Document:

Exhibit 10.8

 

Number :0400000928-2016 nian(Henggang)
No. 00045

Working capital loan contract 

 

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

 

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

Person in charge: Duoping Yang   Contact:
Weifeng Tian

Residence (address): East City Center Garden
Street Shops 132, 132A, 133, Henggang Street, Longgang District, Shenzhen   

Zip Code: 518115

Tel 0755 -28433033 Fax 0755 -28858699 E-mail:
/

 

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

Legal representative: Dangyu Pan   Contact:
Sun Xun

Residence (address): Factory A, Chaoshun Industrial
Zone, Renmin Road, Fumin Residential Area, Guanlan, BaoAn District,   

Zip Code: 518000

Tel: 0755 -89686236   Fax:
0755-89686819   E-mail: /

 

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

 

The first part   Basic
Provisions

 

Article 1 The Use of the Loan

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

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

 

Article 2 The Loan Amount and Duration

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

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

 

Article 3 Rate, Interest and Cost

3.1 To determine the RMB loan interest
rates

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

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

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

     

     

    

 

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

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

(3) Floating interest rates. Interest rate
shall be determined by base rate plus floating rate. Base rate is up 5% of national interbank lending rates,and the rate
cannot change during the period.

 

3.2 To determine the foreign exchange
loan interest rates

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

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

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

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

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

(3) Other: /

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

3.4 Late penalty rate under the contract is
150% of the original loan interest rate, penalty interest rate for misappropriation of the loan is 150% of the original loan interest
rate.

 

Article 4 Withdrawal (This
Section Does Not Apply to Loan Cycles)

4.1 Funds should be withdrawn based on the
actual needs, the borrower can make single or multiple withdrawals to the loan amount limit before 25th Sep 2016.

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

 

Article 5 Repayment

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

5.2 If the Borrower prepay the principal in
advance, the borrower should compensate the lender. The compensation should be calculated as: the amount of principle that is prepaid
x the remaining time under the contract (number of months) x 0.1%; the number of months calculated for remaining time should be
rounded to the greater integral number.

 

Article 6 Cycle Loan Special Agreement

Not Applicable.

 

     

     

    

Article 7 Guarantees

7.1 Loans under the contract are guaranteed,
by 2402,Unit 3,Building 3,Dongfangqinyuan 2,Longgang, Hong Kong Highpower Technology Co., Ltd., Huizhou Highpower Technology Co.,
Ltd. and the legal person, Dangyu Pan 's personal joint responsibility for promissory guarantee.

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

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

Guarantor: Huizhou Highpower Technology Co.,
Ltd.

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

Guarantor: Hong Kong Highpower Technology
Co., Ltd.

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

Guarantor: Dangyu Pan

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

Guarantor: Shenzhen Highpower Technology Co.,
Ltd.

 

Article 8 Financial Agreement

Not applicable.

 

Article 9 Dispute Resolution

Dispute resolution under this contract is
resolved through litigation at the court with jurisdiction where the lender is located.

 

Article 10 Other

10.1 Contract is in triplicate, the borrower
has one copy, the lender has two copies, which have the same legal effect.

10.2 The following attachments along with
other attachments mutually recognized form an integral part of this contract, and have the same legal effect as the contract:

Annex 1: Notice of Withdrawal

Annex 2: commission payment protocol

 

Article 11 Other Matters Agreed by the
Parties

Article 11 Other provisions agreed by both
parties

 

11.1 Prior confirmation of address for
service

 

1. The Lender and the Borrower confirm
the following mailing address and method indicated in this Contract as the Borrower’s effective address and method for service
of various notices, letters, and legal documents of the people’s court or arbitration institutions (including but not limited
to summons, notice of trial, written judgment, order, mediation agreement and notice for performance within a time limit, etc.).

 

Borrower’s effective address and
method for service:

 

Address for service: (1) Zip Code: 518000;
Legal Domicile: Workshop Building A, Shunchao Industrial Zone, Renmin Road, Danhu Community, Guanlan Street, Bao’an District,
Shenzhen City

 

     

     

    

Legal Representative (Principal) or Designated
Recipient: Pan Dangyu

 

Tel. (Office/Residential/Mobile): 13510066248

 

Other methods: /

 

2. The Borrower ensures that the address
for service given above is accurate and effective. In case of change of the address for service given above, the Borrower ensures
to notify the Lender in written form within 10 working days after the change, or the service given according to the address given
above shall remain effective and the Borrower shall bear all legal consequences arising therefrom.

