Document:

Exhibit 10.3(d)

 

MAXIMUM AMOUNT GUARANTY CONTRACT

(Apply to lines of credit)

 

Ref: Xing Yin Shen Longgang Credit (Guarantee)
Zi (2017) No. 0238B

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

Address: Parkland, Longxiang Road, Longgang
Town,Shenzhen

Legal Representative / CEO: Wen Xiaoxia

 

Guarantor: Springpower Technology (Shenzhen)
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 Huizhou Highpower Technology 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 Shen Longgang Credit Zi (2017) No. 0238), and its sub-contracts. The sum of credit is RMB twenty
million only, credit period is from 20th Sept 2017 to 20th Sept 2018.

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) TWENTY 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 20th Sept 2017 to
20th Sept 2018.

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: Springpower Technology (Shenzhen)
Co., Ltd

 

Detailed Address: Factory A, Chaoshun Industrial
Zone, Renmin Road, Fumin Residential Area, Guanlan, BaoAn District, Shenzhen City

 

	Zip Code: 518000	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.

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):Exhibit 10.4

 

Number :0400000928-2017nian(Henggang) No.
00085

Working Capital Loan Contract

 

Important note: The contract is signed between
borrower and lender according to laws and on equal and willing basis, and all the terms of this contract are true meaning of both
sides. In order to protect the borrower’s legitimate rights and interests, the lender hereby inform the borrower to pay full
attention to all the terms concerning the rights and obligations of both parties , especially the bold parts of the contract.

 

The lender: Industrial and Commercial
Bank of China Ltd. Shenzhen Henggang Branch

Residence (address):

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

Legal representative: Dangyu Pan   

Residence (address):

 

After equal negotiation, both sides agreed
to enter into this particular contract.

 

The First Part     Basic
Provisions

 

		Article 1	The Use of the Loan

The loan Can be used for the below purpose
and shouldn’t be used for any other purposes without written consent of the lender, the lender has the right to monitor the
use of funds.

Use of loan: The loan can be used as current
funds for production and operations.

 

		Article 2	The Loan Amount and Duration

2.1 The amount under this contract is RMB10,000,000.00
(RMB TEN MILLION ONLY)

2.2 The term under this contract is 12 months
from the date of actual withdrawal (if separate withdrawal, from the date of the first withdrawal), the actual withdrawal date
is the date on IOU.

 

		Article 3	Rate, Interest and Cost

3.1 To determine the RMB loan interest
rates:

RMB loan interest rates shall be determined
according to the following (3)

(1) Fixed interest rate. Annual interest rate
shall be /% and will not change during the duration.

(2) Floating interest rates. Interest rate
shall be determined by base rate plus floating rate. Base rate is the corresponding base lending rate announced by the People's
Bank of China on the effective date of the contract with underlying term the same as in section 2.2. The floating rate
is /% of the base rate, and shall not change within the loan period. After withdrawal, the interest rates shall be adjusted
every 6 months. The date to determine the second period’s interest rate is the corresponding date when the first
period ends.  If the corresponding date does not exist, then choose the last day of that month. Interest rate of each
withdrawals shall be adjusted according to__.

A, the interest rate for
each withdrawal during any six month period shall be determined according to the rate set at the beginning of the underlying period
regardless of the number of withdrawals and shall be adjusted at the next six month period.

B, Borrowing rates of
each withdrawal are determined and adjusted individually.

(3) Floating interest rates. Interest rate
shall be determined by base rate plus floating rate. Base rate is up 0.7% of national interbank lending rates, and the rate
cannot change during the period.

 

     

     

    

 

3.2 To Determine the Foreign Exchange
Loan Interest Rates

Borrowing rates in foreign currency follow
the / ways to determine:

(1) Fixed interest rate. Annual interest rate
shall be / and shall not change during the duration.

(2) Floating interest rates, borrowing rates
to / months / (LIBOR / HIBOR) as the base rate plus / basis points (one basis point to 0.01%) consisting of a floating interest
rate spreads. Contract period plus point spreads remain unchanged. The use of sub-pen drawing and each withdrawal rates were calculated.
Borrower after the withdrawal, following the / ways to adjust the benchmark interest rate, interest-bearing segment:

A, the benchmark interest
rate changes in accordance with the corresponding period. The second phase of the benchmark interest rate adjustment date for a
full withdrawal on the corresponding day after, if you adjust the month and the withdrawal does not exist on the corresponding
date, places corresponding to the last day of the month, day, and so on other phases.

