Document:

Exhibit
      10.2

     

    

     

    

     

    

     

    AMENDMENT
      NO. 1 TO JOINT VENTURE AGREEMENT

     

     

    BY
      AND AMONG 

     

     

    ASIA
      LEADER INVESTMENTS LIMITED

     

     

    RAD
      INTERNATIONAL INVESTMENT FUND LTD.

     

     

    SHANGHAI
      CENTURY ACQUISITION CORPORATION

     

     

    AND

     

     

    KEVIN
      MA

     

    

    

    

    

    

    

    

    

    

    Dated:
      April __, 2008

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    AMENDMENT
      NO 1. TO JOINT VENTURE AGREEMENT

     

    This
      Amendment No. 1 dated as of April __, 2008 (the “Amendment”) to the Joint
      Venture Agreement of New Goal International Limited (the “Company”) dated as of
      February 20, 2008 (the “Original Joint Venture Agreement”) by and among the
      Persons set forth on Schedule A hereto (collectively, the “Joint Venturers”)
      and, with respect to only the representations, warranties, covenants and
      agreements set forth in Article IX hereof, Mr. Kevin Ma (“Kevin Ma”). The
      Original Joint Venture Agreement as amended by this Amendment shall be referred
      to herein as the “Joint Venture Agreement” or this “Agreement”). Capitalized
      terms used herein without definition shall have the meanings ascribed to such
      terms in the Original Joint Venture Agreement. 

     

    A. Whereas
      the Joint Venturers and Kevin Ma have previously formed the Company”) and
      adopted the Original Joint Venture Agreement; and 

     

    B. Whereas,
      the Joint Venturers and Kevin Ma wish to amend the Original Joint Venture
      Agreement on the terms and subject to the conditions set forth
      herein.

     

    NOW,
      THEREFORE, in consideration of the mutual covenants contained herein and for
      other good and valuable consideration, the receipt and sufficiency of which
      is
      acknowledged, the parties agree as follows.

     

    ARTICLE
      I

     

    DEFINITIONS

     

    When
      used
      in the Joint Venture Agreement, the following terms have the following meanings:
      

     

    A. “Arranger
      Fee” means the issuance to RAD of 12,000,000 newly issued Ordinary Shares of
      Shanghai Century free and clear of all liens and encumbrances.

     

    B. “Capital
      Contribution” of a Joint Venturer means the amount of money in US dollars, or,
      in the case of property, the gross Fair Market Value on the date contributed
      of
      such property (net of any liability assumed by the Company in respect of such
      property or to which the property is subject), contributed to the capital of
      the
      Company by such Joint Venturer, or services rendered by such Joint Venturer
      to
      or for the benefit of the Company.
      

    

    C. “Shanghai
      Century” means Shanghai Century Acquisition Corporation, a Cayman Islands
      Corporation. 

     

    ARTICLE
      II

     

    AMENDMENTS
      TO THE ORIGINAL JOINT VENTURE AGREEMENT

     

    A. Section
      3.1.1 of the Original Joint Venture Agreement is hereby amended by amending
      the
      second sentence thereof as follows: “ The Capital Contribution to be made by
      Asia Leader shall be US$70,000,000 subject to adjustment as set forth in Section
      3.1.2.”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    B. Section
      3.1.1 of the Original Joint Venture Agreement is hereby further amended by
      adding two new sentences immediately following the second sentence thereof
      to
      read in their entirety as follows: “At least US$10,000,000 of the Capital
      Contribution to be made by Asia Leader shall be in the form of cash paid on
      the
      Contribution Date; provided,
      however,
      that
      RAD or Kevin Ma on may, by written notice delivered to Shanghai Century on
      or
      prior to 2pm EST on April 25, 2008, inform Shanghai Century that it is unwilling
      to proceed with the closing of the transactions contemplated by this Agreement
      due to Shanghai Century’s inability to have at least US$20,000,000 so that it
      can fund an additional contribution in cash on the Contribution Date. Asia
      Leader shall be permitted to finance the remaining portion of its Capital
      Contribution and Shanghai Century shall retain RAD to arrange for and secure
      or
      to cause the arrangement and securing of such financing on the terms and subject
      to the conditions set forth in Section. 3.1.4 of this Agreement. 

