<SUBMISSION>
<ACCESSION-NUMBER>0001144204-12-069348
<TYPE>8-K/A
<PUBLIC-DOCUMENT-COUNT>11
<PERIOD>20121217
<ITEMS>1.01
<ITEMS>9.01
<FILING-DATE>20121221
<DATE-OF-FILING-DATE-CHANGE>20121221
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>Chisen Electric Corp
<CIK>0001335950
<ASSIGNED-SIC>3690
<IRS-NUMBER>202190950
<STATE-OF-INCORPORATION>NV
<FISCAL-YEAR-END>0331
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K/A
<ACT>34
<FILE-NUMBER>001-33696
<FILM-NUMBER>121282599
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>NO. 1188, TAIHU AVENUE
<STREET2>ECONOMIC DEVELOPMENT ZONE
<CITY>CHANGXING, ZHEJIANG PROVINCE
<STATE>F4
<ZIP>00000
<PHONE>(011) 0572-6267666
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>NO. 1188, TAIHU AVENUE
<STREET2>ECONOMIC DEVELOPMENT ZONE
<CITY>CHANGXING, ZHEJIANG PROVINCE
<STATE>F4
<ZIP>00000
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>WORLD TROPHY OUTFITTERS INC
<DATE-CHANGED>20060622
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>World Trophy Outfitters, Inc.
<DATE-CHANGED>20050811
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>v330818_8ka.htm
<DESCRIPTION>FORM 8-K/A
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT NO. 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of the earliest event
reported):&nbsp;&nbsp;<B>December 17, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>CHISEN ELECTRIC CORPORATION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; font-weight: bold; text-decoration: underline; text-align: center">Nevada</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-decoration: underline; text-align: center">333-128532</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-decoration: underline; text-align: center">20-2190950</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of incorporation)</TD>
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center">(IRS Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 64%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>No. 1188, Taihu Avenue, Changxing Economic
        Development</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Zone, Changxing, Zhejiang Province,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The People&rsquo;s Republic of China</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 36%; font-weight: bold; text-align: center"><U>N/A</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="text-align: center">(Zip code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant's telephone number, including
area code:&nbsp;&nbsp;&nbsp; <B><U>(86) 572-6267666</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Not Applicable</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-family: Wingdings">&uml;</TD>
    <TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-family: Wingdings">&uml;</TD>
    <TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-family: Wingdings">&uml;</TD>
    <TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act&nbsp;(17&nbsp;CFR&nbsp;240.14d-2(b))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-family: Wingdings">&uml;</TD>
    <TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act&nbsp;(17&nbsp;CFR&nbsp;240.13e-4(c))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The purpose of this Amendment No. 1 to the
Registrant&rsquo;s Form 8-K as previously filed with the Securities and Exchange Commission on December 18, 2012 is to attach the
material definitive agreements set forth herein as Exhibits 10.1 through 10.10.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">Item 1.01 Entry
Into A Material Definitive Agreement.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 17, 2012 (the &ldquo;<U>Effective
Date</U>&rdquo;), Chisen Electric Jiangsu Co., Ltd. (&ldquo;<U>Borrower</U>&rdquo;), a company organized under the laws of The
People&rsquo;s Republic of China and a 98%-owned subsidiary of Zhejiang Chisen Electric Co., Ltd. (&ldquo;<U>ZCEC</U>&rdquo;),
a company organized under the laws of The People&rsquo;s Republic of China and a wholly-owned subsidiary of Fast More Limited (&ldquo;<U>Fast
More</U>&rdquo;), a Hong Kong company and the wholly-owned subsidiary of Chisen Electric Corporation, a Nevada corporation (the
&ldquo;<U>Registrant</U>&rdquo;) executed an entrusted loan agreement (the &ldquo;<U>Loan Agreement</U>&rdquo;) with Chaowei Power
Holdings Limited, a company incorporated in the Cayman Islands with limited liability (the &ldquo;<U>Lender</U>&rdquo;) and CITIC
Trust Co., Ltd. (the &ldquo;<U>Lending Agent</U>&rdquo;) pursuant to which the Lender shall loan to Borrower RMB200 million at
an interest rate of 8% per annum for a term of three years (until December 16, 2015) for general working capital purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Interest is payable by the Borrower quarterly
or upon early repayment of the loan. Borrower shall repay not less than 25%, 50% and 75% of the outstanding principal under the
loan on or before the expiration of the 27th, 30th and 33rd months from the Effective Date, with balance repayable in full upon
expiration of the loan. After release of the first installment of the loan to the Borrower, the Borrower can, by advance written
notice, repay all or part of the loan. Borrower and ZCEC shall assume joint and several obligations regarding the repayment of
the principal and interest of the loan. Upon receipt of interest or principal, the Lending Agent shall pay the same amount to the
Lender within two business days after deduction of an agreed fee to be charged by the Lending Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to the joint and several repayment
obligations assumed by the Borrower and ZCEC, the full repayment of the loan, the interest and the relevant expenses shall be
secured by: (a) a pledge of 98% equity interest in the Borrower by ZCEC for a term commencing from the date of approval of such
pledge by the competent governmental authority up to the expiration of the limitation period for action by the Lending Agent under
the Loan Agreement and a joint payment agreement (together with the Loan Agreement, the &ldquo;<U>Transaction Documents</U>&rdquo;),
(b) a pledge of 100% equity interest in ZCEC by Fast More for a term commencing from the date of approval of such pledge by the
competent governmental authority up to the expiration of the limitation period for action by the Lending Agent under the Transaction
Documents, (c) floating charges over the current and future inventory of each of the Borrower and ZCEC for a term commencing from
the approval of such floating charges by the competent governmental authority up to the expiration of the limitation period for
action by the Lending Agent under the Transaction Documents, (d) chattel charges over all the machinery and equipment of each
of the Borrower and ZCEC for a term commencing from the approval of such chattel charges by the competent governmental authority
up to the expiration of the limitation period for action by the Lending Agent under the Transaction Documents and (e) personal
guarantee by Mr. Xu Kecheng, the Chairman of the Board, President, Chief Executive Officer and a stockholder of the Registrant,
for a term of two years from the expiration of the Transaction Documents. The Lending Agent shall charge a handling fee of RMB2
million per annum which shall be paid by the Lender upon the expiration of each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Borrower has also agreed that, during
the term of the Loan Agreement: (a) it shall not increase its registered capital or total investment in any form unless agreed
by the Lender in writing, except for investment into the Borrower made by the Lender; (b) it shall accept investment proposals
from the Lender; (c) the Lender shall have the right to appoint one director to the board of directors of the Borrower; and (d)
it shall amend its articles of association to confirm the director appointment by the Lender. <FONT STYLE="color: black">The description
set forth above does not purport to be complete and is qualified in its entirety by reference to the Transaction Documents and
other related loan documents attached hereto as Exhibits 10.1 through 10.10.<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>
</B></FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">Item 9.01 Financial
Statements and Exhibits</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) Exhibits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; border-bottom: black 1pt solid; padding-bottom: 12pt; font-weight: bold; text-align: justify">Exhibit No.</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: black 1pt solid; padding-bottom: 12pt; font-weight: bold; text-align: justify">Item</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: black 1pt solid; padding-bottom: 12pt; font-weight: bold; text-align: justify">Location</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Exhibit 10.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">RMB Capital Loan Contract, dated December 17, 2012, by and between&nbsp; CITIC Trust Co., Ltd. and Chisen Electric Jiangsu Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Provided herewith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Exhibit 10.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Entrusted Supervision Contract of Personal Property, dated December 17, 2012, by and among CITIC Trust Co., Ltd., Chaowei Power Supply Co., Ltd. and Chisen Electric Jiangsu Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Provided herewith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Exhibit 10.3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Maximum Amount Equity Pledge Contract, dated December 17, 2012, by and between Fast More Limited and CITIC Trust Co., Ltd.&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Provided herewith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Exhibit 10.4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Maximum Amount Equity Pledge Contract, dated December 17, 2012, by and between Zhejiang Chisen Electric Co., Ltd. and CITIC Trust Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Provided herewith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Exhibit 10.5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Contract for Personal Property Mortgage in Maximum Amount (Contract #0010), dated December 17, 2012, by and between Zhejiang Chisen Electric Co., Ltd. and CITIC Trust Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Provided herewith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Exhibit 10.6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Contract for Personal Property Mortgage in Maximum Amount (Contract #0009), dated December 17, 2012, by and between Chisen Electric Jiangsu Co., Ltd. and CITIC Trust Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Provided herewith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Exhibit 10.7</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Contract for Personal Property Mortgage in Maximum Amount (Contract #0008), dated December 17, 2012, by and between Zhejiang Chisen Electric Co., Ltd and CITIC Trust Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Provided herewith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Exhibit 10.8</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Contract for Personal Property Mortgage in Maximum Amount (Contract #0011), dated December 17, 2012, by and between Chisen Electric Jiangsu Co., Ltd. and CITIC Trust Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Provided herewith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Exhibit 10.9</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Joint Repayment Contract, dated December 17, 2012, by and among Chisen Electric Jiangsu Co., Ltd., CITIC Trust Co., Ltd. and Zhejiang Chisen Electric Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Provided herewith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Exhibit 10.10</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Guarantee Contract, dated December 17, 2012, by and among Xu Kecheng, CITIC Trust Co., Ltd., Chisen Electric Jiangsu Co., Ltd. and Zhejiang Chisen Electric Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Provided herewith</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities Exchange
Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>Date: December 21, 2012</TD>
    <TD COLSPAN="2" STYLE="font-variant: small-caps; font-weight: bold">CHISEN ELECTRIC CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">/s/&nbsp;Xu Kecheng</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Xu Kecheng</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Its:</TD>
    <TD>Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v330818_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RMB Capital Loan Contract </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contract No.: [P2012M11SCSDQ0001-0003]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Type of loan: </B>trust loan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">Borrower (Party A):&nbsp; Chisen Electric Jiangsu Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; text-align: justify">Domicile: Jinyuan Road, Xuyi Economic Development Zone, Jiangsu</TD>
    <TD STYLE="width: 25%; text-align: justify">Post code: 211700</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Legal representative: Xu Kecheng</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Financial Institution for Deposit: Xuyi Xinhua Sub-branch, Industrial and Commercial Bank of China&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Account No.: 1110090309200077630</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel:0517-88555599</TD>
    <TD STYLE="text-align: justify">Fax: 0517-88556166&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">Lender (Party B): CITIC Trust Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Domicile: F/13, Capital Mansion,
No. 6, Xinyuan South Road, Chaoyang District, Beijing</P></TD>
    <TD STYLE="width: 25%; text-align: justify">Post Code: 100004</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Legal representative: Pu Jian&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial Institution for Deposit: Beijing Capital Mansion Sub-branch, China CITIC Bank</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Account No.: 7110210186800061319</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel: 010-84861327</TD>
    <TD STYLE="text-align: justify">Fax: 010-84861380</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whereas, Party B agrees to grant the trust
loan to Party A out of the trust fund under the Fund Trust Contract for Stage 1201 of Chaowei Power and Jiangsu Chisen Trust Loan
Project (hereinafter referred to as &ldquo;Fund Trust Contract&rdquo;, No. P2012M11SCSDQ0001-0001) with the entrustment of the
Trustor, Chaowei Power Co., Ltd. (hereinafter referred to as &ldquo;Trustor&rdquo;), NOW, THEREFORE, the Contract is entered into
by and between the Parties through negotiation with respect to Party B&rsquo;s disbursement of the trust loan to Party A. Either
party hereto shall abide by the Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 1 Amount of the Loan &#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.1 The Loan under the Contract is of trust
loan. With respect to the trust fund under the Fund Trust Contract, the loan to be disbursed by Party B to Party A may not exceed
two hundred million RMB only (RMB200,000,000). The Loan shall be disbursed on installment according to the progress of Trustor&rsquo;s
delivery of the trust fund and subject to Trustor&rsquo;s written instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2 Within the loan period under the Contract,
the balance of the principal of the Loan may in no case exceed two hundred million (RMB200,000,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 2 Purpose of the Loan </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A shall use the Loan for supplementing
the working fund necessary for operating activities. Without Party B&rsquo;s written consent, Party A shall not change the loan
purpose, including, but not limited to, investment in stocks, futures or financial derivatives, use for any project to which access
is prohibited by laws, regulations, regulatory rules and national policies or other projects which have not been approved in law,
and investment in other prohibited projects and purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 3 Period of the Loan </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1 The loan period set forth herein
shall be 3 years from the date of disbursement, namely, from the 17th day of December, 2012 to the 16th day of December, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regardless of the installments on which
the Loan hereunder is to be disbursed and the specific amount of the first installment of the Loan, the date of loan disbursement
as mentioned in the preceding paragraph refers to the date when the first installment of the Loan is disbursed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the commencement date of the loan
period hereunder is different from the date of actual disbursement, the latter shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.2 Regardless of the specific amount of
the subsequent installment loans other than the first installment and the date of disbursement, each installment loan shall be
mature on the maturity date of the first installment of the Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 4 Interest Rate, Interest Calculation
and Settlement </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1 Interest rate of the Loan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interest rate of the Loan hereunder
is an annual interest. The interest rate is fixed, namely, 8% per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.2 Interests</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interests on the installment of the Loan
hereunder shall be calculated on a daily basis. Daily rate = the annual rate/360.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interests on each installment of the
Loan hereunder shall be calculated from the date of disbursement thereof. The interests on each installment of the Loan hereunder
shall be calculated on the basis of 360 days per year, from the aforesaid date of interest calculation to the last day of Borrower&rsquo;s
occupation of such installment of the Loan. The formula of interest calculation is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interests on each installment of the Loan
= the balance of the principal of the installment of the Loan up to the date of interest calculation * actual days from the date
of interest calculation to the last day of Borrower&rsquo;s occupation of such installment of the Loan * daily rate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interests on the Loan shall be the sum
of interests of all installments of the Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 5 Disbursement of the Loan </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.1 Conditions precedent for loan disbursement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except for Party B&rsquo;s waiver of all
or part of its rights, Party B shall not be obligated to disburse the installment loans hereunder until the following conditions
precedent are satisfied constantly:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1) the Contract is legally effective and
remains effective; the procedures for enforcement of notarization have been completed for the Contract and the notarial deed issued
by a notary office has been received;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2) the Parties have entered into the Joint
Repayment Contract (No. P2012M11SCSDQ0001-0012, recognized by Trustor) with Zhejiang Chisen Electric Co., Ltd.; the contract is
legally effective and remains effective; the procedures for enforcement of notarization have been completed for the contract and
the notarial deed issued by a notary office has been received;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3) the trust under the Fund Trust Contract
has been made in law; Trustor has, according to the Fund Trust Contract, pay each installment of trust fund on schedule and in
full amount and, with respect to each installment of trust fund, has issued a written instruction to Trustee for disbursement of
the trust loan to Borrower;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4) Party B has entered into the Pledge
Contract for Equity Interest in Maximum Amount (No. P2012M11SCSDQ0001-0006, recognized by Trustor) with Fast More Limited; the
contract is legally effective and remains effective; the procedures for enforcement of notarization have been completed for the
contract, the notarial deed issued by a notary office has been received and the impawn right thereunder has been created in law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5) Party B has entered into the Pledge
Contract for Equity Interest in Maximum Amount (No. P2012M11SCSDQ0001-0007, recognized by Trustor) with Zhejiang Chisen Electric
Co., Ltd.; the contract is legally effective and remains effective; the procedures for enforcement of notarization have been completed
for the contract, the notarial deed issued by a notary office has been received and the impawn right thereunder has been created
in law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6) Party B has entered into the Mortgage
Contract for Movable Estate in Maximum Amount (No. P2012M11SCSDQ0001-0008, recognized by Trustor) with Zhejiang Chisen Electric
Co., Ltd.; the contract is legally effective and remains effective; the procedures for enforcement of notarization have been completed
for the contract, the notarial deed issued by a notary office has been received and the mortgage right thereunder has been created
in law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7) Party B has entered into the Mortgage
Contract for Movable Estate in Maximum Amount (No. P2012M11SCSDQ0001-0009, recognized by Trustor) with Party A; the contract is
legally effective and remains effective; the procedures for enforcement of notarization have been completed for the contract, the
notarial deed issued by a notary office has been received and the mortgage right thereunder has been created in law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8) Party B has entered into the Floating
Mortgage Contract for Movable Estate in Maximum Amount (No. P2012M11SCSDQ0001-0010, recognized by Trustor) with Zhejiang Chisen
Electric Co., Ltd.; the contract is legally effective and remains effective; the procedures for enforcement of notarization have
been completed for the contract, the notarial deed issued by a notary office has been received and the mortgage right thereunder
has been created in law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9) Trustor and Party B have entered into
the Commissioned Supervision Contract for Movable Estates (No. P2012M11SCSDQ0001-0004) with Zhejiang Chisen Electric Co., Ltd.
with respect to supervision of the mortgaged floating movable estates under the Floating Mortgage Contract for Movable Estate in
Maximum Amount (No. P2012M11SCSDQ0001-0010); the contract is legally effective and remains effective;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10) Party B has entered into the Floating
Mortgage Contract for Movable Estate in Maximum Amount (No. P2012M11SCSDQ0001-0011, recognized by Trustor) with Party A; the contract
is legally effective and remains effective; the procedures for enforcement of notarization have been completed for the contract,
the notarial deed issued by a notary office has been received and the mortgage right thereunder has been created in law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11) Trustor and Party B have entered into
the Commissioned Supervision Contract for Movable Estates (No.P2012M11SCSDQ0001-0005) with Party A with respect to supervision
of the mortgaged floating movable estates under the Floating Mortgage Contract for Movable Estate in Maximum Amount (No. P2012M11SCSDQ0001-0011);
the contract is legally effective and remains effective;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12) Party B has entered into the Guarantee
Contract (No.P2012M11SCSDQ0001-0013, recognized by Trustor) with Party A; the contract is effective legally and remains effective;
the procedures for enforcement of notarization have been completed for the contract and the notarial deed issued by a notary office
has been received;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13) Party A has not been involved in any
of the defaults set forth in the Contract or any of the circumstances set forth herein which may prejudice the safety of Party
B&rsquo;s claims;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14) No law, regulation, rule or regulatory
department prohibits or restricts Party B&rsquo;s disbursement or continual disbursement of each installment of the Loan hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.2 Circulating disbursement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purpose of the Contract, circulating
disbursement refers to the activity that, from the date of loan disbursement hereunder until two years after expiration of the
loan period hereunder, Party B will continually disburse the Loan to Party A to the extent of total amount of the trust loan hereunder
after Party A early repays part of the principal of the Loan hereunder according to the Contract and Trustor issues a written instruction
to Party B. Each circulating disbursement shall be deemed as one installment of the trust loan hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to the circulating disbursement
set forth in the preceding paragraph, the Parties hereto hereby confirm that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1) circulating disbursement shall not apply
in two years after expiration of the loan period hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2) if Party A early discharges the principals
of the Loan hereunder, the Contract shall be terminated and the circulating disbursement shall not apply;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3) circulating disbursement is of Party
B&rsquo;s right (not Party A&rsquo;s obligation in any case), and whether Party B&rsquo;s exercise of such right is subject to
Trustor&rsquo;s requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.3 Each installment of trust loan hereunder
shall be disbursed to the following account designated by Party A in full amount:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name: Chisen Electric Jiangsu Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bank:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Account No.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 6 Repayment </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.1 Joint repayment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A agrees and undertakes to agree
Zhejiang Chisen Electric Co., Ltd. to act as the joint repayer for the trust loan under the Contract and to assume joint and several
repayment liability together with Party A for the obligation to repay principals and pay interests on the trust loan hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.2 Payment of interests</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Method for payment of the interests on
the Loan under the Contract: the day of interest payment shall be March 10, June 10, September 10 and December 10 of every year
after the Contract becomes effective and the first installment of the trust loan hereunder is disbursed, and any day of pre-repayment
by Borrower (except for the payment day for the last installment of interest). Interests payable with respect to each installment
of the Loan shall be calculated on the basis of the specific days of occupation. In case of pre-repayment, Party A shall first
pay off the existing but outstanding interests. The payment day for the last installment of interest is the maturity date of the
Loan hereunder, on which Party A must pay off the remaining principals of the Lon and all interests due but unpaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the day of interest payment set forth
in the preceding paragraph is not a business day, it shall be postponed to the next business day. In case of any other stipulation
in Article 6.8 hereof on the method for interest payment, such stipulation shall apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.3 Repayment of principals</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principals of the Loan hereunder shall
be repaid as follows: to make repayment on a lump-sum basis on the maturity date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case of any other stipulation in Article
6.5 hereof, such stipulation shall apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case of any other stipulation in Article
6.8 hereof on the method for principal repayment, such stipulation shall apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.4 Principals repaid and interests paid
by Party A shall be remitted to the following account designated by Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name: CITIC Trust Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bank: CITIC Bank Beijing Capital Mansion
Sub-branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Account No.: 7110210186800088263</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.5 Party B shall have the right to first
reimburse various costs which, according to the Contract, shall be assumed by Party A but paid in advance by Party B and the costs
and expenses incurred to Party B from realization of the claims out of the repayments received from Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where repayments received from Party A
are insufficient to cover the accounts payable to Party B hereunder, including, but not limited to, principal, interests, penalty,
damages, costs for realization of claims and all other accounts payable, Party B shall have the right to decide the payment order:
costs, default interests, interests and principal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.6 Pre-repayment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After the Contract becomes effective and
the first installment of the trust loan hereunder is disbursed, Party A may repay all or part of the Loan hereunder in advance,
in which case Party A shall send a written notice to Party B 5 business days in advance, unless otherwise stipulated in Paragraph
2 of this clause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A shall at least repay 25% of the
remaining principal of the Loan hereunder respectively on or prior to 27 months, 30 months and 33 months as of the expiry date
of the loan period hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Remaining principal of the Loan as mentioned
in the preceding paragraph refers to that when the loan period hereunder has been expired for 2 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the day of interest payment set forth
in the preceding paragraphs 1 and 2 is not a business day, it shall be postponed to the next business day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.7 Extension</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless Party B receives the consent from
Trustor to the Fund Trust Contract, the Loan hereunder may not be extended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Party B receives the written permission
of loan extension from Trustor to the Fund Trust Contract, the Parties hereto agree to extend the Loan and otherwise enter into
relevant contracts, agreements or other deeds, and Party A warrants that all guarantors and joint repayers (including Party A itself)
will enter into relevant contracts, agreements or other deeds with Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.8 Special stipulations on method for
repayment of principals</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is hereby confirmed that, if Party A
fails to discharge (include discharge in advance) principals and/or pay relevant interests on schedule on any day of principal
repayment and interest payment set forth herein, and the claims of Party A or joint repayer against Trustor set off the principal
of the trust loan hereunder according to relevant transaction contract between Party A or joint repayer and Party B, which has
been effective and exists constantly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party B will determine on the principal
to be released according to the amount set forth in the written notice of debt release which is sent to Party B from Trustor; and
Party B will send a written notice of debt release which is sent to Party A, releasing the principal set forth in the written notice;
meanwhile, Party B will require Party A to pay relevant interests on the debt released; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A shall send a written letter to
Party B, confirming the fact of debt release; in addition, Party A shall, according to the Contract, pay relevant interests on
the debt released to Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.9 Special stipulations on distribution
of interests by means of claims due to termination of the trust under the Fund Trust Contract</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1) According to the Fund Trust Contract
between Trustor and Party B, if Party A fails to repay the principal and pay relevant interests in full amount and on schedule,
Trustor agrees Party B to pay trust interests out of the claims against Party A hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A is aware of and agrees on the arrangement
as mentioned in the preceding paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2) If Party A becomes aware that Trustor
intends to sign a confirmation with Party B, confirming trust interests and values received from Party B out of its claims against
Party A hereunder, Party A undertakes to actively cooperate with Trustor and Party B in making legal documents concerning transfer
of relevant claims and debts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A is also aware that the security
interest will be transferred in case of transfer of the claim according to the preceding 2 paragraphs; legal documents concerning
transfer of relevant claims and debts which are executed according to the preceding paragraph include the legal documents concerning
transfer of security interest due to transfer of relevant claims and debts and the legal documents concerning alteration registration
of security interest. Party A undertakes that it and other guarantors will actively cooperate with Trustor in entering into the
legal documents concerning transfer of security interest due to transfer of relevant claims and debts and the legal documents concerning
alteration registration of security interest with Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 7 Guarantee </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.1 The scope of guarantee provided by
Party A under the Contract and all debts hereunder include, but are not limited to, all principals, interests (including compound
interests and default interests), penalty, damages, other amounts to be paid by debtor to Party B (including, but not limited to,
relevant commissions, communications fee and incidental expenses), costs and expenses incurred to Party B from realization of claims
and security interest (including, but not limited to, legal cost, arbitration fee, property preservation fee, traveling expenses,
enforcement fee, evaluation fee, auction fee, notarization fee, service fee, announcement fee and attorney fee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.2
Party A warrants and will procure guarantors to agree that Party B has the right to choose one or more guarantors and one or more
guarantee methods to realize the security interests, and that Party B&rsquo;s choice will not affect or exclude any right entitled
to Party B in law and under other guarantee contracts. Unless otherwise indicated by Party B in writing, Party B&rsquo;s
non-exercise, partial exercise and/or late exercise of any security interest shall not constitute Party B&rsquo;s waiver or partial
waiver thereof, nor affect, prevent and prejudice Party B&rsquo;s further exercise of such right or exercise of any other right.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.3
Party A provides the following guarantees to Party B for performance of the obligation to repay principals and pay interests with
respect to the Loan hereunder:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)
Fast More Limited provides the pledge guarantee of equity interest in the maximum amount for the trust loan hereunder with 100%
of the equity interest it holds in Zhejiang Chisen Electric Co., Ltd. (relevant amount of capital contribution is RMB120 million);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)
Zhejiang Chisen Electric Co., Ltd. provides the pledge guarantee of equity interest in the maximum amount for the trust loan hereunder
with 98% of the equity interest it holds in Chisen Electric Jiangsu Co., Ltd. (relevant amount of capital contribution is RMB147
million);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">3)
Zhejiang Chisen Electric Co., Ltd. provides the mortgage guarantee of movable estates in the maximum amount for the trust loan
hereunder with all machinery equipment it owns;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4)
Party A provides the mortgage guarantee of movable estates in the maximum amount for the trust loan hereunder with all machinery
equipment it owns;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">5)
Zhejiang Chisen Electric Co., Ltd. provides the floating mortgage guarantee of movable estates in the maximum amount for the trust
loan hereunder with all stocks it owns, including finished products or commodities which are for sale, goods in process, materials
and articles used during production;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6)
Party A provides the floating mortgage guarantee of movable estates in the maximum amount for the trust loan hereunder with all
stocks it owns, including finished products or commodities which are for sale, goods in process, materials and articles used during
production;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7)
Xu Kecheng, Party A&rsquo;s actual controller, assumes joint and several liability for the guarantee for the trust loan hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article
8 Party A&rsquo;s Rights and Obligations </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.1
Party A has the right to require Party B to disburse the Loan according to the Contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.2
Party A has the right to use the Loan for the purpose set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.3
Party A has the right to require Party B to keep confidential relevant financial materials and trade secrets with respect to the
production and operation which are provided by Party A, unless otherwise provided for by laws, regulations and rules, or required
by relevant authorities or agreed otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4
Party A shall draw the Loan according to the Contract, repay the principal and pay relevant interests in full amount. Party A
shall be responsible for various expenses and fees set forth herein, including, but not limited to, trust remuneration and costs
for notarization, evaluation, appraisal and registration, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.5
Party A shall use the Loan only for the purpose set forth in Article 2 hereof and may not appropriate or embezzle the Loan, nor
use the Loan for any transaction in violation of laws or regulations. Party A shall cooperate in and accept Buyer&rsquo;s inspection
and supervision upon its production, operation and financial activities and use of the Loan hereunder. Party A may not withdraw
the funds, transfer its assets or escape from the debts to Party B by means of related-person transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.6
Party A shall ensure that the guarantee for the Loan under the Contract is true, valid and effective. In case of any circumstance
set forth in Article 11 of the Contract in which the guarantor, collateral or pawn may be involved, which may prejudice Party
B&rsquo;s claim, Party A shall in time provide other guarantee accepted by Party B; otherwise, Party B shall have the right to
declare the Loan becomes due early.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.7
Party A shall be responsible for the authenticity, accuracy and completeness of the materials provided during loan examination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.8
Party A shall consciously accept Party B&rsquo;s investigation, understanding of and supervision upon use of the Loan hereunder
and submit the financial report to Party B on a quarterly basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.9
With respect to the letter of collection or other similar document sent or otherwise served by Party B, Party A shall sign for
it and send the receipt thereof to Party B within 3 days.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.10
In case of work contracting, lease, stock system reformation, joint operation, merger, combination, joint venture, division, reduction
of registered capital, changes in equity interests, transfer of major assets and any other activity which may affect realization
of Party B&rsquo;s rights and interests, Party A shall notify Party B at least 30 days in advance and obtain Party B&rsquo;s written
consent; otherwise, Party A may not conduct any of the aforesaid activities until it discharges all debts hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.11
In case of alterations to domicile, correspondence address, scope of business, legal representative and other registered information,
Party A shall send a written notice to Party B within 7 days as of the date of alteration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.12
In case of any other event which may endanger Party A&rsquo;s normal operation or take material adverse effect on Party A&rsquo;s
performance of repayment obligation hereunder, including, but not limited to, major economic disputes, bankruptcy and bad financial
conditions, Party A shall send a written notice to Party B immediately.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.13
In case of closure, dissolution, winding up, revocation of business license or cancellation, Party A shall send a written notice
to Party B within 5 days thereafter and ensure to repay all principals and pay relevant interests immediately.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.14
Party A shall abide by other stipulations hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article
9 Party B&rsquo;s Rights and Obligations </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.1
Party B shall have the right to require Party A to repay the principals and pay relevant interests and expenses with respect to
the Loan on schedule, to exercise other rights according to the Contract and to require Party A to perform other obligations hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.2
Party B shall have the right to require Party A to provide all materials concerning application for the Loan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.3
In case of Party A&rsquo;s violation of the payment obligation set forth herein, Party B shall, according to the Contract or laws,
deduct the principals, interests, compound interests, penalty interests and all other accounts payable by Party A hereunder from
any of Party A&rsquo;s account with any financial institution</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.4
Where Party A escapes from Party B&rsquo;s supervision, delays in repaying principals and paying interests due or conducts any
other default, Party B shall have the right to take necessary legal, economic and administrative measures to safeguard its own
legitimate rights and interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.5
Party B shall disburse the Loan according to the Contract, except for delay due to any reason attributable to Party A or beyond
Party B&rsquo;s control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.6
Party B shall have the right to take back, whether early or according to laws or the Contract, the principals, interests, interests
on overdue payment, penalty and other accounts payable in connection with the Loan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.7
Party B shall keep confidential all the materials and information provided by Party A concerning debts, finance, production and
operation, unless otherwise stipulated herein or provided for by laws and regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.8
Party B shall abide by other stipulations hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article
10 Party A&rsquo;s Statements and Covenants </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Party
A makes the following statements and covenants to Party B and Party B may disburse the Loan hereunder on the basis of the statements
and covenants:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1
Party A is a legal person registered in accordance with the laws and regulations of the People&rsquo;s Republic of China; as of
the date of loan disbursement, Party A is conducting normal operating activities and there is not any factor which results or
may result according to reasonable expectation that Party A cannot conduct normal operation during the loan period;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.2
Party A&rsquo;s execution of the Contract and performance of the obligations hereunder conform to laws, administrative rules and
regulations and Party A&rsquo;s articles of association or internal constitutional documents; Party A has obtained the approvals
and legal authorizations from its internal departments and/or state authorities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.3
All documents and materials provided by Party A to Party B, including, but not limited to, financial statements, existing loan
contracts with other financial institutions and guarantees provided for other persons and/or itself, are true, accurate, legal
and valid;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Party
A&rsquo;s execution and performance of the Contract do not conflict any provisions (including articles of association) which are
binding upon Party A and its assets and other stipulations, including, but not limited to, any guarantee provided to other persons
and/or itself;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.4
Except for the information disclosed to Party B in writing, Party A has not kept Party B from any of the existing or possible
events as follows under which Party B may refuse disbursement of the Loan hereunder:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)
major activity in violation of disciplines and laws or claims in which Party A or its main leaders are involved;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)
defaults under the contracts between Party A and any other creditors;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">3)
pending suits and arbitrations;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4)
debts or contingent debts assumed by Party A, mortgage or pawn guarantee to third persons;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">5)
other circumstances which may affect Party A&rsquo;s financial conditions and repayment capability;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.5
No matter whether Party A has executed, or will execute, any counter-guarantee agreement or other similar agreements with the
guarantor hereunder with respect to the guarantee obligation, such agreement will not prejudice any of Party B&rsquo;s rights
and interests hereunder, whether in law or actually.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.6
Party A agrees Party B to investigate Party A&rsquo;s credit status via the credit database which is established with approval
of the People&rsquo;s Bank of China and the competent department of loans and credits or via other relevant entities or departments,
and to provide Party A&rsquo;s information to such credit database. In addition, Party A agrees that Party B may use and disclose
Party A&rsquo;s information in a reasonable way in terms of specific demands for business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.7
Party A hereby specially covenants that, during the loan period hereunder, Party A may not increase its capital except with Trustor&rsquo;s
written consent;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Party
A warrants that it shareholders will make a written covenant to Trustor that, during the loan period hereunder, they will not
exercise the voting right, whether separately or jointly, to form a resolution of the shareholders&rsquo; meeting on the increase
of Party A&rsquo;s capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the purpose of this clause, &ldquo;Increase of Capital&rdquo; refers to increase of Party A&rsquo;s registered capital by Party
A&rsquo;s existing shareholders or other persons in currency or non-currency asset, exclusive of the shares granted by Party A
out of the undistributed profits, conversion of surplus reserves and capital reserves to registered capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.8
Party A hereby specially covenants that, during the loan period hereunder, Party A will agree on Trustor&rsquo;s requirements
to increase capitals to Party A;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Party
A covenants that its shareholders will make a written promise to Trustor that, during the loan period hereunder, they will exercise
the voting right, whether separately or jointly, to form effective resolutions on the increase of Party A&rsquo;s capital if Trustor
requires for increase;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.9
Party A hereby specially covenants that its shareholders will execute the Articles of Association of Chisen Electric Jiangsu Co.,
Ltd. (Amendment in 2012) and form effective resolutions with respect to amendment to the articles of association;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.10
Party A hereby specially covenants that, during the loan period hereunder, it will appoint one person designated by Trustor as
Party A&rsquo;s director (including supplementation) according to its articles of association.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Party
A warrants that its shareholders will make a written covenant to Trustor that, during the loan period hereunder, they will exercise
the voting right, whether separately or jointly, to make the person designated by Trustor appointed as Party A&rsquo;s director,
and that they will not exercise the voting right, whether separately or jointly, to dismiss such director except that the director
must be dismissed in accordance with laws, administrative regulations and Party A&rsquo;s articles of association; if, during
the loan period hereunder, the director resigns or dies, they ensure to exercise the voting right, whether separately or jointly,
to add one person designated by Trustor as Party A&rsquo;s director.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article
11 Default Liability and Remedies against Circumstances Prejudicing Party B&rsquo;s Claims </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.1
Party B&rsquo;s default and default liability</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)
If Party B fails to disburse the Loan according to the Contract without just cause, Party A may require Party B to continually
disburse the Loan according to the Contract;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)
If Party B collects from Party A any interest or fee which should not be collected in violation of prohibition provisions of state
laws or regulations, Party A shall have the right to require Party B to refund it.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.2
Party A&rsquo;s defaults</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)
Party A is in breach of any of the terms hereof or any legal obligations;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)
Party A or any of its shareholders is in breach of any covenants contained in Articles 10.7, 10.8, 10.9 and 10.10 hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">3)
Party A demonstrates, expressly or impliedly, that it will not perform any obligation hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.3
Circumstances which may prejudice Party B&rsquo;s claims</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)
In case of any of the following circumstances which Party B deems may prejudice the safety of the claims hereunder: work contracting,
trust (takeover), lease, stock system reformation, reduction of registered capital, investment, joint operation, merger, combination,
acquisition, reorganization, division, joint venture, voluntary or passive application for winding up, application for dissolution,
being canceled, voluntary or passive application for bankruptcy, change in controlling shareholder/actual controller, transfer
of major assets, shut down, closure, high amount of fines by certain authorities, registered issues being imposed, business license
being revoked, being involved in major legal disputes, serious difficulties in production or operation, bad financial conditions,
or failure of legal representative or main principal and individual guarantor to perform normal duties;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)
In case of any of the following circumstances which Party B deems may prejudice the safety of the claims hereunder: Party A fails
to discharge other due debts (including those to Party B or other third person), transfers its properties at a low price or without
consideration, reduce a third person&rsquo;s debts, delays in exercising claims or other rights or provides a guarantee to a third
person;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">3)
Party A&rsquo;s shareholders misuse the company&rsquo;s status of independent legal person or shareholders&rsquo; limited liability
and escape from debts, which Party B deem may prejudice the safety of the claims hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4)
Any of the conditions precedent for loan disbursement set forth herein cannot be satisfied constantly;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">5)
In case of any of the following circumstances which Party B deems may prejudice the safety of the claims hereunder: (i) violation
of any of the terms of relevant guarantee contract, or the statements and warrants contain any false or error information, or
some information is omitted; (ii) work contracting, trust (takeover), lease, stock system reformation, reduction of registered
capital, investment, joint operation, merger, combination, acquisition, reorganization, division, joint venture, voluntary or
passive application for winding up, application for dissolution, being canceled, voluntary or passive application for bankruptcy,
change in controlling shareholder/actual controller, transfer of major assets, shut down, closure, high amount of fines by certain
authorities, registered issues being imposed, business license being revoked, being involved in major legal disputes, serious
difficulties in production or operation, bad financial conditions, or failure of legal representative or main principal and individual
guarantor to perform normal duties, which may affect the guarantor&rsquo;s capability to assume the guarantee; (iii) other circumstances
which result in actual or possible loss of the warrant capability;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6)
the guarantee cannot be accepted, become effective or invalid, is canceled or rescinded, or the guarantor is in breach of the
contract or shows, expressly or impliedly, that it will not perform the guarantee liability, or the guarantor loses all or part
of the guarantee capability, or the value of collateral reduces, which Party B deems may prejudice the safety of the claims hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7)
Party A&rsquo;s controlling shareholder/actual controller/legal representative/individual guarantor loses the civil capability
or is subject to criminal compulsory measures;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8)
There is any other circumstance which may prejudice the safety of the claims hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.4
Party B&rsquo;s remedies</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
case of any of the circumstances set forth in Article 11.2 or 11.3 hereof, Party A shall send a written notice to Party B within
two days thereafter. Party B shall have the right to require Party A to correct its default and to exercise the following rights,
separately or jointly. If Party A fails to correct its default within 5 business days after Party B sends the notice, Party B
shall have the right to exercise the following rights:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)
to stop disbursing the Loan (including any loan in any period);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)
to declare the Loan becomes due immediately and require Party A to forthwith repay all principals, interests and fees with respect
to all due and undue debts hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">3)
to require Party A to pay the penalty equal to 5% of the embezzled funds if Party A fails to use the Loan for the purpose set
forth herein;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4)
to, if Party A fails to make repayment on the maturity date of the Loan or the date when Party B declares the Loan becomes due
early, collect penalty interest at a daily rate of 0.1% of the outstanding amount; to, if Party A fails to pay the interests in
full amount on schedule, collect compound interest at a daily rate of 0.1% of the outstanding amount;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">5)
Items 3) and 4) shall apply if Party A fails to use Loan for the purpose set forth herein and to repay the Loan on schedule;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6)
to require Party A to provide new guarantee which meets Party B&rsquo;s requirement for all debts hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7)
to exercise the security right;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8)
to rescind the Contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article
12 Alteration, Transfer, Rescission or Termination </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.1
After signing the Contract, neither party may alter or rescind the Contract unilaterally.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.2
Alterations to the Contract shall be subject to unanimous consent of the Parties and specified in a written agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.3
Party B has the right to transfer its rights and obligations under the Contract and the Guarantee Contract to a third person.