B, the benchmark interest
rate changes in the first day of each Interest Period.

(3) Other: /

3.3 Interest for the borrower under the contract
is calculated on a daily basis from the date of withdrawal and is paid on a monthly basis (month / quarter / half year) interest
settlement. When the loan matures, interest should be settles along with the principal. One day interest rate = interest rate /
360.

3.4 Late penalty rate under the contract is
50% of the original loan interest rate, penalty interest rate for misappropriation of the loan is 100% of the original loan interest
rate.

 

		Article 4	Withdrawal(this section does not apply to loan
cycles)

4.1 Funds should be withdrawn based on the
actual needs, the borrower can make single or multiple withdrawals to the loan amount limit before 9th July 2018.

4.2 If the borrower does not withdraw according
to the contract, the lender has the right to cancel all or part of the remaining unused balance. 

 

		Article 5	Repayment

5.1 Borrower repay the loan under this contract
in one single lump sum.

5.2 If the Borrower prepay the principal in
advance, the borrower should compensate the lender. The compensation should be calculated as: the amount of principle that is prepaid
x the remaining time under the contract (number of months) x %; the number of months calculated for remaining time should be rounded
to the greater integral number.

 

		Article 6	Cycle
Loan Special Agreement

not applicable.

 

		Article 7	Guarantees

7.1 Loans under the contract are guaranteed

7.2 The borrower should provide Legitimate,
sufficient, effective guarantee to the lender, and signed guarantee contract with the lender.

 

		Article 8	Other

Under the contract, the corresponding
maximum guarantee contracts are the following:

Maximum amount of guarantee contract name:
"the maximum guaranteed contract" (ID: ICBC 0400000928-2015 henggangbaozi 0014)

Guarantor: Huizhou Highpower Technology Co.,
Ltd.

Maximum amount of guarantee contract name:
"the maximum guaranteed contract" (ID: ICBC 0400000928-2015 henggangbaozi 0013)

Guarantor: Hong Kong Highpower Technology
Co., Ltd.

Maximum amount of guarantee contract name:
"the maximum guaranteed contract" (ID: ICBC 0400000928-2015 henggangbaozi 0012)

Guarantor: Dangyu Pan

Maximum amount of guarantee contract
name: "the maximum Collateral contract" (ID: ICBC 0400000928-2016 henggangdizi 0024)

Guarantor: Shenzhen Highpower Technology Co.,
Ltd.

 

     

     

    

 

The Second Part     Specific
Provisions

 

		Article 1	Rate and Interest

1.1 In foreign currency borrowings, LIBOR
is the benchmark interest rate on the withdrawal date or two banking days before the adjustment date of base interest rate (11:00
noon London time) Reuters (REUTRES) Financial Telecommunication terminal "LIBOR" page displays the borrower under this
contract currency interbank offered rate; HIBOR as the benchmark interest rate adjustment date or withdrawal two banking days before
(11:15 noon Hong Kong time) Reuters (REUTRES) Financial Telecommunication terminal "HIBOR" page shows the same industry
in HK Offered Rate.

1.2 For loans with floating interest rates
under the contract, , the rules to adjust the underlying interest rate will not be changed.

1.3 For loans with interest rates settled
monthly, interest settlement date is 20th of each month; For loans with interest rates settled quarterly, the interest settlement
date is the 20th of the last month of each quarter; For loans with interest rates settled semi-annually, interest settlement
dates are June 20 and December 20 of each year.

1.4 The first interest period is from the
actual withdrawal date to the date of the first interest settlement date; the last interest period is from the following day after
the previous interest period to the final repayment date; other interest period is from the following day after the previous interest
period to the next interest settlement date.

1.5 In the case the People's Bank of China
adjust the policies to mandate loan interest rate, the lender will follow such policies, and will not notify the borrower.

1.6 Upon signing the contract, if the loan
interest rate is discounted from the base interest rate determined by People’s Bank of China, the Lender has the right to
reevaluate the discount given to the Borrower based on the national policies, credit quality of the borrower, and the changes of
the guarantors, etc. The Lender has the discretion to decide on the cancellation of part or all discount, and will notify the borrower
in the due course.

