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Sale and Purchase Agreement

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Title:

Sale and Purchase Agreement

Entities:

Chardan North China Acquisition Corp

Date:

2007

Size:

10KB total

Price:

$36

ID:

#2905332

► Purchase & Sale ► Sale & Purchase Agreements

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SALE AND PURCHASE AGREEMENT

IN RELATION TO THE OWNERSHIP INTEREST

HANGZHOU HOLLYSYS AUTOMATION CO., LTD.

BETWEEN

TEAM SPIRIT INDUSTRIAL LIMITED

AND

GIFTED TIME HOLDINGS LIMITED

Dated: January 12, 2006

This SALE AND PURCHASE AGREEMENT (Hereinafter referred as this Agreement) is entered into on the 12^th day of January 2006.

BETWEEN:-

(1)	TEAM SPIRIT INDUSTRIAL LIMITED, (Hereinafter referred as Party A), a company incorporated in the British Virgin Islands with limited liability;

(2)	GIFTED TIME HOLDINGS LIMITED, (Hereinafter referred as Party B), a company incorporated in the British Virgin Islands with limited liability.

(Party A and Party B may be called Party A and B or both Parties together, or the Party or each Party under this Agreement)

WHEREAS:-

(A)	As of the date of this Agreement, Party A is the registered owner of Hangzhou HollySys Automation Co., Ltd. (Hereinafter referred as "HZ HollySys") holding 30% of the entire ownership interest in HZ HollySys; and

(B)	Party A agrees that Party A shall sell 30% ownership interest in HZ HollySys to Party B in accordance with the conditions set forth in this Agreement. Party B agrees that Party B shall purchase the 30% ownership interest in HZ HollySys.

Therefore, Party A and Party B enter into this Agreement based on the following conditions:-

1.	DEFINITIONS

1.1	In this Agreement, unless otherwise expressed or required by context, the following words and expressions shall have the respective meanings set opposite thereto as follows:-

Expression

Meaning

"Agreement"

Sales and Purchase Agreement dated [12th January 2006] and its appendix entered into between the Party A and Party B

"HZ HollySys"

Hangzhou HollySys Automation Co., Ltd. Party A holds 30% of the entire ownership interest in HZ HollySys

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