Document:

Exhibit 10.1

 

Working Capital
Loan Contract 

 

Reference No. : 2014zhenzhongyinbujiezi
No.00023

 

Party A: Shenzhen Highpower Technology
Co., Ltd

Business License: 440307503274740

Legal Representative: Dangyu Pan

Address: Building A1, 68 Xinxia Street, Pinghu,
Longgang, Shenzhen;

Postal code: 518111

Deposit A/C and financial institutions: Bank
of China, Pinghu Sub-branch, Shenzhen, 744557938816

Telephone: 8968 6236; Facsimile: 8968 6298

 

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.: 2014zhenzhongyinebuxiezi No. 0000162), which
is signed by Shenzhen Highpower Technology 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.

 

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 one-year benchmark lending interest rate, set by People's Bank of China, plus 25%;

 

B. On the interest resetting date, the new
interest rate is the spot one-year lending interest rate, benchmarked by People’s Bank of China, plus 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 11th Apr 2014.

  

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: Shenzhen Highpower Technology
Co., Ltd.

Account number:

 

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: Shenzhen Highpower Technology
Co., Ltd.

Account number:

 

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: Shenzhen Highpower Technology
Co., Ltd.

Account number:

 

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 Pledge Contract of Maximum Amount (NO: 2014ZHENZHONGYINBUDIEZI0015) signed by SHENZHEN HIGHPOWER
TECHNOLOGY CO., LTD. And Party B.

 

		2)	This
contract is the main contract of Pledge Contract of Maximum Amount (NO: 2014ZHENZHONGYINBUDIEZI0016B) signed by SHENZHEN HIGHPOWER
TECHNOLOGY CO., LTD. And Party B.

 

		3)	This
contract is the main contract of Guaranty Contract of Maximum Amount (NO: 2014ZHENZHONGYINBUBAOEZI0013) signed by SPRINGPOWER
TECHNOLOGY (SHENZHEN) CO., LTD. (Guarantor) and Party B. Guarantor provides the maximum amount guarantee.

 

		4)	This
contract is the main contract of Guaranty Contract of Maximum Amount (NO: 2014ZHENZHONGYINBUBAOEZI0014) signed by DAGNYU PAN (Guarantor)
And Party B. Guarantor provides the maximum amount guarantee.

 

	 	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	 
	Apr 14, 2014	 
	 	 
	/s/ [Stamp of Party B]	 
	Signature	 
	Apr 14, 2014Exhibit 10.2

 

Text Encoding: CMBC-HT031 (GS2007)

 

Comprehensive Credit Granting Contract

 

(Applicable to corporate credit granting)

 

No.: GSXZ 2014 SHJZBZEZ No. 014

 

SHENZHEN HIGHPOWER TECHNOLOGY CO., LTD.
(Seal)

 

CHINA MINSHENG BANKING CORP., LTD. SHENZHEN
BRANCH (Seal)

 

CHINA MINSHENG BANKING CORP., LTD.

 

    	 

    	 

    

 

Comprehensive Credit Granting Contract

 

Credit Receiver: SHENZHEN HIGHPOWER TECHNOLOGY
CO., LTD. ((hereinafter referred to as Party A)

 

Address: Bldg. 1, No. 68, Xinsha Road,
Pinghu Street, Longgang District, Shenzhen

 

P. C.:

 

Legal Representative / Main Principal:
Pan Dangyu 

 

Tel.:

 

Fax: 

 

Opening Bank:

 

Account No.:

 

Credit Grantor: CHINA MINSHENG BANKING
CORP., LTD. SHENZHEN BRANCH (hereinafter referred to as Party B)

 

Address: Minsheng Bank Building, Xinzhou
No. 11 Street, Futian District, Shenzhen City

 

P. C.: 518048

 

Legal Representative / Main Principal:
Ou Yangyong 

 

Tel.:

 

Fax:

 

In accordance with the Contract Law,
the Law on Commercial Banks and other relevant laws and regulations, Party A and Party B make and enter into this Contract
upon consensus through consultation on the principles of faithfulness, credit, equality and willingness. Both Parties shall commonly
observe this Contract.