 

		Article 2	Loan Withdrawal and Release

2.1 Upon withdrawal, the borrower must meet
the following prerequisites, otherwise lenders are not obliged to release any funds to the borrower, except the lender agrees to
advance loans:

(1) Except loans on credit, the Borrower has
provided appropriate guarantee according to the Lender’s requirements, and related guarantee procedures are completed;

(2) No breaches occurred under this contract
or other contracts signed by the Borrower and the Lender.;

(3) Evidence of use of funds provided by the
borrower conforms to the agreed use of funds;

(4) Provide any other materials needed by
the lender.

2.2 The written documents provided by the
Borrower to the Lender upon withdrawal shall be original; Under conditions that original written documents can not be provided,
after the consent of the Lender, a copy of the duplicate with the official seal stamped from the Borrower.

2.3 Borrowers must submit withdrawal notice
to the Lender at least five banking days in advance before any withdrawal. Once withdrawal notice is submitted, without the written
consent of the lender, it may not be revoked.

2.4 If the Borrower meets the prerequisites
for withdrawal or agreed by the Lender to advance the loan, the lender transfers loan amount to the designated borrowers’
account, the lender is deemed to have issued the loan to the Borrower in accordance with the contract.

2.5 In accordance with relevant regulatory
requirements and management requirements of lenders, loans more than certain amount or that meet other conditions should be paid
by entrusted payment of the Lender, the Lender should pay loans to the designated object with the borrower's withdrawal application
and payment commission.

Therefore, the Borrower should sign
entrusted payment agreement with the Lender as the attachment of the contract, and should open or designate a specific account
at the Lender’s bank to settle the payments.

2.6 During handling of entrusted payment,
the Borrower shall provide the Lender with the account information of the payment object and the materials of proving compliance
of withdrawal with the agreed purpose each time when the Borrower withdraws money. The Borrower shall ensure that all materials
provided for the Lender are true, complete and effective. 

2.7 During handling of entrusted payment,
the Lender shall review the relevant materials provided by the Borrower, including the information about the payment object and
the materials of proving the loan purpose. If the Lender fails to complete entrusted payment timely due to untrue, incorrect and
incomplete materials provided by the Borrower, the Lender shall not bear any liability arising therefrom.

 

     

     

    

 

2.8 If the Lender discovers through examination
that the materials of proving purpose and other relevant materials provided by the Borrower are not consistent or have other defect,
the Lender shall have the right to demand the Borrower to supplement, replace, explain or re-submit relevant materials. The Lender
shall have the right to refuse the granting and payment of relevant funds before the Borrower submits relevant materials satisfied
by the Lender.

2.9 According to the Borrower's different
loan purposes, the Lender shall have the right to demand the Borrower, the independent intermediary agency and other related party
to issue the relevant supporting materials signed by the party. The Lender shall make granting and payment of financing funds on
the basis of these supporting materials.

2.10 If the Lender thinks through review that
the materials provided by the Borrower are consistent with the loan purpose agreed and the Borrower's withdrawal complies with
this Contract, firstly, the Lender shall transfer the loan to the account designated by the Borrower and then, transfer the relevant
funds to the account of the payment object of the Borrower as needed on the basis of the relevant business vouchers provided by
the Borrower.

2.11 Under any one of the following circumstances,
the Lender shall have the right to re-determine the conditions for granting and payment of loan, or stop granting and payment of
loan:

(1) the Borrower provides the Lender with
false or invalid materials to obtain financing;

(2) the Borrower suffers from any material
adverse change to its production and operation, decline of its credit status or breach of contract hereunder;

(3) the Borrower fails to withdraw and pay
financing funds pursuant to this Contract, thereby causing abnormal use of financing funds;

(4) the Borrower evades entrusted payment
in violation of this Contract or the relevant regulatory provisions, such as breaking up the whole into parts;

(5) the loan account or the payment object's
account designated by the Borrower is frozen or suspended by the relevant competent authority.

2.12 If the loan account or the payment object's
account designated by the Borrower is frozen or suspended by the relevant competent authority, thereby causing the Lender unable
to complete entrusted payment timely according to the Borrower's entrustment, the Lender shall not bear any liability and the Borrower's
obligation of repayment having been generated hereunder shall not be affected.

2.13 In case of the Borrower's direct payment
of the loan hereunder, the Borrower promises to accept and actively coordinate the Lender to inspect and supervise the use situations
of the financing funds, including the purpose, by means of account analysis, voucher examination and site investigation. the Borrower
shall summarize and report the loan use situations on a regular basis according to the Lender's requirements.

2.14 If the materials that the Borrower provides
the Lender are untrue, incomplete or ineffective, thereby causing losses to the Lender, the Borrower shall make compensation.

