Document:

Exhibit
10.1

    English
Summary

    of

    Equity
Transfer Agreement

    

    This
Equity Transfer Agreement (hereinafter referred to as the “Agreement”)
is made by the following parties in Jinzhou City, Liaoning Province, China on
January 18, 2010.

    

    Between: Novophalt (China)
Limited, a corporation duly formed under the laws of British Virgin Islands with
its legal address at Palm Grove House, P.O. Box 438, Road Town, Tortola, British
Virgin Islands (hereinafter referred to as the “Seller”);

    

    AND: Wonder Auto Limited, a
corporation duly formed under the laws of the British Virgin Islands with its
legal address at P.O. Box 957, Offshore Incorporations Centre, Road Town,
Tortola, British Virgin Islands, its authorized representative and board
chairman (hereinafter referred to as the “Purchaser”,
and together with the Seller, the “Parties”);

    

    WHEREAS,

    
      	
              A.

            	
              Jinheng
      Automotive Safety Technology Holdings Limited (hereinafter referred to as
      “Jinheng
      Holdings”), a corporation duly formed under the laws of Cayman
      Islands, is a high-tech automotive parts company listed on the Hong Kong
      Stock Exchange. Jinheng Holding is primarily engaged in the manufacturing
      and sales of automotive engine electronic injection management systems
      (EMS), and components of diesel
engines;

            

    

    

    
      	
              B.

            	
              Applaud
      Group Limited (hereinafter referred to as “Applaud
      Group”), a corporation duly formed under the laws of British Virgin
      Islands, is a 52.20% shareholder of Jinheng
  Holdings;

            

    

    

    
      	
              C.

            	
              The
      Seller owns 20.90% of Applaud Group, thereby, indirectly owns 10.91% of
      Jinheng Holdings. The Seller has no assets and business other than its
      ownership of Applaud Group;

            

    

    

    
      	
              D.

            	
              The
      Seller desires to sell its 20.90% ownership in Applaud Group to the
      Purchaser on terms and conditions stipulated in this Agreement, and the
      Purchaser desires to buy the Seller’s 20.90% ownership in Applaud Group,
      thereby, indirect ownership of 10.91% of Jinheng
  Holdings;

            

    

    

    
      	
              E.

            	
              On
      January 18, 2010, the board of directors of the Seller has approved the
      sales of its 20.90% ownership in Applaud Group to the Purchaser and to
      sign this Agreement;

            

    

    

    
      	
              F.

            	
              On
      January 15, 2010, the board of directors of the Purchaser has approved the
      purchase of the Seller’s 20.90% ownership in Applaud Group and to sign
      this Agreement;

            

    

    

    
      	
              G.

            	
              The
      Parties agree that the Purchaser shall enjoy the rights of shareholder
      attached to the Seller’s equity interest in Applaud Group starting from
      January 1, 2010.

            

    

    

    NOW,
THEREFORE, the Parties reached this Agreement as follows:

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    Article
1. Transfer of the Equity Interest to the Purchaser

    

    
      	
              1.1

            	
              Purchase
      and Sales

            

    

    The
Seller agrees to sell to the Purchaser and the Purchaser agrees to purchase from
the Seller the 20.90% equity interest in Applaud Group owned by the Seller (the
“Shares to
be Transferred”).

    

    
      	
              1.2

            	
              Purchase
      Price

            

    

    The
purchase price for this Shares to be Transferred (the “Purchase
Price”) is Hong Kong Dollar Sixty Two Million Nine Hundred and Fifteen
Thousand and Eighty Six (HK$62,915,086.00).

    

    
      	
              1.3

            	
              Time
      and Method of Payment

            

    

    
      	
            	
              (a)

            	
              The
      Purchaser shall effect payment of Purchase Price to the Seller in
      equivalent U.S. dollars to the bank account designated by the Seller on or
      before February 15, 2010. The exchange rate is based on the middle price
      announced by the People’s Bank of China at the payment
    date.