Without Party B&rsquo;s consent, Party A may not transfer its rights and obligations hereunder to a third person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.4
The Contract may be rescinded or terminated in case of the following circumstances:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)
the Parties enter into a written agreement though negotiation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)
either party is in material breach of the Contract or fails to make correction within 3 days after receiving the other party&rsquo;s
requirement for correction, the other party shall have the right to rescind or terminate the Contract;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">3)
the Contract is to be rescinded or terminated according to pertinent laws or other clauses hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article
13 Applicable Law and Dispute Settlement </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.1
The Contract shall be governed by the laws of the People&rsquo;s Republic of China.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2
Any and all disputes arising from performance of the Contract may be settled through negotiation between the Parties; where negotiation
fails, the following method shall apply: either party may bring a suit with the People&rsquo;s Court having the jurisdiction upon
the place where Party B is located.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article
14 Enforcement of Notarization</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.<FONT STYLE="color: black">1
Once notarized, the Contract becomes an enforceable deed of claim. Party A covenants that, if Party A fails to perform any or
all of its obligations hereunder, it is willing to accept the enforcement of certain judicial organ, without legal proceedings,
and that Party B may, in accordance with Article 214 of the Civil Procedure Law, apply to the People&rsquo;s Court having jurisdiction
for enforcement; meanwhile, Party A waives the defense right. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.2
It is confirmed that the Parties hereto have fully understood the meanings, contents, procedures and effectiveness of pertinent
laws, regulations and regulatory documents concerning enforcement of notarization.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.3
Where Party A fails to perform, or performs in an improper way, the notarized deed of claim which is enforceable, Party B shall
send a written notice to Party A of correction of such default within 5 business days as of the date of the notice; otherwise,
Party B may apply to the notary office for a certification of enforcement and Party A shall cooperate with the notary office within
the period notified by Party B in completing the face-to-face verification procedures. Party A undertakes to cooperate in Party
B&rsquo;s application in all aspects, including, but not limited to, cooperation with the notary office within the period notified
by Party B in completing the face-to-face verification procedures. If Party A fails to perform the aforesaid obligation after
receiving a written notice from Party B, Party A hereby confirms that, in case of Party A&rsquo;s absence, the notary office shall
be deemed having completed the face-to-face verification procedures after it completes the verification work subject to its internal
flow according to Party B&rsquo;s application, and that Party A accepts all legal consequences arising therefrom.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.4
The stipulations of Article 14 hereof on enforcement of notarization shall prevail over Article 13 hereof, Applicable Law and
Dispute Settlement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.5
It is agreed to appoint Beijing Fangyuan Notary Office to go through the legal procedures for enforcement of notarization with
respect to the Contract and to issue a notarial deed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article
15 Miscellaneous </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.1
Cost</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Party
A shall be responsible for</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)
insurance, evaluation, registration, safekeeping, appraisal and notarization in connection with the Contract and the guarantee
hereunder, unless otherwise agreed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)
all costs incurred to Party B from realization of claims and security right, including, but not limited to, legal cost, arbitration
fee, property preservation fee, traveling expenses, enforcement fee, evaluation fee, notarization fee, service fee, announcement
fee and attorney fee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.2
Notice</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)
Unless otherwise stipulated herein, each and all notices between the Parties under the Contract may be sent to the following addresses
by fax, mail, express or other methods agreed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Party
A: Chisen Electric Jiangsu Co., Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Add.:
Jinyuan Road, Xuyi Economic Development Zone, Jiangsu, 211700</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attn.:
Zhao Feng</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tel:
0517-88555599</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fax:
0517-88556166</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Party
B: CITIC Trust Co., Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Add.:
Room 4602, Capital Mansion, No. 6 South Xinyuan Road, Chaoyang District, 100004, Beijing</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attn.:
Hao He</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tel:
010-84861259</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fax:
010-84861355</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)
Any party subject to any change in its correspondence address or contact information shall forthwith send a written notice to
the other party of such change; otherwise, the changing party shall be fully responsible for the losses arising from failure to
make a notice in time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.3
Right Reserved</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Party
B&rsquo;s rights under the Contract shall not prejudice or exclude any of its rights available in accordance with laws, regulations
and other contracts. Party B&rsquo;s toleration, extension or preference of any default or delay, or Party B&rsquo;s late exercise
of any of its rights hereunder, shall not be deemed as Party B&rsquo;s waiver of its rights and interests hereunder or as permission
or acceptance of any breach of the Contract, nor restrict, prevent or affect Party B&rsquo;s further exercise of such right or
exercise of any other right, nor create Party B&rsquo;s obligation and liability to Party A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.4
The Contract takes effect with signatures or seals of the Parties&rsquo; respective legal representatives or authorized representatives
and the common seals of the Parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.5
Any matter uncovered herein may be specified in a written agreement between the Parties; such agreement shall be deemed as an
annex to the Contract. Any annexes and modifications to or supplementation with the Contract shall be an integral part of the
Contract and have equal legal effect with the Contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Annexes
hereto:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)
Joint Repayment Contract (No.P2012M11SCSDQ0001-0012) between the Parties hereto and Zhejiang Chisen Electric Co., Ltd.;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.6
The Contract shall be in ten copies with equal legal effect, one for each party hereto, one for Guarantor and the remaining used
for the completion of relevant procedures for enforcement and notarization.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.7
Party A has read all the clauses of the Contract. Party B has at Party A&rsquo;s request explained relevant clauses hereof.Party
A has been fully aware of and understood the meanings of the clauses hereof and relevant legal consequences.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[The
Remainder of This Page is Intentionally Left Blank]<B> </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>This
page is intentionally left blank, solely for the signature of the RMB Capital Loan Contract numbered </B>P2012M11SCSDQ0001-0003<B>.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Party
    A:&nbsp; Chisen Electric Jiangsu Co., Ltd. (official seal)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal
    representative/Authorized representative (signature/seal):</FONT> &nbsp;/s/ Authorized Representative</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signed
    on: December 17, 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Party
    B: CITIC Trust Co., Ltd. (official seal)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal
    representative/Authorized representative (signature/seal):</FONT></FONT> &nbsp;/s/ Authorized Representative</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signed
    on: December 17, 2012</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>v330818_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Entrusted Supervision Contract of Personal
Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>No.:</B>
[</FONT>P2012M11SCSDQ0001-0005<FONT STYLE="font-size: 10pt">]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">Trustor (Party A): CITIC Trust Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; text-align: justify">Domicile: F/13, Capital Mansion, No.6, Xinyuan South Road, Chaoyang District, Beijing</TD>
    <TD STYLE="width: 25%; text-align: justify">Post Code: 100004</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Legal representative: Pu Jian</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Financial Institution for Deposit: Beijing Capital Mansion Branch, China CITIC Bank</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Account No.: 7110210186800061319</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel: 010-84861327</TD>
    <TD STYLE="text-align: justify">Fax: 010-84861380</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">Supervisor (Party B): Chaowei Power Supply Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Domicile: Xinxing Industrial Park, Zhicheng, Changxing, Zhejiang Province</TD>
    <TD STYLE="text-align: justify">Postal code: 313100</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Legal representative: Zhou Mingming</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Financial Institution for Deposit: Changxing Jiefang East Road Branch, China Construction Bank</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Account No.: 330647242012210000000120</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel: 0572-6115081</TD>
    <TD STYLE="text-align: justify">Fax: 0572-6115081</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">Supervisee (Party C): Chisen Electric Jiangsu Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; text-align: justify">Domicile: Jinyuan Road, Xuyi Economic Development Zone, Jiangsu</TD>
    <TD STYLE="width: 25%; text-align: justify">Post Code: 211700</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Legal representative: Xu Kecheng</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Financial Institution for Deposit: Xuyi Xinhua Branch, Industrial and Commercial Bank of China</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Account No.: 1110090309200077630</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel: 0517-88555599</TD>
    <TD STYLE="text-align: justify">Fax: 0517-88556166</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Party A (as the Trustee) accepts the
entrustment of Party B hereto, namely the principal under <I>1201 Period Capital Trust Contract of Loan Project Between Chaowei
Power Supply-Jiangsu Chisen </I>numbered [P2012M11SCSDQ0001-0001] (hereinafter referred to as the <I>Capital Trust Contract</I>)
the entrustment by the Trustor, i.e. Party B under the Contract, to release the trust loan to Party C by using the trust fund under
<I>Capital Trust Contract.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">2.
Party A and the Borrower hereto entered into the <I>RMB Capital Loan Contract</I> (hereinafter referred to as <I>Loan
Contract</I>) numbered [P2012M11SCSDQ0001-0003] on <U> </U>December 17, 2012, where Party B shall provide the trust loan no
exceeding RMB Two Hundred Million Yuan Only (in figure: </FONT>&yen;<FONT STYLE="font-size: 10pt">200,000,000.00 yuan), with
the annual interest rate of 8% and loan term of three years. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A, Party C and Zhejiang Chisen
Electric Co., Ltd. (the co-payer) hereto entered into <I>Joint Repayment Contract </I>numbered [P2012M11SCSDQ0001-0012] on <U> </U>December
17, 2012, where Party C and the Borrower shall jointly assume the obligation of paying off the principal and interest under
the <I>Loan Contract.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The<I> Loan Contract</I> and <I>Joint Repayment
Contract </I>collectively constitute the Main Creditor&rsquo;s Right Contract (hereinafter referred to as the &ldquo;Main Contract&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. In order to guarantee Party
A&rsquo;s creditor&rsquo;s right under the Main Contract, Party A and Party C under the Contract entered into <I>Contract for
Personal Property Mortgage in Maximum Amount </I>numbered [P2012M11SCSDQ0001-0011] on <U> </U>December 17, 2012, and Party C
shall, with its owned inventory, arrange the guaranty for maximum amount floating mortgage for Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">4. Party A is willing
to entrust Party B with the supervision of the mortgaged personal property under <I>Contract for Personal Property Mortgage in
Maximum Amount</I> (No. P2012M11SCSDQ0001-0011) by the means and conditions agreed in the Contract; Party B is willing to accept
Party A&rsquo;s entrustment to supervise the mortgaged personal property under <I>Contract for Personal Property Mortgage in Maximum
Amount</I> (No. P2012M11SCSDQ0001-0011); and Party C, aware of and agreeing with such entrust relationship between Party A and
Party B as well as the related issues arising therefrom, is willing to accept the management of Party B with respect to the supervision
of mortgaged personal property under<I> Contract for Personal Property Mortgage in Maximum Amount</I> (No. P2012M11SCSDQ0001-0011)
in such ways and under such conditions as agreed upon herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The three parties hereby enter into this
Contract in respect to the supervision, entrusted supervision and other related matters of the mortgaged personal property under
<I>Contract for Personal Property Mortgage in Maximum Amount </I>(No.P2012M11SCSDQ0001-0011) upon consultation based on relevant
laws, administrative regulations and terms of <I>Capital Trust Contract</I> for joint observance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 1&#9;Supervision of Personal
Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 1.1</B>&#9;The personal property
under supervision herein refers to the inventories provided by Party C (as the Mortgagor) for Party A (as the Mortgagee) as the
floating mortgage of personal property under <I>Contract for Personal Property Mortgage in Maximum Amount </I>numbered as [P2012M11SCSDQ0001-0011].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The inventory mentioned in previous paragraph
include the finished products or commodities held by Party C and ready for sale (hereinafter referred as the &ldquo;finished products&rdquo;),
the unfinished products still in process (hereinafter referred as the &ldquo;unfinished product&rdquo;) and the materials used
and consumed during production (hereinafter referred as the &ldquo;raw materials&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 1.2&#9;</B>The supervision period
under the Contract falls in a time from the effective date of the Contract and the <I>Contract for Personal Property Mortgage in
Maximum Amount</I> (numbered as [P2012M11SCSDQ0001-0011]) to the settlement date of all liabilities and debts under the Main Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 1.3&#9;</B>The supervision scope
of personal property under the Contract shall cover both the initial supervision scope and dynamic supervision scope.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The initial supervision scope previously
mentioned refers to the all inventory listed in Clause 17-&ldquo;Mortgage Property List&rdquo; of the <I>Contract for Personal
Property Mortgage in Maximum Amount</I> (numbered as [P2012M11SCSDQ0001-0011]).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The dynamic supervision scope provided
in paragraph 1 of this clause refers to the changed inventory resulting from the daily business of Party C, and such changes include
inventory type change (inventory of raw materials is changed to that of unfinished products or finished products, or inventory
of unfinished products is changed to that of finished products), inventory increase caused by purchase of raw materials or inventory
decrease caused by sales of products, inventory disposition with rational reasons and inventory short or inventory profit pursuant
to financial and accounting system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 2&#9;Entrusted Supervision</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 2.1&#9;Party A is willing to entrust
Party B to supervise the personal property under the Contract in such ways and under such conditions as agreed upon in the Contract,
and Party B is willing to accept such entrustment, and Party C, aware of and agreeing with such entrustment relationship between
Party A and Party B as well as the related issues arising therefrom, is willing to accept the management of Party B with respect
to the supervision of personal property under the Contract in such ways and under such conditions as agreed upon herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 2.2</B>&#9;As regards the supervision
of personal property falling in the initial supervision scope, Party B shall confirm with Party C the details, entitlement (right
defect or limitation included), acquired value, book value and storage location in view of such supervision, and shall employ competent
evaluator to assess the value of the personal property under such supervision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to the personal property supervision
details of &ldquo;Mortgage Property List&rdquo; confirmed through such supervision as described above as well as the value of mortgaged
properties listed thereon and the assessment reports provided by the evaluator employed by Party B which have been accepted by
Party B, Party A shall directly adopt without any obligation to review. Party B shall, on its own, bear any legal and/or economic
responsibility for the authenticity of the inventory together with the value presented on the Mortgage Property List.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 2.3</B>&#9;Party B shall observe
the <I>Management Manual of Mortgage Property</I> when performing supervision of personal property falling in such dynamic supervision
scope as provided in paragraph 3 of Clause 1.3, and Party A is not obligated to review such manual. As opposed to Party A, Party
B shall, on its own, bear any legal and/or economic liability for any legal defect of such manual and any action together with
all results arising therefrom taken for the purpose of such manual. As opposed to Party C, both parties shall on their own settle
down any dispute arising from and/in connection with the establishment, execution, entry into force, effect, performance and interpretation
of such manual, with nothing to do with Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The <I>Management Manual of Mortgage Property</I>
previously mentioned shall constitute an attachment to the Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 2.4</B>&#9;For the purpose of
dynamic supervision, on March 31, June 30, September 30 and December 31 in each year following the effective date of the Contract
and the <I>Contract for Personal Property Mortgage in Maximum Amount</I> (numbered as [P2012M11SCSDQ0001-0011]), Party B shall
verify with Party C the details, entitlement (right defect or limitation included), acquired value, book value and storage location
in view of the personal property supervision then, and shall employ competent evaluator to assess the value of the supervised personal
property if required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any updated details of personal property
of Mortgage Property List confirmed through such supervision as described in last paragraph shall serve as an appendix to the Contract
and replace the previous Mortgage Property List. With respect to such list together with the value of mortgaged properties listed
thereon and all assessment reports provided by the evaluator employed by Party B (if any) which have been accepted by Party B,
Party A shall directly adopt without any obligation to review. Party B shall, on its own, bear any legal and/or economic responsibility
for the authenticity of the inventory together with the value presented on the updated Mortgage Property List. Party B shall also
on its own bear any legal liability and responsibility for any resulted change to and value decrease of the mortgaged properties
under the <I>Contract for Personal Property Mortgage in Maximum Amount</I> (numbered as [P2012M11SCSDQ0001-0011]) without any obligation
to Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 3&#9;Agreements on Special Power
and Obligations of Each Party</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 3.1</B>&#9;Party B hereby particularly
confirm and agree to be entrusted by Party A to perform, in such ways and under such conditions as agreed upon herein, the supervision
of personal property. Although such supervision is a re-entrusted one under the<I> Capital Trust Contract</I>, Party A is not obliged
to inspect and/or monitor the trustee in view of the entrusted supervision, which explains that any unfavorable legal result (including
decrease or loss of quantity or benefit of the trust property) shall be born by Party B (as the Trustor under <I>Capital Trust
Contract</I> and the Supervisor under the Contract) on its own, without nothing to do with Party A (as the Trustee under <I>Capital
Trust Contract</I> and the Trustor under the Contract).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 3.2</B>&#9;Party C hereby particularly
undertakes and ensures that it will provide Party B with authentic, well-prepared and complete documents, strictly follow the covenants
provided in <I>Management Manual of Mortgage Property</I> which is an appendix to the Contract, and proactively support Party B
in its supervision work, in respect of the supervision herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 3.3&#9;</B>Party B shall submit
any legal document it received in relation to the supervision herein (including but not limited to the Mortgage Property List together
with the follow-up updates made from time to time and the assessment reports) to Party A within ten (10) days as of the date of
receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 3.4</B>&#9;Both Party B and Party
C shall work together to proactively support Party A to complete the competent legal registration procedures for any change to
the mortgage as agreed in the <I>Contract for Personal Property Mortgage in Maximum Amount </I>(numbered as [P2012M11SCSDQ0001-0011]),
with respect to all updates to the Mortgage Property List.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 3.5</B>&#9;Both Party B and Party
C particularly confirm that, for the purpose of the supervision herein, Party A is entitled to request Party B and/or Party C to
provide related files, documents and written reports on the supervision situation, and to access their sites for inspection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 3.6</B>&#9;All parties of the
Contract confirm that, for the purpose of the entrusted supervision and supervision herein, any party is not obliged to pay any
expense to any other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 4&#9;Liability for Breach of
Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 4.1</B>&#9;Any failure to perform
any obligation herein or any incompliance of any performance with any covenant herein shall be deemed as a breach. The breaching
party shall bear liability for breach by continuing to fulfill the performance, taking remedial measures and/or indemnifying for
the loss incurred etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case of breach by all parties, each
party shall assume their respective liabilities accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 5&#9;Confidentiality Obligations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each party hereto agrees that it shall
keep all information relating to this Contract and the important aspects of the transaction under this Contract signed by the parties
and/or the information contained in this Contract confidential, including relevant pricing information, but excluding those certified
to be received, disclosed or publicized by any third party duly authorized, and agrees that without written consent of other parties,
it shall not disclose such information to any third party outside this Contract, except to the employees, officers and directors
of the disclosing party in connection with the proposed transaction under this Contract and with a need to know such information,
except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1)&#9;The disclosure is made to the investors
for purpose of the proposed transaction under this Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2)&#9;The disclosure is made to the lawyers,
accountants, advisers and consulting staff in connection with the transaction and with a need to know such information and subject
to the non-disclosure agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3)&#9;The disclosure is made to relevant
government departments or administration authorities in accordance with by applicable laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4)&#9;The disclosure is made in accordance
with applicable laws, provided that the disclosing party shall notify the other parties of the proposed disclosure and the content
to be disclosed prior to such disclosure. Without prior written consent of the other parties, any party shall not disclose in public
the proposed transaction under this Contract to any news media or make any statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 6&#9;Governing Law and Dispute
Settlement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 6.1&#9;</B>The conclusion, validation,
performance, validity, interpretation, amendment, termination and dispute settlement of this Contract shall be governed by the
laws of the People&rsquo;s Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 6.2&#9;</B>Any dispute arising
from or in connection with this Contract shall be settled by the parties through negotiation. If the dispute cannot be settled
through consultation within 30 days, any party may bring it to the local people&rsquo;s court with the jurisdiction where Party
A is located.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 6.3&#9;</B>Except for the dispute
matters, each party shall continue to perform its obligations under this Contract in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 7&#9;Validation, Validity and
Miscellaneous</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 7.1&#9;Notice</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 7.1.1&#9;Except where telephone
instructions or notices are otherwise specified in this Contract, all notices, requests, instructions and other communications
required or permitted to be given by one party to any other party under this Contract shall be in writing and signed by the sending
party or its representative. Notices shall be delivered personally, sent by facsimile transmission or by registered mail (postage
prepaid) or courier service to the respective address or fax number set forth in Clause 7.1.2 (or other address or fax number formally
noticed in accordance with this clause). The time when such notices shall be deemed to have been effectively given shall be determined
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1)&#9;Notices given by personal delivery
shall be deemed effectively given at the time of personal delivery;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2)&#9;Notices sent by facsimile transmission
shall be deemed effectively given at the time of transmission if the notice has been telecopied or the facsimile machine produces
a transmission report that the facsimile was successfully sent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3)&#9;Notices sent by registered mail
(postage prepaid) shall be deemed effectively given at 5 p.m. on the fifth day after the date on which they were mailed (return
receipt requested);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4)&#9;Notices sent by courier shall be
deemed effectively at 9 a.m. on the third day after they were sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 7.1.2&#9;The addresses and fax numbers
of the parties for the purpose of receiving the notices under Clause 7.1.1 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To Party A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Address: Room 4602, Capital Mansion, No.6,
Xinyuan South Road, Chaoyang District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contact: Hao He</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: 010-84861259</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 010-84861355</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Post Code: 100004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Address: Xinxing Industrial Park, Zhicheng,
Changxing, Zhejiang Province</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contact: Cheng Xing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: 0572-6115081</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 0572-6115081</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Post Code: 313100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To Party C:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Address: Jinyuan Road, Xuyi Economic Development
Zone, Jiangsu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contact: Zhao Feng</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: 0517-88555599</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 0517-88556166</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Post Code: 211700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 7.1.3&#9;Any party may waive receipt
of any notice under this Contract by giving a written notice. Failure or delay in delivery of any notice, requirement, request,
agreement, approval, statement or any other communications within any company or entity shall not affect the validity of such notice,
requirement, request, agreement, approval, statement or any other communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 7.2&#9;Validation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Contract shall come into effect upon
signing by the legal representatives or authorized representatives of the parties and affixing with official seals of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 7.3&#9;Severability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parts of this Contract shall be severable.
If any of the terms, commitments, conditions or provisions contained in this Contract becomes illegal, invalid or unenforceable
for any reason, such illegality, invalidity or unenforceability shall not affect the remaining parts of this Contract, and the
remaining part of this Contract shall be still valid and enforceable and fully in force, as no illegal, invalid or unenforceable
content has been included in this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 7.4&#9;Amendment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No amendment to this Contract shall become
effective unless made in writing and signed by each party or a duly authorized representative of each of the parties. Amendments
shall include any amendment, supplement, deletion or replacement. Any amendment shall constitute an integral part of this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 7.5&#9;Waiver</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless by express written waiver or change,
rights of the parties under this Contract shall not be waived or changed. Failure or delay on the part of any party to exercise
any right shall not operate as a waiver or change thereof or of any other rights. Any defective or partial exercise of any right
shall not preclude further exercise thereof or exercise of any other right. Any act, implementation process or negotiation of any
party shall in no manner preclude exercise thereof by such party, nor be construed as interruption or change thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 7.6&#9;Heading</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The headings of clauses hereof and appendixes
hereto are for convenience of reading and shall not affect the meaning and interpretation of any provisions under this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 7.7&#9;Appendix</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The appendix hereto is an integral part
of this Contract and shall be equally authentic with this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The appendix to the Contract includes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1)&#9;<I>Management Manual of Mortgage
Property.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 7.8&#9;Counterparts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Contract shall be executed in six
counterparts with same legal force, with two held by each party. <B>(The remainder of this page is intentionally left blank)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Signature page for the <I>Entrusted
Supervision Contract of Personal Property</I> numbered</B> [P2012M11SCSDQ0001-0005] <B>(this page is intentionally left blank)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Party A: CITIC Trust Co., Ltd. (official seal)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Legal representative/Authorized representative (signature/seal)</FONT> &nbsp;/s/ Authorized Representative</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Signed on: December 17, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Party B: Chaowei Power Supply Co., Ltd. (official seal)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Legal representative/Authorized representative (signature/seal)</FONT> &nbsp;/s/ Authorized Representative</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Signed on: December 17, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Party C: Chisen Electric Jiangsu Co., Ltd. (official seal)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Legal representative/Authorized representative (signature/seal)</FONT> &nbsp;/s/ Authorized Representative</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Signed on: December 17, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>v330818_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maximum Amount Equity Pledge Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: black">Contract No.:
[</FONT>P2012M11SCSDQ0001-0006<FONT STYLE="color: black">]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">Pledgor (Party A): Fast More Limited</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; text-align: justify">Domicile: RM 1401 14/F WORLD COMMERCE CENTRE HARBOUR CITY&nbsp; 7-11 CANTON ROAD TSIMSHATSUIKL</TD>
    <TD STYLE="width: 25%; text-align: justify">Postal Code:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Business Registration Certificate No.: 38814673-000-12-11-4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel.:</TD>
    <TD STYLE="text-align: justify">Fax:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">Pledgee (Party B): CITIC Trust Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Domicile: F/13, Capital Mansion, No.6, Xinyuan South Road, Chaoyang District, Beijing</FONT></TD>
    <TD STYLE="width: 25%; text-align: justify">Postal Code: 100004</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Legal Representative: Pu Jian</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial Institution for Deposit: Beijing Capital Mansion Branch, China CITIC Bank</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Account No.: 7110210186800061319</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel.: 010-84861327</TD>
    <TD STYLE="text-align: justify">Fax: 010-84861380</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to ensure the performance of <I>RMB
Capital Loan Contract</I> (Contract No.: P2012M11SCSDQ0001-0003), entered into between Chisen Electric Jiangsu Co., Ltd. (hereinafter
referred to as the Debtor) and Party B, and <I>Joint Repayment Contract</I> (Contract No.: P2012M11SCSDQ0001-0012), entered into
between the Debtor, Zhejiang Chisen Electric Co., Ltd. (hereinafter referred to as the Co-debtor or Target Company) and Party B,
(The <I>RMB Capital Loan Contract</I> and <I>Joint Repayment Contract</I> are collectively referred to as the main contract) and
the realization of Party B&rsquo;s creditor's right, Party A is willing to provide a guarantee by way of the maximum amount equity
pledge for the debt of the Debtor and Co-debtor under the main contract. Party A and B make and enter into this contract through
the agreed consultation, so as to jointly observe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article I Basic Information of Principal
Creditor's Right</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.1 The principal creditor&rsquo;s right
described hereby shall refer to the obligation of debt service of such trust loan that shall be issued by Party B to Party A of
no less than Say RMB Two Hundred Million Only (In figure: &yen;200,000,000.00 yuan) with 8%/year as the interest rate and three
years as the loan term in accordance with the agreement of the main contract, which shall be undertaken jointly and separately
by the obligor and Co-debtor to Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2 The specific information of the principal
creditor&rsquo;s right shall be subject to the agreement under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">1.3 </FONT>The
maximum amount of the maximum amount pledge guarantee under the Contract is two hundred million Yuan only (In figures: RMB 200,000,000.00).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.4 Under one of the following circumstances,
the principal creditor&rsquo;s right guaranteed by the maximum mortgage under this contract shall be determined:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The date that the last principal creditor&rsquo;s
right occurs, which is granted to Party B over the obligor and Co-debtor in accordance with the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where the new creditor&rsquo;s right
cannot occur;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) Where the mortgaged property is sealed
up and detained;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) Where Party A is declared to be bankrupt
or revoked;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) Other circumstance where the creditor&rsquo;s
right is determined in accordance with laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article II Pledged Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.1 Party A has pledged the rights as shown
in the List of Pledged Rights under the Contract, i.e. 100% of equity of the Target Company held by Party A according to law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.2 In case of any discrepancy between
the rights as shown in the List of Pledged Rights and the rights as indicated by the document of title, mortgage instrument or
pledge certificate or pledge register book of registration authority actually received by Party B, the later shall be the pledged
rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.3 Where the pledged property replaces
the new ownership or other rights certificate (proof), causing the discrepancy between &ldquo;Pledged Property List&rdquo; or other
rights (pledge right) certificate or mortgage right document received by Party B and aforesaid new right certificate (proof) or
the register of the registration authority, Party A shall not refuse to bear the guarantee responsibility by such reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.4 Party A shall maintain the effectiveness
and value of the pledged rights with the maximum prudence to prevent lapse or depreciation of the pledged rights as a result of
exceeding the specified term or any other causes. In case of increase in the value of pledged rights, the increase shall also be
used as the pledge guarantee for Party B&rsquo;s creditor&rsquo;s right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.5 The fruits of pledged rights shall
be collected by Party B; as a part of pledged rights, fruits shall be used as the pledge guarantee for Party B&rsquo;s creditor&rsquo;s
right but shall be preferentially used for repaying the expenses incurred by the collection of fruits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.6 In case the value of pledged rights
has decreased or may decrease, which affects the realization of Party B&rsquo;s creditor&rsquo;s right, Party A shall provide new
guarantee in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article II Scope and Period of Guarantee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1 The scope of pledge guarantee under
the Contract shall be all the debts under the main contract, including but not limited to all the principal, interests (including
compound interest and default interest), liquidated damages, compensation, other amounts payable by the Debtor and Co-debtor to
Party B (including but without limitations to related handling charge, telecommunication fee and incidentals), and the expenses
incurred from Party B&rsquo;s realization of the creditor&rsquo;s right and the right of guarantee (including but without limitations
to legal cost, arbitration fee, expense of property preservation, travelling expense, execution fee, assessment fee, charge for
auction, notarial fees, service fee, announcement fee and counsel fee etc.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.2 The period of pledge guarantee under
the Contract shall start from the date this contract takes effect to the expiration of the proceeding period of the creditor&rsquo;s
right of Party B under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article IV Registration or Delivery
of Pledged Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1 Both parties shall go through the procedures
of the registration of equity pledge under the Contract with the appropriate Company Registration Management Department within
3 working days from the effective date of the Contract. Party A shall hand over the mortgage instrument, original of pledge registration
document and other certificates of rights to Party B on the completion date of pledge registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The pledge under the Contract shall be
set from the date on which the pledge registration formalities under the previous articles are completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.2 In case the realization of pledge requires
a third party to carry out obligations, Party A shall inform the third party about the facts of pledge in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.3 If the Debtor and Co-debtor have repaid
all the principal and interests of loan to Party B according to the terms and amount under the main contract, Party A is entitled
to require Party B to return the certificate of pledged rights after payment of all expenses payable by Party A under the Contract.
