x
|
QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
¨
|
TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Delaware
|
20-4062622
|
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer
Identification
Number)
|
Accelerated
filer ¨
|
|
Non-accelerated
filer ¨
|
Smaller
reporting company x
|
Page
|
||||
Part I
|
Financial
Information
|
|||
Item
1.
|
Financial
Statements
|
|||
(a)
|
Balance
Sheets as of March 31, 2009 (Unaudited) and December 31,
2008
|
2
|
||
(b)
|
Statements
of Comprehensive Income for the Three Months Ended March 31, 2009 and 2008
(Unaudited)
|
4
|
||
(c)
|
Statements
of Cash Flows for the Three Months Ended March 31, 2009 and 2008
(Unaudited)
|
5
|
||
(d)
|
Notes
to Financial Statements (Unaudited)
|
7
|
||
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
29
|
||
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
35
|
||
Item
4.
|
Controls
and Procedures
|
36
|
||
Part II
|
Other
Information
|
|||
Item
1.
|
Legal
Proceedings
|
36
|
||
Item
1A.
|
Risk
Factors
|
36
|
||
Item
2.
|
Unregistered
Sale of Equity Securities and Use of Proceeds
|
36
|
||
Item
3.
|
Default
Upon Senior Securities
|
36
|
||
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
36
|
||
Item
5.
|
Other
Information
|
36
|
||
Item
6.
|
Exhibits
|
37
|
||
Signatures
|
38
|
As of
|
|||||||
March 31,
|
December 31,
|
||||||
2009
|
2008
|
||||||
(Unaudited)
$
|
(Audited)
$
|
||||||
ASSETS
|
|||||||
Current
Assets :
|
|||||||
Cash
and cash equivalents
|
3,432,997 | 4,175,780 | |||||
Restricted
cash
|
5,303,892 | 4,845,478 | |||||
Accounts
receivable
|
7,265,693 | 8,765,593 | |||||
Notes
receivable
|
110,777 | 429,815 | |||||
Prepaid expenses and
other receivables – Note
8
|
3,230,124 | 1,732,709 | |||||
Deferred charges –
Stock-based compensation – Note
9
|
86,667 | 216,667 | |||||
Inventories –
Note 10
|
8,283,889 | 11,208,697 | |||||
Total
Current Assets
|
27,714,039 | 31,374,739 | |||||
Deferred tax assets
– Note
6
|
113,707 | 104,556 | |||||
Plant and equipment,
net – Note
11
|
8,116,214 | 7,778,477 | |||||
Leasehold land,
net – Note
12
|
3,034,729 | 3,050,510 | |||||
Intangible asset,
net – Note
13
|
887,500 | 900,000 | |||||
Currency forward –
Note
7
|
28,346 | 116,157 | |||||
TOTAL
ASSETS
|
39,894,535 | 43,324,439 | |||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
LIABILITIES
|
|||||||
Current
Liabilities :
|
|||||||
Non-trading
foreign currency derivatives liabilities
|
225,235 | 293,830 | |||||
Accounts
payable
|
7,315,493 | 8,306,123 | |||||
Other payables and
accrued liabilities – Note
14
|
3,510,373 | 3,139,275 | |||||
Income
taxes payable
|
632,183 | 476,330 | |||||
Bank borrowings
–
Note 15
|
11,492,783 | 14,829,228 | |||||
Total
Current Liabilities
|
23,176,067 | 27,044,786 |
As of
|
||||||||
March 31,
|
December 31,
|
|||||||
2009
|
2008
|
|||||||
(Unaudited)
$
|
(Audited)
$
|
|||||||
STOCKHOLDERS’
EQUITY
|
||||||||
Preferred
Stock
|
||||||||
Par
value: $0.0001
|
||||||||
Authorized:
10,000,000 shares
|
||||||||
Issued
and outstanding: none
|
- | - | ||||||
Common
stock
|
||||||||
Par
value : $0.0001
|
||||||||
Authorized:
