Document:

Exhibit 10.8

 

Basic Credit Line Contract

 

Reference: Xing Yin Shen Longgang Credit
Zi (2018) No. 0033

Creditor: Industrial Bank Co., Ltd., Shenzhen
Longgang Branch

Address: NO. 113, Parkland, Longxiang Road,
Longgang Town, Shenzhen

Legal Representative / CEO: Xiaoxia Wen

Contact: Liang Lili

Address: NO.113, Parkland, Longxiang Road,
Longgang Town, Shenzhen

	Postal Code:518172	Fax :
	Tel: 0755-33837817	Fax:0755-33837807

 

Debtor: Springpower Technology (Shenzhen)
Co., Ltd.

Address: Building
A, Chaoshun Industrial Zone, Renmin Street, Danhu, Guanlan Road, Baoan, Shenzhen

Legal Representative / CEO: Pan Dangyu

Contact: Pan Dangyu

Address: Building A, Chaoshun Industrial
Zone, Renmin Street, Danhu, Guanlan Road, Baoan, Shenzhen

	Postal Code:518172	Fax :
	Tel:***	Fax:

 

Contract signed at: Industrial Bank Building,
Industrial Bank Co., Ltd. Shenzhen Branch, Futian, Shenzhen

 

Important Prompt

 

For protecting your rights and interests,
please read, check and confirm the following items carefully before signing:

 

1. You have the right to sign this contract
or you have been given sufficient authority legally.

 

2. You have read and understood this contract
carefully and sufficiently, and have paid attention on assuming, exempting or limiting responsibilities of Industrial Bank Co.,
Ltd., and the content with bold font.

 

3. Your company and you understand the
meaning of this contract and the relevant legal consequences, and agree to accept these provisions.

 

4. The contract provided by Industrial
Bank Co., Ltd. is a model contract. There is space for modifying, supplementing and deleting.

 

5. If you have further questions on this
contract, please consult Industrial Bank Co., Ltd.

 

After application, creditor agrees to provide
a basic credit line to debtor. To clarify the rights and obligations of both parties, and abide by credit, the contracting parties
sign this contract agreed together according to relevant state laws and regulations.

 

     

     

    

  

Clause 1 Definitions and interpretation

 

Except agreed in writing by the contracting
parties, the following words in this contract will be explained as follows:

 

1. Basic credit line: based on comprehensive
evaluation of management and risk of debtor, creditor will decide the maximum amount of comprehensive financing principal of debtor,
including but not limited local foreign currency, various trade financing (issuing letter of credit, trust receipt, packing loan,
export bill purchase, export bill purchase under collection and advanced against inward documentary bills, etc.) bank acceptance
bill, notes discounted, notes repo, guarantee (including independent guarantee, demand guarantee, standby letter of credit, etc.)
and so on.

 

2. Valid period of credit line is one uninterrupted
period, during which the debtor can conduct business transactions stipulated under the basic credit line, with creditor’s
consent. The basic credit line expires when the valid period of credit ends.

 

3. Balance: creditor will manage and control
the balance of various businesses of debtor. The balance is the sum of used credit line, including undue balance and expired outstanding
balance, as follows:

 

(1) Undue balance: the sum of undue outstanding
debts which are used by debtor according to this contract.

 

(2) The due unpaid balance is the debt
principal balance that the Creditor granted the Debtor, or is entitled for to perform certain legal responsibilities, but remained
unpaid at the expiry date.

 

4. Macro contract: Basic credit line contract,
which is signed by creditor and debtor.

 

Sub-contract: the specific business contract
signed by two parties voluntarily. This contract is the macro contract of any sub-contracts, any sub-contract is an inalienable
part of this contract, and has the same legal effect.

 

5. Principal debt: debt principal, interest
and expense resulting from conducting various business transactions under this contract applied by debtor, including but not limited
local foreign currency, various trade financing (such as issuing letter of credit, trust receipt, packing loan, export bill purchase,
export bill purchase under collection and advanced against inward documentary bills, etc.) bank acceptance bill, notes discounted,
notes repo, guarantee (including independent guarantee, demand guarantee, standby letter of credit, etc.) and so on. (Including
principal, interest, punitive interest, compound interest, liquidated damages, damage awards, expenses for realizing financial
claim, etc.) Expenses for realizing a financial claim: the money which creditor spends for realizing a financial claim by litigation,
arbitration, etc. such as court (arbitration) costs, attorneys’ fees, traveling fees, execution fees, maintenance costs,
and other necessary costs for realizing a financial claim.

 

6. Important transaction which is mentioned
in clause 8 (including but not limited): anything which might have a bad effect on the basic organization of debtor’s company,
changes of stockholders, contingent liabilities, cash flows, profitability, core business secrets, important assets, significant
claims and debts, repayment ability, other transactions which are considered as significant transactions by creditor and/or debtor.

 

7. Important transaction which is mentioned
in clause 8 (including but not limited): anything which may have bad effect on executives’ operational capability, employment
and termination of core staff, core business secrets, core competence, basic organization, legality, stability, development, profitability,
repayment ability, other things which are considered as significant things by creditor and/or debtor.

 

     

     

    

  

8. Workday mentioned in this contract refers
to a banking day. If the drawdown date or the repayment date is on a legal holiday, then it is delayed to the first working day
after the holiday.

 

Clause 2 Credit Line

 

1. The maximum amount of basic credit line
is RMB (in words) FORTY MILLION YUAN ONLY. If debtor uses foreign currency in specific business, the foreign currency will be converted
to RMB according to the exchange rate announced by creditor on the date when the applicable sub-contract is signed, and will be
included in credit line.

 

2. Decomposition of credit line

 

(1) Bank acceptance: RMB40,000,000

 

(2) Standby letter of credit: RMB
40,000,000

 

3. If the Debtor repays the used line of
credit within valid period of credit line, the equivalent amount of credit line recovers automatically.

 

4. The financing balance should not be
more than RMB 40,000,000, including all debts used by debtor according to this contract, and the single credit line cannot be more
than RMB 40,000,000.

