Document:

Unassociated Document

    AGREEMENT
      ON TRANSFER OF EQUITY INTEREST AND OTHER INTERST IN TIANJIN HUANENG GROUP ENERGY
      EQUIPMENT CO., LTD.

    

    

    Between

    

    

    TIANJIN
      JI COUNTY STATE-OWNED ASSETS ADMINISTRATION COMMISSION 

    

    

    And
      

    

    

    BEIJING
      DELI SOLAR TECHNOLOGY DEVELOPMENT CO., LTD.

    

    

    

    

    

    

    

    

    May,
      2007

    Tianjin,
      Ji County

    

     

     

    
 

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

      

        State-owned
          Equity Interest Purchase Agreement

        

        

        Party
          A: Tianjin Municipal Ji County State-owned Assets Administration Commission
          (hereinafter the “SAAC”);

        Registered
          Address: Xinghua Avenue, Ji County, Tianjin, China

         

        Party
          B: Beijing Deli Solar Technology Development Co., Ltd. (hereinafter “Deli Solar
          (Beijing)”);

        Registered
          Address:  Building 3 No 28, Feng Tai North Road.

          Beijing,
          China 100071

         

        Based
          on
          the principles of mutual benefit and good faith bargaining, and pursuant
          to the
Company
          Law of the People’s Republic of China
          and
          relevant laws and regulations thereunder, for the purpose of transferring
          Party
          A’s equity interest in Tianjin Huaneng Group Energy Equipment Co., Ltd.
          (hereinafter “Tianjin Huaneng”) to Party B, Party A and Party B, through
          negotiations, hereby agree as follows: 

        

        

        
          	 	
                  I.

                	
                  Manner
                    of the Transfer of the State-owned Equity Interest (including
                    equity
                    interest and other
                    interest)

                

        

        Both
          parties hereby agree that Party A shall make a one-time transfer to Party
          B the
          state-owned interest in Tianjin Huaneng, which consists of 51% of the total
          shareholder equity of Tianjin Huagneng. Party B shall purchase Party A’s
          interest and assume all relevant rights and liabilities thereafter.

        

        
          	 	
                  II.

                	
                  Purchase
                    Price

                

        

        On
          the
          basis of the appraised value of the assets, both parties hereby agree that
          the
          purchase price for the above-stated equity interest in Tianjin Huaneng
          shall be
          Renminbi TWENTY FOUR MILLION ONE HUNDRED THOUSAND (RMB 24,100,000) only.
          

        

        
          	 	
                  III.

                	
                  Payment

                

        

        Party
          B
          shall remit the whole purchase price in a lump-sum payment to the bank
          account
          appointed by Party A within 15 working days after the execution of this
          Agreement. 

        

        
          	 	
                  IV.

                	
                  Other
                    

                

        

        
          	 	
                  1.

                	
                  Upon
                    the effectiveness of this Agreement, Party A and Party B shall
                    register
                    such change of equity interest pursuant to the relevant laws
                    and
                    regulations. Party B shall be responsible for all taxes, including
                    but not
                    limited to the real property transfer tax and expenses, the fees
                    for the
                    registration of amendment of the business license, etc., incurred
                    as a
                    result of such state-owned equity interest (including equity
                    interest and
                    other interest) as agreed herein.

                

        

        
        

         

        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  2.

                	
                  Party
                    A promises that the acquired company shall apply for a business
                    license
                    that is to be issued by Tianjin Ji County Bureau of Administration
                    for
                    Industry and Commerce, and shall pay taxes in accordance with
                    the local
                    tax laws. The acquired company shall change its name, which shall
                    not
                    include the characters “Tianjin Huaneng Group”.
                    

                

        

        
          	 	
                  3.

                	
                  Party
                    B shall retain all employees of Tianjin Huaneng on the record
                    as of the
                    date of Party B’s payment of purchase price and shall assure not to change
                    the existing management team. Within THIRTY (30) days after this
                    Agreement
                    becomes effective, Party B shall enter into new employment contracts
                    with
                    all employees pursuant to the laws of the People’s Republic of China. The
                    employment contracts with the employees that are less than 5
                    years from
                    the mandatory retirement age shall be employment at will. The
                    contracts
                    that are entered into with the rest of the employees by Party
                    B shall be
                    of a term of no less than THREE (3)
                    years.

                

        

        
          	 	
                  4.

                	
                  Within
                    THREE (3) months since and upon this Agreement enters into force,
                    Party B
                    shall contribute at least Renminbi TWENTY MILLION (RMB 20,000,000).
                    Party
                    A shall apply, on behalf of Party B, for any applicable favorable
                    treatment to foreign investment enterprises according to applicable
                    laws
                    and regulations (Party B shall present documentation of capital
                    contribution accordingly).