 

3. In the event that a document cannot
be served but is returned because the Borrower’s address for service is incorrect or is changed without timely notifying
the Lender in written form and the document is not signed or is rejected, the Borrower shall agree the date of return as the date
of service (if different mails to different addresses are returned on different dates, the date which is later shall be adopted).

 

/

 

/

 

/

 

 

The second part   Specific
Provisions

 

Article 1 Rate and Interest

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

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

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

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

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

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

 

     

     

    

Article 2 Loan Withdrawal and Release

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

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

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

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

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

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

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

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

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

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

 

Article 3 Repayment

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

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

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

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

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

 

     

     

    

Article 4 Cycle Loan 

Not applicable.

 

Article 5 Guarantee

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

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

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

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

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

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

 

Article 6 Account Management

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

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

 

Article 7 Representations and Warranties

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

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

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

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

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

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

7.6 The borrower provides to the lender's
financial and accounting reports are prepared under Chinese accounting standards, true, fair and complete reflection of the borrower's
operations and liabilities, and the borrower's financial situation has not any material adverse change since the most recent financial
reporting period. 7.7 The borrower has not concealed to the lender any litigation, arbitration or claim involved.

 

     

     

    

Article 8 Borrower Commitment

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Article 9 Lender Commitment

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

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

 

     

     

    

Article 10 Breach of Contract

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

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

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

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

 

     

     

    

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

 

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

 

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

 

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

 

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

 

Article 11 Deduction

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

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

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

 

Article 12 Transfer of Rights and Obligations

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

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

 

     

     

    

Article 13 Effect, Change and Terminate
of This Contract

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

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

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

 

Article 14 Law and Dispute Resolution

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

 

Article 15 Complete Contract

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

 

Article 16 Notice

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

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

 

Article 17 Special Provisions for Value-added
Tax

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

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

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

     

     

    

 

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

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

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

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

Article 18 Miscellaneous

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

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

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

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

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

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

     

     

    

 

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

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

 

Lender (Seal): Industrial and Commercial Bank
of China Limited Shenzhen Henggang Sub-branch

Industrial and Commercial Bank of China Limited
Shenzhen Henggang Sub-branch (Seal)

Person in Charge/Authorized Agent: Yang Duoping
(Seal)

 

 

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

Springpower TECHNOLOGY (SHENZHEN) CO., LTD.
(SEAL)

Legal Representative/Authorized Agent: Pan
Dangyu (Seal)

 

Date of Signature: June 29, 2016Exhibit 10.8(a)

 

Contract No.: 0400000928-2016 N.H.G.(D.)Z.
No. 0024

 

Maximum Mortgage Contract

 

Important hint: this Contract has been
concluded and enacted by and between the parties hereto on the basis of equality and willingness. All terms and conditions of this
Contract are the presentation of the parties’ true meaning. To protect the Mortgagor’s lawful rights and interests,
the Creditor hereby proposes the Mortgagor to pay full attention to the terms and conditions in bold.

 

Mortgagee: Industrial and Commercial
Bank of China Shenzhen Henggang Sub-branch (hereinafter referred to as Party B)

 

Person in Charge: Yang Duoping

 

Business Address: 132, 132A and 133,
Skirt Building, Dongcheng Central Park, Henggang Street, Longgang District, Shenzhen 

 

Tel. and Fax:

 

Mortgagor: Shenzhen Highpower Technology
Co., Ltd. (hereinafter referred to as Party A)

 

Legal Representative: Pan Dangyu

 

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

 

Tel. and Fax:

 

In order to ensure the realization of the
creditor’s right of Party A, Party B is willing to provide guaranty of mortgage (counter guarantee) for Party A. To specify
both parties’ rights and obligations, in accordance with this Contract Law, the Guarantee Law, the Property
Law and other relevant laws and regulations, Party A and Party B make and enter into this Contract through unanimity through
equal consultation.

