Document:

Specimen Unit Certificate

 Exhibit 4.1 
  

					
	NUMBER	  		 	UNITS
			
	U-                    	  		 	

  

					
	 SEE REVERSE FOR
 CERTAIN DEFINITIONS
	  	NORTH ASIA INVESTMENT CORPORATION	 	

 CUSIP G66202 20 4 
 UNITS CONSISTING OF ONE ORDINARY SHARE AND ONE WARRANT EACH TO PURCHASE ONE ORDINARY SHARE 
  

							
	 THIS CERTIFIES THAT
	 	  
	 	
			
	 is the owner of
	 	  
	 	Units.

 Each Unit (“Unit”) consists of one (1) ordinary share, par value $.0001 per share (“Ordinary
Share”), of North Asia Investment Corporation, a Cayman Islands company (the “Company”), and one warrant of the Company (the “Warrant(s)”). Each Warrant entitles the holder to purchase one (1) Ordinary Share for $7.50
per Ordinary Share (subject to adjustment). Each Warrant will become exercisable on the later of (i) the Company’s completion of a merger, share exchange, asset acquisition, plan of arrangement, recapitalization, reorganization or other
similar business combination and (ii)                     , 2009, and will expire unless exercised before 5:00 p.m., New York City Time,
on                     , 2013, or earlier upon redemption (the “Expiration Date”). The Ordinary Shares and Warrants comprising the
Units represented by this certificate are not transferable separately prior to                     , 2008, subject to earlier separation in
the discretion of Citigroup Global Markets Inc. The terms of the Warrants are governed by a Warrant Agreement, dated as of
                    , 2008, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to
the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 17 Battery Place, New
York, New York 10004, and are available to any Warrant holder on written request and without cost. 
 This certificate is not valid unless
countersigned by the Transfer Agent and Registrar of the Company. 
 Witness the facsimile seal of the Company and the facsimile signatures of
its duly authorized officers. 
 By 
  
  

									
		 	  
	 	        

        	 	  
	 	
		 	Chairman of the Board	 	 	Secretary	 	

 North Asia Investment Corporation 
 The Company will furnish without charge to each shareholder who so requests, a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of shares or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights. 
 The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations: 
  

							
	TEN COM –	  	as tenants in common	  	UNIF GIFT MIN ACT -             
Custodian            
	TEN ENT –	  	as tenants by the entireties	  		  	    (Cust)                     (Minor)
	JT TEN –	  	as joint tenants with right of survivorship	  		  	under Uniform Gifts to Minors
		  	and not as tenants in common	  		  	Act
                                        

		  		  		  	                    (State)

 Additional Abbreviations may also be used though not in the above list. 
  

	
	 For value received,
                                        
                                        
                                 hereby sell, assign and transfer
unto

 PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE 
  

	
	 
	 

  

			
	  

	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	
	  

	
	  

		
	  
	 	Units
	
	represented by the within Certificate.

  

	
	 Dated                     

  

			
	  

	Notice:	  	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change
whatever.

  

			
	 Signature(s) Guaranteed:
	 	
		
	  
	 	
		
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).Specimen Ordinary Share Certificate

 Exhibit 4.2 
  

					
	            NUMBER	  		  	ORDINARY SHARES
			
	            C	  		  	

 NORTH ASIA INVESTMENT CORPORATION 
 INCORPORATED UNDER THE LAWS OF THE CAYMAN ISLANDS 
 ORDINARY SHARES

 SEE REVERSE FOR 
 CERTAIN DEFINITIONS 
  

					
	This Certifies that	 		  	CUSIP G66202 10 5
	is the owner of	 		  	

 FULLY PAID AND NON-ASSESSABLE ORDINARY SHARES WITH A PAR VALUE OF $.0001 EACH OF 

NORTH ASIA INVESTMENT CORPORATION 
 transferable on the register of members of the Company in person or by duly authorized attorney upon surrender of this certificate properly endorsed. The Company will be forced to liquidate if it is unable to complete a business
combination within certain required time periods, all as more fully described in the Company’s final prospectus dated
                    , 2008. 
 This certificate is not valid unless countersigned by the Transfer Agent and registered by the Registrar. 
 Witness the
facsimile seal of the Company and the facsimile signatures of its duly authorized directors. 
 Dated: 
  
  
  

					
	  
	  	

	  	  

	CHAIRMAN	  	  	SECRETARY

 The following abbreviations, when used in the inscription on the face of this certificate, shall be
construed as though they were written out in full according to applicable laws or regulations: 
  

