Document:

Exhibit 10.3

 

Working Capital Loan Contract

 

Reference No. : 2018nianzhenzhongyinbujiezi No.0104

 

Party A: Icon Energy System (Shenzhen) Co.,
Ltd.

Business License: ***

Legal Representative: Dangyu Pan

Address: 4/F, Building A East, Jinmeiwei Industrial
Park, High Technology Park, Shangkeng Community, Guanlan Street, Baoan District, Shenzhen

Postal code: 518000

Deposit A/C and Financial Institutions: Bank
of China, Pinghu Sub-branch, Shenzhen,

Telephone: 0755-89686236 ; Facsimile: 0755-89686298

 

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

Legal Representative: ZHENG XIAOCHUAN

Address: 108, Buji Road, Buji Town, Longgang
District, Shenzhen; Postal code: 518000

Telephone: 0755-22337156 ; Facsimile: 0755-28772290

 

The borrower and lender conclude the contract
for the loan of party A to Party B through equal consultation.

 

This contract is the affiliated specific credit
contract under the “Comprehensive Credit Line Contract” (Reference No.: 2018zhenzhongyinebuxiezi No. 00030), which
is signed by Icon Energy System (Shenzhen) Co., Ltd. and Bank of China, Buji Sub-branch.

 

Clause 1 Amount

 

Party B agrees to provide the following loan:

 

Currency in: RMB

 

Amount: Ten Millions Only RMB 10,000,000.00

 

Clause 2 Period of the Loan

 

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

 

1. Lending rate is floating rate, which
is reset every 6 months starting from the first withdrawal date. The rate resetting date is the first day of each floating period.

 

For each withdrawal in installments:

 

■ RMB floating rate

 

    	 	 	 

     

    

  

A. First withdrawal (during the first floating
period) interest rate is the twelve-month benchmark lending interest rate, set by Interbank rates, plus 221.5;

 

B. On the interest resetting date, the new
interest rate is the spot one-year lending interest rate, benchmarked by Interbank rates, plus 221.5 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 50%.

 

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 21st Sep 2018.

 

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: Icon Energy System (Shenzhen)
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: Icon Energy System (Shenzhen)
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: Icon Energy System (Shenzhen)
Co., Ltd.

 

Account number: *****

 

Clause 9 Guarantee

 

1.       To
ensure that borrowing under this agreement is repaid, the guarantees shall be adopted by guarantees and Party B.

 

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. To ensure that borrowing under this
agreement is repaid, the guarantees shall be adopted by guarantees and Party B.

 

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 people's court of Shenzhen.

 

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	 
	 	 
	/s/ [Stamp of Party B]	 
	SignatureExhibit 10.4

 

Loan Contract

 

    	 	 	 

     

    

 

Loan Contract

 

Contract No.: PY (SZ) DZ
B250201806260001

 

(    ) Out of the line

( √ ) Within the line      Line Contract Name: Comprehensive Credit
Line Contract

     Line
Contract No.: PY (SZ) ZZ
A250201805140001

Party A (Lender): PINGAN BANK CO., LTD. SHENZHEN BRANCH

Address: NO.1099 Shennan Road, Shenzhen

Legal Representative (Principal): Yang Zhiqun                                              

Tel.: 23480023                                                                                                 

 

Party B (Borrower): SHENZHEN HIGHPOWER TECHNOLOGY
CO., LTD.

Address: Building A2 Shanxia Villiage, Pinghu
Town, Longgang District, Shenzhen 

Legal Representative: Pan Dangyu                                          

Tel.: 26300469                                                                         

 

Whereas Party B applies Party A for a loan,
in accordance with the Contract Law and other relevant laws and regulations, Party A and Party B hereby make and enter into
this Contract upon consensus through consultation.

 

Article 1 Loan

 

1.1 Loan amount: (currency)    USD(in
figures) 1,500,000(in words) one million five hundred thousand only.

 

1.2 Loan purpose follows the following (1):

 

(1) Specifically, for purchasing raw materials.