 

Article 1 Principal Creditor’s Right
Guaranteed

 

1.1 The principal creditor’s right
guaranteed by Party B shall be the creditor’s right reserved by Party A on the Debtor in accordance with the domestic and
foreign currency loan contract, contract of transferring foreign exchange to loan, bank acceptance agreement, L/C issuing agreement/contract,
guarantee issuing agreement, international and domestic trade financing agreement, forward foreign exchange settlement and sales
agreement, and other financial derivative product agreements and documents (hereinafter referred to as the Main Contract) made
and entered into by and between Party A and Shupeng Technology (Shenzhen) Co., Ltd. (hereinafter referred to as the Debtor)
within the maximum balance of CNY25,000,000.00 (in words: CNY Twenty-Five Million Only (where the amount in words
is different from the amount in figures, the amount in words shall prevail) during the period from June 8, 2016 to June
8, 2021 (including the starting date and the date of expiry), no matter whether the creditor’s right is due prior to
the expiration of the aforesaid period or it has been established prior to the establishment of the maximum mortgage.

 

1.2 The term “maximum balance”
mentioned in the preceding paragraph means the sum of all CNY balances converted from creditor's right in different currencies
according to the middle rate of foreign exchanged issued by Party A on the date of establishment of the principal creditor’s
right that Party B bears liability of guarantee.

 

Article 2 Scope of Guaranty of Mortgage

 

The scope of guaranty of maximum mortgage
shall include the principal and interest of the principal creditor’s right, compound interest, default interest, penalty,
damages, exchange losses (losses arising from change of exchange rate) and expenses for realization of mortgage right (including
but not limited to legal cost, attorney fee, appraisal cost, auction cost and sales cost). However, the expenses for realization
of mortgage right shall be firstly deducted from the incomes from liquidation of the mortgaged property but shall not be included
in the maximum balance as set forth in sub-clause 1.1. 

     

     

    

Article 3 Mortgaged Property

 

3.1 Refer to the List of Mortgaged Property
for the mortgaged property. As an annex to this Contract, the List of Mortgaged Property shall be equally authentic with
this Contract.

 

3.2 The validity of Party A’s mortgage
right comes up to the ancillary component, accessory rights, appurtenance, additives, natural and legal fruits and subrogation
of the mortgaged property, as well as the insurance money, compensation and damages arising from damage to, loss of or requisition
of the mortgaged property.

 

3.3 In the event that the mortgaged property
is detained by the people’s court due to the Debtor’s failure to perform the debt due or due to occurrence of situations
where mortgage right may be realized as agreed herein, from the date of detaining, Party A shall have the right to charge natural
and legal fruits derived from the mortgaged property. The fruits shall be firstly used for deducting the expenses for charging
fruits.

 

3.4 Stipulations for the value of the mortgaged
property stipulated in the List of Mortgaged Property shall not be deemed as evaluation basis for the Lender to dispose
the mortgaged property nor restrict the Lender to exercise its mortgage.

 

3.5 The ownership certificate and relevant
materials of the mortgaged property shall be kept by Party A upon common confirmation by Party A and Party B, except as otherwise
prescribed by laws and regulations.

 

3.6 During the duration of the mortgage
right, Party B shall maintain the mortgaged property under sound conditions but shall not use the mortgaged property unreasonably
to devalue the mortgaged property. Party A shall have the right to check the management and use status of the mortgaged property.

 

3.7 In the event that the mortgaged property
is damaged, lost or expropriated, Party B shall notify Party A immediately and provide Party A timely with the documents of proving
damage, loss or expropriation of the mortgaged property issued by the relevant competent authority or department.

 

3.8 In the event that the mortgaged property
is damaged, lost or expropriated, the insurance benefits, compensatory damages or compensation obtained by Party B shall be used
for prepaying the Debtor’s debt under the Main Contract, or upon Party A’s consent, be used for recovering the value
of the mortgaged property or being deposited in the account designated by Party A for guarantying the performance of the debt under
the Main Contract. The undiminished value of the mortgaged property shall be also guaranteed by the principal creditor’s
right.