 

Chapter 1 Credit Line and Category

 

Article 1 During the valid credit period
specified in this Contract, the highest credit line Party A may apply Party B for use is (in words) twenty million Yuan
only, adopting RMB as the currency.

 

The line under this Contract shall:

 

 ̈
be used by Party A;

 

 ̈
be used by Party A and its subordinate wholly-owned or holding companies (hereinafter referred to as its subsidiary companies).
Refer to annex 1 for the list of subsidiary companies which can use the comprehensive credit line;

 

Credit line hereunder means the net amount
after deducting the deposit. In other words, the equal financing used after Party A or a third party other than Party A pays the
deposit (or pledge of deposit) may not occupy the said line.

 

Article 2 The highest credit line hereunder
shall be used for the following credit category:

 

    	 

    	 

    

 

	RMB business: x (1) loan;	 	 
	 	 	 
	þ (2) Acceptance of draft;	 	 
	 	 	 
	x (3)
Discount of draft;	 	 
	 	 	 
	þ (4)
Letter of guarantee;	 	 
	 	 	 
	x (5) Others:	 	 
	 	 	 
	Trade financing business: x (1) foreign currency loan;
	 	 	 
	þ (2) Letter of guarantee;	 	 
	 	 	 
	x (3) Outward documentary bill;	 	 
	 	 	 
	x (4) Discount of bill;	 	 
	 	 	 
	x (5) Acceptance of draft;	 	 
	 	 	 
	x (6) Opening of L/C;	 	 

  

	x (7) Others:	 	 
	 	 	 	 
	Other business:	 	 	 

 

Chapter 2 Credit Term

 

Article 3 The effective term of the highest
credit line specified in Article 1 herein shall be one year, from May 22, 2014 to May 22, 2015.

 

Article 4 Party B is entitled to examine
the use of the credit line hereunder at any time. In case of any event of default as specified in Chapter 7 herein, Party B shall
have the right to adjust the credit term.

 

Chapter 3 Guarantee 

 

Article 5 In order to ensure repayment
of the creditor’s rights produced herein, the following one or several guarantees are adopted:

 

þ
The guarantor Shupeng Technology (Shenzhen) Co., Ltd. and Party B conclude a Maximum Guarantee Contract of 2014
SHJZBZEZ No. 014-1;

 

x
The Mortgagor and Party B (i.e. the Mortgagee) conclude a Maximum Guarantee Contract of No. ;

 

x
The Pledgor and Party B (i.e. the Pledgee) conclude a Maximum Guarantee Contract of No. ;

 

x
Party A shall provide maximum guarantee for the credit line used by the subsidiary company listed in the annex.

 

þ Others: the
Guarantor Huizhou Highpower Technology Co., Ltd. and Party B conclude a Maximum Guarantee Contract of 2014
SHJZBZEZ No. 014-2;

 

The Guarantor Pan Dangyu and Party B conclude a Maximum
Guarantee Contract of 2014 SHJZBZEZ No. 014-3;

 

    	 

    	 

    

 

Article 6 When Party A and Party B concludes
a specific business contract hereunder, Party B has the right to demand Party A to provide any security other than that specified
in Article 5 herein.

 

Article 4 Use of Credit Line

 

Article 7 Within the credit term and highest
credit line specified herein, Party A may use the credit line once or several times. If Party B complies with the stipulations
of this Contract through review, Party B shall conclude a relevant specific credit granting business contract or agreement with
Party A (hereinafter referred to as the specific business contract).

 

Article 8 The accumulative balance of
all the credit lines used by Party A (the accumulative amount of principals used and not repaid) shall not exceed the highest
credit line at any time within the credit term.During the credit term, Party A may apply for reusing the credit line that Party
A has repaid. The credit line not used during the credit term shall be cancelled automatically when the credit term expires.