 

(2) Borrowing for repaying (on-lending)/restructuring,
specifically as follows: repaying the credit line under (contract
No. and name).

 

1.3 The loan term is applicable to the following
(2):

 

(1) From       MM      DD,
      YYYY to      MM      DD,
      YYYY.

 

(2) 12 (    ) days
(√ ) months () years.

 

The actual loan amount and the start and ending
date shall accord with the receipt for a loan within the scope specified in this Contract.

 

In the event that Party B has any event of
default and Party A demands Party B to immediately repay the loan in advance, the loan shall be deemed matured when the event of
default occurs.

 

If the loan is paid in installment, the due
date for payment of a loan shall not be later than the corresponding date when a loan is paid for the first time.

 

1.4 Loan interest rate

 

1.4.1 The loan interest rate of this Contract
shall be determined according to the following standard. The loan interest rate for the first period shall follow that indicated
in the receipt for a loan (please express with “√” in front of the option):

 

(  )       higher
than the benchmark interest rate for the same-grade loan issued by the People’s Bank on the date of payment of the loan.

 

(    ) Benchmark interest
rate for the same-grade loan issued by the People’s Bank on the date of payment of the loan (    ) +
/(    ) -      /      (floating points).

 

(    ) Benchmark interest
rate for the same-grade loan issued by the People’s Bank on the date of payment of the loan

 

(√) (√) LIBOR (    )
HIBOR on the date of payment of the loan (√) + /(    ) – libor+285bps (basic points) (applicable
to foreign exchange loans only).

 

Interest shall be charged according to the
actual days of the loan. Daily interest rate of loans in pound and Hong Kong dollar = annual interest rate /365; Daily interest
rate of loans in other currencies = annual interest rate /360.

 

1.4.2 The method for adjustment of the loan
interest rate under this Contract is as follows (please express with “√” in front of the option):

 

(  ) Adjusted by       
(month /quarter /half a year/ year). The adjustment date of interest rate is the following       

 

		�	The date of                (every month /every three months /every half a year /every year) corresponding to the date of payment of the loan; where there is no corresponding day in a month, the last day of the current month shall be taken as the adjustment date of interest rate.

 

		‚	Each January 1.

 

(√ ) A fixed interest rate is executed
hereunder during the loan term.

 

If the loan interest rate is adjusted, interest
shall be calculated and charged according to the new interest rate after adjustment from the adjustment date of interest rate.
However, if the loan is repaid by installment (including matching the repayment of principal and interest by period, and matching
the principal repayment by period), interest in the current period shall be calculated and charged according to the interest rate
before adjustment and interest after the current period shall be calculated and charged according to the interest rate after adjustment.

 

    	 	 	 

     

    

 

1.4.3 In case of adjustment of the benchmark
interest rate for several times, Party A shall make adjustment according to the latest benchmark interest rate on the adjustment
date. If the loan interest rate specified above is lower than the lower line of the interest rate stipulated by the People’s
Bank of China after the People’s Bank of China adjusts the floating range of the benchmark interest rate, the loan interest
rate hereunder shall be adjusted to be the lower line of the interest rate stipulated by the People’s Bank of China. If the
People’s Bank of China does not publish the benchmark interest rate any longer, the loan interest rate hereunder shall be
adjusted to the inter-bank interest rate for same-grade loans recognized or commonly used in the corresponding period, unless otherwise
agreed by both Parties.

 

1.4.4 In case of any national change to the
interest rate determination methods, adjustment methods and interest charging methods, the relevant national provisions shall prevail.

 

1.4.5 Where there is any adjustment of interest
rate mentioned above, Party A may not give a notice to Party B additionally.

 

1.5 The expiry date of interest shall be the
20th day of each month. Party B shall pay interest by (√) month () quarter (    ) year (    )
others     /    . The maturity date of the loan shall be the last expiry date of
interest, clearing with the principal and interests.