 

3.9 Party B shall immediately stop its
behavior, which enables to reduce the value of the mortgaged property. In case of devaluation of the mortgaged property, Party
B shall timely recover the value of the mortgaged property or provide a guarantee equivalent to the value reduced.

 

Article 4 Mortgage Registration

 

Party A and Party B shall go through formalities
for mortgage registration with the relevant mortgage registration authority within 10 days after the signature of this Contract.
Should change of registration be handled by law where there is any change of the registered items, Party A and Party B shall go
through formalities for change of registration timely. The registration expenses shall be borne by Party B, except as otherwise
prescribed by laws and regulations.

 

Article 5 Insurance

 

5.1 Party B shall, within 15 days as of
the signature of this Contract, handle the insurance procedures of the mortgaged property at Party A’s request. In case that
insurance for the mortgaged property cannot be completed once due to reasons attributable to the insurance institution, Party B
shall timely handle renewal procedures to ensure the insurance for the mortgaged property not to be interrupted within the valid
term of this Contract.

 

5.2 The insurance policy shall indicate
that: in case of occurrence of any insured accident, Party A shall be the first payee (first beneficiary) and the insurer shall
directly pay Party A the insurance fund. No terms in the insurance policy may limit the rights and interests of Party A.

 

5.3 Within the valid term of this Contract,
Party B shall not suspend or cancel the said insurances by any reason. In case of suspension of the insurance, Party B shall have
the right to go through insurance formalities on behalf of Party A, and all the expenses arising therefrom shall be borne by Party
A.

 

5.4 Within the valid term of this
Contract, in case of occurrence of any insured accident against the mortgaged property, the insurance indemnities shall be disposed
in accordance with Sub-clause 3.8. 

     

     

    

Article 6 Determination of Principal Creditor’s
Right

 

The creditor’s right guaranteed with
maximum mortgage shall be determined under any one of the following circumstances:

 

A. the term specified in sub-clause 1.1
expires;

 

B. it is impossible to occur a new creditor’s
right;

 

C. the mortgaged property is sealed or
detained;

 

D the Debtor and Party B are announced
bankruptcy or cancelled;

 

E. other circumstances for determination
of creditor’s right as prescribed by law.

 

Article 7 Floating Mortgage

 

7.1 In the event that Party B mortgages
its current and future production equipment, raw materials, semi-finished products or finished products, the Mortgaged Property
shall be determined under any one of the following circumstances:

 

A. the debt performance period expires
and the creditor’s right of Party A is not realized;

 

B. Party B is announced bankruptcy or cancelled;

 

C. there is any circumstance for realization
of Party A’s mortgage right as set forth in sub-clause 8.1.

 

D. there is any other situation which serious
affects realization of the creditor’s right of Party A.

 

7.2 In the event that Party B provides
Party A with maximum mortgage guaranty with the foregoing property, other stipulations of this Contract, as well as the stipulations
of this Article, shall apply.

 

Article 8 Realization of Mortgage Right

 

8.1 Under any one of the following circumstances,
Party A shall have the right to realize the mortgage right:

 

A. the principal creditor’s right
of Party A is mature (including acceleration of maturity) but is not repaid by the Debtor;

 

B. Party B fails to timely recover the
value of the mortgaged property or fails to provide a guarantee equivalent to the value reduced under the circumstances specified
in sub-clause 3.9;

 

C. Party B or the Debtor goes into bankruptcy,
winding-up, dissolution, and liquidation, or ceases its operation for reorganization, or its business license is suspended or canceled;

 

D. Party B fails to follow the principle
of fair transaction and disposes the mortgaged property for which floating mortgage has been set during the production and operation
processes;

 

E. Other circumstances specified by laws
and regulations under which Party A can realize the mortgage right.

 

8.2 When exercising the mortgage right,
Party A may, through consultation with Party B, sell by auction or sell off the mortgaged property and gain compensation firstly
from the funds obtained therefrom, or discount the mortgaged property to repay the debt owed by the Debtor. In the event that Party
A and Party B fail to reach an agreement on the method of realization of the mortgage right, Party A may directly apply to the
people’s court to sell by auction or sell off the mortgaged property.