 

Clause 3 Valid Period and Adjustment
of Credit Line

 

1. Valid period of credit line under this
contract is from Mar 15th 2018 to Mar 15th 2019.

 

2. This contract is not the definite obligation
of creditor, in any circumstance, creditor has the right to adjust or cancel the credit line and valid period under this contract
partly or completely without the consent of debtor. Foregoing “any circumstance” includes but not limited following
situations:

 

(1) debtor has significant operational
difficulties and risks;

 

(2) debtor has significant changes in ownership
or contingent debt;

 

(3) debtor has significant changesin its
operational mechanism (including but not limited discrete, merger, termination, etc.);

 

(4) debtor gets hit with credit downgrade
and which increasesrisk of repayment;

 

(5) the situation and conditions of one
transaction, which Debtor works on, have significant changes;

 

(6) the statements and commitments of debtor
mentioned in clause 7 become invalid;

 

(7) other creditors think it is necessary
to change, adjustment or canceldebtor’s credit line.

 

3. If debtor needs to increase temporary
the credit line because of a change of situation or special project, debtor can apply for special credit line from creditor, which
can only be used for special project, and should not be used as cycle.

 

Clause 4 Repayment and adjustment of
advance in cash and receipt under different credit line

 

Creditor has the right to use the funds
received under one or more of the lines to repay the advanced money which is used according to this contract, without the consent
of debtor and guarantor.

 

Clause 5 Guarantee Measures

 

		1.	The following contracts are guarantee contracts of this contract and sub-contracts.

 

(1) REF: Xing Yin Shen Longgang credit
(guarantee) zi (2018) No. 0033 "Maximum Amount Guaranty Contract" (the name of the contract), guarantor: Dangyu Pan,
mode: guarantee;

 

     

     

    

  

(2) REF: Xing Yin Shen Longgang credit
(guarantee) zi (2018) No. 0033A"Maximum Amount Guaranty Contract" (the name of the contract), guarantor: Shenzhen Highpower
Technology Co Ltd, mode: guarantee;

 

2. Before the signing of guarantee contracts
and completing the guarantee procedures, creditor has the right to refuse handling an application for using the credit line under
this contract, and providing the loans under this contract and sub-contracts.

 

3. The maximum guarantee for all debts
under the credit line should be provided by the above guarantors (guarantor, mortgagor or pledger), except as agreed by creditor,
debtor and guarantor.

 

4. If following things happen to the guarantor
under this contract, creditor has the right to take measures according to clause 9 of this contract.

 

(1) Guarantor violates the maximum guarantee
contract; a deterioration of guarantor’s credit position; or other things, which may damage guarantee ability happen;

 

(2) Mortgager violates the maximum mortgage
contract; damages mortgage intentionally; the value of mortgage might has been reduced obviously; or other things which damage
the hypothecation of creditor;

 

(3) Pledger violates the maximum pledge
contract; the value of pledge has been reduced obviously; or the right of pledge has to be cashed in advance; or other things which
damage the pledge of creditor.

 

Clause 6 The Rights and Obligations
of Creditor

 

1. During credit period, if the accumulated
total balance used by debtor is less than the maximum capital limit, creditor will review a loan application which is within the
limit from debtor.The application will be accepted if it meets each of the conditions and requirements requested by creditor. If
Creditor is unable to make a substantive examination because of debtor or any other reasons, it should not constitute a defense.
Debtor and guarantor give up considering it as a defense.

 

2. Creditor has the right to acquire the
accounting statements and other operational information of debtor.Debtor should provide its marketing plan, investment plan and
demand for funds.Creditor will keep debtor’s business secret.

 

3. In order to achieve the purpose of financing
under this contract, the debtor should provide a full, effective guarantee, which is recognized by creditor. If debtor or guarantor
violates the contract, creditor has the right to seize any form of assets of the Debtor or Guarantor that the Creditor possesses

 

Clause 7 Representations and Commitments
of Debtor

 

Debtor makes the following representations
and commitments voluntarily, and assumes legal responsibility for the reality of the content.

 

1. Debtor is a legal representative, which
is established according to the laws of People’s Republic of China, with full capacity for civil conduct. Debtor promises
to provide related information requested by creditor.

 

2. Debtor can perform all obligations and
responsibilities under this contract, and will assume the repayment responsibility in any conditions.

 

3. Debtor has the right to sign this contract,
and has acquired all legal approvals and authorities.

 

     

     

    

  

4. Signing this contract is allowed by
debtor’s articles of association, internal decisions and resolutions of shareholders and board of directors. This contract
will not conflict with the articles of association, internal decisions and resolutions of shareholders and board of directors and
policies of debtor.

 

5. Signing and performing this contract
is the true willing decision of debtor. Signing and performing the above contract will not violate the laws and regulations, rules
and agreements which can limit debtor. This contract is legal and enforceable, and if this contract become invalid because debtor
does not have full capacity to sign this contract, debtor should repay all losses of creditor.

 

6. All documents, financial statements
and other information, which are provided by debtor under this contract, are true, complete, accurate and effective.

 

7. Debtor agrees that bank business under
this contract is limited to the regulations, conventions and practices of creditor, and the power of interpretation belongs to
creditor.

 

8. Debtor cannot change its equity structure
or major executives without written consent of creditor.

 

9. If debtor does not perform obligations
according to this contract and sub-contract, debtor grants creditor the right to obtain relevant money from any account which is
opened in creditor by debtor.

 

10. In any transactions after signing this
contract, if the debtor submits any documents related to a specific transaction to creditor for auditing, debtor promises all documents
are true.Creditor neither participates in nor knows the essence of transaction, and will not take any responsibility.

 

11. The debtor confirms it has no further
litigation, arbitration, or administrative litigation in property, liquidation or issues with going out of business, except situations
which have been disclosure in writing to creditor.

 

12. If creditor is involved in litigation,
arbitration or another dispute because of performing the obligations under this contract,the litigation or arbitration fees, legal
fees and other expenses of creditor will be borne by the debtor.

 

13. All settlement businesses under this
contract should be handled through the settlement account open in creditor.

 

14. The debtor provides full, effective
or other appropriate acceptable guarantee approved by the creditor. For the house mortgage, if the house will be removed, the debtor
shall promptly inform the creditor to fulfill obligations; if mortgage houses were demolished, the creditor has the right to require
the debtor to pay off the debt in advance, or reset the mortgage and sign a new security agreement. During the loss of the original
guarantee and the new mortgage registration has not been completed, the debtor should provide the secured party as guarantees;
For the way of compensation to compensate for the demolition of real estate, the creditor will be responsible for requesting relocation
compensation as guarantee through the opening margin accounts or certificates of deposit , etc.