100,000,000 shares
|
||||||||
Issued
and outstanding: 2009 –13,562,596 shares (2008 –13,562,596
shares)
|
1,356 | 1,356 | ||||||
Additional
paid-in capital
|
5,048,194 | 5,048,194 | ||||||
Accumulated
other comprehensive income
|
1,630,940 | 1,595,091 | ||||||
Retained
earnings
|
10,037,978 | 9,635,012 | ||||||
TOTAL
STOCKHOLDERS’ EQUITY
|
16,718,468 | 16,279,653 | ||||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
39,894,535 | 43,324,439 |
Three months ended March 31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
$
|
(Unaudited)
$
|
|||||||
Net
sales
|
11,309,805 | 17,831,562 | ||||||
Cost
of sales
|
(8,913,709 | ) | (15,123,264 | ) | ||||
Gross
profit
|
2,396,096 | 2,708,298 | ||||||
Depreciation
– Notes 2 and
11
|
(51,114 | ) | (49,371 | ) | ||||
Selling
and distribution costs
|
(531,349 | ) | (414,023 | ) | ||||
General
and administrative costs including stock-based
compensation
|
(1,102,922 | ) | (769,696 | ) | ||||
Loss
on exchange rate difference
|
(32,724 | ) | (504,887 | ) | ||||
Income
from operations
|
677,987 | 970,321 | ||||||
Change
in fair value of currency forwards
|
(88,113 | ) | 29,102 | |||||
Other
income – Note
3
|
66,815 | 104,534 | ||||||
Interest
expenses – Note
4
|
(41,120 | ) | (206,750 | ) | ||||
Other
expenses – Note
5
|
(51,536 | ) | - | |||||
Income
before income taxes
|
564,033 | 897,207 | ||||||
Income
taxes – Note
6
|
(161,067 | ) | (166,880 | ) | ||||
Net
income
|
402,966 | 730,327 | ||||||
Other
comprehensive income
|
||||||||
-
Foreign currency translation gain
|
35,849 | 232,085 | ||||||
Comprehensive
income
|
438,815 | 962,412 | ||||||
Income
per common share
|
||||||||
-
Basic and diluted
|
0.03 | 0.06 | ||||||
Weighted
average common shares outstanding
|
||||||||
-
Basic and diluted
|
13,562,596 | 14,798,846 |
Three months ended March 31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
$
|
(Unaudited)
$
|
|||||||
Cash
flows from operating activities
|
||||||||
Net income
|
402,966 | 730,327 | ||||||
Adjustments to reconcile net
income to net cash provided by operating activities :
|
||||||||
Amortization
of intangible asset
|
12,500 | 12,500 | ||||||
Amortization
of leasehold land
|
15,603 | - | ||||||
Depreciation
|
237,217 | 154,795 | ||||||
Change
in fair value of currency forwards
|
88,113 | (29,102 | ) | |||||
Loss
on disposal of plant and equipment
|
6,807 | 17,122 | ||||||
Share
based payment
|
130,000 | - | ||||||
Changes in operating assets and
liabilities :
|
||||||||
(Increase)
decrease in -
|
||||||||
Accounts
receivable
|
1,523,929 | 525,593 | ||||||
Notes
receivable
|
319,501 | (342,368 | ) | |||||
Prepaid expenses and other
receivables
|
(1,508,097 | ) | (996,072 | ) | ||||
Inventories
|
2,955,285 | (1,026,330 | ) | |||||
Increase
(decrease) in -
|
||||||||
Accounts
payable
|
(1,013,505 | ) | 524,183 | |||||
Other payables and accrued
liabilities
|
378,144 | 386,796 | ||||||
Income taxes
payable
|
145,632 | 348,391 | ||||||
Net
cash flows provided by operating activities
|
3,694,095 | 305,835 | ||||||
Cash
flows from investing activities
|
||||||||
Acquisition of plant and
equipment