2.15 If the Lender does not grant or pay loan
timely as agreed herein, the Lender shall bear the relevant liability for breach of contract, except as otherwise provided herein.

2.16 If the Lender fails to pay the relevant
funds on time due to force majeure events which are unforeseeable, inevitable and insurmountable, such as war and natural disaster,
or due to failure of the Lender's system or communications, the Lender shall not bear any liability arising therefrom, but the
Lender shall notify the Borrower timely by telephone or in written form.

 

     

     

    

 

		Article 3	Repayment

3.1 The Borrower shall timely repay the contract
principal, interest and other payables in full. On the payment date and one banking day before each settlement day, current payable
interest, principal and other payables should be fully deposited into the repayment account opened at the Lender’s bank ,
which shall be collected by the Lender on the repayment date or interest settlement date, or the Lender has the right to require
the Borrower handle transfer procedure . If the repayment amount in the account is insufficient to cover all due amounts of the
Borrower, the lender has the right to decide the liquidation order.

3.2 The Borrower should submit written application
10 banking days in advance for advanced repayment of all or part of the loans to the lender with the consent of the Lender to pay
compensation to the Lender in accordance with the standard agreed in the contract.

3.3 The Borrower shall repay due principal,
interest and other payables in advance with the consent of the Lender according to the contract on the advanced repayment date
..

3.4 The lender has the right to call loans
in advance according to the returning situation of borrower’s funds.

3.5 If the actual loan period is shorten because
of the advanced repayment by the Borrower or advanced loan call by the Lender according to the contract, the corresponding interest
rate level will not be adjusted.

 

		Article 4	Cycle Loan (not applicable)

4.1 If the loan hereunder is revolving,
at any time within the use term of the revolving loan limit, the sum of the Borrower's remaining loan shall not exceed the revolving
loan limit. The term of each loan withdrawn by the Borrower shall be from the actual date of withdrawal to the agreed date of repayment,
subject to the IOU. The date of repayment of each loan withdrawn shall not exceed the use term of the revolving loan limit.

4.2 Where the loan hereunder is revolving,
The Lender shall have the right to cancel the revolving loan limit if the Borrower fails to make withdrawal within three (3) successive
months as of the date of signature of this Contract.

 

		Article 5	Guarantee

5.1 In addition to loans on credit, the borrower
should provide legitimate and effective guarantee that is accepted by the Lender to fulfill the obligations under the contract
.. Guarantee contracts are signed separately.

5.2 Borrower shall promptly notify the lender,
and further provides other guarantees accepted by the Lender under the conditions that damages, depreciation, property disputes,
being seized or detained, or discreet disposal of collateral by the Borrower, or the guarantor’s financial condition changes
adversely,

5.3 If accounts receivables are pledged as
collaterals under the contract during the period the contract is still effective, the lender has the right to declare early maturity
of loans, and require the borrower to immediately repay some or all of loan principal and interest, or request additional legitimate
and effective collaterals against the loans, if one of the following conditions occur,

(1) The pledgor of the accounts receivable
bad debt increases on the payer of which the accounts receivable are pledged, for two consecutive months;

(2) The accounts receivable that is uncollectable
accounts for over 5% of the pledgor’s total accounts receivable.

(3) The accounts receivable is due and uncollectable
when trade disputes (including but not limited to quality, technology, service-related disputes) or debt disputes between the pledgor
and payer

 

		Article 6	Account Management

6.1 Borrower shall designate a special account
at the Lender’s bank for cash inflows for collecting sales revenues or planned capital repayment. Corresponding to the sales
in the form of non-cash settlement, the borrower should ensure timely receipt of funds into the designated account.

6.2 Lender has the right to monitor the designated
account, including but not limited to the capital income and expenditure, the borrower should cooperate. If required by the Lender,
the Borrower should enter into a special account control agreement.

 

     

     

    

 

		Article 7	Representations and Warranties

Borrower makes the following representations
and warranties to the lender, and such representations and warranties remains in effect under the term of the contract:

7.1 Borrower shall have the qualification,
and ability to perform the contract signed with the Lender.

7.2 The Borrower has received all the necessary
authorization or approval to sign and perform this contract, which is not in violation of the Articles of Association and relevant
laws and regulations, and shall bear other obligations under the contract not in conflict with other contracts.

7.3 The borrower has been scheduled to meet
other debt payments, bank loan principal and interest owed no malicious behavior.

