Document:

Exhibit 10.3

 

Working Capital Loan Contract

 

Reference No. : 2015zhenzhongyinbujiezi No.00053

 

Party A: Springpower Technology (Shenzhen) Co.,
Ltd

Business Licences: 440306503295562

Legal Representative: Dangyu Pan

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

Postal code: 518000

Deposit A/C and financial institutions: Bank of China, Pinghu
Sub-branch, Shenzhen, Telephone: 2802 9923 ; Facsimile: 2802 9923

 

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

Legal Representative: Li Yanshan

Address: 108, Buji Road, Buji Town, Longgang
District, Shenzhen; Postal code: 518112

Telephone: 0755-2827 4825; Facsimile: 0755-2827
0847

 

This contract is the affiliated specific credit
contract under the “Comprehensive Credit Line Contract” (Reference No.: 2015zhenzhongyinebuxiezi No. 0000466), which
is signed by Springpower Technology (Shenzhen) Co., Ltd and Bank of China, Buji Sub-branch.

 

The parties agree as follow.

 

Clause 1 Amount

 

Party B agrees to provide the following loan:

	Currency in:	RMB
	Amount:	RMB twenty millions only
	 	RMB  20,000,000.00

 

Clause 2 Period

 

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

 

    	 	 	1

     

    

  

Clause 3 Use of loan

 

Purpose of loan: Purchase of raw
materials

 

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

 

Clause 4 lending rate and interest
calculations

 

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

 

For each withdrawal in installments:

 

■ RMB floating rate

 

A. First withdrawal (during the first floating
period) interest rate is the twelve-month benchmark lending interest rate, set by Interbank rates, plus 126.25;

 

B. On the interest resetting date, the new
interest rate is the spot one-year lending interest rate, benchmarked by Interbank rates, plus 126.25 on all outstanding loan amounts.

 

2. Interest calculation

 

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

 

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

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

 

3. The method of interest settlement

 

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

 

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

 

4. Penalty interest

 

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

 

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

 

     

     

    

  

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

 

(3) Penalty rate

 

■ The penalty interest rate on
floating-rate loans

 

According to the floating period and the method
of floating as agreed in Clause 1, the penalty interest rate of the overdue loan shall be the agreed interest rate plus 50%, and
the penalty interest rate of the misappropriated loan shall be the agreed interest rate plus 100%;

 

Clause 5 Withdrawal Conditions

 

Withdrawal must meet the following conditions:

 

1. This contract and its attachments have
become effective.

 

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

 

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

 

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

 

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

 

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

 

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

 

Clause 6 Date and method of withdrawal

 

1. All loans should be withdrawn in 30 days
from July 14, 2015.

  

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

 

Clause 7 Payment of the loan

1. The account

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

 

     

     

    

  

Account Name: Springpower Technology (Shenzhen)
Co., Ltd

Account number:764057938815

 

2. The way of payment

 

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

 

(3) Borrower makes the payment on its own.

 

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

 

3. The specific requirements of entrusted
payment

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

  

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

 

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

 

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

 

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

 

(3) The use of loan is abnormal.

 

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

 

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

 

Clause 8 Repayment

 

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

 

Account Name: Springpower Technology (Shenzhen)
Co., Ltd

Account number:764057938815

 

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

 

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

 

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

 

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

 

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

 

Account Name: Springpower Technology (Shenzhen)
Co., Ltd

Account number:764057938815

 

     

     

    

  

Clause 9 Guarantee

 

		1.	To ensure that borrowing under this agreement is repaid, the following guarantees shall be adopted:

 

		1)	This contract is the main contract of Guaranty Contract of Maximum Amount (NO: 2015ZHENZHONGYINBUBAOEZI0037)
signed by SHENZHEN HIGHPOWER TECHNOLOGY CO., LTD. (Guarantor) and Party B. Guarantor provides the maximum amount guarantee.

 

		2)	This contract is the main contract of Guaranty Contract of Maximum Amount (NO: 2015ZHENZHONGYINBUBAOEZI0038)
signed by HUIZHOU HIGHPOWER TECHNOLOGY CO., LTD. (Guarantor) and Party B. Guarantor provides the maximum amount guarantee.

 

		3)	This contract is the main contract of Guaranty Contract of Maximum Amount (NO: 2015ZHENZHONGYINBUBAOEZI0039)
signed by DAGNYU PAN (Guarantor) And Party B. Guarantor provides the maximum amount guarantee.

 

		4)	This contract is the main contract of mortgage Contract of Maximum
Amount (NO: 2015ZHENZHONGYINBUDIEZI0015) signed by GANZHOU HIGHPOWER TECHNOLOGY CO., LTD. (Guarantor) And Party B. Guarantor provides
the maximum amount mortgage.

 

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

 

Clause 10 Statement and Commitment

 

		1.	Party A’s statement:

 

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

 

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

 

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

 

     

     

    

  

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

 

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

 

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

 

		2.	Party A’s commitment:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

F. Default events in other contracts.

 

     

     

    

  

G. Operating difficulties and financial
situation has deteriorated.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

  

Clause 12 Breach of Covenants

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		8)	Real rights of pledge will be executed.

 

		9)	Require Guarantors assume liability of guaranty.