    

    C. Section
      3.1.1(a) of the Original Joint Venture Agreement is hereby amended by adding
      the
      words “ as amended from time to time by the mutual written consent of the
      parties thereto” immediately after the word “hereof” in the third line
      thereof.

    

    D. Section
      3.1.1 of the Original Joint Venture Agreement is hereby further amended by
      adding a new subsection (j) thereto to read in its entirety as follows: “(j) the
      Supplementary Agreement dated as of April 23, 2008 by and among the Company,
      NCIL, FAW Volkswagen Sales Co., Ltd and Beijing Zhongyida Business Group Co.,
      Ltd (the “Auto Supplementary Agreement”) and the Supplementary Agreement dated
      as of April 23, 2008 by and between the Company and NCIL (the “ATM Supplementary
      Agreement”).

    

    E. A
      new
      Section 3.1.4 shall be added to the Joint Venture Agreement to read in its
      entirety as follows:

     

    “3.1.4 Arranger
      Services and Fee RAD
      agrees to arrange for and secure or to cause the arrangement and securing of
      financing for such portion of the capital contribution required to be made
      to
      Company by Asia Leader pursuant to this Agreement, that is not made in cash
      by
      Asia Leader to the Company on the Contribution Date. In consideration for the
      performance of such arranger services, Shanghai Century agrees to pay to RAD
      the
      Arranger Fee. The Arranger Fee shall be paid to RAD on the date immediately
      following the date on which the Shanghai Century has obtained the approval
      of
      its shareholders in accordance with the rules of the American Stock Exchange
      for
      the issuance to RAD of the Ordinary Shares that constitute the Arranger Fee.
      Shanghai Century agrees that it will call a meeting of its shareholders at
      which
      it will seek such shareholder approval no later than May 31, 2008.”

     

    F. A
      new
      Section 3.1.5 shall be added to the Joint Venture Agreement to read in its
      entirety as follows:

     

    “3.1.5 Certain
      Voting Arrangements Shanghai
      Century agrees that on or prior to May 2, 2008, that it shall execute and
      deliver and shall cause each of its founding shareholders to executes and
      deliver a Voting Agreement with RAD whereby each party would agree that (i)
      until May 31, 2008 and at all times thereafter for so long as RAD and its
      Affiliates own at least a majority of Shanghai Century’s outstanding Ordinary
      Shares, that RAD shall have the right to(x) nominate a majority of the
      candidates for election to Shanghai Century’s Board of Directors and (y)
      designate the candidate to serve as the Chairman of the Board of Directors
      of
      Shanghai Century and (ii) he will vote all Ordinary Shares then beneficially
      owned by such party in favor of the nominees selected by RAD. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    G. Section
      3.4.1(d) of the Original Joint Venture Agreement is hereby amended by adding
      the
      words “, the Auto Supplementary Agreement, ATM Supplementary Agreement”
immediately after the words “Automobile Supply Contract” in the sixth line
      thereof.

    

    H. Section
      3.4.1(e) of the Original Joint Venture Agreement is hereby amended by adding
      the
      words “, the Supplementary Agreement, the ATM Supplementary Agreement”
immediately after the words “First Refusal Agreement” in the eighth line
      thereof. 

     

    ARTICLE
      III

     

    MISCELLANEOUS

    

    A Effectiveness
      This
      Amendment shall become effective as of the date first above
      written.

     

    B. Continued
      Effectiveness of the Original Joint Venture Agreement Except
      as
      expressly amended herein, all terms and provisions of the Original Joint Venture
      Agreement are and shall continue to be in full force and effect and the parties
      hereto shall be entitled to the full benefits thereof.

