Exhibit 10.7


 


CCM Acquisition Corp.

PO Box 309, Ugland House


Grand Cayman


KY1-1104


Cayman Islands


 


April 14, 2021


CCM Global LLC


Suite 20002, 20th Floor


150 East 52nd Street


New York, NY 10022–4608,


 


	 	RE:	Securities Subscription Agreement


 


Ladies and Gentlemen:


 


CCM
Acquisition Corp., a Cayman Islands exempted company (the “Company,” “we”
or “us”), is pleased to accept the offer made by CCM Global LLC, a Delaware limited liability company (“Subscriber”
or “you”), to purchase 4,312,500 Class B ordinary shares of the Company (the “Shares”), par value
US$0.0001 per share, up to 562,500 of which are subject to forfeiture by you to the extent that the underwriters of the initial public
offering (“IPO”) of the Company’s units, each comprised of one Class A ordinary share and 1/3 of one warrant
to purchase one Class A ordinary share (“Units”), do not fully exercise their option to purchase additional
Units to cover over-allotments, if any (the “Over-allotment Option”). The terms of the sale by the Company of
the Shares to Subscriber, and the Company and Subscriber’s agreements regarding the Shares, are as follows:


 


1. Purchase
of Securities. For the sum of US$25,000 (the “Purchase Price”), which the Company acknowledges receiving
in cash, the Company hereby issues the Shares to Subscriber, and Subscriber hereby purchases the Shares from the Company, on the terms
and subject to the conditions, including regarding forfeiture, set forth in this letter agreement (this “Agreement”).
 Concurrently with Subscriber’s execution of this Agreement, the Company shall, at its
option, deliver to Subscriber a certificate registered in Subscriber’s name representing the shares (the “Original Certificate”)
or effect such delivery in book-entry form. All references in this Agreement to Shares being forfeited shall take effect as surrenders
for no consideration of such shares as a matter of Cayman Islands law.


 


2. Representations,
Warranties and Agreements.


 


2.1. Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to Subscriber, Subscriber hereby represents
and warrants to the Company and agrees with the Company as follows:


 


2.1.1. Organization
and Authority. Subscriber is a Delaware limited liability company, duly formed and registered, validly existing and in good standing
under the laws of the State of Delaware, and possesses all requisite power and authority necessary to carry out the transactions contemplated
by this Agreement. This Agreement is a legal, valid and binding agreement of Subscriber, enforceable against Subscriber in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws
affecting the enforcement of creditors’ rights generally and subject to general principles of equity, regardless of whether enforcement
is sought in a proceeding at law or in equity.


 




     

     


    


 


2.1.2. No
Conflicts; No Consents. The execution, delivery and performance by Subscriber of this Agreement does not, and the consummation by
Subscriber of the transactions contemplated hereby will not, (a) violate, conflict with or constitute a default under the formation, governing
or other organizational documents of Subscriber, (b) violate, conflict with or constitute a default under any agreement, indenture or
instrument to which Subscriber is a party, (c) violate, conflict with or constitute a default under any law, statute, rule, regulation,
order, judgment or decree to which Subscriber is subject, or (d) require the consent or approval of any governmental, administrative or
other third-party.


 


2.1.3. Experience,
Financial Capability and Suitability. Subscriber has such knowledge, skill and experience in business, financial and investment matters
that it is capable of evaluating the merits and risks of an investment in the Shares. Subscriber acknowledges that the Shares have not
been registered under the Securities Act of 1933, as amended (the “Securities Act”), and therefore cannot be
sold unless subsequently registered under the Securities Act or an exemption from such registration requirements is available. Subscriber
understands that it must bear the economic risk of this investment until the Shares are sold pursuant to: (a) an effective registration
statement under the Securities Act; or (b) an exemption from such registration requirements is available with respect to such sale. Subscriber
is able to bear the economic risk of an investment in the Shares for an indefinite period of time and to afford a complete loss of Subscriber’s
investment in the Shares.


 


2.1.4. No
Government Recommendation or Approval. Subscriber understands that no federal or state agency has passed upon or made any recommendation
or endorsement of the offering of the Shares.


