assets and properties of any kind, nature, character and description (whether real, personal or mixed, whether tangible or intangible, whether absolute, accrued, contingent, fixed or otherwise and wherever situated), including the goodwill related
thereto, operated, owned or leased by such Person, including 

  

					
		 	2	 	Share Purchase Agreement

 
without limitation cash, cash equivalents, investment assets, accounts and notes receivable, chattel paper, documents, instruments, general intangibles, real
estate, equipment, inventory, goods and intellectual property. 
 “Business Day” means a day other than Saturday, Sunday or
any day on which banks located in Hong Kong are authorized or obligated to close. 
 “Company” means GCL Silicon Technology
Holdings Inc. 
 “Confidential Information” means (a) any information concerning the organization, business,
technology, trade secrets, know-how, finance, transactions or affairs of any Party or any Party’s Representatives (whether conveyed in written, oral or in any other form and whether such information has been furnished before, on or after the
date of this Agreement), (b) any information or materials prepared by a Party or its Representatives that contains or otherwise reflects, or is generated from, Confidential Information and (c) this Agreement, the transactions contemplated
hereby, the terms and conditions hereof or any discussions, correspondence or other communications among the Parties or their respective Representatives relating to this Agreement or any of the transactions contemplated hereunder. 
 “Contract” means any agreement, lease, license, engagement, evidence of Indebtedness, mortgage, indenture, security agreement, financial
instrument, purchase order, commitment, arrangement, understanding or other contract (whether written, oral or otherwise). 
 “Convertible Bonds” means any of the unsecured convertible bonds having the characteristics set forth in the term sheet attached hereto as Exhibit A. 
 “Employee” means any officer or employee including any part-time, regular contract or fixed-term officer or employee. 
 “Encumbrance” means (a) any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment, deed of trust,
title retention, security interest or other encumbrance of any kind securing, or conferring any priority of payment in respect of, any obligation of any Person, including any right granted by a transaction which, in legal terms, is not the granting
of security but which has an economic or financial effect similar to the granting of security under applicable Law, (ii) any lease, sub-lease, occupancy agreement, easement or covenant granting a right of use or occupancy to any Person,
(iii) any proxy, power of attorney, voting trust agreement, interest, option, right of first offer, negotiation or refusal or transfer restriction in favor of any Person and (iv) any adverse claim as to title, possession or use.

 “Equity Securities” means the capital stock, membership interests, partnership interests, registered capital or other
ownership interest in any Person or any options, warrants or other securities that are directly or indirectly convertible into, or exercisable or exchangeable for, such capital stock, membership interests, partnership interests, registered capital
or other ownership interests (whether or not such derivative securities are issued by such Person). 
  

					
		 	3	 	Share Purchase Agreement

 “Environmental Laws” shall mean all national, state, regional and local laws, statutes,
ordinances and regulations, in each case as amended or supplemented from time to time, and any Government Authority thereof, including orders, consent decrees or judgments relating to the regulation and protection of human health, safety, the
environment and natural resources. 
 “GCL HK” means GCL Silicon Technology Holdings Limited. 
 “Government Authority” means any court, tribunal, arbitrator, authority, agency, commission, official or other instrumentality of the
Cayman Islands or of the PRC, any other country or territory or any province, state, county, city or other political subdivision of any other country or territory. 
 “Greatest Joy” has the meaning stated in the preamble. 
 “Happy Genius”
means Happy Genius Holdings Limited. 
 “Hong Kong” means the Hong Kong Special Administrative Region of the PRC.

 “Indebtedness” of any Person means all obligations (contingent or otherwise) of such Person (i) for borrowed money,
(ii) evidenced by notes, bonds, debentures or similar instruments, (iii) for the deferred purchase price of goods or services (other than trade payables or accruals incurred in the ordinary course of business), (iv) under capital
leases and (v) in the nature of guarantees of the obligations described in clauses (i) through (iv) above of any other Person. 
 “JZPTD” means Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. 
 “Law” means any
law, treaty, statute, ordinance, code, rule or regulation of any Government Authority or any Order. 
 “Liabilities” means
all Indebtedness, obligations and other liabilities of a Person (whether absolute, accrued, contingent, fixed or otherwise, or whether due or become due). 
 “Licenses” means all licenses, permits, certificates of authority, authorizations, approvals, registrations, franchises and similar consents granted or issued by any Governmental Authority.

 “Mandra” means Mandra Silicon Limited. 
 “Material Adverse Effect” means a material adverse effect on the Business or Condition of the Group Companies taken as a whole, but excluding effects attributable to (i) the transactions
contemplated by this Agreement; (ii) economic, industry or market conditions and generally, including, without limitation, changes affecting the industry in which the Company operates; (iii) any change in laws or regulatory or political
conditions affecting the wind power and energy industry and generally, including any acts of war or terrorist activities; or any change in conditions or fluctuations in financial markets. 
  

					
		 	4	 	Share Purchase Agreement

 “Memorandum and Articles” means memorandum and articles of association, the articles of
incorporation, by-laws or other equivalent constitutional documents of the Company, as amended from time to time. 
 “Order”
means any writ, judgment, decree, injunction, award or similar order of any Government Authority (in each such case whether preliminary or final). 
 “Ordinary Shares” means the ordinary shares, par value US$0.00001 per share, of the Company. 
 “Parties” means collectively the Sellers and the Company. Each of the Parties shall be referred to as a “Party.” 
 “Person” means an individual, firm, corporation, partnership, association, limited liability company, union, trust or estate or any other entity or organization whether or not having separate legal
existence, including any Government Authority. 
 “Purchase Price” means: 
 I. If the initial public offering price of the American depositary shares representing the Company’s Ordinary Shares provides an effective price of
at least $23.88 per Ordinary Share (as such Ordinary Shares are constituted as of July 15, 2008): 
 (a) US$240,625,000 in cash, paid to
Happy Genius; 
 (b) US$446,875,000 principal amount of unsecured Convertible Bonds (with an agreed fair market value of US$558,200,000) to
Happy Genius; 
 (c) 215,469,340 Ordinary Shares to Happy Genius; and 
 (d) 53,068,620 Ordinary Shares to Mandra. 
 II. If the initial public offering price of the American depositary shares representing the Company’s Ordinary Shares provides an effective price of at less than $23.88 per Ordinary Share (as such Ordinary Shares are constituted as of
July 15, 2008), the Purchase Price stated in I.(a) and I.(b) shall remain the same, and the number of Ordinary Shares in I.(c) and I.(d) shall be reduced by multiplying the number of Ordinary Shares in each case by the fraction of in which the
numerator is the effective initial public offering price and the denominator is $23.88. 
 “Representatives” means with
respect to any Person, such Person’s directors, officers, Employees, agents, Affiliates, partners, counsel, legal and financial advisers, accountants, consultants and controlling persons. 
  

					
		 	5	 	Share Purchase Agreement

 “PRC” or “China” means the People’s Republic of China and for the
purposes of this Agreement, excluding the Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan. 
 “Qualified IPO” means a firm commitment underwritten public offering of Ordinary Shares of the Company and the listing of such Ordinary Shares on a reputable international stock exchange (including without limitation stock
exchanges in the United States, Hong Kong and Singapore, or any other stock exchange that is approved by the board of directors of the Company). 
 “Securities Act” means the United States Securities Act of 1933, as amended and the rules and regulations promulgated thereunder. 
 “Sellers” means Mandra and Happy Genius. 
 “Subsidiary” means any Person
which the Company controls, directly or indirectly. For purposes of this definition, “control” has the meaning set forth above under the definition of “Affiliate.” 
 “Sun Wave” has the meaning stated in the preamble. 
 “Tax” means any form of taxation (including any value added, excise, use, personal property, use and occupancy, business and occupation, mercantile, real estate, payroll, franchise or capital gains
tax), estate duty, customs duty, deduction, withholding, duty, impost, levy or fee or charge levied, collected, withheld or assessed by any Government Authority and any interest, penalty, surcharge or fine in connection therewith or any other
measure of tax. 
 1.02 Additional Definitions. 
 The following terms shall have the meanings set forth in the indicated Clause of this Agreement: 
  

			
	 Defined Terms
	  	 Articles Reference

	“Closing”	  	2.02
	“Closing Date”	  	2.02
	“Closing Shares”	  	2.01
	“Disclosure Schedule”	  	ARTICLE III
	“HKIAC”	  	9.02(a)

 1.03 Construction. 
 Whenever used in this Agreement, except as otherwise expressly provided or unless the context otherwise requires, any noun or pronoun shall be deemed to
include the plural as well as the singular and to cover all genders. Unless otherwise specified, words such as “herein,” “hereof,” “hereby,” “hereunder” and words of similar import refer to this Agreement as a
whole and not to any particular clause or sub-clause of this Agreement, and references herein 

  

					
		 	6	 	Share Purchase Agreement

 
to “articles” or “clauses” refer to articles or clauses of this Agreement. Unless otherwise specified, references herein to the word
“including” shall be deemed to be followed by words “without limitation” or “but not limited to,” as applicable, or words of similar import. In the event that any translated version of this Agreement differs from the
English version, the English version shall control. Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless Business Days are specified. 
 ARTICLE II 
 PURCHASE OF SHARES AND CLOSING 
 2.01 Purchase and Sale. 
 Subject to
the terms and conditions hereof, at the Closing, Happy Genius shall sell to the Company, and the Company shall purchase from Happy Genius at the applicable Purchase Price, 82 shares of Sun Wave and 82 shares of Greatest Joy free and clear of all
Encumbrances, representing 82% of the issued share capital of each of Sun Wave and Greatest Joy (the “Happy Genius Shares”). 
 Subject to the terms and conditions hereof, at the Closing, Mandra shall sell to the Company, and the Company shall purchase from Mandra at the applicable Purchase Price, 18 shares of Sun Wave and 18 shares of Greatest Joy free and clear of
all Encumbrances, representing 18% of the issued share capital of each of Sun Wave and Greatest Joy (the “Mandra Shares”; together with the Happy Genius Shares, the “Closing Shares”). 
 2.02 Closing. 
 Subject to the
satisfaction or waiver of the conditions set forth in ARTICLE V and ARTICLE VI of this Agreement, the closing of the transactions contemplated under Article 2.01 (the “Closing”) shall take place at the offices of Milbank, Tweed,
Hadley & McCloy LLP at Tower 2, China Central Place, Suite 1505-1506, 79 Jianguo Road, Chao Yang District, Beijing 100025, People’s Republic of China, or at such other place as the Company and the Sellers mutually agree, concurrently
with the closing of the Company’s initial public offering that constitutes a Qualified IPO provided that all of the conditions set forth in ARTICLE V and ARTICLE VI hereunder have been satisfied or waived (or any other day as may be mutually
agreed by the Company and the Sellers) (the “Closing Date”). 
 (a) At the Closing, Happy Genius shall deliver to the
Company: 
 (i) shares aggregating 82% of the issued share capital of each of Sun Wave and Greatest Joy; 
 (ii) a certified copy of the updated register of members of each of Sun Wave and Greatest Joy that duly registers the name of the Company
as record owner of such shares; and 
 (iii) each other item that is to be completed or delivered by Happy Genius at Closing
in accordance with this Agreement and applicable Law. 
  

					
		 	7	 	Share Purchase Agreement

 (b) At the Closing, Mandra shall deliver to the Company: 
 (i) shares aggregating 18% of the issued share capital of each of Sun Wave and Greatest Joy; 
 (ii) a certified copy of the updated register of members of each of Sun Wave and Greatest Joy that duly registers the name of the Company
as record owner of such shares; and 
 (iii) each other item that is to be completed or delivered by Mandra at Closing in
accordance with this Agreement and applicable Law. 
 (c) At the Closing, the Company shall deliver to the Sellers (as applicable):

 (i) the cash portion of the Purchase Price by wire transfer of immediately available funds to an account to be designated
by the Company, such account to be so designated at least two Business Days prior to the Closing; 
 (ii) the Ordinary Shares
constituting such portion of the Purchase Price; 
 (iii) the unsecured Convertible Bonds constituting such portion of the
Purchase Price; and 
 (iv) each other item that is to be completed or delivered by it at Closing in accordance with this
Agreement and applicable Law. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF THE SELLERS 
 Except as set forth in the Disclosure Schedule dated the
Closing Date (the “Disclosure Schedule”) to be made part of this Agreement upon delivery thereof to the Company each of the Sellers hereby severally, and not jointly represents and warrants to the Company as of the date hereof and
as of the Closing Date as follows: 
 3.01 Organization. 
 The Seller is a corporation duly organized and validly existing under the Laws of its place of incorporation and has full corporate power and authority to execute and deliver this Agreement to which it is a party and
to perform its obligations hereunder and to consummate the transactions contemplated hereby. The Seller has the full corporate power and authority to conduct its business as now conducted. The Seller is duly qualified to do business in each
jurisdiction in which it currently conducts business except where the failure to be so qualified would not be reasonably expected to have a Material Adverse Effect. 
  

					
		 	8	 	Share Purchase Agreement

 3.02 Authority. 
 (a) The execution and delivery by the Seller of this Agreement and the performance by the Seller of its obligations hereunder have been duly and validly authorized by all necessary corporate action of the Seller.

 (b) This Agreement has been duly and validly executed and delivered by the Seller and constitutes, and upon its execution and delivery,
shall constitute, a legal, valid and binding obligation, enforceable against it in accordance with its terms, except as (i) the enforceability thereof may be limited by applicable bankruptcy, insolvency (including, without limitation, all laws
relating to fraudulent transfers), reorganization, moratorium and other laws of general application or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity and (ii) rights of
acceleration, if any, and the availability of equitable remedies may be limited by equitable principles of general applicability (regardless of whether considered in a Proceeding in equity or at law). 
 3.03 No Conflicts. 
 The execution and
delivery by the Seller of this Agreement does not, and the performance by the Seller of each of its obligations under this Agreement and the consummation of the transactions contemplated hereby will not: 
 (a) conflict with or result in a violation or breach of any of the terms, conditions or provisions of the Memorandum and Articles or other constitutional
documents of the Seller; or 
 (b) subject to obtaining the consents, approvals and actions, making the filings, conflict with or result in a
violation or breach of any term or provision of any Law or Order applicable to the Seller anywhere such conflict, violation or breach would result, or would reasonably be expected to result, in a Material Adverse Effect. 
 3.04 Governmental Approvals and Filings. 
 No consent, approval or action of, filing with or notice to any Government Authority on part of the Seller is required in connection with the execution, delivery and performance of this Agreement or the consummation of the transactions
contemplated hereby. 
 3.05 Title to Assets and Properties. 
 The Seller has good and marketable title to its Assets and Properties held free and clear of any mortgage, pledge, lien, encumbrance, security interest or
charge of any kind with no exceptions that would interfere with the use made or to be made thereof by them where failure to comply with any of the foregoing would have or would be reasonably likely to have a Material Adverse Effect. With respect to
the Assets and Properties it leases, the Seller is in compliance with such leases and, to the best of its knowledge, the Seller holds valid leasehold interests in such Assets and Properties free of any Liens, encumbrances, security interests or
claims of any party other than the lessors of such Assets and Properties with no exceptions that would interfere with the use made or to be made thereof by them where failure to comply with any of the foregoing would have or would be reasonably
likely to have a Material Adverse Effect. 
  

					
		 	9	 	Share Purchase Agreement

 3.06 Closing Shares. 
 (a) The Happy Genius Shares will be owned at all times prior to the Closing by Happy Genius, and such shares represent valid and binding obligations of Sun Wave and Greatest Joy, enforceable against them in accordance
with their terms. 
 (b) The Mandra Shares will be owned at all times prior to the Closing by Mandra, and such shares represent valid and
binding obligations of Sun Wave and Greatest Joy, enforceable against them in accordance with their terms. 
 (c) The Closing Shares when
sold to the Company at Closing will be duly and validly authorized and issued, fully paid and non-assessable. At the Closing, in accordance with the provisions of this Agreement, the Company will own the Closing Shares free and clear of any
Encumbrance, or third party right or claim of any kind. 
 (d) The outstanding capital shares of the Company are duly and validly authorized
and issued, credited as fully paid and non-assessable, have been issued in accordance with all applicable laws, the Company’s Memorandum and Articles of Association and any relevant securities laws or pursuant to valid exemptions therefrom.

 3.07 Interest in JZPTD. 
 (a) The Seller is the beneficial holder of percentage of equity interest in JZPTD set forth in the preamble; and 
 (b) at the
Closing, in accordance with the provisions of this Agreement and the acquisition of the Closing Shares, the Company will indirectly own such percentage of equity interest in JZPTD free and clear of any Encumbrance, or third party right or claim of
any kind. 
 3.08 Legal Proceedings. 
 As of the date hereof, except as disclosed in the Disclosure Schedule, there are no Orders outstanding against the Seller or any Subsidiary. 
 3.09 Compliance With Laws and Orders. 
 As of the date hereof, the Seller is not or has not received any notice that it is or has been in violation of or in default under any Law or Order applicable to the Seller that would be reasonably likely to have a Material Adverse Effect.

 3.10 Brokers. 
 All
negotiations relative to this Agreement and the transactions contemplated hereby have been carried out by the Seller directly with the Company without the intervention of any Person on behalf of the Seller in such manner as to give rise to any valid
claim by any Person against the Sellers or the Company for a finder’s fee, brokerage commission or similar payment. 
  

					
		 	10	 	Share Purchase Agreement

 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
 The Company hereby represents and warrants to each of the
Sellers as of the date hereof and as of the Closing Date as follows: 
 4.01 Organization. 
 The Company is a corporation duly organized and validly existing under the Laws of its place of incorporation. The Company has full corporate power and
authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. 
 4.02 Authority. 
 (a) The execution and delivery by the Company of this Agreement, and the performance by the Company of its
obligations hereunder, have been duly and validly authorized by all necessary action. 
 (b) This Agreement has been duly and validly
executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company enforceable against it in accordance with its terms, except as (i) the enforceability thereof may be limited by applicable bankruptcy,
insolvency (including, without limitation, all laws relating to fraudulent transfers), reorganization, moratorium and other laws of general application or similar laws affecting the enforcement of creditors’ rights generally or by general
principles of equity and (ii) rights of acceleration, if any, and the availability of equitable remedies may be limited by equitable principles of general applicability (regardless of whether considered in a Proceeding in equity or at law).