When Party B returns the certificate of pledged rights, Party A shall conduct site acceptance. Any objections shall be proposed
on site, otherwise Party A shall be deemed to have no objections; if the pledge registration has been transacted, Party B shall
promptly transact pledge registration cancellation or endorsement together with Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article V Effectiveness of Pledge Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This contract shall be the accessory contract
of the main contract. Where the contract for principal creditor&rsquo;s right and debts is invalid, this contract shall be invalid
unless otherwise specified by laws. After it is identified that this contract is invalid, in case, the Debtor and Co-debtor are
in default, they shall bear the corresponding civil liabilities respectively in accordance with their own faults.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case a certain article or part contents
of such article hereunder are or will be invalid, such invalid article or invalid part shall in no case affect the validity of
other articles or other contents of such article hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VI Modification of Main Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.1 If Party A and the Debtor and Co-debtor
agree to modify the articles of the main contract(including but without limitations to modification of the currency for repayment,
repayment method, loan account number, repayment account number, the use plan of the loan, repayment plan, value date, expiration
date, modification of the starting date or deadline of the term of the debt performance without extending the term of the debt
performance, prolonging the term of the debt performance in accordance with the agreement or addition of the amount of the principal
of the creditor&rsquo;s right),, Party A shall undertake the liability to guarantee for the debt under the main contract after
changes without obtaining Party A&rsquo;s consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Party B and the Debtor and Co-debtor
agree to extend the term of debt performance or increase the principal amount of creditor&rsquo;s right without prior consent of
Party A, Party A shall only undertake the liability to guarantee for the debut under the main contract before changes as agreed
in the Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.1 The guarantee responsibility of Party
A shall not be reduced or exempted due to the occurrence of any of the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Where Party B or the Debtor and Co-debtor
has the restructuring, merge, consolidation, division, addition or reduction of capital, join venture, joint operation, name change
or other circumstances;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where Party B assigns the third party
to perform its obligations under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.3 In case the creditor&rsquo;s right
under the main contract is transferred to the third party, Party A shall assist with Party B and such third party to handle the
procedures of the mortgage modification registration as required by the laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.4 Where the transfer of the creditor&rsquo;s
right or debts under the main contract fails to take effect, or is invalid, revoked or removed, Party A shall still bear the guarantee
responsibility to Party B in accordance with the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VII Limitations on the Disposal
of Pledged Rights by Party A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.1 Without the written consent of Party
B, Party A shall not dispose all or part of the pledge rights in any form, including but not limited to abandon, grant, transfer,
contribution and repeat guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.2 Without the written consent of Party
B, the payment obtained by Party A from the disposal of the pledged rights or other payments shall be deposited into the account
designated by Party B. Party B has the right to choose any method as agreed in Article 8.2 (2) &ndash; (4) under the Contract to
dispose the said payment(s) and Party A shall assist in the relevant formalities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.3 Within the validity of the Contract,
if any act of Party A is sufficient to cause decrease in the value of pledged rights, Party A shall inform Party B about the losses
in writing within fifteen days from the date of the act and Party B is entitled to request Party A to stop its act. In case the
decrease in the value of pledged rights is caused by the act of Party A or a third party, Party B shall be entitled to request
Party A to restore the value of pledged rights or provide new guarantee as recognized by Party B in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.4 Within the validity of the Contract,
Party A shall not gift the pledged rights without the written consent of Party B. The prior written consent of Party B is a prerequisite
for Party A to re-pledge or transfer the pledged rights under the Contract in any other forms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.5 Within the validity of the Contract,
Party A shall promptly inform Party B about the adverse impacts or possible adverse impacts on the pledged rights which Party A
has known or shall have known, including but not limited to conversion, reorganization, combination, division, joint-stock reform,
joint venture, cooperation, joint operation, contracting, leasing, changes in business scope and registered capital, involvement
in material economic disputes, disputes on the ownership of pledged rights, declared bankruptcy, termination of business, out of
business, dissolution, revoked business license, revocation, etc. of Party A. In case the disposal of pledged rights or changes
in ownership is involved, it shall also be subject to the prior written consent of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VIII Interference of Third Party</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.1 In case of cancellation, confiscation,
mandatory recall, attaching, freezing, seizure, supervision, deduction, auction, forced possession, damage, or other disposals
of the pledge rights (or chattel under the pledge rights) by the state or other third parties, Party A shall immediately notify
Party B, and promptly take stop, exclusion or remedial measures to prevent further losses; if Party B has requests, Party A shall
provide new guarantee as required by Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.2 Within the validity of the Contract,
in case of decrease in the value of pledged rights or the circumstances of the pledged rights under the preceding clause, the remaining
pledge rights shall still be used as the pledge guarantee for Party B&rsquo;s creditor&rsquo;s right. Any compensation or indemnity
obtained by Party A due to the above reasons shall be deposited into the account designated by Party B. Party B has the right to
choose any of the following methods to deal with the said money, Party A shall assist in the relevant formalities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) For repairing the properties under
the pledged rights to restore their value with the consent of Party B;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) For repayment or advance repayment
of the principal and interests of the debt and relevant expenses under the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) For provision of pledge guarantee for
the debt under the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) For disposal by Party A provided that
Party A provides new guarantee satisfying the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article IX Expiry of Pledged Rights
Prior to the Debt under the main contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pledge under the Contract and fruits of
pledged equity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fruits of pledged equity under the
previous articles refer to the increased pledged equity during the term of pledge as a result of converting capital reserve into
share capital and distribution of profits by means of converting surplus capital reserve into share capital or bonus issue with
the undistributed profits by the Target Company holding pledged rights of Party A, and the dividend obtained due to cash distribution
implemented by the Target Company holding pledged rights of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In relation to the dividend obtained due
to cash distribution implemented by the Target Company holding pledged rights of Party A, Party B is entitled to dispose with any
of the following methods and Party A shall assist in relevant formalities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Use dividend to set deposit receipt
pledge or deposit pledge;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Use dividend for repayment or advance
repayment of the debt under the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) The dividend shall be at the disposal
of Party A after the provision of new guarantee satisfying the requirements of Party B by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article X Realization of Pledged Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.1 In case the Debtor and the Co-debtor
fail to perform the due debts under the main contract or the pre-due debts as announced, or violate other agreements, Party B shall
have the right to dispose of the pledged rights. Party A agrees that Party B has the right to dispose of the pledged rights in
discount, sales, auction, and other ways.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.2 The value of pledged rights as recorded
in the &ldquo;List of Pledged rights&rdquo; under the Contract or otherwise agreed by both parties hereto (hereinafter referred
to as the &ldquo;provisional value&rdquo;) shall not be indicated as the final value of pledged rights. Such final value shall
be the net amount of proceeds obtained by Party B for disposing of the pledged rights minus various taxes and duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the pledged rights are used to compensate
Party B&rsquo;s creditor&rsquo;s right, the said provisional value shall not be used as a reference for the compensation of creditor&rsquo;s
right of Party B with the pledged rights. Then the value of pledged rights shall be determined by Party A and Party B through consensus
or fair evaluation according to law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.3 After the proceeds obtained by Party
B for the realization of pledged rights are used to pay expenses incurred in the sales or auction (including but not limited to
the custodian fee, evaluation fee, auctioneer&rsquo;s fee, transfer fee, taxes and duties, etc.), such proceeds shall be firstly
used to settle debts under the main contract and residual proceeds shall be returned to Party A. Party A agrees that if there are
still residual proceeds after the debts under the main contract are paid off, the residual proceeds shall be firstly used to repay
other creditor&rsquo;s rights of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.4 In case Party A is the Debtor and
the Co-debtor, Party B may apply for compulsory execution of properties except Party A&rsquo;s pledged rights under the precondition
of not waiving the pledged rights or preferentially disposing of pledged rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.5 Party A shall not hinder Party B to
realize the pledged rights in any ways (including act or omission).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.6 No matter whether Party B has other
guarantees (including but not limited to warranty, mortgage, pledge, letter of guarantee, stand-by letter of credit and other guarantee
methods) for creditor&rsquo;s rights under the main contract, when other guarantees aforesaid come into existence, whether other
guarantees aforesaid are valid, whether Party B claims for rights against other guarantors, whether any third party contents to
bear partial or full debts under the main contract, whether other guarantees are provided by the Debtor and the Co-debtor themselves,
Party A&rsquo;s guarantee liability under the Contract shall not be mitigated or exempted therefore and Party B may directly require
Party A to undertake his guarantee liability within the guarantee scope according to the agreed clauses under the Contract and
Party A shall not raise any objections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.7 If Party A only provides the guarantee
for partial debts under the main contract, Party A agrees that, even partial debts under the main contract are subject to extinction
due to the settlement of the Debtor and the Co-debtor, realization of other guarantee rights of Party B or any other reasons, Party
A shall still undertake the guarantee liability for existing bets within the guarantee scope according to the agreed clauses under
the Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.8 If Party A only provides the guarantee
for partial debts under the main contract and fails to fully settle debts under the main contract after undertaking his guarantee
liability, Party A promises that his claim (including exercising beforehand) for subrogation right or right of recourse against
the Debtor and the Co-debtor or other guarantor shall not harm any interests of Party B and agrees that the settlement of debts
under the main contract shall be in preference to the realization of his subrogation right or right of recourse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specifically, prior to the full settlement
of the creditor&rsquo;s right of Party B,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Party A contents not to claim the subrogation
right or right of recourse against the Debtor and the Co-debtor. If Party A realizes aforesaid rights for any reason, Party A shall
preferentially use such proceeds to pay off unsettled creditor&rsquo;s right of Party B;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) With regard to the debts under the
main contract, if there is guarantee for the property right, Party A contents not to claim for rights against the guaranteed property
or proceeds obtained from disposition on the grounds of exercising the subrogation right or by virtue of any other reasons. Above
guaranteed property and obtained proceeds shall be preferentially used to pay off unsettled creditor&rsquo;s right of Party B;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) If the Debtor and the Co-debtor or
other guarantors provide the counter guarantee for Party A, proceeds obtained by Party A according to aforesaid counter guarantee
shall be preferentially used to pay off unsettled creditor&rsquo;s right of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.9 If the main contract is invalid, ineffective,
void, partially void or cancelled and terminated and Party A is not the Debtor and the Co-debtor, Party A shall undertake the joint
liability together with the Debtor and the Co-debtor for debts arising from the restitution of property or loss compensation of
the Debtor and the Co-debtor within the guarantee scope as agreed in the Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.10 Party A has fully realized the interest
rate risk. If the repayable interest rate, default interest and compound interest of the Debtor and the Co-debtor are increased
as Party B adjusts the interest rate level and the way of interest accrual or settlement according to the agreed clauses in the
main contract or the changes in the national interest rate policies, Party A shall undertake the guarantee liability for the increased
part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XI Statement and Commitment
of Party A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A makes following statements and
commitments to Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.1 Party A is a legal entity registered
according to the laws and regulations of Hongkong Special Administrative Region of the People's Republic of China. As of the date
of concluding and signing the Contract, Party A is in a normal operating state and there is no any existing or reasonably predictable
factor that may result in Party A&rsquo;s incapability of normal operation within the guaranty period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.2 Party A is legally qualified to be
a Guarantor. The guarantee behavior of Party A under the Contract is in compliance with the provisions of laws, administrative
laws and regulations, regulations and Party A&rsquo;s articles of incorporations or internal organization documents, and has obtained
(or will obtain) the approval and authorization of internal competent authorities of the company and/or national competent authorities.
Party A shall bear all responsibilities arising therefrom Party A&rsquo;s ineligible signature in the Contract, including but not
limited to the compensation for all losses incurred by Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.3 Party A acknowledges to have fully
understood the assets, debts, business, credit and reputation status and so on of the Debtor and the Co-debtor, the matter whether
the Debtor and the Co-debtor have the qualification and right as principal to sign the main contract and all contents of the main
contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.4 Party A legally owns the pledged rights
and enjoys the disposition right. The pledged rights do not belong to the non-negotiable and non-transferable properties and are
not involved in any right deficits or right disputes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.5 There are no other co-owners for the
pledged rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.6 There is no any defect or burden that
isn&rsquo;t informed to Party B in written on the pledged rights (and the properties under the pledged rights), including but not
limited to the circumstances that the pledged rights (and the properties under the pledged rights) have been restricted specific
to transfer, supervised, rent out and retained, and that there are defaulted purchase money, maintenance costs, national taxes,
damages, etc. in the pledged rights, or that the pledged rights have been guaranteed for a third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.7 All materials and information (including
but not limited to the pledged rights and right certificate) provided by Party A to Party B shall be accurate, authentic, complete
and valid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.8 The pledge guarantee provided by Party
A shall not damage the legitimate interests of any third party and violate the legal and agreed obligations of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.9 If the realization of Party B&rsquo;s
pledged rights requires a third party to fulfill the obligation, Party A shall guarantee that the third party will not claim for
offset, retention or any other defenses, and any agreement between the third party and Party A will not limit the obtainment of
the pledged rights of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.10 No matter whether Party A has signed
or will sign a counter guarantee agreement or a similar agreement with the Debtor and the Co-debtor or other Guarantors under the
main contract, the agreement will not legally or actually damage any right and interest of Party B under the Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.11 Party A agrees that Party B may inquire
the credit status of Party A from the credit database established through the approval of People's Bank of China and Credit Investigation
Competent Department, or from the relevant units and departments, and that Party B provides the information of Party A to the credit
database established through the approval of People's Bank of China and Credit Investigation Competent Department. Party A shall
also agree that Party B may reasonably use and disclose the information of Party A as required by the business of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.12 For any default of Party A, Party
B has the right to report the same to relevant departments or units and announce the default of Party A through news media.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.13 Party A fully understands and agrees
all clauses of main contract, and voluntarily provides pledge guarantee for the Debtor and the Co-debtor under the main contract.
All declarations of intention of Party A under the Contract are authentic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XII Liability for Breach of
Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.1 Where Party A violates any agreement
or any obligation hereunder, or explicitly expresses or indicates by its actions that it refuse to perform any obligation hereunder,
or the statement and commitment of Party A under Article XI hereof are untruthful, inaccurate, incomplete or intentionally misunderstood,
Party B shall notify Party A in writing to correct such violations. In case Party A fails to correct the violations within 5 working
days upon the date that Party B sends the above notification, Party B shall have the right to separately or jointly exercise the
following rights:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) To require Party A to correct the violations
within the limited time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) To require Party A to provide new guarantee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) To require Party A to compensate the
losses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) To dispose the mortgaged property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) To require Party A to pay the default
fine equivalent to 30% of the amount of creditor&rsquo;s right when Party A breaches the contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(6) Other remedial measures approved by
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the economic losses of Party B caused
by the violations of Party A exceed the default fine, Party A shall pay the damages to Party B for the excess.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.2 Party B shall have the right to choose
any method agreed in Item (2) to (4) under Article 8.5 to dispose the money gained from disposal of the mortgaged property, and
Party A shall assist with Party B to handle the relevant procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.3 In case due to the reasons of Party
A, this Contract is invalid, or the right of mortgage fails to be created, or the value of the mortgaged property is reduced, or
Party B fails to timely or fully realize the right of mortgage, Party B shall have the right to require Party A to repay for the
guaranteed debt within the scope of guarantee agreed hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.4 In case Party B loses the mortgaged
property right certificate delivered by Party A due to faults; or Party B fails to timely return the mortgaged property right certificate
after the debt under the main contract has been fully repaid or fails to assist with Party A to handle the procedures of cancellation
of the mortgage registration after the application of Party A, Party A shall have the right to take the following one or more measures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) To require Party B to bear the expense
of handling the mortgaged property right certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) To require Party B to return the mortgaged
property right certificate with the limited time or assist with Party A to cancel the mortgaged property registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XIII Law Application and Disputes
Settlement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.1 This Contract shall be governed by
the laws, administrative regulations and departmental rules of the People's Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.2 All disputes arising from the conclusion,
effectiveness, performance and interpretation hereof and in relation to this Contract shall be settled through consultations of
both parties. In case no agreements reach or neither party is willing to settle the disputes through consultations, either party
shall have the right to file a suit to the People&rsquo;s Court with the jurisdiction where Party B locates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article IV Enforced Notarization</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.<FONT STYLE="color: black">1 This Contract
shall be the document of the creditor&rsquo;s right with the effectiveness of enforcement through notarization. Party A promises
that in case Party A fails to perform or incompletely performs the obligations hereunder, it shall voluntarily accept the enforcement
of judicial authority without legal proceedings of first instance and/or second instance; Party B shall directly apply the enforcement
for the People&rsquo;s Court with the jurisdiction in accordance with the provisions of Article 214 (1) of <I>Law of Civil Procedure
</I>and meanwhile Party A shall waive the right of defense. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.2 Both parties jointly confirm that
both parties have the full and explicit knowledge of the regulations on the meaning, contents, procedure and effectiveness of the
enforced notarization under the relevant laws, administrative regulations, departmental rules and regulatory documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.3 In case Party A fails to perform or
improperly performs <FONT STYLE="color: black">the document of the creditor&rsquo;s right with the effectiveness of enforcement
through notarization, Party B shall notify Party A in writing to correct its violations within 5 working days upon the date of
the sending of notification; otherwise Party B shall apply to the notary organs for issuance of the enforcement certificate, and
Party A shall make the coordination to complete the procedure of verification in person in the notary organs upon the time notified
by Party B. Party A shall make the commitment to full coordinate with the application action of Party B (including but without
limitations to complete the procedure of verification in person in the notary organs upon the time notified by Party B in writing).
In case after receipt of the written notification of Party B, Party A fails to timely perform the above obligations, Party A hereby
confirms that under the circumstance of absence of Party A, after the notary organs performs and completes the verification through
the internal procedure in accordance with application of Party B, it shall be equal that the notary organs completes the procedure
of verification in person and Party A shall fully approve the legal consequences arising from such case. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.4 The agreement in relation to the enforced
notarization under Article XV shall be preferentially executed than that under Article XIV hereof (Law Application and Disputes
Settlement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.5 Both parties hereof agree that Beijing
Fangyuan Notary Office shall handle the legal procedures of the enforced notarization hereunder and issue the notarial certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XV Other Articles</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.1 Reservation of Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rights of Party B hereunder shall have
no effects and eliminate any right it shall be entitled in accordance with the laws, regulations and other contracts. Any tolerance,
grace, preference or delay to exercise any right hereunder due to breach of this Contract or delay shall not be deemed as a waiver
of the rights and interests hereunder or approval or acceptance of any breach of this Contract, and will never effect, disturb
and interrupt the continued exercise of such right or any exercise of other rights, and will cause Party B to bear no obligations
and responsibilities of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even though Party B fails to perform or
delays to perform any right under the main contract or part application of any remedy under such main contract, the guarantee responsibility
of Party A under the main contract shall never be reduced or exempted due to such case, but in case Party B reduces or exempts
the debt under the main contract, the guarantee responsibility of Party A under the main contract shall be reduced or exempted
correspondingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.2 Continuity of obligation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All obligations and joint and several liabilities
of Party A hereunder shall be continuous and shall have full binding force upon its successor, receiver, assignee and the subject
after change of form of organization or name, combination or separation. Such obligations and liabilities shall never be affected
by any dispute, claim and the legal proceeding and any directive of the superior units and any contract and document concluded
between Party A under the main contract and any natural person or legal person or be changed due to the bankruptcy or reorganization
of Party A, insolvency, deprivation of corporate capacity, change of the articles of association and any modification in essence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.3 Dissolution and bankruptcy of the
Debtor and the Co-debtor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After Party A knows the Debtor and the
Co-debtor have entered into dissolution and bankruptcy procedures, Party A shall immediately inform Party B of declaring the creditor's
right. At the same time, Party A can duly participate in the dissolution and bankruptcy procedures and exercise the right of recourse
in advance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As prescribed in Article 15.1 (2), during
the bankruptcy procedures of the Debtor and the Co-debtor, if a reconciliation agreement is concluded between Party B and the Debtor
and the Co-debtor or both of Party B and the Debtor and the Co-debtor agree the reformation plan, Party B&rsquo;s rights under
the Contract shall not be damaged due to reconciliation agreement and reformation plan and the guarantee liability of Party A shall
not be reduced and exempted. Party A must not use conditions regulated in reconciliation agreement and reformation plan to go against
the right claims of Party B. For the unredeemed creditor's right due to the concession for the Debtor and the Co-debtor by Party
B in the reconciliation agreement and reformation plan, Party B still has right to require Party A to pay off the creditor's right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.4 Expenses Assumption</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following expenses shall be borne by
Party A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The expense of the insurance, assessment,
registration and notarization in relation to this Contract and the guarantee hereunder shall be borne by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) In case Party A breaches the Contract,
all expenses arising from Party B realizing the creditor&rsquo;s right and right of guarantee (including but without limitations
to legal cost, arbitration fee, expense of property preservation, travelling expense, execution fee, assessment fee, charge for
auction, notarial fees, service fee, announcement fee and counsel fee, etc.) shall be borne by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.5 Notification</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Unless otherwise specified in this
Contract, all notifications between both parties hereunder may be served by the special personnel, fax, express mail and E-mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by the
special personnel, the receiver shall sign or seal on the service return receipt, and the service date shall be deemed as the signing
date by the receiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by fax,
the service date shall be the sending date of the fax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by the
express mail, the service date shall be the third day upon the day of sending the express mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by E-mail,
the service date shall be the date that such E-mail is sent in to the designated system of the receiver (if the receiver designates
the special system to receive the E-mail) or E-mail is sent in to any system of the receiver for the first time (if the receiver
fails to designate the special system to receive the E-mail).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Unless otherwise specified in this
Contract, all notifications between both parties hereunder shall be served by fax, postal delivery, express delivery or other methods
agreed by both parties to the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Send to Party A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Address: No. 1188, Taihu Avenue, Changxing
Economic Development Zone</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Postal Code: 313100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contact: Liu Chuanjie</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: 0572-6225888-8608</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 0572-6267588</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Send to Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Address: F/13, Capital Mansion, No. 6,
Xinyuan South Road, Chaoyang District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Postal Code: 100004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contact: Hao He</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: 010-84861327</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 010-84861380</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) In case the mailing address or contact
information of either party has changed, it shall be immediately notified to the other party in writing form. The losses caused
due to failure of immediate notification shall be borne by the changer of such mailing address or contact information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.6 This Contract shall go into effect
upon signature or seal of name seal and common seal by the legal representatives or authorized representatives of both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.7 Any matter not covered herein shall
be agreed separately by both parties as the appendix hereof. Any appendix, modification or supplementation hereof shall be an integral
part hereof with the same legal effect with this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.8 This Contract shall be made in six
copies, each party holding two. The remaining copies shall be used to handle the enforced notarization, mortgage registration and
other relevant legal proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.9 Party A has read all articles hereof.
In accordance with the requirements of Party A, Party B has made the correspondent explanation of the articles upon this Contract.
Party A has the full knowledge and understanding of the meaning and the corresponding legal consequences of the articles hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XVI List of Pledged Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">List of the Pledged Rights under the Contract
is shown in the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">List of Pledged Rights</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 12%; padding-right: 0; padding-left: 0; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Name of <BR>
pledged <BR>
rights</TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 0; padding-left: 0; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">No. of right <BR>
certificate <BR>
and other <BR>
relevant <BR>
certificates</TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 0; padding-left: 0; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Par <BR>
value <BR>
(value)</TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 0; padding-left: 0; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Qty</TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 0; padding-left: 0; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Expiration <BR>
date of <BR>
right</TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; padding-right: 0; padding-left: 0; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Pledge amount <BR>
set for other <BR>
creditor&rsquo;s rights <BR>
(RMB 10,000 <BR>
yuan)</TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 0; padding-left: 0; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Payer or <BR>
delivery <BR>
person</TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; padding-right: 0; padding-left: 0; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Remarks</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the <I>Business License for
Enterprise&rsquo;s Legal Person</I> (No.: 0959559) of Zhejiang Chisen Electric Co., Ltd., Zhejiang Chisen Electric Co., Ltd. obtained
the <I>Business License for Enterprise&rsquo;s Legal Person</I> as issued by Huzhou Administration for Industry and Commerce on
February 25, 2002 and passed the annual survey of 2011. The registered capital of Zhejiang Chisen Electric Co., Ltd. is RMB 120
million yuan and the paid-in capital is RMB 120 million yuan. According to the archive for industry and commerce inquiry issued
by Huzhou Administration for Industry and Commerce in 2012 and the Articles of Incorporation of Zhejiang Chisen Electric Co., Ltd.,
Party A has 100% equities of Zhejiang Chisen Electric Co., Ltd. and no pledged rights are assigned to such equities. Party A pledges
the 100% equities of Zhejiang Chisen Electric Co., Ltd. as held by him to Party B and such pledge has been discussed and approved
by the board of directors of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Remainder of this page is intentionally
left blank)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Signature page of <I>Maximum</I></B><I>
<B>Amount Equity Pledge Contract</B></I><B> </B>[P2012M11SCSDQ0001-0006] <B>(</B>Remainder of this page is intentionally left blank<B>)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Party A: Fast More Limited (official seal)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Legal representative or authorized representative (signature/ seal):</FONT> &nbsp;/s/ Authorized Representative</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Signed on: December 17, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Party B: CITIC Trust Co., Ltd. (official seal)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Legal representative or authorized representative (signature/ seal):</FONT> &nbsp;/s/ Authorized Representative</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Signed on: December 17, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>v330818_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maximum Amount Equity Pledge Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: black">Contract No.:
[</FONT>P2012M11SCSDQ0001-0007<FONT STYLE="color: black">]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">Pledgor (Party A): Zhejiang Chisen Electric Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; text-align: justify">Domicile: No. 1188, Taihu Avenue, Changxing Economic Development Zone</TD>
    <TD STYLE="width: 25%; text-align: justify">Postal Code: 313100</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Legal Representative: Xu Kecheng</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Opening Bank: Changxing Jiefang Road East Branch, China Construction Bank</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Account No.: 330016472420500000065</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel.: 0572-6225888-8608</TD>
    <TD STYLE="text-align: justify">Fax: 0572-6267588</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">Pledgee (Party B): CITIC Trust Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Domicile: F/13, Capital Mansion, No.6, Xinyuan South Road, Chaoyang District, Beijing</FONT></TD>
    <TD STYLE="width: 25%; text-align: justify">Postal Code: 100004</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Legal Representative: Pu Jian</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial Institution for Deposit: Beijing Capital Mansion Branch, China CITIC Bank</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Account No.: 7110210186800061319</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel.: 010-84861327</TD>
    <TD STYLE="text-align: justify">Fax: 010-84861380</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to ensure the performance of <I>RMB
Capital Loan Contract </I>(Contract No.: P2012M11SCSDQ0001-0003) entered into by and between Chisen Electric Jiangsu Co., Ltd.
(hereinafter referred to as the Debtor or the Target Company) and Party B, and <I>Joint Repayment Contract</I>(Contract No.: P2012M11SCSDQ0001-0012)
entered into by and between the Debtor, Party A (hereinafter referred to as the Co-debtor) and Party B, (the <I>RMB Capital Loan
Contract </I>and <I>Joint Repayment Contract </I>are collectively referred to as the main contract) and the realization of Party
B&rsquo;s creditor's right, Party A is willing to provide a guarantee by way of the maximum amount equity pledge for the debt of
the Debtor and Co-debtor under the main contract. Party A and B make and enter into this contract through the agreed consultation,
so as to jointly observe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article I Basic Information of Principal
Creditor's Right</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.1 The principal creditor&rsquo;s right
described hereby shall refer to the obligation of debt service of such trust loan that shall be issued by Party B to Party A of
no less than Say RMB Two Hundred Million Only (In figure: &yen;200,000,000.00 yuan) with 8%/year as the interest rate and three
years as the loan term in accordance with the agreement of the main contract, which shall be undertaken jointly and separately
by the obligor and Co-debtor to Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2 The specific conditions of the principal
creditor's right are subject to the agreement under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.3 The maximum amount of the maximum amount
pledge guarantee under the Contract is two hundred million Yuan only (In figures: RMB 200,000,000.00).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.4 Under one of the following circumstances,
the principal creditor&rsquo;s right guaranteed by the maximum mortgage under this contract shall be determined:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The date that the last principal creditor&rsquo;s
right occurs, which is granted to Party B over Party A and Co-debtor in accordance with the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where the new creditor&rsquo;s right
cannot occur;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) Where the mortgaged property is sealed
up and detained;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) Where Party A is declared to be bankrupt
or revoked;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) Other circumstance where the creditor&rsquo;s
right is determined in accordance with laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article II Pledged Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.1 Party A has pledged the rights as shown
in the List of Pledged Rights under the Contract, i.e. 98% of equity of the Target Company held by Party A according to law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.2 In case of any discrepancy between
the rights as shown in the List of Pledged Rights and the rights as indicated by the document of title, mortgage instrument or
pledge certificate or pledge register book of registration authority actually received by Party B, the later shall be the pledged
rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.3 Where the pledged property replaces
the new ownership or other rights certificate (proof), causing the discrepancy between &ldquo;Pledged Property List&rdquo; or other
rights (pledge right) certificate or mortgage right document received by Party B and aforesaid new right certificate (proof) or
the register of the registration authority, Party A shall not refuse to bear the guarantee responsibility by such reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.4 Party A shall maintain the effectiveness
and value of the pledged rights with the maximum prudence to prevent lapse or depreciation of the pledged rights as a result of
exceeding the specified term or any other causes. In case of increase in the value of pledged rights, the increase shall also be
used as the pledge guarantee for Party B&rsquo;s creditor&rsquo;s right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.5 The fruits of pledged rights shall
be collected by Party B; as a part of pledged rights, fruits shall be used as the pledge guarantee for Party B&rsquo;s creditor&rsquo;s
right but shall be preferentially used for repaying the expenses incurred by the collection of fruits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.6 In case the value of pledged rights
has decreased or may decrease, which affects the realization of Party B&rsquo;s creditor&rsquo;s right, Party A shall provide new
guarantee in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article III Scope and Period of Guarantee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1 The scope of pledge guarantee under
the Contract shall be all the debts under the main contract, including but not limited to all the principal, interests (including
compound interest and default interest), liquidated damages, compensation, other amounts payable by the Debtor and Co-debtor to
Party B (including but without limitations to related handling charge, telecommunication fee and incidentals), and the expenses
incurred from Party B&rsquo;s realization of the creditor&rsquo;s right and the right of guarantee (including but without limitations
to legal cost, arbitration fee, expense of property preservation, travelling expense, execution fee, assessment fee, charge for
auction, notarial fees, service fee, announcement fee and counsel fee etc.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.2 The period of pledge guarantee under
the Contract shall start from the date this contract takes effect to the expiration of the proceeding period of the creditor&rsquo;s
right of Party B under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article IV Registration or Delivery
of Pledged Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1 Both parties shall go through the procedures
of the registration of equity pledge under the Contract with the appropriate Company Registration Management Department within
3 working days from the effective date of the Contract. Party A shall hand over the mortgage instrument, original of pledge registration
document and other certificates of rights to Party B on the completion date of pledge registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The pledge under the Contract shall be
set from the date on which the pledge registration formalities under the previous articles are completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.2 In case the realization of pledge requires
a third party to carry out obligations, Party A shall inform the third party about the facts of pledge in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.3 If the Debtor and Co-debtor have repaid
all the principal and interests of loan to Party B according to the terms and amount under the main contract, Party A is entitled
to require Party B to return the certificate of pledged rights after payment of all expenses payable by Party A under the Contract.
When Party B returns the certificate of pledged rights, Party A shall conduct site acceptance. Any objections shall be proposed
on site, otherwise Party A shall be deemed to have no objections; if the pledge registration has been transacted, Party B shall
promptly transact pledge registration cancellation or endorsement together with Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article V Effectiveness of Pledge Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This contract shall be the accessory contract
of the main contract. Where the contract for principal creditor&rsquo;s right and debts is invalid, this contract shall be invalid
unless otherwise specified by laws. After it is identified that this contract is invalid, in case,the Debtor and Co-debtor are
in default, they shall bear the corresponding civil liabilities respectively in accordance with their own faults.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case a certain article or part contents
of such article hereunder are or will be invalid, such invalid article or invalid part shall in no case affect the validity of
other articles or other contents of such article hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VI Modification of Main Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.1 If Party A and the Debtor and Co-debtor
agree to modify the articles of the main contract(including but without limitations to modification of the currency for repayment,
repayment method, loan account number, repayment account number, the use plan of the loan, repayment plan, value date, expiration
date, modification of the starting date or deadline of the term of the debt performance without extending the term of the debt
performance, prolonging the term of the debt performance in accordance with the agreement or addition of the amount of the principal
of the creditor&rsquo;s right),, Party A shall undertake the liability to guarantee for the debt under the main contract after
changes without obtaining Party A&rsquo;s consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Party B and the Debtor and Co-debtor
agree to extend the term of debt performance or increase the principal amount of creditor&rsquo;s right without prior consent of
Party A, Party A shall only undertake the liability to guarantee for the debut under the main contract before changes as agreed
in the Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.1 The guarantee responsibility of Party
A shall not be reduced or exempted due to the occurrence of any of the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Where Party B or or the Debtor and
Co-debtor has the restructuring, merge, consolidation, division, addition or reduction of capital, join venture, joint operation,
name change or other circumstances;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where Party B assigns the third party
to perform its obligations under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.3 In case the creditor&rsquo;s right
under the main contract is transferred to the third party, Party A shall assist with Party B and such third party to handle the
procedures of the mortgage modification registration as required by the laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.4 Where the transfer of the creditor&rsquo;s
right or debts under the main contract fails to take effect, or is invalid, revoked or removed, Party A shall still bear the guarantee
responsibility to Party B in accordance with the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VII Limitations on the Disposal
of Pledged Rights by Party A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.1 Without the written consent of Party
B, Party A shall not dispose all or part of the pledge rights in any form, including but not limited to abandon, grant, transfer,
contribution and repeat guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.2 Without the written consent of Party
B, the payment obtained by Party A from the disposal of the pledged rights or other payments shall be deposited into the account
designated by Party B. Party B has the right to choose any method as agreed in Article 8.2 (2) &ndash; (4) under the Contract to
dispose the said payment(s) and Party A shall assist in the relevant formalities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.3 Within the validity of the Contract,
if any act of Party A is sufficient to cause decrease in the value of pledged rights, Party A shall inform Party B about the losses
in writing within fifteen days from the date of the act and Party B is entitled to request Party A to stop its act. In case the
decrease in the value of pledged rights is caused by the act of Party A or a third party, Party B shall be entitled to request
Party A to restore the value of pledged rights or provide new guarantee as recognized by Party B in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.4 Within the validity of the Contract,
Party A shall not gift the pledged rights without the written consent of Party B. The prior written consent of Party B is a prerequisite
for Party A to re-pledge or transfer the pledged rights under the Contract in any other forms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.5 Within the validity of the Contract,
Party A shall promptly inform Party B about the adverse impacts or possible adverse impacts on the pledged rights which Party A
has known or shall have known, including but not limited to conversion, reorganization, combination, division, joint-stock reform,
joint venture, cooperation, joint operation, contracting, leasing, changes in business scope and registered capital, involvement
in material economic disputes, disputes on the ownership of pledged rights, declared bankruptcy, termination of business, out of
business, dissolution, revoked business license, revocation, etc. of Party A. In case the disposal of pledged rights or changes
in ownership is involved, it shall also be subject to the prior written consent of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VIII Interference by a Third
Party</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.1 In case of cancellation, confiscation,
mandatory recall, attaching, freezing, seizure, supervision, deduction, auction, forced possession, damage, or other disposals
of the pledge rights (or chattel under the pledge rights) by the state or other third parties, Party A shall immediately notify
Party B, and promptly take stop, exclusion or remedial measures to prevent further losses; if Party B has requests, Party A shall
provide new guarantee as required by Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.2 Within the validity of the Contract,
in case of decrease in the value of pledged rights or the circumstances of the pledged rights under the previous articles, the
remaining pledge rights shall still be used as the pledge guarantee for Party B&rsquo;s creditor&rsquo;s right. Any compensation
or indemnity obtained by Party A due to the above reasons shall be deposited into the account designated by Party B. Party B has
the right to choose any of the following methods to deal with the said money, Party A shall assist in the relevant formalities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) For repairing the properties under
the pledged rights to restore their value with the consent of Party B;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) For repayment or advance repayment
of the principal and interests of the debt and relevant expenses under the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) For provision of pledge guarantee for
the debt under the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) For disposal by Party A provided that
Party A provides new guarantee satisfying the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article IX Expiry of Pledged Rights
Prior to the Debt under the main contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pledge under the Contract and fruits of
pledged equity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fruits of pledged equity under the
previous articles refer to the increased pledged equity during the term of pledge as a result of converting capital reserve into
share capital and distribution of profits by means of converting surplus capital reserve into share capital or bonus issue with
the undistributed profits by the Target Company holding pledged rights of Party A, and the dividend obtained due to cash distribution
implemented by the Target Company holding pledged rights of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In relation to the dividend obtained due
to cash distribution implemented by the Target Company holding pledged rights of Party A, Party B is entitled to dispose with any
of the following methods and Party A shall assist in relevant formalities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Use dividend to set deposit receipt
pledge or deposit pledge;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Use dividend for repayment or advance
repayment of the debt under the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) The dividend shall be at the disposal
of Party A after the provision of new guarantee satisfying the requirements of Party B by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article X Realization of Pledged Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.1 In case the Debtor and the Co-debtor
fail to perform the due debts under the main contract or the pre-due debts as announced, or violate other agreements, Party B shall
have the right to dispose of the pledged rights. Party A agrees that Party B has the right to dispose of the pledged rights in
discount, sales, auction, and other ways.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.2 The value of pledged rights as recorded
in the &ldquo;List of Pledged rights&rdquo; under the Contract or otherwise agreed by both parties hereto (hereinafter referred
to as the &ldquo;provisional value&rdquo;) shall not be indicated as the final value of pledged rights. Such final value shall
be the net amount of proceeds obtained by Party B for disposing of the pledged rights minus various taxes and duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the pledged rights are used to compensate
Party B&rsquo;s creditor&rsquo;s right, the said provisional value shall not be used as a reference for the compensation of creditor&rsquo;s
right of Party B with the pledged rights. Then the value of pledged rights shall be determined by Party A and Party B through consensus
or fair evaluation according to law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.3 After the proceeds obtained by Party
B for the realization of pledged rights are used to pay expenses incurred in the sales or auction (including but not limited to
the custodian fee, evaluation fee, auctioneer&rsquo;s fee, transfer fee, taxes and duties, etc.), such proceeds shall be firstly
used to settle debts under the main contract and residual proceeds shall be returned to Party A. Party A agrees that if there are
still residual proceeds after the debts under the main contract are paid off, the residual proceeds shall be firstly used to repay
other creditor&rsquo;s rights of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.4 In case Party A is the Debtor and
the Co-debtor, Party B may apply for compulsory execution of properties except Party A&rsquo;s pledged rights under the precondition
of not waiving the pledged rights or preferentially disposing of pledged rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.5 Party A shall not hinder Party B to
realize the pledged rights in any ways (including act or omission).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.6 No matter whether Party B has other
guarantees (including but not limited to warranty, mortgage, pledge, letter of guarantee, stand-by letter of credit and other guarantee
methods) for creditor&rsquo;s rights under the main contract, when other guarantees aforesaid come into existence, whether other
guarantees aforesaid are valid, whether Party B claims for rights against other guarantors, whether any third party contents to
bear partial or full debts under the main contract, whether other guarantees are provided by the Debtor and the Co-debtor themselves,
Party A&rsquo;s guarantee liability under the Contract shall not be mitigated or exempted therefore and Party B may directly require
Party A to undertake his guarantee liability within the guarantee scope according to the agreed clauses under the Contract and
Party A shall not raise any objections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.7 If Party A only provides the guarantee
for partial debts under the main contract, Party A agrees that, even partial debts under the main contract are subject to extinction
due to the settlement of the Debtor and the Co-debtor, realization of other guarantee rights of Party B or any other reasons, Party
A shall still undertake the guarantee liability for existing bets within the guarantee scope according to the agreed clauses under
the Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.8 If Party A only provides the guarantee
for partial debts under the main contract and fails to fully settle debts under the main contract after undertaking his guarantee
liability, Party A promises that his claim (including exercising beforehand) for subrogation right or right of recourse against
the Debtor and the Co-debtor or other guarantor shall not harm any interests of Party B and agrees that the settlement of debts
under the main contract shall be in preference to the realization of his subrogation right or right of recourse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specifically, prior to the full settlement
of the creditor&rsquo;s right of Party B,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Party A contents not to claim the subrogation
right or right of recourse against the Debtor and the Co-debtor. If Party A realizes aforesaid rights for any reason, Party A shall
preferentially use such proceeds to pay off unsettled creditor&rsquo;s right of Party B;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) With regard to the debts under the
main contract, if there is guarantee for the property right, Party A contents not to claim for rights against the guaranteed property
or proceeds obtained from disposition on the grounds of exercising the subrogation right or by virtue of any other reasons. Above
guaranteed property and obtained proceeds shall be preferentially used to pay off unsettled creditor&rsquo;s right of Party B;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) If the Debtor and the Co-debtor or
other guarantors provide the counter guarantee for Party A, proceeds obtained by Party A according to aforesaid counter guarantee
shall be preferentially used to pay off unsettled creditor&rsquo;s right of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.9 If the main contract is invalid, ineffective,
void, partially void or cancelled and terminated and Party A is not the Debtor and the Co-debtor, Party A shall undertake the joint
liability together with the Debtor and the Co-debtor for debts arising from the restitution of property or loss compensation of
the Debtor and the Co-debtor within the guarantee scope as agreed in the Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.10 Party A has fully realized the interest
rate risk. If the repayable interest rate, default interest and compound interest of the Debtor and the Co-debtor are increased
as Party B adjusts the interest rate level and the way of interest accrual or settlement according to the agreed clauses in the
main contract or the changes in the national interest rate policies, Party A shall undertake the guarantee liability for the increased
part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XI Statement and Commitment
of Party A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A makes following statements and
commitments to Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.1 Party A is a legal entity registered
according to the laws and regulations of the People's Republic of China. As of the date of concluding and signing the Contract,
Party A is in a normal operating state and there is no any existing or reasonably predictable factor that may result in Party A&rsquo;s
incapability of normal operation within the guaranty period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.2 Party A is legally qualified to be
a Guarantor. The guarantee behavior of Party A under the Contract is in compliance with the provisions of laws, administrative
laws and regulations, regulations and Party A&rsquo;s articles of incorporations or internal organization documents, and has obtained
the approval and authorization of internal competent authorities of the company and/or national competent authorities. Party A
shall bear all responsibilities arising therefrom Party A&rsquo;s ineligible signature in the Contract, including but not limited
to the compensation for all losses incurred by Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.3 Party A acknowledges to have fully
understood the assets, debts, business, credit and reputation status and so on of the Debtor and the Co-debtor, the matter whether
the Debtor and the Co-debtor have the qualification and right as principal to sign the main contract and all contents of the main
contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.4 Party A legally owns the pledged rights
and enjoys the disposition right. The pledged rights do not belong to the non-negotiable and non-transferable properties and are
not involved in any right deficits or right disputes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.5 There are no other co-owners for the
pledged rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.6 There is not any defect or burden
that isn&rsquo;t informed to Party B in written on the pledged rights (and the properties under the pledged rights), including
but not limited to the circumstances that the pledged rights (and the properties under the pledged rights) have been restricted
specific to transfer, supervised, rent out and retained, and that there are defaulted purchase money, maintenance costs, national
taxes, damages, etc. in the pledged rights, or that the pledged rights have been guaranteed for a third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.7 All materials and information (including
but not limited to the pledged rights and right certificate) provided by Party A to Party B shall be accurate, authentic, complete
and valid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.8 The pledge guarantee provided by Party
A shall not damage the legitimate interests of any third party and violate the legal and agreed obligations of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.9 If the realization of Party B&rsquo;s
pledged rights requires a third party to fulfill the obligation, Party A shall guarantee that the third party will not claim for
offset, retention or any other defenses, and any agreement between the third party and Party A will not limit the obtainment of
the pledged rights of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.10 No matter whether Party A has signed
or will sign a counter guarantee agreement or a similar agreement with the Debtor and the Co-debtor or other Guarantors under the
main contract, the agreement will not legally or actually damage any right and interest of Party B under the Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.11 Party A agrees that Party B may inquire
the credit status of Party A from the credit database established through the approval of People's Bank of China and Credit Investigation
Competent Department, or from the relevant units and departments, and that Party B provides the information of Party A to the credit
database established through the approval of People's Bank of China and Credit Investigation Competent Department. Party A shall
also agree that Party B may reasonably use and disclose the information of Party A as required by the business of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.12 For any default of Party A, Party
B has the right to report the same to relevant departments or units and announce the default of Party A through news media.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.13 Party A fully understands and agrees
all clauses of main contract, and voluntarily provides pledge guarantee for the Debtor and the Co-debtor under the main contract.