 


2.1.5. Access
to Information; Independent Investigation. Prior to the execution of this Agreement, Subscriber has had the opportunity to ask questions
of and receive answers from representatives of the Company concerning an investment in the Company, as well as the financial condition,
business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all information
so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s own knowledge and understanding
of the Company and its business based upon Subscriber’s own due diligence investigation. Subscriber understands that no person has
been authorized to make any representations on behalf of the Company other than as set forth in this Agreement and Subscriber has not
relied on any other written or oral representations relating to the financial condition, business and prospects of the Company in making
its investment decision.


 


2.1.6. Investment
Representations. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation
D under the Securities Act and acknowledges the sale contemplated hereby is being made in reliance on the private placement exemption
in Section 4(a)(2) of the Securities Act and Regulation D and similar exemptions under state law. Subscriber is purchasing the Shares
solely for investment purposes, for Subscriber’s own account and not for the account or benefit of any other person, and not with
a view towards the distribution or dissemination thereof. Subscriber did not decide to enter into this Agreement as a result of any general
solicitation or general advertising within the meaning of Rule 502 under the Securities Act.


 




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2.1.7. Restrictions
on Transfer; Shell Company. Subscriber understands the Shares are being offered in a transaction not involving a public offering within
the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities” within the meaning of
Rule 144(a)(3) under the Securities Act, and Subscriber understands that the certificates or book-entries representing the Shares will
contain a legend or notation in respect of such restrictions. If, in the future, Subscriber decides to offer, resell, pledge or otherwise
transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to: (a) an effective registration
statement under the Securities Act; or (b) an exemption from registration available with respect to such offer, sale, pledge or other
transfer. Subscriber agrees that if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent
to any such transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration
or available exemption, Subscriber agrees not to resell the Shares. Subscriber further acknowledges that because the Company is a shell
company, Rule 144 may not be available to Subscriber for the resale of the Shares until one year following consummation of the initial
business combination of the Company, despite the release or waiver of any contractual transfer restrictions.


 


2.1.8. No
Brokers. No broker, finder or other financial consultant has acted on behalf of Subscriber in connection with this Agreement or the
transactions contemplated hereby in such a way as to create any liability for the Company.


 


2.2. Company’s
Representations, Warranties and Agreements. To induce Subscriber to purchase the Shares, the Company hereby represents and warrants
to Subscriber and agrees with Subscriber as follows:


 


2.2.1. Organization
and Authority. The Company is a Cayman Islands exempted company, and possesses all requisite power and authority necessary to carry
out the transactions contemplated by this Agreement. This Agreement is a legal, valid and binding agreement of the Company, enforceable
against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent
conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity
(regardless of whether enforcement is sought in a proceeding at law or in equity).


 


2.2.2. No
Conflicts. The execution, delivery and performance by the Company of this Agreement does not, and the consummation by the Company
of the transactions contemplated hereby will not, (a) violate, conflict with or constitute a default under the formation, governing or
other organizational documents of the Company, (b) violate, conflict with or constitute a default under any agreement, indenture or instrument
to which the Company is a party, (c) violate, conflict with or constitute a default under any law, statute, rule, regulation, order, judgment
or decree to which the Company is subject, or (d) require the consent or approval of any governmental, administrative or other third-party.


 


2.2.3. Title
to Securities. Upon issuance in accordance with, and payment of the Purchase Price pursuant to, the terms hereof, (a) the Shares will
be duly and validly issued, fully paid and nonassessable; and (b) Subscriber will have or receive good title to the Shares, free and clear
of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and other agreements to which the Shares
may become subject, (ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances imposed
due to the actions of Subscriber.


 


2.2.4. No
Brokers. No broker, finder or other financial consultant has acted on behalf of the Company in connection with this Agreement or the
transactions contemplated hereby in such a way as to create any liability for Subscriber.


 




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3. Forfeiture
of Shares.