 

8.3 If the currency of the money obtained
from disposal of the mortgaged property is different from that under the Main Contract, Party B shall repay Party A the creditor’s
right after translating the foreign currency to the currency under the Main Contract according to the applicable exchange rate
announced by Party A.

 

Article 9 Party B’s Representations
and Warranties

 

Party B gives to Party A the following
representations and warranties:

 

     

     

    

9.1 Party B is the owner of the mortgaged
property or the manager authorized by the State and has full right to dispose the mortgaged property. There is no dispute about
the ownership, use right or business management right of the mortgaged property. To provide the guaranty of mortgage for Party
A, all necessary authorizations or approvals have been approved in accordance with the procedures and authorities specified in
the articles of association of the Company, all not in violation of laws, regulations and other relevant provisions.

 

9.2 If Party B is a listed company or a
branch controlled by a listed company, Party B ensures to timely perform information disclosure obligations for the guaranty items
in accordance with the Securities Law, the Share Listing Rules of Stock Exchange, and requirements of relevant laws,
regulations and provisions.

 

9.3 Party B is completely voluntary to
provide the guaranty of mortgage for the Debtor. Representation of Party B’s meaning under this Contract is true. For international
and domestic trade finance, Party B accepts that the basic transaction based on which financing is made is true with no fraud.

 

9.4 The mortgaged property under this Contract
may be mortgaged by law and there shall be no limitation.

 

9.5 Full and reasonable explanation has
been made for flaw of the mortgaged property, if any.

 

9.6 The mortgaged property is not sealed,
detained or supervised by law.

 

9.7 If the mortgaged property is partly
or wholly leased, the fact of mortgage of the mortgaged property shall have been notified to the lessee and the lease of the mortgaged
property shall be notified to Party A in written form.

 

9.8 The mortgaged property is not mortgaged
for any other creditor, or it is mortgaged for other creditor but the establishment of mortgage has been notified to Party A in
written form.

 

9.9 The mortgaged property is not a public
property, or it is a public property but the co-owner’s written consent on matters concerning mortgage has been obtained.

 

9.10 If the principal creditor’s
right guaranteed under this Contract is the international trade financing that Party A provides the Debtor, Party B shall accept
and recognize the relevant international common practice of the relevant business.

 

Article 10 Commitments of Party B

 

Party B makes the following commitments
to Party A:

 

10.1 Under any one of the following circumstances,
Party B shall, unnecessary to obtain Party B’s consent, continue to perform its liability to guarantee under this Contract:

 

A. the Main Contract is modified through
consultation by Party A and the Main Debtor, and the Debtor’s debt is not added or the debt performance term is postponed;

 

B. under international and domestic trade
finance, Party A and the Debtor changes the letter of credit related to the Main Contract, without adding the Debtor’s payment
obligations under the letter of credit, or extending the payment term;

 

C. Party A transfers the principal creditor’s
right and maximum mortgage right.

 

10.2 Without Party A’s written consent,
Party B may not re-establish any form of mortgage and pledge for the mortgaged property hereunder, nor lease, transfer or present
the mortgaged property to any a third person. Party B shall protect the mortgaged property against damage.

 

10.3 Party B shall bear all expenses of
Party A for realizing the mortgaged property under this Contract, including but not limited to legal cost, attorney fee, appraisal
cost, auction cost and sales cost.

 

10.4 Party A’s mortgage right is
or may be infringed by a third party, Party B shall timely give a written notice to Party A and assist Party A against infringement.

 

     

     

    

10.5 Party B shall give positive coordination
to Party A when Party A exercises the mortgage right. There is no barrier to restrict Party A to exercise the mortgage right.