|
(560,026 | ) | (202,236 | ) | ||||
Deposit
paid for acquisition of machinery
|
- | (248,965 | ) | |||||
Net
cash flows used in investing activities
|
(560,026 | ) | (451,201 | ) | ||||
Cash
flows from financing activities
|
||||||||
Proceeds from new short-term
bank loans
|
6,791,546 | - | ||||||
Repayment of short-term bank
loans
|
- | (3,925,349 | ) | |||||
Net (repayment) advancement of
other bank borrowings
|
(10,168,444 | ) | 3,466,660 | |||||
(Decrease) Increase in
restricted cash
|
(444,814 | ) | 792,237 | |||||
Net
cash flows (used in) provided by financing activities
|
(3,821,712 | ) | 333,548 | |||||
Net
(decrease) increase in cash and cash equivalents
|
(687,643 | ) | 188,182 | |||||
Effect
of foreign currency translation on cash and
cash
equivalents
|
(55,140 | ) | 39,420 | |||||
Cash
and cash equivalents - beginning of period
|
4,175,780 | 1,489,262 | ||||||
Cash
and cash equivalents - end of period
|
3,432,997 | 1,716,864 |
Three months ended March 31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
$
|
(Unaudited)
$
|
|||||||
Supplemental
disclosures for cash flow information :
|
||||||||
Cash
paid for :
|
||||||||
Interest
|
41,120 | 206,750 | ||||||
Income
taxes
|
15,434 | 28,756 |
1.
|
Organization
and Basis of Presentation
|
1.
|
Organization and Basis of
Presentation (continued)
|
1.
|
Organization and Basis of
Presentation (continued)
|
Name of company
|
Place and date of
incorporation
|
Attributable equity
interest held
|
Principal activities
|
|||
Hong
Kong Highpower Technology Co., Ltd. (“HKHTC”)
|
Hong
Kong
July
4, 2003
|
100%
|
Investment
holding
|
|||
Shenzhen
Highpower Technology Co., Ltd. (“SZ Highpower”)
|
PRC
October
8, 2002
|
100%
|
Manufacturing
of batteries
|
|||
HZ
Highpower Technology Co., Ltd.
(“HZ
Highpower”)
|
PRC
January
29, 2008
|
100%
|
Inactive
|
|||
Spring
Power Technology (Shenzhen) Co., Ltd. (“SZ Spring Power”)
|
PRC
June
4, 2008
|
100%
|
Manufacturing
of
batteries
|
2.
|
Summary
of significant accounting policies
|
2.
|
Summary of significant
accounting policies (continued)
|
2.
|
Summary of significant
accounting policies (continued)
|
2.
|
Summary of significant
accounting policies (continued)
|
Furniture,
fixtures and office equipment
|
20 | % | ||
Leasehold
improvement
|
50 | % | ||
Machinery
and equipment
|
10 | % | ||
Motor
vehicles
|
20 | % |
2.
|
Summary of significant
accounting policies (continued)
|
2.
|
Summary of significant
accounting policies (continued)
|
2.
|
Summary of significant
accounting policies (continued)
|
March 31, 2009
|
March 31,2008
|
|||||||
Quarter
end RMB : US$ exchange rate
|
6.8792 | 7.1058 | ||||||
Average
quarterly RMB : US$ exchange rate
|
6.8809 | 7.1986 |
2.
|
Summary of significant
accounting policies (continued)
|
2.
|
Summary of significant
accounting policies (continued)
|
3.
|
Other
income
|
Three months ended March 31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
$
|
(Unaudited)
$
|
|||||||
Bank
interest income
|
25,142 | 38,013 | ||||||
Other
interest income
|
- | 10,717 | ||||||
Sundry
income
|
41,673 | 55,804 | ||||||
66,815 | 104,534 |
4.