 


3.1. Partial
or No Exercise of the Over-allotment Option. If the Over-allotment Option is not exercised in full, Subscriber acknowledges and agrees
that it, or, if applicable, it and/or any transferees of Shares, shall forfeit any and all rights to such number of Shares (up to an aggregate
of 562,500 Shares, as such amount may be adjusted for share splits, share dividends, reorganizations, recapitalizations and the like,
and pro rata based upon the percentage of the Over-allotment Option exercised, such that immediately following such forfeiture, Subscriber,
and all other initial shareholders of the Company prior to the IPO, if any, will own an aggregate number of Shares equal to 20% of the
issued and outstanding Shares immediately following the IPO. Such forfeiture shall take effect as a surrender for no consideration
as a matter of Cayman Islands law, and shall occur upon the expiration of the Over-allotment Option.


 


3.2. Termination
of Rights as Shareholder. If any of the Shares are forfeited in accordance with this Section 3, then after such time Subscriber, or
its successor in interest, shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such action
as is appropriate to cancel such forfeited Shares.


 


3.3. Share
Certificates. If an adjustment to the Original Certificates, if any, is required pursuant to
this Section 3, then Subscriber shall return such Original Certificates to the Company or its designated agent as soon as practicable
upon its receipt of notice from the Company advising Subscriber of such adjustment, following which a new certificate (the “New
Certificate”), if any, shall be issued in such amount representing the adjusted number of Shares held by Subscriber. The
New Certificate, if any, shall be returned to Subscriber as soon as practicable. Any such adjustment for any uncertificated securities
held by Subscriber shall be made in book-entry form.


 


4. Waiver
of Redemption Rights. Subscriber hereby waives any and all rights to redeem the Shares for a portion of the amounts held in the trust
account into which substantially all of the proceeds of the IPO will be deposited (the “Trust Account”) in the
event of (i) the Company’s failure to timely complete an initial business combination, (ii) an extension of the time period to complete
an initial business combination, or (iii) upon the consummation of an initial business combination. For purposes of clarity, if Subscriber
purchases Class A ordinary shares included in the Units issued in the IPO (“Public Shares”), either in the IPO
or in the aftermarket, any Public Shares so purchased shall be eligible to be redeemed for a portion of the amounts held in the Trust
Account in the event of the Company’s failure to timely complete an initial business combination, but, for the avoidance of doubt,
not in connection with an extension of the time period to complete an initial business combination or upon the consummation of an initial
business combination.


 


5. Restrictions
on Transfer.


 


5.1. Securities
Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement
(commonly known as an “Insider Letter”) to be dated as of the closing of the IPO by and between Subscriber and
the Company, which will also contain other agreements with respect to the Shares, Subscriber agrees not to sell, transfer, pledge, hypothecate,
mortgage, charge or otherwise dispose of all or any part of the Shares unless, prior thereto, (a) a registration statement on the appropriate
form under the Securities Act and applicable state securities laws with respect to the Shares proposed to be transferred shall then be
effective, or (b) the Company has received an opinion from counsel, reasonably satisfactory to the Company, that registration is not required
because such transaction is exempt from registration under the Securities Act and the rules promulgated by the Securities and Exchange
Commission thereunder and all applicable state securities laws.


 




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5.2. Restrictive
Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows, and any book-entries
representing the Shares shall have similar notations:


 


“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR ANY U.S. STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION
OF COUNSEL, IS AVAILABLE.”


 


“THE SECURITIES REPRESENTED BY
THIS CERTIFICATE ARE SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH IN A LETTER AGREEMENT WITH THE COMPANY, A COPY OF WHICH
MAY BE OBTAINED FROM THE COMPANY AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED,
PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN VIOLATION OF SUCH RESTRICTIONS.”


 


5.3. Additional
Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary dividend
payable in a form other than Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization or a similar transaction
affecting the Company’s issued Shares without receipt of consideration, any new, substituted or additional securities or other property
which are by reason of such transaction distributed with respect to any Shares subject to this Section 5 or into which such Shares thereby
become convertible shall immediately be subject to this Section 5 and Section 3 hereof. Appropriate adjustments to reflect the distribution
of such securities or property shall be made to the number and/or class of Shares subject to this Section 5 and Section 3.