 

Article 2 Payment of the Loan

 

2.1 Party A shall, prior to payment of the
loan, have the right to review the following items and decide whether to pay the loan according to the review results:

 

(1) whether Party B has handled and completed
all the legal formalities for government licensing, approval, registration and delivery in connection with the loan hereunder in
accordance with relevant laws and regulations(if any);

 

(2) whether the related guarantee contract
is effective (if any);

 

(3) whether Party B has fully paid the expenses
in connection with the execution of this Contract (if any);

 

(4) whether Party B has met the conditions
for loans specified in this Contract;

 

(5) whether there is any adverse change to
the business and financial conditions of Party B and the guarantor (if any);

 

(6) whether there is any change to Party B’s
repayment willingness and the guarantor’s guarantee willingness (if any);

 

(7) whether Party B has any breach of contract
hereunder.

 

2.2 If Party A discovers during the payment
process of the loan, that Party B’s credit status declines, main business profitability is not strong or there is any abnormal
situation during use of the loan money, Party A shall have the right to change the loan payment method or stop payment of the loan
money.

 

2.3 If, before the payment of the loan, Party
A is unable to pay the loan under this Contract due to change of national macro-control policies, or request for control of credit
scale or credit orientation present by Party A’s regulatory department to Party A, or due to other causes not attributable
to Party A, Party A shall have the right to stop payment of the loan or cancel this Contract, to which Party B shall have no objection.

 

2.4 Payment method

 

Party A and Party B agree to take the following
method for payment of the loan money:

 

(  ) Payment in full by Party A upon
authorization: Party A pays the loan money through Party B’s account to Party B's transaction objects which are compliant
with the agreed purpose according to Party B’s application for money withdrawal and payment authorization.

 

(    ) Payment in part
by Party A upon authorization: if the transaction objects are specific and the single payment amount is more than RMB       
Yuan (        Yuan included), Party A pays the loan money through Party B’s account
to Party B's transaction objects which are compliant with the agreed purpose according to Party B’s application for money
withdrawal and payment authorization; Party A pays the remaining loan money to Party B’s account according to Party B’s
application for money withdrawal and Party B himself pays the money to his transaction objects which are compliant with the agreed
purpose.

 

(    ) Payment in full
by Party B himself: Party A directly releases the loan money to Party B’s account according to Party B’s application
for money withdrawal and Party B himself pays the money to his transaction objects which are compliant with the agreed purpose.

 

2.5 Payment management

 

Party A and Party B agree to make the following
management on payment of the loan money:

 

If the method of payment upon authorization,
Party B may demand Party A to pay the loan money when Party B meets the following conditions for payment:

 

    	 	 	 

     

    

 

(1) Party B has submitted a repayment application
and relevant supporting materials, including business contract according to Party A’s requirements, and the information about
the transaction objects and payment amount, etc. listed in the payment application complies with that indicated in the supporting
materials;

 

(2) The payment application complies with the
loan purpose specified in this Contract;

 

(3) Party B authorizes Party A to pay the loam
money to specified transaction objects;

 

Party A shall have the right to check whether
the information about the transaction objects and payment amount, etc. listed in the payment application provided by Party B complies
with that indicated in relevant supporting materials, including business contract, and shall have the right to refuse the payment
application which does not comply with the loan purpose specified in this Contract.

 

If the method of payment by Party B himself
is adopted, after payment of the loan, Party B shall give a written summary and notice to Party A to report the payment situation
of the loan money by month, and provide the information about the transaction objects and payment amount, etc. and the relevant
supporting materials including business contract according to Party A’s requirements. Party A shall have the right to check
whether payment of the loan money complies with the agreed purpose through account analysis, examination of vouchers and site investigation,
and Party B shall provide coordination.

 

2.6 Conditions for change and sudden change
of payment method

 

Under any one of the following circumstances,
Party A shall have the right to adjust the standard of amount paid upon authorization or change the payment method to payment in
full upon authorization:

 

(1) If the method of payment by Party B himself
is adopted, and Party B fails to give a written summary and notice to Party A to report the payment situation of the loan money
according to the stipulations or refuses to provide coordination for Party A for checking whether independent payment of the loan
complies with the specified purpose through account analysis, examination of vouchers or site investigation;

 

(2) Party B violates this Contract and evades
payment by Party A upon authorization through breaking up the whole into parts;

 

(3) Party B’s credit status declines
and its main business profitability is not strong;

 

(4) There is abnormal situation in the use
of the loan money;

 

(5) The regulatory department adjusts the standard
of payment upon authorization.