All declarations of intention of Party A under the Contract are authentic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XII Liability for Breach of
Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.1 Where Party A violates any agreement
or any obligation hereunder, or explicitly expresses or indicates by its actions that it refuse to perform any obligation hereunder,
or the statement and commitment of Party A under Article XI hereof are untruthful, inaccurate, incomplete or intentionally misunderstood,
Party B shall notify Party A in writing to correct such violations. In case Party A fails to correct the violations within 5 working
days upon the date that Party B sends the above notification, Party B shall have the right to separately or jointly exercise the
following rights:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) To require Party A to correct the violations
within the limited time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) To require Party A to provide new guarantee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) To require Party A to compensate the
losses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) To dispose the mortgaged property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) To require Party A to pay the default
fine equivalent to 30% of the amount of creditor&rsquo;s right when Party A breaches the contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(6) Other remedial measures approved by
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the economic losses of Party B caused
by the violations of Party A exceed the default fine, Party A shall pay the damages to Party B for the excess.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.2 Party B shall have the right to choose
any method agreed in Item (2) to (4) under Article 8.5 to dispose the money gained from disposal of the mortgaged property, and
Party A shall assist with Party B to handle the relevant procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.3 In case due to the reasons of Party
A, this Contract is invalid, or the right of mortgage fails to be created, or the value of the mortgaged property is reduced, or
Party B fails to timely or fully realize the right of mortgage, Party B shall have the right to require Party A to repay for the
guaranteed debt within the scope of guarantee agreed hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.4 In case Party B loses the mortgaged
property right certificate delivered by Party A due to faults; or Party B fails to timely return the mortgaged property right certificate
after the debt under the main contract has been fully repaid or fails to assist with Party A to handle the procedures of cancellation
of the mortgage registration after the application of Party A, Party A shall have the right to take the following one or more measures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) To require Party B to bear the expense
of handling the mortgaged property right certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) To require Party B to return the mortgaged
property right certificate with the limited time or assist with Party A to cancel the mortgaged property registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XIII Law Application and Disputes
Settlement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.1 This Contract shall be governed by
the laws, administrative regulations and departmental rules of the People's Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.2 All disputes arising from the conclusion,
effectiveness, performance and interpretation hereof and in relation to this Contract shall be settled through consultations of
both parties. In case no agreements reach or neither party is willing to settle the disputes through consultations, either party
shall have the right to file a suit to the People&rsquo;s Court with the jurisdiction where Party B locates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article IV Enforced Notarization</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.<FONT STYLE="color: black">1 This Contract
shall be the document of the creditor&rsquo;s right with the effectiveness of enforcement through notarization. Party A promises
that in case Party A fails to perform or incompletely performs the obligations hereunder, it shall voluntarily accept the enforcement
of judicial authority without legal proceedings of first instance and/or second instance; Party B shall directly apply the enforcement
for the People&rsquo;s Court with the jurisdiction in accordance with the provisions of Article 214 (1) of <I>Law of Civil Procedure
</I>and meanwhile Party A shall waive the right of defense. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.2 Both parties jointly confirm that
both parties have the full and explicit knowledge of the regulations on the meaning, contents, procedure and effectiveness of the
enforced notarization under the relevant laws, administrative regulations, departmental rules and regulatory documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.3 In case Party A fails to perform or
improperly performs <FONT STYLE="color: black">the document of the creditor&rsquo;s right with the effectiveness of enforcement
through notarization, Party B shall notify Party A in writing to correct its violations within 5 working days upon the date of
the sending of notification; otherwise Party B shall apply to the notary organs for issuance of the enforcement certificate, and
Party A shall make the coordination to complete the procedure of verification in person in the notary organs upon the time notified
by Party B. Party A shall make the commitment to full coordinate with the application action of Party B (including but without
limitations to complete the procedure of verification in person in the notary organs upon the time notified by Party B in writing).
In case after receipt of the written notification of Party B, Party A fails to timely perform the above obligations, Party A hereby
confirms that under the circumstance of absence of Party A, after the notary organs performs and completes the verification through
the internal procedure in accordance with application of Party B, it shall be equal that the notary organs completes the procedure
of verification in person and Party A shall fully approve the legal consequences arising from such case. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.4 The agreement in relation to the enforced
notarization under Article XV shall be preferentially executed than that under Article XIV hereof (Law Application and Disputes
Settlement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.5 Both parties hereof agree that Beijing
Fangyuan Notary Office shall handle the legal procedures of the enforced notarization hereunder and issue the notarial certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XV Other Articles</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.1 Reservation of Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rights of Party B hereunder shall have
no effects and eliminate any right it shall be entitled in accordance with the laws, regulations and other contracts. Any tolerance,
grace, preference or delay to exercise any right hereunder due to breach of this Contract or delay shall not be deemed as a waiver
of the rights and interests hereunder or approval or acceptance of any breach of this Contract, and will never effect, disturb
and interrupt the continued exercise of such right or any exercise of other rights, and will cause Party B to bear no obligations
and responsibilities of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even though Party B fails to perform or
delays to perform any right under the main contract or part application of any remedy under such main contract, the guarantee responsibility
of Party A under the main contract shall never be reduced or exempted due to such case, but in case Party B reduces or exempts
the debt under the main contract, the guarantee responsibility of Party A under the main contract shall be reduced or exempted
correspondingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.2 Continuity of obligation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All obligations and joint and several liabilities
of Party A hereunder shall be continuous and shall have full binding force upon its successor, receiver, assignee and the subject
after change of form of organization or name, combination or separation. Such obligations and liabilities shall never be affected
by any dispute, claim and the legal proceeding and any directive of the superior units and any contract and document concluded
between Party A under the main contract and any natural person or legal person or be changed due to the bankruptcy or reorganization
of Party A, insolvency, deprivation of corporate capacity, change of the articles of association and any modification in essence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.3 Dissolution and bankruptcy of the
Debtor and the Co-debtor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After Party A knows the Debtor and the
Co-debtor have entered into dissolution and bankruptcy procedures, Party A shall immediately inform Party B of declaring the creditor's
right. At the same time, Party A can duly participate in the dissolution and bankruptcy procedures and exercise the right of recourse
in advance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As prescribed in Article 15.1 (2), during
the bankruptcy procedures of the Debtor and the Co-debtor, if a reconciliation agreement is concluded between Party B and the Debtor
and the Co-debtor or both of Party B and the Debtor and the Co-debtor agree the reformation plan, Party B&rsquo;s rights under
the Contract shall not be damaged due to reconciliation agreement and reformation plan and the guarantee liability of Party A shall
not be reduced and exempted. Party A must not use conditions regulated in reconciliation agreement and reformation plan to go against
the right claims of Party B. For the unredeemed creditor's right due to the concession for the Debtor and the Co-debtor by Party
B in the reconciliation agreement and reformation plan, Party B still has right to require Party A to pay off the creditor's right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.4 Expenses Assumption</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following expenses shall be borne by
Party A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The expense of the insurance, assessment,
registration and notarization in relation to this Contract and the guarantee hereunder shall be borne by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) In case Party A breaches the Contract,
all expenses arising from Party B realizing the creditor&rsquo;s right and right of guarantee (including but without limitations
to legal cost, arbitration fee, expense of property preservation, travelling expense, execution fee, assessment fee, charge for
auction, notarial fees, service fee, announcement fee and counsel fee, etc.) shall be borne by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.5 Notification</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Unless otherwise specified in this
Contract, all notifications between both parties hereunder may be served by the special personnel, fax, express mail and E-mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by the
special personnel, the receiver shall sign or seal on the service return receipt, and the service date shall be deemed as the signing
date by the receiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by fax,
the service date shall be the sending date of the fax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by the
express mail, the service date shall be the third day upon the day of sending the express mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by E-mail,
the service date shall be the date that such E-mail is sent in to the designated system of the receiver (if the receiver designates
the special system to receive the E-mail) or E-mail is sent in to any system of the receiver for the first time (if the receiver
fails to designate the special system to receive the E-mail).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Unless otherwise specified in this
Contract, all notifications between both parties hereunder shall be served by fax, postal delivery, express delivery or other methods
agreed by both parties to the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Send to Party A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Address: No. 1188, Taihu Avenue, Changxing
Economic Development Zone</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Postal Code: 313100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contact: Liu Chuanjie</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: 0572-6225888-8608</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 0572-6267588</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Send to Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Address: F/13, Capital Mansion, No. 6,
Xinyuan South Road, Chaoyang District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Postal Code: 100004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contact: Hao He</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: 010-84861327</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 010-84861380</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) In case the mailing address or contact
information of either party has changed, it shall be immediately notified to the other party in writing form. The losses caused
due to failure of immediate notification shall be borne by the changer of such mailing address or contact information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.6 This Contract shall go into effect
upon signature or seal of name seal and common seal by the legal representatives or authorized representatives of both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.7 Any matter not covered herein shall
be agreed separately by both parties as the appendix hereof. Any appendix, modification or supplementation hereof shall be an integral
part hereof with the same legal effect with this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.8 This Contract shall be made in six
copies, each party holding two. The remaining copies shall be used to handle the enforced notarization, mortgage registration and
other relevant legal proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.9 Party A has read all articles hereof.
In accordance with the requirements of Party A, Party B has made the correspondent explanation of the articles upon this Contract.
Party A has the full knowledge and understanding of the meaning and the corresponding legal consequences of the articles hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XVI List of Pledged Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">List of the Pledged Rights under the Contract
is shown in the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">List of Pledged Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 12%; padding-right: 0; padding-left: 0; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Name of <BR>
pledged <BR>
rights</TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 0; padding-left: 0; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">No. of right <BR>
certificate <BR>
and other <BR>
relevant <BR>
certificates</TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 0; padding-left: 0; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Par <BR>
value <BR>
(value)</TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 0; padding-left: 0; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Qty</TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 0; padding-left: 0; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Expiration <BR>
date of <BR>
right</TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; padding-right: 0; padding-left: 0; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Pledge amount <BR>
set for other <BR>
creditor&rsquo;s rights <BR>
(RMB 10,000 <BR>
yuan)</TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 0; padding-left: 0; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Payer or <BR>
delivery <BR>
person</TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; padding-right: 0; padding-left: 0; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Remarks</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the <I>Business License for
Enterprise&rsquo;s Legal Person</I> (No.: 320830000201205280078S) of Chisen Electric Jiangsu Co., Ltd., Chisen Electric Jiangsu
Co., Ltd. obtained the <I>Business License for Enterprise&rsquo;s Legal Person</I> as issued by Xuyi Administration for Industry
and Commerce of Huai&rsquo;an City on August 23, 2012 and passed the annual survey of 2011. The registered capital of Chisen Electric
Jiangsu Co., Ltd. is RMB 150 million yuan and the paid-in capital is RMB 150 million yuan. According to the archive for industry
and commerce inquiry issued by Xuyi Administration for Industry and Commerce of Huai&rsquo;an City in 2012 and the Articles of
Incorporation of Chisen Electric Jiangsu Co., Ltd., Party A has 98% equities of Chisen Electric Jiangsu Co., Ltd. and no pledged
rights are assigned to such equities. Party A pledges the 98% equities of Chisen Electric Jiangsu Co., Ltd. as held by him to Party
B and such pledge has been discussed and approved by the board of directors of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Remainder of this page is intentionally
left blank)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Signature page of <I>Maximum</I></B><I>
<B>Amount Equity Pledge Contract</B></I><B> </B>[P2012M11SCSDQ0001-0007] <B>(</B>Remainder of this page is intentionally left blank<B>)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Party A: Zhejiang Chisen Electric Co., Ltd. (official seal)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Legal representative or authorized representative (signature/ seal):</FONT> &nbsp;/s/ Authorized Representative</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Signed on: December 17, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Party B: CITIC Trust Co., Ltd. (official seal)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Legal representative or authorized representative (signature/ seal):</FONT> &nbsp;/s/ Authorized Representative</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">Signed on: December 17, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>v330818_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Contract for Personal Property Mortgage
in Maximum Amount </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">Contract No.:
[</FONT>P2012M11SCSDQ0001-0008<FONT STYLE="color: black">]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">Mortgager (Party A): Zhejiang Chisen Electric Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Domicile: No. 1188, Taihu Avenue, Economic Development Zone</TD>
    <TD STYLE="text-align: justify">Post Code: 313100</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Legal Representative: Xu Kecheng</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Financial Institution for Deposit: Changxing Jiefang East Road Sub-branch, China Construction Bank</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Account No.: 330016472420500000065</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel: 0572-6267588-8001</TD>
    <TD STYLE="text-align: justify">Fax: 0572-6236699</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">Mortgagee (Party B): CITIC Trust Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Domicile: F/13, Capital Mansion,
No. 6, Xinyuan South Road, Chaoyang District, Beijing</P></TD>
    <TD STYLE="text-align: justify">Post Code: 100004</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Legal Representative: Pu Jian</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Financial Institution for Deposit: Beijing Capital Mansion Sub-branch, China CITIC Bank</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Account No.: 7110210186800061319</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel: 010-84861327</TD>
    <TD STYLE="text-align: justify">Fax: 010-84861380</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to ensure the performance of <I>RMB
Capital Loan Contract</I> concluded by Jiangsu Electric Chisen Co., Ltd. (hereinafter referred to as obligor) and Party B, which
number is [P2012M11SCSDQ0001-0003], and <I>Joint Repayment Contract</I> concluded (<I>RMB Capital Loan Contract</I> and <I>Joint
Repayment Contract</I> shall be hereinafter referred to as main contract) by obligor, Party A (hereinafter referred to as the co-obligor)
and Party B, which number is [P2012M11SCSDQ0001-0012] and safeguard the realization of the creditor&rsquo;s right of Party B, Party
A shall have the willingness to provide security guarantees of the <FONT STYLE="color: black">personal property mortgage in maximum
amount</FONT> to the debts of Party A and the obligor under the main contract. Party A and B make and enter into this contract
through the agreed consultation, so as to jointly observe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article I Basic information of the principal
creditor&rsquo;s right</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.1 The principal creditor&rsquo;s right
described hereby shall refer to the obligation of debt service of such trust loan that shall be issued by Party B to obligor of
less than Say RMB Two Hundred Million Only (In figure: &yen;200,000,000.00 yuan) with 8%/year as the interest rate and three
years as the loan term in accordance with the agreement of the main contract, which shall be undertaken jointly and separately
by the obligor and Party A to Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trust loan specified by the previous
article shall be issued by Party B that is assigned by the principal, Chaowei Power Supply Co., Ltd. (hereinafter referred to as
the principal), under <I>1201 Period Capital Trust Contract of Loan Project Between Chaowei Power Supply - Jiangsu Chisen </I>(hereinafter
referred to as <I>Capital Trust Contract</I>) which number is [P2012M11SCSDQ0001-0001], to obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2 The specific information of the principal
creditor&rsquo;s right shall be subject to the agreement under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.3 The maximum amount of the maximum security
guarantee under this contract shall be Say RMB Two Hundred Million Only (In figure: &yen;200,000,000.00 yuan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.4 Under one of the following circumstances,
the principal creditor&rsquo;s right guaranteed by the maximum mortgage under this contract shall be determined:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The date that the last principal creditor&rsquo;s
right occurs, which is granted to Party B over the obligor and co-obligor in accordance with the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where the new creditor&rsquo;s right
cannot occur;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) Where the mortgaged property is sealed
up and detained;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) Where Party A is declared to be bankrupt
or revoked;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) Other circumstance where the creditor&rsquo;s
right is determined in accordance with laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article II Mortgaged Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.1 The property listed by Party A in accordance
with &ldquo;Mortgage Property List&rdquo; hereunder shall be all the machines and equipment possessed by Party A to be mortgaged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.2 In case of the discrepancy between
&ldquo;Mortgage Property List&rdquo; and the right certificate (proof) or the register of the registration authority, the right
certificate (proof) or the register of the registration authority shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.3 Where the mortgaged property replaces
the new ownership or other rights certificate (proof), causing the discrepancy between &ldquo;Mortgage Property List&rdquo; or
other rights (mortgage right) certificate or mortgage right document received by Party B and aforesaid new right certificate (proof)
or the register of the registration authority, Party A shall not refuse to bear the guarantee responsibility by such reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.4 Except as otherwise agreed by both
parties or specified by laws, the new additions of the mortgaged property due to adhesion, mixture, processing, renovation and
other reasons shall be the security guarantee of the creditor&rsquo;s right of Party B. Party A shall go through the necessary
procedures of the mortgage registration in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.5 In case the value of the mortgaged
property has reduced or possibly reduce, which affects the realization of the creditor&rsquo;s right of Party B, Party A shall
provide the new guarantee in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article III Scope and Period of Guarantee
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1 The scope of guarantee hereof shall
be all debts under the main contract, including but without limitations to all principals, interests (including compound interest
and default interest), default fine, compensation, other expenses Party A shall pay to Party B (including but without limitations
to related handling charge, telecommunication fee and incidentals) and the expenses incurred from Party B&rsquo;s realization of
the creditor&rsquo;s right and the right of guarantee (including but without limitations to legal cost, arbitration fee, expense
of property preservation, travelling expense, execution fee, assessment fee, charge for auction, notarial fees, service fee, announcement
fee and counsel fee etc.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.2 The period of guarantee of the security
mortgage hereunder shall start from the date this contract takes effect to the expiration of the proceeding period of the creditor&rsquo;s
right of Party B under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article IV Registration of Mortgaged
Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1 Both parties shall go through the procedures
of the mortgage registration at the corresponding registration authority within 3 working days upon the date of the conclusion
hereof. Party A shall deliver the other rights certificate of the mortgaged property, the original mortgage registration document
and other rights certificates to Party B upon the date of completion of the mortgage registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The right of mortgage hereunder shall be
established from the date that the legal procedures of the mortgage registration specified by the previous articles are completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.2 Within the validity hereof, in case
the right state of the mortgaged property has been transferred or amended with the prior written consent of Party B, the related
parties shall handle the amendment registration within the legal term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.3 In case Party A repays the principals
and interests of all loans to Party B in accordance with the term and amount agreed by the main contract, both parties shall jointly
go through the procedures to cancel the registration at the registration authority and the mortgage ownership certificate, insurance
policy and other documents shall be returned to Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article V Effectiveness of Mortgage
Contract </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This contract shall be the accessory contract
of the main contract. Where the contract for principal creditor&rsquo;s right and debts is invalid, this contract shall be invalid
unless otherwise specified by laws. After it is identified that this contract is invalid, in case the mortgager and mortgagee are
infault, they shall bear the corresponding civil liabilities respectively in accordance with their own faults.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case a certain article or part contents
of such article hereunder are or will be invalid, such invalid article or invalid part shall in no case affect the validity of
other articles or other contents of such article hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VI Modification of Main Contract
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.1 In case Party B and Party A agree to
modify the articles of the main contract(including but without limitations to modification of the currency for repayment, repayment
method, loan account number, repayment account number, the use plan of the loan, repayment plan, value date, expiration date, modification
of the starting date or deadline of the term of the debt performance without extending the term of the debt performance doesn&rsquo;t
delay, prolonging the term of the debt performance in accordance with the agreement or addition of the amount of the principal
of the creditor&rsquo;s right), Party A shall agree to bear the guarantee responsibility for the debt under the modified main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.2 The guarantee responsibility of Party
A shall not be reduced or exempted due to the occurrence of any of the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Where Party B or Party A has the restructuring,
merge, consolidation, division, addition or reduction of capital, join venture, joint operation, name change or other circumstances;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where Party B assigns the third party
to perform its obligations under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.3 In case the creditor&rsquo;s right
under the main contract is transferred to the third party, Party A shall assist with Party B and such third party to handle the
procedures of the mortgage modification registration as required by the laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.4 Where the transfer of the creditor&rsquo;s
right or debts under the main contract fails to take effect, or is invalid, revoked or removed, Party A shall still bear the guarantee
responsibility to Party B in accordance with the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VII Possession and Preservation
of Mortgaged Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.1 Party A shall properly possess, preserve
and maintain the mortgaged property, rationally use the mortgaged property, maintain such mortgaged property in a sound state and
pay all taxations in relation to the mortgaged property on schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A shall deliver the original right
certificate of the mortgaged property ([ ] copies in total) to Party B for keep.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.2 Where Party A assigns or agrees the
third party to possess, preserve and use the mortgaged property, it shall notify such third party the existence of the right of
mortgage and require the third party to maintain such mortgaged property in a sound state, accept the examination of Party B upon
such mortgaged property and not disrupt Party B to realize the right of mortgage. The obligations of Party A under the previous
article shall not be exempted thereby and Party A shall bear the liability for the actions taken by the third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.3 In case the mortgage property causes
the personal injury or the property damage, Party A shall unilaterally bear the liability for compensation. Provided that Party
B bears the liability due to suffering the claims thereby or pays the compensation on behalf of Party A, Party B shall have the
right to pursue the recovery from Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.4 Within the validity hereof, in case
the value of the mortgaged property is reduced due to the actions of Party A or the third party, Party A shall notify the situation
of losses to Party B in writing within 15 days upon the occurrence date of the accident, and Party A shall recover the value of
such mortgaged property in accordance with the requirements of Party B or provide a guarantee of value equal to the reduced value
and is approved by Party B. Otherwise, Party B shall have the right to claim the guarantee responsibility against Party A within
the scope of the guarantee in accordance with the agreement under the main contract or the provisions of the laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VIII Insurance of Mortgaged
Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mortgaged property shall be insured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The insurance of the mortgaged property
shall be subject to the following agreements of both parties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.1 Unless otherwise agreed by both parties,
Party A shall go through the insurance for the mortgaged property in accordance with the relevant laws and the type of insurance,
insurance period and insured amount, which are designated by Party B. The insurer shall be equipped with the statutory qualification
and good credibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.2 The contents of the insurance policy
shall meet the requirements of Party B and shall not have the limited conditions damaging the rights and interests of Party B.
Such insurance policy shall indicate specifically that Party B shall be the payee of priority for the compensation of the insurance
indemnity (the first beneficiary); the modification of such insurance policy shall be approved by Party B in writing; once when
accident arises, the insurer shall directly pay the insurance indemnity to the account designated by Party B. Where the mortgaged
property has been insured but the insurance policy fails to indicate the contents above, the insurance policy shall be annotated
or modified correspondingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.3 Party A shall ensure that the insurance
is constantly valid and the insurance period shall be no less than the term of performance of the main contract. Party A shall
not cause the insurance to be interrupted, revoked or invalid, or make the insurer reduce the compensation liability or modify
the insurance policy without the approval of Party B for any reason. In case the insurance period is expired, where the creditor&rsquo;s
right secured by Party A fails to be fulfilled, Party A shall renew the insurance and correspondingly prolong the insurance period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.4 Party A shall deliver the original
insurance policy of the mortgaged property to Party B within 3 working days upon the date of conclusion hereof (the date of the
completion of the renewal if the insurance policy of the mortgaged property is renewed), and reserve all necessary documents in
relation to the insurance claim or the transfer of the insurance interest in Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.5 Within the validity hereof, in case
of any damage to the mortgaged property, Party A shall notify such damage and the situation of the insurance indemnity to Party
B in writing within 15 days upon the date of the incident occurrence. With respect to the insurance indemnity acquired upon the
mortgaged property, Party B shall have the right to choose the following methods to deal with and Party A shall assist Party B
in going through the related procedures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) With the approval of Party B, to be
used to repair the mortgaged property so as to recover the value of such mortgaged property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) To liquidate or liquidate in advance
the principal and interest of the debt and the relevant expenses under the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) To provide the pledge guarantee for
the debt under the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) To be handled by Party A at its discretion
after it provides the new guarantee in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.6 Within the validity hereof, in case
Party A fails to handle the insurance or renewal of insurance for the mortgaged property, where the damages of the mortgaged property
are attributed to the insurance coverage of such mortgaged property, or the mortgaged property suffers from the damages due to
the actions of a third party and Party A fails to acquire the damages from such third party, the agreement under the Article 7.4
hereof shall apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article IX Limitation to Party A&rsquo;s
Disposal of Mortgaged Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.1 Without the written approval of Party
B, Party A shall not dispose all or part of the mortgaged property by any means, including but without limitations to sale (presale),
waiver, lease (including renewal of lease after the expiration of the original lease contract), giving, transfer, contribution,
repeated guarantee, moving, change for public purpose, attachment to other property or renovation and division.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.2 With the written approval of Party
B, the money acquired from the disposal of the mortgaged property by Party A or other sums of money shall be deposited into the
account designated by Party B. Party B shall have the right to choose any method agreed in Item (2) to (4) under Article 8.5 hereof
to handle the above money and Party A shall assist Party B in handling the relevant procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article X Interference of Third Party</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.1 In case the mortgaged property is
collected, expropriated, dismantled, confiscated or withdrawn for free by the State, or such mortgaged property is sealed up, frozen,
seized, supervised, detained, auctioned, possessed by force, destroyed or made other disposals by a third party, Party A shall
immediately notify Party B and timely take the measures to stop, remove or remedy, so as to prevent the expansion of the damages;
if requested by Party B, Party A shall provide a new guarantee in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.2 The remaining of the mortgaged property
shall be deemed as the security guarantee of the creditor&rsquo;s right of Party B after the previous circumstances occur to such
mortgaged property. The compensation or indemnity gained by Party A due to the above reasons shall be deposited into the account
designated by Party B. Party B shall have the right to choose any methods under Item (1) to (4) of Article 8.5 hereunder to handle
the above money, and Party A shall assist Party B in handling the relevant procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XI Realization of Creditor&rsquo;s
Right </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.1 Where Party A fails to perform the
matured debts under the main contract or the debt that is declared to be due in advance or Party A violates other agreements under
the main contract when the term of the performance of the debt of the main contract expires or the debt of the main contract becomes
mature in advance in accordance with the agreement of such main contract, Party B shall have the right to dispose the mortgaged
property. Party A shall agree that Party B shall have the right to dispose the mortgaged property by converting it to money, selling
or auction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.2 The value of the mortgaged property
specified by &ldquo;Mortgaged Property List&rdquo; hereof or described in Item (5) of Article 2.1 hereof (hereinafter referred
to as &ldquo;tentative value&rdquo;), whether it is specified in the register of the registration authority, does not indicate
the final value of the mortgaged property. Such final value shall be the net amount of the money from Party B&rsquo;s disposal
of the mortgaged property after all taxes are deducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case the mortgaged property is used
to pay the creditor&rsquo;s right of Party B, the tentative value above shall not be taken as the basis that the mortgaged property
is paid for the creditor&rsquo;s right of Party B, whereupon the value of such mortgaged property shall be determined by the agreed
consultation of both parties or the fair assessment in accordance with the laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.3 After the expenses during the process
of the sales or auction (including but without limitations to storage fee, assessment fee, auction fee, transfer fee and taxation
etc.) are paid, the money gained from Party B&rsquo;s disposal of the mortgaged property shall be preferentially used to pay the
debts under the main contract and the remaining part shall be refunded to Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.4 Party B shall have the right to apply
for the enforcement for the property of Party A beyond such mortgaged property without the pretext that it waives the right of
mortgage or must dispose the mortgaged property at first.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.5 Party A shall not interrupt the realization
of the right of mortgage of Party B by any means (including action or inaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.6 No matter whether Party B owns other
guarantees upon the creditor&rsquo;s right under the main contract (including but without limitations to guarantee, mortgage, pledge,
letter of guarantee, letter of credit and other patterns of guarantee), no matter when the above guarantees are established or
whether valid, whether Party B proposes the claims for rights to other guarantors, whether the third party agrees to bear all or
part of the debt under the main contract, whether other guarantees are provided by Party A, the guarantee responsibility of Party
A under the main contract shall not be exempted. Party B shall directly require Party A to bear such guarantee responsibility within
the scope of the guarantee in accordance with the agreement hereunder and Party A shall not propose any objections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.7 Party A shall agree that even the
debt under the main contract is eliminated caused by the reason that Party A liquidates the part of such debt under the main contract
and Party B realizes other creditor&rsquo;s rights or any other reasons, Party A shall bear the guarantee responsibility upon the
remaining debt within the scope of the guarantee in accordance with the agreements hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.8 Party A shall agree that where the
debt of Party A under the main contract after Party A bears the guarantee responsibility are not liquidated in full, it shall promise
that its claims (including of the prior exercise) subrogation right or right of recourse to other guarantors shall not damage the
interests of Party B. It shall agree that the liquidation of the debt under the main contract shall be prior to the achievement
of the subrogation right or right of recourse of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In details, prior to the liquidation of
all creditor&rsquo;s rights of Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Party A shall agree not to claim the
subrogation right or right of recourse to other guarantors; in case Party A realizes the above rights, it shall prefer to use the
acquired money to pay the creditor&rsquo;s right of Party B that is not satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where the debt under the main contract
has other guarantees of the property right, Party A shall agree not to propose the claim of rights upon the guaranty or money after
the disposal of such guaranty due to the exercise of the right of recourse or any other reasons. The above guarantee of the property
right and the acquired money shall be preferentially used to liquidate to the creditor&rsquo;s right of Party B that is not satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) In case other guarantors provide the
counter guarantee to Party A, the money gained by Party A on the basis of the above counter guarantee shall be preferentially used
to liquidate the creditor&rsquo;s right of Party B that is not satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.9 Party A has fully realized the risks
of the interest rate. In case Party B adjusts the level of interest rate, the pattern of the interest calculation or interest settlement
in accordance with the agreement under the main contract, causing the addition of the interests, default interest and compound
interest Party A shall pay, it shall bear the guarantee responsibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XII Statement and Commitment
of Party A </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A shall make the following statement
and commitment to Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.1 Party A shall be the legal person
registered in accordance with the laws and regulations of the People's Republic of China. Until the date of conclusion hereof,
Party A shall be under the state of the normal operation without any factors that are available or expected rationally to possibly
cause that Party A cannot operate normally during the period of guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.2 Party A shall have the legitimate
qualification as a guarantor. The guarantee actions of Party A hereunder shall comply with the provisions of laws, administrative
regulations, rules and the articles of association or the documents of the internal organization of Party A and Party A has gained
the approvals and authorizations of the internal competent institution of the company and/or the competent authority of State.