 4.03 No Conflicts. 
 The execution and delivery by the Company of this Agreement does not, and the performance by the Company of its obligations under this Agreement and the consummation of the transactions contemplated hereby will not: 
 (a) conflict with or result in a violation or breach of any of the terms, conditions or provisions of the constitutional documents of the Company; and

 (b) subject to obtaining the consents, approvals and actions, making the filings, conflict with or result in a violation or breach of any
term or provision of any Law or Order applicable to the Company. 
 4.04 Information. 
 (a) The Company acknowledge that (A) it has had the opportunity to request copies of any documents, records, and books pertaining to this investment
and (B) any such documents, records and books that the Company requested have been made available for inspection by the Company, the Company’s attorney, accountant or advisors. 
  

					
		 	11	 	Share Purchase Agreement

 (b) The Company and its advisors have had a reasonable opportunity to ask questions of and receive
answers from representatives of the Sellers or persons acting on behalf of the Sellers concerning this investment and all such questions have been answered to the full satisfaction of the Company. 
 (c) The Company has sufficient knowledge and experience in financial, Tax and business matters to enable the Company to utilize the information made
available to them in connection with the transactions contemplated hereby, to evaluate the merits and risks of an investment and to make an informed investment decision. 
 4.05 No U.S. Person. 
 The Company is not a “U.S. Person” (as defined in Rule 902 of
Regulation S of the Securities Act) and it understands that no action has been or will be taken in any jurisdiction by the Sellers that would permit a public offering of the Closing Shares in any country or jurisdiction where action for that purpose
is required. 
 4.06 No Directed Selling Efforts. 
 No form of “directed selling efforts” (as defined in Rule 902 of Regulation S), general solicitation or general advertising in violation of the Securities Act has been or will be used nor will any offers by
means of any directed selling efforts in the United States be made by the Company or any of its representatives in connection with the offer and sale of any of the Closing Shares. 
 4.07 Investment Purposes. 
 The
Company acknowledges that neither the offer nor sale of the Closing Shares has been registered under the Securities Act or under the securities laws of any foreign or state Governmental Authority. The Company is acquiring the Closing Shares for its
own account for investment purposes and is not acquiring the Closing Shares with a view to any distribution or resale thereof that would violate the Securities Act or the securities laws of any state of the United States or any other applicable
jurisdiction. The Company has not offered or sold the Closing Shares being acquired and does not have any present intention of selling, distributing or otherwise disposing of such Closing Shares either currently or after the passage of a fixed or
determinable period of time or upon the occurrence or non-occurrence of any predetermined event or circumstances in violation of the Securities Act or the securities laws of any state of the United States or any other applicable jurisdiction.

 4.08 Brokers. 
 All
negotiations relative to this Agreement and the transactions contemplated hereby have been carried out by the Company directly with Sellers without the intervention of any Person on behalf of the Company in such manner as to give rise to any valid
claim by any Person against any Seller or the Company for a finder’s fee, brokerage commission or similar payment. 
  

					
		 	12	 	Share Purchase Agreement

 4.09 Ordinary Shares. 
 (a) The Ordinary Shares when transferred to the Sellers at Closing will be duly and validly authorized and issued, fully paid and non-assessable. At the
Closing, in accordance with the provisions of this Agreement, the Sellers will own the Ordinary Shares that are a portion of the Purchase Price free and clear of any Encumbrance, or third party right or claim of any kind. 
 (b) The outstanding capital shares of the Company are duly and validly authorized and issued, credited as fully paid and non-assessable, have been issued
in accordance with all applicable laws, the Company’s Memorandum and Articles and any relevant securities laws or pursuant to valid exemptions therefrom. 
 ARTICLE V 
 CONDITIONS TO OBLIGATIONS OF THE COMPANY 
 The obligation of the Company to proceed with the Closing is subject to the fulfillment, at or before the Closing, of each of the following conditions
(all or any of which may be waived in whole or in part by the Company): 
 5.01 Representations and Warranties. 
 Each of the representations and warranties made by the Sellers in this Agreement shall be true and correct on and as of the Closing Date as though such
representation or warranty was made on and as of the Closing Date except to the extent they expressly refer to another time or period, in which case they shall be true and correct as of such specific time or period, and the Sellers shall have each
delivered a certificate to the Company, dated the Closing Date, to such effect. 
 5.02 Performance. 
 The Sellers shall have performed and complied with each agreement, covenant and obligation required by this Agreement to be so performed or complied with
by it at or before the Closing and the Sellers shall have delivered a certificate to the Company dated the Closing Date, to such effect. 
 5.03 Orders and Laws. 
 There shall not be in effect on the Closing Date any Order or Law restraining, enjoining or otherwise
prohibiting or making illegal the consummation of any of the transactions contemplated by this Agreement. 
 5.04 Regulatory Consents and
Approvals. 
 All consents, approvals and actions of, filings with and notices to any Government Authority necessary to permit each of the
Parties to perform its obligations under this Agreement and to consummate the transactions contemplated hereby shall have been duly obtained, made or given and be in full force and effect. 
  

					
		 	13	 	Share Purchase Agreement

 5.05 Initial Public Offering Closing. 
 There shall be a closing of an initial public offering of the Company’s Ordinary Shares that constitutes a Qualified IPO which shall concurrently
occur on the Closing Date. 
 5.06 Release of Security Interests 
 The following assets of the Sellers, which secure the Closing Shares, shall be released to the Company after the closing of a Qualified IPO: (1) a
charge over all of the assets of Sun Wave and Greatest Joy and each direct and indirect subsidiary of Sun Wave and Greatest Joy which are the direct holders of the equity interest in JZPTD, including mortgages over shares they hold in the respective
subsidiaries and in the 36% equity interest in JZPTD owned by the Sellers in the aggregate; (2) a mortgage of shares in the Company owned by Happy Genius (as to 60% of the total issued share capital of the Company) and Mandra (as to 10% of the
total issued share capital of the Company); and (3) a mortgage of shares in Sun Wave and Greatest Joy owned by the Happy Genius (as to 82% of the total issued share capital of Sun Wave and Greatest Joy). 
 ARTICLE VI 
 CONDITIONS TO OBLIGATIONS OF THE
SELLERS 
 The obligation of the Sellers to proceed with the Closing is subject to the fulfillment, at or before the Closing, of each of the
following conditions (all or any of which may be waived in whole or in part by the Sellers): 
 6.01 Representations and Warranties.

 Each of the representations and warranties made by the Company in this Agreement shall be true and correct on and as of the Closing Date as
though such representation or warranty was made on and as of the Closing Date, except to the extent they expressly refer to another time or period, in which case they shall be true and correct as of such specific time or period, and the Company
shall have delivered a certificate to each of the Sellers, dated the Closing Date, to such effect. 
 6.02 Performance. 
 The Company shall have performed and complied with each agreement, covenant and obligation required by this Agreement to be so performed or complied with
by the Company at or before the Closing, and the Company shall have delivered a certificate to the Sellers, dated the Closing Date, to such effect. 
  

					
		 	14	 	Share Purchase Agreement

 6.03 Orders and Laws. 
 There shall not be in effect on the Closing Date any Order or Law that became effective after the date of this Agreement restraining, enjoining or
otherwise prohibiting or making illegal the consummation of any of the transactions contemplated by this Agreement. 
 6.04 Regulatory
Consents and Approvals. All consents, approvals and actions of, filings with and notices to any Government Authority necessary to permit each of the Parties to perform its obligations under this Agreement shall have been duly obtained, made or
given and be in full force and effect. 
 6.05 Initial Public Offering Closing. 
 There shall be a closing of an initial public offering of the Company’s Ordinary Shares that constitutes a Qualified IPO which shall concurrently
occur on the Closing Date. 
 6.06 Release of Security Interests. 
 The charge over all the assets of the Company, including a mortgage over the shares of GCL HK and 64% of the equity interest in JZPTD shall be released to
the Company after the closing of a Qualified IPO. 
 ARTICLE VII 
 SURVIVAL OF REPRESENTATIONS AND WARRANTIES 
 7.01 Survival of Representations and Warranties. The
representations and warranties contained in ARTICLE III and ARTICLE IV of this Agreement will survive for ninety (90) days following the Closing. 
 ARTICLE VIII 
 TERMINATION 
 8.01 Termination. This Agreement may be terminated, and the transactions contemplated hereby may be abandoned: 
 (a) by mutual written consent of the Parties; or; 
 (b) by written notice of the Sellers or the Company, if
the Closing shall not have occurred prior to December 31, 2008 (provided that the right to terminate this Agreement under this Section 8.01(b) shall not be available to any Party whose failure to fulfill any obligation under this Agreement
has been the cause of, or resulted in, the failure of the Closing to have occurred on or before such date). 
 8.02 Effect of Termination
and Survival. If this Agreement is validly terminated pursuant to Article 8.01, this Agreement shall forthwith become null and void, and there shall be no further liability or obligation on the part of the Company or any of the Sellers;
provided, that any right, provision or obligation of this Agreement that by its nature should survive thereafter shall survive following any such termination. Notwithstanding any other provision in this Agreement to the contrary, upon any
termination of this Agreement pursuant to Article 8.01, the Company shall remain liable to the Sellers for any breach of this Agreement by the Company 

  

					
		 	15	 	Share Purchase Agreement

 
existing at the time of such termination, and the Sellers shall remain liable to the Company for any breach of this Agreement by the Sellers existing at the
time of such termination, and the Company or the Sellers may seek such remedies in accordance with ARTICLE IX with respect to any such breach as are provided in this Agreement or as are otherwise available at Law or in equity. 
 ARTICLE IX 
 GOVERNING LAW AND RESOLUTION OF
DISPUTES 
 9.01 Governing Law. This Agreement and any disputes, claims or controversies arising from, related to or in connection
with this Agreement shall be construed in accordance with the Laws of the state of New York of the United States, without regard to its conflict of law principles. 
 9.02 Dispute Resolution Forum. 
 (a) Any controversy or claim arising out of or relating to this
Agreement, or any breach of this Agreement, shall be initiated, maintained and finally determined by binding arbitration under the auspices of the Hong Kong International Arbitration Center (the “HKIAC”) and the site of the
arbitration shall be in Hong Kong. The arbitral tribunal shall be appointed within 30 days of the notice of dispute, and shall consist of three arbitrators, each opposing party to a dispute shall be entitled to appoint one arbitrator and the third
shall be jointly appointed by the disputing parties or, failing such agreement within such 30-day period, the HKIAC shall appoint the third arbitrator. 
 (b) The arbitration proceeding shall be conducted in English. The arbitration tribunal shall apply the UNCITRAL Arbitration Rules as administered by the HKIAC at the time of the arbitration. 
 (c) The award of the arbitration tribunal shall be final and binding upon the disputing parties, and the prevailing party or parties may apply to a court
of competent jurisdiction for enforcement of such award. 
 (d) Any party shall be entitled to seek preliminary injunctive relief from any
court of competent jurisdiction pending the constitution of the arbitral tribunal. 
 9.03 Performance Pending Dispute Resolution.
Unless otherwise terminated in accordance with the terms hereof, this Agreement and the rights and obligations of the Parties hereunder shall remain in full force and effect during the pendency of any proceeding under Article 9.02. 
 ARTICLE X 
 MISCELLANEOUS 
 10.01 Entire Agreement. This Agreement constitutes the whole agreement among the parties hereto relating to the subject matter hereof and
supersedes all prior agreements or understandings both oral and written among all of the parties hereto relating to the subject matter hereof. 
  

					
		 	16	 	Share Purchase Agreement

 10.02 Binding Effect; Benefit. This Agreement shall inure to the benefit of and be binding upon
the Parties and their respective heirs, successors, legal representatives and permitted assigns. Nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the Parties, and their respective heirs, successors,
legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 
 10.03
Assignment. No Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the written consent of the other Parties. 
 10.04 Amendment; Waiver. (a) This Agreement may not be amended, modified or supplemented except by a written instrument executed by each of the
Parties. 
 (b) No waiver of any provision of this Agreement shall be effective unless set forth in a written instrument signed by the Party
waiving such provision. No failure or delay by a Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of the same preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. Without limiting the foregoing, no waiver by a Party of any breach by any other Party of any provision hereof shall be deemed to be a waiver of any subsequent breach of that or any other provision
hereof. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
 10.05
Notices. Each notice, demand or other communication given or made under this Agreement shall be in writing and delivered or sent to the relevant Party at its address or fax number set out below (or such other address or fax number as the
addressee has by five days’ prior written notice specified to the other Parties). Any notice, demand or other communication so addressed to the relevant Party shall be deemed to have been delivered (a) if delivered in person or by
messenger, when proof of delivery is obtained by the delivering Party; (b) if sent by post within the same country, on the third day following posting, and if sent by post to another country, on the fifth day following posting, and (c) if
given or made by fax, upon dispatch and the receipt of a transmission report confirming dispatch. The initial address and facsimile for the Parties for the purposes of this Agreement are: 
  

	 	(a)	if to Happy Genius, to: 

  

			
	Address:	  	 C/O GCL Silicon Technology Holdings Inc.
 Suite 3601,
Two Exchange Square
 Central, Hong Kong

		
	Attention:	  	Richard Li/ David Fung
		
	Fax No.:	  	852 2526 7638

  

					
		 	17	 	Share Purchase Agreement

	 	(b)	if to Mandra, to: 

  

			
	Address:	  	 10th Floor, Fung House, 19-20
Connaught
 Road Central, Hong Kong

		
	Attention:	  	Song-Yi Zhang
		
	Fax No.:	  	852 3113 8252

  

	 	(c)	if to the Company, to: 

  

			
	Address:	  	 Suite 3601, Two Exchange Square, Central,
 Hong Kong

		
	Attention:	  	Hunter Jiang
		
	Fax No.:	  	852 2526 7638

 10.06 Counterparts. This Agreement may be signed in any number of counterparts including
counterparts transmitted by facsimile, each of which shall be deemed an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 10.07 Severability. If any provision contained in this Agreement shall for any reason be determined to be partially or wholly invalid, illegal or
unenforceable by any court of competent jurisdiction, such provision shall be of no force and effect to the extent so determined, but the invalidity, illegality or unenforceability of such provision shall have no effect upon and shall not impair the
validity, legality or enforceability of any other provision of this Agreement. 
 10.08 Costs and Expenses. Costs and expenses
incurred by any Party in connection with its business, technical, legal and financial due diligence and otherwise arising from, related to or in connection with the preparation, execution, delivery and performance of this Agreement and each other
Transaction Document shall be borne by such Party. 
 10.09 Further Assurances. Each Party shall give such further assurance, provide
such further information, take such further actions and execute and deliver such further documents and instruments as are, in each case, within its power to give, provide and take so as to give full effect to the provisions of this Agreement.

 (Signature page follows) 
  

					
		 	18	 	Share Purchase Agreement

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed by their respective
authorized officers as of the day and year first above written. 
  

			
	HAPPY GENIUS HOLDINGS LIMITED
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	MANDRA SILICON LIMITED
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	GCL SILICON TECHNOLOGY HOLDINGS INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 EXHIBIT A 
 CONVERTIBLE BOND TERM SHEET 
 GCL SILICON TECHNOLOGY HOLDINGS INC. 3% CONVERTIBLE BOND TERM SHEET

 Capitalized terms used but not herein defined shall have the meanings set forth in the Subscription Agreement, dated June 5,
2008, between Happy Genius Holdings Limited and the purchasers set forth on Schedule 1 thereto. 
 GCL SILICON TECHNOLOGY HOLDINGS INC.
CONVERTIBLE BONDS 
  

			
		  	INDICATIVE TERMS
		
	Issuer	  	GCL SILICON TECHNOLOGY HOLDINGS INC. (Listco)
		
	Opco	  	

 (formerly known as

), a wholly foreign owned enterprise established under the laws of the PRC between GCL (HK), Asia Silicon Technology Development Limited, Asia Silicon Technology Development Holdings Limited, Speedy Gain Limited
and Richmore International Development Limited.
		
	Investor	  	EB holders on IPO Date
		
	EB	  	Exchangeable Bond due 2010 issued by Happy Genius Holdings Limited
		
	Description of Security	  	Bonds convertible into common shares of Listco, at the option of the bondholders (CB)
		
	Status	  	Direct, senior, unsubordinated and unsecured
		
	Offer Size	  	 Outstanding principal amount of the EB on the IPO Date, following partial redemption upon a Complying IPO, as per the EB, split into the following
classes:
  
 •     Class A – 50% of the outstanding principal amount
  
 •     Class B – 25% of the outstanding principal amount
  
 •     Class C – 25% of
the outstanding principal amount

		
	Currency	  	US dollars
		
	Maturity	  	1.5 year after the IPO Date
		
	Coupon	  	3.00%

  

 A-1 

			
	Issue Price	  	100.00%
		
	Redemption Price	  	100.00 %
		
	Yield	  	3.00% per annum calculated on a semi-annual basis
		
	Day Count Fraction	  	30/360
		
	Conversion Price	  	IPO Price
		
	Conversion Period	  	As per the EB in accordance with the following table:

					
			
		  	 Class of CB
  
 Class A
  
 Class B
  
 Class C
	  	 Convertible from
  
 IPO + 6 months
  
 IPO + 9 months
  
 IPO + 12 months

			
		
	Min. Denomination	  	US$100,000 and integral multiples of US$1,000 in excess thereof
		
	Min. Conversion Amount	  	US$1,000
		
	Anti-Dilution Protection	  	Yes, as per the EB
		
	Capital Distribution Pass-through	  	Yes, as per the EB
		
	Cash settlement option	  	None
		
	Reps and Warranties	  	Day one reps and warranties will be given by Listco as is customary for a listed company CB. Thereafter, no repetition of reps and warranties
		
	Other Terms and Conditions	  	Such other terms and conditions which are standard with such offerings including the following:
		
		  	 •     to timely pay any interests or redemption amount when they become due
and payable subject to grace periods to be agreed;
  
 •     to maintain an office or agency in the U.S.;
  
 •     to provide financial information in the form of reports, as per SEC requirements;

 
 •     negative pledge at
Listco and offshore subsidiary level. No offshore subsidiaries below the Listco level may incur any financial indebtedness.
  