 

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

 

Clause 13 Rights reserved

 

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

 

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

 

Clause 14 Changes, Modification, Termination

 

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

 

     

     

    

  

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

 

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

 

Clause 15 Applicable Law and Resolution
for Dispute

 

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

 

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

 

Clause 16 Attachments

 

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

 

		1.	Withdrawal application;

 

Clause 17 Other terms and conditions

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

Clause 18 Effective of the contract

 

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

 

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

 

/s/ [Stamp of Party A]

Signature

July 14, 2015

 

/s/ [Stamp of Party B]

Signature

July 14, 2015Exhibit 10.4

 

Basic Credit Line Contract

 

Reference: Xing Yin Shen Longgang credit
zi (2015) No. 0431

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

Address: Parkland, Longxiang Road, Longgang
town, Shenzhen

Legal Representative / CEO: Xiaoxia Wen

Contact: Jinlong Huang

Address:

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

 

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

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

Legal Representative / CEO: Dangyu Pan

Contact:

Address:

	Postal Code:	Fax :
	Tel: 0755-89686236	Fax:

 

Contract Location: Industrial Bank Building,
Industrial Bank Co., Ltd. Shenzhen Branch

 

Important Prompt

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Clause 1 Definitions and interpretation

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Expenses for realizing a financial claim:
the money which creditor spends for realizing a financial claim by litigation, arbitration, etc. such as court (arbitration) costs,
attorneys’ fees, traveling fees, execution fees, maintenance costs, and other necessary costs for realizing a financial claim.

 

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

 

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

 

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

 

     

     

    

 

Clause 2 Credit Line

 

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

 

2. Decomposition
of credit line

 

(1) Working capital
loan: RMB 10,000,000

 

(2) Bank acceptance:
RMB60,000,000

 

(3) Export loan
under mortgage of documents: RMB 10,000,000

 

(4) Standby letter of credit:

 

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

 

4. The financing
balance should not be more than RMB 60,000,000, including all debts used by debtor according to this contract, and the single credit
line cannot be more than RMB 60,000,000.

 

Clause 3 Valid Period and Adjustment
of Credit Line

 

1. Valid period
of credit line under this contract is from July 15th 2015 to July 15th 2016.

 

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

 

(1) debtor has
significant operational difficulties and risks;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Clause 5 Guarantee Measures

 

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

 

(1)REF: Xing
Yin Shen Longgang credit (guarantee) zi (2015) No. 0431

 

"Maximum Amount Guaranty Contract"
(the name of the contract), guarantor: Shenzhen Highpower Technology Co Ltd, mode: guarantee;

 

     

     

    

 

(2) REF: Xing
Yin Shen Longgang credit (guarantee) zi (2015) No. 0431A "Maximum Amount Guaranty Contract" (the name of the contract),
guarantor: Dangyu Pan, mode: guarantee;

 

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

 

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

 

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

 

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

 

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

 

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

 

Clause 6 The Rights and Obligations
of Creditor

 

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

 

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

 

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

 

Clause 7 Representations and Commitments
of Debtor

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(2) transactions
and transaction properties;

 

(3) the amount
of transaction and relevant proportion;

 

(4) pricing policy.

 

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

 

     

     

    

 

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

 

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

 

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

 

Clause 9 Default and default Liability

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

Clause
10 the cross-defaulting

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Clause 11
the continuity of obligation

 

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

 

Clause 12 accelerated maturity terms
of principal and interest

 

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

 

Clause 13 The Priority Right of Subrogation
Arrangement

 

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

 

Clause 14 Offset Arrangement

 

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

 

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

 

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

 

Clause
15 Applicable Law, Jurisdiction and Dispute Resolution

 

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

 

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

 

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

 

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

 

     

     

    

 

Clause 16 Files, Communications and
Notifications

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Clause 17 Effectiveness, Modification
of This Contract and Other Matters

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

Clause 18 The Notarization and Voluntarily
to Accept Compulsory Execution

 

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

 

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

 

Clause 19 The Supplementary Terms and
Conditions:

 

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

 

Recipient: Pan Dangyu

 

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

 

	Zip Code: 518111	Tel.: 13510066248
	 	 
	Designated Agent (if any):	Detailed Address:
	 	 
	Zip Code:	Tel.:

 

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

 

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

 

 ̈ SMS, Receiving No.:                            .

 

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

 

The credit line occupied under the Basic
Credit Line Contract of X.Y.S.L.G.S.X.Z. (2014) No. 0504 shall be brought into the unified credit management of this Contract.
In other words, the sum of the credit line hereunder and the credit line under the Basic Credit Line Contract of X.Y.S.L.G.S.X.Z.
(2014) No. 0504 shall not exceed RMB 60 million Yuan only (total risk exposure shall not exceed 20 million Yuan). Risk exposure
= balance of various businesses having been handed under credit – the principal of the financing business at an amount equivalent
to the value of the pledge on the date of pledge in various financing businesses, such as bank acceptance, opening of L/C and loan
applied by the Applicant and pledged with the Applicant or a third party’s deposit security or deposit receipt within the
valid period of the credit line.

 

     

     

    

 

If the Discount Applicant handles discount
business (including rediscount business) with the Financer for the commercial bill issued, accepted or endorsed by the Applicant,
the Discount Contract between the Discount Applicant and the Financer shall be a subcontract of this Credit Contract and shall
be deemed as an indivisible part of this Credit Contract. The discount amount shall be included in the credit line. Meanwhile,
the Applicant agrees to assume liability of repayment in accordance with the Discount Contract.

 

/s/ [COMPANY SEAL]

The Creditor (official seal):

The legal representative (signature):

 

The Debtor (official seal):

The legal representative (signature):

/s/ Dangyu Pan

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