Party A shall bear all responsibilities arising from that Party A has no right to sign this contract, including but without limitations
to compensating the losses of Party B in full due to such case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.3 Party A has identified its asset,
debt, operation, credit and reputation and has the full knowledge whether it has subject qualification and authority to sign the
main contract and all contents of such main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.4 Party A shall be entitled to the ownership
or right of disposal to the mortgaged property pursuant to laws. The mortgaged property shall not be the public facilities, the
property that is forbidden to be circulated or transferred without any disputes upon the ownership. The establishment of this mortgage
guarantee shall not suffer any limitations or cause any illegal circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.5 The mortgaged property shall not be
owned jointly by others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.6 The mortgaged property shall not have
any flaws or burdens that are not notified to Party B, including but without limitations to that the mortgaged property is the
limited merchantable thing, sealed up, seized, supervised, leased or detained, the mortgaged property has the default purchasing
payment, maintenance fee, payment of the construction project, national taxation, transfer fee of land-use right and damages or
the mortgaged property has be set the guarantee by the third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.7 All materials and information in relation
to the mortgaged property that Party A provides to Party B shall be authentic, legal, complete and accurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.8 This mortgage guarantee provided by
Party A shall not damage the legal rights and interests of any third parties and violate the agreed or statutory obligations of
Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.9 No matter whether Party A has or will
conclude the counter guarantee agreement or the similar agreement with other guarantors, such agreement shall not damage any rights
and interests of Party B hereunder lawfully and in fact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.10 Party A agrees that Party B shall
inquire the credit status of Party A from the credit database established by the approval of the People's Bank of China and the
authorized department of the credit investigation or the relevant units and department, and agrees that Party B shall provide the
information of Party A to the credit database established by the approval of the People's Bank of China and the authorized department
of the credit investigation. Party A agrees that Party B may reasonably use and disclose the information of Party A due to the
business requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.11 With respect to the circumstance
of breach of the contract of Party A, Party B shall have the right to report to the relevant department or unit and make the announcement
through the news media.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.12 Party A has fully understood and
agreed with all articles under the main contract, and voluntarily provided the mortgage guarantee of the project in the construction
hereunder for the performance of the main contract. All its declarations of will hereunder shall be authentic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XIII Liabilities for Breach
of Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.1 Where Party A violates any agreement
or any obligation hereunder, or explicitly expresses or indicates by its actions that it refuse to perform any obligation hereunder,
or the statement and commitment of Party A under Article XII hereof are untruthful, inaccurate, incomplete or intentionally misunderstood,
Party B shall notify Party A in writing to correct such violations. In case Party A fails to correct the violations within 5 working
days upon the date that Party B sends the above notification, Party B shall have the right to separately or jointly exercise the
following rights:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) To require Party A to correct the violations
within the limited time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) To require Party A to provide the new
guarantee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) To require Party A to compensate the
losses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) To dispose the mortgaged property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) To require Party A to pay the default
fine equivalent to 30% of the amount of creditor&rsquo;s right when Party A breaches the contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(6) Other remedial measures approved by
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the economic losses of Party B caused
by the violations of Party A exceed the default fine, Party A shall pay the damages to Party B Party B for the excess.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.2 Party B shall have the right to choose
any method agreed in Item (2) to (4) under Article 8.5 to dispose the money gained from disposal of the mortgaged property, and
Party A shall assist with Party B to handle the relevant procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.3 In case due to the reasons of Party
A, this Contract is invalid, or the right of mortgage fails to be created, or the value of the mortgaged property is reduced, or
Party B fails to timely or fully realize the right of mortgage, Party B shall have the right to require Party A to repay for the
guaranteed debt within the scope of guarantee agreed hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.4 In case Party B loses the mortgaged
property right certificate delivered by Party A due to faults; or Party B fails to timely return the mortgaged property right certificate
after the debt under the main contract has been fully repaid or fails to assist with Party A to handle the procedures of cancellation
of the mortgage registration after the application of Party A, Party A shall have the right to take the following one or more measures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) To require Party B to bear the expense
of handling the mortgaged property right certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) To require Party B to return the mortgaged
property right certificate with the limited time or assist with Party A to cancel the mortgaged property registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XIV Law Application and Disputes
Settlement </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.1 This Contract shall be governed by
the laws, administrative regulations and departmental rules of the People's Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.2 All disputes arising from the conclusion,
effectiveness, performance and interpretation hereof and in relation to this Contract shall be settled through consultations of
both parties. In case no agreements reach or neither party is willing to settle the disputes through consultations, either party
shall have the right to file a suit to the People&rsquo;s Court with the jurisdiction where Party B locates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XV Enforced Notarization</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.<FONT STYLE="color: black">1 This Contract
shall be the document of the creditor&rsquo;s right with the effectiveness of enforcement through notarization. Party A promises
that in case Party A fails to perform or incompletely performs the obligations hereunder, it shall voluntarily accept the enforcement
of judicial authority without the needs of legal proceedings of first instance and/or second instance; Party B shall directly apply
the enforcement for the People&rsquo;s Court with the jurisdiction in accordance with the provisions of Clause I of Article 214
(1) of <I>Law of Civil Procedure</I> and meanwhile Party A shall waive the right of defense. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.2 Both parties jointly confirm that
both parties have the full and explicit knowledge of the regulations on the meaning, contents, procedure and effectiveness of the
enforced notarization under the relevant laws, administrative regulations, departmental rules and regulatory documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.3 In case Party A fails to perform or
improperly performs <FONT STYLE="color: black">the document of the creditor&rsquo;s right with the effectiveness of enforcement
through notarization, Party B shall notify Party A in writing to correct its violations within 5 working days upon the date of
the sending of notification; otherwise Party B shall apply to the notary organs for issuance of the enforcement certificate, and
Party A shall make the coordination to complete the procedure of verification in person in the notary organs upon the time notified
by Party B. Party A shall make the commitment to full coordinate with the application action of Party B (including but without
limitations to complete the procedure of verification in person in the notary organs upon the time notified by Party B in writing).
In case after receipt of the written notification of Party B, Party A fails to timely perform the above obligations, Party A hereby
confirms that under the circumstance of absence of Party A, after the notary organs performs and completes the verification through
the internal procedure in accordance with application of Party B, it shall be equal that the notary organs completes the procedure
of verification in person and Party A shall fully approve the legal consequences arising from such case.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.4 The agreement in relation to the enforced
notarization under Article XV shall be preferentially executed than that under Article XIV hereof (Law Application and Disputes
Settlement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.5 Both parties hereof agree that Beijing
Fangyuan Notary Office shall handle the legal procedures of the enforced notarization hereunder and issue the notarial certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XVI Miscellaneous</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.1 Reservation of Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rights of Party B hereunder shall have
no effects and eliminate any right it shall be entitled in accordance with the laws, regulations and other contracts. Any tolerance,
grace, preference or delay to exercise any right hereunder due to breach of this Contract or delay shall not be deemed as a waiver
of the rights and interests hereunder or approval or acceptance of any breach of this Contract, and will never effect, disturb
and interrupt the continued exercise of such right or any exercise of other rights, and will cause Party B to bear no obligations
and responsibilities of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even though Party B fails to perform or
delays to perform any right under the main contract or part application of any remedy under such main contract, the guarantee responsibility
of Party A under the main contract shall never be reduced or exempted due to such case, but in case Party B reduces or exempts
the debt under the main contract, the guarantee responsibility of Party A under the main contract shall be reduced or exempted
correspondingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.2 Continuity of Obligations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All obligations and joint and several liabilities
of Party A hereunder shall be continuous and shall have full binding force upon its successor, receiver, assignee and the subject
after change of form of organization or name, combination or separation. Such obligations and liabilities shall never be affected
by any dispute, claim and the legal proceeding and any directive of the superior units and any contract and document concluded
between Party A under the main contract and any natural person or legal person or be changed due to the bankruptcy or reorganization
of Party A, insolvency, deprivation of corporate capacity, change of the articles of association and any modification in essence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.3 Dissolution or Bankruptcy of Obligor
and Co-obligor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After knowing that obligor and co-obligor
access into the proceedings of the dissolution or bankruptcy, Party A shall immediately notify Party B to report the creditor&rsquo;s
right and Party A shall timely participate in the proceedings of dissolution or bankruptcy and exercise the right of recovery in
advance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even though it is specified by Clause 2
of Article 16.1, after the obligor and co-obligor access into the proceedings of bankruptcy, in case Party B concludes the reconciliation
agreement with the obligor and co-obligor or agrees the reorganization plan, the rights of Party B hereunder shall be damaged due
to the reconciliation agreement or the reorganization plan and the guarantee responsibility of Party A shall not be reduced or
exempted. Party A shall not counter the claims of rights of Party B by the conditions stipulated by the reconciliation agreement
and the reorganization plan. With respect to the unpaid part of the creditor's rights that Party B makes the concession to the
obligor and co-obligor in the reconciliation agreement and the reorganization plan, Party B shall have the right to require Party
A to continue the liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.4 Expenses Assumption</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following expenses shall be borne by
Party A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The expense of the insurance, assessment,
registration and notarization in relation to this Contract and the guarantee hereunder shall be borne by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) In case Party A breaches the Contract,
all expenses arising from Party B realizing the creditor&rsquo;s right and right of guarantee (including but without limitations
to legal cost, arbitration fee, expense of property preservation, travelling expense, execution fee, assessment fee, charge for
auction, notarial fees, service fee, announcement fee and counsel fee, etc.) shall be borne by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.5 Notifications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Unless otherwise specified in this
Contract, all notifications between both parties hereunder may be served by the special personnel, fax, express mail and E-mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by the
special personnel, the receiver shall sign or seal on the service return receipt, and the service date shall be deemed as the signing
date by the receiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by fax,
the service date shall be the sending date of the fax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by the
express mail, the service date shall be the third day upon the day of sending the express mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by E-mail,
the service date shall be the date that such E-mail is sent in to the designated system of the receiver (if the receiver designates
the special system to receive the E-mail) or E-mail is sent in to any system of the receiver for the first time (if the receiver
fails to designate the special system to receive the E-mail).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Unless otherwise specified in this
Contract, all notifications between both parties hereunder shall be served by fax, postal delivery, express delivery or other methods
agreed by both parties to the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If it is sent to Party A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Address: No. 1188, Taihu Avenue, Changxing
Economic Development Zone</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Post Code: 313100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contact Person: Liu Chuanjie</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: 0572-6225888-8608</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 0572-6267588</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If it is sent to Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Address: F/13, Capital Mansion, No. 6,
Xinyuan South Road, Chaoyang District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Post Code: 100004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contact Person: Hao He</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: 010-84861327</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 010-84861380</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) In case the mailing address or contact
information of either party has changed, it shall be immediately notified to the other party in writing form. The losses caused
due to failure of immediate notification shall be borne by the changer of such mailing address or contact information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.6 This Contract shall go into effect
upon signature or seal of name seal and common seal by the legal representatives or authorized representatives of both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.7 Any matter not covered herein shall
be agreed separately by both parties as the appendix hereof. Any appendix, modification or supplementation hereof shall be an integral
part hereof with the same legal effect with this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.8 This Contract shall be made in six
copies, each party holding two. The remaining copies shall be used to handle the enforced notarization, mortgage registration and
other relevant legal proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.9 Party A has read all articles hereof.
In accordance with the requirements of Party A, Party B has made the correspondent explanation of the articles upon this Contract.
Party A has the full knowledge and understanding of the meaning and the corresponding legal consequences of the articles hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XVII Mortgaged Property List
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mortgaged property list hereof shall
be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mortgaged Property List</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid">Name&nbsp;of<BR> mortgaged<BR> property&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid">Ownership<BR> certificate<BR> No.&nbsp;and<BR> other<BR> certificates<BR> No.</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid">Domicile&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid">Amount&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid">Amount&nbsp;of<BR> mortgage&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid">Value&nbsp;of&nbsp;the<BR> mortgaged<BR> property<BR> (RMB&nbsp;ten<BR> thousand<BR> yuan)</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid">Amount<BR> mortgaged&nbsp;for<BR> other&nbsp;creditor&rsquo;s<BR> rights&nbsp;(RMB&nbsp;ten<BR> thousand&nbsp;yuan)</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid">Remarks&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By October 31, 2012, the net book value
of the above mortgaged property shall be Say RMB (amount in words) Nineteen Million, Five Hundred and Fifty two Thousand, Five
Hundred and Fifty-six yuan and Eight Jiao and Nine Cent Only, the assessed present value shall be Say RMB (amount in words) Ten
Million, Three Hundred and Sixty-one Thousand, Eight Hundred and Forty-four (the base date of the assessment was October 31, 2012).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Remainder of this page is intentionally
left blank)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The signing page of Contract for <I>Personal
Property Mortgage in Maximum Amount</I> with number of [ ] (Remainder of this page is intentionally left blank)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party A: Zhejiang Chisen Electric Co.,
Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Legal representative or authorized representative
(signature/seal) </FONT> &nbsp;/s/ Authorized Representative</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Signed on: December 17,
2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party B: CITIC Trust Co., Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Legal representative or authorized representative
(signature/seal)</FONT> &nbsp;/s/ Authorized Representative</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Signed on: December 17,
2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>7
<FILENAME>v330818_ex10-6.htm
<DESCRIPTION>EXHIBIT 10.6
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Contract for Personal Property Mortgage
in Maximum Amount</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: black">Contract No.:
[</FONT>P2012M11SCSDQ0001-0009<FONT STYLE="color: black">]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify">Mortgager (Party A): Chisen Electric Jiangsu Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 75%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Domicile: Jinyuan Road, Xuyi Economic Development Zone, Jiangsu</TD>
    <TD STYLE="text-align: justify">Post Code: 211700</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Legal Representative: Xu Kecheng</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Financial Institution for Deposit: Xuyi Xinhua Branch, Industrial and Commercial Bank of China</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Account No.: 1110090309200077630</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel: 0517-88555599</TD>
    <TD>Fax: 0517-88556166</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify">Mortgagee (Party B): CITIC Trust Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Domicile: F/13, Capital Mansion, No. 6, Xinyuan South Road, Chaoyang District, Beijing</TD>
    <TD STYLE="text-align: justify">Post Code: 100004</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Legal Representative: Pu Jian</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Financial Institution for Deposit: Beijing Capital Mansion Branch, China CITIC Bank</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Account No.: 7110210186800061319</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel: 010-84861327</TD>
    <TD STYLE="text-align: justify">Fax: 010-84861380</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;In order to ensure the performance
of <I>RMB Capital Loan Contract</I> concluded by Party A and B, which number is P2012M11SCSDQ0001-0003, and <I>Joint Repayment
Contract</I> concluded (<I>RMB Capital Loan Contract</I> and <I>Joint Repayment Contract</I> shall be hereinafter referred to
as main contract) by Party A, Zhejiang Chisen Electric Co., Ltd. (hereinafter referred to as the co-obligor) and Party B, which
number is P2012M11SCSDQ0001-0012, and safeguard the realization of the creditor&rsquo;s right of Party B, Party A shall have the
willingness to provide security guarantees of the <FONT STYLE="color: black">personal property mortgage in maximum amount</FONT>
to the debts of Party A and the co-obligor under the main contract. Party A and B make and enter into this contract through the
agreed consultation, so as to jointly observe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article I Basic information of the principal
creditor&rsquo;s right</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.1 The principal creditor&rsquo;s right
described hereby shall refer to the obligation of debt service of such trust loan that shall be issued by Party B to Party A of
no less than Say RMB Two Hundred Million Only (In figure: &yen;200,000,000.00 yuan) with 8%/year as the interest rate and three
years as the loan term in accordance with the agreement of the main contract, which shall be undertaken jointly and separately
by the obligor and co-obligor to Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trust loan specified by the previous
article shall be issued by Party B that is assigned by the principal, Chaowei Power Supply Co., Ltd.(hereinafter referred to as
the principal), under <I>1201 Period Capital Trust Contract of Loan Project Between Chaowei Power Supply-Jiangsu </I>Chisen<I>
</I>(hereinafter referred to as <I>Capital Trust Contract</I>) which number is [P2012M11SCSDQ0001-0001], to Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2 The specific information of the principal
creditor&rsquo;s right shall be subject to the agreement under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.3 The maximum amount of the maximum security
guarantee under this contract shall be Say RMB Two Hundred Million Only (In figure: &yen;200,000,000.00 yuan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.4 Under one of the following circumstances,
the principal creditor&rsquo;s right guaranteed by the maximum mortgage under this contract shall be determined:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The date that the last principal creditor&rsquo;s
right occurs, which is granted to Party B over the obligor and co-obligor in accordance with the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where the new creditor&rsquo;s right
cannot occur;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) Where the mortgaged property is sealed
up and detained;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) Where Party A is declared to be bankrupt
or revoked;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) Other circumstance where the creditor&rsquo;s
right is determined in accordance with laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article II Mortgaged Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.1 The property listed by Party A in accordance
with &ldquo;Mortgage Property List&rdquo; hereunder shall be all the machines and equipment possessed by Party A to be mortgaged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.2 In case of the discrepancy between
&ldquo;Mortgage Property List&rdquo; and the right certificate (proof) or the register of the registration authority, the right
certificate (proof) or the register of the registration authority shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.3 Where the mortgaged property replaces
the new ownership or other rights certificate (proof), causing the discrepancy between &ldquo;Mortgage Property List&rdquo; or
other rights (mortgage right) certificate or mortgage right document received by Party B and aforesaid new right certificate (proof)
or the register of the registration authority, Party A shall not refuse to bear the guarantee responsibility by such excuse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.4 Except as otherwise agreed by both
parties or specified by laws, the new additions of the mortgaged property due to adhesion, mixture, processing, renovation and
other reasons shall be the security guarantee of the creditor&rsquo;s right of Party B. Party A shall go through the necessary
procedures of the mortgage registration in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.5 In case the value of the mortgaged
property has reduced or possibly reduce, which affects the realization of the creditor&rsquo;s right of Party B, Party A shall
provide the new guarantee in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article III Scope and Period of Guarantee
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1 The scope of guarantee hereof shall
be all debts under the main contract, including but without limitations to all principals, interests (including compound interest
and default interest), default fine, compensation, other expenses Party A shall pay to Party B(including but without limitations
to related handling charge, telecommunication fee and incidentals) and the expenses incurred from Party B&rsquo;s realization of
the creditor&rsquo;s right and the right of guarantee (including but without limitations to legal cost, arbitration fee, expense
of property preservation, travelling expense, execution fee, assessment fee, charge for auction, notarial fees, service fee, announcement
fee and counsel fee etc.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.2 The period of guarantee of the security
mortgage hereunder shall start from the date this contract takes effect to the expiration of the proceeding period of the creditor&rsquo;s
right of Party B under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article IV Registration of Mortgaged
Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1 Both parties shall go through the procedures
of the mortgage registration at the corresponding registration authority within 3 working days upon the date of the conclusion
hereof. Party A shall deliver the other rights certificate of the mortgaged property, the original mortgage registration document
and other rights certificates to Party B upon the date of completion of the mortgage registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The right of mortgage hereunder shall be
established from the date that the legal procedures of the mortgage registration specified by the previous articles are completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.2 Within the validity hereof, in case
the right state of the mortgaged property has been transferred or amended with the prior written consent of Party B, the related
parties shall handle the amendment registration within the legal term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.3 In case Party A repays the principals
and interests of all loans to Party B in accordance with the term and amount agreed by the main contract, both parties shall jointly
go through the procedures to cancel the registration at the registration authority and the mortgage ownership certificate, insurance
policy and other documents shall be returned to Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article V Effectiveness of Mortgage
Contract </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This contract shall be the accessory contract
of the main contract. Where the contract for principal creditor&rsquo;s right and debts is invalid, this contract shall be invalid
unless otherwise specified by laws. After it is identified that this contract is invalid, in case the mortgager and mortgagee are
in fault, they shall bear the corresponding civil liabilities respectively in accordance with their own faults.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case a certain article or part contents
of such article hereunder are or will be invalid, such invalid article or invalid part shall in no case affect the validity of
other articles or other contents of such article hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VI Modification of Main Contract
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.1 In case Party B and Party A agree to
modify the articles of the main contract(including but without limitations to modification of the currency for repayment, repayment
method, loan account number, repayment account number, the use plan of the loan, repayment plan, value date, expiration date, modification
of the starting date or deadline of the term of the debt performance without extending the term of the debt performance, prolonging
the term of the debt performance in accordance with the agreement or addition of the amount of the principal of the creditor&rsquo;s
right), Party A shall agree to bear the guarantee responsibility for the debt under the modified main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.2 The guarantee responsibility of Party
A shall not be reduced or exempted due to the occurrence of any of the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Where Party B or Party A has the restructuring,
merge, consolidation, division, addition or reduction of capital, join venture, joint operation, name change or other circumstances;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where Party B assigns the third party
to perform its obligations under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.3 In case the creditor&rsquo;s right
under the main contract is transferred to the third party, Party A shall assist with Party B and such third party to handle the
procedures of the mortgage modification registration as required by the laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.4 Where the transfer of the creditor&rsquo;s
right or debts under the main contract fails to take effect, or is invalid, revoked or removed, Party A shall still bear the guarantee
responsibility to Party B in accordance with the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VII Possession and Preservation
of Mortgaged Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.1 Party A shall properly possess, preserve
and maintain the mortgaged property, rationally use the mortgaged property, maintain such mortgaged property in a sound state and
pay all taxations in relation to the mortgaged property on schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A shall deliver the original right
certificate of the mortgaged property (one copy in total) to Party B for keep.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.2 Where Party A assigns or agrees the
third party to possess, preserve and use the mortgaged property, it shall notify such third party the existence of the right of
mortgage and require the third party to maintain such mortgaged property in a sound state, accept the examination of Party B upon
such mortgaged property and not disrupt Party B to realize the right of mortgage. The obligations of Party A under the previous
article shall not be exempted thereby and Party A shall bear the liability for the actions taken by the third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.3 In case the mortgage property causes
the personal injury or the property damage, Party A shall unilaterally bear the liability for compensation. Provided that Party
B bears the liability due to suffering the claims thereby or pays the compensation on behalf of Party A, Party B shall have the
right to pursue the recovery from Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.4 Within the validity hereof, in case
the value of the mortgaged property is reduced due to the actions of Party A or the third party, Party A shall notify the situation
of losses to Party B in written within 15 days upon the occurrence date of the accident, and Party A shall recover the value of
such mortgaged property in accordance with the requirements of Party B or provide a guarantee of value equal to the reduced value
and approved by Party B. Otherwise, Party B shall have the right to claim the guarantee responsibility against Party A within the
scope of the guarantee in accordance with the agreement under the main contract or the provisions of the laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VIII Insurance of Mortgaged
Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mortgaged property shall be insured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The insurance of the mortgaged property
shall be subject to the following agreements of both parties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.1 Unless otherwise agreed by both parties,
Party A shall go through the insurance for the mortgaged property in accordance with the relevant laws and the type of insurance,
insurance period and insured amount, which are designated by Party B. The insurer shall be equipped with the statutory qualification
and good credibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.2 The contents of the insurance policy
shall meet the requirements of Party B and shall not have the limited conditions damaging the rights and interests of Party B.
Such insurance policy shall indicate specifically that Party B shall be the payee of priority for the compensation of the insurance
indemnity (the first beneficiary); the modification of such insurance policy shall be approved by Party B in writing; once when
accident arises, the insurer shall directly pay the insurance indemnity to the account designated by Party B. Where the mortgaged
property has been insured but the insurance policy fails to indicate the contents above, the insurance policy shall be annotated
or modified correspondingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.3 Party A shall ensure that the insurance
is constantly valid and the insurance period shall be no less than the term of performance of the main contract. Party A shall
not cause the insurance to be interrupted, revoked or invalid, or make the insurer reduce the compensation liability or modify
the insurance policy without the approval of Party B for any reason. In case the insurance period is expired, where the creditor&rsquo;s
right secured by Party A fails to be fulfilled, Party A shall renew the insurance and correspondingly prolong the insurance period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.4 Party A shall deliver the original
insurance policy of the mortgaged property to Party B within 3 working days upon the date of conclusion hereof (the date of the
completion of the renewal if the insurance policy of the mortgaged property is renewed), and reserve all necessary documents in
relation to the insurance claim or the transfer of the insurance interest in Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.5 Within the validity hereof, in case
of any damage to the mortgaged property, Party A shall notify such damage and the situation of the insurance indemnity to Party
B in written within 15 days upon the date of the incident occurrence. With respect to the insurance indemnity acquired upon the
mortgaged property, Party B shall have the right to choose the following methods to deal with and Party A shall assist Party B
in going through the related procedures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) With the approval of Party B, to be
used to repair the mortgaged property so as to recover the value of such mortgaged property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) To liquidate or liquidate in advance
the principal and interest of the debt and the relevant expenses under the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) To provide the pledge guarantee for
the debt under the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) To be handled by Party A at its discretion
after it provides the new guarantee in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.6 Within the validity hereof, in case
Party A fails to handle the insurance or renewal of insurance for the mortgaged property, where the damages of the mortgaged property
are attributed to the insurance coverage of such mortgaged property, or the mortgaged property suffers from the damages due to
the actions of a third party and Party A fails to acquire the damages from such third party, the agreement under the Article 7.4
hereof shall apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article IX Limitation to Party A&rsquo;s
Disposal of Mortgaged Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.1 Without the written approval of Party
B, Party A shall not dispose all or part of the mortgaged property by any means, including but without limitations to sale (presale),
waiver, lease (including renewal of lease after the expiration of the original lease contract), giving, transfer, contribution,
repeated guarantee, moving, change for public purpose, attachment to other property or renovation and division.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.2 With the written approval of Party
B, the money acquired from the disposal of the mortgaged property by Party A or other sums of money shall be deposited into the
account designated by Party B. Party B shall have the right to choose any method agreed in Item (2) to (4) under Article 8.5 hereof
to handle the above money and Party A shall assist Party B in handling the relevant procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article X Interference of Third Party</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.1 In case the mortgaged property is
collected, expropriated, dismantled, confiscated or withdrawn for free by the State, or such mortgaged property is sealed up, frozen,
seized, supervised, detained, auctioned, possessed by force, destroyed or made other disposals by a third party, Party A shall
immediately notify Party B and timely take the measures to stop, remove or remedy, so as to prevent the expansion of the damages;
if requested by Party B, Party A shall provide a new guarantee in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.2 The remaining of the mortgaged property
shall be deemed as the security guarantee of the creditor&rsquo;s right of Party B after the previous circumstances occur to such
mortgaged property. The compensation or indemnity gained by Party A due to the above reasons shall be deposited into the account
designated by Party B. Party B shall have the right to choose any methods under Item (1) to (4) of Article 8.5 hereunder to handle
the above money, and Party A shall assist Party B in handling the relevant procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XI Realization of Creditor&rsquo;s
Right </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.1 Where Party A fails to perform the
matured debts under the main contract or the debt that is declared to be due in advance or Party A violates other agreements under
the main contract when the term of the performance of the debt of the main contract expires or the debt of the main contract becomes
mature in advance in accordance with the agreement of such main contract, Party B shall have the right to dispose the mortgaged
property. Party A shall agree that Party B shall have the right to dispose the mortgaged property by converting it to money, selling
or auction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.2 The value of the mortgaged property
specified by &ldquo;Mortgaged Property List&rdquo; hereof or described in Item (5) of Article 2.1 hereof (hereinafter referred
to as &ldquo;tentative value&rdquo;), whether it is specified in the register of the registration authority, does not indicate
the final value of the mortgaged property. Such final value shall be the net amount of the money from Party B&rsquo;s disposal
of the mortgaged property after all taxes are deducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case the mortgaged property is used
to pay the creditor&rsquo;s right of Party B, the tentative value above shall not be taken as the basis that the mortgaged property
is paid for the creditor&rsquo;s right of Party B, whereupon the value of such mortgaged property shall be determined by the agreed
consultation of both parties or the fair assessment in accordance with the laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.3 After the expenses during the process
of the sales or auction (including but without limitations to storage fee, assessment fee, auction fee, transfer fee and taxation
etc.) are paid, the money gained from Party B&rsquo;s disposal of the mortgaged property shall be preferentially used to pay the
debts under the main contract and the remaining part shall be refunded to Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.4 Party B shall have the right to apply
for the enforcement for the property of Party A beyond such mortgaged property without the pretext that it waives the right of
mortgage or must dispose the mortgaged property at first.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.5 Party A shall not interrupt the realization
of the right of mortgage of Party B by any means (including action or inaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.6 No matter whether Party B owns other
guarantees upon the creditor&rsquo;s right under the main contract (including but without limitations to guarantee, mortgage, pledge,
letter of guarantee, letter of credit and other patterns of guarantee), no matter when the above guarantees are established or
whether valid, whether Party B proposes the claims for rights to other guarantors, whether the third party agrees to bear all or
part of the debt under the main contract, whether other guarantees are provided by Party A, the guarantee responsibility of Party
A under the main contract shall not be exempted. Party B shall directly require Party A to bear such guarantee responsibility within
the scope of the guarantee in accordance with the agreement hereunder and Party A shall not propose any objections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.7 Party A shall agree that even the
debt under the main contract is eliminated caused by the reason that Party A liquidates the part of such debt under the main contract
and Party B realizes other creditor&rsquo;s rights or any other reasons, Party A shall bear the guarantee responsibility upon the
remaining debt within the scope of the guarantee in accordance with the agreements hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.8 Party A shall agree that where the
debt of Party A under the main contract after Party A bears the guarantee responsibility are not liquidated in full, it shall promise
that its claims (including of the prior exercise) subrogation right or right of recourse to other guarantors shall not damage the
interests of Party B. It shall agree that the liquidation of the debt under the main contract shall be prior to the achievement
of the subrogation right or right of recourse of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In details, prior to the liquidation of
all creditor&rsquo;s rights of Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Party A shall agree not to claim the
subrogation right or right of recourse to other guarantors; in case Party A realizes the above rights, it shall prefer to use the
acquired money to pay the creditor&rsquo;s right of Party B that is not satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where the debt under the main contract
has other guarantees of the property right, Party A shall agree not to propose the claim of rights upon the guaranty or money after
the disposal of such guaranty due to the exercise of the right of recourse or any other reasons. The above guarantee of the property
right and the acquired money shall be preferentially used to liquidate to the creditor&rsquo;s right of Party B that is not satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) In case other guarantors provide the
counter guarantee to Party A, the money gained by Party A on the basis of the above counter guarantee shall be preferentially used
to liquidate the creditor&rsquo;s right of Party B that is not satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.9 Party A has fully realized the risks
of the interest rate. In case Party B adjusts the level of interest rate, the pattern of the interest calculation or interest settlement
in accordance with the agreement under the main contract, causing the addition of the interests, default interest and compound
interest Party A shall pay, it shall bear the guarantee responsibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XII Statement and Commitment
of Party A </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A shall make the following statement
and commitment to Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.1 Party A shall be the legal person
registered in accordance with the laws and regulations of the People's Republic of China. Until the date of conclusion hereof,
Party A shall be under the state of the normal operation without any factors that are available or expected rationally to possibly
cause that Party A cannot operate normally during the period of guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.2 Party A shall have the legitimate
qualification as a guarantor. The guarantee actions of Party A hereunder shall comply with the provisions of laws, administrative
regulations, rules and the articles of association or the documents of the internal organization of Party A and Party A has gained
the approvals and authorizations of the internal competent institution of the company and/or the competent authority of State.
Party A shall bear all responsibilities arising from that Party A has no right to sign this contract, including but without limitations
to compensating the losses of Party B in full due to such case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.3 Party A has identified its asset,
debt, operation, credit and reputation and has the full knowledge whether it has subject qualification and authority to sign the
main contract and all contents of such main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.4 Party A shall be entitled to the ownership
or right of disposal to the mortgaged property pursuant to laws. The mortgaged property shall not be the public facilities, the
property that is forbidden to be circulated or transferred without any disputes upon the ownership. The establishment of this mortgage
guarantee shall not suffer any limitations or cause any illegal circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.5 The mortgaged property shall not be
owned jointly by others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.6 The mortgaged property shall not have
any flaws or burdens that are not notified to Party B, including but without limitations to that the mortgaged property is the
limited merchantable thing, sealed up, seized, supervised, leased or detained, the mortgaged property has the default purchasing
payment, maintenance fee, payment of the construction project, national taxation, transfer fee of land-use right and damages or
the mortgaged property has be set the guarantee by the third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.7 All materials and information in relation
to the mortgaged property that Party A provides to Party B shall be authentic, legal, complete and accurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.8 This mortgage guarantee provided by
Party A shall not the legal rights and interests of any third parties and violate the agreed or statutory obligations of Party
A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.9 No matter whether Party A has or will
conclude the counter guarantee agreement or the similar agreement with other guarantors, such agreement shall not damage any rights
and interests of Party B hereunder lawfully and in fact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.10 Party A agrees that Party B shall
inquire the credit status of Party A from the credit database established by the approval of the People's Bank of China and the
authorized department of the credit investigation or the relevant units and department, and agrees that Party B shall provide the
information of Party A to the credit database established by the approval of the People's Bank of China and the authorized department
of the credit investigation. Party A agrees that Party B may reasonably use and disclose the information of Party A due to the
business requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.11 With respect to the circumstance
of breach of the contract of Party A, Party B shall have the right to report to the relevant department or unit and make the announcement
through the news media.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.12 Party A has fully understood and
agreed with all articles under the main contract, and voluntarily provided the mortgage guarantee of the project in the construction
hereunder for the performance of the main contract. All its declarations of will hereunder shall be authentic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XIII Liabilities for Breach
of Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.1 Where Party A violates any agreement
or any obligation hereunder, or explicitly expresses or indicates by its actions that it refuse to perform any obligation hereunder,
or the statement and commitment of Party A under Article XII hereof are untruthful, inaccurate, incomplete or intentionally misunderstood,
Party B shall notify Party A in written to correct such violations. In case Party A fails to correct the violations within 5 working
days upon the date that Party B sends the above notification, Party B shall have the right to separately or jointly exercise the
following rights:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) To require Party A to correct the violations
within the limited time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) To require Party A to provide new guarantee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) To require Party A to compensate the
losses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) To dispose the mortgaged property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) To require Party A to pay the default
fine equivalent to 30% of the amount of creditor&rsquo;s right when Party A breaches the contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(6) Other remedial measures approved by
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the economic losses of Party B caused
by the violations of Party A exceed the default fine, Party A shall pay the damages to Party B for the excess.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.2 Party B shall have the right to choose
any method agreed in Item (2) to (4) under Article 8.5 to dispose the money gained from disposal of the mortgaged property, and
Party A shall assist with Party B to handle the relevant procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.3 In case due to the reasons of Party
A, this Contract is invalid, or the right of mortgage fails to be created, or the value of the mortgaged property is reduced, or
Party B fails to timely or fully realize the right of mortgage, Party B shall have the right to require Party A to repay for the
guaranteed debt within the scope of guarantee agreed hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.4 In case Party B loses the mortgaged
property right certificate delivered by Party A due to faults; or Party B fails to timely return the mortgaged property right certificate
after the debt under the main contract has been fully repaid or fails to assist with Party A to handle the procedures of cancellation
of the mortgage registration after the application of Party A, Party A shall have the right to take the following one or more measures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) To require Party B to bear the expense
of handling the mortgaged property right certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) To require Party B to return the mortgaged
property right certificate with the limited time or assist with Party A to cancel the mortgaged property registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XIV Law Application and Disputes
Settlement </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.1 This Contract shall be governed by
the laws, administrative regulations and departmental rules of the People's Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.2 All disputes arising from the conclusion,
effectiveness, performance and interpretation hereof and in relation to this Contract shall be settled through consultations of
both parties. In case no agreements reach or neither party is willing to settle the disputes through consultations, either party
shall have the right to file a suit to the People&rsquo;s Court with the jurisdiction where Party B locates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XV Enforced Notarization</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.<FONT STYLE="color: black">1 This Contract
shall be the document of the creditor&rsquo;s right with the effectiveness of enforcement through notarization. Party A promises
that in case Party A fails to perform or incompletely performs the obligations hereunder, it shall voluntarily accept the enforcement
of judicial authority without legal proceedings of first instance and/or second instance; Party B shall directly apply the enforcement
for the People&rsquo;s Court with the jurisdiction in accordance with the provisions of Article 214 (1) of <I>Law of Civil Procedure
</I>and meanwhile Party A shall waive the right of defense. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.2 Both parties jointly confirm that
both parties have the full and explicit knowledge of the regulations on the meaning, contents, procedure and effectiveness of the
enforced notarization under the relevant laws, administrative regulations, departmental rules and regulatory documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.3 In case Party A fails to perform or
improperly performs <FONT STYLE="color: black">the document of the creditor&rsquo;s right with the effectiveness of enforcement
through notarization, Party B shall notify Party A in written to correct its violations within 5 working days upon the date of
the sending of notification; otherwise Party B shall apply to the notary organs for issuance of the enforcement certificate, and
Party A shall make the coordination to complete the procedure of verification in person in the notary organs upon the time notified
by Party B. Party A shall make the commitment to full coordinate with the application action of Party B (including but without
limitations to complete the procedure of verification in person in the notary organs upon the time notified by Party B in written).