If Party A fails to perform its obligations
under this Contract or under the specific business contract, Party B shall have the right to stop Party A continuously using the
remaining credit line.

 

Article 9 Party A must use credit lines
within the credit term specified in Article 3 herein. The date of use of a credit line shall not be later than the deadline of
the credit term (if the business type specified in the specific business contract is loan/import and export bill purchase, the
date of release of each loan shall not be later than the deadline; if the business type specified in the Main Contract is acceptance
of bill/discount/ opening of L/C/ opening of letter of guarantee (or letter of guarantee for the release of goods), the date of
draft of acceptance of bill/discount/ opening of L/C/ opening of letter of guarantee (or letter of guarantee for the release of
goods) shall not be later than the deadline). In case of adjustment of the credit term, the deadline shall be the deadline after
this adjustment. The use term of each credit line shall accord with the specific business contract.

 

Article 10 When this Contract becomes
effective, Party A may not use any line hereunder until it meets the following preconditions simultaneously, or Party B shall
have the right to refuse conclusion of a specific business contract with Party A.

 

10.1 Party A has provided documents according
to Party B’s requirements, including but not limited to: Party A’s business license, organization code certificate
and tax registration certificate which are qualified through annual inspection; Party A’s current effective articles of
association; identity certificate and a photocopy of the OD card of the Company's legal representative;

 

10.2 Guarantee-related documents as the
credit guarantee hereunder are effective, and the mortgage right/pledge right has been established;

 

10.3 Party A has never conducted any event
of default, or Party A has conducted any event of default but the default has been solved satisfying Party B or has been exempted
by Party B;

 

10.4 Party A’s commitments given
in Chapter 5 herein have been kept prior to the date of withdrawal;

 

    	 

    	 

    

 

10.5 Party A’s financial conditions
when the credit line is applied for use are basically the same as those when this Contract is signed, and there is no material
adverse change;

 

Article 11 The expenses which should be
charged under bills, letter of guarantee, international trade financing and other related business, the discount rate under discount
of bills, and the interest rate and exchange rate which should be determined in inward and outward documentary bills shall be
agreed by Party A and Party B in each specific business contract.

 

Article 12 In case of any discrepancy
between this Contract and the specific business contract made and entered into by and between Party A and Party B, the specific
business contract shall prevail.

 

Chapter 5 Party A’s Commitments

 

Article 13 Party A’s use of the
credit line shall comply with the provisions of laws and the stipulations of this Contract and the specific business contract,
and Party B is entitled to check the situations of the specific business at any time.

 

Article 14 During the credit use period
(from the date of signature of this Contract to the date when Party B’s all creditor’s rights are compensated), Party
A shall report true financial statements and all relevant information concerning the opening bank, account number and deposit
and loan balances according to Party B’s requirements.

 

Article 15 If providing security for any
other’s debts, Party A shall notify Party B in advance, and the performance of the specific business contract made and entered
into with Party B shall not be affected.

 

Article 16 During the credit use period,
Party A shall notify Party B 30 days in advance if Party A conducts activity of asset reorganization by means of merger, acquisition,
consolidation and division, or any activity changing its operation right in any form, such as contracting and lease, or any activity
changing its organization and operation method, or any activity for selling, transferring or disposing its any material asset
or equipment in other forms and making major investment. Party A shall repay Party B’s creditor’s rights in advance
or implement the responsibility of repaying creditor’s rights according to Party B’s requirements.

 

Article 17 In case of any event which
endangers Party A’s normal operation or constitutes any major threat to performance of the obligation of repayment hereunder
(including but not limited to the events specified in sub-clause 10.3 herein), Party A shall notify Party B immediately in written
form.

 

Article 18 In case of change of the domicile
or business site of the legal person of Party A, or increase or decrease of Party A’s registered capital, or change of Party
A’s legal representative and other senior management personnel, Party A shall notify Party B within seven days after occurrence
of the change.