     

    C. Governing
      Law This
      Amendment shall be governed by and construed in accordance with the laws of
      the
      State of New York without giving effect to any principles of conflicts of laws
      that would result in the application of the law of any other
      jurisdiction.

     

    D. Counterparts
      This
      Amendment may be executed by the parties hereto in any number of separate
      counterparts. 

     

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement, effective
      as
      of the date first written above.

    

    
      	 	
              ASIA
                LEADER INVESTMENTS LIMITED

            
	 	
               

              By:

            	 
	 	
              Name:

            	
              Richard
                Li

            
	 	
              Title:

            	
              Director

            

    

    

    
      	 	
              RAD
                INTERNATIONAL INVESTMENT FUND LTD.

            
	 	
              By:

            	 
	 	
              Name:

            	
              Kevin
                Ma

            
	 	
              Title:

            	
              Director

            
	 	 	 
	 	 
	 	Kevin
              Ma

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    For
      purposes of Sections 3.1.4 and 3.1.5 only:

    SHANGHAI
      CENTURY

    ACQUISITION
CORPORATION

    

    By:____________________

    Name:
      Franklin D. Chu

    Title:
      co-Chief Executive Officer

    

 

    
      
        
        

      

      
        5Exhibit
      10.3

     

    

     

    

     

    

     

    AMENDMENT
      NO. 1 TO EMPLOYMENT AGREEMENT

     

     

    BY
      AND

     

     

    KEVIN
      MA

     

     

    AND

     

     

    SHANGHAI
      CENTURY ACQUISITION CORPORATION

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    Dated:
      April __, 2008

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    THIS
      AMENDMENT
      NO.1 TO EMPLOYMENT AGREEMENT (“Amendment”)

    is
      made
      and entered into this

    ____ day
      of April 2008

    by
      and

    Kevin
      Ma

    (the
      “Employee”)

    and

    Shanghai
      Century Acquisition Corporation

     

    BACKGROUND

     

    WHEREAS
      the Employee and the Company have entered into an Employment Agreement dated
      as
      of February 20, 2008 ( the “Original Employment Agreement”); and

     

    WHEREAS,
      the Employee and the Company desire to amend the Original Employment Agreement
      on the terms and subject to the conditions set forth in this Amendment (the
      Original Employment Agreement as amended by this Amendment shall be referred
      to
      as the “Agreement”);

     

    NOW,
      THEREFORE, intending to be legally bound, and in consideration of the premises
      and the mutual promises set forth herein and for other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      the
      Company and Employee agree as follows (Capitalized terms used herein without
      definition shall have the meanings ascribed to such terms in the Original
      Employment Agreement):

     

    DEFINITIONS

     

    “Cause”
      means (i) the Employee commits a crime involving dishonesty, breach of trust,
      or
      physical harm to any person; (ii) The Employee materially breaches any
      applicable law or regulation that has a potentially material adverse effect
      on
      either the performance or Business of the Company or any of its Subsidiaries
      or
      on the Employee’s ability to carry out his duties as an officer or director of
      the Company or any of its Subsidiaries; (iii) the Employee willfully engages
      in
      conduct that is in bad faith and materially injurious to the Company, including
      but not limited to, misappropriation of trade secrets, fraud or embezzlement;
      (iv) the Employee commits a material breach of this Agreement or the Ancillary
      Agreements, which breach is not cured within twenty (20) days after written
      notice to the Employee from the Company; (iv) the Employee willfully refuses
      to
      implement or follow a reasonable and lawful policy or directive of the Company,
      which breach is not cured within twenty (20) days after written notice to the
      Employee from the Company; (v) the Employee engages in malfeasance demonstrated
      by a pattern of failure to perform job duties diligently and professionally;
      or
      (vi) the conduct of the Employee brings disrepute to the Company or its Business
      or results in the portrayal of the Company in a negative light.