In case after receipt of the written notification of Party B, Party A fails to timely perform the above obligations, Party A hereby
confirms that under the circumstance of absence of Party A, after the notary organs performs and completes the verification through
the internal procedure in accordance with application of Party B, it shall be equal that the notary organs completes the procedure
of verification in person and Party A shall fully approve the legal consequences arising from such case. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.4 The agreement in relation to the enforced
notarization under Article XV shall be preferentially executed than that under Article XIV hereof (Law Application and Disputes
Settlement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.5 Both parties hereof agree that Beijing
Fangyuan Notary Office shall handle the legal procedures of the enforced notarization hereunder and issue the notarial certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XVI Miscellaneous </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.1 Reservation of Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rights of Party B hereunder shall have
no effects and eliminate any right it shall be entitled in accordance with the laws, regulations and other contracts. Any tolerance,
grace, preference or delay to exercise any right hereunder due to breach of this Contract or delay shall not be deemed as a waiver
of the rights and interests hereunder or approval or acceptance of any breach of this Contract, and will never effect, disturb
and interrupt the continued exercise of such right or any exercise of other rights, and will cause Party B to bear no obligations
and responsibilities of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even though Party B fails to perform or
delays to perform any right under the main contract or part application of any remedy under such main contract, the guarantee responsibility
of Party A under the main contract shall never be reduced or exempted due to such case, but in case Party B reduces or exempts
the debt under the main contract, the guarantee responsibility of Party A under the main contract shall be reduced or exempted
correspondingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.2 Continuity of Obligations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All obligations and joint and several liabilities
of Party A hereunder shall be continuous and shall have full binding force upon its successor, receiver, assignee and the subject
after change of form of organization or name, combination or separation. Such obligations and liabilities shall never be affected
by any dispute, claim and the legal proceeding and any directive of the superior units and any contract and document concluded
between Party A under the main contract and any natural person or legal person or be changed due to the bankruptcy or reorganization
of Party A, insolvency, deprivation of corporate capacity, change of the articles of association and any modification in essence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.3 Dissolution or Bankruptcy of Party
A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After entry into the proceedings of dissolution
or bankruptcy, Party A shall immediately notify Party B to report the creditor&rsquo;s right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.4 Expenses Assumption</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following expenses shall be borne by
Party A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The expense of the insurance, assessment,
registration and notarization in relation to this Contract and the guarantee hereunder shall be borne by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) In case Party A breaches the Contract,
all expenses arising from Party B realizing the creditor&rsquo;s right and right of guarantee (including but without limitations
to legal cost, arbitration fee, expense of property preservation, travelling expense, execution fee, assessment fee, charge for
auction, notarial fees, service fee, announcement fee and counsel fee, etc.) shall be borne by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.5 Notifications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Unless otherwise specified in this
Contract, all notifications between both parties hereunder may be served by the special personnel, fax, express mail and E-mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by the
special personnel, the receiver shall sign or seal on the service return receipt, and the service date shall be deemed as the signing
date by the receiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by fax,
the service date shall be the sending date of the fax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by the
express mail, the service date shall be the third day upon the day of sending the express mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by E-mail,
the service date shall be the date that such E-mail is sent in to the designated system of the receiver (if the receiver designates
the special system to receive the E-mail) or E-mail is sent in to any system of the receiver for the first time (if the receiver
fails to designate the special system to receive the E-mail).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Unless otherwise specified in this
Contract, all notifications between both parties hereunder shall be served by fax, postal delivery, express delivery or other methods
agreed by both parties to the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If to Party A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Address: Jinyuan Road, Xuyi Economic Development
Zone, Jiangsu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Post Code: 211700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contact Person: Zhao Feng</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: 0517-88555599</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 0517-88556166</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If to Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Address: F/13, Capital Mansion, No. 6,
Xinyuan South Road, Chaoyang District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Post Code: 100004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contact Person: Hao He</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: 010-84861327</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 010-84861380</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) In case the mailing address or contact
information of either party has changed, it shall be immediately notified to the other party in written form. The losses caused
due to failure of immediate notification shall be borne by the changer of such mailing address or contact information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.6 This Contract shall go into effect
upon signature or seal of name seal and common seal by the legal representatives or authorized representatives of both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.7 Any matter not covered herein shall
be agreed separately by both parties as the appendix hereof. Any appendix, modification or supplementation hereof shall be an integral
part hereof with the same legal effect with this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.8 This Contract shall be made in six
copies, each party holding two. The remaining copies shall be used to handle the enforced notarization, mortgage registration and
other relevant legal proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.9 Party A has read all articles hereof.
In accordance with the requirements of Party A, Party B has made the correspondent explanation of the articles upon this Contract.
Party A has the full knowledge and understanding of the meaning and the corresponding legal consequences of the articles hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XVII Mortgaged Property List
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mortgaged property list hereof shall
be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Mortgaged Property
List</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 12%; text-align: left; border-bottom: Black 1pt solid">Name&nbsp;of&nbsp;<BR> mortgaged<BR> property&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; text-align: left; border-bottom: Black 1pt solid">Ownership<BR> certificate&nbsp;No.<BR> and&nbsp;other<BR> certificates<BR> No.</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left; width: 8%">Domicile&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left; width: 7%">Amount&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left; width: 10%">Amount&nbsp;of<BR> mortgage&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; text-align: left; border-bottom: Black 1pt solid">Value&nbsp;of&nbsp;the<BR> mortgaged<BR> property&nbsp;(RMB<BR> ten&nbsp;thousand)</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 20%; text-align: left; border-bottom: Black 1pt solid">Amount<BR> mortgaged&nbsp;for<BR> other&nbsp;creditor&rsquo;s<BR> rights&nbsp;(RMB&nbsp;ten<BR> thousand)</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left; width: 8%">Remarks&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of October 31, 2012, the net book value
of the above mortgaged property shall be RMB (in words) One Hundred and Thirty Million Two Hundred and Seventy-four Thousand and
Nine Yuan and Fifty-five Cents Only, and the assessed present value shall be RMB (in words) One Hundred and Forty-four Million
Seventeen Thousand Four Hundred and Eighty-one only (the base date of the assessment shall be October 31, 2012).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Remainder of this page is intentionally
left blank)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The signing page of <I>Contract for Personal
Property Mortgage in Maximum Amount</I> with number of <B>[</B>P2012M11SCSDQ0001-0009<B>] </B>(Remainder of this page is intentionally
left blank)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party A: Chisen Electric Jiangsu Co.,
Ltd. (Official seal)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Legal representative or authorized representative
(signature/seal)</FONT> &nbsp;/s/ Authorized Representative</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Signed on: December 17,
2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party B: CITIC Trust Co., Ltd. (Official
seal)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Legal representative or authorized
representative (signature/seal)</B> &nbsp;<B>/s/ Authorized Representative</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Signed on: December 17, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>



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<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>8
<FILENAME>v330818_ex10-7.htm
<DESCRIPTION>EXHIBIT 10.7
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Contract for Personal Property Mortgage
in Maximum Amount</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">Contract No.:
[</FONT>P2012M11SCSDQ0001-0010<FONT STYLE="color: black">]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt; font-weight: bold">Mortgager (Party A): Zhejiang Chisen Electric Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; text-align: justify; font-size: 10pt">Domicile: No. 1188, Taihu Avenue, Changxing Economic Development Zone</TD>
    <TD STYLE="width: 25%; text-align: justify; font-size: 10pt">Post Code: 313100</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt">Legal Representative: Xu Kecheng</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt">Financial Institution for Deposit: Changxing Jiefang East Road Sub-branch of China Construction Bank</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt">Account No.: 330016472420500000065</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Tel: 0572-6225888-8608</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Fax: 0572-6267588</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt; font-weight: bold">Mortgagee (Party B): CITIC Trust Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Domicile: F/13, Capital Mansion,
No. 6, Xinyuan South Road, Chaoyang District, Beijing</P></TD>
    <TD STYLE="width: 25%; text-align: justify; font-size: 10pt">Post Code: 100004</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt">Legal Representative: Pu Jian</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt">Financial Institution for Deposit: Beijing Capital Mansion Sub-Branch, China CITIC Bank</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt">Account No.: 7110210186800061319</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Tel: 010-84861327</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Fax: 010-84861380</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to ensure the performance of <I>RMB
Capital Loan Contract</I> concluded by Chisen Electric Jiangsu Co., Ltd. (the obligor) and Party B, which number is [P2012M11SCSDQ0001-0003],
and <I>Joint Repayment Contract</I> concluded (<I>RMB Capital Loan Contract</I> and <I>Joint Repayment Contract</I> shall be hereinafter
referred to as main contract) by the obligor, Party A (hereinafter referred to as the co-obligor) and Party B, which number is
[P2012M11SCSDQ0001-0012], and safeguard the realization of the creditor&rsquo;s right of Party B, Party A shall have the willingness
to provide security guarantees of the <FONT STYLE="color: black">personal property mortgage in maximum amount</FONT> to the debts
of Party A and the obligor under the main contract. Party A and B make and enter into this contract through the agreed consultation,
so as to jointly observe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article I Basic information of the principal
creditor&rsquo;s right</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.1 The principal creditor&rsquo;s right
described hereby shall refer to the obligation of debt service of such trust loan that shall be issued by Party B to the obligor
of less than Say RMB Two Hundred Million Only (In figure: &yen;200,000,000.00 yuan) with 8%/year as the interest rate and three
years as the loan term in accordance with the agreement of the main contract, which shall be undertaken jointly and separately
by the obligor and co-obligor to Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trust loan specified by the previous
article shall be issued by Party B that is assigned by the principal, Chaowei Power Supply Co., Ltd. (hereinafter referred to as
the principal), under <I>1201 Period Capital Trust Contract of Loan Project Between Chaowei Power Supply-Jiangsu Chisen (</I>hereinafter
referred to as <I>Capital Trust Contract</I>) which number is [P2012M11SCSDQ0001-0001], to the obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2 The specific information of the principal
creditor&rsquo;s right shall be subject to the agreement under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.3 The maximum amount of the maximum security
guarantee under this contract shall be Say RMB Two Hundred Million Only (In figure: &yen;200,000,000.00 yuan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.4 Under one of the following circumstances,
the principal creditor&rsquo;s right guaranteed by the maximum mortgage under this contract shall be determined:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The date that the last principal creditor&rsquo;s
right occurs, which is granted to Party B over the obligor and the co-obligor in accordance with the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where the new creditor&rsquo;s right
cannot occur;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) Where the mortgaged property is sealed
up and detained;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) Where Party A is declared to be bankrupt
or revoked;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) Other circumstance where the creditor&rsquo;s
right is determined in accordance with laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article II Mortgaged Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.1 Party A sets movable property floating
mortgage hereunder by the property set out in &ldquo;Mortgage Property List&rdquo; (including updates made from time to time, same
below) of this contract, namely all inventories possessed by Party A at present (and in future).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aforesaid inventories include finished
products or goods (finished products) held by Party A for sales, unfinished products in process (unfinished products) and materials
consumed in production process (raw materials).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aforesaid Mortgage Property List refers
to the list of all inventories possessed by Party A when this contract is entered into and as set out in Article 17 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aforesaid updates made from time to
time to the Mortgage Property List refer to the list of all inventories possessed by Party A as jointly confirmed by Party A and
the Principal under <I>Capital Trust Contract</I> at future time points (i.e. March 31, June 30, September 30 and December 31 each
year) after validation of this contract and the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.2 In case of the discrepancy between
&ldquo;Mortgage Property List&rdquo; and the right certificate (proof) or the register of the registration authority, the right
certificate (proof) or the register of the registration authority shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.3 Where the mortgaged property replaces
the new ownership or other rights certificate (proof), causing the discrepancy between &ldquo;Mortgage Property List&rdquo; or
other rights (mortgage right) certificate or mortgage right document received by Party B and aforesaid new right certificate (proof)
or the register of the registration authority, Party A shall not refuse to bear the guarantee responsibility by such excuse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.4 Except as otherwise agreed by both
parties or specified by laws, the new additions of the mortgaged property due to adhesion, mixture, processing, renovation and
other reasons shall be the security guarantee of the creditor&rsquo;s right of Party B. Party A shall go through the necessary
procedures of the mortgage registration in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.5 In case the value of the mortgaged
property has reduced or possibly reduce, which affects the realization of the creditor&rsquo;s right of Party B, Party A shall
provide the new guarantee in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article III Scope and Period of Guarantee
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1 The scope of guarantee hereof shall
be all debts under the main contract, including but without limitations to all principals, interests (including compound interest
and default interest), default fine, compensation, other expenses Party A shall pay to Party B (including but without limitations
to related handling charge, telecommunication fee and incidentals) and the expenses incurred from Party B&rsquo;s realization of
the creditor&rsquo;s right and the right of guarantee (including but without limitations to legal cost, arbitration fee, expense
of property preservation, travelling expense, execution fee, assessment fee, charge for auction, notarial fees, service fee, announcement
fee and counsel fee etc.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.2 The period of guarantee of the security
mortgage hereunder shall start from the date this contract takes effect to the expiration of the proceeding period of the creditor&rsquo;s
right of Party B under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article IV Registration of Mortgaged
Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1 Both parties shall go through the procedures
of the mortgage registration at the corresponding registration authority within 3 working days upon the date of the conclusion
hereof. Party A shall deliver the other rights certificate of the mortgaged property, the original mortgage registration document
and other rights certificates to Party B upon the date of completion of the mortgage registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The right of mortgage hereunder shall be
established from the date that the legal procedures of the mortgage registration specified by the previous articles are completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.2 At each future time point (i.e. March
31, June 30, September 30 and December 31 each year) during the validity period of this contract, Party A shall, jointly with the
principal under<I> Capital Trust Contract</I>, confirm the list of all inventories possessed by Party A at such future time point,
and prepare the Mortgage Property List at such future time point. In terms of the Mortgage Property List prepared each time, the
two parties hereto shall actively cooperate to handle the legal formalities of mortgage change registration within 3 working days
after such future time point.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aforesaid Mortgage Property List prepared
each time shall be an appendix to this contract and replace the preceding Mortgage Property List.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.3 If the right of any mortgage property
is transferred or changed upon prior written consent of Party B during the validity period of this contract, the party concerned
shall handle change registration formalities within a statutory period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.4 Where Party A repays Party B all the
principals and interests of loans according to the terms and amounts specified in the main contract, Party A and Party B shall
together handle the deregistration formalities of mortgage rights with registration authority, and Party B shall return Party A
the ownership certificates of mortgage property, insurance policies, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article V Effectiveness of Mortgage
Contract </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This contract shall be the accessory contract
of the main contract. Where the contract for principal creditor&rsquo;s right and debts is invalid, this contract shall be invalid
unless otherwise specified by laws. After it is identified that this contract is invalid, in case the mortgager and mortgagee are
in fault, they shall bear the corresponding civil liabilities respectively in accordance with their own faults.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case a certain article or part contents
of such article hereunder are or will be invalid, such invalid article or invalid part shall in no case affect validity of other
articles or other contents of such article hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VI Modification of Main Contract
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.1 In case Party B and Party A agree to
modify the articles of the main contract (including but without limitations to modification of the currency for repayment, repayment
method, loan account number, repayment account number, the use plan of the loan, repayment plan, value date, expiration date, modification
of the starting date or deadline of the term of the debt performance without extending the term of the debt performance doesn&rsquo;t
delay, prolonging the term of the debt performance in accordance with the agreement or addition of the amount of the principal
of the creditor&rsquo;s right), Party A shall agree to bear the guarantee responsibility for the debt under the modified main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.2 The guarantee responsibility of Party
A shall not be reduced or exempted due to the occurrence of any of the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Where Party B or Party A has the restructuring,
merge, consolidation, division, addition or reduction of capital, join venture, joint operation, name change or other circumstances;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where Party B assigns the third party
to perform its obligations under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.3 In case the creditor&rsquo;s right
under the main contract is transferred to the third party, Party A shall assist with Party B and such third party to handle the
procedures of the mortgage modification registration as required by the laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.4 Where the transfer of the creditor&rsquo;s
right or debts under the main contract fails to take, or is invalid, revoked or removed, Party A shall still bear the guarantee
responsibility to Party B in accordance with the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VII Possession and Preservation
of Mortgaged Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.1 Party A shall properly possess, preserve
and maintain the mortgaged property, rationally use the mortgaged property, maintain such mortgaged property in a sound state and
pay all taxations in relation to the mortgaged property on schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A shall deliver the original right
certificate of the mortgaged property (one copy in total) to Party B for keep.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.2 Where Party A assigns or agrees the
third party to possess, preserve and use the mortgaged property, it shall notify such third party the existence of the right of
mortgage and require the third party to maintain such mortgaged property in a sound state, accept the examination of Party B upon
such mortgaged property and not disrupt Party B to realize the right of mortgage. The obligations of Party A under the previous
article shall not be exempted thereby and Party A shall bear the liability for the actions taken by the third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A shall accept the check and supervision
over mortgage property by the principal entrusted by Party B under <I>Capital Trust Contract</I> in accordance with Management
Manual of Mortgage Property attached to this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.3 In case the mortgage property causes
the personal injury or the property damage, Party A shall unilaterally bear the liability for compensation. Provided that Party
B bears the liability due to suffering the claims thereby or pays the compensation on behalf of Party A, Party B shall have the
right to pursue the recovery from Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.4 Within the validity hereof, in case
the value of the mortgaged property is reduced due to the actions of Party A or the third party, Party A shall notify the situation
of losses to Party B in written within 15 days upon the occurrence date of the accident, and Party A shall recover the value of
such mortgaged property in accordance with the requirements of Party B or provide a guarantee of the value equal to the reduced
value and approved by Party B. Otherwise, Party B shall have the right to claim the guarantee responsibility against Party A within
the scope of the guarantee in accordance with the agreement under the main contract or the provisions of the laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VIII Insurance of Mortgaged
Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mortgaged property shall be insured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The insurance of the mortgaged property
shall be subject to the following agreements of both parties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.1 Unless otherwise agreed by both parties,
Party A shall go through the insurance for the mortgaged property in accordance with the relevant laws and the type of insurance,
insurance period and insured amount, which are designated by Party B. The insurer shall be equipped with the statutory qualification
and good credibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.2 The contents of the insurance policy
shall meet the requirements of Party B and shall not have the limited conditions damaging the rights and interests of Party B.
Such insurance policy shall indicate specifically that Party B shall be the payee of priority for the compensation of the insurance
indemnity (the first beneficiary); the modification of such insurance policy shall be approved by Party B in writing; once when
accident arises, the insurer shall directly pay the insurance indemnity to the account designated by Party B. Where the mortgaged
property has been insured but the insurance policy fails to indicate the contents above, the insurance policy shall be annotated
or modified correspondingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.3 Party A shall ensure that the insurance
is constantly valid and the insurance period shall be no less than the term of performance of the main contract. Party A shall
not cause the insurance to be interrupted, revoked or invalid, or make the insurer reduce the compensation liability or modify
the insurance policy without the approval of Party B for any reason. In case the insurance period is expired, where the creditor&rsquo;s
right secured by Party A fails to be fulfilled, Party A shall renew insurance and correspondingly prolong the insurance period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.4 Party A shall deliver the original
insurance policy of the mortgaged property to Party B within 3 working days upon the date of conclusion hereof (the date of the
completion of the renewal if the insurance policy of the mortgaged property is renewed), and reserve all necessary documents in
relation to the insurance claim or the transfer of the insurance interest in Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.5 Within the validity hereof, in case
of any damage to the mortgaged property, Party A shall notify such damage and the situation of the insurance indemnity to Party
B in written within 15 days upon the date of the incident occurrence. With respect to the insurance indemnity acquired upon the
mortgaged property, Party B shall have the right to choose the following methods to deal with and Party A shall assist Party B
in going through the related procedures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) With the approval of Party B, to be
used to repair the mortgaged property so as to recover the value of such mortgaged property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) To liquidate or liquidate in advance
the principal and interest of the debt and the relevant expenses under the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) To provide the pledge guarantee for
the debt under the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) To be handled by Party A at its discretion
after it provides the new guarantee in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.6 Within the validity hereof, in case
Party A fails to handle the insurance or renewal of insurance for the mortgaged property, where the damages of the mortgaged property
are attributed to the insurance coverage of such mortgaged property, or the mortgaged property suffers from the damages due to
the actions of a third party and Party A fails to acquire the damages from such third party, the agreement under the Article 7.4
hereof shall apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article IX Limitation to Party A&rsquo;s
Disposal of Mortgaged Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.1 Without the written approval of Party
B, Party A shall not dispose all or part of the mortgaged property by any means, including but without limitations to sale (presale),
waiver, lease (including renewal of lease after the expiration of the original lease contract), giving, transfer, contribution,
repeated guarantee, moving, change for public purpose, attachment to other property or renovation and division. If clause 9.2 is
otherwise provided, the clause 9.2 shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party B hereby acknowledges that the inventory
of Party A will change during the ordinary course of operation, including the change of inventory forms (such as raw material becoming
work-in-process or finished goods, work-in process becoming finished goods), increase in inventory as purchasing raw material or
decrease in inventory as selling goods, reasonably caused inventory scrap as well as inventory overage or shortage which conforms
to the financial and accounting rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.2 With the written approval of Party
B, the money acquired from the disposal of the mortgaged property by Party A or other sums of money shall be deposited into the
account designated by Party B. Party B shall have the right to choose any method agreed in Item (2) to (4) under Article 8.5 hereof
to handle the above money and Party A shall assist Party B in handling the relevant procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article X Interference of Third Party</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.1 In case the mortgaged property is
collected, expropriated, dismantled, confiscated or withdrawn for free by the State, or such mortgaged property is sealed up, frozen,
seized, supervised, detained, auctioned, possessed by force, destroyed or made other disposals by a third party, Party A shall
immediately notify Party B and timely take the measures to stop, remove or remedy, so as to prevent the expansion of the damages;
if requested by Party B , Party A shall provide a new guarantee in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.2 The remaining of the mortgaged property
shall be deemed as the security guarantee of the creditor&rsquo;s right of Party B after the previous circumstances occur to such
mortgaged property. The compensation or indemnity gained by Party A due to the above reasons shall be deposited into the account
designated by Party B. Party B shall have the right to choose any methods under Item (1) to (4) of Article 8.5 hereunder to handle
the above money, and Party A shall assist Party B in handling the relevant procedures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XI Realization of Creditor&rsquo;s
Right</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.1 Where Party A fails to perform the
matured debts under the main contract or the debt that is declared to be due in advance or Party A violates other agreements under
the main contract when the term of the performance of the debt of the main contract expires or the debt of the main contract becomes
mature in advance in accordance with the agreement of such main contract, Party B shall have the right to dispose the mortgaged
property. Party A shall agree that Party B shall have the right to dispose the mortgaged property by converting it to money, selling
or auction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.2 The value of the mortgaged property
specified by &ldquo;Mortgaged Property List&rdquo; hereof or described in Item (5) of Article 2.1 hereof (hereinafter referred
to as &ldquo;tentative value&rdquo;), whether it is specified in the register of the registration authority, does not indicate
the final value of the mortgaged property. Such final value shall be the net amount of the money from Party B&rsquo;s disposal
of the mortgaged property after all taxes are deducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case the mortgaged property is used
to pay the creditor&rsquo;s right of Party B, the tentative value above shall not be taken as the basis that the mortgaged property
is paid for the creditor&rsquo;s right of Party B, whereupon the value of such mortgaged property shall be determined by the agreed
consultation of both parties or the fair assessment in accordance with the laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.3 After the expenses during the process
of the sales or auction (including but without limitations to storage fee, assessment fee, auction fee, transfer fee and taxation
etc.) are paid, the money gained from Party B&rsquo;s disposal of the mortgaged property shall be preferentially used to pay the
debts under the main contract and the remaining part shall be refunded to Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.4 Party B shall have the right to apply
for the enforcement for the property of Party A beyond such mortgaged property without the pretext that it waives the right of
mortgage or must dispose the mortgaged property at first.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.5 Party A shall not interrupt the realization
of the right of mortgage of Party B by any means (including action or inaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.6 No matter whether Party B owns other
guarantees upon the creditor&rsquo;s right under the main contract (including but without limitations to guarantee, mortgage, pledge,
letter of guarantee, letter of credit and other patterns of guarantee), no matter when the above guarantees are established or
whether valid, whether Party B proposes the claims for rights to other guarantors, whether the third party agrees to bear all or
part of the debt under the main contract, whether other guarantees are provided by Party A, the guarantee responsibility of Party
A under the main contract shall not be exempted. Party B shall directly require Party A to bear such guarantee responsibility within
the scope of the guarantee in accordance with the agreement hereunder and Party A shall not propose any objections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.7 Party A shall agree that even the
debt under the main contract is eliminated caused by the reason that Party A liquidates the part of such debt under the main contract
and Party B realizes other creditor&rsquo;s rights or any other reasons, Party A shall bear the guarantee responsibility upon the
remaining debt within the scope of the guarantee in accordance with the agreements hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.8 Party A shall agree that where the
debt of Party A under the main contract after Party A bears the guarantee responsibility are not liquidated in full, it shall promise
that its claims (including of the prior exercise) subrogation right or right of recourse to other guarantors shall not damage the
interests of Party B. It shall agree that the liquidation of the debt under the main contract shall be prior to the achievement
of the subrogation right or right of recourse of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In details, prior to the liquidation of
all creditor&rsquo;s rights of Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Party A shall agree not to claim the
subrogation right or right of recourse to other guarantors; in case Party A realizes the above rights, it shall prefer to use the
acquired money to pay the creditor&rsquo;s right of Party B that is not satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where the debt under the main contract
has other guarantees of the property right, Party A shall agree not to propose the claim of rights upon the guaranty or money after
the disposal of such guaranty due to the exercise of the right of recourse or any other reasons. The above guarantee of the property
right and the acquired money shall be preferentially used to liquidate to the creditor&rsquo;s right of Party B that is not satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) In case other guarantors provide the
counter guarantee to Party A, the money gained by Party A on the basis of the above counter guarantee shall be preferentially used
to liquidate the creditor&rsquo;s right of Party B that is not satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.9 Party A has fully realized the risks
of the interest rate. In case Party B adjusts the level of interest rate, the pattern of the interest calculation or interest settlement
in accordance with the agreement under the main contract, causing the addition of the interests, default interest and compound
interest Party A shall pay, it shall bear the guarantee responsibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XII Statement and Commitment
of Party A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A shall make the following statement
and commitment to Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.1 Party A shall be the legal person
registered in accordance with the laws and regulations of the People's Republic of China. Until the date of conclusion hereof,
Party A shall be under the state of the normal operation without any factors that are available or expected rationally to possibly
cause that Party A cannot operate normally during the period of guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.2 Party A shall have the legitimate
qualification as a guarantor. The guarantee actions of Party A hereunder shall comply with the provisions of laws, administrative
regulations, rules and the articles of association or the documents of the internal organization of Party A and Party A has gained
the approvals and authorizations of the internal competent institution of the company and/or the competent authority of State.
Party A shall bear all responsibilities arising from that Party A has no right to sign this contract, including but without limitations
to compensating the losses of Party B in full due to such case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.3 Party A has identified its asset,
debt, operation, credit and reputation and has the full knowledge whether it has subject qualification and authority to sign the
main contract and all contents of such main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.4 Party A shall be entitled to the ownership
or right of disposal to the mortgaged property pursuant to laws. The mortgaged property shall not be the public facilities, the
property that is forbidden to be circulated or transferred without any disputes upon the ownership. The establishment of this mortgage
guarantee shall not suffer any limitations or cause any illegal circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.5 The mortgaged property shall not be
owned jointly by others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.6 The mortgaged property shall not have
any flaws or burdens that are not notified to Party B, including but without limitations to that the mortgaged property is the
limited merchantable thing, sealed up, seized, supervised, leased or detained, the mortgaged property has the default purchasing
payment, maintenance fee, payment of the construction project, national taxation, transfer fee of land-use right and damages or
the mortgaged property has be set the guarantee by the third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.7 All materials and information in relation
to the mortgaged property that Party A provides to Party B shall be authentic, legal, complete and accurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.8 This mortgage guarantee provided by
Party A shall not damage the legal rights and interests of any third parties and violate the agreed or statutory obligations of
Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.9 No matter whether Party A has or will
conclude the counter guarantee agreement or the similar agreement with other guarantors, such agreement shall not damage any rights
and interests of Party B hereunder lawfully and in fact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.10 Party A agrees that Party B shall
inquire the credit status of Party A from the credit database established by the approval of the People's Bank of China and the
authorized department of the credit investigation or the relevant units and department, and agrees that Party B shall provide the
information of Party A to the credit database established by the approval of the People's Bank of China and the authorized department
of the credit investigation. Party A agrees that Party B may reasonably use and disclose the information of Party A due to the
business requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.11 With respect to the circumstance
of breach of the contract of Party A, Party B shall have the right to report to the relevant department or unit and make the announcement
through the news media.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.12 Party A has fully understood and
agreed with all articles under the main contract, and voluntarily provided the mortgage guarantee of the project in the construction
hereunder for the performance of the main contract. All its declarations of will hereunder shall be authentic.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Article XIII Liabilities for Breach of Contract</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">13.1 Where Party A violates any agreement or any obligation
hereunder, or explicitly expresses or indicates by its actions that it refuse to perform any obligation hereunder, or the statement
and commitment of Party A under Article XII hereof are untruthful, inaccurate, incomplete or intentionally misunderstood, Party
B shall notify Party A in written to correct such violations. In case Party A fails to correct the violations within 5 working
days upon the date that Party B sends the above notification, Party B shall have the right to separately or jointly exercise the
following rights:</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">(1) To require Party A to correct the violations within the
limited time;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">(2) To require Party A to provide new guarantee;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">(3) To require Party A to compensate the losses;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">(4) To dispose the mortgaged property;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">(5) To require Party A to pay the default fine equivalent to
30% of the amount of creditor&rsquo;s right when Party A breaches the contract;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">(6) Other remedial measures approved by laws.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">Where the economic losses of Party B caused by the violations
of Party A exceed the default fine, Party A shall pay the damages to Party B for the excess.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">13.2 Party B shall have the right to choose any method agreed
in Item (2) to (4) under Article 8.5 to dispose the money gained from the disposal of the mortgaged property, and Party A shall
assist with Party B to handle the relevant procedures.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">13.3 In case due to the reasons of Party A, this Contract is
invalid, or the right of mortgage fails to be created, or the value of the mortgaged property is reduced, or Party B fails to timely
or fully realize the right of mortgage, Party B shall have the right to require Party A to repay for the guaranteed debt within
the scope of guarantee agreed hereby.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">13.4 In case Party B loses the mortgaged property right certificate
delivered by Party A due to faults; or Party B fails to timely return the mortgaged property right certificate after the debt under
the main contract has been fully repaid or fails to assist with Party A to handle the procedures of cancellation of the mortgage
registration after the application of Party A, Party A shall have the right to take the following one or more measures:</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">(1) To require Party B to bear the expense of handling the mortgaged
property right certificate;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">(2) To require Party B to return the mortgaged property right
certificate with the limited time or assist with Party A to cancel the mortgaged property registration.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Article XIV Law Application and Disputes Settlement </B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">14.1 This Contract shall be governed by the laws, administrative
regulations and departmental rules of the People's Republic of China.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">14.2 All disputes arising from the conclusion, effectiveness,
performance and interpretation hereof and in relation to this Contract shall be settled through consultations of both parties.
In case no agreements reach or neither party is willing to settle the disputes through consultations, either party shall have the
right to file a suit to the People&rsquo;s Court with the jurisdiction where Party B locates.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Article XV Enforced Notarization</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">15.1 This <FONT STYLE="color: black">Contract</FONT> shall be
the document of the creditor&rsquo;s right with the effectiveness of enforcement through notarization. Party A promises that in
case Party A fails to perform or incompletely performs the obligations hereunder, it shall voluntarily accept the enforcement of
judicial authority without legal proceedings of first instance and/or second instance; Party B shall directly apply the enforcement
for the People&rsquo;s Court with the jurisdiction in accordance with the provisions of <FONT STYLE="color: black">Article 214
(1)</FONT> of <I>Law of Civil Procedure and meanwhile</I> Party A shall waive the right of defense.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">15.2 Both parties jointly confirm that both parties have the
full and explicit knowledge of the regulations on the meaning, contents, procedure and effectiveness of the enforced notarization
under the relevant laws, administrative regulations, departmental rules and regulatory documents.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">15.3 In case Party A fails to performs or improperly perform
the document of the creditor&rsquo;s right with the effectiveness of enforcement through notarization, Party B shall notify Party
A in written to correct its violations within 5 working days upon the date of the sending of notification; otherwise Party B shall
apply <FONT STYLE="color: black">to the notary organs for issuance of</FONT> the enforcement certificate, and Party A shall make
the coordination to complete the procedure of verification in person in the notary organs upon the time notified by Party B. Party
A shall make the commitment to full coordinate with the application action of Party B (including but without limitations to complete
the procedure of verification in person in the notary organs upon the time notified by Party B in written). In case after <FONT STYLE="color: black">receipt
of</FONT> the written notification of Party B, Party A fails to <FONT STYLE="color: black">timely </FONT>perform the above obligations,
Party A hereby <FONT STYLE="color: black">confirms </FONT>that under the circumstance of absence of Party A, after the notary organs
performs and completes the verification through the internal procedure in accordance with application of Party B, it shall be equal
that the notary organs completes the procedure of verification in person and Party A shall fully approve the legal consequences
arising from such case.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">15.4 The agreement in relation to the enforced notarization
under Article XV shall be preferentially executed than that under Article XIV hereof (Law Application and Disputes Settlement).</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">15.5 Both parties hereof agree that Beijing Fangyuan Notary
Office shall handle the legal procedures of the enforced notarization hereunder and issue the notarial certificate.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Article XVI Miscellaneous </B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">16.1 Reservation of Rights</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">The rights of Party B hereunder shall have no effects and eliminate
any right it shall be entitled in accordance with the laws, regulations and other contracts. Any tolerance, grace, preference or
delay to exercise any right hereunder due to breach of this Contract or delay shall not be deemed as a waiver of the rights and
interests hereunder or approval or acceptance of any breach of this Contract, and will never effect, disturb and interrupt the
continued exercise of such right or any exercise of other rights, and will cause Party B to bear no obligations and responsibilities
of Party A.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">Even though Party B fails to perform or delays to perform any
right under the main contract or part application of any remedy under such main contract, the guarantee responsibility of Party
A under the main contract shall never be reduced or exempted due to such case, but in case Party B reduces or exempts the debt
under the main contract, the guarantee responsibility of Party A under the main contract shall be reduced or exempted correspondingly.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">16.2 Continuity of Obligations</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">All obligations and joint and several liabilities of Party A
hereunder shall be continuous and shall have full binding force upon its successor, receiver, assignee and the subject after change
of form of organization or name, combination or separation. Such obligations and liabilities shall never be affected by any dispute,
claim and the legal proceeding and any directive of the superior units and any contract and document concluded between Party A
under the main contract and any natural person or legal person or be changed due to the bankruptcy or reorganization of Party A,
insolvency, deprivation of corporate capacity, change of the articles of association and any modification in essence.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">16.3 Dissolution or Bankruptcy of Debtor and Co-debtor</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">After Party A acknowledges that debtor and co-debtor enter into
the proceedings of the dissolution or bankruptcy, Party A shall immediately notify Party B to report the creditor&rsquo;s right.