 

Clause 8 Debtor has the obligation to
disclosure significant transactions and events to creditor.

 

1. Debtor should inform creditor of significant
transactions and events of debtor in writing timely.

 

2. If debtor is a group company, debtor
should inform creditor of its related transactions which are more than 10% of creditor’s net assets, including but not limited
to :

 

(1) the relationship of the parties in
the transaction;

 

(2) transactions and transaction properties;

 

(3) the amount of transaction and relevant
proportion;

 

(4) pricing policy.

 

     

     

    

  

3. During valid period of this contract,
stock transfers, reorganizations, mergers, discrete, shareholding reforms, joint ventures, cooperations, joint operations, contracts,
leases, business scope, change of registered capital, major asset transfers, contingent liabilities, or anything which may affect
debtor’s ability to assume responsibility should be reported to creditor in writing 30 days in advance.

 

4. A termination of business, going out
of business, bankruptcy, dissolution, cancellation of business license, deterioration of financial situation or involvment in a
major business dispute, or anything may affect debtor’s ability to assume responsibility should be reported to creditor in
7 days by writingfrom the date the above thing took place.

 

5. When debtor becomes involveed in major
litigation or arbitration with any third party, or any other significant thing which may affect debtor’s ability to assume
responsibility occurs, creditor should be notified in writing within 7 days from the date debtor receives relevant notice.

 

6. The debtor promises that it will not
use its legal dispute with a third party to damage creditor’s rights.

 

Clause 9 Default and default Liability

 

1. After this contract comes into force,
the creditor and the debtor should perform the obligations as agreed in the contract. If any one party fails to perform or not
completely fulfill its obligations of this contract, it should bear the corresponding liability for breach the contract.

 

2. If any of the following situations occur,
creditor has the right to terminate the unused credit line under this contract, and ask the debtor to repay all financing, payable
interest and other expenses under this contract immediately.The date the creditor asks the debtor to repay the money is the advanced
expiration date:

 

(1) any information provided by debtor
or the statements and commitments stated in clause 7 of this contract are false, inaccurate, incomplete or misleading;

 

(2) deterioration of debtor’s credit
status and obvious weakening of repayment ability (including contingent liability);

 

(3) the cross default agreed in clause
10 of this contract occurs to the debtor, the affiliated enterprise of the debtor, the guarantor, or the affiliated enterprise
of the guarantor;

 

(4) the debtor violates the obligations
agreed to in a sub-contract of this contract;

 

(5) the debtor fails to repay the principal,
interest and expenses of one financing under this contract on schedule;

 

(6) the debtor stops repaying its own debt,
or cannot repay due debt;

 

(7) stopping doing business, going out
of business, being announced bankruptcy, dissolution, cancellation of business license, involving in major business dispute, and
deterioration of finance condition and so on;

 

(8) other thing which may damage creditor’s
right.

 

3. If the debtor defaults, creditor has
the right to take one or more following measures:

 

(1) suspending or reducing the sum of financing,
until cancelling all agreed line of financing;

 

(2) announcing complete or part of debtor’s
debt expirein advance;

 

(3) terminating this contract, and asking
debtor to repay all debt and pay relevant expenses;

 

(4) the debtor should pay punitive interest
for overdue debt;

 

(5) the debtor should pay punitive interest
for misappropriation of the loan;

 

(6) requiring the debtor to pay full compensation
for losses.

 

     

     

    

  

Clause 10 the cross-defaulting

 

If one of the following events occurs to
the debtor or affiliated enterprises of the debtor, and the guarantor or the affiliated enterprises of the guarantor, it will be
considered that debtor default as well, the creditor have the right to recover loan in advance according to this contract or its
sub-contract, and require the debtor to be liable for breach of contract according to the contract:

 

(1) any loan, financing or debt defaults
or may default, or be called for repayment in advance;

 

(2) any guarantee or similar obligation
fails to be performed or might fail;

 

(3) the non-performance or violation of
the relevant debt guarantee and other similar obligations of legal document or contract or might;

 

(4) failure to repay due debts or borrowing/financing;

 

(5) be declared bankrupt by the legal procedure
or may be so declared;

 

(6) other situations that endanger the
safety of the money under this contract.

 

Clause 11 the continuity of obligation

 

All obligations of the debtor under this
contract have the same effect on its heir apparent, agent, receiver, orassignee, even after a merger, reorganization, or change
of name.

 

Clause 12 accelerated maturity terms
of principal and interest

 

The debtor and the guarantor agree that
once the debtor fails to perform the statements and commitments of Clause 7, or the debtor fails to perform any obligation under
this contract, the creditor has the right to decide that any other obligations include all outstanding principal, interest (including
punitive interest and compound interest) and relevant expenses become due immediately.

 

Clause 13 The Priority Right of Subrogation
Arrangement

 

The debtor states herein, once the debtor
defaults or is unable to repay due principal, interest and fees, and doesnot have enough property to repay advanced money to creditor,creditor
has the right of subrogation on any claim, accounts receivable and other property rights of the debtor. The debtor and the guarantor
are willing to give up the defense to creditor according to article 28 of “Guarantee Law”.

 

Clause 14 Offset Arrangement

 

1. If the debtor or the guarantor fail
to repay maturing debt or pay the debt upon early maturity, the creditor has the right to directly withhold money on any account
of the debtor to repay the debt. If the currency in the debtor’s account is different from the currency of principal debt,
the withholding money will be calculated on the rate of withholding day.

 

2. Creditor’s rights under this contract
will not be offset by any reason or any third party’s offset right.

 

3. Creditor’s rights under this contract
will not be offset by any offset right of the debtor, the guarantor or any third party.

 

Clause 15 Applicable Law, Jurisdiction
and Dispute Resolution

 

1. Signing, effectiveness, performance,
termination, interpretation and dispute settlement of this contract is applicable for the laws of People’s Republic of China.

 

2. For any dispute of this contract, the
debtor and the creditor should resolve through friendly negotiations. If negotiation fails, both parties agree to solve by the
following section (2) way:

 

(2) Applying for arbitration to the Shenzhen
Arbitration Commission, resolving the dispute by applicable rules of the Arbitration Commission, the arbitration award is final
and binding on both parties. The site selection is in Shenzhen.