|
Interest
expenses
|
Three months ended March 31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
$
|
(Unaudited)
$
|
|||||||
Interest
on trade related bank loan
|
28,200 | 183,981 | ||||||
Interest
on short-term bank loans
|
12,920 | 22,769 | ||||||
41,120 | 206,750 |
5.
|
Other
expenses
|
Three months ended March 31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
$
|
(Unaudited)
$
|
|||||||
Foreign
exchange contract expenses
|
51,536 | - | ||||||
51,536 | - |
6.
|
Income
taxes
|
Three months ended March 31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
$
|
(Unaudited)
$
|
|||||||
PRC
income taxes
|
161,067 | 166,880 | ||||||
161,067 | 166,880 |
As of
|
||||||||
March 31,
|
December 31,
|
|||||||
2009
$
|
2008
$
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Temporary
difference on :-
|
||||||||
Reorganization
of expenses
|
(100,555 | ) | (93,300 | ) | ||||
Accelerated
tax depreciation on intangible asset
|
(13,152 | ) | (11,256 | ) | ||||
Deferred
tax assets, net
|
(113,707 | ) | (104,556 | ) | ||||
Presented
in the balance sheet:
|
||||||||
Net
deferred tax assets
|
(113,707 | ) | (104,556 | ) |
7.
|
Risk
Management Activities, Including
Derivative
|
As of
|
||||||||
March 31,
|
December 31,
|
|||||||
2009
$
|
2008
$
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Currency
forwards (notional amount $4 million), consisting
of a put and a call
|
28,346 | 116,157 |
Three months ended March 31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
$
|
(Unaudited)
$
|
|||||||
Foreign
exchange contracts, net Loss recognized in Other expenses,
net
|
51,536 | - |
7.
|
Risk Management Activities,
Including Derivative (continued)
|
8.
|
Prepaid expenses and other
receivables
|
As
of
|
||||||||
March 31,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
$ | $ | |||||||
Purchase deposits
paid
|
329,477 | 88,459 | ||||||
Advance to
staff
|
193,277 | 143,595 | ||||||
Other deposits and
prepayments
|
1,052,879 | 495,325 | ||||||
Other
receivables
|
1,654,491 | 1,005,330 | ||||||
3,230,124 | 1,732,709 |
9.
|
Deferred
charges – Stock-based compensation
|
As
of
|
||||||||
March 31,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
$ | $ | |||||||
Cost
|
||||||||
Stock-based compensation
– consulting
fee
|
520,000 | 520,000 | ||||||
Accumulated
amortization
|
433,333 | 303,333 | ||||||
Net
|
86,667 | 216,667 |
|
Amortization expenses included in
general and administrative costs for the three months ended March 31,
2009 and 2008 were $130,000 and $Nil
respectively.
|
|
The Company is amortizing the
$520,000 cost of stock-based compensation over a period of one year on the
straight line basis.
|
10.
|
Inventories
|
As
of
|
||||||||
March 31,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
$ | $ | |||||||
Raw
materials
|
1,733,783 | 1,708,431 | ||||||
Work
in progress
|
1,427,989 | 1,434,517 | ||||||
Finished
goods
|
5,103,594 | 8,049,138 | ||||||
Packing
materials
|
18,523 | 16,611 | ||||||
8,283,889 | 11,208,697 |
11.