            

    

    
      	
            	
              (b)

            	
              The
      Parties agree that the Purchase Price shall be paid in U.S. dollars in
      cash. If the Seller deems necessary, the Seller may direct the Purchase to
      make the Purchase Price to its designated individual or other
      entity.

            

    

    

    Article
2.  Effective Date and Closing Date

    

    
      
        	
                2.1

              	
                Effective
      Date

              

      

    

    
      	
               
      

            	
              This
      Agreement shall become effective upon signing by representatives of the
      Parties, and the signing date shall be deemed as the effective
      date.

            

    

    

    
      	
              2.2

            	
              Documents
      Delivered by the Seller before the Signing of the
    Agreement:

            

    

    
      	
            	
              (a)

            	
              The
      Seller’s internal approval;

            

    

    
      	
            	
              (b)

            	
              The
      Seller’s charter documents (business license and commercial
      registration).

            

    

    

    
      	
              2.3

            	
              Documents
      Delivered by the Purchaser before the Signing of the
      Agreement:

            

    

    
      	
            	
              (a)

            	
              The
      Purchaser’s internal approval;

            

    

    
      	
            	
              (b)

            	
              The
      Purchaser’s charter documents (referred to as the business license and
      commercial registration).

            

    

    

    Article
3. Closing

    

    
      	
              3.1

            	
              Closing

            

    

    The
Closing means the completion of the share transfer stipulated in this
Agreement.

    

    
      	
              3.2

            	
              Closing
      Date

            

    

    The
Parties agreed that the Closing shall be done in accordance with terms in this
Agreement, and the Effective Date shall be the Closing Date.

    

    3.3  
With the time period designated by the Purchaser, the Seller shall provide the
Purchaser with the updated shareholders registration evidencing that the
Purchaser has become the 20.90% shareholder of the Applaud Group.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Article
4. Representation, Warranties and Covenants

    

    4.1 Each
of the Seller and the Purchaser represents and warrants to the other Party as
follows:

      
   (a) It is a corporation duly organized, validly existing and
in good standing under the laws of the jurisdiction in which it is
organized.

       
  (b) It has the requisite corporate power and authority to execute,
deliver this Agreement and to consume the transactions contemplated by this
Agreement;

    
          
 (c) It has already taken all the necessary corporate actions to authorize
the signing of this Agreement, and the representative has full authority the
sign this Agreement;

    

    
       
    (d) Upon signing by the authorized representatives of
the Parties, this Agreement shall be enforceable against the relevant
Party.

    

    

    4.2 The
Seller covenants and agrees that:

         
The Seller is the sole legal and beneficial owner of the Shares to be
Transferred and, as of the Closing Date, holds all the Shares to Be Transferred
free and clear of any liens, encumbrances, pledges, security interests or other
restrictions or claims of any kind or character.

    

    4.3
Purchaser covenants and agrees that:

      
   The fund to pay for the Purchase Price is legally owned by the
Purchaser.

    

    Article
5. Confidentiality

    

    5.1
Confidentiality obligations

         
The Parties shall not disclose any commercial confidential information received
from the other Party in connection with this Agreement to any third parties and
shall not use such information for any purpose other than this Agreement, except
disclosures as required by the applicable laws and regulations, including the
disclosure in current report in Form 8-K with the U.S. securities exchange
commission.

    

    5.2
Commercial Confidential Information

      
   For the purpose of this Article 5, the commercial confidential
information means the business operation, commercial strategy, commercial plan,
investment plan, product, sales, customer, employee, marketing, technology,
finance, or other related information in verbal or written form, including, but
not limited to, the reports, records and all the duplicates of such information
(including electronic copies), duplicates and translations.

    

    5.3
Duration of confidential obligations

      
   The Parties’ obligations under this Article 5 shall survive
the termination of this Agreement.

    

    Article
6. Force Majeure

    

    6.1 Force
Majeure

         
If performance of this Agreement in whole or in part is prevented, restricted or
interfered with by reason of an earthquake, storm, flood, fire, war, strike or
any other cause beyond the reasonable control of the Parties (each a “Force Majeure
condition”).