 

     

     

    

  

3. In the dispute period, the provisions
which are not involved in the dispute still should be carried out according to this contract.

 

Clause 16 Files, Communications and
Notifications

 

1. Any documents, communications and notifications
under this contract will be sent to each partyaccording to the address, phone number or other contact methods on the cover of this
contract.

 

2. If the contact method of one party changed,
the other party should be informed immediately, otherwise the party which does not inform its change to the other must bear full
responsibility for all the consequences.

 

3. Any documents, communications and notifications
are sent according to above address, shall be deemed to arrive on the following dates:

 

(1) by post (including speed post, ordinary
letter, registered mail), it will be deemed to arrive on the sending day after five working days;

 

(2) by facsimile or other electronic communication,
it will be deemed to arrive on sending day;

 

(3) by personal service, the date of signing
is deemed to be arriving date.

 

Notifications by the way of website, online
banking, telephone banking or business outlets announcement should be deemed to arrive on day. The creditor does not need to borne
any responsibility for any transmission errors, omissions, or delays of mail, fax, telephone or any other communication system.

 

4. The two sides agree that the seal of
the office seal, financial seal, contract seal, receive seal and credit seal is the effective seal for the documents, communications
and notifications. All staff of the debtor have right to receive files, communications and notifications.

 

Clause 17 Effectiveness, Modification
of This Contract and Other Matters

 

1. The contract will take effect from the
date of signature or stamp of both parties.

 

2. During the effective period of this
contract, the creditor’s giving to the debtor and the guarantor ofany tolerance, forgiveness, or delay to use the rights
and interests, shall not damage, impact or limit the creditor to share the rights and interests in accordance with relevant laws
and regulations and this contract, or be deemed giving up the rights and interests, also do not affect the debtor to borne any
obligation under this contract.

 

3. As a result of national laws and regulations
or regulatory policy change, which leads to loan obligations of the creditor under this contract not conforming to the laws and
regulations or regulatory requirements, the creditor has the right to unilaterally terminate the contract, announceall of the loan
is due in advance, and the debtor should pay off the loan immediately.

 

4. If the creditor cannot issue the loan
or pay on time because of force majeure, the failure of communication or network, or the failure of creditor’s system, the
creditor does not assume any responsibility, but should promptly notifythe debtor.

 

5. The creditor shall have the right to
authorize or entrust other branches of industrial bank to perform rights and obligations under this contract (including but not
limited to authorized or entrusted bank branches of other related contracts, etc.) according to the debtor’s operation and
management, or the loan under this contract as other branch’s to undertake, which is approvedby the debtor, and without prior
consent of the debtor.

 

     

     

    

  

6. The debtor agrees that the creditor
has the right to unilaterally reduce or cancel the unused loan under the contract according to the debtor’s production and
operation situation, situation of payment orcredit of other financial institutions. The creditor should notify the debtor five
working days before reduce or cancel the loans, without prior consent of the debtor.

 

7. At any time, any provision of this contract
in any way is or becomes illegal, invalid or unenforceable, the legality, validity or enforceability of other provisions under
the contract is not affected.

 

8. The heading of this contract is just
for the convenience of reading, which shall not be used for interpretation or any other purposes.

 

9. The attachment is an integral part of
this contract, and the attachment of this contract is equally valid.

 

10. This contract is in quadruplicate,
the creditor holds three copies, the debtor holds one copy, with equal legal effect.

 

Clause 18 The Notarization and Voluntarily
to Accept Compulsory Execution

 

1. The contract should be notarized by
the state notary office for if any party request notarization.

 

2. The notarized contract have the enforcement
effect, if the debtor fails to perform the debt, or the creditor realize creditor's rights according to laws and regulations and
this contract, the creditor shall have the right to directly apply the people's court with jurisdiction for enforcement.

 

Clause 19 The Supplementary Terms and
Conditions:

 

1. The parties of this Contract hereby
confirm that their domiciles and service methods given herein are their service addresses and methods of relevant legal documents
(including but not limited arbitration application, arbitration notice, case filing notice or acceptance notice, statement of defense,
written counterclaim, evidence, notice of court session, award, mediation document, execution notice, notice of performance within
a time limit, and other legal documents during hearing and execution of arbitration).

 

Recipient: SUN XUN

 

Detailed Address: Workshop Building A,
Shunchao Industrial Zone, Renmin Road, Danhu Community, Guanlan Street, Bao’an District, Shenzhen City

 

	Zip Code: 518172	Tel.: 13923469509	 
	 	 	 
	Designated Agent (if any):	Detailed Address:	 
	 	 	 
	Zip Code:	Tel.:	 

 

The parties of this Contract hereby confirm
and agree to send legal documents by personal delivery or by the following methods:

 

□ Post; □ Fax, No.               ; □
E-mail, Address:               ;

 

□ SMS, Receiving No.:13923469509              
..

 

The foregoing legal documents shall be
deemed as having been served (to the principal if having been served to the designated agent) once they are sent by any means to
the address given above. In case of change of any party’s service address and service method, the other party shall be timely
notified in written form. If the other party is not timely notified, such change shall be deemed invalid and the party of change
shall assume relevant responsibilities arising therefrom.

 

	/s/ [COMPANY SEAL]	 
	The Creditor (official seal):	 

 

     

     

    

  

The legal representative (signature):

 

The Debtor (official seal):

The legal representative (signature):

	/s/ Dangyu PanExhibit 10.8(a)

 

Maximum Amount Guaranty Contract

(Apply to lines of credit)

Ref: Xing Yin Shen Longgang credit (guarantee)
zi (2018) No. 0033A

Creditor: Industrial Bank Co., Ltd. , Shenzhen Longgang Branch

Address: parkland, Longxiang Road, Longgang Town,Shenzhen

Legal Representative / CEO: Wen Xiaoxia

 

Guarantor: Shenzhen Highpower Technology Co., Ltd.

Legal Representative / CEO: Pan Dangyu

 

Contract signed at: Industrial Bank Building, Industrial Bank
Co., Ltd. Shenzhen Branch, futian, Shenzhen

 

Important notes:

 

For protecting your rights and interests, please read, check
and confirm following items carefully before signing:

 

1. You have the right to sign this contract. Or you have been
given sufficient authority legally.

 

2. You have read and understood this contract carefully and
sufficiently, and have paid attention on assuming, exempting or limiting responsibilities of Industrial Bank Co., Ltd., and the
content with bold font.