 


6. Other
Agreements.


 


6.1. Further
Assurances. Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary to
carry out the intent of this Agreement.


 


6.2. Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be in writing and delivered (a)
personally or by certified mail, return receipt requested, or overnight courier service, or (b) by electronic mail, if to the Company,
at any electronic mail address as may be designated in writing by the Company and, if to Subscriber, at any electronic mail address as
may be designated in writing by Subscriber, or to such other electronic mail addresses as may be designated in writing by the Company
or Subscriber. All such notices, statements or other documents shall be deemed received on the date of receipt by the recipient thereof
if received prior to 8:00 p.m. on a business day in the place of receipt. Otherwise, any such notices, statements or other documents shall
be deemed to have been received on the next succeeding business day in the place of receipt.


 


6.3. Entire
Agreement. This Agreement, together with the Insider Letter and the registration rights agreement to be entered into with respect
to the Shares, each substantially in the form to be filed as an exhibit to the Registration Statement on Form S-1 associated with the
Company’s IPO, embodies the entire agreement and understanding between Subscriber and the Company with respect to the subject matter
hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation,
warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or
restrict, the express terms and provisions of this Agreement.


 




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6.4. Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by all parties
hereto.


 


6.5. Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by a
written document executed by the party entitled to the benefits of such terms or provisions. No such written waiver or consent shall be
deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar.
Each such written waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall
not constitute a continuing waiver or consent.


 


6.6. Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of the other
party.


 


6.7. Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall
inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed
to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary
of this Agreement.


 


6.8. Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by
the laws of the New York applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict
of law principles thereof.


 


6.9. Severability.
Ifn any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this Agreement shall
be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems it reasonable
and enforceable, and, as so limited, shall remain in full force and effect. If such court shall deem any such provision, or portion thereof,
wholly unenforceable, the remaining provisions of this Agreement shall nevertheless remain in full force and effect.


 


6.10. Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any other
agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof and any investigations
made by or on behalf of the parties.


 


6.11. No
Broker or Finder. Each party agrees to indemnify and hold harmless the other party from and against any claim or demand for commission
or other compensation made against such other party by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.


 


6.12. Counterparts.
This Agreement may be executed in one or more counterparts, each of which when so executed and delivered shall be deemed to be an original
and all of which together shall be deemed to be one and the same agreement. If any signature is delivered in pdf format via electronic
mail, such signature shall create a valid and binding obligation of the party executing, or on whose behalf such signature is executed,
with the same force and effect as if such signature page were an original thereof.


 




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6.13. Surrender
of Class B Ordinary Share. The Subscriber hereby surrenders to the Company for cancellation and for nil consideration one Class B
ordinary share of a par value US$0.0001 standing in its name in the register of members of the Company.


 


7. Mutual
Drafting; Headings and Captions; Construction. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the
parties hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of
any provision of this Agreement. The headings and captions of the various subdivisions of this Agreement are for convenience of reference
only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof. The words “include,”
“includes,” and “including” will be deemed to be followed by “without limitation.”
Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will
be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,”
“herein,” “hereof,” “hereby,” “hereunder,” and words of similar
import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend
that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached
any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty
or covenant relating to the same subject matter, regardless of the relative levels of specificity, which such party hereto has not breached
will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.


 


[Signature Page Follows]


 




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If the foregoing accurately
sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.


 





	 	Very truly yours,
	 	 
	 	CCM Acquisition Corp.
	 	 	 
	 	By:	/s/ Arthur Kwok On Yeung
	 	 	Name: 	Arthur Kwok On Yeung
	 	 	Title:	Director


 


Accepted and agreed as of the date first written above.


	 	 
	CCM Global LLC	 
	 	 
	By:	/s/ Mingpo Cai	 
	 	
    Name:
	Mingpo Cai

    
	 
	 	Title:	 Manager	 


 


 


Signature Page to Securities Subscription Agreement