                

        

        
          	 	
                  5.

                	
                  Party
                    A shall be responsible for any balance of the employee insurances
                    and
                    other fees for the period from the incorporation until the acquisition
                    date of Tianjian Huaneng. The specific amount of the balance
                    shall refer
                    to the employees’ individual repayment certificates issued by the social
                    security company.

                

        

        
          	 	
                  6.

                	
                  All
                    operating profits of Tianjin Huaneng during the period between
                    November
                    1st,
                    2006 and the effective date of this Agreement shall be distributed
                    to the
                    original shareholders in accordance with the proportions of the
                    shares
                    they hold. The amount of operating profits shall be determined
                    by an
                    accounting firm approved by both
                    parties.

                

        

        
          	 	
                  7.

                	
                  Party
                    A hereby promises as the following:

                

        

        
          	 	
                  (1)

                	
                  to
                    assist Party B to process the real property transfer
                    registration;

                

        

        
          	 	
                  (2)

                	
                  to
                    assist Party B to coordinate with relevant tax agencies on the
                    issue of
                    late fees for Tianjin Huaneng’s unremitted
                    payments;

                

        

        
          	 	
                  (3)

                	
                  to
                    assist Party B to coordinate with Agricultural Bank of China
                    on the issue
                    of extension of loan repayment.

                

        

        
          	 	
                  (4)

                	
                  Other
                    unspecified issues shall be settled via negotiation.
                    

                

        

         

        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

        
          

          
            	 	
                    V.

                  	
                    Rights
                      and Obligations of Both
                      Parties

                  

          

        

        
          	 	
                  1.

                	
                  Party
                    B shall make a timely and full payment on the purchase price
                    provided
                    herein.

                

        

        
          	 	
                  2.

                	
                  Since
                    and upon the Agreement takes effect, Party B shall enjoy the
                    rights and
                    assume the obligations of the acquired company in accordance
                    with the
                    percentage of shares it retains provided herein.
                    

                

        

        
          	 	
                  3.

                	
                  Since
                    and upon the Agreement takes effect, Party A shall retreat all
                    assigned
                    directors and supervisors from Tianjin
                    Huaneng.

                

        

        

        
          	 	
                  VI.

                	
                  Liability
                    for Breach of Agreement

                

        

        Upon
          the
          effectiveness of this Agreement, any failure of either party to perform
          the
          obligations stipulated in this Agreement, in part or in whole, shall be
          deemed
          as breach of contract. The breaching party shall compensate the non-breaching
          party 10% of the purchase price of such state-owned equity interest provided
          herein as the stipulated penalty.

        

        
          	 	
                  VII.

                	
                  Effectiveness
                    of the Agreement and
                    Miscellaneous

                

        

        
          	 	
                  1.

                	
                  The
                    Agreement is signed in Tianjin Ji
                    County.

                

        

        
          	 	
                  2.

                	
                  The
                    parties shall settle disputes arising from the execution of this
                    Agreement
                    and other disputes in connection with this Agreement via friendly
                    consultation.

                

        

        
          	 	
                  3.

                	
                  The
                    Agreement shall take effect after it is duly signed by both parties
                    with
                    seals affixed and Party B remits the full payment of the purchase
                    price
                    provided herein.

                

        

        
          	 	
                  4.

                	
                  This
                    Agreement is in octuplicate, and each party shall hold FOUR (4)
                    copies.

                

        

        

        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

         

        

        Party
          A: Tianjin Municipal Ji County State-owned Assets Administration
          Commission 

         

        
          	 	
                  (Seal) affixed

                   

                  
                    Legal
                      Representative (authorized representative): /s/ Zhanguo
                      Qi     

                    (Signature)     
                           

                    Zhanguo
                      Qi         

                     

                    Date:
                      05/18/2007  

                  

                

        

        
 

        

        Party
          B: Beijing Deli Solar Technology Development Co., Ltd. 

        
          
            	 	
                    (Seal) affixed

                     

                    
                      
                        Legal
                          Representative (authorized representative): /s/ Deli
                          Du            
                          

                        (Signature)           
                          

                        Deli
                          Du                 
                          

                        

                        Date:
                          05/18/2007  

                      

                    

                  

          

           

        

         

        

        
          
            
            

          

          
            5AGREEMENT
      ON TRANSFER OF EQUITY INTEREST AND OTHER INTERST IN TIANJIN HUANENG GROUP ENERGY
      EQUIPMENT CO., LTD. 

