Document:

Form of Investment Management Trust Agreement

 EXHIBIT 10.11 
 INVESTMENT MANAGEMENT TRUST AGREEMENT 
 This Agreement (this “Agreement”) is made as
of                     , 2007 by and between 2020 ChinaCap Acquirco, Inc., a Delaware corporation (the “Company”) and
LaSalle Bank National Association, a national banking association (the “Trustee”). 
 WHEREAS, the Company has entered into
an Underwriting Agreement, dated as of _________, 2007 (the “Underwriting Agreement”) with Morgan Joseph & Co. Inc. (the “Representative”), as representative of the underwriters party thereto (collectively,
the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase from the Company, and effect a public offering (the “IPO”) of, 7,500,000 Units (“Units”), and up
to an additional 1,125,000 Units in the Underwriters’ over-allotment option is exercised in full. Each Unit consists of one share of the Company’s common stock, par value $.0001 per share (“Common Stock”), and one Warrant
to purchase one share of Common Stock, all as more fully described in the Company’s final Prospectus comprising part of the Company’s Registration Statement on Form S-1 (File No. 333-142255) under the Securities Act of 1933, as
amended (“Registration Statement”); 
 WHEREAS, the Registration Statement has been declared effective as of the date hereof
by the Securities and Exchange Commission (“Effective Date”); 
 WHEREAS, as described in the Registration Statement,
$58,840,685 of proceeds from the IPO, net of all discounts and commissions, including the Deferred Compensation (as defined below), and expenses of the IPO (and such amount may be up to $67,480,685, if the Underwriters’ over-allotment option is
exercised in full) (the “IPO Proceeds”) will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the Company and the holders of the Common Stock (the “Public Stockholders” and,
together with the Company and the Representative, the “Beneficiaries”) issued in the IPO as part of the Units (such shares, excluding shares of Common Stock issued upon exercise of Warrants issued in the IPO, are referred to as the
“IPO Shares”); 
 WHEREAS, pursuant to the Warrant Purchase Agreement dated as of __________, 2007 among the Company and
certain purchasers, the entire proceeds of the private placement of warrants with the Company’s purchasers, equal to $2,000,000 (the “Warrant Proceeds”), will be delivered to the Trustee to be deposited and held in the Trust
Account (as defined below); 
 WHEREAS, pursuant to the Underwriting Agreement an additional $1,800,000 representing a portion of the
underwriters’ discount (the “Deferred Compensation” and, collectively with the IPO Proceeds and the Warrant Proceeds, the “Property”) which the Representative, on behalf of the underwriters, has agreed to
deposit into the Trust Account (as defined below); and 
 WHEREAS, the Company and the Trustee desire to enter into this Agreement to set
forth the terms and conditions pursuant to which the Trustee shall hold the Property. 

 IT IS AGREED: 
 1. Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to: 
 (a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement established by the Trustee in its Global Escrow Services Department with offices at 135 South LaSalle Street, Suite 1563, Chicago, IL 60603
(the “Trust Account”); 
 (b) Manage, supervise and administer the Trust Account subject to the terms and
conditions set forth herein; 
 (c) In a timely manner, upon the instruction of the Company, invest and reinvest the Property
in any Government Security. As used herein, “Government Security” means any Treasury Bill issued by the United States, having a maturity of 180 or less or any open ended investment company selected by the Company and registered
under the Investment Company Act of 1940 that holds itself out as a money market fund meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) under Rule 2a-7 promulgated under the Investment Company Act of 1940 as determined by the Company;

 (d) Collect and receive, when due, all principal and income arising from the Property, which shall become part of the
“Property”; 
 (e) Notify the Company and the Representative of all communications received by it with respect to
any Property requiring action by the Company; 
 (f) Supply any necessary information or documents as may be requested by the
Company in connection with the Company’s preparation of its tax returns so as to reflect income earned on Trust Account investments; 
 (g) Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company and the Representative; 
 (h) Render to the Company and to the Representative, and to such other persons as the Company may from time to time instruct, monthly
written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account; 
 (i) Upon receipt of a letter in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B (a “Termination Letter”), signed on behalf of the Company by its Chief
Executive Officer or Chairman of the Board and, in the case of a Termination Letter substantially in the form of Exhibit A, affirmed by a majority of its Board of Directors, comply with the instructions set forth in the letter regarding the
liquidation of the Trust Account, including distribution of the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein (which distribution shall include, in the event of a Business
Combination, payment of the Deferred Compensation to the Representative); and 
 (j) If the Trustee shall not have received a
Termination Letter on or prior to the Distribution Date, promptly following the Distribution Date the Trustee shall liquidate the Trust Account in accordance with the procedures set forth in the Termination Letter attached as Exhibit B to the
Public Stockholders of record as of a record date fixed by the Trustee, which record date shall be ten days after the Distribution Date, or as soon thereafter as is practicable. For purposes of this Agreement, the “Distribution
Date” shall mean the date that is two years from the Effective Date. 
  