Meanwhile, it shall timely participate in the procedures of dissolution or bankruptcy to exercise the right of recourse in advance.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">Notwithstanding Article 16.1, during the dissolution or bankruptcy
procedure of the debtor and co-debtor, if Party B reaches a reconciliation agreement with debtor and co-debtor or agrees on the
reorganization plan, then Party B&rsquo;s rights hereunder would not be prejudiced due to the reconciliation agreement or reorganization
plan and Party A&rsquo;s guarantee liability would not be reduced or exempted. Party A shall not take the rules in reconciliation
agreement or reorganization plan to against Party B&rsquo;s claim for rights. If Party B makes concessions to the debtor and co-debtor
in the reconciliation agreement or reorganization plan but does not acquire the creditor's rights paid off, it shall still have
right to require Party A to continue to pay off.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">16.4 Expenses Assumption</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">The following expenses shall be borne by Party A:</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">(1) The expense of the insurance, assessment, registration and
notarization in relation to this Contract and the guarantee hereunder shall be borne by Party A.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">(2) In case Party A breaches the Contract, all expenses arising
from Party B realizing the creditor&rsquo;s right and right of guarantee (including but without limitations to legal cost, arbitration
fee, expense of property preservation, travelling expense, execution fee, assessment fee, charge for auction, notarial fees, service
fee, announcement fee and counsel fee, etc.) shall be borne by Party A.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">16.5 Notifications</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">(1) Unless otherwise specified in this Contract, all notifications
between both parties hereunder may be served by the special personnel, fax, express mail and E-mail.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">Where the notification is served by the special personnel, the
receiver shall sign or seal on the service return receipt, and the service date shall be deemed as the signing date by the receiver.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">Where the notification is served by fax, the service date shall
be the sending date of the fax.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">Where the notification is served by the express mail, the service
date shall be the third day upon the day of sending the express mail.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">Where the notification is served by E-mail, the service date
shall be the date that such E-mail is sent in to the designated system of the receiver (if the receiver designates the special
system to receive the E-mail) or E-mail is sent in to any system of the receiver for the first time (if the receiver fails to designate
the special system to receive the E-mail).</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">(2) Unless otherwise specified in this Contract, all notifications
between both parties hereunder shall be served by fax, postal delivery, express delivery or other methods agreed by both parties
to the following address:</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">If to Party A:</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">Address: No. 1188, Taihu Avenue, Changxing Economic Development
Zone</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Post Code: 313100</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Contact Person: Liu Chuanjie</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Tel: 0572-6225888-8608</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Fax: 0572-6267588</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">If to Party B:</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">Address: F/13, Capital Mansion, No. 6, Xinyuan South Road, Chaoyang
District, Beijing</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Post Code: 100004</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Contact Person: Hao He</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Tel: 010-84861327</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Fax: 010-84861380</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">(3) In case the mailing address or contact information of either
party has changed, it shall be immediately notified to the other party in written form. The losses caused due to failure of immediate
notification shall be borne by the changer of such mailing address or contact information.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">16.6 This Contract shall go into effect upon signature or seal
of name seal and common seal by the legal representatives or authorized representatives of both parties.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">16.7 Any matter not covered herein shall be agreed separately
by both parties as the appendix hereof. Any appendix, modification or supplementation hereof shall be an integral part hereof with
the same legal effect with this contract</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Appendixes of the Contract include:</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(1) <I>Management Manual of Collaterals</I></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(2) List of Collaterals undated from time to time</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">16.8 This Contract shall be made in six copies, each party holding
two. The remaining copies shall be used to handle the enforced notarization, mortgage registration and other relevant legal proceedings.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">16.9 Party A has read all articles hereof. In accordance with
the requirements of Party A, Party B has made the correspondent explanation of the articles upon this Contract. Party A has the
full knowledge and understanding of the meaning and the corresponding legal consequences of the articles hereof.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Article XVII Mortgaged Property List </B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The mortgaged property list hereof shall be as follows:</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Mortgaged Property List</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 12%; text-align: left; border-bottom: Black 1pt solid">Name&nbsp;of&nbsp;<BR> mortgaged<BR> property&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; text-align: left; border-bottom: Black 1pt solid">Ownership<BR> certificate&nbsp;No<BR> and&nbsp;other<BR> certificates<BR> No.</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left; width: 8%">Domicile&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left; width: 7%">Amount&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left; width: 10%">Amount&nbsp;of<BR> mortgage&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; text-align: left; border-bottom: Black 1pt solid">Value&nbsp;of&nbsp;the<BR> mortgaged<BR> property&nbsp;(RMB<BR> ten&nbsp;thousand&nbsp;)</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 21%; text-align: left; border-bottom: Black 1pt solid">Amount<BR> mortgaged&nbsp;for<BR> other&nbsp;creditor&rsquo;s<BR> rights&nbsp;(RMB&nbsp;ten<BR> thousand)</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left; width: 8%">Remarks&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">As of October 31, 2012, the net book value of the above mortgaged
property shall be RMB (in words) Three Hundred and Thirty-Nine Thousand, Seven Hundred and Fifty One and Nine Jiao and Three Cent
Only, and the assessed present value shall be RMB (in words) Three Hundred and Thirty-Nine Thousand, Seven Hundred and Fifty One
and Nine Jiao and Three Cent Only (the base date of the assessment shall be October 31, 2012).</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(Remainder of this page is intentionally left blank)</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>The signing page of <I>Contract for Personal Property Mortgage
in Maximum Amount</I> with number of [P2012M11SCSDQ0001-0010] (</B>Remainder of this page is intentionally left blank<B>)</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Party A: Zhejiang Chisen Electric Co., Ltd. (official seal)</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Legal representative or authorized representative (signature/seal)
&nbsp;/s/ Authorized Representative</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Signed on: December 17, 2012 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Party B: CITIC Trust Co., Ltd. (official seal)</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Legal representative or authorized representative (signature/seal)
</B>&nbsp;<B>/s/ Authorized Representative</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Signed on: December 17, 2012 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-10.8
<SEQUENCE>9
<FILENAME>v330818_ex10-8.htm
<DESCRIPTION>EXHIBIT 10.8
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Contract for Personal Property Mortgage
in Maximum Amount</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">Contract No.:
[</FONT>P2012M11SCSDQ0001-0011<FONT STYLE="color: black">]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">Mortgager (Party A): Chisen Electric Jiangsu Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; text-align: justify">Domicile: Jinyuan Road, Xuyi Economic Development Zone, Jiangsu</TD>
    <TD STYLE="width: 25%; text-align: justify">Post Code: 211700</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Legal Representative: Xu Kecheng</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Financial Institution for Deposit: Xuyi Xinhua Sub-Branch, Industrial and Commercial Bank of China</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Account No.: 1110090309200077630</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel: 0517-88555599</TD>
    <TD STYLE="text-align: justify">Fax: 0517-88556166</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">Mortgagee (Party B): CITIC Trust Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Domicile: F/13, Capital Mansion,
No. 6, Xinyuan South Road, Chaoyang District, Beijing</P></TD>
    <TD STYLE="width: 25%; text-align: justify">Post Code: 100004</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Legal Representative: Pu Jian</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Financial Institution for Deposit: Beijing Capital Mansion Sub-Branch, China CITIC Bank</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Account No.: 7110210186800061319</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel: 010-84861327</TD>
    <TD STYLE="text-align: justify">Fax: 010-84861380</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to ensure the performance of <I>RMB
Capital Loan Contract</I> concluded by Party A and Party B, which number is [P2012M11SCSDQ0001-0003], and <I>Joint Repayment Contract</I>
concluded (<I>RMB Capital Loan Contract</I> and <I>Joint Repayment Contract</I> shall be hereinafter referred to as main contract)
by Party A Zhejiang Chisen Electric Co., Ltd. (hereinafter referred to as the co-obligor) and Party B, which number is [P2012M11SCSDQ0001-0012],
and safeguard the realization of the creditor&rsquo;s right of Party B, Party A shall have the willingness to provide security
guarantees of the <FONT STYLE="color: black">personal property mortgage in maximum amount</FONT> to the debts of Party A and the
co-obligor under the main contract. Party A and Party B make and enter into this contract through the agreed consultation, so as
to jointly observe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article I Basic information of the principal
creditor&rsquo;s right</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.1 The principal creditor&rsquo;s right
described hereby shall refer to the obligation of debt service of such trust loan that shall be issued by Party B to Party A of
no less than Say RMB Two Hundred Million Only (In figure: &yen;200,000,000.00 yuan) with 8%/year as the interest rate and three
years as the loan term in accordance with the agreement of the main contract, which shall be undertaken jointly and separately
by Party A and the co-obligor to Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trust loan specified by the previous
article shall be issued by Party B that is assigned by the principal, Chaowei Power Supply Co., Ltd. (hereinafter referred to as
the principal), under <I>1201 Period Capital Trust Contract of Loan Project Between Chaowei Power Supply-Jiangsu </I>Chisen<I>
</I>(hereinafter referred to as <I>Capital Trust Contract</I>) which number is[P2012M11SCSDQ0001-0001], to Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2 The specific information of the principal
creditor&rsquo;s right shall be subject to the agreement under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.3 The maximum amount of the maximum security
guarantee under this contract shall be Say RMB Two Hundred Million Only (In figure: &yen;200,000,000.00 yuan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.4 Under one of the following circumstances,
the principal creditor&rsquo;s right guaranteed by the maximum mortgage under this contract shall be determined:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The date that the last principal creditor&rsquo;s
right occurs, which is granted to Party B over the obligor and co-obligor in accordance with the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where the new creditor&rsquo;s right
cannot occur;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) Where the mortgaged property is sealed
up and detained;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) Where Party A is declared to be bankrupt
or revoked;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) Other circumstance where the creditor&rsquo;s
right is determined in accordance with laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article II Mortgaged Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.1 Party A sets movable property floating
mortgage hereunder by the property set out in &ldquo;Mortgage Property List&rdquo; (including updates made from time to time, same
below) of this contract, namely all inventories possessed by Party A at present (and in future).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aforesaid inventories include finished
products or goods (finished products) held by Party A for sales, unfinished products in process (unfinished products) and materials
consumed in production process (raw materials).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aforesaid Mortgage Property List refers
to the list of all inventories possessed by Party A when this contract is entered into and as set out in Article 17 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aforesaid updates made from time to
time to the Mortgage Property List refer to the list of all inventories possessed by Party A as jointly confirmed by Party A and
the Principal under <I>Capital Trust Contract</I> at future time points (i.e. March 31, June 30, September 30 and December 31 each
year) after validation of this contract and the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.2 In case of the discrepancy between
&ldquo;Mortgage Property List&rdquo; and the right certificate (proof) or the register of the registration authority, the right
certificate (proof) or the register of the registration authority shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.3 Where the mortgaged property replaces
the new ownership or other rights certificate (proof), causing the discrepancy between &ldquo;Mortgage Property List&rdquo; or
other rights (mortgage right) certificate or mortgage right document received by Party B and aforesaid new right certificate (proof)
or the register of the registration authority, Party A shall not refuse to bear the guarantee responsibility by such excuse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.4 Except as otherwise agreed by both
parties or specified by laws, the new additions of the mortgaged property due to adhesion, mixture, processing, renovation and
other reasons shall be the security guarantee of the creditor&rsquo;s right of Party B. Party A shall go through the necessary
procedures of the mortgage registration in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.5 In case the value of the mortgaged
property has reduced or possibly reduce, which affects the realization of the creditor&rsquo;s right of Party B, Party A shall
provide the new guarantee in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article III Scope and Period of Guarantee
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1 The scope of guarantee hereof shall
be all debts under the main contract, including but without limitations to all principals, interests (including compound interest
and default interest), default fine, compensation, other expenses Party A shall pay to Party B (including but without limitations
to related handling charge, telecommunication fee and incidentals) and the expenses incurred from Party B&rsquo;s realization of
the creditor&rsquo;s right and the right of guarantee (including but without limitations to legal cost, arbitration fee, expense
of property preservation, travelling expense, execution fee, assessment fee, charge for auction, notarial fees, service fee, announcement
fee and counsel fee etc.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.2 The period of guarantee of the security
mortgage hereunder shall start from the date this contract takes effect to the expiration of the proceeding period of the creditor&rsquo;s
right of Party B under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article IV Registration of Mortgaged
Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1 Both parties shall go through the procedures
of the mortgage registration at the corresponding registration authority within 3 working days upon the date of the conclusion
hereof. Party A shall deliver the other rights certificate of the mortgaged property, the original mortgage registration document
and other rights certificates to Party B upon the date of completion of the mortgage registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The right of mortgage hereunder shall be
established from the date that the legal procedures of the mortgage registration specified by the previous articles are completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.2 At each future time point (i.e. March
31, June 30, September 30 and December 31 each year) during the validity period of this contract, Party A shall, jointly with the
principal under<I> Capital Trust Contract</I>, confirm the list of all inventories possessed by Party A at such future time point,
and prepare the Mortgage Property List at such future time point. In terms of the Mortgage Property List prepared each time, the
two parties hereto shall actively cooperate to handle the legal formalities of mortgage change registration within 3 working days
after such future time point.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aforesaid Mortgage Property List prepared
each time shall be an appendix to this contract and replace the preceding Mortgage Property List.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.3 If the right of any mortgage property
is transferred or changed upon prior written consent of Party B during the validity period of this contract, the party concerned
shall handle change registration formalities within a statutory period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.4 Where Party A repays Party B all the
principals and interests of loans according to the terms and amounts specified in the main contract, Party A and Party B shall
together handle the deregistration formalities of mortgage rights with registration authority, and Party B shall return Party A
the ownership certificates of mortgage property, insurance policies, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article V Effectiveness of Mortgage
Contract </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This contract shall be the accessory contract
of the main contract. Where the contract for principal creditor&rsquo;s right and debts is invalid, this contract shall be invalid
unless otherwise specified by laws. After it is identified that this contract is invalid, in case the mortgager and mortgagee are
in fault, they shall bear the corresponding civil liabilities respectively in accordance with their ownfaults.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case a certain article or part contents
of such article hereunder are or will be invalid, such invalid article or invalid part shall in no case affect the validity of
other articles or other contents of such article hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VI Modification of Main Contract
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.1 In case Party B and Party A agree to
modify the articles of the main contract (including but without limitations to modification of the currency for repayment, repayment
method, loan account number, repayment account number, the use plan of the loan, repayment plan, value date, expiration date, modification
of the starting date or deadline of the term of the debt performance without extending the term of the debt performance , prolonging
the term of the debt performance in accordance with the agreement or addition of the amount of the principal of the creditor&rsquo;s
right), Party A shall agree to bear the guarantee responsibility for the debt under the modified main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.2 The guarantee responsibility of Party
A shall not be reduced or exempted due to the occurrence of any of the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Where Party B or Party A has the restructuring,
merge, consolidation, division, addition or reduction of capital, join venture, joint operation, name change or other circumstances;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where Party B assigns the third party
to perform its obligations under the main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.3 In case the creditor&rsquo;s right
under the main contract is transferred to the third party, Party A shall assist with Party B and such third party to handle the
procedures of the mortgage modification registration as required by the laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.4 Where the transfer of the creditor&rsquo;s
right or debts under the main contract fails to take, or is invalid, revoked or removed, Party A shall still bear the guarantee
responsibility to Party B in accordance with the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VII Possession and Preservation
of Mortgaged Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.1 Party A shall properly possess, preserve
and maintain the mortgaged property, rationally use the mortgaged property, maintain such mortgaged property in a sound state and
pay all taxations in relation to the mortgaged property on schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A shall deliver the original right
certificate of the mortgaged property (one copy in total) to Party B for keep.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.2 Where Party A assigns or agrees the
third party to possess, preserve and use the mortgaged property, it shall notify such third party the existence of the right of
mortgage and require the third party to maintain such mortgaged property in a sound state, accept the examination of Party B upon
such mortgaged property and not disrupt Party B to realize the right of mortgage. The obligations of Party A under the previous
article shall not be exempted thereby and Party A shall bear the liability for the actions taken by the third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A shall accept the check and supervision
over mortgage property by the principal entrusted by Party B under <I>Capital Trust Contract</I> in accordance with Management
Manual of Mortgage Property attached to this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.3 In case the mortgage property causes
the personal injury or the property damage, Party A shall unilaterally bear the liability for compensation. Provided that Party
B bears the liability due to suffering the claims thereby or pays the compensation on behalf of Party A, Party B shall have the
right to pursue the recovery from Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.4 Within the validity hereof, in case
the value of the mortgaged property is reduced due to the actions of Party A or the third party, Party A shall notify the situation
of losses to Party B in written within 15 days upon the occurrence date of the accident, and Party A shall recover the value of
such mortgaged property in accordance with the requirements of Party B or provide a guarantee of value equal to the reduced value
and approved by Party B. Otherwise, Party B shall have the right to claim the guarantee responsibility against Party A within the
scope of the guarantee in accordance with the agreement under the main contract or the provisions of the laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article VIII Insurance of Mortgaged
Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mortgaged property shall be insured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The insurance of the mortgaged property
shall be subject to the following agreements of both parties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.1 Unless otherwise agreed by both parties,
Party A shall go through the insurance for the mortgaged property in accordance with the relevant laws and the type of insurance,
insurance period and insured amount, which are designated by Party B. The insurer shall be equipped with the statutory qualification
and good credibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.2 The contents of the insurance policy
shall meet the requirements of Party B and shall not have the limited conditions damaging the rights and interests of Party B.
Such insurance policy shall indicate specifically that Party B shall be the payee of priority for the compensation of the insurance
indemnity (the first beneficiary); the modification of such insurance policy shall be approved by Party B in writing; once when
accident arises, the insurer shall directly pay the insurance indemnity to the account designated by Party B. Where the mortgaged
property has been insured but the insurance policy fails to indicate the contents above, the insurance policy shall be annotated
or modified correspondingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.3 Party A shall ensure that the insurance
shall be is constantly valid and the insurance period shall be no less than the term of performance of the main contract. Party
A shall not cause the insurance to be interrupted, revoked or invalid, or make the insurer reduce the compensation liability or
modify the insurance policy without the approval of Party B for any reason. In case the insurance period is expired, where the
creditor&rsquo;s right secured by Party A fails to be fulfilled, Party A shall renew the insurance and correspondingly prolong
the insurance period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.4 Party A shall deliver the original
insurance policy of the mortgaged property to Party B within 3 working days upon the date of conclusion hereof (the date of the
completion of the renewal if the insurance policy of the mortgaged property is renewed), and reserve all necessary documents in
relation to the insurance claim or the transfer of the insurance interest in Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.5 Within the validity hereof, in case
of any damage to the mortgaged property, Party A shall notify such damage and the situation of the insurance indemnity to Party
B in written within 15 days upon the date of the incident occurrence. With respect to the insurance indemnity acquired upon the
mortgaged property, Party B shall have the right to choose the following methods to deal with and Party A shall assist Party B
in going through the related procedures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) With the approval of Party B, to be
used to repair the mortgaged property so as to recover the value of such mortgaged property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) To liquidate or liquidate in advance
the principal and interest of the debt and the relevant expenses under the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) To provide the pledge guarantee for
the debt under the main contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) To be handled by Party A at its discretion
after it provides the new guarantee in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.6 Within the validity hereof, in case
Party A fails to handle the insurance or renewal of insurance for the mortgaged property, where the damages of the mortgaged property
are attributed to the insurance coverage of such mortgaged property, or the mortgaged property suffers from the damages due to
the actions of a third party and Party A fails to acquire the damages from such third party, the agreement under the Article 7.4
hereof shall apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article IX Limitation to Party A&rsquo;s
Disposal of Mortgaged Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.1 Without the written approval of Party
B, Party A shall not dispose all or part of the mortgaged property by any means, including but without limitations to sale (presale),
waiver, lease (including renewal of lease after the expiration of the original lease contract), giving, transfer, contribution,
repeated guarantee, moving, change for public purpose, attachment to other property or renovation and division. If clause 9.2 is
otherwise provided, the clause 9.2 shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party B hereby acknowledges that the inventory
of Party A will change during the ordinary course of operation, including the change of inventory forms (such as raw material becoming
work-in-process or finished goods, work-in process becoming finished goods), increase in inventory as purchasing raw material or
decrease in inventory as selling goods, reasonably caused inventory scrap as well as inventory overage or shortage which conforms
to the financial and accounting rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.2 With the written approval of Party
B, the money acquired from the disposal of the mortgaged property by Party A or other sums of money shall be deposited into the
account designated by Party B. Party B shall have the right to choose any method agreed in Item (2) to (4) under Article 8.5 hereof
to handle the above money and Party A shall assist Party B in handling the relevant procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article X Interference of Third Party</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.1 In case the mortgaged property is
collected, expropriated, dismantled, confiscated or withdrawn for free by the State, or such mortgaged property is sealed up, frozen,
seized, supervised, detained, auctioned, possessed by force, destroyed or made other disposals by a third party, Party A shall
immediately notify Party B and timely take the measures to stop, remove or remedy, so as to prevent the expansion of the damages;
if requested by Party B, Party A shall provide a new guarantee in accordance with the requirements of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.2 The remaining of the mortgaged property
shall be deemed as the security guarantee of the creditor&rsquo;s right of Party B after the previous circumstances occur to such
mortgaged property. The compensation or indemnity gained by Party A due to the above reasons shall be deposited into the account
designated by Party B. Party B shall have the right to choose any methods under Item (1) to (4) of Article 8.5 hereunder to handle
the above money, and Party A shall assist Party B in handling the relevant procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XI Realization of Creditor&rsquo;s
Right</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.1 Where Party A fails to perform the
matured debts under the main contract or the debt that is declared to be due in advance or Party A violates other agreements under
the main contract when the term of the performance of the debt of the main contract expires or the debt of the main contract becomes
mature in advance in accordance with the agreement of such main contract, Party B shall have the right to dispose the mortgaged
property. Party A shall agree that Party B shall have the right to dispose the mortgaged property by converting it to money, selling
or auction. .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.2 The value of the mortgaged property
specified by &ldquo;Mortgaged Property List&rdquo; hereof or described in Item (5) of Article 2.1 hereof (hereinafter referred
to as &ldquo;tentative value&rdquo;), whether it is specified in the register of the registration authority, does not indicate
the final value of the mortgaged property. Such final value shall be the net amount of the money from Party B&rsquo;s disposal
of the mortgaged property after all taxes are deducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case the mortgaged property is used
to pay the creditor&rsquo;s right of Party B, the tentative value above shall not be taken as the basis that the mortgaged property
is paid for the creditor&rsquo;s right of Party B, whereupon the value of such mortgaged property shall be determined by the agreed
consultation of both parties or the fair assessment in accordance with the laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.3 After the expenses during the process
of the sales or auction (including but without limitations to storage fee, assessment fee, auction fee, transfer fee and taxation
etc.) are paid, the money gained from Party B&rsquo;s disposal of the mortgaged property shall be preferentially used to pay the
debts under the main contract and the remaining part shall be refunded to Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.4 Party B shall have the right to apply
for the enforcement for the property of Party A beyond such mortgaged property without the pretext that it waives the right of
mortgage or must dispose the mortgaged property at first.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.5 Party A shall not interrupt the realization
of the right of mortgage of Party B by any means (including action or inaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.6 No matter whether Party B owns other
guarantees upon the creditor&rsquo;s right under the main contract (including but without limitations to guarantee, mortgage, pledge,
letter of guarantee, letter of credit and other patterns of guarantee), no matter when the above guarantees are established or
whether valid, whether Party B proposes the claims for rights to other guarantors, whether the third party agrees to bear all or
part of the debt under the main contract, whether other guarantees are provided by Party A, the guarantee responsibility of Party
A under the main contract shall not be exempted. Party B shall directly require Party A to bear such guarantee responsibility within
the scope of the guarantee in accordance with the agreement hereunder and Party A shall not propose any objections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.7 Party A shall agree that even the
debt under the main contract is eliminated caused by the reason that Party A liquidates the part of such debt under the main contract
and Party B realizes other creditor&rsquo;s rights or any other reasons, Party A shall bear the guarantee responsibility upon the
remaining debt within the scope of the guarantee in accordance with the agreements hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.8 Party A shall agree that where the
debt of Party A under the main contract after Party A bears the guarantee responsibility are not liquidated in full, it shall promise
that its claims (including of the prior exercise) subrogation right or right of recourse to other guarantors shall not damage the
interests of Party B. It shall agree that the liquidation of the debt under the main contract shall be prior to the achievement
of the subrogation right or right of recourse of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In details, prior to the liquidation of
all creditor&rsquo;s rights of Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Party A shall agree not to claim the
subrogation right or right of recourse to other guarantors; in case Party A realizes the above rights, it shall prefer to use the
acquired money to pay the creditor&rsquo;s right of Party B that is not satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where the debt under the main contract
has other guarantees of the property right, Party A shall agree not to propose the claim of rights upon the guaranty or money after
the disposal of such guaranty due to the exercise of the right of recourse or any other reasons. The above guarantee of the property
right and the acquired money shall be preferentially used to liquidate to the creditor&rsquo;s right of Party B that is not satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) In case other guarantors provide the
counter guarantee to Party A, the money gained by Party A on the basis of the above counter guarantee shall be preferentially used
to liquidate the creditor&rsquo;s right of Party B that is not satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.9 Party A has fully realized the risks
of the interest rate. In case Party B adjusts the level of interest rate, the pattern of the interest calculation or interest settlement
in accordance with the agreement under the main contract, causing the addition of the interests, default interest and compound
interest Party A shall pay, it shall bear the guarantee responsibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XII Statement and Commitment
of Party A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A shall make the following statement
and commitment to Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.1 Party A shall be the legal person
registered in accordance with the laws and regulations of the People's Republic of China. Until the date of conclusion hereof,
Party A shall be under the state of the normal operation without any factors that are available or expected rationally to possibly
cause that Party A cannot operate normally during the period of guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.2 Party A shall have the legitimate
qualification as a guarantor. The guarantee actions of Party A hereunder shall comply with the provisions of laws, administrative
regulations, rules and the articles of association or the documents of the internal organization of Party A and Party A has gained
the approvals and authorizations of the internal competent institution of the company and/or the competent authority of State.
Party A shall bear all responsibilities arising from that Party A has no right to sign this contract, including but without limitations
to compensating the losses of Party B in full due to such case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.3 Party A has identified its asset,
debt, operation, credit and reputation and has the full knowledge whether it has subject qualification and authority to sign the
main contract and all contents of such main contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.4 Party A shall be entitled to the ownership
or right of disposal to the mortgaged property pursuant to laws. The mortgaged property shall not be the public facilities, the
property that is forbidden to be circulated or transferred without any disputes upon the ownership. The establishment of this mortgage
guarantee shall not suffer any limitations or cause any illegal circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.5 The mortgaged property shall not be
owned jointly by others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.6 The mortgaged property shall not have
any flaws or burdens that are not notified to Party B, including but without limitations to that the mortgaged property is the
limited merchantable thing, sealed up, seized, supervised, leased or detained, the mortgaged property has the default purchasing
payment, maintenance fee, payment of the construction project, national taxation, transfer fee of land-use right and damages or
the mortgaged property has be set the guarantee by the third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.7 All materials and information in relation
to the mortgaged property that Party A provides to Party B shall be authentic, legal, complete and accurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.8 This mortgage guarantee provided by
Party A shall not the legal rights and interests of any third parties and violate the agreed or statutory obligations of Party
A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.9 No matter whether Party A has or will
conclude the counter guarantee agreement or the similar agreement with other guarantors, such agreement shall not damage any rights
and interests of Party B hereunder lawfully and in fact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.10 Party A agrees that Party B shall
inquire the credit status of Party A from the credit database established by the approval of the People's Bank of China and the
authorized department of the credit investigation or the relevant units and department, and agrees that Party B shall provide the
information of Party A to the credit database established by the approval of the People's Bank of China and the authorized department
of the credit investigation. Party A agrees that Party B may reasonably use and disclose the information of Party A due to the
business requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.11 With respect to the circumstance
of breach of the contract of Party A, Party B shall have the right to report to the relevant department or unit and make the announcement
through the news media.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.12 Party A has fully understood and
agreed with all articles under the main contract, and voluntarily provided the mortgage guarantee of the project in the construction
hereunder for the performance of the main contract. All its declarations of will hereunder shall be authentic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XIII Liabilities for Breach
of Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.1 Where Party A violates any agreement
or any obligation hereunder, or explicitly expresses or indicates by its actions that it refuse to perform any obligations hereunder,
or the statement and commitment of Party A under Article XII hereof are untruthful, inaccurate, incomplete or intentionally misunderstood,
Party B shall notify Party A in written to correct such violations. In case Party A fails to correct the violations within 5 working
days upon the date that Party B sends the above notification, Party B shall have the right to separately or jointly exercise the
following rights:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) To require Party A to correct the violations
within the limited time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) To require Party A to provide new guarantee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) To require Party A to compensate the
losses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) To dispose the mortgaged property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) To require Party A to pay the default
fine equivalent to 30% of the amount of creditor&rsquo;s right when Party A breaches the contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(6) Other remedial measures approved by
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the economic losses of Party B caused
by the violations of Party A exceed the default fine, Party A shall pay the damages to Party B for the excess.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.2 Party B shall have the right to choose
any method agreed in Item (2) to (4) under Article 8.5 to dispose the money gained from disposal of the mortgaged property, and
Party A shall assist with Party B to handle the relevant procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.3 In case due to the reasons of Party
A, this Contract is invalid, or the right of mortgage fails to be created, or the value of the mortgaged property is reduced, or
Party B fails to timely or fully realize the right of mortgage, Party B shall have the right to require Party A to repay for the
guaranteed debt within the scope of guarantee agreed hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.4 In case Party B loses the mortgaged
property right certificate delivered by Party A due to faults; or Party B fails to timely returned the mortgaged property right
certificate after the debt under the main contract has been fully repaid or fails to assist with Party A to handle the procedures
of cancellation of the mortgage registration after the application of Party A, Party A shall have the right to take the following
one or more measures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) To require Party B to bear the expense
of handling the mortgaged property right certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) To require Party B to return the mortgaged
property right certificate with the limited time or assist with Party A to cancel the mortgaged property registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XIV Law Application and Disputes
Settlement </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.1 This Contract shall be governed by
the laws, administrative regulations and departmental rules of the People's Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.2 All disputes arising from the conclusion,
effectiveness, performance and interpretation hereof and in relation to this Contract shall be settled through consultations of
both parties. In case no agreements reach or neither party is willing to settle the disputes through consultations, either party
shall have the right to file a suit to the People&rsquo;s Court with the jurisdiction where Party B locates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XV Enforced Notarization</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.1 This <FONT STYLE="color: black">Contract</FONT>
shall be the document of the creditor&rsquo;s right with the effectiveness of enforcement through notarization. Party A promises
that in case Party A fails to perform or incompletely performs the obligations hereunder, it shall voluntarily accept the enforcement
of judicial authority without legal proceedings of first instance and/or second instance; Party B shall directly apply the enforcement
for the People&rsquo;s Court with the jurisdiction in accordance with the provisions of <FONT STYLE="color: black">Article 214
(1)</FONT> of <I>Law of Civil Procedure and meanwhile</I> Party A shall waive the right of defense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.2 Both parties jointly confirm that
both parties have the full and explicit knowledge of the regulations on the meaning, contents, procedure and effectiveness of the
enforced notarization under the relevant laws, administrative regulations, departmental rules and regulatory documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.3 In case Party A fails to perform or
improperly performs the document of the creditor&rsquo;s right with the effectiveness of enforcement through notarization, Party
B shall notify Party A in written to correct its violations within 5 working days upon the date of the sending of notification;
otherwise Party B shall apply <FONT STYLE="color: black">to the notary organs for issuance of </FONT> enforcement certificate,
and Party A shall make the coordination to complete the procedure of verification in person in the notary organs upon the time
notified by Party B. Party A shall make the commitment to full coordinate with the application action of Party B (including but
without limitations to complete the procedure of verification in person in the notary organs upon the time notified by Party B
in written). In case after <FONT STYLE="color: black">receipt of</FONT> the written notification of Party B, Party A fails to timely
perform the above obligations, Party A hereby <FONT STYLE="color: black">confirms </FONT>that under the circumstance of absence
of Party A, after the notary organs performs and completes the verification through the internal procedure in accordance with application
of Party B, it shall be equal that the notary organs completes the procedure of verification in person and Party A shall fully
approve the legal consequences arising from such case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.4 The agreement in relation to the enforced
notarization under Article XV shall be preferentially executed than that under Article XIV hereof (Law Application and Disputes
Settlement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.5 Both parties hereof agree that Beijing
Fangyuan Notary Office shall handle the legal procedures of the enforced notarization hereunder and issue the notarial certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XVI Miscellaneous </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.1 Reservation of Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rights of Party B hereunder shall have
no effects and eliminate any right it shall be entitled in accordance with the laws, regulations and other contracts. Any tolerance,
grace, preference or delay to exercise any right hereunder due to breach of this Contract or delay shall not be deemed as a waiver
of the rights and interests hereunder or approval or acceptance of any breach of this Contract, and will never effect, disturb
and interrupt the continued exercise of such right or any exercise of other rights, and will cause Party B to bear no obligations
and responsibilities of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even though Party B fails to perform or
delays to perform any right under the main contract or fails to part application of any remedy under such main contract, the guarantee
responsibility of Party A under the main contract shall never be reduced or exempted due to such case, but in case Party B reduces
or exempts the debt under the main contract, the guarantee responsibility of Party A under the main contract shall be reduced or
exempted correspondingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.2 Continuity of Obligations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All obligations and joint and several liabilities
of Party A hereunder shall be continuous and shall have full binding force upon its successor, receiver, assignee and the subject
after change of form of organization or name, combination or separation. Such obligations and liabilities shall never be affected
by any dispute, claim and the legal proceeding and any directive of the superior units and any contract and document concluded
between Party A under the main contract and any natural person or legal person or be changed due to the bankruptcy or reorganization
of Party A, insolvency, deprivation of corporate capacity, change of the articles of association and any modification in essence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.3 Dissolution or Bankruptcy of Party
A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After entry into the proceedings of dissolution
or bankruptcy, Party A shall immediately notify Party B to report the creditor&rsquo;s right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.4 Expenses Assumption</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following expenses shall be borne by
Party A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The expense of the insurance, assessment,
registration and notarization in relation to this Contract and the guarantee hereunder shall be borne by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) In case Party A breaches the Contract,
all expenses arising from Party B realizing the creditor&rsquo;s right and right of guarantee (including but without limitations
to legal cost, arbitration fee, expense of property preservation, travelling expense, execution fee, assessment fee, charge for
auction, notarial fees, service fee, announcement fee and counsel fee, etc.) shall be borne by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.5 Notifications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Unless otherwise specified in this
Contract, all notifications between both parties hereunder may be served by the special personnel, fax, express mail and E-mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by the
special personnel, the receiver shall sign or seal on the service return receipt, and the service date shall be deemed as the signing
date by the receiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by fax,
the service date shall be the sending date of the fax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by the
express mail, the service date shall be the third day upon the day of sending the express mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the notification is served by E-mail,
the service date shall be the date that such E-mail is sent in to the designated system of the receiver (if the receiver designates
the special system to receive the E-mail) or E-mail is sent in to any system of the receiver for the first time (if the receiver
fails to designate the special system to receive the E-mail).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Unless otherwise specified in this
Contract, all notifications between both parties hereunder shall be served by fax, postal delivery, express delivery or other methods
agreed by both parties to the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If to Party A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Address: Jinyuan Road, Xuyi Economic Development
Zone, Jiangsu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Post Code: 211700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contact Person: Zhao feng</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: 0572-6225888-8608</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 0572-6267588</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If to Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Address: F/13, Capital Mansion, No. 6,
Xinyuan South Road, Chaoyang District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Post Code: 100004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contact Person: Hao He</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: 010-84861327</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 010-84861380</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) In case the mailing address or contact
information of either party has changed, it shall be immediately notified to the other party in written form. The losses caused
due to failure of by not immediate notification shall be borne by the changer of such mailing address or contact information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.6 This Contract shall go into effect
upon signature or seal of name seal and common seal by the legal representatives or authorized representatives of both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.7 Any matter not covered herein shall
be agreed separately by both parties as the appendix hereof. Any appendix, modification or supplementation hereof shall be an integral
part hereof with the same legal effect with this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Appendixes of the Contract include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) <I>Management Manual of Collaterals</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) List of Collaterals undated from time
to time</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.8 This Contract shall be made in six
copies, each party holding two. The remaining copies shall be used to handle the enforced notarization, mortgage registration and
other relevant legal proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.9 Party A has read all articles hereof.
In accordance with the requirements of Party A, Party B has made the correspondent explanation of the articles upon this Contract.