							
	TEN COM –	  	as tenants in common	  	UNIF GIFT MIN ACT -             
Custodian            
	TEN ENT –	  	as tenants by the entireties	  		  	    (Cust)                     (Minor)
	JT TEN –	  	as joint tenants with right of survivorship	  		  	under Uniform Gifts to Minors
		  	and not as tenants in common	  		  	Act
                                        

		  		  		  	                    (State)

 Additional Abbreviations may also be used though not in the above list. 
 North Asia Investment Corporation 
 The Company will furnish without charge to each shareholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of shares or series thereof of the Company and the
qualifications, limitations, or restrictions of such preferences and/or rights. This certificate and the ordinary shares represented thereby are issued and shall be held subject to all the provisions of the Memorandum and Articles of Association and
all amendments thereto and resolutions of the Board of Directors providing for the issue of preferred shares (copies of which may be obtained from the secretary of the Company), to all of which the holder of this certificate by acceptance hereof
assents. 
  

	
	For value received,
                                        
                     hereby sell, assign and transfer unto

 PLEASE INSERT SOCIAL SECURITY OR OTHER 
         IDENTIFYING NUMBER OF ASSIGNEE 

					
	 	  		  	
	  		  	
	  		  	

  

	
	  

	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	  
	  
 
	  
 
	  
 
	 ordinary shares represented by the within Certificate.

  

	
	  

  

			
	Dated                     	 	
		 	  

		 	 Notice:    The signature to this assignment must correspond with the name as written upon the face of the
certificate in every particular, without alteration or enlargement or any change whatever.

  

			
	Signature(s) Guaranteed:	 	
		
	  
	 	
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).	 	

 The holder of this certificate shall be entitled to receive funds from the trust account only in the event of the
Company’s liquidation upon failure to consummate a business combination or if the holder seeks to convert his respective ordinary shares into cash upon a business combination which he voted against and which is actually completed by the
Company. In no other circumstances shall the holder have any right or interest of any kind in or to the trust account.Specimen Warrant Certificate

 [FORM OF WARRANT CERTIFICATE] 
 [FACE] 
 Exhibit 4.3 
  

					
	NUMBER -
                            	  	 THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO
 5:00 P.M. NEW YORK CITY TIME,                     , 2013
	  	WARRANTS

  