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 2. Limited Distributions of Income on Property. 
 (a) Upon written instructions from the Company, the Trustee will deliver to the Company, on a quarterly basis, from the Property in the
Trust Account, an amount equal to the taxes payable by the Company, if any, relating to interest earned on the Property; provided, however, that in no event shall the Company direct the Trustee to disburse amounts pursuant to this
Section 2(a) that exceed the income in respect of which such taxes are due and owing. 
 (b) Upon written request from
the Company, which may be given from time to time but which may be given not more than once in any calendar month period, the Trustee shall distribute to the Company an amount requested by the Company and certified by the Company to be equal to the
income earned on the Property, net of taxes payable through the last day of the month immediately preceding the date of receipt of the Company’s request; provided, however, that the maximum cumulative amount of distributions, net
of taxes, that the Company may request and the Trustee shall distribute pursuant to this Section 2(b) shall be $1,200,000. 
 (c) Except as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Sections 1(i) and 1(j) hereof. 
 3. Agreements and Covenants of the Company. The Company hereby agrees and covenants to: 
 (a) Give all instructions to the Trustee hereunder in writing, signed by an Authorized Individual. The “Authorized
Individuals” shall be those individuals from time to time designated in writing to the Trustee by the Company as “Authorized Officers,” provided that each such individual must be an executive officer or Chairman of the Board of
the Company. The initial Authorized Individuals are identified in Exhibit C to this Agreement. In addition, except with respect to its duties under Section 1(i) above, the Trustee shall be entitled to rely on, and shall be protected in
relying on, any verbal or telephonic advice or instruction which it in good faith believes to be given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in
writing. 
 (b) Hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including
reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand which in any way arises out
of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s gross negligence or willful misconduct.
Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall notify the 

  

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Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and
manage the defense against such Indemnified Claim, provided, however, that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may
not agree to settle any Indemnified Claim without the prior written consent of the Company. The Company may participate in such action with its own counsel. The foregoing indemnities shall extend to the officers, directors and employees of the
Trustee and survive the termination of this Agreement and the resignation or removal of the Trustee. 
 (c) Pay the Trustee an
initial acceptance fee of $1,500 and an annual fee of $3,000 (it being expressly understood that the Property shall not be used to pay such fee). The Company shall pay the Trustee the initial acceptance fee and first year’s fee upon the
execution of the Agreement and thereafter the Company shall pay the Trustee the annual fee on each anniversary thereof. The Trustee shall refund to the Company the fee (on a six month proration basis) with respect to any period after the liquidation
of the Trust Fund. The Company shall not be responsible for any other fees or charges of the Trustee except as may be provided in Section 3(b) of this Agreement (it being expressly understood that the Property shall not be used to make any
payments to the Trustee under such paragraph). Notwithstanding the foregoing, it is agreed that the Company shall promptly reimburse the Trustee for reasonable legal, accounting and related expenses reasonably incurred by the Trustee in connection
with the discharge of its obligations under Section 1(g) hereof. 
 (d) Within five business days after the
Representative’s over-allotment option (or any unexercised portion thereof) expires or is exercised in full, provide the Trustee notice in writing (with a copy to the Representative) of the total amount of the Deferred Compensation, which shall
in no event be less than $1,000,000. 
 (e) Provide to the Trustee any letter of intent, agreement in principle or definitive
agreement that is executed in connection with a Business Combination, together with a certified copy of a unanimous resolution of the Board of Directors of the Company affirming that such letter of intent, agreement in principle or definitive
agreement is in effect. 
 (f) In connection with any vote of the Company’s stockholders regarding a Business Combination
(as defined in the Certificate of Incorporation of the Company), provide to the Trustee an affidavit or certificate of a firm regularly engaged in the business of soliciting proxies and tabulating stockholder votes (which firm may be the Trustee)
verifying the number of votes of the Company’s stockholders for and against such Business Combination. 
 4. Limitations of
Liability. The Trustee shall have no responsibility or liability to: 
 (a) Take any action with respect to the Property,
other than as directed in Section 1 of this Agreement and the Trustee shall have no liability to any party except for liability arising out of its own gross negligence or willful misconduct; 
 (b) Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding
of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses
incident thereto; 
 (c) Change the investment of any Property, other than in compliance with Section 1(c) of this
Agreement; 
 (d) Refund any depreciation in principal of any Property; 
 (e) Assume that the authority of any Authorized Officer designated by the Company or the Representative to give instructions hereunder
shall not be continuing unless provided otherwise in such designation, or unless the Company or the Representative shall have delivered a written revocation of such authority to the Trustee; 
  