 •     compliance with an agreed Consolidated Debt to Consolidated EBITDA as per the EB;

 
 •     to comply with law in
all material respects;
  
 •     to maintain corporate existence;
  
 •     to carry on business subject to certain carve-outs;
  
 •     to provide notice of default;
  
 •     to comply with certain
restrictions on merger if Listco is not the surviving entity after the merger;

  

 A-2 

			
		  	 •     to pay additional amounts if there is a change in law that requires
withholding tax, coupled with a right of Listco to redeem the Bonds as per the EB; and
  
 •     to redeem the Bonds upon the occurrence of certain fundamental events, such as a merger or
change of control as per EB

		
	Conditions Precedent	  	 Such conditions precedent which are standard with such offerings including the following:
  
 •     constitutional documents
of Listco and Opco including a certificate of good standing of Listco;
  
 •     a no registration opinion issued by a reputable national US law firm (as counsel to the issuer) customary on the offering of the CB and the exchange of the EB for the CB.

 
 •     legal opinions on due
execution, authorisation, legal validity and enforceability of all documentation to be executed by Listco;
  
 •     shareholders resolution and board resolutions required to authorize the issue of the CB by
Listco and its entering and execution of all documentation in connection with the issue of the CB;
  
 •     certificate of an authorized signatory of Listco the contents of which to be as per those
required under the EB; and
  
 •     relevant process agent appointment letters and acceptance from the process agent for each of the documents to be entered into by Listco

		
	Cross default	  	Yes, US$10,000,000 or equivalent (actual not potential)
		
	Change of Control	  	Yes, if a change of control occurs, the bondholders will have an option, exercisable at their election, to redeem the Bonds for cash at the change of control early redemption amount or to
convert the Bonds into Shares as per the EB
		
	De-listing Put	  	Yes, if a delisting of the shares occurs, the bondholders will have an option, exercisable at their election, to redeem the Bonds for cash at the event of default early redemption amount as
per the EB
		
	Events of Default	  	Standard Euro-market Events of Default and Event of Default put as per the EB
		
	Tax Gross Up	  	Applicable
		
	Tax Redemption	  	Yes, as per the EB
		
	Transferability	  	Yes
		
	Registration Rights	  	Registration rights similar to those relating to the EB will be provided by Listco
		
	Use of Proceeds	  	To purchase the outstanding principal amount of the EB on the IPO Date
		
	Other terms	  	Other standard CB terms such as market disruption, indemnities and break costs. All reasonable out of pocket expenses incurred by the bondholders in connection with the exchange into the CB
are to be reimbursed by Listco

  

 A-3 

			
	Governing Law	  	New York Law
		
	Rating	  	Not rated
		
	Listing	  	No Listing
		
	Closing and Payment Date	  	IPO Date
		
	Settlement Date	  	IPO Date
		
	Trustee	  	DB
		
	Expenses	  	Happy Genius Holdings Limited to pay the costs and expenses (including the costs and expenses of legal counsels and other professional advisers) reasonably incurred in connection with the
issue of the CB

  

 A-4 

 EXECUTION COPY 
 AMENDED SHARE PURCHASE AGREEMENT 
 by and among 
 HAPPY GENIUS HOLDINGS LIMITED 
 and

 MANDRA SILICON LIMITED 
 and 
 GCL SILICON TECHNOLOGY HOLDINGS INC. 
 Dated as of September 30, 2008 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
	 ARTICLE I DEFINITIONS
	  	2
				
		 	 1.01
	  	 DEFINITIONS
	  	2
		 	 1.02
	  	 ADDITIONAL DEFINITIONS
	  	6
		 	 1.03
	  	 CONSTRUCTION
	  	6
		
	 ARTICLE II PURCHASE OF SHARES AND CLOSING
	  	7
				
		 	 2.01
	  	 PURCHASE AND SALE
	  	7
		 	 2.02
	  	 CLOSING
	  	7
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE SELLERS
	  	8
				
		 	 3.01
	  	 ORGANIZATION
	  	8
		 	 3.02
	  	 AUTHORITY
	  	8
		 	 3.03
	  	 NO CONFLICTS
	  	9
		 	 3.04
	  	 GOVERNMENTAL APPROVALS AND FILINGS
	  	9
		 	 3.05
	  	 TITLE TO ASSETS AND PROPERTIES
	  	9
		 	 3.06
	  	 CLOSING SHARES
	  	10
		 	 3.07
	  	 INTEREST IN JZPTD
	  	10
		 	 3.08
	  	 LEGAL PROCEEDINGS
	  	10
		 	 3.09
	  	 COMPLIANCE WITH LAWS AND ORDERS
	  	10
		 	 3.10
	  	 BROKERS
	  	10
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	11
				
		 	 4.01
	  	 ORGANIZATION
	  	11
		 	 4.02
	  	 AUTHORITY
	  	11
		 	 4.03
	  	 NO CONFLICTS
	  	11
		 	 4.04
	  	 INFORMATION
	  	11
		 	 4.05
	  	 NO U.S. PERSON
	  	12
		 	 4.06
	  	 NO DIRECTED SELLING EFFORTS
	  	12
		 	 4.07
	  	 INVESTMENT PURPOSES
	  	12
		 	 4.08
	  	 BROKERS
	  	12
		 	 4.09
	  	 ORDINARY SHARES
	  	13
		
	 ARTICLE V CONDITIONS TO OBLIGATIONS OF THE COMPANY
	  	13
				
		 	 5.01
	  	 REPRESENTATIONS AND WARRANTIES
	  	13
		 	 5.02
	  	 PERFORMANCE
	  	13
		 	 5.03
	  	 ORDERS AND LAWS
	  	13
		 	 5.04
	  	 REGULATORY CONSENTS AND APPROVALS
	  	13
		 	 5.05
	  	 INITIAL PUBLIC OFFERING CLOSING
	  	14
		 	 5.06
	  	 RELEASE OF SECURITY INTERESTS
	  	14
		
	 ARTICLE VI CONDITIONS TO OBLIGATIONS OF THE SELLERS
	  	14
				
		 	 6.01
	  	 REPRESENTATIONS AND WARRANTIES
	  	14
		 	 6.02
	  	 PERFORMANCE
	  	14
		 	 6.03
	  	 ORDERS AND LAWS
	  	14
		 	 6.04
	  	 REGULATORY CONSENTS AND APPROVALS
	  	15
		 	 6.05
	  	 INITIAL PUBLIC OFFERING CLOSING
	  	15
		 	 6.06
	  	 RELEASE OF SECURITY INTERESTS
	  	15
		
	 ARTICLE VII SURVIVAL OF REPRESENTATIONS AND WARRANTIES
	  	15
				
		 	 7.01
	  	 SURVIVAL OF REPRESENTATIONS AND WARRANTIES
	  	15

  

					
		 	i	 	Share Purchase Agreement

							
	 ARTICLE VIII TERMINATION
	  	15
				
		 	 8.01
	  	 TERMINATION
	  	15
		 	 8.02
	  	 EFFECT OF TERMINATION AND SURVIVAL
	  	15
		
	 ARTICLE IX GOVERNING LAW AND RESOLUTION OF DISPUTES
	  	16
				
		 	 9.01
	  	 GOVERNING LAW
	  	16
		 	 9.02
	  	 DISPUTE RESOLUTION FORUM
	  	16
		 	 9.03
	  	 PERFORMANCE PENDING DISPUTE RESOLUTION
	  	16
		
	 ARTICLE X MISCELLANEOUS
	  	17
				
		 	 10.01
	  	 ENTIRE AGREEMENT
	  	17
		 	 10.02
	  	 BINDING EFFECT; BENEFIT
	  	17
		 	 10.03
	  	 ASSIGNMENT
	  	17
		 	 10.04
	  	 AMENDMENT; WAIVER
	  	17
		 	 10.05
	  	 NOTICES
	  	17
		 	 10.06
	  	 COUNTERPARTS
	  	18
		 	 10.07
	  	 SEVERABILITY
	  	18
		 	 10.08
	  	 COSTS AND EXPENSES
	  	19
		 	 10.09
	  	 FURTHER ASSURANCES
	  	19
		
	 APPENDIX A
	  	A-1

  

					
		 	ii	 	Share Purchase Agreement

 AMENDED SHARE PURCHASE AGREEMENT 
 This AMENDED SHARE PURCHASE AGREEMENT (this “Agreement”) dated as of September 30, 2008 is made by and among: 
 (1) Happy Genius Holdings Limited (“Happy Genius”), a company incorporated and existing under the laws of the British Virgin Islands and having
its registered office at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands, 
 (2) Mandra Silicon Limited
(“Mandra”; together with Happy Genius, the “Sellers”), a company incorporated and existing under the laws of the British Virgin Islands and having its registered office at P.O. Box 957, Offshore Incorporations
Centre, Road Town, Tortola, British Virgin Islands, and 
 (3) GCL Silicon Technology Holdings Inc. (the “Company”), a company
incorporated and existing under the laws of the Cayman Islands and having its registered office at Offshore Incorporations (Cayman) Limited, Scotia Centre, 4th Floor, P.O. Box 2804, George Town, Grand Cayman KY1-1112, Cayman Islands. 
 Capitalized terms not otherwise defined herein have the meanings set forth in ARTICLE I. 
 WHEREAS: 
 WHEREAS, Happy Genius is the legal and beneficial owner of 82.00% of the issued share
capital of each of Sun Wave Group Limited (“Sun Wave”), a company incorporated and existing under the laws of the British Virgin Islands and Greatest Joy International Limited (“Greatest Joy”), a company
incorporated and existing under the laws of the British Virgin Islands; 
 WHEREAS, Mandra is the legal and beneficial owner of 18.00% of the
issued share capital of each of Sun Wave and Greatest Joy; 
 WHEREAS, Sun Wave is the legal and beneficial owner of 100% of the issued share
capital of each of Wise Universe Investments Limited, Excel Bond International Limited and Asia Silicon Technology Development Holdings Limited, each a company incorporated in the British Virgin Islands. 
 WHEREAS, Wise Universe Investments Limited, Excel Bond International Limited and Asia Silicon Technology Development Holdings Limited are the legal and
beneficial owners of 100% of the issued share capital of Speedy Gain Limited, Asia Silicon Technology Development Limited and Asia Silicon Technology Development Holdings Limited respectively, each a company incorporated in Hong Kong. 
 WHEREAS, Speedy Gain Limited, Asia Silicon Technology Development Limited and Asia Silicon Technology Development Holdings Limited are the legal and
beneficial holders of 7%, 8% and 5%, respectively, of the equity interest in Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. (“JZPTD”), a limited liability company organized in the People’s Republic of China.

  

					
		 	1	 	Share Purchase Agreement

 WHEREAS, Greatest Joy is the legal and beneficial owner of 100% issued share capital of Richmore
International Development Limited, a company incorporated in Hong Kong. 
 WHEREAS, Richmore International Development Limited is the legal
and beneficial holder of 16% of the equity interest in JZPTD. 
 WHEREAS, the Sellers agree to sell to the Company and the Company agrees to
purchase from the Sellers 100% in the aggregate of the issued share capital of each of Sun Wave and Greatest Joy; 
 WHEREAS, the Sellers and
the Company agree to enter into this Agreement to govern the Sellers’ sale and the Company’s purchase of 100% of the issued share capital of each of Sun Wave and Greatest Joy; 
 WHEREAS, the Sellers and the Company entered into a share purchase agreement dated July 18, 2008 and have agreed to amend certain terms of such
agreement in this Agreement; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth in this Agreement, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.01 Definitions. 
 The following terms shall have the following meanings for purposes of this Agreement: 
 “Actions or Proceedings” means any action, suit, proceeding, arbitration or any investigation or audit by any Government Authority.

 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or
under common control with such Person and “Affiliates” and “Affiliated” shall have correlative meanings. For the purpose of this definition, the term “control” (including with correlative meanings,
the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or influence
the direction of the management and policies of such Person, whether through the ownership of voting securities or by contract or otherwise 
 “Agreement” has the meaning stated in the preamble. 
  

					
		 	2	 	Share Purchase Agreement

 “Assets and Properties” of any Person means assets and properties of any kind, nature,
character and description (whether real, personal or mixed, whether tangible or intangible, whether absolute, accrued, contingent, fixed or otherwise and wherever situated), including the goodwill related thereto, operated, owned or leased by such
Person, including without limitation cash, cash equivalents, investment assets, accounts and notes receivable, chattel paper, documents, instruments, general intangibles, real estate, equipment, inventory, goods and intellectual property.

 “Business Day” means a day other than Saturday, Sunday or any day on which banks located in Hong Kong are authorized or
obligated to close. 
 “Company” means GCL Silicon Technology Holdings Inc. 
 “Confidential Information” means (a) any information concerning the organization, business, technology, trade secrets, know-how,
finance, transactions or affairs of any Party or any Party’s Representatives (whether conveyed in written, oral or in any other form and whether such information has been furnished before, on or after the date of this Agreement), (b) any
information or materials prepared by a Party or its Representatives that contains or otherwise reflects, or is generated from, Confidential Information and (c) this Agreement, the transactions contemplated hereby, the terms and conditions
hereof or any discussions, correspondence or other communications among the Parties or their respective Representatives relating to this Agreement or any of the transactions contemplated hereunder. 
 “Contract” means any agreement, lease, license, engagement, evidence of Indebtedness, mortgage, indenture, security agreement, financial
instrument, purchase order, commitment, arrangement, understanding or other contract (whether written, oral or otherwise). 
 “Convertible Bonds” means any of the unsecured convertible bonds having the characteristics set forth in the term sheet attached hereto as Exhibit A. 
 “Employee” means any officer or employee including any part-time, regular contract or fixed-term officer or employee. 
 “Encumbrance” means (a) any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment, deed of trust,
title retention, security interest or other encumbrance of any kind securing, or conferring any priority of payment in respect of, any obligation of any Person, including any right granted by a transaction which, in legal terms, is not the granting
of security but which has an economic or financial effect similar to the granting of security under applicable Law, (ii) any lease, sub-lease, occupancy agreement, easement or covenant granting a right of use or occupancy to any Person,
(iii) any proxy, power of attorney, voting trust agreement, interest, option, right of first offer, negotiation or refusal or transfer restriction in favor of any Person and (iv) any adverse claim as to title, possession or use.

 “Equity Securities” means the capital stock, membership interests, partnership interests, registered capital or other
ownership interest in any Person or any options, warrants or other securities that are directly or indirectly convertible into, or exercisable or exchangeable for, such capital stock, membership interests, partnership interests, registered capital
or other ownership interests (whether or not such derivative securities are issued by such Person). 
  

					
		 	3	 	Share Purchase Agreement

 “Environmental Laws” shall mean all national, state, regional and local laws, statutes,
ordinances and regulations, in each case as amended or supplemented from time to time, and any Government Authority thereof, including orders, consent decrees or judgments relating to the regulation and protection of human health, safety, the
environment and natural resources. 
 “GCL HK” means GCL Silicon Technology Holdings Limited. 
 “Government Authority” means any court, tribunal, arbitrator, authority, agency, commission, official or other instrumentality of the
Cayman Islands or of the PRC, any other country or territory or any province, state, county, city or other political subdivision of any other country or territory. 
 “Greatest Joy” has the meaning stated in the preamble. 
 “Happy Genius”
means Happy Genius Holdings Limited. 
 “Hong Kong” means the Hong Kong Special Administrative Region of the PRC.

 “Indebtedness” of any Person means all obligations (contingent or otherwise) of such Person (i) for borrowed money,
(ii) evidenced by notes, bonds, debentures or similar instruments, (iii) for the deferred purchase price of goods or services (other than trade payables or accruals incurred in the ordinary course of business), (iv) under capital
leases and (v) in the nature of guarantees of the obligations described in clauses (i) through (iv) above of any other Person. 
 “JZPTD” means Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. 
 “Law” means any
law, treaty, statute, ordinance, code, rule or regulation of any Government Authority or any Order. 
 “Liabilities” means
all Indebtedness, obligations and other liabilities of a Person (whether absolute, accrued, contingent, fixed or otherwise, or whether due or become due). 
 “Licenses” means all licenses, permits, certificates of authority, authorizations, approvals, registrations, franchises and similar consents granted or issued by any Governmental Authority.

 “Mandra” means Mandra Silicon Limited. 
 “Material Adverse Effect” means a material adverse effect on the Business or Condition of the Group Companies taken as a whole, but excluding effects attributable to (i) the transactions
contemplated by this Agreement; (ii) economic, industry or market conditions and 
  

					
		 	4	 	Share Purchase Agreement

 generally, including, without limitation, changes affecting the industry in which the Company operates; (iii) any
change in laws or regulatory or political conditions affecting the wind power and energy industry and generally, including any acts of war or terrorist activities; or any change in conditions or fluctuations in financial markets. 
 “Memorandum and Articles” means memorandum and articles of association, the articles of incorporation, by-laws or other equivalent
constitutional documents of the Company, as amended from time to time. 
 “Order” means any writ, judgment, decree,
injunction, award or similar order of any Government Authority (in each such case whether preliminary or final). 
 “Ordinary
Shares” means the ordinary shares, par value US$0.0001 per share, of the Company. 
 “Parties” means collectively
the Sellers and the Company. Each of the Parties shall be referred to as a “Party.” 
 “Person” means an
individual, firm, corporation, partnership, association, limited liability company, union, trust or estate or any other entity or organization whether or not having separate legal existence, including any Government Authority. 
 “Purchase Price” means: 
 I.
If the initial public offering price of the American depositary shares representing the Company’s Ordinary Shares provides an effective price of at least $2.37 per Ordinary Share (as such Ordinary Shares are constituted as of September 30,
2008): 
 (a) US$240,625,000 in cash, paid to Happy Genius; 
 (b) US$446,875,000 principal amount of unsecured Convertible Bonds (with an agreed fair market value of US$558,200,000) to Happy Genius; 
 (c) 216,896,603 Ordinary Shares to Happy Genius; and 
 (d) 53,426,250 Ordinary Shares to Mandra. 