 

3. Your company and you have understood the meaning of this
contract and relevant legal consequence, and agree to accept these provisions.

 

4. The contract provided by Industrial Bank Co., Ltd. is a model
contract. There is space for modifying, supplement and deleting.

 

5. If you have further questions to this contract, please consult
Industrial Bank Co., Ltd.

 

The guarantor is voluntary as a financier ("creditor")
to provide security for the line of credit of the applicant Springpower Technology (Shenzhen) Co., Ltd. (or "debtor").
In order to clarify the rights and duties, abide by credit, the contracting parties signed this contract in accordance with relevant
laws and regulations to comply with.

 

Article 1 definition and interpretation

 

In addition to agreed in writing by both parties, then:

 

1. The master contract (as defined below) agreed definitions
and interpretations applicable to this contract.

 

2. The "claims" or called the principal debt, means
the debt approval and provided by the creditor, including loans, lending, trade finance (including but not limited to issuing letters
of credit, trust receipts, packing loans, export financing, export collection bills and import bills, etc.), bankers' acceptances,
discounted bills , bills buyback, guarantees (including the Independent guarantees, see demand guarantees and standby letters of
credit, etc.) and other financing business (including principal, interest, penalty interest, compound interest, liquidated damages,
damages, cost of achieving the claim).

  

     

     

    

 

Under this contract, the claim of the financier and the debt
of the applicant mean the same content.

 

3. The "principal" refers to the principal debt made
by the business transacted by the financier, including but not limited to the principal loans, trade finance capital, bankers'
acceptances fare, bill discounting, money advanced for credit of letter, the principal part of guaranteed by the creditor for the
debtor.

 

4. The "guaranteed maximum principal" means the amount
agreed by both parties in order to clarify the scope of the claims guaranteed by the covenant. Regardless of times and sum of the
debt, the guarantor takes joint liability for all debt under the guaranteed maximum principal.

 

5. The "validity of guarantee" refers to a continuous
uninterrupted period agreed by both parties in order to clarify the scope of the claims by the covenant. The debt happened during
the period, whether the settlement deadline is over that period or not, the guarantor takes joint liability for all debt under
the guaranteed maximum principal.

 

6. "The cost of the claim for the creditor" refers
to the necessary fees of achieving the credit, including take litigation, arbitration and other ways to pay litigation (arbitration)
fees, legal fees, travel expenses, execution fees, security fees, and other expenses.

 

7. "Master Contract" means credit contract (that is,
"General Agreement") and all sub-contract signed by the financier and the applicant.

 

"Sub-contract" means based on the basic or special
contract, the contract signed by both parties after getting approval of the creditor, include the content of each sum, the due
date and other rights and obligations. The sub-contract is an integral part of the basic or special contract, with the same legal
effect. The forms of contract can be different according to business needs, as the application of L/C, bills or other manner considered
fit by the creditor. If the master contract and sub-contract has different part, the sub-contract will be effective.

 

8. This "working day" refers to the bank business
day, If a withdrawal or repayment date is not a Business Day, delay to the next business day.

 

Article 2 the main credit contract of guarantee

 

The master contract of guarantee is Basic Credit Line Contract
(No. XingYin ShenLonggang credit zi (2018) No. 0033), and its sub-contracts. The sum of credit is RMB forty million only, credit
period is from Mar 15th 2018 to Mar 15th 2019.

 

The guarantor will be borne joint liability for all debts under
the master contract.

 

Article 3 Maximum guarantee principal

 

1. Under this contract, maximum guarantee principal is RMB (in
word) FORTYEIGHT MILLION YUAN ONLY.

 

2. Under the maximum guarantee principal, the guarantor is borne
joint liability for all debt balance (including principal, interest, penalty, compound interest, liquidated damages, damages, realization
of claims).

 

Article 4 validity of guarantee

 

1. Valid period is from Mar 15th 2018 to Mar 15th
2019.

 

2. The loan under the contract can be used only when during
the period of validity, but the guarantor is borne joint liability for each debt whether the debt is in or over the validity of
the guarantee contract.

 

     

     

    

 

Article 5 guarantee responsibility

 

1. The guarantor is borne joint liability under this contract.
For whatever reason, if the applicant fails to fulfill due debts under the master contract (including but not limited to early
recovery of debts because of the default of the applicant or the guarantor's request), the guarantor shall perform the repayment
obligation on behalf of the debtor.

 

2. If there are several guarantors under this contract, all
guarantors shall jointly bear joint responsibility.

 

3. Main debts expire, the debtor fails to repay the debt and
interest, the guarantor shall perform the repayment obligation.

 

4. Furthering the period of the main debt, if the creditor recovers
the debt in advance according to the master contract, the guarantor shall bear joint responsibility for this and other debts under
the guarantee contract.

 

Article 6 scope of guarantee

 

1. The financial claims under this contract ("the secured
claims") refers to all debts provided by the creditor to the debtor, including but not limited to the principal debt, interest
(including default interest, compound interest), breach of contract , damages , expenses of claims.

 

2. On the due date, if the applicant refused to repay the loan,
which lead to the debt rights also in the range of the guarantee.

 

3. The principal , interest and other costs, the time of performance,
usage, rights and obligations of the parties as well as any other relevant matters under the contract shall prevail by relevant
agreements, contracts, application, notice , various certificates and other records, all kinds of certificates and other relevant
legal documents issued or signed without guarantor’s confirmation.

 

4. In order to avoid ambiguity, all fees of prepare, improve,
perform or enforce the contract (including, but not limited to attorney’s fees, litigation or arbitration costs etc.) constitute
a part of the secured debt.

 

Article 7 warranty period

 

The warranty period under the contract:

 

1. The warranty period under the contract is calculated according
to each financing applied by the applicant. For each financing, the warranty period is ended after two years of the expiration.

 

2. If there are several financings in one master contract, the
warranty period of each financing is ended after two years of the expiration.

 

3. If the principal debt is repayable in installments, there
are several financings in one master contract, each warranty period is calculated in installments, and the guarantor shall bear
responsibility for two years from the date of expiry.