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 (f) The other parties hereto or to anyone else for any action taken or omitted by it, or
any action suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order,
notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but
also as to the truth and acceptability of any information therein contained) which is believed by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice
or demand, or any waiver, modification, termination or rescission of this agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of
the Trustee are affected, unless it shall give its prior written consent thereto; 
 (g) Verify the correctness of the
information set forth in the Registration Statement or to confirm or assure that any Business Combination consummated by the Company or any other action taken by the Company is as contemplated by the Registration Statement; or 
 (h) Subject to the requirements of Section 2(a) of this Agreement, pay any taxes on behalf of the Trust Account to any governmental
entity or taxing authority. 
 5. Termination. This Agreement shall terminate as follows: 
 (a) If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its
reasonable efforts to locate a successor trustee. At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall
transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided,
however, that if the Company does not locate a successor trustee within 90 days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with the United States District
Court for the Northern District of Illinois and upon such deposit, the Trustee shall be immune from any liability whatsoever that arises due to any actions or omissions to act by any party after such deposit; or 
 (b) At such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of
Section 1(i) or Section 1(j) of this Agreement, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 3(b) of this Agreement.

 6. Miscellaneous. 
 (a) The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth in this Section 6 with respect to funds transferred from the Trust Account. Upon receipt of written
instructions, the Trustee will confirm such instructions with an Authorized Individual at an Authorized Telephone Number listed on the 

  

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attached Exhibit C. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized
persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. In executing funds transfers, the Trustee will
rely upon account numbers or other identifying numbers of a beneficiary, beneficiary’s bank or intermediary bank, rather than names. The Trustee shall not be liable for any loss, liability or expense resulting from any error in an account
number or other identifying number, provided it has accurately transmitted the numbers provided. 
 (b) This Agreement shall
be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws. It may be executed in several counterparts, each one of which shall constitute an original, and together shall
constitute but one instrument. 
 (c) This Agreement contains the entire agreement and understanding of the parties hereto
with respect to the subject matter hereof. This Agreement or any provision hereof may only be changed, amended or modified by a writing signed by each of the parties hereto; provided, however, that no such change, amendment or
modification (other than to correct a typographical or similar technical error) may be made without the prior written consent of the Representative, except that no change, amendment or modification (other than to correct a typographical or similar
technical error) may be made to Sections 1(i), 1(j), 2(a), 2(b) and 2(c) hereof without the prior written consent of 95% of the Public Stockholders, it being the specific intention of the parties hereto that each Public Stockholder is and shall be a
third-party beneficiary of this Section 6(c) with the same right and power to enforce this Section 6(c) as either of the parties hereto. For purposes of this Section 6(c), the “consent of 95% of the Public Stockholders” shall mean receipt
by the Trustee of a certificate from an entity certifying that (i) such entity regularly engages in the business of serving as inspector of elections for companies whose securities are publicly traded, and (ii) either (a) 95% of the Public
Stockholders of record as of a record date established in accordance with Section 213(a) of the Delaware General Corporation Law, as amended (the “DGCL”), have voted in favor of such amendment or modification or (b) 95% of the Public
Stockholders of record as of a record date established in accordance with Section 213(b) of the DGCL have delivered to such entity a signed writing approving such amendment or modification. As to any claim, cross-claim or counterclaim in any way
relating to this Agreement, each party waives the right to trial by jury. 
 (d) The parties hereto consent to the
jurisdiction and venue of any court of the state of New York or the courts of the United States of America for the Southern District of New York. 
 (e) Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be deemed to have been duly given when sent by Express Mail or similar
private courier service, by certified mail (return receipt requested), by hand delivery, by facsimile transmission or by email transmission (subject to electronic confirmation of receipt); provided, however, that an original copy of
any notice, consent or request sent by facsimile transmission or by email transmission also shall be delivered to the addressee of such notice, consent or request by Express Mail or similar private courier service within two (2) business days
after such initial transmission: 
  

					
	if to the Trustee, to:	  	LaSalle Bank National Association
		  	Global Escrow Services
		  	135 South LaSalle Street, Suite 1563
		  	Chicago, IL 60603
		  	Attention:	  	Mark Loiacono
		  	Telephone:	  	(312) 904-6836
		  	Fax:	  	(312) 904-4019
		  	Email:	  	mark.loiacono@abnamro.com
		
	if to the Company, to:	  	2020 ChinaCap Acquirco, Inc.
		  	 c/o Surfmax Corporation
 221 Boston Post
Road East

		  	Suite 410
		  	Marlborough, MA 01752
		  	Attn:	  	George Lu, CEO
		  	Telephone:	  	(508) 624-4948
		  	Fax:	  	(508) 624-4988
		  	Email:	  	george@georgelu.com

  