 

Article 19 Party A shall repay on time
the principal and interests of the funds of the specific business under the credit line and pay on time the expenses payable.

 

Article 20 If Party A uses international
trade financing credit line (including packing loan, import and export bill purchase, opening of L/C, letter of guarantee, discount
of bill and acceptance of bill of exchange), Party A shall ensure:

 

    	 

    	 

    

 

1. the settled amount of the import and
export business conducted through Party B during the credit period shall not be less than RMB ________________  Yuan, of which the settled
amount of the export business shall not be less than RMB   Yuan;

 

2. When the business is conducted, the
latest Uniform Customs and Practice for Documentary Credits, the Uniform Rules for Collections and other related
international practices prevailing when this Contract is signed shall be strictly observed. Party B’s reputation and interest
shall not be damaged due to any business dispute.

 

Chapter 6 Party B’s Commitments

 

Article 21 If Party A’s application
for use of a credit line complies with the stipulations of this Contract, Party B shall approve and perform the application timely
according to the specific business contract signed.

 

Article 22 Party B shall not make adjustment
of the credit term and the highest credit line bad for Party A, unless otherwise specified in Chapter 7 of this Contract.

 

Chapter 7 Adjustment of Credit Line
and Acceleration

 

Article 23 Under the following circumstances
during the performance period of this Contract, Party B is entitled to adjust or cancel a credit line, and demand Party A to prepay
all the borrowings having been withdrawn by Party A under this Contract:

 

23.1 Party A’s operating status
is worsen or Party A has any major operational difficulty;

 

23.2 there is any major change of the
market related to Party A’s operation;

 

23.3 there is any major adjustment of
relevant national policies;

 

23.4 Party A violates any other contract
or agreement concluded with others, or Party A makes any commitment or warranty unilaterally, which constitutes breach of other
debts or other debts have been or may be announced acceleration by other creditor;

 

23.5 the guarantee capacity of the guarantor
hereunder becomes obviously insufficient, or the guarantor violates the guarantee contract, or the guarantor violates any obligation
specified in the commitments given by the guarantor, or the pledged or mortgaged property hereunder is damaged or its value is
obviously decreased, and Party A fails to provide a new guarantee required according to Party B’s requirements;

 

23.6 during the valid period of this Contract,
Party A expressly indicates or indicates by acts that Party A is unable to or fails to perform its obligations specified in this
Contract, the specific business contract or Party A’s commitments;

 

23.7 Party A provides Party B with any
balance sheet, statement of profits and losses and other important materials which contain false information or conceal important
facts, or Party A refuses Party B’s supervision on Party A’s use of the credit line and relevant production, operation
and financial activities;

 

23.8 Party A transfers its assets, withdraws
funds, evades debts or has any other behavior which damages Party B’s rights and interest;

 

    	 

    	 

    

 

23.9 there is any major change of Party
A’s financial conditions, or Party A is involved in litigation, arbitration, administrative punishment or other judicial
administrative proceedings, which may have adverse impact for Party A on the execution of this Contract;

 

23.10 there are any other circumstances
under which Party A loses or may lose its ability to perform obligations;

 

23.11 Party A violates its any commitment
given in Chapter 5 herein or fails to perform its obligations under this Contract or the specific business contract.

 

Article 8 Effectiveness of Contract

 

Article 24 This Contract shall become
effective when both Parties’ legal representatives/main principals or authorized agents sign or seal and both Parties affix
their official seals/special contract seals.

 

Chapter 9 Dispute Settlement

 

Article 25 Any and all disputes between
Party A and Party B arising from and in connection with the execution of this Contract and/or the specific business contract shall
be governed by the court at the location where Party B is located, except that there are additional stipulations in the specific
business contract for governing of disputes under this Contract.

 

Chapter 10 Supplementary Provisions

 

Article 26 All the specific business contracts
concluded between Party A or its subsidiary companies listed in Annex 1 of this Contract and Party B for each specific credit
granting business on the basis of this Contract shall be deemed as an integral part of this Contract and constitute this Contract
as a whole.