II. If the initial public offering price of the American depositary shares representing the Company’s Ordinary Shares provides an effective price
of at less than $2.37 per Ordinary Share (as such Ordinary Shares are constituted as of September 30, 2008), the Purchase Price stated in I.(a) and I.(b) shall remain the same, and the number of Ordinary Shares in I.(c) and I.(d) shall be
reduced by multiplying the number of Ordinary Shares in each case by the fraction of in which the numerator is the effective initial public offering price and the denominator is $2.37. 
 “Representatives” means with respect to any Person, such Person’s directors, officers, Employees, agents, Affiliates, partners,
counsel, legal and financial advisers, accountants, consultants and controlling persons. 
  

					
		 	5	 	Share Purchase Agreement

 “PRC” or “China” means the People’s Republic of China and for the
purposes of this Agreement, excluding the Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan. 
 “Qualified IPO” means a firm commitment underwritten public offering of Ordinary Shares of the Company and the listing of such Ordinary Shares on a reputable international stock exchange (including without limitation stock
exchanges in the United States, Hong Kong and Singapore, or any other stock exchange that is approved by the board of directors of the Company). 
 “Securities Act” means the United States Securities Act of 1933, as amended and the rules and regulations promulgated thereunder. 
 “Sellers” means Mandra and Happy Genius. 
 “Subsidiary” means any Person
which the Company controls, directly or indirectly. For purposes of this definition, “control” has the meaning set forth above under the definition of “Affiliate.” 
 “Sun Wave” has the meaning stated in the preamble. 
 “Tax” means any form of taxation (including any value added, excise, use, personal property, use and occupancy, business and occupation, mercantile, real estate, payroll, franchise or capital gains
tax), estate duty, customs duty, deduction, withholding, duty, impost, levy or fee or charge levied, collected, withheld or assessed by any Government Authority and any interest, penalty, surcharge or fine in connection therewith or any other
measure of tax. 
 1.02 Additional Definitions. 
 The following terms shall have the meanings set forth in the indicated Clause of this Agreement: 
  

			
	 Defined Terms
	  	 Articles Reference

	 “Closing”
	  	2.02
	 “Closing Date”
	  	2.02
	 “Closing Shares”
	  	2.01
	 “Disclosure Schedule”
	  	ARTICLE III
	 “HKIAC”
	  	9.02(a)

 1.03 Construction. 
 Whenever used in this Agreement, except as otherwise expressly provided or unless the context otherwise requires, any noun or pronoun shall be deemed to
include the plural as well as the singular and to cover all genders. Unless otherwise specified, words such as 
  

					
		 	6	 	Share Purchase Agreement

 “herein,” “hereof,” “hereby,” “hereunder” and words of similar import refer to
this Agreement as a whole and not to any particular clause or sub-clause of this Agreement, and references herein to “articles” or “clauses” refer to articles or clauses of this Agreement. Unless otherwise specified, references
herein to the word “including” shall be deemed to be followed by words “without limitation” or “but not limited to,” as applicable, or words of similar import. In the event that any translated version of this Agreement
differs from the English version, the English version shall control. Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless Business Days are specified. 
 ARTICLE II 
 PURCHASE OF SHARES AND CLOSING

 2.01 Purchase and Sale. 
 Subject to the terms and conditions hereof, at the Closing, Happy Genius shall sell to the Company, and the Company shall purchase from Happy Genius at the applicable Purchase Price, 82 shares of Sun Wave and 82 shares of Greatest Joy free
and clear of all Encumbrances, representing 82% of the issued share capital of each of Sun Wave and Greatest Joy (the “Happy Genius Shares”). 
 Subject to the terms and conditions hereof, at the Closing, Mandra shall sell to the Company, and the Company shall purchase from Mandra at the applicable Purchase Price, 18 shares of Sun Wave and 18 shares of
Greatest Joy free and clear of all Encumbrances, representing 18% of the issued share capital of each of Sun Wave and Greatest Joy (the “Mandra Shares”; together with the Happy Genius Shares, the “Closing Shares”).

 2.02 Closing. 
 Subject
to the satisfaction or waiver of the conditions set forth in ARTICLE V and ARTICLE VI of this Agreement, the closing of the transactions contemplated under Article 2.01 (the “Closing”) shall take place at the offices of Milbank,
Tweed, Hadley & McCloy LLP at Tower 2, China Central Place, Suite 1505-1506, 79 Jianguo Road, Chao Yang District, Beijing 100025, People’s Republic of China, or at such other place as the Company and the Sellers mutually agree,
concurrently with the closing of the Company’s initial public offering that constitutes a Qualified IPO provided that all of the conditions set forth in ARTICLE V and ARTICLE VI hereunder have been satisfied or waived (or any other day as may
be mutually agreed by the Company and the Sellers) (the “Closing Date”). 
 (a) At the Closing, Happy Genius shall deliver
to the Company: 
 (i) shares aggregating 82% of the issued share capital of each of Sun Wave and Greatest Joy; 
 (ii) a certified copy of the updated register of members of each of Sun Wave and Greatest Joy that duly registers the name of the Company
as record owner of such shares; and 
  

					
		 	7	 	Share Purchase Agreement

 (iii) each other item that is to be completed or delivered by Happy Genius at Closing in
accordance with this Agreement and applicable Law. 
 (b) At the Closing, Mandra shall deliver to the Company: 
 (i) shares aggregating 18% of the issued share capital of each of Sun Wave and Greatest Joy; 
 (ii) a certified copy of the updated register of members of each of Sun Wave and Greatest Joy that duly registers the name of the Company
as record owner of such shares; and 
 (iii) each other item that is to be completed or delivered by Mandra at Closing in
accordance with this Agreement and applicable Law. 
 (c) At the Closing, the Company shall deliver to the Sellers (as applicable):

 (i) the cash portion of the Purchase Price by wire transfer of immediately available funds to an account to be designated
by the Company, such account to be so designated at least two Business Days prior to the Closing; 
 (ii) the Ordinary Shares
constituting such portion of the Purchase Price; 
 (iii) the unsecured Convertible Bonds constituting such portion of the
Purchase Price; and 
 (iv) each other item that is to be completed or delivered by it at Closing in accordance with this
Agreement and applicable Law. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF THE SELLERS 
 Except as set forth in the Disclosure Schedule dated the
Closing Date (the “Disclosure Schedule”) to be made part of this Agreement upon delivery thereof to the Company each of the Sellers hereby severally, and not jointly represents and warrants to the Company as of the date hereof and
as of the Closing Date as follows: 
 3.01 Organization. 
 The Seller is a corporation duly organized and validly existing under the Laws of its place of incorporation and has full corporate power and authority to execute and deliver this Agreement to which it is a party and
to perform its obligations hereunder and to consummate the transactions contemplated hereby. The Seller has the full corporate power and authority to conduct its business as now conducted. The Seller is duly qualified to do business in each
jurisdiction in which it currently conducts business except where the failure to be so qualified would not be reasonably expected to have a Material Adverse Effect. 
  

					
		 	8	 	Share Purchase Agreement

 3.02 Authority. 
 (a) The execution and delivery by the Seller of this Agreement and the performance by the Seller of its obligations hereunder have been duly and validly authorized by all necessary corporate action of the Seller.

 (b) This Agreement has been duly and validly executed and delivered by the Seller and constitutes, and upon its execution and delivery,
shall constitute, a legal, valid and binding obligation, enforceable against it in accordance with its terms, except as (i) the enforceability thereof may be limited by applicable bankruptcy, insolvency (including, without limitation, all laws
relating to fraudulent transfers), reorganization, moratorium and other laws of general application or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity and (ii) rights of
acceleration, if any, and the availability of equitable remedies may be limited by equitable principles of general applicability (regardless of whether considered in a Proceeding in equity or at law). 
 3.03 No Conflicts. 
 The execution and
delivery by the Seller of this Agreement does not, and the performance by the Seller of each of its obligations under this Agreement and the consummation of the transactions contemplated hereby will not: 
 (a) conflict with or result in a violation or breach of any of the terms, conditions or provisions of the Memorandum and Articles or other constitutional
documents of the Seller; or 
 (b) subject to obtaining the consents, approvals and actions, making the filings, conflict with or result in a
violation or breach of any term or provision of any Law or Order applicable to the Seller anywhere such conflict, violation or breach would result, or would reasonably be expected to result, in a Material Adverse Effect. 
 3.04 Governmental Approvals and Filings. 
 No consent, approval or action of, filing with or notice to any Government Authority on part of the Seller is required in connection with the execution, delivery and performance of this Agreement or the consummation of the transactions
contemplated hereby. 
 3.05 Title to Assets and Properties. 
 The Seller has good and marketable title to its Assets and Properties held free and clear of any mortgage, pledge, lien, encumbrance, security interest or
charge of any kind with no exceptions that would interfere with the use made or to be made thereof by them where failure to comply with any of the foregoing would have or would be reasonably likely to have a Material Adverse Effect. With respect to
the Assets and Properties it leases, the Seller is in compliance with such leases and, to the best of its knowledge, the Seller holds valid leasehold interests in such Assets and Properties free of any Liens, encumbrances, security interests or
claims of any party other than the lessors of such Assets and Properties with no exceptions that would interfere with the use made or to be made thereof by them where failure to comply with any of the foregoing would have or would be reasonably
likely to have a Material Adverse Effect. 
  

					
		 	9	 	Share Purchase Agreement

 3.06 Closing Shares. 
 (a) The Happy Genius Shares will be owned at all times prior to the Closing by Happy Genius, and such shares represent valid and binding obligations of Sun Wave and Greatest Joy, enforceable against them in accordance
with their terms. 
 (b) The Mandra Shares will be owned at all times prior to the Closing by Mandra, and such shares represent valid and
binding obligations of Sun Wave and Greatest Joy, enforceable against them in accordance with their terms. 
 (c) The Closing Shares when
sold to the Company at Closing will be duly and validly authorized and issued, fully paid and non-assessable. At the Closing, in accordance with the provisions of this Agreement, the Company will own the Closing Shares free and clear of any
Encumbrance, or third party right or claim of any kind. 
 (d) The outstanding capital shares of the Company are duly and validly authorized
and issued, credited as fully paid and non-assessable, have been issued in accordance with all applicable laws, the Company’s Memorandum and Articles of Association and any relevant securities laws or pursuant to valid exemptions therefrom.

 3.07 Interest in JZPTD. 
 (a) The Seller is the beneficial holder of percentage of equity interest in JZPTD set forth in the preamble; and 
 (b) at the
Closing, in accordance with the provisions of this Agreement and the acquisition of the Closing Shares, the Company will indirectly own such percentage of equity interest in JZPTD free and clear of any Encumbrance, or third party right or claim of
any kind. 
 3.08 Legal Proceedings. 
 As of the date hereof, except as disclosed in the Disclosure Schedule, there are no Orders outstanding against the Seller or any Subsidiary. 
 3.09 Compliance With Laws and Orders. 
 As of the date hereof, the Seller is not or has not received any notice that it is or has been in violation of or in default under any Law or Order applicable to the Seller that would be reasonably likely to have a Material Adverse Effect.

 3.10 Brokers. 
 All
negotiations relative to this Agreement and the transactions contemplated hereby have been carried out by the Seller directly with the Company without the intervention of any Person on behalf of the Seller in such manner as to give rise to any valid
claim by any Person against the Sellers or the Company for a finder’s fee, brokerage commission or similar payment. 
  

					
		 	10	 	Share Purchase Agreement

 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
 The Company hereby represents and warrants to each of the
Sellers as of the date hereof and as of the Closing Date as follows: 
 4.01 Organization. 
 The Company is a corporation duly organized and validly existing under the Laws of its place of incorporation. The Company has full corporate power and
authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. 
 4.02 Authority. 
 (a) The execution and delivery by the Company of this Agreement, and the performance by the Company of its
obligations hereunder, have been duly and validly authorized by all necessary action. 
 (b) This Agreement has been duly and validly
executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company enforceable against it in accordance with its terms, except as (i) the enforceability thereof may be limited by applicable bankruptcy,
insolvency (including, without limitation, all laws relating to fraudulent transfers), reorganization, moratorium and other laws of general application or similar laws affecting the enforcement of creditors’ rights generally or by general
principles of equity and (ii) rights of acceleration, if any, and the availability of equitable remedies may be limited by equitable principles of general applicability (regardless of whether considered in a Proceeding in equity or at law).

 4.03 No Conflicts. 
 The execution and delivery by the Company of this Agreement does not, and the performance by the Company of its obligations under this Agreement and the consummation of the transactions contemplated hereby will not: 
 (a) conflict with or result in a violation or breach of any of the terms, conditions or provisions of the constitutional documents of the Company; and

 (b) subject to obtaining the consents, approvals and actions, making the filings, conflict with or result in a violation or breach of any
term or provision of any Law or Order applicable to the Company. 
  

					
		 	11	 	Share Purchase Agreement

 4.04 Information. 
 (a) The Company acknowledge that (A) it has had the opportunity to request copies of any documents, records, and books pertaining to this investment and (B) any such documents, records and books that the
Company requested have been made available for inspection by the Company, the Company’s attorney, accountant or advisors. 
 (b) The
Company and its advisors have had a reasonable opportunity to ask questions of and receive answers from representatives of the Sellers or persons acting on behalf of the Sellers concerning this investment and all such questions have been answered to
the full satisfaction of the Company. 
 (c) The Company has sufficient knowledge and experience in financial, Tax and business matters to
enable the Company to utilize the information made available to them in connection with the transactions contemplated hereby, to evaluate the merits and risks of an investment and to make an informed investment decision. 
 4.05 No U.S. Person. 
 The Company is
not a “U.S. Person” (as defined in Rule 902 of Regulation S of the Securities Act) and it understands that no action has been or will be taken in any jurisdiction by the Sellers that would permit a public offering of the Closing Shares in
any country or jurisdiction where action for that purpose is required. 
 4.06 No Directed Selling Efforts. 
 No form of “directed selling efforts” (as defined in Rule 902 of Regulation S), general solicitation or general advertising in violation of the
Securities Act has been or will be used nor will any offers by means of any directed selling efforts in the United States be made by the Company or any of its representatives in connection with the offer and sale of any of the Closing Shares.

 4.07 Investment Purposes. 
 The Company acknowledges that neither the offer nor sale of the Closing Shares has been registered under the Securities Act or under the securities laws of any foreign or state Governmental Authority. The Company is acquiring the Closing
Shares for its own account for investment purposes and is not acquiring the Closing Shares with a view to any distribution or resale thereof that would violate the Securities Act or the securities laws of any state of the United States or any other
applicable jurisdiction. The Company has not offered or sold the Closing Shares being acquired and does not have any present intention of selling, distributing or otherwise disposing of such Closing Shares either currently or after the passage of a
fixed or determinable period of time or upon the occurrence or non-occurrence of any predetermined event or circumstances in violation of the Securities Act or the securities laws of any state of the United States or any other applicable
jurisdiction. 
  

					
		 	12	 	Share Purchase Agreement

 4.08 Brokers. 
 All negotiations relative to this Agreement and the transactions contemplated hereby have been carried out by the Company directly with Sellers without the intervention of any Person on behalf of the Company in such
manner as to give rise to any valid claim by any Person against any Seller or the Company for a finder’s fee, brokerage commission or similar payment. 
 4.09 Ordinary Shares. 
 (a) The Ordinary Shares when transferred to the Sellers at Closing will be
duly and validly authorized and issued, fully paid and non-assessable. At the Closing, in accordance with the provisions of this Agreement, the Sellers will own the Ordinary Shares that are a portion of the Purchase Price free and clear of any
Encumbrance, or third party right or claim of any kind. 
 (b) The outstanding capital shares of the Company are duly and validly authorized
and issued, credited as fully paid and non-assessable, have been issued in accordance with all applicable laws, the Company’s Memorandum and Articles and any relevant securities laws or pursuant to valid exemptions therefrom. 
 ARTICLE V 
 CONDITIONS TO OBLIGATIONS OF THE
COMPANY 
 The obligation of the Company to proceed with the Closing is subject to the fulfillment, at or before the Closing, of each of the
following conditions (all or any of which may be waived in whole or in part by the Company): 
 5.01 Representations and Warranties.

 Each of the representations and warranties made by the Sellers in this Agreement shall be true and correct on and as of the Closing Date as
though such representation or warranty was made on and as of the Closing Date except to the extent they expressly refer to another time or period, in which case they shall be true and correct as of such specific time or period, and the Sellers shall
have each delivered a certificate to the Company, dated the Closing Date, to such effect. 
 5.02 Performance. 
 The Sellers shall have performed and complied with each agreement, covenant and obligation required by this Agreement to be so performed or complied with
by it at or before the Closing and the Sellers shall have delivered a certificate to the Company dated the Closing Date, to such effect. 
 5.03 Orders and Laws. 
 There shall not be in effect on the Closing Date any Order or Law restraining, enjoining or otherwise
prohibiting or making illegal the consummation of any of the transactions contemplated by this Agreement. 
  