									
		  		  	NORTH ASIA INVESTMENT CORPORATION	  		  	
	 CUSIP G66202 11 3

 WARRANT 
 THIS CERTIFIES THAT, for value received                     , or registered assigns, is the registered holder of a Warrant or
Warrants expiring at 5:00 pm New York City time, on                     , 2013 (the “Warrant”) to purchase one fully paid and
non-assessable ordinary share (“Ordinary Shares”), par value $.0001 per share, of North Asia Investment Corporation, a Cayman Islands company (the “Company”), for each Warrant evidenced by this Warrant Certificate. The Warrant
entitles the holder thereof to purchase from the Company, commencing on the later of (i) the Company’s completion of a merger, share exchange, asset acquisition, plan of arrangement, recapitalization, reorganization or other similar
business combination of one or more operating businesses meeting the requirements set forth in the Company’s Registration Statement on Form F-1 (File No. 333-148378) and
(ii)                     , 2009, such number of Ordinary Shares of the Company at the price of $7.50 per share, upon surrender of this
Warrant Certificate and payment of the Warrant Price at the office or agency of the Warrant Agent, Continental Stock Transfer & Trust Company, but only subject to the conditions set forth herein and in the Warrant Agreement between the
Company and Continental Stock Transfer & Trust Company dated                     , 2008. The Company shall not be obligated to
deliver any securities pursuant to the exercise of a Warrant and shall have no obligation to settle a Warrant exercise unless a registration statement under the Securities Act of 1933, as amended, (the “Act”) with respect to the Ordinary
Shares issuable upon exercise of the Warrants is effective and a prospectus relating to such Ordinary Shares is current and available, subject to the Company satisfying its obligations under Section 6.5 of the Warrant Agreement to use its best
efforts. In the event that a registration statement with respect to the Ordinary Shares underlying a Warrant is not effective under the Act, the holder of such Warrant shall not be entitled to exercise such Warrant and such Warrant may have no value
and expire worthless. In no event will the Company be required to net cash settle the warrant exercise. The Warrant Agreement provides that upon the occurrence of certain events the Warrant Price and the number of Ordinary Shares purchasable
hereunder, set forth on the face hereof, may, subject to certain conditions, be adjusted. The term Warrant Price as used in this Warrant Certificate refers to the price per Ordinary Share at which Ordinary Shares may be purchased at the time the
Warrant is exercised. Any conflict or inconsistency between this Warrant Certificate and the Warrant Agreement shall be governed by the terms of the Warrant Agreement. 
 No fraction of an Ordinary Share will be issued upon any exercise of a Warrant. If the holder of a Warrant would be entitled to receive a fraction of an Ordinary Share upon any exercise of a Warrant, the Company
shall, upon such exercise, round up or down to the nearest whole number the number of Ordinary Shares to be issued to such holder. 
 Upon any exercise of
the Warrant for less than the total number of full Ordinary Shares provided for herein, there shall be issued to the registered holder hereof or the registered holder’s assignee a new Warrant Certificate covering the number of Ordinary Shares
for which the Warrant has not been exercised. 
 Warrant Certificates, when surrendered at the office or agency of the Warrant Agent by the registered holder
hereof in person or by attorney duly authorized in writing, may be exchanged in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant
Certificates of like tenor and evidencing in the aggregate a like number of Warrants. 
 Upon due presentment for registration of transfer of the Warrant
Certificate at the office or agency of the Warrant Agent, a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any applicable tax or other governmental charge. 
 The
Company and the Warrant Agent may deem and treat the registered holder as the absolute owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of
any distribution to the registered holder, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 
 This Warrant does not entitle the registered holder to any of the rights of a shareholder of the Company. 
 The Company
reserves the right to call the Warrant at any time prior to its exercise, with a notice of call in writing to the holders of record of the Warrant, giving a minimum of 30 days’ notice of such call at any time after the Warrant becomes
exercisable if the last sale price of the Shares has been at least $13.75 per share (subject to adjustment) on each of 20 trading days within any 30 trading day period ending on the third business day prior to the date on which notice of such call
is given and a registration statement covering the Ordinary Shares issuable upon exercise of the Warrant is effective and a prospectus relating to such Ordinary Shares is current and available at the time notice is given and throughout the 30-day
notice period. The call price of the Warrants is to be $.01 per Warrant. Any Warrant either not exercised or tendered back to the Company by the end of the date specified in the notice of call shall be canceled on the books of the Company and have
no further value except for the $.01 call price. In the event the Company exercises its right to call the Warrants, the Company will have the option to require all holders who wish to exercise their warrants to do so on a cashless basis by requiring
each such holder to pay the Warrant Price by surrendering the Warrant for that number of Ordinary Shares equal to the quotient obtained by dividing (i) the product of the number of Ordinary Shares underlying the Warrant, multiplied by the
difference between the average reported last sale price of the ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of the Warrants (the “Fair Market
Value”) and the Warrant Price by (ii) the Fair Market Value. 
  

					
	By	 		  	
	  
	 		  	  

	Secretary	 		  	Chairman of the Board

 SUBSCRIPTION FORM 
 To Be Executed by the Registered Holder in Order to Exercise Warrants 
 The undersigned Registered Holder irrevocably elects
to exercise
                                        
     Warrants represented by this Warrant Certificate, and to purchase the Ordinary Shares issuable upon the exercise of such Warrants, and requests that Certificates for such shares shall be issued in the name of

			
	  

	(PLEASE TYPE OR PRINT NAME AND ADDRESS)
	  

	  

	  

	(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)
	 and be delivered to
	 	  

	(PLEASE PRINT OR TYPE NAME AND ADDRESS)
	  

	and, if such number of Warrants shall not be all the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate for the balance of such Warrants be registered in
the name of, and delivered to, the Registered Holder at the address stated below:

  

									
	 Dated:
	 	  
	 		 	  
	 	
		 		 		 	(SIGNATURE)	 	
		 		 		 	  
	 	
		 		 		 	(ADDRESS)	 	
		 		 		 	  
	 	
		 		 		 	  
	 	
		 		 		 	(TAX IDENTIFICATION NUMBER)	 	

 ASSIGNMENT 
 To Be Executed by the Registered Holder in Order to Assign Warrants 
 For Value Received,
                                        
hereby sell, assign, and transfer unto 

			
	  

	(PLEASE TYPE OR PRINT NAME AND ADDRESS)
	  

	  

	  

	(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)
	 and be delivered to
	 	  

	(PLEASE PRINT OR TYPE NAME AND ADDRESS)
	
	                                      
       of the Warrants represented by this Warrant Certificate, and hereby irrevocably constitute and appoint
                                        
         Attorney to transfer this Warrant Certificate on the books of the Company, with full power of substitution in the premises.
	

  

									
	 Dated:
	 	  
	 		 	  
	 	
		 		 		 	(SIGNATURE)	 	

 THE SIGNATURE TO THE ASSIGNMENT
OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE NAME WRITTEN UPON THE
FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR
ENLARGEMENT OR ANY CHANGE WHATSOEVER. THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT
UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

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