 

10.6 In case of any one of the following
circumstances, Party B shall timely notify Party A:

 

A. where its articles of association, business
scope, registered capital or legal representative is changed, or its equity is changed;

 

B. where it goes into winding-up, dissolution
and liquidation, or its business license is suspended or canceled, or it goes into bankruptcy;

 

C. where there is or may be major economic
dispute, litigation or arbitration; or its property is closed down, detained or supervised lawfully;

 

D. where Party B is a natural person, and
his address, working unit or contact way is changed.

 

10.7 Party B shall timely receive and sign
the written notice given by Party A.

 

10.8 If Party A’s principal creditor’s
right has other guaranty, either provided by the Debtor or a third party, Party A shall be entitled to make a decision on the order
to realize guaranty by itself. Party B commits no to rise a plead. Where Party A waives, changes or loses other guaranty interests
under the Main Contract, Party B’s liability to guarantee shall remain in effect but shall not be invalid or exempted therefrom.

 

10.9 Purchaser’s financing under
the domestic letter of credit, under import letter of credit and import bill advance/import payment for another, in case of any
one of the following circumstances, Party B shall have the obligation of incontestable guaranty of mortgage. Party B shall not,
for any payment obligation under the letter of credit specified by judicial authority or administrative authority, issue stop payment
order or restraining order, or take measures to seal, detain and freeze relevant property of the letter of credit or take other
similar measures to present exemption or defense:

 

A. the designated personnel or the authorized
personnel of Party A has favorably paid according to Party A’s order;

 

B. Party A or its designated personnel
or its authorized personnel has favorably issued a due payment confirmation for the loan under the domestic letter of credit or
has favorably accepted the documents under the import letter of credit;

 

C. the confirming bank of the letter of
credit has favorably performed the payment obligation;

 

D. the negotiation bank of the letter of
credit has favorably made negotiation.

 

10.10 Under shipping guarantee, endorsement
of bill of lading and authorized withdrawal, Party B shall not present exemption or defense due to the Debtor’s rejection
on payment of relevant letter of credit.

 

Article 11 Commitments of Party A

 

Party A makes the following commitments
to Party B:

 

11.1 Party A shall keep confidential the
undisclosed information in the relevant documents, financial data and other relevant materials provided by Party B when performing
obligations under this Contract, except otherwise stipulated by relevant laws and regulations or specified in this Contract.

 

11.2 The incomes from disposal of the mortgaged
property shall be firstly used to pay all debts within the scope of the guaranty of maximum mortgage and the reaming part shall
be timely returned to Party B.

 

Article 12 Breach of Contract

 

12.1 Upon effectiveness of this Contract,
either party’s failure to perform any obligation under this Contract or either party’s violation of any representation,
assurance and promise under this Contract shall constitute a breach of contract. The default party shall compensate the other party
for losses to the other party arising therefrom.

 

12.2 In case that one party violates
this Contract, the other party shall be entitled to take any measures prescribed in the Law of the People’s Republic of
China, and relevant laws and regulations. 

     

     

    

Article 13 Effectiveness, Change and Cancellation

 

13.1 This Contract shall come into force
as of the date of the signature of this Contract and shall expire when the principal creditor’s right of Party A is paid
off.

 

13.2 In case of any change to this Contract,
a written form shall be concluded by and between the parties hereto upon unanimity through consultation. The provisions or agreement
changed shall be deemed as a part of this Contract and shall be equally authentic with this Contract. The terms and conditions
except those changed shall remain in effect. The original terms and conditions shall remain in effect before the effectiveness
of those changed.

 

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

 

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

 

Article 14 Dispute Settlement

 

The formation, validity, interpretation,
execution and settlement of disputes in respect of this Contract shall be governed by the relevant laws of the People's Republic
of China. Any dispute arising from and in connection with this Contract shall be settled by Party A and Party B through friendly
consultation. If a dispute cannot be settled through consultation, the following B shall be adopted for settlement:

 

A. Any and all disputes arising from and
in connection with the execution of this Contract shall be submitted to the Arbitration Committee of Shenzhen for arbitration in
accordance with the current arbitration rules of the Committee. The award of the arbitration shall be final and binding upon the
parties.

 

B. Any and all disputes arising from and
in connection with the execution of this Contract shall be submitted to Shenzhen Court of International Arbitration (South China
International Economic and Trade Arbitration Commission) for arbitration. Arbitration shall be carried out in the Financial Arbitration
Center, Free Trade Zone of South China International Economic and Trade Arbitration Commission. The award of the arbitration shall
be final and binding upon the parties.