					
		 	13	 	Share Purchase Agreement

 5.04 Regulatory Consents and Approvals. 
 All consents, approvals and actions of, filings with and notices to any Government Authority necessary to permit each of the Parties to perform its
obligations under this Agreement and to consummate the transactions contemplated hereby shall have been duly obtained, made or given and be in full force and effect. 
 5.05 Initial Public Offering Closing. 
 There shall be a closing of an initial public offering of the
Company’s Ordinary Shares that constitutes a Qualified IPO which shall concurrently occur on the Closing Date. 
 5.06 Release of
Security Interests 
 The following assets of the Sellers, which secure the Closing Shares, shall be released to the Company after the
closing of a Qualified IPO: (1) a charge over all of the assets of Sun Wave and Greatest Joy and each direct and indirect subsidiary of Sun Wave and Greatest Joy which are the direct holders of the equity interest in JZPTD, including mortgages
over shares they hold in the respective subsidiaries and in the 36% equity interest in JZPTD owned by the Sellers in the aggregate; (2) a mortgage of shares in the Company owned by Happy Genius (as to 60% of the total issued share capital of
the Company) and Mandra (as to 10% of the total issued share capital of the Company); and (3) a mortgage of shares in Sun Wave and Greatest Joy owned by the Happy Genius (as to 82% of the total issued share capital of Sun Wave and Greatest
Joy). 
 ARTICLE VI 
 CONDITIONS TO
OBLIGATIONS OF THE SELLERS 
 The obligation of the Sellers to proceed with the Closing is subject to the fulfillment, at or before the
Closing, of each of the following conditions (all or any of which may be waived in whole or in part by the Sellers): 
 6.01
Representations and Warranties. 
 Each of the representations and warranties made by the Company in this Agreement shall be true and
correct on and as of the Closing Date as though such representation or warranty was made on and as of the Closing Date, except to the extent they expressly refer to another time or period, in which case they shall be true and correct as of such
specific time or period, and the Company shall have delivered a certificate to each of the Sellers, dated the Closing Date, to such effect. 
 6.02 Performance. 
 The Company shall have performed and complied with each agreement, covenant and obligation required by
this Agreement to be so performed or complied with by the Company at or before the Closing, and the Company shall have delivered a certificate to the Sellers, dated the Closing Date, to such effect. 
  

					
		 	14	 	Share Purchase Agreement

 6.03 Orders and Laws. 
 There shall not be in effect on the Closing Date any Order or Law that became effective after the date of this Agreement restraining, enjoining or
otherwise prohibiting or making illegal the consummation of any of the transactions contemplated by this Agreement. 
 6.04 Regulatory
Consents and Approvals 
 All consents, approvals and actions of, filings with and notices to any Government Authority necessary to permit
each of the Parties to perform its obligations under this Agreement shall have been duly obtained, made or given and be in full force and effect. 
 6.05 Initial Public Offering Closing. 
 There shall be a closing of an initial public offering of the Company’s Ordinary
Shares that constitutes a Qualified IPO which shall concurrently occur on the Closing Date. 
 6.06 Release of Security Interests

 The charge over all the assets of the Company, including a mortgage over the shares of GCL HK and 64% of the equity interest in JZPTD shall
be released to the Company after the closing of a Qualified IPO. 
 ARTICLE VII 
 SURVIVAL OF REPRESENTATIONS AND WARRANTIES 
 7.01 Survival of Representations and
Warranties 
 The representations and warranties contained in ARTICLE III and ARTICLE IV of this Agreement will survive for ninety
(90) days following the Closing. 
 ARTICLE VIII 
 TERMINATION 
 8.01 Termination 
 This Agreement may be terminated, and the transactions contemplated hereby may be abandoned: 
 (a) by mutual written consent of the Parties; or; 
 (b) by written notice of the Sellers or the Company, if the Closing shall not have occurred prior to December 31, 2008 (provided that the right to terminate this Agreement under this Section 8.01(b) shall not be available to any
Party whose failure to fulfill any obligation under this Agreement has been the cause of, or resulted in, the failure of the Closing to have occurred on or before such date). 
  

					
		 	15	 	Share Purchase Agreement

 8.02 Effect of Termination and Survival 
 If this Agreement is validly terminated pursuant to Article 8.01, this Agreement shall forthwith become null and void, and there shall be no further
liability or obligation on the part of the Company or any of the Sellers; provided, that any right, provision or obligation of this Agreement that by its nature should survive thereafter shall survive following any such termination.
Notwithstanding any other provision in this Agreement to the contrary, upon any termination of this Agreement pursuant to Article 8.01, the Company shall remain liable to the Sellers for any breach of this Agreement by the Company existing at the
time of such termination, and the Sellers shall remain liable to the Company for any breach of this Agreement by the Sellers existing at the time of such termination, and the Company or the Sellers may seek such remedies in accordance with ARTICLE
IX with respect to any such breach as are provided in this Agreement or as are otherwise available at Law or in equity. 
 ARTICLE IX

 GOVERNING LAW AND RESOLUTION OF DISPUTES 
 9.01 Governing Law. 
 This Agreement and any disputes, claims or controversies arising from, related
to or in connection with this Agreement shall be construed in accordance with the Laws of the state of New York of the United States, without regard to its conflict of law principles. 
 9.02 Dispute Resolution Forum. 
 (a)
Any controversy or claim arising out of or relating to this Agreement, or any breach of this Agreement, shall be initiated, maintained and finally determined by binding arbitration under the auspices of the Hong Kong International Arbitration Center
(the “HKIAC”) and the site of the arbitration shall be in Hong Kong. The arbitral tribunal shall be appointed within 30 days of the notice of dispute, and shall consist of three arbitrators, each opposing party to a dispute shall be
entitled to appoint one arbitrator and the third shall be jointly appointed by the disputing parties or, failing such agreement within such 30-day period, the HKIAC shall appoint the third arbitrator. 
 (b) The arbitration proceeding shall be conducted in English. The arbitration tribunal shall apply the UNCITRAL Arbitration Rules as administered by the
HKIAC at the time of the arbitration. 
 (c) The award of the arbitration tribunal shall be final and binding upon the disputing parties, and
the prevailing party or parties may apply to a court of competent jurisdiction for enforcement of such award. 
 (d) Any party shall be
entitled to seek preliminary injunctive relief from any court of competent jurisdiction pending the constitution of the arbitral tribunal. 
  

					
		 	16	 	Share Purchase Agreement

 9.03 Performance Pending Dispute Resolution 
 Unless otherwise terminated in accordance with the terms hereof, this Agreement and the rights and obligations of the Parties hereunder shall remain in
full force and effect during the pendency of any proceeding under Article 9.02. 
 ARTICLE X 
 MISCELLANEOUS 
 10.01 Replacement of Share
Purchase Agreement 
 This Agreement shall restate, replace and supercede the share purchase agreement entered into by the Sellers and the
Company dated July 18, 2008 in its entirety. 
 10.02 Entire Agreement 
 This Agreement constitutes the whole agreement among the parties hereto relating to the subject matter hereof and supersedes all prior agreements or
understandings both oral and written among all of the parties hereto relating to the subject matter hereof. 
 10.03 Binding Effect;
Benefit 
 This Agreement shall inure to the benefit of and be binding upon the Parties and their respective heirs, successors, legal
representatives and permitted assigns. Nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the Parties, and their respective heirs, successors, legal representatives and permitted assigns, any rights,
remedies, obligations or liabilities under or by reason of this Agreement. 
 10.04 Assignment 
 No Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the written consent of the other
Parties. 
 10.05 Amendment; Waiver 
 (a) This Agreement may not be amended, modified or supplemented except by a written instrument executed by each of the Parties. 
 (b) No waiver of any provision of this Agreement shall be effective unless set forth in a written instrument signed by the Party waiving such provision. No failure or delay by a Party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of the same preclude any other or further exercise thereof or the exercise of any other right, power or privilege. Without limiting the foregoing, no
waiver by a Party of any breach by any other Party of any provision hereof shall be deemed to be a waiver of any subsequent breach of that or any other provision hereof. The rights and remedies herein provided shall be cumulative and not exclusive
of any rights or remedies provided by law. 
  

					
		 	17	 	Share Purchase Agreement

 10.06 Notices. 
 Each notice, demand or other communication given or made under this Agreement shall be in writing and delivered or sent to the relevant Party at its address or fax number set out below (or such other address or fax
number as the addressee has by five days’ prior written notice specified to the other Parties). Any notice, demand or other communication so addressed to the relevant Party shall be deemed to have been delivered (a) if delivered in person
or by messenger, when proof of delivery is obtained by the delivering Party; (b) if sent by post within the same country, on the third day following posting, and if sent by post to another country, on the fifth day following posting, and
(c) if given or made by fax, upon dispatch and the receipt of a transmission report confirming dispatch. The initial address and facsimile for the Parties for the purposes of this Agreement are: 
  

	 	(a)	if to Happy Genius, to: 

  

			
	Address:	  	 C/O GCL Silicon Technology Holdings Inc.
 Suite 3601,
Two Exchange Square
 Central, Hong Kong

		
	Attention:	  	Richard Li/ David Fung
		
	Fax No.:	  	852 2526 7638

  

	 	(b)	if to Mandra, to: 

  

			
	Address:	  	 10th Floor, Fung House, 19-20
Connaught
 Road Central, Hong Kong

		
	Attention:	  	Song-Yi Zhang
		
	Fax No.:	  	852 3113 8252

  

	 	(c)	if to the Company, to: 

  

			
	Address:	  	 Suite 3601, Two Exchange Square, Central,
 Hong Kong

		
	Attention:	  	Hunter Jiang
		
	Fax No.:	  	852 2526 7638

  

					
		 	18	 	Share Purchase Agreement

 10.07 Counterparts 
 This Agreement may be signed in any number of counterparts including counterparts transmitted by facsimile, each of which shall be deemed an original, with the same effect as if the signatures thereto and hereto were
upon the same instrument. 
 10.08 Severability 
 If any provision contained in this Agreement shall for any reason be determined to be partially or wholly invalid, illegal or unenforceable by any court of competent jurisdiction, such provision shall be of no force
and effect to the extent so determined, but the invalidity, illegality or unenforceability of such provision shall have no effect upon and shall not impair the validity, legality or enforceability of any other provision of this Agreement.

 10.09 Costs and Expenses 
 Costs and expenses incurred by any Party in connection with its business, technical, legal and financial due diligence and otherwise arising from, related to or in connection with the preparation, execution, delivery and performance of this
Agreement and each other Transaction Document shall be borne by such Party. 
 10.10 Further Assurances 
 Each Party shall give such further assurance, provide such further information, take such further actions and execute and deliver such further documents
and instruments as are, in each case, within its power to give, provide and take so as to give full effect to the provisions of this Agreement. 
 (Signature page follows) 
  

					
		 	19	 	Share Purchase Agreement

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed by their respective
authorized officers as of the day and year first above written. 
  

	
	HAPPY GENIUS HOLDINGS LIMITED
	
	By:                                      
                                
	Name:                                      
                            
	Title:                                      
                              
	
	MANDRA SILICON LIMITED
	
	 By:
                                        
                              

	 Name:                                      
                            

	 Title:                                      
                              

	
	GCL SILICON TECHNOLOGY HOLDINGS INC.
	
	 By:
                                        
                              

	 Name:                                      
                            

	 Title:                                      
                              

 EXHIBIT A 
 CONVERTIBLE BOND TERM SHEET 
 GCL SILICON TECHNOLOGY HOLDINGS INC. 3% CONVERTIBLE BOND TERM SHEET

 Capitalized terms used but not herein defined shall have the meanings set forth in the Subscription Agreement, dated June 5,
2008, between Happy Genius Holdings Limited and the purchasers set forth on Schedule 1 thereto. 
  

			
	GCL SILICON TECHNOLOGY HOLDINGS INC. CONVERTIBLE BONDS
		
		  	INDICATIVE TERMS
		
	Issuer	  	GCL SILICON TECHNOLOGY HOLDINGS INC. (Listco)
		
	Opco	  	

 (formerly known as

), a wholly foreign owned enterprise established under the laws of the PRC between GCL (HK), Asia Silicon Technology Development Limited, Asia Silicon Technology Development Holdings Limited, Speedy Gain Limited
and Richmore International Development Limited.
		
	Investor	  	EB holders on IPO Date
		
	EB	  	Exchangeable Bond due 2010 issued by Happy Genius Holdings Limited
		
	Description of Security	  	Bonds convertible into common shares of Listco, at the option of the bondholders (CB)
		
	Status	  	Direct, senior, unsubordinated and unsecured
		
	Offer Size	  	 Outstanding principal amount of the EB on the IPO Date, following partial redemption upon a Complying IPO, as per the EB, split into the following
classes:
  
 •      Class A – 50% of the outstanding principal amount
  
 •      Class B – 25% of the outstanding principal amount
  
 •      Class C – 25%
of the outstanding principal amount

		
	Currency	  	US dollars
		
	Maturity	  	1.5 year after the IPO Date
		
	Coupon	  	3.00%

  

 A-1 

			
	Issue Price	  	100.00%
		
	Redemption Price	  	100.00 %
		
	Yield	  	3.00% per annum calculated on a semi-annual basis
		
	Day Count Fraction	  	30/360
		
	Conversion Price	  	IPO Price
		
	Conversion Period	  	As per the EB in accordance with the following table:
		
		  	 Class of CB
                           Convertible from
  
 Class A
                                  IPO + 6 months
  
 Class B
                                   IPO + 9 months
  
 Class C
                                   IPO + 12 months

		
	Min. Denomination	  	US$100,000 and integral multiples of US$1,000 in excess thereof
		
	Min. Conversion Amount	  	US$1,000
		
	Anti-Dilution Protection	  	Yes, as per the EB
		
	Capital Distribution Pass-
through	  	Yes, as per the EB
		
	Cash settlement option	  	None
		
	Reps and Warranties	  	Day one reps and warranties will be given by Listco as is customary for a listed company CB. Thereafter, no repetition of reps and warranties
		
	Other Terms and Conditions	  	Such other terms and conditions which are standard with such offerings including the following:
		  	  
 •      to timely pay any interests or redemption amount when they become due and payable subject to grace periods to be agreed;
  
 •      to maintain an
office or agency in the U.S.;
  
 •      to provide financial information in the form of reports, as per SEC requirements;
  
 •      negative pledge at Listco and offshore subsidiary level. No offshore subsidiaries below
the Listco level may incur any financial indebtedness.
  
 •      compliance with an agreed Consolidated Debt to Consolidated EBITDA as per the EB;
  
 •      to comply with law in all material respects;
  
 •      to maintain
corporate existence;
  
 •      to carry on business subject to certain carve-outs;
  
 •      to provide notice of default;
  
 •      to comply with
certain restrictions on merger if Listco is not the surviving entity after the merger;

  

 A-2 

			
		  	  
 •      to pay additional amounts if there is a change in law that requires withholding tax, coupled with a right of Listco to redeem the Bonds as per the EB; and
  
 •      to redeem the
Bonds upon the occurrence of certain fundamental events, such as a merger or change of control as per EB

		
	Conditions Precedent	  	 Such conditions precedent which are standard with such offerings including the following:
  
 •    constitutional documents of
Listco and Opco including a certificate of good standing of Listco;
  
 •    a no registration opinion issued by a reputable national US law firm (as counsel to the issuer) customary on the offering of the CB and the exchange of the EB for the CB.
  
 •    legal opinions on due
execution, authorisation, legal validity and enforceability of all documentation to be executed by Listco;
  
 •    shareholders resolution and board resolutions required to authorize the issue of the CB by Listco
and its entering and execution of all documentation in connection with the issue of the CB;
  
 •    certificate of an authorized signatory of Listco the contents of which to be as per those required
under the EB; and
  
 •    relevant process agent appointment letters and acceptance from the process agent for each of the documents to be entered into by Listco

		
	Cross default	  	Yes, US$10,000,000 or equivalent (actual not potential)
		
	Change of Control	  	Yes, if a change of control occurs, the bondholders will have an option, exercisable at their election, to redeem the Bonds for cash at the change of control early redemption amount or to
convert the Bonds into Shares as per the EB
		
	De-listing Put	  	Yes, if a delisting of the shares occurs, the bondholders will have an option, exercisable at their election, to redeem the Bonds for cash at the event of default early redemption amount as
per the EB
		
	Events of Default	  	Standard Euro-market Events of Default and Event of Default put as per the EB
		
	Tax Gross Up	  	Applicable
		
	Tax Redemption	  	Yes, as per the EB
		
	Transferability	  	Yes
		
	Registration Rights	  	Registration rights similar to those relating to the EB will be provided by Listco
		
	Use of Proceeds	  	To purchase the outstanding principal amount of the EB on the IPO Date
		
	Other terms	  	Other standard CB terms such as market disruption, indemnities and break costs. All reasonable out of pocket expenses incurred by the bondholders in connection with the exchange into the CB
are to be reimbursed by Listco

  

 A-3 

			
		
	Governing Law	  	New York Law
		
	Rating	  	Not rated
		
	Listing	  	No Listing
		
	Closing and Payment Date	  	IPO Date
		
	Settlement Date	  	IPO Date
		
	Trustee	  	DB
		
	Expenses	  	Happy Genius Holdings Limited to pay the costs and expenses (including the costs and expenses of legal counsels and other professional advisers) reasonably incurred in connection with the
issue of the CB

  

 A-4English Translation of the Sales Contract

 Exhibit 10.30 
 Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. 
 Phase IV (Inner Mongolia
Xilinguole Zhongneng Polysilicon Co., Ltd. 
 (in the process of formation)) 
 Sales Contract 
 for 

[Reactor (24-pair electrodes design)] 
  

	Buyer:	Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. Phase IV Inner Mongolia Xilinguole Zhongneng Polysilicon Co., Ltd. (in the process of formation)

  

	Seller:	Shanghai Morimatsu Mixing Technology Engineering Co., Ltd. 