|
Plant
and equipment
|
As
of
|
||||||||
March 31,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
$ | $ | |||||||
Cost
|
||||||||
Furniture, fixtures and office
equipment
|
623,392 | 598,496 | ||||||
Leasehold improvement
|
2,199,470 | 712,120 | ||||||
Machinery and
equipment
|
7,200,810 | 8,155,270 | ||||||
Motor
vehicles
|
499,578 | 476,910 | ||||||
10,523,250 | 9,942,796 | |||||||
Accumulated
depreciation
|
||||||||
Furniture, fixtures and office
equipment
|
263,556 | 235,613 | ||||||
Leasehold
improvement
|
250,489 | 220,746 | ||||||
Machinery and
equipment
|
1,649,653 | 1,486,624 | ||||||
Motor
vehicles
|
243,338 | 221,336 | ||||||
2,407,036 | 2,164,319 | |||||||
Net
|
||||||||
Furniture, fixtures and office
equipment
|
359,836 | 362,883 | ||||||
Leasehold
improvement
|
1,948,981 | 491,374 | ||||||
Machinery and
equipment
|
5,551,157 | 6,668,646 | ||||||
Motor
vehicles
|
256,240 | 255,574 | ||||||
8,116,214 | 7,778,477 |
|
The components of depreciation
charged are:
|
Three months ended March
31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
$ | $ | |||||||
Included in cost of sales and
selling and distribution costs
|
186,103 | 105,424 | ||||||
Included in operating
expenses
|
51,114 | 49,371 | ||||||
237,217 | 154,795 |
12.
|
Leasehold
land
|
As
of
|
||||||||
March 31,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
$ | $ | |||||||
Cost
|
3,112,765 | 3,112,765 | ||||||
Accumulated
amortization
|
(78,036 | ) | (62,255 | ) | ||||
Net
|
3,034,729 | 3,050,510 |
13.
|
Intangible
asset
|
As
of
|
||||||||
March 31,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
$ | $ | |||||||
Cost
|
||||||||
Consumer battery license
fee
|
1,000,000 | 1,000,000 | ||||||
Accumulated
amortization
|
(112,500 | ) | (100,000 | ) | ||||
Net
|
887,500 | 900,000 |
|
Amortization expenses included in
selling and distribution costs for the three months ended March 31,
2009 and 2008 was $12,500.
|
|
Shenzhen Highpower Technology Co.,
Ltd. (SZ Highpower), a wholly-owned subsidiary of the Company, entered
into a Consumer Battery License Agreement with Ovonic Battery Company,
Inc. (Ovonic), an unrelated party, dated May 14, 2004, pursuant to
which SZ Highpower
acquired a royalty-bearing, non-exclusive license to use certain patents
owned by Ovonic to manufacture rechargeable nickel metal hydride batteries
for portable consumer applications (Consumer Batteries) in the PRC, and a
royalty-bearing, non-exclusive worldwide license to
use certain patents owned by Ovonic to use, sell and distribute Consumer
Batteries. SZ Highpower made an up-front royalty payment to Ovonic
of $50,000 in 2004.
|
13.
|
Intangible asset (continued)
|
|
The Company is amortizing the
$1,000,000 cost of the Consumer Battery License Agreement over a period of
20 years on the straight line basis. The accounting for the Consumer
Battery License Agreement is based on the Company’s estimate of the useful life of the underlying
technology, which is based on the Company’s assessment of existing battery
technology, current trends in the battery business, potential developments
and improvements, and the Company’s current business
plan.
|
14.
|
Other payables and accrued
liabilities
|
As
of
|
||||||||
March 31,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
$ | $ | |||||||
Accrued
expenses
|
1,251,805 | 1,072,331 | ||||||
Royalty
payable
|
1,432,814 | 1,540,900 | ||||||
Sales
deposits received
|
506,638 | 388,261 | ||||||
Value-added
tax payables
|
288,722 | 105,833 | ||||||
Other
payables
|
30,394 | 31,950 | ||||||
3,510,373 | 3,139,275 |
15.
|
Bank
borrowings
|
As
of
|
||||||||
March 31,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
$ | $ | |||||||
Secured:
|
||||||||
Repayable
within one year
|
||||||||
Short
term bank loans
|
1,453,649 | 2,969,939 | ||||||
Other
trade related bank loans
|
10,039,134 | 11,859,289 | ||||||
11,492,783 | 14,829,228 |
|
(a)
|
charge
over bank deposits of $5,303,892 which is included in restricted cash on
the Balance sheet;
|
|
(b)
|
personal
guarantee executed by the directors of the
Company;
|
|
(c)
|
the
legal charge over leasehold land with carrying amount $3,034,729 (see Note 12);
and
|
|
(d)
|
other
financial covenant.
