Steps to follow
1. First of all, install Rockchip driver using RK Driver Assistant v4.1. If your PC has Windows 8 or Windows 8.1, make sure to disable driver signature enforcement. If your PC has Windows 8.1 x64 bit, like in my case, follow this tutorial to easily install Rockchip driver.
2. Download Rockchip Batch Tool v1.8 from here.
3. Download latest stock firmware for Rikomagic V5 from here. (V5 FW_141215)
4. Put the device in Recovery mode. To do that use an USB cable and plug it into PC USB port first (don’t connect with USB OTG now). Prepare a thin stick and press the button inside the recovery hole. Don’t loose the stick, at same time, plug the USB cable into USB OTG port of the V5, after 3-5s,loose the stick. If there will pop up a guide window asking to install new driver then go to step 1.
5. Launch Rockchip Batch Tool v1.8 and select the firmware image (Press ‘…’ button on the first row –> FW path). If your device is in Recovery Mode then in ‘Connected Device’ the first position will turn into green. Press ‘Restore’ button and wait for 5 minutes.
More details about Rikomagic V5 you’ll find in this article.