 Contract No.:
NMZN0051 

 Content 
  

			
	1. Definitions	  	3
		
	2. Subject Matter	  	5
		
	3. Scope of Supply	  	6
		
	4. Contract Price	  	7
		
	5. Payment	  	7
		
	6. Delivery and Transportation	  	8
		
	7. Packing and Labeling	  	10
		
	8. Technical Service and Liaison	  	13
		
	9. Quality Supervision and Inspection	  	14
		
	10. Installation, Commissioning, Single Machine Trial Run, Combined Test Run with Water, Feed and Trial, and Acceptance	  	17
		
	11. Warranty and Claim	  	20
		
	12. Insurance	  	21
		
	13. Expenses of Taxation	  	22
		
	14. Outsourcing	  	22
		
	15. Modification, Amendment and Termination of Contract	  	22
		
	16. Liability for Breach of Contract	  	23
		
	17. Force Majeure	  	24
		
	18. Dispute Settlement	  	24
		
	19. Effectiveness of Contract	  	25
		
	20. Miscellaneous	  	25
		
	Page for Signature and Seal	  	27
		
	Attachment I Technology Agreement	  	
		
	Attachment II Price List	  	
		
	Attachment III Delivery Schedule	  	
		
	Attachment IV Confirmation Letter, Letter of Undertaking	  	

 Sales Contract 
 The contract is concluded by the two parties as follows on September 12th, 2008 in Xuzhou. 
 Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd.
Phase IV Inner Mongolia Xilinguole Zhongneng Polysilicon Co., Ltd. (in the process of formation) (“Buyer”), with legal address of West of No. 3 Electricity Factory of Xilinguole Avenue, Xilinhot. 
 Shanghai Morimatsu Mixing Technology Engineering Co., Ltd. (“Seller”), with legal address at No. 29 Jinwen Road, Nanhui District, Shanghai.

 To supply the Reactor, Spare Parts and Components, and special tools of Polysilicon Phase IV Project of “Zhongneng Polysilicon—Inner Mongolia
Xilinguole” and to provide the Technical Service related thereto, Buyer will purchase from Seller, and Seller will sell to Buyer equipment listed under this Contract (including Attachments) and provide Technical Service, technical materials,
Spare Parts and Components and special tools, etc as stipulated herein. Therefore, bound by law and in line with provisions of existing laws and regulations of China, both parties agree to conclude the following Articles. 
 1. Definitions 
 Meaning of following words in the Contract and
Attachments are defined as below. 
  

	1.1	The “Buyer” refers to Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. Phase IV Inner Mongolia Xilinguole Project, including its agent, successor and
assignee. 

  

	1.2	The “Seller” refers to Shanghai Morimatsu Mixing Technology Engineering Co., Ltd., including its agent, successor and assignee. 

  

	1.3	“Contract” refers to all parts contained in this Contract and Attachments. 

  

	1.4	“Contract Price” refers to provision described in Article 4 hereof. 

  

	1.5	“Effective Date” refers to the effective date described in Article 19 hereof. 

  

	1.6	 “Technical Materials” refers to documents required for the design, manufacture, Manufacturing Supervision, inspection, installation, commissioning,
checking and acceptance, performance test and technical guidance relating to the Contract 

	 	 
Equipment and the project, (including drawing, explanations, standard, statement and manual, various software, etc.) applied in project operation and
maintenance as specified in Attachment I hereof. 

  

	1.7	“Contract Equipment” refers to machines, equipments, materials, special tools, Spare Parts and Components and various goods, detailed content and requirements are listed
and prescribed in Attachment I hereof. 

  

	1.8	“Manufacturing Supervision” refers to a representative of Buyer (or the representative of a qualified Manufacturing Supervision Unit appointed by Buyer) assigned to
supervise, during the manufacturing process, quality of key parts of Contract Equipment supplied by Seller, and to implement documentation validation and field validation. Such quality supervision will not relieve the responsibility of Seller for
the quality of Contract Equipment. 

  

	1.9	“Performance Acceptance Test” refers to test carried out per provisions of Attachment I hereof to test the guaranteed performance value as specified in Attachment I
hereof. 

  

	1.10	“Preliminary Inspection and Acceptance” refers to the joint inspection and acceptance carried out by Buyer upon each set of equipment when the result of Performance
Acceptance Test shows that equipment has reached the guaranteed value specified in Attachment I hereof. 

  

	1.11	“Final Inspection and Acceptance” refers to inspection and acceptance by Buyer regarding each set of Contract Equipment upon expiration of guarantee period.

  

	1.12	“Day, Month and Year” refers to day, month and year of the Gregorian calendar; each “Day” refers to 24 hours, while “Week” refers to 7 days.

  

	1.13	“Project” refers to Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. Phase IV Inner Mongolia Xilinguole Project. 

  

	1.14	“Technical Service” refers to the full-process service furnished by Seller of technical instruction, cooperation and training etc. in relation to the Contract Equipment
with respect to engineering design, equipment Manufacturing Supervision, inspection, civil work, installation, commissioning, inspection and acceptance, Performance Acceptance Test, running and repair related to the Contract Equipment.

  

	1.15	“Site” refers to Buyer’s premises for Contract Equipment installation which is located in the City of Xilinguole, Inner Mongolia Autonomous Region.

	1.16	“Spare Parts and Components” refers to spare parts for equipment provided as per the Contract, including Spare Parts and Components accompanying the delivery as well as
Spare Parts and Components sufficient for 4-year running of the equipment. 

  

	1.17	“Single Unit Trial Run”, “Water Inter-Linkage” and “Loaded Trial Run” refers to single unit trial run, water inter-linkage and loaded trial run in
accordance with relevant PRC governmental standard and any amendments thereto. 

  

	1.18	“Construction” refers to Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. Phase IV Inner Mongolia Xilinguole Project. 

  

	1.19	“Written Document” refers to any manuscript, printed document or typed document or document bearing seal and/or signature. 

  

	1.20	“Subcontractor” or “Sub-Supplier” refers to any legal person or any successor thereof to which Seller subcontracts any part of goods supply within the scope of
the Contract. 

  

	1.21	“The Last Batch of Delivery” refers to that batch of goods after the delivery of which the total value of the delivered Contract Equipment would amount to over 98% of the
total Contract Equipment price, and the remaining undelivered equipment would not affect the installation, commissioning, Single Unit Trial Run, water inter-linkage, loaded trial run and Performance Acceptance Test of the Contract Equipment.

  

	1.22	“Equipment Fault” refers to condition when the Contract Equipment (incl. parts, raw materials, cast and forged parts, original parts, etc) cannot meet the performance and
quality criterion specified in the Contract and/or cannot satisfy the requirement of project stability, reliability, safety and economic operation. 

 2. Subject Matter 
 Equipment ordered under the Contract will be used in the Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd.
Phase IV Inner Mongolia Xilinguole Project. Seller shall provide equipment, Technical Materials and service etc. to Buyer as per the prescribed conditions and schedule hereof. 
 2.1 Equipment Name and Quantity 
 Equipment name: Reactor (24-pair electrodes design) 
 Quantity: 60 sets. 

 2.2 Equipment provided by Seller shall be brand-new, technologically advanced and mature and reliable. 
 2.3 See technical agreement (which is Attachment I hereof) for technical specifications, technology and economic indicators, performance of the equipment, Technical
Materials and Technical Services provided by Seller etc. 
 2.4 Where it’s deemed necessary by Buyer, Seller shall dispatch appropriate, experienced,
healthy and capable staff to provide Technical Service to ensure the correct installation, commissioning, maintenance and operation of Contract Equipment, and any such staff dispatched to site shall comply with the safety management agreement signed
by the parties, which is related to this Contract. 
 2.5 Seller shall provide accompanying Spare Parts and Components to Buyer as provided in the Contract
and prepare Spare Parts and Components as provided in Article 3 hereof; in addition, where required by Buyer, Seller shall repair equipment as provided herein. 
 2.6 During the term of the Project, Seller shall provide any new operation experience and information obtained to Buyer for free and shall inform Buyer of any confirmed improvement in terms of technology and safety which is applicable to
the Contract Equipment. 
 2.7 Special tools provided by Seller shall meet requirements in terms of transportation, storage, protection, lifting,
installation, commissioning and maintenance of the equipment on site. 
 2.8 Seller shall perform its other responsibilities and duties otherwise as provided
hereunder. 
 3. Scope of Supply 
 3.1 See Attachment II
for the scope of supply hereof. 
 3.2 Both parties hereto agree that the equipment to be provided pursuant to this Contract shall be subject to Attachment
II, which shall include all Contract Equipment, Technical Materials, special tools, Spare Parts and Components and Technical Service. However, in case of any omission and shortage during contract performance that is not listed in the delivery list
but should have been included in the scope of goods to be supplied, or which is necessary to meet the performance guarantee value of the Contract Equipment as stipulated in Attachment I, Seller shall supply to Buyer such omitted equipment, technical
material, special tool, Spare Parts and Components etc. without any additional cost to Buyer. 

 4. Contract Price 
 4.1 The per reactor price is ***, and the total Contract Price is ***. 
 The Contract Price include expenses of Contract Equipment (incl. Spare
Parts and Components), Technical Materials, Technical Service and installation guidance tax, packing cost, freight, insurance and miscellaneous fees relating to the contract. 
 4.2 See Attachment II for break-down price of the total Contract Price; in case of any conflict between the total Contract Price and the sum of break-down price, the contract unit price shall prevail. 
 The contract unit price (expect under the circumstances provided in Note 4 of Attachment II) shall remain unchanged during the contract term. 
 4.3 Seller agrees to provide Spare Parts and Components required to meet various indicators provided in Attachment II hereof to Buyer for the four years after the
effectiveness of the Contract based upon the following conditions (whereas Buyer shall not have the obligation to purchase from Seller such items): 
 1. The
purchase price shall be the price set forth in Attachment II (which includes freight and insurance fees, etc.); in case a relevant price is unavailable in Attachment II, the purchase price shall be the market price of the Spare Parts and Components
at the time when the Contract comes into effect. 
 2. Other terms of such sale and purchase shall be subject to the friendly negotiation of both parties
hereto. 
 5. Payment 
 5.1 The currency applied in the
Contract shall be RMB. 
 5.2 Method of payment: T/T (wire transfer) 
 5.3 Payment 
 5.3.1 Advance Payment 
 Buyer shall pay
*** as advance payment to Seller within *** upon signing this Contract, and Seller shall provide receipt of such payment (one original and four copies). 
 5.3.2 *** prior to the shipment of the equipment, Buyer shall pay ***, and Seller shall provide receipt of such payment to Buyer (one original and four copies). 
  

 *** CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE
COMMISSION. 

 5.3.3 After the delivery arriving the Site, within *** after Buyer’s issuance of the test acceptance certificate
against the equipment, Buyer shall pay ***, and in no event shall the payment be made later than *** after the delivery to the Site. Seller shall provide a formal receipt evidencing the payment and a quality warranty L/C equal to ***. 
 5.3.4 If the delivery is delayed as a result of Buyer’s request due to Site conditions or other reasons, Buyer’s obligation to make timely payment shall not be
waived. 
 6. Delivery and Transportation 
 6.1 Delivery
schedule and sequence of Contract Equipment delivery shall meet the requirements of project Construction, equipment installation progress and sequence as well as the requirements in Attachment III attached hereto to ensure the project progress.

 6.2 Delivery schedule, location and receiving unit 
 6.2.1
Delivery term: specified in Attachment III. 
 6.2.2 Delivery location: West of No. 3 Electricity Factory of Xilinguole Avenue, Xilinhot. 
 6.2.3 Receiving unit: on-site representative of Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. Phase IV (Inner Mongolia Xilinguole Zhongneng Polysilicon
Co., Ltd.), telephone: 
 fax: 
 recipient: Xu Dongjun:
15047189998/ 13218553388. 
 6.3 Within *** upon the effectiveness of the Contract, Seller shall provide the production plan to Buyer as provided in
Attachment I and Attachment III of the Contract, which shall include the name of the equipment to be delivered in each batch, primary delivery plan, master schedule of equipment and master packaging index under the Contract. *** before the
commencement of goods delivery, Seller shall provide Buyer with the information provided in Article 6.6 by telex or fax (“delivery notice”). 
 6.4
However, in case of any damage, deficiency, shortage or condition inconsistent with the specified quality standard and regulations in the Contract is discovered upon inspection of the goods, the delivery date of such batch of goods shall be the date
when Seller corrects its noncompliance. 
  

 *** CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE
COMMISSION. 

 6.5 Seller shall go through the transportation tool plan required for delivering Contract Equipment to the carrier, be
responsible for the transportation and insurance etc. of Contract Equipment from Seller’s premises to the delivery destination, including all expenses related therewith. 
 6.6 Upon the preparation of each batch of equipment and within *** from the dispatch of the transporting vehicle, Seller shall inform Buyer of the following content by telex or fax: 
 (1) Contract number; 
 (2) Equipment number; 
 (3) Preparation and dispatch date of equipment; 
 (4) Name, code and price of
goods; 
 (5) Gross weight of goods; 
 (6) Total volume of goods;

 (7) Total pieces packaged; 
 (8) Name of carrier, delivery
station/port name, vehicle number/vessel number and packing number; 
 (9) Name, weight, volume and number of each piece over 20 tons in weight or over 9x3x3m
in dimension. For each piece of such equipment/part, the center of gravity and lifting position shall be marked, including sketch map thereof. 
 (10) For
special articles (flammable, explosive and toxic articles and other hazardous substances, equipment or articles having special requirements with respect to environmental variables like temperature etc. and vibration during transportation), name,
nature, special protective measures, preservation manner and treatment of incidents etc. shall be specially marked. 
 6.7 For articles not covered in
Attachment I and Attachment III (excl. Spare Parts and Components listed in Article 4.4 hereof), Seller shall deliver the same in coordination with the project progress if required by Buyer. 
 6.8 In case of any equipment (or parts) damage or potential equipment (parts) fault caused or in existence by reason attributable to Seller during the warranty term, and
which has been replaced by Spare Parts and Components in storage, Seller shall replenish the Spare Parts and Components *** and deliver them to the destination station/port designated within *** at the latest at the Seller’s expense and inform
Buyer of it. 
 6.9 Seller shall, subject to provisions in Attachment I and Attachment III, provide Buyer with Technical Materials to satisfy the
requirements of project design, supervision, Construction, commissioning, test, inspection, training, operation and maintenance in several batches. Seller shall, as provided in Attachment I and Attachment III hereof, provide *** of Technical
Materials for each set of equipment. In addition, Seller shall, within seven days upon the effectiveness of the Contract, submit the submission schedule of 

  

 *** CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE
COMMISSION. 

 
the abovementioned Technical Materials (excluding the fundamental materials provided in Article 8.1) pursuant to the delivery schedule set forth in
Attachment I and Attachment III to Buyer for approval, and Seller shall make proper modification as required by Buyer. 
 6.10 Technical Materials shall be
delivered within *** after the equipment delivery and shall usually be delivered by mail or courier. Within *** of submitting Technical Materials to postal office or courier company, Seller shall inform Buyer and the Project team of the mailing date
and mail slip number for the Technical Materials delivered, detailed list of Technical Materials, pieces and pages, weight and contract number etc. in the form of fax or telex. Technical Materials shall be mailed to the address of Buyer as provided
in the Contract. 
 6.11 The date of Buyer’s on-site acceptance of documents shall be deemed as the actual delivery date of documents provided by
Seller. The date of delivery of the final version of documents shall be deemed as the actual delivery date of relevant documents. Such delivery date may serve as a basis for calculating default penalty for any delayed delivery of documents. In case
any insufficiency, loss or damage without any fault of Buyer shall be discovered in any technical data when inspected by the representative of Buyer or of Seller, Seller shall *** upon receiving any notification signifying the same from Buyer make
up the insufficiency, the missing or the damaged documents for free. In case any insufficiency, loss or damage with fault of Buyer should be discovered, Seller shall within *** upon receiving any notification signifying the same from Buyer make up
the insufficiency, the missing or the damaged documents for free. 
 6.12 Seller shall notify Buyer of the delivery date in a written form *** in advance.
Buyer may send a representative or representatives to the factory of Seller and to loading stations of Seller to inspect packing quality and supervise loading conditions. In case such representative(s) of Buyer fail to participate in such
inspections on schedule, Seller shall have right to dispatch the equipments. Inspections and/or supervision of such representatives as aforesaid shall not exempt any responsibility of Seller. 
 6.13 In case any of the equipment should be damaged or missing prior to delivery, Seller shall as per provisions of Article 11 of the Contract be responsible for
repairing and/or replacing such equipment immediately. In case the Contract Equipment should be damaged or lost during the course of transport, Seller shall be responsible for contacting the carrier and its insurance company and shall repair or make
up the equipment for free so as to meet requirements of engineering progress. 
  

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COMMISSION. 

 7. Packing and Labeling 
 7.1 Any and all equipments as may be delivered by Seller shall have proper packing suitable for long-distance transportation, multiple delivery and loading & unloading as per provisions of GB191-73 regarding packing, storage and
delivery instructions and marks as well as relevant provisions of competent PRC national authorities. Packing materials provided by Seller shall be sufficient to keep goods sound and safe during transport, loading and unloading and shall be provided
with measures relating to reducing vibration and anti-shock. In case such packing materials provided by Seller is unable to keep the equipment inside them safe and sound, Seller shall compensate Buyer for any resulting issues in the design
structures of the equipment. Packing shall be provided as per characteristics of equipment with protection measures regarding to anti-damp, mildew-proof, rust prevention and anti-corrosion, ensuring that the equipments may be delivered to the site
without any damage and corrosion. Before packing, Seller shall inspect and clean the equipments as per the whole set of equipments, making sure that there are no foreign objects and ensuring the completeness of components and spare parts.

 7.2 Seller shall mark clearly the numbers of components and spare parts in the packing boxes and bales as per the assembly drawings. 
 7.3 Seller shall on both sides of each packing box use fade-proof oil paint to print the following marks conspicuously in Chinese: 
 (1) Contract number; 
 (2) Destination station/port; 
 (3) Consigner and consignee; 
 (4) Name of equipments, equipment number, and
drawing number; 
 (5) Box number/bale number; 
 (6) Gross
weight/net weight (kg); 
 (7) Volume (length * width * height, in mm) 
 For goods exceeding two tons (inclusive), Seller shall on the side of the packing boxes mark the center of gravity and lifting point with proper signs and patterns as normally adopted for transportations for giving assistance to loading,
unloading and handing. As per characteristics of goods and in line with requirements on loading & unloading and transportation, the packing boxes shall be clearly printed with “Handle with care”, “Keep upright” and/or
“Caution against rain”, “Caution against damp”, etc. 
 7.4 As to goods shipped without packaging, Seller shall employ metal labels or
directly mark relevant particulars as aforesaid on the goods. For large goods, sufficient racks or stow woods shall be provided. 
 7.5 For each piece of
packing box, detailed packing list and qualification certificate including names of equipments, quantity, price, equipment number, and drawing number shall be provided. For outsourced packing boxes, a factory qualification certificate and a

 specification shall be provided within them. Two lists describing the items in the packing boxes shall be mailed. 
  