 

4. If any extension agreement is signed by financier and debtor
without agreed by the guarantor, the guarantor will still bear responsibility for all financing under the contract within two years
from the date of extension expiry.

 

5. If the financier decides to recover the debts in advance,
the warranty period is two years since the date of expiry noticed by the financier.

 

6. The warranty period of bankers' acceptances, letters of credit
and letters of guarantee is two years from the date of advance payments. If advance for several times, warranty period is calculated
from each advance payment.

 

7. The warranty period of commercial bills is two years from
the date of discount maturity.

 

     

     

    

  

Article 8 on demand

 

As long as financiers submitted notification of debt collection
to the guarantor with the contract number and the amount of debt, the guarantor shall immediately perform the repayment and give
up all reasons of defense.

 

Article 9 declaration and commitment of guarantor

 

The guarantor voluntarily made the following statement and commitment,
and liable for its truthfulness:

 

1. The guarantor is established under the laws and a validly
existing legal company, with full civil capacity. The guarantor follows the creditor's request to provide relevant evidence, permits,
certificates and other documents required by the creditor.

 

2. The guarantor has sufficient capacity to fulfill all the
obligations and responsibility under the contract, not because of any instruction, financial conditions change, or any agreement
with any party to reduce or waive their commitment to settle the obligation.

 

3. The guarantor has sufficient power, authority and legal right
to sign this contract, the guarantor has obtained and fulfilled all necessary approvals and authorizations of its internal or other
relevant procedures to make the contract execution and performance, and has achieved and fulfilled any government department or
other authority's approval, registration, authorization, consent, license or other relevant procedures for this contract, and signed
this contract with all the necessary approvals, registrations, consents, licenses , authorizations and other related procedures
remain fully valid.

 

4. The guarantor signed the contract in full compliance with
the relevant Articles of the guarantor, the internal decisions, shareholders and board resolution. The contract does not conflict
with any charter, internal decisions, shareholders resolutions, board resolution and the guarantor's policies.

 

5. The execution and performance of this contract is based on
the guarantor's true intention. Loan facility is compliance with legal and regulatory requirements, execution and performance of
this contract does not violate any binding law, regulation, ordinance or the contract. This contract is valid and enforceable,
as a result of the guarantor’s defects in the execution and performance of this contract to result in the contract is invalid,
the guarantor will immediately and unconditionally make compensation for all losses to the creditor.

 

6. Under this contract, all the documents, financial statements
and other information provided by the guarantor is true, complete, accurate and effective, and continue to fulfill the creditor’s
request of the financial indicators.

 

7. Such as a change in ownership structure or key management
personnel or other significant events and significant transactions, the guarantor shall require the prior written consent of the
financer.

 

9. When the guarantor has fulfilled the guarantee responsibilities,
the guarantor has the right to recover the money from the applicant without prejudice the repayment in the future. However, if
the applicant has the claim of the guarantor and the requirement of repayment from the financier at the same time,

the guarantor
agreed the applicant to repay the debt of the financier first.

 

10. If the applicant and the guarantor have or will sign a counter-
guarantee contract in respect of the obligations under the contract, the counter-guarantee contract shall not prejudice any rights
of the financier in law or in fact under the contract.

 

 

 

     

     

    

  

11. Before pay off the debts, regardless of any reason lead
to reduce the guarantee ability of guarantor, the financier has the right to require the guarantor to provide a new full and effective
guarantee.

 

12. There was no any litigation, arbitration or administrative
proceedings for the guarantor’s outstanding or known to occur on the guarantor, and there was no events of liquidation or
other similar proceedings whether it comes forward by the guarantor or by a third party.

 

13. If the creditor is forced into disputes between the guarantor
and any other party because of fulfilling the obligations under the contract, the guarantor should pay litigation or arbitration
costs, legal costs and other expenses.

 

14. As under the master contract , there are other guarantees
( including but not limited to guarantee , mortgage , pledge, standby and any other form of security ) , the guarantor agrees that
one can give up part of security interest or security interest subordinated ( including the collateral is based on the collateral
provided by the debtor) , financier and any mortgagor / pledgor (including the mortgagor / pledgor artificially is the debtor himself)
can be varied by agreement and subordinated security interest, the amount of the secured creditor and other content, even if financiers
made ​​the above act, the guarantor is still voluntary to bear all responsibility of this contract.

 

15. The guarantor is a company, the commitment to its publication
in the national enterprise credit information system of the public information is true, complete and valid, the consent of the
guarantor promises continued creditors to query the system in the enterprises to choose the public and not the public information.
If required by the creditor to capital verification, the guarantor agrees to capital verification in accordance with the requirements
of the creditors and provide professional agency issue a capital verification report.

 

16. For under this contract and the guarantor/issuer and the
bank of any department or agency (including the bank subsidiary), other Banks, non-banking financial institutions or units of financing
contract, guarantee under the contract or other contract of any event of default, the guarantor shall promptly notify the creditors
in written form.

 

17. The guarantor if the state administration for industry and
commerce or other relevant departments of the state in any establishment, modification or cancellation of registration, it shall
notify the creditors prior to application for registration, and immediately after the completion of the registration of the relevant
registration copy and submit it to the creditors.

 

18. The guarantor in this declaration and authorization, the
creditor shall have the right to the credit condition of the guarantor has the necessary investigation, and may, according to government
departments, bank regulators, and the people's bank of China on the need of construction enterprise and individual credit reporting
work, the information about the contract and other relevant information to the departments or institutions established or approved
credit inquiry system to submit the credit information, and allows information to be legitimate query here.

 

Article 10 Obligations of disclosing important transactions
and events

 

1.
Guarantor should inform financer of significant transactions and events of guarantor in written timely.

 

2. During valid period of this contract, stock transfer, reorganization,
merger, discrete, shareholding reform, joint venture, cooperation, joint operation, contract, lease, business scope, change of
registered capital, major asset transfer, contingent liability, or anything which may affect guarantor’s ability of assuming
responsibility should be notified to financer in writing 30 days in advance.

 

     

     

    

  

3. Termination of business, going out of business, bankruptcy,
dissolution, cancellation of business license, deterioration of financial situation or involving in major business dispute, or
anything may affect guarantor’s ability to assume responsibility should be noticed to financer in 7 days by written since
the date above things take place.