 

2.7 Account management

 

Through consultation between Party A and Party
B, Party B agrees to open the following account with Party A to accept Party A’s monitoring:

 

1. Party B agrees to open a loan payment account
with Party A according to Party A’s requirements. Account name: SHENZHEN HIGHPOWER TECHNOLOGY CO., LTD.; account No.:
15000094062748 . Payment and withdrawal of the loan money shall be handled through this account. Party A shall have the
right to carry out dynamic monitoring of this account. Where there is any abnormal situation detected, Party A shall have the right
to take relevant actions, including but not limited to freezing and stop payment, etc.

 

2. Party B agrees to open a capital return
account with Party A according to Party A’s requirements (please express with “√" in the (    )
in front of the option)

 

(    ) The capital return
account is the same as the loan payment account as set forth in sub-clause 1 of this Article.

(    ) Capital return account
name:                                               ;
account No.:                                               .

Capital return in this account shall comply
with the following provisions:                           

                                                                                                                                          

                                                                                                                                          

 

If Party B fails to timely repay Party A the
loan, Party A shall have the right to deduct money for repaying the loan principal and interest from the capital return account
opened by Party B with Party A and from other accounts opened by Party B with Party A and Party A’s subordinate branches.

 

3. Party B agrees that Party A is entitled
to take back the loan in advance according to the capital return situations of Party B.

 

Article 3 Repayment 

 

3.1 Party B shall repay the loan principal
according to the following (2):

 

(1) Repayment of principal in installment:

 

(    ) Repayment of principal
by (    ) month (    ) quarter (    ) year. The amount repayable each
period is     /    .

 

(    ) Repayment of principal
in installment according to the date and amount of repayment listed in Annex 1 of this Contract.

 

(    ) Others                                  /                                 .

 

(2) Repayment of principal in a lump sum at
maturity.

 

    	 	 	 

     

    

 

3.2 If Party B repays the loan principal by
month, the date of repayment of principal shall be the expiry date of interest each month after the loan is released; if Party
B repays principal by quarter, the date of repayment of principal shall be the expiry date of interest every three months after
the loan is released; if by year, the date of repayment of principal shall be the expiry date of interest every twelve months after
the loan is released.

 

3.3 Party B shall open an account in Party
A and deposit the amount repayable to this account prior to the specified date of repayment.

 

3.4 Party B shall repay the loan principal
and interest under this Contract on time and in full. If Party B fails to repay loan money in any period on time and in full, Party
A shall have the right to demand Party B to repay the total loan and charge default interest for the loan not repaid from the date
of overdue.

 

3.5 Party B hereby irrevocably authorizes Party
A to deduct loan principal and interest due and related expenses from any account opened by Party B in any banking branch of Pingan
Bank.

 

3.6 Should Party B make repayment in advance,
Party B shall present a written application to Party A thirty (30) days in advance and obtain Party A’s written consent.
The written application for early repayment shall be deemed irrevocable upon Party A’s written consent.

 

( ) If Party B makes repayment in advance,
Party B shall pay Party A compensation. Party B shall pay such compensation while Party B pays Party A the loan principal and interest
payable in advance. The amount of compensation shall be calculated according to the amount of prepayment × number of days
prepaid × interest rate specified in this Contract. If Party B prepays the loan for less than thirty (30) days in advance,
compensation shall be calculated according to the actual days and half shall be charged; if for more than thirty (30) days, compensation
shall be calculated according to thirty (30) days.

 

Article 4 Party B’s Representations
and Warranties

 

4.1 Party B is a company with good reputation
duly established and validly existing within the jurisdiction of the location where it is located. Party B has all corporate rights
and has obtained the government license and approval for conducting its current business.