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COMMISSION. 

 7.6 Spare parts and components set forth in Attachment I shall be respectively packed in sets and shall be marked clearly
outside the packing boxes and shall be delivered in one shipment. 
 7.7 Spare parts and components shall be packed separately and marked with particulars as
provided in Article 7.2 and Article 7.3. Special tools shall also be separately packed. 
 7.8 Loosened components of equipments of various kinds shall be
properly packed in boxes with appropriate sizes and shall as possible be delivered in a single vehicle so as to reduce costs. 
 7.9 Grid type boxes and/or
similar packing shall be properly packed and shall be able to prevent theft and from being damaged by other articles or rainwater. 
 7.10 Any and all
openings of any pipe, pipeline, valve and other equipments shall be protected by protection covers or be protected with any other method. 
 7.11 Seller
and/or any Subcontractor of Seller shall not employ the same box number to mark any two boxes. 
 7.12 As to any goods with clear and clean processing
surfaces requiring for special packing, the processing surface shall be protected by employing excellent and durable protection layers (never employ oil paint) so as to protect it from rust and/or damage before installation. 
 7.13 Any and all technical data be delivered by Seller to Buyer shall employ such packing as may be suitable for long-distance transportation and with such functions
like multiple moves, rainwater proof and damp proof. 
 The cover of each bale of technical data shall specify the following particulars: 
 (1) Contract number; 
 (2) Consignor and consignee; 
 (3) Destination station/port; 
 (4) Gross weight; 
 (5) Box number/bale number. 
 Each bale of technical data shall be enclosed
with two copies of lists in details, signifying the serial number, document number, name and pages. 

 7.14 In case goods should be damaged or lost due to improper packing of Seller or improper storage, regardless of the
time of discovery, Seller shall when confirmed repair, replace or indemnify as per the Contract. In case any goods should be damaged or lost during the course of transport, Seller shall be responsible for contacting the carrier department or the
insurance company; as such, Seller shall as possible make up such goods so as to meet the requirements of Construction works. 
 7.15 Buyer shall within ***
after checking out the equipment return any dedicated railway packing boxes, packing racks, etc. to Seller at expense of Seller. 
 8. Technical Service
and Liaison 
 8.1 Seller shall within *** after effectiveness of the Contract submit to Buyer through mail with an organization plan for implementation
of the service works stipulated in Article 8.2 and shall make such organization plan in duplicate for verification by Buyer and shall make relevant modifications as per requirements of Buyer. 
 8.2 Details of expenses for technical liaison meeting, times, quorum and place are provided in Attachment I and the tender documents as submitted by Seller (in case of
any discrepancy between the two, provisions of the Attachment I shall prevail). 
 8.3 Seller shall when necessary invite Buyer to participate in the
technical design process of Seller and explain issues relating to such technical design to Buyer. 
 8.4 In case of any major issue requiring immediate
research and negotiations of the parties, any party may convene a meeting and the other party under normal circumstances shall attend the meeting. 
 8.5 As
to each meeting and any other contact modes, the parties shall prepare conference summaries or liaison summaries and summaries so made shall be executed by both parties. In case any clause of the Contract should be modified, such modification shall
be approved by legal representatives or authorized representatives of the parties before taking effect. 
 8.6 Buyer shall have right to distribute any and
all data (supplied by Seller) in connection with the Contract Equipment to each party involved in the Project or work and such distributions shall not be deemed as an infringement or infringements, provided that Buyer shall not supply the same to
any third party without any connection with the Project or work. 
 8.7 As to any and all data affixed with words “Confidential documents”, whether
of Buyer or of Seller, the parties shall be responsible for keeping such data confidential. 
  

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COMMISSION. 

 8.8 Where any Subcontractor of Seller requests any Technical Services regarding the Contract Equipment or needs to
conduct onsite work, Seller shall be responsible for the organization of such Subcontractors at its own expenses with the agreement of Buyer. 
 8.9 Seller
shall bear any and all responsibilities regarding supply of equipments (including subcontracting and outsourcing), equipment and technical interface, Technical Services, technical data, etc. But if any design drawings submitted by the designing
institutions should have any mistake, Seller shall not be held responsible. 
 8.10 As to other equipments & devices required in connection with the
Contract Equipment, Seller shall be responsible for providing interfaces and technical cooperation and shall not make Buyer bear any extra expense that arises therefrom other than the Contract Price. 
 8.11 Any and all onsite technicians as may be appointed by Seller shall be full of practical experiences and competent for works for the project. A full list of such
technicians shall be submitted to Buyer within *** of effectiveness of the Contract for verification by Seller. 
 Details regarding Technical Services are
provided in Attachment I. 
 9. Quality Supervision and Inspection 
 9.1 Quality Supervision 
 9.1.1 Seller shall within *** upon effectiveness of the Contract provide Buyer with a list
regarding standards on design, manufacturing and inspection of the Contract Equipment. Standards of design, manufacturing and inspection shall comply with provisions of Attachment I hereof. 
 9.1.2 Subject to the consent of Seller, Buyer may entrust a competent supervision entity to supervise equipment manufacture, inspections and pre-delivery examination,
and to gather information regarding equipment installation, inspection, trial run and packing quality and to provide confirmation. Such manufacturing supervision and inspection shall adhere to the relevant standard set forth in Attachment I. Seller
shall coordinate with such entity for Manufacturing Supervision and during the process of Manufacturing Supervision provide relevant data and standards to such entity without delay and free of charge. 
 9.1.3 Details of range of Manufacturing Supervision and specific projects for Manufacturing Supervision inspection/witness are provided in Attachment I. 
  

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COMMISSION. 

 9.1.4 Seller shall provide the following items for the stationed representative of the Buyer and Manufacturing
Supervision representative as may be entrusted by Buyer: 
 9.1.4.1 At feeding for the Contract Equipment, production plan for the whole set of equipments
together with actual production schedule for each month and inspection plan for each month; 
 9.1.4.2 *** in advance, provide contents regarding
Manufacturing Supervision and schedule on inspections; 
 9.1.4.3 Standards (including factory standards), drawings, data and workmanship in connection with
Manufacturing Supervision of the Contract Equipment, and records on actual technological process and inspections (including interim inspection records and/or inconsistency reports) together with relevant documents and copies as provided in
Attachment I. 
 9.1.4.4 Conveniences relating to work and life of the Manufacturing Supervision representative. 
 9.1.5 Generally, Manufacturing Supervision inspection/witness (usually onsite witness) shall not interfere with the normal production process (excluding stoppage and
inspection for any major failure discovered) of the plant, and such supervision shall be conducted by taking into consideration the actual production process of Seller’s plant. In case the Manufacturing Supervision representative should fail to
be present at the site according to the schedule provided to Seller, works for tests in the plants of Seller may go on being conducted and conclusions of such tests shall be effective, provided that the Manufacturing Supervision representative shall
be entitled to after that be informed of such tests, review and reproduce inspection reports and tests conclusions (namely, witness of documents). 
 9.1.6
In case the Manufacturing Supervision representative should during Manufacturing Supervision find out any quality problem or inconformity to standards or packing requirements, the Manufacturing Supervision representative shall have right to put
forward suggestions and decline to make its signature temporarily. Seller shall then take relevant improvement measures so as to ensure an excellent quality level of equipments to be delivered. Whether the Manufacturing Supervision representative
requests or knows or not, Seller shall have responsibility to actively and punctually notify the Manufacturing Supervision representative of any and all major quality defects and problems discovered during the course of manufacturing of the Contract
Equipment and shall not seek to conceal such issues, nor shall Seller handle such issues at its own discretion without notifying the supervision unit. 
 9.1.7 Whether the Manufacturing Supervision representative participates in Manufacturing Supervision and/or leaves factory inspection, and/or the Manufacturing Supervision representative assists in Manufacturing Supervision and/or leaves
factory 

  

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COMMISSION. 

 
inspection, when reports regarding Manufacturing Supervision and inspections have been signed, such facts shall not be deemed as an exemption of any
responsibility regarding to quality warranty of Seller as provided in the Contract, nor shall any responsibility for the Contract Equipment of Seller be released. 
 9.2 Factory Inspection and Onsite Opening-Box Inspection 
 9.2.1 Any and all Contract Equipment/components (including subcontracting and
outsourcing) to be provided by Seller shall during the period of manufacturing be strictly inspected and tested and any and all inspections, tests and assembly shall be formally recorded. Eligible equipment may be delivered out of the factory only
when all works as aforementioned have been completed. Any and all recording documents so prepared complete with qualification certificate shall act as part of technical data be mailed to Buyer for filing. As such, Seller shall also along with
accompanied documents provide qualification certificate and quality certificate documents. 
 9.2.2 Buyer shall conduct opening-box inspections upon arrival
of equipment and shall notify Seller of the date for such opening-box inspections *** in advance. Seller shall as per requirements specified in such notifications as may be served by Buyer dispatch relevant inspection personnel to the site of Buyer
to attend such inspection works, which include inspecting the packing and extrinsic features as well as making clear the numbers as per waybill and packing list, together with specifications and quality. In case any discrepancy due to fault of
Seller (as confirmed by representatives of both parties) should be discovered, such case shall be handled and settled by Seller. Buyer shall provide conveniences regarding work and life to the inspection personnel of Seller. When the inspection
personnel of Seller fails to arrive at the site punctually, Buyer shall have right to conduct opening-box inspections by itself. In such circumstances, any and all inspection conclusions as well as records shall be equally effective and binding on
both parties respectively and may serve as valid evidence for lodging any claims by Buyer against Seller. In case Buyer fails to conduct inspections within one month after arrival of the equipment, the equipment shall be deemed to have passed
inspections. 
 9.2.3 During onsite inspections, in case any damage, defect, insufficiency or nonconformity in any equipment due to fault of Seller
(including causes like improper transportation) should be discovered, such issues shall be recorded and shall be signed by the representatives of both parties respectively and each party shall hold one copy of such records which may serve as
evidences for Buyer to request repairs and/or replacement and/or compensation against Seller. In case Seller entrusts Buyer to repair any damaged equipment, expenses for repairs shall be borne by Seller; in case any damage or insufficiency with
fault of Buyer should be spotted, Seller shall upon receipt of a notification from Buyer provide or replace relevant components without delay, at Buyer’s own expenses. 
  

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COMMISSION. 

 9.2.4 In case Seller should have any objection against any of the requirements regarding repairs, replacement and/or
claim made by Buyer, Seller shall within 7 days upon receipt of a written notification signifying the same from Buyer or within 14 days upon being informed of such issues send representative(s) to the site of Buyer to re-check, at expenses of Seller
itself; otherwise, the requirements as aforesaid shall take effect upon being made. 
 9.2.5 In case no consensus regarding inspection records can be reached
by the parties in any joint inspections, Buyer shall entrust a competent quality inspection institution to conduct such inspections. Inspection results so made shall be binding upon both parties and the expenses for such inspections shall be borne
by the party with fault. 
 9.2.6 Upon receipt of a claim lodged by Buyer pursuant to Articles 9.2.2 to 9.2.5 of the Contract, Seller shall repair, replace
or make up the shortfall pursuant to Article 9.2.7 without delay, and any and all expenses so incurred in connection with manufacturing, repairing and delivery the equipment as well as any insurance cost in connection thereto shall be borne by the
responsible party. Buyer may deduct an equivalent sum from the performance guarantee or quality bond for such claims. 
 9.2.7 The time for repair or
replacement of equipment or components with fault of Seller shall not be later than *** with the principle of not affecting the Construction schedule after discovery of defects, damages or insufficiency; unless otherwise specified by the parties,
Buyer shall have right to handle such cases as per the provisions of Article 11. 
 9.2.8 The time for lodging claims regarding the specifications, models
and quantity of equipments arrived shall not be later than *** after arrival of such equipments. 
 9.2.9 Any and all inspections as provided from Article
9.2.1 to Article 9.2.7 shall refer to onsite inspections of equipments arrived at the site. In case no problem should be discovered or Seller has as per requirements of claims replaced or repaired any problems, quality assurance responsibility of
Seller under the Contract shall not be deemed to be rescinded. 
 10. Installation, Commissioning, Single Machine Trial Run, Combined Test Run with Water,
Feed and Trial, and Acceptance 
 10.1 Installation, commissioning, single machine trial run, combined test run with water, feed and trial, operation and
maintenance of the Contract Equipment shall be conducted by Buyer as per the technical data, inspection standards, drawings and specifications. Onsite technicians of Seller shall give instructions for works over the whole process of installation and
commissioning and shall for key working processes sign their names so as to confirm (and without due cause shall not decline signing their names). Details of key 
  

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COMMISSION. 

 
working processes are provided in Attachment I. During the process of installation and commissioning, in case Buyer fails to follow instructions of the
technical data and of onsite technicians of Seller and any failure should occur, Buyer shall be solely responsible for such failure (excluding any failure due to any defect in the equipments); in case any failure should occur when instructions of
technical data and/or instructions of onsite technicians of Seller has been followed or when the equipments having such failures have been confirmed by the onsite technicians of Seller, Seller shall be liable for responsibilities accordingly.

 10.2 Works regarding acceptance and inspections of such equipments installed shall be conduced as per requirements of Attachment I. 
 10.3 Seller shall upon completion of installation of Contract Equipment send relevant personnel to the site of Buyer to provide instruction and shall settle any and all
problems involving the equipment without delay. Seller shall conduct such works based on the principle of keeping all works on schedule and the time for doing such works shall not exceed ***; otherwise, it shall be treated as a delay of working
period. 
 10.4 Acceptance inspections on performance of equipments shall be conducted as per requirements of Attachment I after completion of installation
of all equipments for each complete set of equipments and such performance inspections shall be performed by Buyer and shall be attended by Seller. After completion of such inspections, if the Contract Equipment reach the guaranteed indicators as
provided in Attachment I, Buyer shall within *** sign the preliminary acceptance certificate regarding the Contract Equipment countersigned by Seller and such certificate shall be made in duplicate with Seller and Buyer respectively holding one
copy. 
 In case the Contract Equipment fails to reach one guaranteed indicator or several guaranteed indicators provided in the Attachment I to the
Contract, such circumstance shall be handled as per provisions of Article 10.6 and Article 11.7. 
 10.5 Based on the precondition of not affecting the safe
and reliable operation of the Contract Equipment, in case any minor defect should be discovered, Seller shall within the period as requested by Buyer rectify such minor defects for free and Buyer may then agree to countersign a preliminary
acceptance certificate. 
 10.6 In case in the first performance acceptance inspection the Contract Equipment fail to reach one or several guaranteed
indicators as provided in Attachment I to the Contract, the parties shall then jointly ascertain the cause so as to make clear the parties respective responsibilities. Then the party with the major responsibility for such failure shall take further
measures. The second acceptance inspection shall be conducted one month after the first acceptance inspection. 
  

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COMMISSION. 

 10.7 After the second performance acceptance inspection, in case any major performance indicator still fails to meet the
provisions set forth in Attachment I to the Contract, the parties shall jointly research the case and find out the reasons so as to make clear the responsibilities involved: 
 In case it is not the fault of Buyer, then the case shall be handled as per provisions of Article 11.7. 
 In case it is all
the fault of Buyer, the Contract Equipment shall be deemed to have passed the preliminary acceptance inspection. In such circumstances, the representative of Buyer shall within *** sign the preliminary acceptance certificate regarding the Contract
Equipment countersigned by the representative of Seller. Such certificate shall be formulated in duplicate with Seller and Buyer holding one copy respectively. Seller shall then still have obligations to seek proper measures with Buyer so as to
ensure that the Contract Equipment may meet the guaranteed indicators. 
 10.8 In case the Contract Equipment operate stably while the performance acceptance
inspection should be delayed for over *** with fault of Buyer, Buyer shall then within *** after the *** have elapsed sign the preliminary acceptance certificate regarding the Contract Equipment countersigned by Seller. 
 10.9 Whether the performance acceptance inspection regarding the Contract Equipment is performed once or twice, Buyer shall after formulation and issuance of the
preliminary acceptance certificate within *** when all claims have been settled issue a final acceptance certificate as per provisions of Article 11.4. 
 10.10 The preliminary acceptance certificate issued by Buyer as per provisions of Article 10.4 and Article 10.7 only proves that the performance and parameters regarding the Contract Equipment as provided by Seller can be accepted as per
requirements of the Contract as of the time of issuance of the preliminary acceptance certificate and shall not be regarded as evidence for exemption of any responsibility of Seller for any potential defect of the Contract Equipment. As such, the
final acceptance certificate can not be regarded as evidence for exemption of any responsibility of Seller for any potential defect of the Contract Equipment. Potential defects provided herein shall refer to any defect that can not be discovered in
the process of manufacturing, trial run and performance acceptance inspections. In case any such defects should be discovered, Seller shall repair or replace as per provisions of Article 6.8 and Article 11.3.1 of the Contract. 
 10.11 At any time during the performance of the Contract when Seller asks for any inspection, test, re-test, repairing or replacing for any failure with fault of Seller,
Buyer shall properly arrange works so as to coordinate with Seller in doing such works as aforementioned. Seller shall then be responsible for any and all expenses for repairing or replacing as well as for personnel of Seller so incurred. In case
any rework should be caused by Seller who entrusts Construction personnel of Buyer to process and/or repair and/ 
  

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COMMISSION. 