Party A has the full knowledge and understanding of the meaning and the corresponding legal consequences of the articles hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article XVII Mortgaged Property List
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mortgaged property list hereof shall
be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mortgaged Property List</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">Name&nbsp;of&nbsp;<BR> mortgaged<BR> property&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">Ownership<BR> certificate&nbsp;No.<BR> and&nbsp;other<BR> certificates<BR> No.</TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">Domicile&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">Amount&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">Amount&nbsp;of<BR> mortgage&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">Value&nbsp;of&nbsp;the<BR> mortgaged<BR> property&nbsp;(RMB<BR> ten<BR> thousand)</TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">Amount&nbsp;mortgaged&nbsp;for<BR> other&nbsp;creditor&rsquo;s&nbsp;rights<BR> (RMB&nbsp;ten&nbsp;thousand)</TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">Remarks&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of October 31, 2012, the net book value
of the above mortgaged property shall be RMB (in words) One Hundred and Fifty-four Million, One Hundred and Sixty Thousand and
Two Hundred and Twenty Two and Five Jiao and One Cent Only, and the assessed present value shall be Say RMB (in words) One Hundred
and Fifty-one Million, Sixty Thousand and Seven Hundred and Fifteen and Seven Jiao and Two Cent Only (the base date of the assessment
shall be October 31, 2012).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Remainder of this page is intentionally
left blank)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The signing page of <I>Contract for
Personal Property Mortgage in Maximum Amount</I> with number of [P2012M11SCSDQ0001-0011] (</B>Remainder of this page is intentionally
left blank<B>)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party A: Chisen Electric Jiangsu Co.,
Ltd. (official seal)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Legal representative or authorized representative
(signature/seal)</FONT> &nbsp;/s/ Authorized Representative</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Signed on: December 17,
2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party B: CITIC Trust Co., Ltd. (official
seal)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Legal representative or authorized
representative (signature/seal)</B> &nbsp;<B>/s/ Authorized Representative</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Signed on: December 17,
2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Joint Repayment Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No.: [P2012M11SCSDQ0001-0012]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">Borrower (Party A): Chisen Electric Jiangsu Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; text-align: justify">Domicile: Jinyuan Road, Xuyi Economic Development Zone, Jiangsu</TD>
    <TD STYLE="width: 25%; text-align: justify">Post Code: 211700</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Legal Representative: Xu Kecheng</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Financial Institution for Deposit: Xuyi Xinhua Sub-Branch, Industrial and Commercial Bank of China</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Account No.: 1110090309200077630</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel.: 0517-88555599</TD>
    <TD STYLE="text-align: justify">Fax: 0517-88556166</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">Lender (Party B): CITIC Trust Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; text-align: justify">Domicile: F/13, Capital Mansion, No. 6, Xinyuan South Road, Chaoyang District, Beijing</TD>
    <TD STYLE="width: 25%; text-align: justify">Post Code: 100004</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Legal Representative: Pu Jian</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Financial Institution for Deposit: Beijing Capital Mansion Sub-Branch, China CITIC Bank</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Account No.: &nbsp;7110210186800061319</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel.: 010-84861327</TD>
    <TD STYLE="text-align: justify">Fax: 010-84861380</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">Joint repayer (Party C): Zhejiang Chisen Electric Co., Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; text-align: justify">Domicile: No.1188, Taihu Avenue, Changxing Economic Development Zone</TD>
    <TD STYLE="width: 25%; text-align: justify">Postal code: 313100</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Legal Representative: Xu Kecheng</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Opening bank: CCB Changxing Jiefangdonglu Sub-branch</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">A/C.: 330016472420500000065</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tel.: 0572-6225888-8608</TD>
    <TD STYLE="text-align: justify">Fax: 0572-6267588</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Party A and Party B hereto entered into
the &ldquo;RMB Funds Loan Contract (hereinafter referred to as the &quot;Loan Contract&quot;) numbered [P2012M11SCSDQ0001-0003]
on the day, <U> </U>2012. Party B shall grant to Party A trust loans in an amount not more than RMB 200,000,000.00 (amount in words:
say RMB two hundred million only) with an annual interest rate of 8%. The maturity of the loan is three years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Party C is willing to act as the joint
repayer of the trust loans under the Loan Contract, while Party A agrees upon and Party B accepts Party C as the joint repayer
of the trust loans under the Loan Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Therefore, through friendly consultation,
Party A, Party B and Party C (&ldquo;the Parties&rdquo;) enter into this Contract so that Party C acts as the joint repayer of
the trust loans under the Loan Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 1 Joint Repayment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of this Contract, joint repayment
shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.1 Party C is willing to act as the joint
repayer of the trust loans under the Loan Contract, so that it will assume the obligations for the repayment to Party B of the
loans under the Loan Contract and the accrued interests thereof, jointly and separately with Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2 Party A agrees that Party C acts as
the joint repayer of the trust loans under the Loan Contract, so that Party C will assume the obligations for the repayment to
Party B of the loans under the Loan Contract and the accrued interests thereof, jointly and separately with Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.3 Party B accepts Party C as the joint
repayer of the trust loans under the Loan Contract, so that Party C will assume the obligations for the repayment to Party B of
the loans under the Loan Contract and the accrued interests thereof, jointly and separately with Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 2 Amount of Credit and Debt
for Joint Repayment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.1 The Parties hereto confirm that the
amount of the credit and debt for joint repayment as mentioned herein is the amount corresponding to all the credits receivable
by Party A to Party B and all the debts owned by Party B to Party A under the Loan Contract, including but not limited to all the
principal of and interests on the trust loans (including compound interest and penalty interest), liquidated damages, compensation,
other amounts payable by Party A to Party B (including, but not limited to any handling fees, telecommunications fees, miscellaneous
fees), and any costs incurred by Party B arising from realization of liability and guarantee right (including, but not limited
to legal fees, arbitration fees, property preservation fees, travel expenses, execution fees, assessment fees, auction fees, notary
fees, delivery fees, advertising fees, and attorneys' fees).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2 Pursuant to the Loan Contract, Party
B shall grant to Party A trust loans in the amount of RMB 200,000,000.00 (amount in words: say RMB two hundred million only) with
an annual interest rate of 8%. The maturity of the loan is three years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.3 Party C hereby states that it fully
understands and agrees all the terms and conditions of the Loan Contract and the obligations to be assumed by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.4 The Parties hereto confirm that upon
the entry into force of the Contract, Party B shall have the right to request Party C to assume any obligations for repayment to
be assumed by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 3 Party C&rsquo;s Representations
and Covenants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party C makes the following representations,
warranties and covenants, on the basis of which Party B accepts Party C as the joint repayer of the trust loans under the Loan
Contract:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1 Party C is a legal person registered
under the laws and regulations of the People's Republic of China. As of the day on which the trust loans under the Loan Contract
are granted, Party C is in normal operation, free from any existing or reasonably expected factor which may result in its inability
to maintain normal operation during the term of the loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.2 The execution of the Contract and the
performance of its obligations hereunder on the part of Party C comply with relevant laws, administrative rules, regulations and
the provisions set forth in its articles of association and constitutional documents. Party C has been approved and legally authorized
by the authority with the jurisdiction to do so and has legally perform its obligation for information disclosure (if applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.3 All the documents and information provided
by Party C to Party B, including, but not limited to the financial statements, the loan contracts being performed and entered into
with other financial institutions, and security for others/itself, are true, accurate, legitimate and effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Its execution and performance of this Contract
are not in conflict with the provisions binding on it or its assets (including its Articles of Association and other provisions),
including but not limited to any security provided to others/itself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.4 Except those disclosed to Party B in
writing, Party C did not conceal any event that occurred or likely to occur that may cause Party B to refuse to accept Party C
as the joint repayer of the trust loans under the Loan Contract:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) important events of breaching the principle,
law or reimbursement involving Party C or its main leaders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) any event of default under the contract
entered into by Party C and other debtors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) outstanding litigation or arbitration;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) debts, contingent liability assumed
by Party C or any mortgage, pledge or guarantee provided to the third party; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) other conditions that may affect its
financial position and repayment capability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.5 Party C agrees that Party B may get
access to the credit of Party C through the People's Bank of China and the credit database established and approved by the credit
reporting authorities or relevant departments or authorities. Party C further agrees that Party B provides Party C&rsquo;s information
to the People's Bank of China and the credit database. Party C further agrees that Party B may reasonably use and disclose such
information as necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 4 Liability for Breach of Contract
and Remedies against Circumstances Prejudicing Party B&rsquo;s Claims</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1 Defaults by Party C</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Party C is in breach of any of the
terms hereof or any legal obligations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Party C demonstrates, expressly or
impliedly, that it will not perform any obligation hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.2 Circumstances which may prejudice Party
B&rsquo;s claims</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) In case of any of the following circumstances
which Party B deems may prejudice the safety of the claims hereunder: work contracting, trust (takeover), lease, stock system reformation,
reduction of registered capital, investment, joint operation, merger, combination, acquisition, reorganization, division, joint
venture, voluntary or passive application for winding up, application for dissolution, being canceled, voluntary or passive application
for bankruptcy, change in controlling shareholder/actual controller, transfer of major assets, shut down, closure, high amount
of fines by certain authorities, registered issues being imposed, business license being revoked, being involved in major legal
disputes, serious difficulties in production or operation, bad financial conditions, or failure of legal representative or main
principal and individual guarantor to perform normal duties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) In case of any of the following circumstances
which Party B deems may prejudice the safety of the claims hereunder: Party C fails to discharge other due debts (including those
to Party B or other third person), transfers its properties at a low price or without consideration, reduce a third person&rsquo;s
debts, delays in exercising claims or other rights or provides a guarantee to a third person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) Party C&rsquo;s shareholders misuse
the company&rsquo;s status of independent legal person or shareholders&rsquo; limited liability and escape from debts, which Party
B deem may prejudice the safety of the claims hereunder and under the Loan Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) In case of any of the following circumstances
which Party B deems may prejudice the safety of the claims hereunder: (i) violation of any of the terms of relevant guarantee contract,
or the statements and warrants contain any false or error information, or some information is omitted; (ii) work contracting, trust
(takeover), lease, stock system reformation, reduction of registered capital, investment, joint operation, merger, combination,
acquisition, reorganization, division, joint venture, voluntary or passive application for winding up, application for dissolution,
being canceled, voluntary or passive application for bankruptcy, change in controlling shareholder/actual controller, transfer
of major assets, shut down, closure, high amount of fines by certain authorities, registered issues being imposed, business license
being revoked, being involved in major legal disputes, serious difficulties in production or operation, bad financial conditions,
or failure of legal representative or main principal and individual guarantor to perform normal duties, which may affect the guarantor&rsquo;s
capability to assume the guarantee; (iii) other circumstances which result in actual or possible loss of the warrant capability;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) the guarantee cannot be accepted, become
effective or invalid, is canceled or rescinded, or the guarantor is in breach of the contract or shows, expressly or impliedly,
that it will not perform the guarantee liability, or the guarantor loses all or part of the guarantee capability, or the value
of collateral reduces, which Party B deems may prejudice the safety of the claims hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(6) Party C&rsquo;s controlling shareholder/actual
controller/legal representative/individual guarantor loses the civil capability or is taken criminal compulsory measures;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(7) any other circumstance which may prejudice
the safety of the claims hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.3 Party B&rsquo;s remedies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case of any of the circumstances set
forth in Article 4.1 or 4.2 hereof, Party C shall send a written notice to Party B within two days thereafter. Party B shall have
the right to require Party C to correct its default and to exercise the following rights, separately or jointly. If Party C fails
to correct its default within 5 business days after Party B sends the notice, Party B shall have the right to exercise the following
rights:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) to stop disbursing the Loan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) to declare the Loan becomes due immediately
and require Party C to forthwith repay all principals, interests and fees with respect to all due and undue debts hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) to require Party C to provide new guarantee
which meets Party B&rsquo;s requirement for all debts hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) to exercise the security right;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 5 Alteration, Transfer, Rescission
or Termination of the Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.1 After the execution of the Contract,
neither party may alter or rescind the Contract unilaterally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.2 Any alterations to the Contract shall
be subject to unanimous consent of the Parties and specified in a written agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.3 Party B has the right to transfer its
rights and obligations under the Contract and the Guarantee Contract to a third person. Without Party B&rsquo;s consent, Party
C may not transfer its rights and obligations hereunder to any third person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.4 Under any of the following circumstances,
the Contract may be rescinded or terminated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) the Parties enter into a written agreement
though negotiation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) the Contract is to be rescinded or
terminated according to pertinent laws or other clauses hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 6 Applicable Law and Dispute
Settlement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.1 The Contract shall be governed by the
laws of the People&rsquo;s Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.2 Any and all disputes arising from performance
of the Contract may be settled through negotiation between the Parties; where negotiation fails, the following method shall apply:
either party may bring a suit with the People&rsquo;s Court having the jurisdiction upon the place where Party B is located.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 7 Enforcement of Notarization</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.1 Once notarized, the Contract becomes
an enforceable deed of claim. Party C covenants that, if Party C fails to perform any or all of its obligations hereunder, it is
willing to accept the enforcement of certain judicial organ, without legal proceedings, and that Party B may, in accordance with
Article 214 of the Civil Procedure Law, apply to the People&rsquo;s Court having jurisdiction for enforcement; meanwhile, Party
C waives the defense right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.2 Party B and Party C hereby jointly
confirm that they have fully understood the meanings, contents, procedures and effectiveness of pertinent laws, regulations and
regulatory documents concerning enforcement of notarization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.3 Where Party C fails to perform, or
performs in an improper way, the notarized deed of claim which is enforceable, Party B shall send a written notice to Party C of
correction of such default within 5 business days as of the date of the notice; otherwise, Party B may apply to the notary office
for a certification of enforcement and Party C shall cooperate with the notary office within the period notified by Party B in
completing the face-to-face verification procedures. Party C undertakes to cooperate in Party B&rsquo;s application in all aspects,
including, but not limited to, cooperation with the notary office within the period notified by Party B in completing the face-to-face
verification procedures. If Party C fails to perform the aforesaid obligation after receiving a written notice from Party B, Party
C hereby confirms that, in case of Party C&rsquo;s absence, the notary office shall be deemed having completed the face-to-face
verification procedures after it completes the verification work subject to its internal flow according to Party B&rsquo;s application,
and that Party C accepts all the legal consequences arising therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.4 The stipulations of Article 7 hereof
on enforcement of notarization shall prevail than Article 6 hereof (Applicable Law and Dispute Settlement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.5 It is agreed to appoint Beijing Fangyuan
Notary Office to go through the legal procedures for enforcement of notarization with respect to the Contract and to issue a notarial
deed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 8 Miscellaneous</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.1 Notice</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Unless otherwise stipulated herein,
each and all notices between the Parties under the Contract may be sent to the following addresses by fax, mail, express or any
other methods agreed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A: Chisen Electric Jiangsu Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Add.: Jinyuan Road, Xuyi Economic Development
Zone, Jiangsu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Postal code: 211700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attn.: Zhao Feng</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel.: 0517-88555599</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 0517-88556166</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party B: CITIC Trust Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Add.: Room 4602, Capital Mansion, No. 6,
Xinyuan South Road, Chaoyang District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Postal code: 100004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attn.: Hao He</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel.: 010-84861259</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 010-84861355</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party C: Zhejiang Chisen Electric Co.,
Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Address: No.1188, Taihu Avenue, Changxing
Economic Development Zone</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Postal code: 313100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attn.: Liu Chuanjie</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel.: 0572-6225888-8608</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 0572-6267588</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Either party subject to any change
in its correspondence address or contact information shall forthwith send a written notice to the other party of such change; otherwise,
the changing party shall be fully responsible for the losses arising from failure to make a notice in time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.2 Right Reserved</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party B&rsquo;s rights under the Contract
shall not prejudice or exclude any of its rights entitled to it under applicable laws, regulations and other contracts. Party B&rsquo;s
tolerance, extension or preference of any default or delay, or Party B&rsquo;s late exercise of any of its rights hereunder, shall
not be deemed as Party B&rsquo;s waiver of its rights and interests hereunder or as permission or acceptance of any breach of the
Contract, nor restrict, prevent or affect Party B&rsquo;s further exercise of such right or exercise of any other right, nor create
Party B&rsquo;s obligation and liability to Party A or Party C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.3 The Contract shall come into force
with signatures or seals of the Parties&rsquo; respective legal representatives or authorized representatives and the common seals
of the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Parties hereto confirm that as the
appendix to the Loan Contract and, this Contract, together with the Loan Contract, constitutes the master contract. Therefore,
all the collateral contracts of the Loan Contract shall be the collateral contracts of the Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.4 Anything not covered herein may be
specified in a written agreement between the Parties, which shall be attached hereto. Any annexes and modifications to or supplementation
with the Contract shall be an integral part of the Contract and have the same legal force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.5 The Contract is executed in ten copies
with equal legal effect, one for each party hereto, one for Guarantor and the remaining to be used for completion of relevant procedures
for enforcement and notarization. All the copies shall have the same legal effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.6 Party A and Party C have read all the
clauses of the Contract. At the request of Party A and Party C, Party B has explained relevant clauses hereof. Party A and Party
C have been fully aware of and understood the meanings of the clauses hereof and relevant legal consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.7 Party A and Party C confirm that following
Party C assumes the obligations for joint repayment under this Contract, its credit and debt relating to Party A shall be separately
confirmed and settled by Party A and Party C, which shall have nothing to do with Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[The Remainder of This Page is Intentionally
Left Blank]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>(<FONT STYLE="color: Black">This page
intentionally <FONT STYLE="font-style: normal">left</FONT></FONT></B><B><FONT STYLE="color: Black"> blank, solely for the signature
of the Joint Repayment Contract numbered P2012M</FONT>11SCSDQ0001-0012).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party A: Chisen Electric JiangSu Co.,
Ltd. (Official seal):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Legal Representative or Authorized Representative
(Signature/seal):</FONT> &nbsp;/s/ Authorized Representative</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Signed on: December 17,
2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party B: Lender (Party B): CITIC Trust
Co., Ltd. (Official Seal):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Legal Representative or Authorized
Representative (Signature/seal):</B> <B>&nbsp;/s/ Authorized Representative</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Signed on: December 17,
2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party C: Zhejiang Chisen Electric Co.,
Ltd. (Official seal)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Legal Representative or Authorized
Representative (Signature/seal): </B> &nbsp;<B>/s/ Authorized Representative</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Signed on: December 17,
2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<DESCRIPTION>EXHIBIT 10.10
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Guarantee Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contract No.: P2012M11SCSDQ0001-0013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Guarantor: Xu Kecheng (hereinafter referred
to as &ldquo;Party A&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PRC Resident Identity Card No.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Xu Kecheng</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Domicile:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Creditor: CITIC Trust Co., Ltd. (hereinafter
referred to as &ldquo;Party B&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Address: 13/F, Capital Mansion, No. 6,
Xinyuan South Road, Chaoyang District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal Representative: Pu Jian</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrantee: Chisen Electric Jiangsu Co.,
Ltd. (hereinafter referred to as the &ldquo;Debtor&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Domicile: Jinyuan Road, Xuyi Economic Development
Zone, Jiangsu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal Representative: Xu Kecheng</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrantee: Zhejiang Chisen Electric Co.,
Ltd. (hereinafter referred to as the &ldquo;Co-Debtor&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Domicile: No. 1188, Taihu Avenue, Changxing
Economic Development Zone</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal Representative: Xu Kecheng</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To ensure the performance of the No.[P2012M11SCSDQ0001-0003]
RMB Capital Loan Contract signed by and between Party B and the Debtor, the No. [P2012M11SCSDQ0001-0012] Joint Repayment Contract
signed by and between Party B, the Debtor and the Co-Debtor (the RMB Capital Loan Contract and the Joint Repayment Contract are
jointly referred to as the &ldquo;Main Contract&rdquo;), Party A is willing to provide joint and several liability guarantee for
all the obligations of the Debtor and the Co-Debtor under the Main Contract and Party B is willing to accept the joint and several
liability guarantee provided by Party A. Therefore, the terms and conditions of this Contract are hereby made and entered into
by and between Party A and Party B in accordance with the <I>Contract Law of the People's Republic of China</I>, the <I>Guarantee
Law of the People's Republic of China </I>and other relevant laws and regulations, and on the principle of equality and mutual
consultations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 1 The Kind and Amount of the
Principal Claim Guaranteed </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.1 The Principal Claim referred to herein
means the trust loan of an amount no more than RMB 200,000,000.00 (in words: RMB Two Hundred Million only) at an interest rate
of 8% per annum and loan period of three years, as granted by Party B to the Debtor under provisions of the Main Contract. The
Debtor and the Co-Debtor shall jointly and severally repay the principal and the interest to Party B under such trust loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2 Details about the Principal Claim are
given in the Main Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 2 Mode of Guarantee </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The guarantee hereunder shall be a joint
and several guarantee for obligations under the Main Contract, which shall be provided by Party A using all personal properties
of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &ldquo;all personal properties of Party
A&rdquo; referred to in the preceding paragraph shall mean the properties jointly possessed by Party A and his wife and the properties
solely possessed by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Debtor and the Co-Debtor fail to
repay the interest, default interest, principal, liquidated damages and / or the relevant expenses pursuant to provisions of the
Main Contract, Party B shall have the right to directly recourse against Party A and Party A hereby undertakes that Party A shall,
within 10 working days after receipt of a written notice from Party B, repay such payments by remitting the corresponding amount
to the bank account designated by Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 3 Scope of Guarantee </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1 The guarantee hereunder shall cover
all liabilities under the Main Contract, including, but not limited to all loan principal, interests (including compound interest
and penalty interest), liquidated damages, compensation, other payments payable by the Debtor and the Co-Debtor to the Creditor
(including, but not limited to the relevant handling charges, telecommunications fees, miscellaneous fees, etc.), expenses incurred
by the Creditor for realizing the claim and the guarantee rights (including, but not limited to legal fees, arbitration fees, property
preservation fees, travel expenses, execution fees, assessment fees, auction fees, notary fees, delivery fees, advertising fees,
legal fees, etc.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.2 If the Debtor and the Co-Debtor fail
to fulfill their repayment obligations under the Main Contract, whether Party B has any other guarantees for the claim under the
Main Contract (including, but not limited to, guarantee, mortgage, pledge, bond, etc.), Party B shall have the right to request
Party A to undertake the guarantee within Party A&rsquo;s scope of guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 4 Period of Guarantee </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The guarantee period hereunder shall be
two years commencing from the date of expiry of the liability performance period under the Main Contract. If the liability performance
period under the Main Contract early expires according to laws or provisions of the Main Contract, the guarantee period shall be
two years commencing from the date of early expiry of the liability performance period under the Main Contract. If, pursuant to
provisions of the Main Contract, Party B declares that the liability shall expire on an early date, then the guarantee period shall
be two years commencing from such early date. If the liability under the Main Contract shall be performed in installments, the
guarantee period in respect of each installment shall be two years commencing from the date of expiry of the liability performance
period of the final installment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 5 Independence of the Guarantee
Contract </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Contract is independent of the Main
Contract. Any ineffectiveness, partial ineffectiveness, revocation or termination of the Main Contract shall not affect the effectiveness
of this Contract. If the Main Contract is deemed invalid, ineffective, partially ineffective, revoked or terminated, then Party
A shall be jointly and severally liable for the debts of the Debtor and the Co-Debtor incurred for repayment of properties and
compensation for losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any clause or any part of any clause
is ineffective or becomes ineffective on a latter date, the ineffectiveness shall not affect the effectiveness of this Contract
or any other clause or any other part of such clause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 6 Amendment to the Main Contract
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.1 If any clause of the Main Contract
is amended by and between Party B, the Debtor and the Co-Debtor (including, but not limited to amendment to the currency for the
repayment, mode of repayment, loan account, repayment account, loan proceeds use plan, repayment plan, value date, interest settlement
date, change to the commencing and / or ending date of the liability performance period while the liability performance period
is not changed, etc.), Party A agrees to be jointly and severally liable for the debts under the Main Contract so amended without
the need to obtain the consent of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.2 The guarantee liability of Party A
shall not be released under any of the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Where Party B, the Debtor and / or
the Co-Debtor undergo any change of organization or name, shareholder equity transfer, merger, division, capital increase and /
or capital reduction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where Party B entrusts any third party
to perform Party B&rsquo;s obligations under the Main Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.3 If the transfer of the claim or debt
under the Main Contract fails to be effective or is invalid, revoked or terminated, Party A shall still be jointly and severally
liable for the guarantee under this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.4 If all claims under the Main Contract
is transferred by Party B to a third Party, Party B shall promptly notify Party A of the transfer after execution of the transfer
contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 7 Guarantee Liabilities </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.1 If the debts under the Main Contract
expire or they expire on a early date as declared by Party B pursuant to provisions of the Main Contract or the applicable laws,
but the Debtor and Co-Debtor fail to fulfill them in full or the Debtor and the Co-Debtor breach any other obligations of the Main
Contract, Party A shall assume the guarantee liabilities within the scope of guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.2 Whether Party B has any other guarantees
for the claim under the Main Contract (including, but not limited to, guarantee, mortgage, pledge, bond, etc.), irrespective of
the date of commencement of such a guarantee, whether it is still effective, whether Party B makes any claim against any other
guarantor, whether there is any third party who agrees to assume any or all the debts under the Main Contract, and whether any
other guarantee is provided by the Debtor and the Co-Debtor, the guarantee liabilities of Party A under this Contract shall not
be mitigated and Party B shall still have the right to directly request Party A to assume the guarantee liabilities within the
scope of guarantee specified herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.3 Party A agrees that even if some of
the debts disappear due to repayment by the Debtor and Co-Debtor, realization by Party B of other guarantee rights or any other
reasons, Party A shall still assume the guarantee liabilities which are not distinct within the scope of guarantee specified herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.4 Party A agrees that, if the debts under
the Main Contract are still not fully cleared after assumption by Party A of the guarantee liabilities, in exercising the right
of subrogation or recourse claimed (including pre-exercise) by Party A against the Debtor, Co-Debtor and / or any other guarantors,
the rights and interests of Party B shall not be affected thereby and that the repayment of the debts under the Main Contract shall
have the priority over the realization of the right of subrogation or recourse exercised by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specifically, before the claims of Party
B are fully repaid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Party A agrees not to exercise the
right of subrogation or recourse against the Debtor, Co-Debtor or any other guarantors and if, for any reason, such rights are
realized by Party A, Party A shall, first of all, use the proceeds to settle the claims of Party B;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) If the debt under the Main Contract
is under any guarantee of real right, Party A hereby agrees not to use the right of subrogation or any other cause to claim for
such guarantee or the proceeds from disposal of such guarantee. Such guarantee and the proceeds therefrom shall first of all be
used to settle the claims of Party B;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) If any counter-guarantee is provided
by the Debtor, Co-Debtor or any other guarantor, the proceeds obtained by Party A from such counter-guarantee shall first of all
be used to settle the claims of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.5 If the Main Contract is not established,
does not take effect or is invalid, partially invalid or revoked, and Party A is not concurrently the Debtor and Co-Debtor, then
Party A shall, within the scope of guarantee specified herein, be jointly and severally liable for the return of properties or
compensation which shall be made by the Debtor and Co-Debtor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.6 Party A has been fully aware of the
interest rate risk. If the interest rate, interest accrual and / or settlement mode are adjusted by Party B pursuant to provisions
of the Main Contract, whereby the amount payable by the Debtor and Co-Debtor in the interest, penalty interest and / or compound
interest are increased, Party A shall still be jointly and severally liable for such amount so increased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 8 Other Obligations of Party
A </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.1 Party A shall accept the supervision
by Party B on the assets of Party A and shall, on request of Party B, provide an inventory of properties as well as other relevant
information, documents and materials and shall ensure that they are accurate, true, complete and effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.2 The following matters on the part of
Party A shall be promptly reported to Party B in writing: change of nationality, change of address, change of marital status, any
major disease, under any administrative or criminal penalty, involving in any significant civil dispute, financial deterioration,
or loss or impairment or threatened loss or impairment of guarantee capacity. In such case, Party A shall, under instructions of
Party B, implement the assumption, transfer or inheritance of the guarantee liabilities of Party A under this Contract, or for
the performance of the Main Contract, provide a new guarantee satisfactory to Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.3 The following matters on the part of
the properties of or the business under the control of Party A shall be promptly reported to Party B in writing: contracting, trusteeship
(takeover), leasing, joint-stock reform, reducing the registered capital, investment, joint operation, merger, consolidation, acquisition,
restructuring, division, joint venture, applied for suspending business for rectification, applying for dissolution, revoked, applied
for bankruptcy, change of controlling shareholder / actual controller, transfer of significant assets, ceasing operation, out of
business, imposed of heavy fines by competent authorities, cancellation of registration, business license revoked, involving significant
legal disputes, serious difficulties in production and operation or financial condition deterioration, legal representative or
main person in charge not function properly or loss or possible loss of guarantee capacity for any reason. In such case, Party
A shall, under instructions of Party B, implement the assumption, transfer or inheritance of the guarantee liabilities of Party
A under this Contract, or for the performance of the Main Contract, provide a new guarantee satisfactory to Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.4 Party A shall provide Party B true
and effective legal documents proving the legal status of Party A and any change to the business under of the control of Party
A such as the name, legal representative (person in charge), address, business scope, registered capital, company (enterprise)
articles of association and / or any other items registered in the administration for industry and commerce shall be promptly reported
to Party B and the relevant documents after the change shall be attached thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.5 If, within the effective period of
this Contract, Party A provides any guarantee of any form to any third party, the interest of Party B shall not be impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 9 Representations and Warranties
of Party A </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party A hereby makes the following representations
and warranties to Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.1 Party A has the full capacity for civil
rights and civil capacity and has the legal eligibility to act as a guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.2 Party A confirms that Party A has a
full understanding on assets, debts, operations, credits, reputation and other conditions of the Debtor and Co-Debtor as well as
on whether they has the capacity or authority to sign the Main Contract and on all contents of the Main Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.3 The execution by Party A of this Contract
and the performance by Party A of its obligations hereunder comply with the provisions of laws and administrative regulations.
If Party A has not right to sign this Contract, any and all responsibilities incurred shall be borne by Party A, including, but
not limited to full compensation for the resulting loss of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.4 Any and all documents, materials, statements
and documents provided by Party A hereunder to Party B are accurate, true, complete and effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.5 Except for those already disclosed
to Party B in writing, Party A does not withhold anything as a result of which Party A&rsquo;s guarantee capacity may be impaired
or lose, including anything already incurred or may happen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.6 Whether any counter-guarantee agreement
or the like is or may be signed by and between Party A and the Debtor and Co-Debtor or by and between Party A and any other guarantor,
no right or interest of Party B shall be affected under the Contract whether in law or in fact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.7 Party A agrees that Party B may refer
to the credit database established under approval by the People&rsquo;s Bank of China and credit information administration and
to the relevant departments about the credit status of Party A. Party A further agrees that Party B may provide the information
of Party A to the credit database established under approval by the People&rsquo;s Bank of China and credit information administration.
Party A also agrees that Party B may reasonably use and disclose Party A&rsquo;s information for due purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.8 If Party A breaches this Contract,
Party B shall have the right to report it to the relevant department or unit and may make a public announcement through the news
media.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.9 Party A fully understands and agrees
to all the terms of the Main Contract, and is willing to provide guarantee for the Debtor and Co-Debtor under the Main Contract
and all intents of Party A given in this Contract are true.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 10 Liabilities for Breach of
Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.1 If Party A breaches any provision
hereof or any legal obligation, or expressly indicates or the act of Party A shows that Party A will not perform any of its obligations
hereunder, or any representation or warranty given by Party A as set forth in Article 9 hereof is untrue, inaccurate, incomplete
or intentionally misleading, Party B may send a written notice to Party A, requesting Party A to take the relevant remedial measures.
If Party A fails to take the requested remedial measures within 5 working days after receipt thereof, Party B may exercise the
following rights, whether individually or concurrently:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Requesting Party A to remedy such breach
within a certain time limit;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Requesting Party A to provide a new
guarantee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) Requesting Party A to compensate the
resulting loss of Party B;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) If Party A is in material breach of
the Contract, requesting Party A to pay an amount of liquidated damages 30% of the value of the claim when the breach occurs;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) Other remedies permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the amount of liquidated damages is
insufficient to cover the actual economic losses of Party B, Party A shall make up the insufficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.2 If this Contract becomes invalid due
to the fault of Party A, Party A shall, within the guarantee scope of Party A, totally compensate for the loss of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.3 If, within the validity period of
this Contract, any of the following circumstances occurs, Party B shall have the right to request Party A to undertake the guarantee
responsibilities or to take the corresponding legal measures against Party A or the properties or property rights of Party A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Where the debt performance period expires
under the Main Contract, or the debt performance period specified in the Main Contract early expires according to laws and regulations
or provisions of the Main Contract or as otherwise agreed upon by and between the Parties, while the debts are not settled by Party
B;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Where Party A is under any circumstance
prescribed in Clause 8.2, but Party A fails to implement the assumption, transfer or inheritance under this Contract according
to instructions of Party B or fails to provide a new guarantee acceptable to Party B for the performance of the Main Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 11 Governing Law and Settlement
of Disputes </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.1 This Contract shall be governed by
laws of the People&rsquo;s Republic of China and relevant administrative regulations and departmental rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.2 Any and all disputes arising from
the performance hereof shall be settled by the Parties through amicable negotiations. If it fails to be so settled, either Party
may submit the case to a people&rsquo;s court of competent jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 12 Enforcement of Notarization</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.1 Once notarized, the Contract becomes
an enforceable deed of claim. Party A covenants that, if Party A fails to perform any or all of its obligations hereunder, it is
willing to accept the enforcement of certain judicial organ, without legal proceedings, and that Party B may, in accordance with
Article 214 of the Civil Procedure Law, apply to the People&rsquo;s Court having jurisdiction for enforcement; meanwhile, Party
A waives the defense right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.2 It is confirmed that the Parties hereto
have fully understood the meanings, contents, procedures and effectiveness of pertinent laws, regulations and regulatory documents
concerning enforcement of notarization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.3 Where Party A fails to perform, or
performs in an improper way, the notarized deed of claim which is enforceable, Party B shall send a written notice to Party A of
correction of such default within 5 business days as of the date of the notice; otherwise, Party B may apply to the notary office
for a certification of enforcement and Party A shall cooperate with the notary office within the period notified by Party B in
completing the face-to-face verification procedures. Party A undertakes to cooperate in Party B&rsquo;s application in all aspects,
including, but not limited to, cooperation with the notary office within the period notified by Party B in completing the face-to-face
verification procedures. If Party A fails to perform the aforesaid obligation after receiving a written notice from Party B, Party
A hereby confirms that, in case of Party A&rsquo;s absence, the notary office shall be deemed having completed the face-to-face
verification procedures after it completes the verification work subject to its internal flow according to Party B&rsquo;s application,
and that Party A accepts all legal consequences arising therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.4 The stipulations of Article 12 hereof
on enforcement of notarization shall prevail over Article 11 (Governing Law and Settlement of Disputes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.5 It is agreed to appoint Beijing Fangyuan
Notary Office to go through the legal procedures for enforcement of notarization with respect to the Contract and to issue a notarial
deed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 13 Miscellaneous </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.1 Right Reserved</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Party B&rsquo;s rights under the Contract
shall not prejudice or exclude any of its rights available in accordance with laws, regulations and other contracts. Party B&rsquo;s
toleration, extension or preference of any default or delay, or Party B&rsquo;s late exercise of any of its rights hereunder, shall
not be deemed as Party B&rsquo;s waiver of its rights and interests hereunder or as permission or acceptance of any breach of the
Contract, nor restrict, prevent or affect Party B&rsquo;s further exercise of such right or exercise of any other right, nor create
Party B&rsquo;s obligation and liability to Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even if Party B fails to exercise or delays
in the exercise of any right of Party B under the Main Contract or any remedy under the Main Contract is not used by Party B, the
guarantee responsibility of Party A hereunder shall not be mitigated thereby. However, if the debts under the Main Contract are
reduced by Party B, the guarantee responsibilities of Party A hereunder shall be reduced accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.2 Continuity of obligations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any and all obligations and joint liabilities
of Party A hereunder are continuous and shall inure to the benefit of its successors, receivers and assigns as well as to the survival
unit after merger, restructuring or change of name of Party A and shall not be affected by any dispute, claim or legal proceedings,
or by any order from any superior or by any contract or document singed by and between the Debtor and Co-Debtor and any natural
person or legal person, nor shall it be affected by bankruptcy, insolvency, loss of corporate qualification, change of articles
of association or any other change in nature on the part of the Debtor and / or Co-Debtor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.3 Dissolution or bankruptcy of the Debtor
and Co-Debtor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Party A is aware of the fact that the
Debtor and Co-Debtor are entering into dissolution or bankruptcy proceedings, Party A shall forthwith notify Party B about it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the dissolution or bankruptcy proceedings,
if any settlement agreement or reconstruction plan is executed by and between Party B and the Debtor and Co-Debtor, rights of Party
B hereunder shall not be affected thereby, nor shall the guarantee obligations of Party A be mitigated. Party A shall not challenge
the claims of Party B by using conditions set forth in any such settlement agreement or reconstruction plan. For the portion of
claims which are not settled though for which any compromise is made by Party A for the Debtor and Co-Debtor in the settlement
agreement and / or reconstruction plan, Party B shall still have the right to request Party A to settle such claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.4 Costs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Insurance and registration costs actually
incurred in connection with the Contract and the guarantee hereunder shall be assumed by Party A, unless otherwise agreed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) All costs incurred to Party B from
realization of claims, including, but not limited to, legal costs, arbitration fees, property preservation fees, traveling expenses,
enforcement fees, evaluation fees, notarization fees, service fees, announcement fees and attorney fees, as a result of breach
by Party A of this Contract shall be borne by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.5 Notice</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Unless otherwise stipulated herein,
any and all notices between the Parties under the Contract may be sent in person or via fax, express mail service or e-mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a notice is sent in person, a receipt
signed or sealed by the addressee shall be obtained and the notice shall be deemed duly serviced on such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a notice is sent via fax, it shall be
deemed duly serviced on such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a notice is sent via express mail service,
it shall be deemed duly serviced on the third day after the date on which it is sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a notice is sent via an e-mail, it shall
be deemed duly serviced on the date on which the e-mail is received by the system designed by the addressee (in case where a special
system for receiving the e-mail is designated by the addressee) or on the date on which the e-mail is received by any system of
the addressee (in case where no special system for receiving the e-mail is designated by the addressee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Unless otherwise stipulated herein,
any and all notices between the Parties under the Contract may be sent to the following addresses by fax, mail, express or other
methods agreed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To Party A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Domicile: No. 1188, Taihu Avenue, Changxing
Economic Development Zone</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Post Code: 313100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attn: Liu Chuanjie</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: 0572-6225888-8608</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 0572-6267588</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To Party B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Domicile: Room 4602, Capital Mansion, No.
6, Xinyuan South Road, Chaoyang District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Post Code: 100004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attn: Hao He</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: 010-84868494</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: 010-84861355</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) Any Party subject to any change in
its correspondence address or contact information shall forthwith send a written notice to the other of such change; otherwise,
the changing party shall be fully responsible for the losses arising from failure to make a notice in time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.6 This Contract takes effect with signature
or seal of the Parties&rsquo; respective legal representatives or authorized representative and the common seal of the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.7 Any matter uncovered herein may be
specified in a written agreement between the Parties; such agreement shall be deemed as an annex to the Contract. Annexes and modifications
or supplementation to the Contract shall be an integral part of the Contract and have equal legal effect with the Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.8 This Contract shall be made in five
copies with equal legal effect, one for each Party, and the remaining used for the completion of relevant procedures for enforcement
and notarization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.9 Party A has read all the clauses of
this Contract. Party B has at Party A&rsquo;s request explained relevant clauses hereof. Party A has been fully aware of and has
understood the meanings of the clauses hereof and relevant legal consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(The Remainder of This Page is Intentionally
Left Blank)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(This page is intentionally left blank,
solely for the signature of the No.P2012M11SCSDQ0001-0013 RMB Loan Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party A: Xu Kecheng (Signature)
/s/ Xu Kecheng</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Signed on: December 17,
2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Party B: CITIC Trust Co., Ltd. (Official
seal)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Legal Representative or Authorized Representative
(Signature / seal)</B> </B> &nbsp;<B>/s/ Authorized Representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Signed on: December 17,
2012</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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