7.4 The borrower has a sound organizational
and financial management system, in the last year of production and management process has not a major act of violation of discipline,
the current senior management has no significant adverse record.

7.5 The borrower provides to the lender of
all documents and information are true, accurate, complete and effective, there is no false record, misleading statement or significant
omission.

7.6 The borrower provides to the lender's
financial and accounting reports are prepared under Chinese accounting standards, true, fair and complete reflection of the borrower's
operations and liabilities, and the borrower's financial situation has not any material adverse change since the most recent financial
reporting period.

7.7 The borrower has not concealed to the
lender any litigation, arbitration or claim involved.

 

		Article 8	Borrower Commitment

8.1 The Borrower withdraws and uses funds
under terms and conditions in the contract. The borrowed money is not used for fixed assets and equity and other investments, not
in any way into the stock market, futures market or uses prohibited by relevant laws and regulations.

8.2 Repay the loan principal and interest
and other payables in accordance with the contract.

8.3 Accept and actively cooperate with the
lender for account analysis, inspection, on-site reviews, etc., including use of the loan, including the use of funds and supervision
of the inspection. In accordance with the lender’s requirements, the borrower periodically provides summary reports for the
use of funds.

8.4 Accept the lender's credit check required
by the lender, and provide the lender with balance sheet, income statement and other financial and accounting information reflecting
the borrower's solvency, to actively assist and cooperate with the lender to investigate and review its financial situation and
production operations.

8.5 Before paying off the loan principal and
interest under the contract and other payables, the Borrower is not allowed to repay and dividends.

8.6 For the merger, divesture, reduction,
changes in ownership, transfer of substantial assets and debt, significant foreign investment, substantial increase in debt financing
and other activities that may adversely affect the rights of the Lender’s interest, prior written consent is required by
the lender.

8.7 One of the following circumstances occurs,
notify the lender:

(1) The change on articles of incorporation,
business scope, registered capital, the legal representative;

(2) Out of business, dissolution, liquidation,
business for rectification, revocation of business license is revoked or application (by application) bankruptcy;

(3) Or may be involved in major economic disputes,
litigation, arbitration, or the property was legally seized, detained or regulation;

(4) Shareholders, directors and senior management
is currently involved in serious cases or economic disputes.

8.8 Timely, completely and accurately disclose
related party relationships and related party transactions.

8.9 Sign and verify notices mailed,
or in the form, from lender ..

8.10 Not dispose of assets in order to reduce
the solvency; provide guarantees to third parties without damaging the interest of the lender.

 

     

     

    

 

8.11 If the loans under the contract are on
credit basis, the Borrower should provide complete, true, accurate information to reflect providing guarantees that may affect
its obligations under this contract, and acquire written consent from the lender.

8.12 Take responsibility for the expenses
from the Lender in purpose of fulfillment of contracts, including but not limited to litigation or arbitration fees, property preservation
fees, legal fees, execution fees, assessments fees, auction fees, notice fees.

8.13 Debt settlement under the contract is
in priority to its shareholders, and at least has equal status with the borrower's other similar debt from other creditors and
borrowers.

8.14 Reinforce the social and environmental
risk management, and agree to accept inspections by the Lender. If requested by the Lender, the Borrower agrees to provide the
corresponding report.

 

		Article 9	Lender Commitment

9.1 Release loans to the Borrower in accordance
with the contract.

9.2 Maintains the confidentiality of non-public
information, except required by laws and regulations otherwise.

 

		Article 10	Breach of Contract

10.1 Any of the following events constitutes
an event of breach:

(1)The borrower fails to repay principal,
interest, and other payables in accordance with the provisions specified in this contract, or fails to fulfill any other obligations
in this contract, or contrary to the statements, guarantee and commitments in this contract;

(2)The guarantees in this contract have
adversely changed to the Lender’s loan, and the Borrower is not available to provide other guarantees approved by the lender;

(3) Fail to pay off any other debts
due by the Borrower, or fails to fulfill or breach other obligations in this contract, or likely to affect the performance of the
obligations in this contract;

(4) The financial performance of the
profitability, debt payment ability, operating capacity and cash flow of the Borrower exceed the agreed standards, or deterioration
has been or may affect the obligations in this contract;

(5) The Borrower's ownership structure,
operation, external investment has changed adversely, which have affected or may affect the fulfillment of the obligations in this
contract;