 

4.2 Party B has completed all the authorizations
and approvals necessary for the signature of this Contract. This Contract is the presentation of Party B’s true meaning and
may not result in violation of any agreement or commitment concluded with any a third party. When this Contract is concluded and
signed, Party B has not violate any law, regulation and rule for environmental protection, energy conservation and emission reduction,
and pollution reduction, and Party B promises to strictly abide by such laws, regulations and rules after the conclusion of this
Contract.

 

4.3 Party B is not involved in any litigation,
arbitration execution, appeal and reconsideration procedure and other incident or case which may have major adverse impact on the
execution of this Contract, unless otherwise Party B notified Party A in wiring prior to the conclusion of this Contract.

 

4.4 Party B shall, within the time limit requested
by Party A, provide its financial statements, number of all opening accounts, loan balance and other relevant materials requested
by Party A. Party B shall ensure the genuine, completeness and objectivity of all the documents and materials provided, which shall
have no false record, misleading representation or material misstatement. The financial statements shall be prepared strictly in
accordance with the Accounting Standards of China.

 

Article 5 Party B’s Rights and Obligations

 

5.1 Party B shall have the right to demand
Party A to pay Party B the loan according to the conditions specified in this Contract. However, if Party A is unable to pay the
loan under this Contract due to change of national macro-control policies, or request for control of credit scale or credit orientation
present by Party A’s regulatory department to Party A, or due to other causes not attributable to Party A, Party A shall
have the right to stop payment of the loan or cancel this Contract.

 

5.2 Party B shall use the loan according to
the purpose specified in this Contract and repay the loan principal and interest on time and in full. 5.3 Party B shall open an
account in Party A and handle deposit, settlement and other related services firstly in Party A.

 

5.4 If Party B is a customer group, it shall
give a written report to Party A within ten days after the date of affiliated transaction of over 10% of net assets. The report
contents shall include the affiliated relation between the transaction parties, transaction item and nature, transaction amount
or relevant proportion, and the pricing policy (including no-money involved transaction or only symbolic-money involved transaction).

 

A customer group as mentioned herein shall
mean an enterprise or public institution legal person who has the following features:

 

(1) It directly or indirectly controls or is
directly or indirectly controlled by another enterprise or public institution legal person in respect of stock right or management;

 

(2) It is jointly controlled by a third party
enterprise or public institution legal person;

 

    	 	 	 

     

    

 

(3) Its principal individual investor, key
manager or a close family member (including lineal blood relationship within three generations and collateral blood relationship
within two generations) commonly directly or indirectly controls;

 

(4) It has other affiliated relationship and
may transfer the assets and profits not on the basis of fair price, which should be deemed as credit management by a customer group.

 

5.5 If Party B has any one of the following
circumstances, it shall notify Party A thirty days in advance. If Party A thinks it will cause significant impact on the performance
of the Contract, Party B shall obtain Party A’s written consent in advance:

 

(1) material change to Party B’s operating
system, equity structure, property organizational form and primary business, including but not limited to implementation of contracting,
lease, joint operation, reform of shareholding system, merger, acquisition, joint venture (cooperation), division, establishment
of a subsidiary, trusteeship (takeover), sales of enterprise, transfer of property rights and reduction of capital, etc.;

 

(2) disposal of important assets, of which
the value exceeds 10% of the net assets, by selling, gifting, lending, transferring, mortgaging (pledging) or other means;

 

(3) its dividends exceed 30% of the net profits
after tax of the current year or exceed 20% of the total undistributed profits;

 

(4) it adds external investment of over 20%
of its net assets after the credit line becomes valid;

 

(5) it changes the debt clauses with other
bank and pay off other long-term debt in advance;

 

(6) Party B repays its shareholder debt; or

 

(7) it applies other bank for a credit line,
or provides a third party with security, or reduces or exempts a third party’s debt, with the debt amount concerned exceeding
20% of its net assets.