|
16.
|
Pension
plans
|
17.
|
Commitments
and contingencies
|
Period
ending March 31,
|
$ | |||
2009
|
456,731 | |||
2010
|
234,713 | |||
691,444 |
$ | ||||
Purchase
of plant and equipment
|
449,945 |
As
of
|
||||||||
March 31,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
$ | $ | |||||||
Bills
discounted
|
- | - |
18.
|
Segment
Information
|
Three months ended March
31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
$ | $ | |||||||
Net revenue
|
||||||||
Hong Kong and
China
|
5,013,644 | 6,247,148 | ||||||
Asia
|
539,012 | 1,064,813 | ||||||
Europe
|
4,295,698 | 7,621,260 | ||||||
North
America
|
1,368,795 | 2,849,549 | ||||||
South
America
|
- | 6,838 | ||||||
Others
|
92,657 | 41,954 | ||||||
11,309,806 | 17,831,562 |
As
of
|
||||||||
March 31,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
$ | $ | |||||||
Accounts
receivable
|
||||||||
Hong Kong and
China
|
4,847,086 | 5,012,472 | ||||||
Asia
|
423,597 | 169,376 | ||||||
Europe
|
1,409,029 | 2,695,166 | ||||||
North
America
|
572,389 | 875,022 | ||||||
South
America
|
13,592 | 13,558 | ||||||
7,265,693 | 8,765,594 |
|
·
|
EBITDA
(1) does not reflect our cash expenditures or future requirements for
capital expenditures or contractual commitments; (2) does not reflect
changes in, or cash requirements for, our working capital needs;
(3) does not reflect the interest expense, or the cash requirements
necessary to service interest or principal payments, on our debt;
(4) does not reflect income taxes or the cash requirements for any
tax payments; and (5) does not reflect all of the costs associated
with operating our business;
|
|
·
|
although
depreciation and amortization are non-cash charges, the assets being
depreciated and amortized often will have to be replaced in the future,
and EBITDA does not reflect any cash requirements for such replacements;
and
|
|
·
|
other
companies may calculate EBITDA differently than we do, limiting its
usefulness as a comparative
measure.
|
Three Months Ended
|
||||||||
March 31
|
||||||||
2009
|
2008
|
|||||||
$
|
$
|
|||||||
Net income (loss)
|
402,966 | 730,327 | ||||||
Interest
expense
|
41,120 | 206,750 | ||||||
Income
taxes
|
161,067 | 166,880 | ||||||
Depreciation
|
237,217 | 154,795 | ||||||
Amortization
|
28,103 | 12,500 | ||||||
EBITDA
|
870,473 | 1,271,252 |
Exhibit
Number
|
Description of Document
|
|
10.1
|
Employment
Offer Letter dated as of January 22, 2009 with Henry
Ngan.
|
|
31.1
|
Certification
of Chief Executive Officer Pursuant to Item 601(b)(31) of Regulation S-K,
as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
|
31.2
|
Certification
of Chief Financial Officer Pursuant to Item 601(b)(31) of Regulation S-K,
as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
|
32.1
|
Certification
of the Chief Executive Officer and Chief Financial Officer pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.*
|
*
|
This
exhibit shall not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934 or otherwise subject to the liabilities of
that section, nor shall it be deemed incorporated by reference in any
filing under the Securities Act of 1933 or the Securities Exchange Act of
1934, whether made before or after the date hereof and irrespective of any
general incorporation language in any
filings.
|
Hong
Kong Highpower Technology, Inc.
|
||
Dated:
May 13, 2009
|
/s/
|
Dang Yu Pan
|
By:
|
Dang Yu Pan
|
|
Its:
|
Chairman
of the Board and Chief Executive Officer
|
|
/s/
|
Henry Ngan
|
|
By:
|
Henry Ngan
|
|
Its:
|
Chief
Financial Officer
|