(6) Borrower involves or may involve
significant economic disputes, litigation, arbitration, or asset seizure, detention or enforcement, or judicial or administrative
authorities for investigation or take disciplinary measures in accordance with the laws, or illegal with relevant state regulations
or policies in accordance with the laws, or exposure by media, which have affected or may affect the fulfillment of the obligations
in this contract;

(7) The borrower’s principal individual
investors, key management officer’s change, disappearances or restriction of personal liberty, likely to affect the performance
of the obligations in this contract;

(8) The borrower using false contracts
with related parties, using no actual transaction to extract the lender’s funds or credit, or evasion of lender’s loan
right through related party transactions;

(9) Borrowers have been or may be out
of business, dissolution, liquidation, business reorganizations, business license has been revoked or bankruptcy;

(10) Borrowers breaches food safety,
production safety, environmental protection and other environmental and social risk management related laws and regulations, regulatory
requirements or industry standards, resulting in accidents, major environmental and social risk events, likely to affect the performance
of the obligations in this contract;

(11) In this contract, the borrowing is paid
by credit, the borrower's credit rating, level of profitability, asset-liability ratio, net cash flow of operating and other indicators
do not meet the credit conditions of the lender; or without the lender’s written contract, pledges guarantee or provides
assurance guarantees to other party, likely to affect the performance of the obligations in this contract;

(12) Other adverse situations may affect
in the realization of loan right in this contract.

 

     

     

    

 

10.2 If the borrower breaches of contract,
the lender has the right to take one or more of the following measures:

(1) Require the borrower to remedy the
default within a certain time limit

(2) Terminate other financing funds
in other contract issued to the borrower by the lender, cancel part or all of undrawn borrowings and other financing amount of
borrower;

(3) Announce the outstanding loan and
other financing amount between the lender and the borrower in this contract, and take back the outstanding amounts;

(4) Requires the borrower to compensate
the loss of the lender caused by the breach of contract;

(5) Measures according to provisions of lows
and regulations, provisions of this contract and other necessary measures.

10.3 If the borrower fails to repay the due
loan (including loan declared expire immediately), the lender has the right to charge penalty interest according to penalty interest
rate agreed by this contract from the due date. The interest fails to repay on time, charge compound interest according to overdue
penalty interest rate. 

10.4 Borrower fails to use the loan for agreed
usage, the lender has the right charge penalty interest on embezzlement according to embezzlement penalty interest rate agreed
by this contract. The interest fails to repay on time during the embezzlement period, charge compound interest according to embezzlement
penalty interest rate. 

10.5 The borrower simultaneously happens
the situations in section 10.3, 10.4, choosing the heavier interest rate to charge, cannot impose in double. 

10.6 If the borrower does not repay the principal,
interest (including interest and compound interest) or other payables on time, the lender has the right to announcements through
the media for collection. 

10.7 If the control or controlled relationship
between related parties of the borrower and the borrower changes, or the related parties of the borrower happens the other situations
except the situations of (1) and (2) in above provision 10.1, likely to affect the performance of the obligations of the borrower
in this contract, the lender has the right to take the measures agreed in the contract.

 

		Article 11	Deduction

11.1 Borrower does not repay the due debt
in this contract according to this contract(including the debt declared due immediately), the lender has the right to deduct corresponding
amount from all the functional and foreign accounts opened at the branches of ICBC, until all the debt of the borrower in this
contract are paid off.

11.2 If the currency of deduct payments is
inconsistent with the currency in this contract, the exchange rate on the deduction day is the applicable exchange rate. The interest
and other fees during the deduction fees and debt pay off day, and the difference because of fluctuations the exchange rate during
this period is assumed by the borrower.

11.3 If deducted amount for the lender is
insufficient to pay off all debts, the lender has the right to determine the payment order.

 

		Article 12	Transfer of Rights and Obligations

12.1 Lender has the right to transfer all
or part of the right in this contract to a third party, the transferring actions do not need to acquire the consent of the borrower.
If without the consent of the lender in writing, the borrower cannot transfer any right and obligations in this contract to a
third party.

12.2 The Lender or China Industrial and Commercial
Bank Limited ("ICBC") can Authorize or commit the other branches to perform the rights and obligations in this contract
according to operation need, or transfer the loan right in this contract to the other branches of ICBC, the borrower must agree,
and the above actions of the lender do not need to ask for permission of borrower. The other branches which undertake the lender’s
rights and obligations have the right to perform all rights in this contract, and have right to apply for litigation, arbitration,
compulsory execution for the disputes in this contract in the branch’s name.