 

5.6 Party B shall notify Party A within seven
working days as of the date of occurrence or possible occurrence of the following matters, and Party A shall have the right to
decide whether to request Party B to add guaranty or directly take back all the loans as the case may be:

 

(1) Party B or the guarantor’s business
or financial status is worsened, or there is significant financial loss, loss of assets (including but not limited to loss of assets
caused due to external guarantee) or other financial crisis;

 

(2) Party B encounters administrative punishment
or criminal sanction or is involved in any significant legal dispute due to its illegal business behavior;

 

(3) Party B, its shareholder or de facto controlling
person, or the legal representative or key manager of the guarantor is involved in an important case, or its main asset goes under
property preservation or other compulsory measures, or encounters administrative punishment or criminal sanction, or there is any
other incident which causes Party B impossible to perform its duties normally;

 

(4) Party B or the guarantor provides a third
party with guarantee, causing significant adverse impact on its financial condition or on the performance of its obligations under
this Contract;

 

(5) Party B or the guarantor has the following
changes, such as division, consolidation, major merger, acquisition and reconstruction, disposal of major assets, reduction of
capital, winding-up, cease of business for rectification, liquidation, reorganization, being revoked, being dissolved, bankruptcy,
or its business license is revoked;

 

(6) there is obvious reduction or loss of the
guaranty value, or dispute about the ownership of the guaranty; or the guaranty is sealed up, detained, frozen, deducted, detained
or sold by auction; or

 

(7) any other important event or default event
which may affect the business activities of Party B or the guarantor and the loan safety of Party A.

 

5.7 If Party B changes its domicile, mailing
address, telephone number, business scope, legal representative or other relevant items, it shall notify Party A in writing within
seven working days after the change. In the event that Party B fails to perform the said notification obligation, the notices and
documents given by Party A according to the original mailing address shall be deemed to have been served.

 

5.8 Party B shall keep reasonable financial
ratios within the loan term.

 

(      )
The financial indicators shall reach the following standard within the loan term: 

                                                                                                                                           

                                                                                                                                           

                                                                                                                                           

 

Article 6 Party A’s Rights and Obligations

 

6.1 Party A shall have the right to take back
the debt principal and interest (including compound interest, and default interest for overdue and appropriation) and charge the
expenses payable by Party A, and shall be entitled to deduct the said principal, interest and expenses directly from Party B’s
account.

 

    	 	 	 

     

    

 

6.2 From the second year after the effectiveness
of a over one-year (excluding one-year) loan, Party A shall have the right to evaluate the business and financial conditions of
Party B and the guarantor and the specific project progress according to the conditions for loans specified in this Contract when
the loan is released, and adjust the loan amount, term and interest rate according to the evaluation result.

 

Where there is any mortgaged (pledged) property,
Party A shall have the right to ask for reevaluating the mortgaged (pledged) property by an appraisal agency accepted by Party
A each year. If the value of the mortgaged (pledged) property is declined obviously and is not enough for guaranteeing the debt
under the Main Contract, Party A shall have the right to ask Party B to repay part of the loan or provide other guarantee measures
accepted by Party A.

 

6.3 Party A shall have the right to ask Party
B to provide materials related to the loan, enter Party B’s business site, investigate, review and check the use of the credit
line and the assets, financial and business conditions of Party B, for which Party B shall provide coordination. Party A shall
also have the right to supervise Party B to use the loan for the purpose specified herein.

 

6.4 Party A shall bear confidentiality obligation
for the materials provided by Party B, except otherwise prescribed by laws and regulations, or specified by a regulatory authority
or by both Parties, or non-confidential information provided by Party B.