 

4. When guarantor involves in major litigation or arbitration
with any third party, or other significant thing which may affect guarantor’s ability to assume responsibility, financer
should be notified by written in 7 days since the date guarantor receives relevant notice.

 

5. The guarantor promises that it will not use its legal dispute
with third party to damage financer’s right.

 

Article 11 The rights of creditors

 

		1.	The
main creditor under the contract expires or the guarantor fails to perform under this contract, the financier has the right to
directly deduct the funds from any account of the guarantor.

 

		2.	The
creditor shall have the right to request the guarantor to provide at any time reflects the business situation and credit circumstance
of financial reports, financial statements and other information.

 

		3.	As
under the master contract , there are other guarantees ( including but not limited to guarantee , mortgage , pledge, standby and
any other form of security ) , the guarantor agrees that one can give up part of security interest or security interest subordinated
( including the collateral is based on the collateral provided by the debtor) , financier and any mortgagor / pledgor (including
the mortgagor / pledgor artificially is the debtor himself) can be varied by agreement and subordinated security interest, the
amount of the secured creditor and other content, even if financiers made ​​the above act, the guarantor is still
voluntary to bear all responsibility of this contract.

 

		4.	This
contract prior to the establishment of the guarantee or is determined, do not need a guarantor agrees, the creditor shall have
the right to the part or all of the creditor's rights under the main contract and its corresponding guarantee rights transferred
to a third party (or to establish a trust, the asset management plan and other special purpose vehicle). The guarantor agrees
to have the transfer and transfer (if any) of the creditor's rights, still for the creditor's rights and the transferee in accordance
with the contract agreement (or to establish a trust, the asset management plan and other special purpose vehicle) and the original
security (if any) to provide guarantee to the creditor.

 

		5.	The
guarantor if it is a company, if the guarantor in default under this contract, or may endanger realize creditor's rights of the
creditor, the creditor shall have the right to demand the guarantor and its shareholders expire subscribed capital contribution
obligation acceleration, the guarantor should be in accordance with the requirements for creditors in a timely manner the subscribed
capital. The creditor shall have the right to demand the guarantor and its shareholders don't pay dividends.

 

Article 12 Change in the main contract

 

Guarantor agrees and confirmed: the creditor and the debtor
negotiation to modify, change the main contract, or financing under the main contract extension, are considered to be already prior
consent of the consent of the guarantor, don't need to inform the guarantor, the surety shall be relieved of the suretyship liability
not breaks.

  

     

     

    

  

Article 13 events of default and breach of contract

 

1. Since this contract comes into force, the financer and the
guarantor shall perform the obligations as agreed in the contract, any one party fails to perform or not completely fulfill the
obligation of this contract, shall bear the corresponding liability for breach of contract.

 

2. One of the following circumstances is a guarantor defaults:

 

(1) Any information provided by guarantor and the statements
and commitments stated in Article 9 of this contract are false, inaccurate, incomplete and misunderstood.

 

(2) the guarantor violates of the foregoing provisions of Article
10, not disclose the significant transactions and events

 

(3) Deterioration of guarantor’s credit status and obvious
weakening of repayment ability (including contingent liability);

 

(4) Stopping doing business, going out of business, being announced
bankruptcy, dissolution, cancellation of business license, involving in major business dispute, and deterioration of finance condition
and so on;

 

(5) the guarantor/issuer or guarantor of controlling shareholders,
actual controllers or associates involve significant litigation, arbitration or other disputes, or its material assets seizure,
seizure, freezing, enforcement or be taken other measures to have the same effect.

 

(6) the guarantor/issuer or guarantor of the legal representative,
the actual controllers, directors, supervisors and senior managers be taken other compulsory measures, criminal detention or be
missing or is declared to be missing, lose the necessary capacity for civil conduct, unable to properly link, dies or is declared
dead, death or after being declared dead no successor or legatee, property, receiver or the successor or legatee refused to accept
the inheritance or bequest or guardian, the successor or legatee or property receiver refused to continue to perform the contract,
under the guise of a marriage and relationship changes to transfer assets or trying to transfer assets, etc., lead to an adverse
effect on the guarantor's solvency.

 

(7) the guarantor under this contract and the bank of any department
or agency (including the bank subsidiary), other Banks, non-banking financial institutions or units of financing contract, guarantee
any event of default under the contract or other contract.

 

(8) Other thing which may damage financer’s right.

 

3. If the guarantor defaults, financer has the right to take
one or more following measures:

 

(1) require the guarantor to remedy;

 

(2) require the guarantor to perform guarantee obligation in
advance;

 

(3) require the guarantor to provide a new full and effective
guarantee;

 

(4) require the guarantor to perform immediately guarantee responsibility;

 

(5) require the guarantor to pay under the main contract to
finance ten percent of the principal as the breach of contract;

 

(6) request the guarantor to compensate by default all losses
arising from the creditors;

 

(7) to revoke and withdraw the actions of the guarantor damage
the interests of creditors in accordance with the law;

 

(8) directly deduct the guarantor of any account funds to repay
its debt within the scope of guarantee;

 

(9) to other legal means to pursue the guarantor's liability
for breach of contract.

 

The guarantor shall make the implementation of the above measures
and waive all defenses.

 

     

     

    

  

Article 14 the independence of the guarantor’s obligations

 

1. The guarantor's obligations under this contract have independence
with no effect of the relationship between any party and the third party, except there are stipulates.

 

2. The guarantee contract has independence, regardless of any
conditions; the guarantee contract is effective even if the master contract is not effective. If the master contract is confirmed
as invalid, then the guarantor still bear the joint liability for the debtor’s debts.

 

3. If the applicant violates the master contract (including
but not limited to the applicant fails to use the loan under the sub-contract) , shall not affect the liability of guarantee, the
guarantor cannot require to reduce or waive the responsibility of guarantee.

 

Article 15 the continuity of obligation

 

1. All the guarantor's obligations under this contract have
continuity, for his heir apparent, agent, receiver, the assignee and the main company after merger, reorganization, change the
name is completely and equally binding.

 

2. The guarantor hereby acknowledges, financiers can continuously
and cyclically to provide financing to the applicant under the contract, the guarantor has joint for liability of all claims, regardless
of the times and sum of each financing.

 

3. The contract is a continuing guarantee, the guarantor shall
bear responsibility of guarantee until the debts is paid off.