     

     

    

 

		Article 13	Effect, Change and Terminate of this Contract

13.1 This contract is effective since the
signature date, and is terminated on the day the borrower performs all the obligations in this contract.

13.2 Any change of this contract shall be
agreed by all parties involved and be made in writing. The changes of provisions and agreements are part of the contract, has equal
legal right with the contract. Except the changed part, the rest part of this contract is still valid, before the changes is in
effect, the original terms of this contract is still valid.

13.3 The change or termination of this contract
will not affect the right of all parties involved to require compensation. The termination of this contract, will not affect the
effectiveness of the dispute settlement provisions.

13.1 This Contract shall become effective
upon electronic signature by the Borrower and confirmation by the Lender and shall be terminated as of the date when the Borrower
has performed all obligations hereunder. The Lender may confirm this Contract by showing the validity status of this Contract in
the electronic banking system.

13.2 If the loan amount, loan term or other
contract elements are incorrectly shown in the banking system of the Industrial and Commercial Bank of China due to system failure
or force majeure, the Lender shall have the right to make correction.

13.3 The Borrower has known and fully understood
various transaction rules of online banking and other electronic banking systems of the Industrial and Commercial Bank of China
in connection with this Contract. The Borrower shall keep the customer certificates and passwords appropriately. Any operation
by use of the customer code (card number), password or customer certificate shall be deemed as the Borrower's operation. The electronic
record arising therefrom shall be taken as the voucher for proving and dealing with the financing relations hereunder.

The Borrower's electronic signature hereon with an online banking certificate in the online banking of the Industrial and Commercial
Bank of China shall be deemed as the Borrower's individual signature or the signature authorized by the Borrower.

13.4 Except as otherwise provided herein,
no party may change or cancel this Contract unilaterally after the effectiveness of this Contract; any amendment or change to this
Contract shall be made in a written contract upon unanimity through consultation between both parties.

13.5 Where there is any change of relevant
national laws, regulations or policies, thereby causing all or part of this Contract not complying with the requirements of relevant
national laws, regulations or policies, both parties shall amend the relevant clauses timely through consultation.

13.6 The invalidity or unenforceability of
any clause of this Contract shall neither affect the validity and enforceability of the other clauses hereof nor affect the validity
of the entire Contract.

13.7 Change and cancellation of this Contract
shall not affect the contracting parties’ right to claim for compensation for the losses. Cancellation of the Contract shall
not affect the validity of the provisions concerning settlement of dispute.

 

		Article 14	Law and Dispute Resolution

The contract formation, validity, interpretation,
performance and dispute settlement are applicable PRC laws. All caused by the contract or in connection with the contract-related
disputes and disputes, both parties should be resolved through consultation, the consultation fails according to the contract settlement.

 

		Article 15	Complete Contract

The first part of this contract, "borrowing
conditions" and the second part of the "liquidity loan contract terms," together form a complete loan contract,
the same two words have the same meaning. The loan borrower is constrained by the above two parts.

 

		Article 16	Notice

16.1 All notices under the contract should
be given in writing. Unless otherwise agreed, the parties designated residence stated in this contract for communication and contact
address. Address of any party or other contact is changed, shall be in writing promptly notify the other party.

16.2 One party can notify the other party
in the form of announcement or notary service if the recipient party refuses to receive other circumstances that cause inability
to deliver.

 

     

     

    

 

		Article 17	Special Provisions for Value-added Tax

17.1 The costs/interest and expenses (to be
determined pursuant to the specific contract) that the Borrower pay the Lender under this Contract shall be a tax-included price.

17.2 If the Borrower requests the Lender to
issue a value-added tax invoice, the Borrower shall register information with the Lender. The information registered shall include
full name of the Borrower, identification number or social credit code of the taxpayer, address, telephone number, opening bank
and account number. The Borrower shall ensure that the relevant information provided for the Lender is accurate, correct and complete.
The Borrower shall, according to the Lender’s requirements, provide relevant supporting materials. The specific requirements
shall be announced by the Lender through website notice or website announcement.

17.3 If the Borrower collects a value-added
tax invoice itself, the Borrower shall provide the Lender with a power of attorney sealed, designate a person for collecting and
define the identification card number of the person. The person designated shall take the original of his identification card for
collecting the value-added tax invoice. In case of change of the person designated for collecting, the Borrower shall issue to
the Lender a new power of attorney sealed. In the event that the Borrower selects to collect the value-added tax invoice by post,
the Borrower shall also provide the correct mailing information for service. In case of change of the mailing information, the
Borrower shall notify the Lender timely in written form.