 

Article 27 The Contract has been
made out in three originals for Party A, Party B and the guarantor each holding one, which shall be equally authentic.

 

Article 28 When this Contract is signed,
Party B has explained and interpreted in details all the terms and conditions of this Contract to Party A, and both Parties have
no objection to the terms and conditions of this Contract. Both Parties have accurate understanding of the legal meaning of their
corresponding rights and obligations, limitation of responsibilities or disclaimers. 

 

Article 29 Other provisions agreed by
both Parties

 

The credit category under this Contract
includes: bank acceptance bills, with the single deposit ratio not lower than 30% and the maximum term not exceeding 6 months
(the maximum term for bank acceptance bill is 12 months); financing letter of guarantee, with the single deposit ratio not lower
than 50%. Shupeng Technology (Shenzhen) Co., Ltd., Huizhou Highpower Technology Co., Ltd. and Party A’s legal representative
Pan Dangyu shall provide joint liability for Party A’s warranty guarantee for Party B’s debts under this Contract.

 

Article 30 The credit lines granted to
Party A and/or its subsidiary companies in accordance with the Comprehensive Credit Granting Contract or any other contract
(“Original Credit Granting Contract”) prior to the signature of this Contract may be performed continuously according
to the Original Credit Granting Contract and the relevant specific business contract. However, the outstanding credit line under
the Original Credit Granting Contract shall be included in the highest credit line specified in Article 1 herein for calculation
and management.

 

    	 

    	 

    

 

Article 31 Both Parties agree and authorize
Party B irrevocably to report relevant information to the financial credit information database established by the State. Such
information shall include the name, registered address and other related information of this institution, the transaction records,
credit information and bad information (including failure to perform obligations of this Contract, the institution’s performance
of obligations and enforcement ruled or judged by the people’s court, and other relevant bad information prescribed by laws
and regulations) generated during business activities and performance activities of this institution under this Contract. 

 

This Contract is signed by Party A and
Party B in Shenzhen.

 

Party A: SHENZHEN
HIGHPOWER TECHNOLOGY CO., LTD. (Seal) (Seal)

Legal Representative / Main Principal:
Pan Dangyu (Signature)

(Or Authorized Agent) (Signature or Seal)

Date: May 13, 2014

 

Party B: CHINA
MINSHENG BANKING CORP., LTD. SHENZHEN BRANCH (Seal) (Seal)

Legal Representative / Main Principal:

(Or Authorized Agent) (Signature or Seal)

Date: May 22, 2014

 

Annex:

 

List of subsidiary companies agreed by
the Credit Receiver (Party A) for using the lines under the Comprehensive Credit Granting Contract:

 

	1. Full name of the Company:	 	 	 
	Address:	 	 	 
	Legal Representative:	 	 	 
	P. C.:	Tel.:	 	Fax:
	Opening Bank:	 	Account No.:	 
	2. Full name of the Company:	 	 	 
	Address:	 	 	 
	Legal Representative:	 	 	 
	P. C.:	Tel.:	 	Fax:
	Opening Bank:	 	Account No.:	 
	3. Full name of the Company:	 	 	 
	Address:	 	 	 
	Legal Representative:	 	 	 
	P. C.:	Tel.:	 	Fax:
	Opening Bank:	 	Account No.:	 
	4. Full name of the Company:	 	 	 
	Address:	 	 	 
	Legal Representative:	 	 	 
	P. C.:	Tel.:	 	Fax:
	Opening Bank:	 	Account No.:	 
	5. Full name of the Company:	 	 	 
	Address:	 	 	 
	Legal Representative:	 	 	 
	P. C.:	Tel.:	 	Fax:
	Opening Bank:	 	Account No.:	 

 

Note: the Credit Receiver shall affix
its official seal on this page. Where there is any control of the line for use by a subsidiary company, a limit may be indicated
or another page may be made for format explanation.

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