     

    ARTICLE
      1. AMENDMENTS
      TO ORIGINAL EMPLOYMENT AGREEMENT

     

    
      	
              1.1

            	
              Section
                2.2(a) of the Original Employment Agreement is hereby amended by
                (i)
                deleting the words “4,000,000 newly issued Ordinary Shares of the Company
                free and clear of all liens and encumbrances and” in the first and second
                lines thereof and (ii) deleting the word “US$20” in the tenth line thereof
                and substituting therefor the word
“US$10”.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
      	
              1.2

            	
              Section
                2.2(a)(ii) of the Original Employment Agreement is hereby amended
                by
                deleting the word “US$20” in the second line thereof and substituting
                therefor the word “US$10”. Section 2.2(a) (ii) of the Original Employment
                Agreement is hereby further amended by amending the second sentence
                thereof in its entirety to read as follows: “By way of example, (x) if the
                2008 pro forma combined net after-tax income is US$12,500,000, an
                additional 1,000,000 warrants will be transferred to the Management
                Trust;
                (y) if the 2008 pro forma combined net after-tax income is US$7,500,000,
                1,000,000 warrants will be deducted with the result that only 3,000,000
                warrants will be transferred to the Management Trust; and (z) if
                the 2008
                pro forma combined net after-tax income is US$17,500,000, only an
                additional 2,000,000 warrants will be transferred to the Management
                Trust.” 

            

    

     

    
      	
              1.3

            	
              Section
                2.2(b) of the Original Employment Agreement is hereby amended by
                (i)
                deleting the word “4,000,000” in the first line thereof and substituting
                therefor the word “2,000,000” and (ii) deleting the word “$34,000,000 in
                the fifth and eighth lines thereof and substituting therefor the
                word
                “$25,000,000”. 

            

    

     

    
      	
              1.4

            	
              Section
                2.2(c) of the Original Employment Agreement is hereby amended by
                (i)
                deleting the word “4,000,000” in the first line thereof and substituting
                therefor the word “2,000,000” and (ii) deleting the word “$57,800,000 in
                the fifth and eighth lines thereof and substituting therefor the
                word
                “$43,000,000”. 

            

    

     

    
      	
              1.5

            	
              A
                new Section 2.2(e) shall be added to the Agreement to read in its
                entirety
                as follows:

            

    

     

    
      	 	
              “(e)
                For purposes of this Section 2.2, there shall be excluded from the
                calculation of net after-tax income any amounts that may have been
                recorded on the Company’s audited financial statements as either (i) any
                compensation costs associated with a Share Bonus or (ii) any liabilities
                associated with the warrants due to the application of EITF No.
                00-19.”

            

    

     

    ARTICLE
      2. 
      EFFECTIVENESS AND CONTINUED EFFECTIVENESS

     

    2.1 Effectiveness
      This
      Amendment shall become effective as of the date first above
      written.

     

    2.2. Continued
      Effectiveness of the Original Employment Agreement Except
      as
      expressly amended herein, all terms and provisions of the Original Employment
      Agreement are and shall continue to be in full force and effect and the parties
      hereto shall be entitled to the full benefits thereof.

     

    ARTICLE
      3. 
      MISCELLANEOUS

     

    3.1. Governing
      Law This
      Amendment shall be governed by and construed in accordance with the laws of
      the
      State of New York without giving effect to any principles of conflicts of laws
      that would result in the application of the law of any other
      jurisdiction.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    3.2. Counterparts
      This
      Amendment may be executed by the parties hereto in any number of separate
      counterparts. 

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
      date
      first above written.

     

    
      	
              EMPLOYEE

            	 
	 	 
	 	 
	
              By:

            	 	 
	 	
              Kevin
                Ma

            	 
	 	 	 
	 	 	 
	
              SHANGHAI
                CENTURY ACQUISITION CORPORATION

            	 
	 	 	 
	 	 	 
	
              By:

            	 	 
	
              Name:

            	
              Franklin
                D. Chu

            	 	 
	
              Title:

            	
              Co-Chief
                Executive Officer

            	 	 

    

     

     

    4

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