18.4 If the Lender is unable to issue a value-added
tax invoice timely due to force majeure, such as natural disaster, government act and social exceptional events, or due to causes
attributable to tax authorities, the Lender shall have the right to postpone issue of a value-added tax invoice, without bearing
any liability.

17.5 If the Borrower is unable to receive
a relevant copy of the value-added tax invoice due to causes not attributable to the Lender, such as loss, damage or delay of the
invoice after the Borrower collects or the Lender submits to a third party to post the invoice, or if the Borrower is unable to
make deduction due to delay of the value-added tax invoice, the Lender shall not bear liability of compensation for the Borrower’s
relevant economic losses.

17.6 Should a special red-letter invoice of
value-added tax be issued resulting from sales return, suspension of taxable service or wrong information of invoice, or authentication
failure of deduction copy and invoice copy, where the Lender should submit an Information Table for Issuing a Special Red-Letter
Invoice of Value-Added Tax to a tax authority in accordance with relevant laws, regulations and policy documents, the Borrower
shall submit an Information Table for Issuing a Special Red-Letter Invoice of Value-Added Tax to the tax authority, and the Lender
shall issue a special red-letter invoice of value-added tax after the tax authority makes review and notifies the Lender.

17.7 In case of adjustment of the national
tax rate during the execution period of this Contract, the Lender shall have the right to adjust the price agreed herein according
to the change of the national tax rate.

 

		Article 18	Other

18.1 No failure to exercise or partially exercise
or delay in exercising any right hereunder by the Lender shall be deemed as a waiver or change of this right or any other right
or affect the Lender to further exercise this right or other rights.

18.2 The invalidity or enforceability of any
provision of the Contract shall neither affect the validity or enforceability of any other provision hereof nor affect the validity
of the entire Contract.

18.3 Annex and various supplementations, amendments
or modifications to this Contract shall be deemed as an integral part of the Contract and shall have the same equal legal force
as this Contract.

18.4 According to the provisions of relevant
laws and regulations or the requirements of the financial regulatory institutions, the Lender shall have the right to provide the
information related to this Contract and the Borrower’s other relevant information for the credit consulting system of the
People’s Bank of China and other credit information database established by law, for the eligible institutions or individuals
for consultation and use. For the purpose of conclusion and performance of this Contract, the Lender shall also have the right
to inquire the Borrower’s relevant information through the credit consulting system of the People’s Bank of China and
other credit information database established by law.

18.5 The terms of “the affiliated parties”,
“the relationship between affiliated parties”, “the affiliated party transaction”, “the main individual
investor” and “the key managerial personnel” stated in the Contract shall have the same meanings as those defined
in the Accounting Standards for Enterprises No. 36 - Disclosure of Affiliated Parties (Finance and Accounting (2006) No. 3) issued
by the Ministry of Finance and future amendment thereto.

 

     

     

    

 

18.6 The term “environmental and social
risk” means the danger and relevant risk which are likely to cause by the Borrower and its affiliated party during construction,
production and operation activities, including the environmental and social problems related to energy consumption, pollution,
land, health, safety, resettlement of inhabitants, ecological protection and climate change.

18.7 The documents and vouchers for the loan
hereunder made and kept by the Lender according to its business rules shall constitute effective evidences of proving the claim
and debt relationship between the Borrower and the Lender and shall be binding upon the Borrower.

18.8 In this Contract, (1) this Contract referred
to herein shall include any amendment or supplementation to this Contract; (2) the headings to the articles hereof are for ease
of reference only, and in no event shall the substance of any paragraph be interpreted and the contents and scope be restricted
by such headings; (3) if the date of withdrawal or repayment is not a banking day, it shall be extended to the next banking day.

 

Both parties confirm: the Borrower and the
Lender have made full consultation on all terms and conditions of this Contract. The Lender has reminded the Borrower to pay special
attention to the provisions for the rights and obligations of both parties and have overall and correct understanding of these
provisions. At the Borrower’s request, the Lender has interpreted and explained relevant provisions. The Borrower has carefully
read and fully understood of all terms and conditions of this Contract (including Part 1 Basic Provisions and Part 2 Specific
Provisions). Both the Borrower and the Lender have completely consistent understanding of all terms and conditions of this Contract
and have no objection to the contents of this Contract.

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