    

    6.2
Notice

         
The party in Force Majeure conditions shall provide to the other Party a valid
evidentiary document setting forth in detail the Force Majeure Condition within
fifteen (15) days, its expected duration and the consequences
thereof.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    6.3
Dispute Resolution

         
The Parties shall consult with each other so as to avoid or minimize any adverse
effect of any Force Majeure Condition on this Agreement or the transactions
contemplated hereunder, and the Parties shall try their best to avoid or reduce
damages cause by consultation.

    

    Article
7. Liabilities for Breach of Contract

    If a
Party breaches its representations, warranties, covenants or obligations
hereunder, the breaching party shall be liable for all damages incurred by
non-breaching party therefrom.

    

    Article
8. Notice

    

    A party
shall deliver notice to the other Party via messenger, facsimile, air or express
mail.

    

    Article
9. Governing Laws

    

    This
Agreement shall be construed and governed in accordance with the laws of the
People’s Republic of China.

    

    Article
10. Dispute Resolution

    

    Any
dispute arising from or in connection with this Agreement shall be submitted to
the China International Economic and Trade Arbitration Commission for
arbitration which shall be conducted in accordance with the commission’s
arbitration rules in effect at the time of applying for arbitration in Beijing,
China. The arbitral award is final and binding upon both parties.

    Article
11. Miscellaneous

    

    11.1
Amendment

           
This Agreement can be amended only by written agreement between the
Parties.

    

    11.2
Copy

           
This Agreement is written and executed in Chinese in four (4) original copies,
two for each Party with the same equal legal effect.

    

    Seller:  Novophalt (China)
Limited

    

    
      
        
          
            
              
                
                  	
                          Representative’s
      Signature:

                        	
                          /s/ Yuquan Zhou

                        	 
	 
      	 
      	 
	
                          Purchaser:  Wonder Auto
      Limited

                        	 
	 
      	 
      	 
	
                          Representative’s
      Signature:

                        	
                          /s/ Qingjie Zhao

                        	 

                

              

            

          

        

      

       

      
        

      

       

    

    
      
        
        

      

      
        4Exhibit
10.2

    English
Summary

    of

    Equity
Transfer Agreement

    

    This
Equity Transfer Agreement (hereinafter referred to as the “Agreement”)
is made by the following parties in Jinzhou City, Liaoning Province, China on
January 18, 2010.

    

    Between: Wonder Employee
Capital Limited, a corporation duly formed under the laws of British Virgin
Islands with its legal address at P.O. Box 957, Offshore Incorporations Limited
Centre, Road Town, Tortola, British Virgin Islands (hereinafter referred to as
the “Seller”);

    

    AND: Yearcity Limited, a
corporation duly formed under the laws of the British Virgin Islands with its
legal address at P.O. Box 957, Offshore Incorporations Centre, Road Town,
Tortola, British Virgin Islands, its authorized representative and board
chairman (hereinafter referred to as the “Purchaser”,
and together with the Seller, the “Parties”);

    

    WHEREAS,

    
      	
              A.

            	
              Jinheng
      Automotive Safety Technology Holdings Limited (hereinafter referred to as
      “Jinheng
      Holdings”), a corporation duly formed under the laws of Cayman
      Islands, is a high-tech automotive parts company listed on the Hong Kong
      Stock Exchange. Jinheng Holding is primarily engaged in the manufacturing
      and sales of automotive engine electronic injection management systems
      (EMS), and components of diesel
engines;

            

    

    

    
      	
              B.

            	
              Applaud
      Group Limited (hereinafter referred to as “Applaud
      Group”), a corporation duly formed under the laws of British Virgin
      Islands, is a 52.20% shareholder of Jinheng
  Holdings;

            

    

    

    
      	
              C.

            	
              The
      Seller owns 17.46% of Applaud Group, thereby, indirectly owns 9.11% of
      Jinheng Holdings. The Seller has no assets and business other than its
      ownership of Applaud Group;

            

    

    

    
      	
              D.