    

    

    Between

    

    

    TIANJIN
      JI COUNTY STATE-OWNED ASSETS ADMINISTRATION COMMISSION 

    

    

    And
      

    

    

    BEIJING
      DELI SOLAR TECHNOLOGY DEVELOPMENT CO., LTD.

    

    

    

    

    

    

    

    August,
      2007

    Tianjin,
      Ji County

    

    

     

    
 

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    Supplementary
      Agreement to 

    State-owned
      Equity Interest Purchase Agreement

    

    Party
      A: Tianjin Municipal Ji County State-owned Assets Administration Commission
      (hereinafter the “SAAC”);

    Registered
      Address: Xinghua Avenue, Ji County, Tianjin, China

     

    Party
      B: Beijing Deli Solar Technology Development Co., Ltd. (hereinafter “Deli Solar
      (Beijing)”);

    Registered
      Address:  Building 3 No 28, Feng Tai North Road.

         
      Beijing, China 100071

     

    Based
      on
      the principles of mutual benefit and good faith bargaining, and pursuant to
      the
Company
      Law of the People’s Republic of China
      and
      relevant laws and regulations of the People’s Republic of China, Party A,
      through several negotiations, agreed to transfer its equity interest in Huaneng
      Group Energy Equipment Co., Ltd. (hereinafter “Tianjin Huaneng”) to Party B. For
      the purpose of completing such transfer, both parties, in consideration of
      the
      provisions and execution of the original agreement, hereby agree to the terms
      and conditions as follows:

    

    
      	 	
              I.

            	
              Manner
                of the Transfer of the State-owned Equity Interest (including equity
                interest and other
                interest)

            

    

    Both
      parties hereby agree that Party A shall make a one-time transfer to Party B
      its
      state-owned interest in Tianjin Huaneng, which consists of 51% of the total
      shareholder equity of Tianjin Huagneng. Party B shall purchase Party A’s
      interest and assume all relevant rights and liabilities in accordance with
      the
      percentage of the shares Party B holds since July 1st,
      2007.

    

    
      	 	
              II.

            	
              Purchase
                Price

            

    

    On
      the
      basis of the appraisal report, issued by the accounting firm approved by both
      parties, of the assets as of Oct. 31st,
      2006
      and the value of the assets in the audited report dated June 30th,
      2007,
      both parties, via friendly negotiations, hereby agree that the final purchase
      price for the above-stated equity interest in Tianjin Huaneng shall be Renminbi
      TWELVE MILLION EIGHT HUNDRED SIXTY NINE THOUSAND THREE HUNDRED FIFTEEN POINT
      THIRTY SIX (RMB12, 869,315.36) only. Within FIFTEEN (15) working days after
      both
      parties sign and seal this Supplementary Agreement, Party B shall remit to
      the
      bank account appointed by Party A the balance of the purchase price provided
      herein.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              III.

            	
              Liability
                for Breach of Agreement

            

    

    Upon
      the
      effectiveness of this Agreement, any failure of either party to perform the
      obligations stipulated in this Agreement, in part or in whole, shall be deemed
      as breach of contract. The breaching party shall compensate the non-breaching
      party 10% of the purchase price of such state-owned equity interest provided
      herein as the stipulated penalty.

    

    
      	 	
              IV.

            	
              Effectiveness
                of the Agreement and
                Miscellaneous

            

    

    
      	 	
              1.

            	
              The
                Agreement is signed in Tianjin Ji
                County;

            

    

    
      	 	
              2.

            	
              The
                parties shall settle disputes arising from the performance this Agreement
                and other disputes in connection with this Agreement via friendly
                consultation.

            

    

    
      	 	
              3.

            	
              The
                Agreement shall take effect after it is duly signed by both parties
                with
                seals affixed and Party B remits the full payment of the purchase
                price
                provided herein.

            

    

    
      	 	
              4.

            	
              This
                Agreement is in octuplicate, and each party shall hold FOUR (4)
                copies.

            

    

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      

      Party
        A: Tianjin Municipal Ji County State-owned Assets Administration
        Commission 

       

      
        	 	
                (Seal) affixed

                 

                
                  Legal
                    Representative (authorized representative): /s/ Zhanguo
                    Qi     

                  (Signature)     
                         

                  Zhanguo
                    Qi         

                   

                  Date:
                    08/08/2007  

                

              

      

      
 

      

      Party
        B: Beijing Deli Solar Technology Development Co., Ltd. 

      
        
          	 	
                  (Seal) affixed

                   

                  
                    
                      Legal
                        Representative (authorized representative): /s/ Deli
                        Du            
                        

                      (Signature)           
                        

                      Deli
                        Du                 
                        

                      

                      Date:
                        08/08/2007 

                    

                  

                

        

                    
          

      

    

    

    
      
        
        

      

      
        4

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