 

Article 7 Breach of Contract 

 

7.1 Any one of the following cases shall be
deemed as a default event referred to herein:

 

(1) Party B fails to use the loan money according
to the method specified herein or evades payment upon authorization as set forth in sub-clause 2.5 of this Contract through breaking
up the whole into parts;

 

(2) There is overdue interest, overdue repayment
or advance of the credit hereunder, or the credit funds are used not for the purpose specified by both Parties;

 

(3) Party B violates some of its representations,
warranties and commitments;

 

(4) Party B violates some of its obligations
performable hereunder;

 

(5) Party B conceals some genuine important
information;

 

(6) Party B or the guarantor evades bank claims
through affiliated transactions or by other means;

 

(7) Party B or the guarantor has any one of
the following behaviors, being negligent in managing and claiming the creditor’s rights due, or disposing and transferring
its main properties free of charge, or at unreasonable low price or by other improper means, or escaping debts;

 

(8) Party B illegally get funds or credit from
Party A or other banks by using a false contract and arrangement with a third party, including but not limited to pledge or discount
of the notes receivable and other claims without actual trading background.

 

(9) Party B or the guarantor violates any other
contract (including but not limited to credit contract, loan contract and guarantee contract) signed with Party A or other banks
or any securities with the nature of debt it issued;

 

(10) Party B’s guarantor violates the
guarantee contract (including but not limited to guarantee contract, mortgage contract and pledge contract) or has any breach of
the guarantee contract, or the guarantee contract has not taken effect, is invalid or is cancelled; or there is obvious reduction
or loss of the guaranty value, or dispute about the ownership of the guaranty, or the guaranty is sealed up, detained, frozen,
deducted, detained or sold by auction; or

 

(11) There is any case which should be notified
under sub-clauses 5.5 and 5.6 herein that Party A thinks effective on the safety of its creditor’s rights.

 

7.2 In case of any one of these default events
listed in the preceding clause, Party A shall have the right to take the following actions:

 

(1) To stop or terminate the release of any
loan money not released under this Contract;

 

(2) To announce acceleration of maturity of
the credit line; to ask Party B to repay part or all the credit principal, interest and expenses immediately, and pay default interest
for the total credit principal released at the default interest rate from the date of occurrence of the default event until Party
B pays off the total credit principal;

 

Expenses shall include but not be limited to
the attorney fee, legal cost, arbitration fee, traveling expenses, announcement cost, service fee, execution fee, transfer fee
and other relevant expenses of Party A for realizing its creditor’s rights.

 

(3) To ask Party B to provide new guarantee
measures accepted by Party A;

 

(4) To adjust the loan amount, term and interest
rate according to the conditions of loan risks, and change the loan payment method to payment upon authorization;

 

(5) To make deduction directly from the account
of Party B and the guarantor to repay all the debts under this Contract and the specific business contract (including the debts
Party A requests for prepayment), without obtaining Party B’s consent in advance;

 

(6) To exercise the guarantee right, ask the
guarantor to perform guarantee liability, or realize creditor’s rights through disposal of the mortgaged property and/or
pledged property;

 

    	 	 	 

     

    

 

(7) If Party B fails to repay the loan according
to the stipulations when the loan is matured or is matured earlier, Party A shall have the right to charge additional 50% of the
interest rate specified herein as default interest for the loan principal from the date of overdue according to the actual days
of overdue. If Party B fails to use the loan according to the specified purpose, from the date when Party B uses the loan in violation
of this Contract, Party A shall have the right to charge additional 100% of the interest rate specified herein as default interest
for the loan amount which is appropriated.

 

In case of any interest which cannot be paid
on time, compound interest shall be charged according to the default interest rate. Meanwhile, default interest and compound interest
shall be recharged for delayed and appropriated loans.

 

If the loan is delayed for less than ninety
(90) days (including ninety (90) days), the priority for repayment of the loan principal and interest is as follows: (1) costs
and expenses; (2) interest (including default interest and compound interest); (3) principal. If the loan is delayed for more than
ninety (90) days, the priority for repayment of the loan principal and interest is as follows: (1) costs and expenses; (2) principal;
(3) interest (including default interest and compound interest).

 

(8) Party A claims Party B’s debtor for
the right of subrogation or appeal to the court to revoke Party B’s waiving of the creditor’s right due or Party B's
transfer of property free of charge or at an obviously unreasonable low price. Party B shall provide all necessary coordination
and assistance according to Party A’s requirements, and all the costs and expenses caused to Party A arising therefrom shall
be borne by Party B; or

 

(9) Other remedial measures prescribed by laws
and regulations and specified in the Contract.