            	
              The
      Seller desires to sell its 17.46% ownership in Applaud Group to the
      Purchaser on terms and conditions stipulated in this Agreement, and the
      Purchaser desires to buy the Seller’s 17.46% ownership in Applaud Group,
      thereby, indirect ownership of 9.11% of Jinheng
  Holdings;

            

    

    

    
      	
              E.

            	
              On
      January 18, 2010, the board of directors of the Seller has approved the
      sales of its 17.46% ownership in Applaud Group to the Purchaser and to
      sign this Agreement;

            

    

    

    
      	
              F.

            	
              On
      January 15, 2010, the board of directors of the Purchaser has approved the
      purchase of the Seller’s 17.46% ownership in Applaud Group and to sign
      this Agreement;

            

    

    

    
      	
              G.

            	
              The
      Parties agree that the Purchaser shall enjoy the rights of shareholder
      attached to the Seller’s equity interest in Applaud Group starting from
      January 1, 2010.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    NOW,
THEREFORE, the Parties reached this Agreement as follows:

    

    Article
1. Transfer of the Equity Interest to the Purchaser

    

    
      	
              1.1

            	
              Purchase
      and Sales

            

    

    The
Seller agrees to sell to the Purchaser and the Purchaser agrees to purchase from
the Seller the 17.46% equity interest in Applaud Group owned by the Seller (the
“Shares to
be Transferred”).

    

    
      	
              1.2

            	
              Purchase
      Price

            

    

    The
purchase price for this Shares to be Transferred (the “Purchase
Price”) is Hong Kong Dollar Fifty Two Million Five Hundred and Thirty
Four Thousand Six Hundred and Seventy One point Eight
(HK$52,534,671.80).

    

    
      	
              1.3

            	
              Time
      and Method of Payment

            

    

    
      	
            	
              (a)

            	
              The
      Purchaser shall effect payment of HK$52,534,671.80 to the Seller in
      equivalent U.S. dollars to the bank account designated by the Seller on or
      before February 15, 2010. The exchange rate is based on the middle price
      announced by the People’s Bank of China at the payment
    date.

            

    

    
      	
            	
              (b)

            	
              The
      Parties agree that the Purchase Price shall be paid in U.S. dollars in
      cash. If the Seller deems necessary, the Seller may direct the Purchase to
      make the Purchase Price to its designated individual or other
      entity.

            

    

    

    Article
2.  Effective Date and Closing Date

    

    
      
        	
                2.1

              	
                Effective
      Date

              

      

    

    
      This
Agreement shall become effective upon signing by representatives of the Parties,
and the signing date shall be deemed as the effective date.

    

    

    
      	
              2.2

            	
              Documents
      Delivered by the Seller before the Signing of the
    Agreement:

            

    

    (a) The
Seller’s internal approval;

    (b) The
Seller’s charter documents (business license and commercial
registration).

    

    
      	
              2.3

            	
              Documents
      Delivered by the Purchaser before the Signing of the
      Agreement:

            

    

    (a) The
Purchaser’s internal approval;

    (b) The
Purchaser’s charter documents (referred to as the business license and
commercial registration).

    

    Article
3. Closing

    

    3.1
Closing

    The
Closing means the completion of the share transfer stipulated in this
Agreement.

    

    3.2
Closing Date

    The
Parties agreed that the Closing shall be done in accordance with terms in this
Agreement, and the Effective Date shall be the Closing Date.

    

    3.3 With
the time period designated by the Purchaser, the Seller shall provide the
Purchaser with the updated shareholders registration evidencing that the
Purchaser has become the 17.46% shareholder of the Applaud Group.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    Article
4. Representation, Warranties and Covenants

    

    4.1 Each
of the Seller and the Purchaser represents and warrants to the other Party as
follows:

    (a) It is
a corporation duly organized, validly existing and in good standing under the
laws of the jurisdiction in which it is organized.