 

4. All or part of the release or discharge of the secured creditor
based on any payments, guarantees or other disposition which have been declared invalid or must be repaid, the guarantor’s
responsibility will be remain in force.

 

Article 16 priority subrogation arrangements

 

The guarantor states that, once the guarantor cannot assume
security responsibility, and the guarantor itself has not sufficient property to be repaid, the financier has priority right of
any claims against third parties, accounts receivable and other property interests. The guarantor will voluntarily relinquish the
defenses against the financier under Article 28 of "security law".

 

Article 17 offsetting arrangements

 

The right of the financier under the contract cannot offsetting
by the guarantor’s or any other party’s right of offsetting.

 

Article 18 Files, Communications and Notifications

 

1. The parties of this Contract hereby confirm that their domiciles
and service methods given herein are their service addresses and methods of relevant legal documents (including but not limited
arbitration application, arbitration notice, case filing notice or acceptance notice, statement of defense, written counterclaim,
evidence, notice of court session, award, mediation document, execution notice, notice of performance within a time limit, and
other legal documents during hearing and execution of arbitration).

 

Recipient: SUN XUN

 

Detailed Address: Workshop Building A, Shunchao Industrial Zone,
Renmin Road, Danhu Community, Guanlan Street, Bao’an District, Shenzhen City

 

	Zip Code: 518172	Tel.: ***	 
	 	 	 
	Designated Agent (if any):	Detailed Address:	 
	 	 	 
	Zip Code:	Tel.:	 

 

     

     

    

 

The parties of this Contract hereby confirm and agree to send legal documents by personal delivery or by the following methods:  

 

	 ̈ Post;  ̈ Fax, No. ;	 ̈ E-mail, Address: ;	 
	 	 	 
	 ̈ SMS, Receiving No.:*** .	 	 

 

The foregoing legal documents shall be deemed as having been
served (to the principal if having been served to the designated agent) once they are sent by any means to the address given above.
In case of change of any party’s service address and service method, the other party shall be timely notified in written
form. If the other party is not timely notified, such change shall be deemed invalid and the party of change shall assume relevant
responsibilities arising therefrom.

2. Any documents, communications and notifications sent by the
way of the above address, shall be deemed to arrive on the following dates:

 

(1) by post (including speed post, ordinary letter, registered
mail), it will be deemed to arrive on the day after five working day;

 

(2) by facsimile or other electronic means of communication,
it will be deemed to arrive on day;

 

(3) by personal delivery, the date of recipient is deemed to
be arriving date.

 

Notifications by the way of website, online banking, telephone
banking or business outlets announcement should be deemed to arrive on day. The creditor does not need to borne any responsibility
for any transmission errors, omissions, or delays of mail, fax, telephone or any other communication system.

 

3. The two sides agreed that the seal of the office seal, financial
seal, contract seal, receive seal and credit seal is the effective seal for the documents, communications and notifications. All
staves of the debtor have right to receive files, communications and notifications.

 

Article 19 Applicable Law, Jurisdiction and Dispute Resolution

 

1. Effective performance, termination, interpretation and dispute
settlement etc. of this contract is applicable for china laws.

 

2. For any dispute about this contract, guarantors and creditors
should resolve through friendly consultations; If friendly negotiation fails, the both parties agree to solve by the following
section (2) :

 

(2) To Shenzhen Arbitration Commission for arbitration, to resolve
the dispute by the rules of the Arbitration Commission, that the arbitration award is final and binding on both parties. The site
selection is in Shenzhen.

 

3. at the disputed period, the part of not involved has still
to be carried out.

 

Article 20 the contract effectiveness and other matters

 

1. The contract shall take effect from the date of signature
or stamp of both parties..

 

2. After the effective of this contract, the master contract
signed by the financier and the applicant does not need to be confirmed by the guarantor.

 

3. (3) the guarantor has full read all the terms and conditions
of this contract, and pay special attention to the terms of this contract with black font, at the request of the guarantor, the
creditor has the corresponding provisions for the purpose of this contract to do, the guarantor/issuer the meanings of the terms
of this contract and the corresponding legal consequences have all know and understand fully, volunteered to give priority to contract
the debtor to provide guarantee, and guarantee obligations pursuant to this contract.

 

     

     

    

  

4. During the effective period of this contract, the creditor
gives to the debtor and the guarantor any tolerance, forgiveness, or delay to use the rights and interests, shall not damage, impact
or limit the creditor to share the rights and interests in accordance with relevant laws and regulations and this contract, or
to be deemed giving up the rights and interests, also do not affect the guarantor to borne any obligation under this contract.

 

5. The creditor shall have the right to authorize or entrust
other branch of industrial bank to perform rights and obligations under this contract (including but not limited to authorized
or entrusted bank branches of other related contracts, etc.) according to the debtor’s operation and management, or the loan
under this contract as other branch’s to undertake, without prior consent of the guarantor, and the guarantor still bear
the responsibility of guarantee.

 

6. The main contract for the creditor to a debtor to open the
l/c, letter of guarantee or standby letter of credit business, creditor and the debtor of the letter of credit, letter of guarantee
under the main contract or any modifications, additions or standby letter of credit financing under l/c, etc., such as the financing
are considered to be modified or have the prior consent of the consent of the guarantor, the guarantor shall still undertake suretyship
liability stipulated in this contract.

 

7. The attachment is an integral part of this contract, and
the attachment of this contract is equally valid.

 

8. During the period of the line of credit, if the series of
contracts, agreements and other legal documents are not explicitly for the contract of guarantee, that shall be deemed as a guarantee
by the guarantee contract.

 

9. This contract is triplet, the creditor holds two copies,
the guarantor holds one copy, with equal legal effect.

 

Article 21 the notarization and voluntarily to accept compulsory
execution

 

1. The contract should be in the provisions of the state notary
office for notarization if any party request notarization.

 

2. The notarized contract have the enforcement effect, if the
debtor fails to perform the debt or the creditor shall realize creditor's rights according to laws and regulations and this contract,
the creditor shall have the right to directly apply the people's court with jurisdiction for enforcement.

 

Article 22 supplement:

 

The creditor (official seal): /s/ [COMPANY SEAL]

 

the legal representative (signature):

 

The guarantor (official seal): /s/ [COMPANY SEAL]

 

the legal representative (signature):

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