 

C. Settlement shall be made by means of
litigation with the local court of Party A.

 

Article 15 Miscellaneous

 

15.1 Without Party A’s written consent,
Party B shall not transfer all or any of its rights and obligations under the Contract.

 

15.2 No failure to exercise or partially
exercise or delay in exercising any right hereunder by Party A shall be deemed as a waiver or change of the right or any other
right or affect Party B to further exercise the right or other rights.

 

15.3 Party B shall be entitled to, in accordance
with relevant laws and regulations, or other regulatory documents or requirements of financial regulators, provide the relevant
information of the Contract and other relevant information for the credit information basic database of the People’s Bank
of China or other credit database established by law for the qualified institutions or individuals to search and use. Party A shall
also have the right to, for the purpose of the conclusion and performance of the Contract, search Party B’s relevant information
through the credit information basic database of the People’s Bank of China or other credit database established by law.

 

15.4 This Contract is made out in three
originals for Party A, Party B and the relevant registration authority each holding one, which shall be equally authentic.

 

Article 16 Other Provisions Agreed by both
Parties

 

16.1 Prior confirmation of address for
service

 

1. Party A and Party B confirm the following
mailing address and method indicated in this Contract as the effective address and method for service of various notices, letters,
and legal documents of the people’s court or arbitration institutions (including but not limited to summons, notice of trial,
written judgment, order, mediation agreement and notice for performance within a time limit, etc.).

 

     

     

    

Party B’s effective address and method
for service:

 

Address for Service:

 

(1) Zip Code: 518000; Legal Domicile:
Bldg. 1, No. 68, Xinsha Road, Pinghu Street, Longgang District, Shenzhen

 

Legal Representative (Principal) or Designated
Recipient: Pan Dangyu

 

Tel. (Office/Residential/Mobile): 13510066248

 

Other methods:       /
                             

 

2. Party B ensures that the address for
service given above is accurate and effective. In case of change of the address for service given above, the Borrower ensures to
notify Party A in written form within 15 working days after the change, or the service given according to the address given
above shall remain effective and Party B shall bear all legal consequences arising therefrom.

 

3. In the event that a document cannot
be served but is returned because Party B’s address for service is incorrect or is changed without timely notifying Party
A in written form and the document is not signed or is rejected, Party B shall agree the date of return as the date of service
(if different mails to different addresses are returned on different dates, the date which is later shall be adopted).

 

16.2       /
                                        

 

 

 

Annex: List of Mortgaged Property

  

 

Party A (Seal): Industrial and Commercial
Bank of China Limited Shenzhen Henggang Sub-branch

Industrial and Commercial Bank of China Limited Shenzhen Henggang Sub-branch (Seal)

 

Authorized Signatory: /s/ Yang Duoping
(Seal)

  

 

Party B (Seal): Shenzhen Highpower Technology
Co., Ltd.

 

Shenzhen Highpower Technology Co., Ltd.
(Seal)

 

Legal Representative (Authorized Agent):
/s/ Pan Dangyu (Seal)

 

 

 

Co-owner of the Mortgaged Property:       
                      /        

 

 

 

Date of Signature: June 8, 2016

 

     

     

    

 

Annex:

 

List of Mortgaged Property

 

	Name 	Ownership Certificate	Location 	Status 	Appraisal Value	Others  
	Room 2402, Unit 3, Bldg. 3, Phase II, Dongfang Qinyuan	S.F.D.Z. No. 6000554903	Room 2402, Unit 3, Bldg. 3, Phase II, Dongfang Qinyuan, Longgang District, Shenzhen	Good 	CNY7,109,646.00	Shenzhen Highpower Technology Co. Ltd. (100%) 
	 	 	 	 	 	 
	 	 	 	 	 	 

  

 

Mortgagor: Shenzhen Highpower Technology
Co. Ltd.

 

Shenzhen Highpower Technology Co. Ltd.
(Seal)

 

Co-owner of the Mortgaged Property (if
any):                         /
                             

 

 

 

Mortgagee: Industrial and Commercial
Bank of China Limited Shenzhen Henggang Sub-branch

 

Industrial and Commercial Bank of China
Limited Shenzhen Henggang Sub-branch (Seal)

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