    (b) It
has the requisite corporate power and authority to execute, deliver this
Agreement and to consume the transactions contemplated by this
Agreement;

    
      
        	
              	
                (c)

              	
                It
      has already taken all the necessary corporate actions to authorize the
      signing of this Agreement, and the representative has full authority the
      sign this Agreement;

              

      

    

    
      
        	
              	
                (d)

              	
                Upon
      signing by the authorized representatives of the Parties, this Agreement
      shall be enforceable against the relevant
Party.

              

      

    

    

    4.2 The
Seller covenants and agrees that:

    The
Seller is the sole legal and beneficial owner of the Shares to be Transferred
and, as of the Closing Date, holds all the Shares to Be Transferred free and
clear of any liens, encumbrances, pledges, security interests or other
restrictions or claims of any kind or character.

    

    4.3
Purchaser covenants and agrees that:

    The fund
to pay for the Purchase Price is legally owned by the Purchaser.

    

    Article
5. Confidentiality

    

    5.1
Confidentiality obligations

    The
Parties shall not disclose any commercial confidential information received from
the other Party in connection with this Agreement to any third parties and shall
not use such information for any purpose other than this Agreement, except
disclosures as required by the applicable laws and regulations, including the
disclosure in current report in Form 8-K with the U.S. securities exchange
commission.

    

    5.2
Commercial Confidential Information

    For the
purpose of this Article 5, the commercial confidential information means the
business operation, commercial strategy, commercial plan, investment plan,
product, sales, customer, employee, marketing, technology, finance, or other
related information in verbal or written form, including, but not limited to,
the reports, records and all the duplicates of such information (including
electronic copies), duplicates and translations.

    

    5.3
Duration of confidential obligations

    The
Parties’ obligations under this Article 5 shall survive the termination of this
Agreement.

    

    Article
6. Force Majeure

    

    6.1 Force
Majeure

    If
performance of this Agreement in whole or in part is prevented, restricted or
interfered with by reason of an earthquake, storm, flood, fire, war, strike or
any other cause beyond the reasonable control of the Parties (each a “Force Majeure
condition”).

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    6.2
Notice

    The party
in Force Majeure conditions shall provide to the other Party a valid evidentiary
document setting forth in detail the Force Majeure Condition within fifteen (15)
days, its expected duration and the consequences thereof.

    

    6.3
Dispute Resolution

    The
Parties shall consult with each other so as to avoid or minimize any adverse
effect of any Force Majeure Condition on this Agreement or the transactions
contemplated hereunder, and the Parties shall try their best to avoid or reduce
damages cause by consultation.

    

    Article
7. Liabilities for Breach of Contract

     

    If a
Party breaches its representations, warranties, covenants or obligations
hereunder, the breaching party shall be liable for all damages incurred by
non-breaching party therefrom.

    

    Article
8. Notice

    

    A party
shall deliver notice to the other Party via messenger, facsimile, air or express
mail.

    

    Article
9. Governing Laws

    

    This
Agreement shall be construed and governed in accordance with the laws of the
People’s Republic of China.

    

    Article
10. Dispute Resolution

    

    Any
dispute arising from or in connection with this Agreement shall be submitted to
the China International Economic and Trade Arbitration Commission for
arbitration which shall be conducted in accordance with the commission’s
arbitration rules in effect at the time of applying for arbitration in Beijing,
China. The arbitral award is final and binding upon both parties.

     

    Article
11. Miscellaneous

    

    11.1
Amendment

    This
Agreement can be amended only by written agreement between the
Parties.

    

    11.2
Copy

    This
Agreement is written and executed in Chinese in four (4) original copies, two
for each Party with the same equal legal effect.

    

    Seller:  Wonder Employee Capital
Limited

    

    
      
        
          
            
              
                	
                        Representative’s Signature:

                      	
                        /s/ Qingjie Zhao

                      	 
      
	 
      	 
      	 
      
	
                        Purchaser:  Yearcity
      Limited

                      	 
      
	 
      	 
      	 
      
	
                        Representative’s Signature:

                      	
                        /s/ Meirong Yuan

                      	 
      

              

            

          

        

      

    

     

    
      
        

      

       

    

    
      
         

      

      
        4

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