EXHIBIT 10.8


Summary of Revolvable  Credit  Facilities  Agreement by and between Shenzhen BAK
Battery Co.,  Ltd.  (the  "Company")  and Longgang  Division,  Shenzhen  Branch,
Agricultural Bank of China  ("Agricultural  Bank of China") dated as of June 27,
2003.

         The contract number for this agreement is (Shenzhen  Longgang)  Nongyin
Xunshou Zi (2003) No.  02370001.  The contract term is June 27, 2003 to June 27,
2005, and the amount of credit to be extended by  Agricultural  Bank of China is
RMB  50,000,000  Yuan.  Remedies in the event of breach of contract  include the
adjustment of the credit  amount,  the  suspension of credit,  the imposition of
punitive  interest,  an  increase of the  guaranty  deposit and the call back of
principal and interest before maturity.  The agreement also requires the Company
to grant a mortgage of its land use right to Agricultural  Bank of China once it
is obtained.  If the mortgage is not granted to Agricultural  Bank of China, the
contract will be amended to have a term of one year.