 

Article 8 Other Provisions 

 

                                                                                                                                           

                                                                    /                                                                      

                                                                                                                                           

 

Article 9 Supplementary Provisions

 

9.1 If the credit line under this Contract
belongs to the line under the Line Contract, the guarantee method under the Line Contract shall also be applicable. 9.2 (     )
Both Parties agree to handle compulsory enforcement notarization for this Contract.

 

If Party B fails to completely pr partly perform
the obligations specified herein when compulsory enforcement notarization is handled by both Parties for this Contract, Party A
shall have the right to apply the original notary public for an enforcement certificate, and apply the competent people’s
court (the people’s court at the location where the person subject to enforcement lives or where the property of the person
subject to enforcement is located) for enforcement holding the original notarial certificate and the enforcement certificate.

 

(√) No compulsory enforcement notarization
shall be handled for this Contract.

 

9.3 The application for single credit, credit
contract, receipt for a loan and credit vouchers related hereto, other relevant documents and materials confirmed by both Parties,
and the commitment letter and declaration issued by Party B unilaterally to Party A shall be deemed as an integral part of this
Contract and shall have the same equal legal force as this Contract.

 

9.4 Party B hereby agrees and authorizes Party
A to, during Party B’s credit business application period and the business duration period, inquire Party B’s credit
information which has been entered into the financial credit information database and other credit agencies established legally.
for Party B's credit business application and follow-up management. Party B hereby agrees and authorizes Party A to, according
to the provisions of the Regulations on Administration of Credit Information Industry, report Party B’s enterprise
information and credit information, including but not limited to credit information and the information constituting adverse impact
on the credit status of the information agents, to the financial credit information database and other credit agencies established
legally.

 

9.5 Please confirm the options with √
in the brackets before the selected items.

 

9.6 Any and all disputes arising from the execution
of the Contract shall be settled by both Parties through consultation. Where consultation fails, the following (2) shall
be adopted for dispute settlement:

 

(1) To apply                    /                   for
arbitration in accordance with the current arbitration rules of the commission. The award of the arbitration shall be final and
binding upon both Parties.

 

(2) To initiate a lawsuit in the people’s
court at the location where Party A is located;

 

(3) To initiate a lawsuit in the people's court
of     /    .

 

9.7 This Contract shall be governed by the
laws of the People's Republic of China.

 

9.8 This Contract shall come into force upon
the signature of all the parties hereto (signed or sealed by the authorized signatories and affixed with official seal). If the
loan hereunder is actually not released within three months as of the date of effectiveness of this Contract, Party A shall have
the right to cancel this Contract unilaterally.

 

    	 	 	 

     

    

 

9.9 This Contract shall be made out in three
(3) originals for Party A holding two (2) and Party B, (  ) the guarantor and (       )
the registration authority each holding one (1).

 

Party B hereby represents that it has fully
understood all the terms and conditions of this Contract (especially the bold fonts), and the clauses of the related guarantee
contract and other relevant documents and has taken independent legal consultation (where necessary).

 

Party A (Seal): PINGAN BANK CO., LTD. SHENZHEN XINZHOU BRANCH
(Seal)

Legal Representative (Principal) or Authorized Agent (Signature):
Yao Guiping(Seal)

Date of Signature: 2018/6/28

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

Legal Representative (Principal) or Authorized Agent (Signature):
Pan Dangyu (Seal)

Date of Signature: 2018/6/28

 

    	 	 	 

     

    

 

Annex 1:

 

Loan Principal Repayment Schedule

 

	Time	 	Date of repayment	 	Amount of repayment (in words)
	1	 	 	 	 
	2	 	 	 	 
	3	 	 	 	 
	4	 	 	 	 
	5	 	 	 	 
	6	 	 	 	 
	7	 	 	 	 
	8	 	 	 	 
	9	 	 	 	 
	10

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