 
or replace equipments, or caused by mistakes of designing drawings (other than those provided by its designing institution(s)) provided by Seller or improper
instructions of technicians of Seller, Seller shall pay to Buyer a payment according to the formula provided below: (any and all expenses shall be calculated as per the rate when the expenses incurred) 
 *** 
 11. Warranty and Claim 
 11.1 Quality warranty period or Warranty Period shall be a period of *** commencing from the date of issuing the preliminary acceptance certificate or a period of ***
commencing from the date of receipt of the current batch of equipment (whichever is earlier). However, the Warranty period may be extended pursuant to Article 11.6 and Article 11.8 of the Contract. The parties shall perform their obligations
pursuant to relevant provisions of the Contract during the Warranty Period. 
 11.2 Seller hereby undertakes that the Contract Equipment are brand new, being
advanced and mature in technology which employs the first class workmanship and materials, excellent in quality, safe and reliable in type selection of equipments, economical in operation and convenient in maintenance. Seller shall ensure the
completeness, integrity, correctness and accuracy of technical data as may be provided complete with Attachments to the Contract and that such technical data are able to meet the requirements of design, installation, commissioning, operation and
maintenance of the Contract Equipment. 
 11.3.1 During the period of performance of the Contract, in case any defect in the equipment or any misstatement in
the technical data as provided by Seller should be discovered, or any reworking and/or scrapping of the equipment occurs due to improper instruction or omission by technicians of Seller, Seller shall without delay replace or repair them for free and
indemnify Buyer for any and all losses so incurred. In case of replacement or repairs, Seller shall assume any and all expenses so caused and Seller shall within *** upon being proved to be the fault of Seller replace or repair them. 
 11.3.2 In case any damage in any equipment should be caused by improper operation, installation and/or commissioning by Buyer who fails to follow requirements of the
technical data, drawings, specifications and instructions of onsite Technical Service personnel 
  

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COMMISSION. 

 
of Seller, Buyer shall be responsible for repairing and/or replacing such equipments, provided that Seller shall as soon as possible provide such spare parts
as may be needed and for any emergency spare part requested by Buyer, Seller shall arrange the fastest way of transportation. Any and all expenses so incurred shall be borne by Buyer. 
 11.4 When the Warranty period expires, Buyer shall within *** submit to Seller a final acceptance certificate regarding expiration of the Contract Equipment, provided that during this period Seller shall have paid any
and all claims and/or requests for compensation as may be lodged by Buyer prior to expiry of the Warranty period. Notwithstanding such provisions, Seller shall not be responsible for any loss arising from any improper maintenance and/or erroneous
operation and/or normal depreciation. 
 11.5 During the Warranty period, in case any defect in the equipments should be discovered yet such defects do not
conform to provisions of the Contract but are the fault of Seller, Buyer shall have right to lodge a claim against Seller. Should Seller have any dispute over a claim so lodged, such case shall be handled as per provisions of Article 9.2.4.
Otherwise, Seller shall upon receipt of claim documents from Buyer immediately and gratuitously repair, replace or entrust Buyer to arrange a major overhaul and indemnify Buyer accordingly. 
 11.6 In case any stoppage of Contract Equipment or deferred installation should be caused by replacement or repairing of equipments with defects with fault of Seller,
the Warranty period shall then be extended accordingly with extended period equivalent to the time so deferred. 
 11.7 In case the equipments without fault
of Buyer fail to reach one or several guaranteed indicators as specified in Attachment I hereof in the secondary acceptance tests, Seller shall be liable for any and all responsibilities specified in Article 15 of the Contract. 
 11.8 In case during the Warranty period any defect in the Contract Equipment should be discovered with fault of Seller, the Quality warranty period of such equipment
shall be recommenced after elimination of such defects. 
 12. Insurance 
 12.1 Seller shall for the purpose of the Contract Equipment to be shipped by transportation methods such as water carriage, land carriage and air transportation take out insurance policies in favor of Seller and Buyer
with an insured amount of 110% of prices of delivered Contract Equipment, and the insured zone shall be from the warehouses of Seller to the site for delivery of equipments. 
  

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COMMISSION. 

 13. Expenses of Taxation 
 13.1 Any and all expenses of taxation relating to the Contract to be paid by Seller as per provisions of relevant PRC laws, regulations and rules on expenses of taxation shall be borne by Seller. 
 13.2 Contract Price includes tax. Any and all expenses of taxation of any and all equipments, technical data, service, transportation, insurance, imported
equipments/spare parts, etc. shall be covered by the Contract Price and shall be borne by Seller. 
 14. Outsourcing 
 14.1 Seller shall independently manufacture any and all components to be supplied under this Contract. Without consent from Buyer, Seller shall not subcontract any
component (including purchasing the main components) to be supplied under this Contract from any third parties. In case Seller needs to subcontract or outsource part of the Contract, Seller shall obtain prior consent from Buyer with regard to the
specific scope and scale of the proposed subcontracting and outsourcing. Seller shall not engage in any subcontracting or outsourcing without Buyer’s consent. 
 14.2 After Seller has obtained consent from Buyer regarding its outsourcing and subcontracting, Seller shall submit to Buyer the list of potential Subcontractors together with their background information before Seller starts negotiating
with such Subcontractors, and Buyer shall examine the same regarding the Subcontractor within 2 days of its receipt of the materials and shall reply to Seller in writing. Seller shall select Subcontractor from the list of Subcontractors approved by
Buyer and notify Buyer in writing of its selection accordingly. 
 14.3 Any and all Technical Services and/or technical coordination for the outsourced
equipments/components shall be handled as per provisions of Article 8.10, Article 8.11 and Article 8.12. 
 14.4 The terms of this Contract shall govern
Seller’s liabilities with regard to outsourced equipments and/or components. 
 15. Modification, Amendment and Termination of Contract

 15.1 After the Contract becomes effective, neither party hereto may unilaterally modify any content (including Attachments hereof) of the Contract.
Notwithstanding the foregoing, any party may propose to modify, amend, cancel and/or supplement any part of the Contract in writing. If any proposed amendment involves Contract Price and delivery schedule, such proposal shall include a detailed
explanation regarding the impact of such amendment on Contract Price and/or delivery schedule. Once agreed by both parties, the proposed amendment shall become effective upon execution by the legal representatives or authorized agents of the both
parties. 

 15.2 In case of any of the following circumstances, Buyer shall be entitled to terminate the Contract: 
  

	(1)	due to Seller’s fault, the equipment fails to reach the major performance indicators specified in Attachment I to the Contract during the secondary performance tests conducted
pursuant to Article 10.7; 

  

	(2)	delivery of equipment by Seller more than nine (9) weeks overdue or delivery of technical data and/or supplying of Technical Service more than four (4) weeks overdue;

  

	(3)	any inaccuracy or falsehood in any part of the biding documents submitted by Seller, Seller’s business license or license to manufacture the equipment and/or components under
the Contract being revoked, or Seller breaches provisions of any other contract between Seller and Buyer; and 

  

	(4)	such any other circumstances as prescribed by the relevant laws. 

 15.3 In
any event of bankruptcy, change of control (such as merger, combination, dissolution, cancellation, etc.) or insolvency of Seller, or in the event Seller operates under receivership for the interest of the its creditor(s), Buyer shall be entitled to
terminate the Contract immediately upon notification to Seller, the receiver or relevant counter-party then under the Contract. Alternatively, Buyer may negotiate with such receiver, manager or counter party, and subject to Buyer’s consent and
depending on performance guarantee provided by such receiver, manager or counter party, the parties may perform part of the Contract. 
 16. Liability for
Breach of Contract 
 16.1 If delivery of equipment is delayed due to Seller’s fault, Seller shall pay Buyer a penalty fee. Buyer shall grant Seller
a grace period of *** for such delayed delivery, and Seller shall be liable for a penalty equals ***. 
 16.2 If Seller fails to make timely delivery of
technical data for design and manufacture, Seller shall pay Buyer a penalty equals ***. 
 16.3 If Buyer fails to make timely payment, Buyer shall be liable
for a penalty equals ***. 
  

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COMMISSION. 

 16.4 This Article does not limit any other liabilities or damages arising out of the breach by any party. 
 16.5 In the event that there should be any discrepancy between this Article and the Special Agreement regarding
Liabilities entered by both Parties on September 11th, 2008, the Special Agreement shall prevail. 
 17. Force Majeure 
 17.1 An event of force majeure refers to severe
natural disaster and catastrophe (such as typhoon, flood, earthquake, fire, explosion, etc.), war (declared or undeclared), riot, turmoil, etc. In case any party hereto should be prevented from performance of obligations of the Contract by and event
of force majeure, the period for performance of the Contract shall be extended accordingly with the extended period equivalent to the period delayed by the event of force majeure, provided that the Contract Price shall not be adjusted due to such an
event of force majeure. 
 17.2 The party being affected by an event of force majeure shall upon being informed of the event of force majeure so notify the
other party through of facsimile or cable without delay and shall within *** submit such certificate proving such an event of force majeure as may be issued by a competent authority to the other party for verification. The party being affected shall
out of due care and diligence take all measures as may be necessary so as to minimize such adverse effects and delay as may be caused by such an event of force majeure and upon elimination of such adverse effects caused by the event of force majeure
so notify the other party without delay. 
 17.3 In case the adverse effect of such an event of force majeure should be forecasted to last for more than ***,
the parties shall through friendly negotiations settle issues relating to performance of the Contract, including but not limited to delivery of equipments, installation, pilot run and acceptance. 
 18. Dispute Settlement 
 18.1 Any and all disputes arising out of
performance of the Contract shall be settled through amicable consultations by the parties to each other and in case no agreement can be reached, the parties hereby agree that any party may submit the case to CIETAC Beijing Commission to be
arbitrated by the same as per then valid arbitration rules. 
  

 *** CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE
COMMISSION. 

 18.2 Unless otherwise specified by such arbitration award, any and all expenses so incurred shall be borne by the losing
party. 
 18.3 During the period of arbitration, the Contract shall continue to be performed except for the issue under arbitration. 
 19. Effectiveness of Contract 
 19.1 The Contract shall come into
force upon being signed and sealed by legal representatives or authorized agent of the parties. 
 20. Miscellaneous 
 20.1 The Contract shall be governed by the laws of the People’s Republic of China. 
 20.2 Any and all Attachments hereof shall constitute an integral part of the Contract and shall be equally authentic with the Contract. In case there is any discrepancy between such Attachments with the Contract, the
Contract shall prevail. In case of anything not covered herein, refer to the bidding invitation documents and their supplementary prepared by Buyer for purchasing of equipments and the tender documents and their supplementary as submitted by Seller.
In case of any discrepancy between such bidding invitation documents with the tender documents, the bidding invitation documents shall prevail. 
 20.3
Obligations of each party under the Contract shall not exceed the range of the Contract and no party may make any declaration, statement, promise or action restricting the other party. 
 20.4 The Contract has set forth and made clear all terms and conditions covering responsibilities, obligations, compensations and relieves and no party shall bear any responsibility, obligation, compensation and/or
relief not provided herein. 
 20.5 No party shall without prior consent of the other party assign its obligations under the Contract to any third party, in
part or in whole. 
 20.6 Any and all documents and/or data mutually provided between the parties shall not be provided to any third party having no concern
with the Contract Equipment, the Project and related projects other than for the purposes of performance of the Contract. 
 20.7 Each party shall appoint a
second authorized representative who shall be responsible for directly handling technical and business issues of the Contract Equipment. Names and addresses of the authorized representatives of the parties respectively shall be made clear to the
other party upon taking effect of the Contract. 

 20.8 As to any and all correspondences, notifications and requirements from one party to the other party, in case they
are formally prepared and served by a dedicated person or in the manner of a registered mail, air mail, cable, facsimile or telegraph, they shall be deemed to have been formally received by the other party when receiving a confirmation signifying
receipt by any personnel and/or communication facilities from such other party. 
 20.9 The Contract has two originals and four copies, with each party
holding one original and two copies. 
 Addresses of the parties hereto are provided as follows: 
 Buyer: Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. Phase IV 
 Inner Mongolia Xilinguole Project 
 Tel: 15047189998 
 Fax: 
 Address: 
 Contact: Xu Dongjun 
 Bank: 
 Account number: 
 Zip code: 
 Registration number of taxpayer: 
 Seller: Shanghai Morimatsu Mixing Technology Engineering Co., Ltd. 
 Tel:
021-38112058 
 Fax: 021-33756886 
 Address: 
 Contact: Dong Feng 
 Bank: 
 Account number: 
 Zip code: 
 Registration number of taxpayer: 

 Page for Signature and Seal 
 Buyer: 
 Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. Phase IV Inner 
 Mongolia Xilinguole Project 
 (Sealed) 
 Signature of authorized representative: 
 Date: 
 Seller: 
 Shanghai Morimatsu Mixing Technology Engineering Co.,
Ltd. 
 (Sealed) 
 Signature of authorized representative:

 Date: September 13, 2008 

 Attachment II 
 Provided by:
Shanghai Morimatsu Mixing Technology Engineering Co., Ltd. 
  

																											
	 No.
	  	 Item No.
	  	 Main Material
	  	Q’ty	  	Unit Wt.
(Kg)	 	Tot.
Wt.
(Kg)	 	Breakdown Price (RMB) Tot. Price (RMB)	 	Remark
	  	  	  	  	 	 	Design&
Document	 	Material	 	Fab.	 	Packing	 	Spares	 	Sub-total	 	Tot.
(RMB)	 	 
	1	  	 Reactor (24-pair electrodes design)
	  	 316L/0Cr18Ni9/16MnR
	  	60	  	***	 	***	 	***	 	***	 	***	 	***	 	***	 	***	 	***	 	
		  	 Total
	  		  	60	  		 	***	 		 		 		 		 		 		 	***	 	
		  	 Inner Mongolia Xilinguole On-site Delivery Price
	 	***	 	

 Quotation Note: 
  

	 	1.	This quotation is made according to the requirements of Buyer, should there be any major discrepancy in size between the actual equipment and the blueprints, the price and delivery
schedule shall be adjusted accordingly. 

  

	 	2.	The Spare Parts and Components include ***. 

  

	 	3.	The manufacturer of the equipment is Shanghai Morimatsu Pressure Vessel Co., Ltd of the Morimatsu Group. 

  

	 	4.	In the event that the advance payment is delayed for ***, and the raw material price increases more than *** compared to the raw material price at the time when the Contract is
executed, the unit price of the equipment shall be renegotiated. 

 Shanghai Morimatsu Mixing Technology Engineering Co., Ltd. 
 September 2008 
  

 *** CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE
COMMISSION. 

					
	 Attachment III
	  	 Reactor (24-pair electrodes design) Delivery Schedule

	Delivery Date	  	1.	 	20 sets of Reactors (24-pair electrodes design) shall be delivered by ***.
			
		  	2.	 	20 sets of Reactors (24-pair electrodes design) shall be delivered by ***.
			
		  	3.	 	20 sets of Reactors (24-pair electrodes design) shall be delivered by ***.
			
		  	4.	 	the abovementioned delivery dated is conditioned on the Contract becoming effective on ***, the blueprints are determined by ***, and the material order is determined by ***, otherwise the
delivery shall be postponed accordingly.

  

	Note:	1. The total number of reactors to be delivered is 60. 

 2.
The delivery site shall be the Construction site in Inner Mongolia. The deliver shall be made on vehicle. 
 Shanghai Morimatsu Mixing Technology Engineering
Co., Ltd. 
 September 2008 
  

 *** CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE
COMMISSION. 

 Confirmation Letter 
 Attention: Mr. Dong Feng 
 This Confirmation Letter refers to the Sales Contract
(NMZN0051) (the “Contract”) entered into by Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. Phase IV Inner Mongolia Xilinguole Zhongneng Polysilicon Co., Ltd. (in the process of formation) (“Buyer”) and Shanghai
Morimatsu Mixing Technology Engineering Co., Ltd. (“Seller”) on September 19th, 2008. Upon receiving sufficient and valid
documentations to confirm the representations provided herein, Seller hereby confirms: 
  

	 	1.	Intellectual Property Indemnity 

 Seller shall indemnify Buyer and its
respective management, directors, agents and employees (“Buyer Indemnified Parties”) for any cost, loss, liability, expense (including legal fees), damage or judgment suffered by any Buyer Indemnified Parties as a result of claim,
litigation or legal proceeding against such Buyer Indemnified Parties due to infringement of any patent, copy right, trade mark, trade name, trade secrete or any other intellectual property rights worldwide arising from use of the equipment
(including the technique and technology used by or provided through such equipment), documentations, services provided by Seller. 
  

	 	2.	Potential Representations and Warranties concerning Intellectual Property 

 Seller hereby represents and warrants that it is entitled or permitted to provide the equipment, documentations and services to Buyer according to the Contract. Seller represents and warrants that: (i) Seller is the owner of the
equipment and documentations, and is entitled to provide or license (as the case might be) Buyer to use the equipment, documentations and services (and that the Seller is duly authorized by any third party owner of any component of the equipment and
documentation to provide and to license to the Buyer, as applicable, such equipment, documentation and services in accordance with the Contract), (ii) Seller confirms that it may disclose to Buyer information concerning the equipment (including
the methodologies and technologies used or produced by such equipment), documentations and services, and such disclosure will not result in any third party trade secret infringement claims, (iii) none of the equipment (including the
methodologies and technologies used or produced by such equipment), documentations and services (and the Seller’s receipt and use thereof) infringes any third party patent, copy right, trade mark, trade secret or other intellectual property
rights worldwide, and (iv) the sale or use of the equipment does not infringe any third party patent, copy right, trade mark, business secrete or any other intellectual property rights as . 
 All aspects of this Confirmation Letter shall be governed by and construed in accordance with PRC laws/United Nations Convention 

 
on Contracts of International Sales of Goods (the “Convention”) (to the extent the United Nation Convention for the International Sale of Goods
does not cover, the laws of People’s Republic of China), including all matters of construction, validity and performance. 
 It is hereby confirmed.

 Shanghai Morimatsu Mixing Technology Engineering Co., Ltd. 
 (Seal) 
 Legal Representative or 
 Authorized
Representative:              
 Title: 
 September 13th, 2008 
 Certificate 
 The Confirmation Letter is made
by Shanghai Morimatsu Mixing Technology Engineering Co., Ltd.

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