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	in either case with a copy to:	  	Morgan Joseph & Co. Inc.
		  	600 Fifth Avenue, 19th Floor
		  	New York, New York 10020
		  	Attn:	  	Scott George
		  	Telephone:	  	(312) 284-2505
		  	Fax:	  	(312) 284-2515
		  	Email:	  	SGeorge@morganjoseph.com
		
	and	  	Ungaretti & Harris LLP
		  	Three First National Plaza
		  	Suite 3500	  	
		  	Chicago, IL 60602
		  	Attn:	  	Gary I. Levenstein, Esq.
		  	Telephone:	  	(312) 977-4108
		  	Fax:	  	(312) 977-4405
		  	Email:	  	gilevenstein@uhlaw.com
		
		  	Seyfarth Shaw LLP
		  	131 S. Dearborn Street
		  	Suite 2400	  	
		  	Chicago, IL 60603
		  	Attn:	  	Michel J. Feldman, Esq.
		  	Telephone:	  	(312) 460-5613
		  	Fax:	  	(312) 460-7613
		  	Email:	  	mfeldman@seyfarth.com

 Any party to which notice or a copy thereof is to be delivered may change the person and address to which the
notices or other communications are to be sent by giving written notice to any such change in the manner provided herein for giving notice. 
 (f) This Agreement may not be assigned by the Trustee without the prior written consent of the Company and the Representative. 
 (g) Each of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee
acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. 
  

 7 

 IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the
date first written above. 
  

					
	LASALLE BANK, NATIONAL ASSOCIATION,
as Trustee
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	2020 CHINACAP ACQUIRCO, INC.
		
	By:	 	 
		 	Name:	 	G. George Lu
		 	Title:	 	Chief Executive Officer

  

 8 

 EXHIBIT A 
 [Letterhead of Company] 
 [Insert date] 
 LaSalle Bank National Association 
 Global Escrow Services 
 135 South LaSalle Street, Suite 
 1563 Chicago, IL 60603 
 Attn: Mark Loiacono 
  

	Re:	Trust Account No. [            ] Termination Letter 

 Gentlemen: 
 Reference is made to that certain Investment
Management Trust Agreement between 2020 ChinaCap Acquirco, Inc., a Delaware corporation (the “Company”) and LaSalle Bank National Association, a national banking association (the “Trustee”) dated as of
                                , 2007 (the “Trust Agreement”).
Capitalized terms used in this letter shall have the meanings ascribed to them in the Trust Agreement unless otherwise defined in this letter. 
 Pursuant to Section 1(i) of the Trust Agreement, the Company hereby advises you that it has entered into a definitive agreement to consummate a Business Combination with
                    . The Company anticipates that the Business Combination will be consummated on or about [insert date]. The Company
shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination (the “Consummation Date”). 
 In accordance with Article Sixth of the Certificate of Incorporation of the Company, the Business Combination has been approved by the stockholders of the Company and by the Public Stockholders holding a majority
of the IPO Shares, and Public Stockholders holding less than 30% of the IPO Shares have voted against the Business Combination and given notice of exercise of their conversion rights described in paragraph B of Article Sixth of the Certificate
of Incorporation of the Company. Pursuant to Section 3(d) of the Trust Agreement, we are providing you with [an affidavit] [a certificate] of
                    , which verifies the number of votes of the Company’s stockholders for and against the Business Combination.
In accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately available for
transfer to the account or accounts that the Company shall direct on the Consummation Date. 
 On the Consummation Date (a) counsel for
the Company shall deliver to you written notification that the Business Combination has been consummated and (b) the Company and Morgan Joseph & Co., Inc., as representative of the underwriters (the “Representative”) shall
deliver to you joint written instructions with respect to the transfer of the funds held in the Trust Account, including the Deferred Compensation (the “Instruction Letter”). You are hereby directed and authorized to transfer the funds
held in the Trust Account, including the Deferred Compensation, immediately upon your receipt of the counsel’s letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. If certain deposits held in the Trust
Account may not be liquidated by the Consummation 

  

 A-1 

 
Date without penalty, you will notify the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account
and distributed after the Consummation Date to the Company or, with respect to the Deferred Compensation, to the Representative. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be
terminated. 
 If the proposed Business Combination is not consummated on the Consummation Date described in the notice thereof and we have
not notified you on or before the original Consummation Date of a new Consummation Date, then you shall reinvest the funds held in the Trust Account as provided in the Trust Agreement on the business day immediately following the Consummation Date
as set forth in the notice. 
 The undersigned directors constitute a majority of the Board of Directors of the Company as of the date of
this letter. 
  

					
	Very truly yours,
	
	2020 CHINACAP ACQUIRCO, INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	AFFIRMED:
		
		 	 
		 	Name:	 	
		 	Title:	 	Director
		
		 	 
		 	Name:	 	
		 	Title:	 	Director
		
		 	 
		 	Name:	 	
		 	Title:	 	Director
		
		 	 
		 	Name:	 	
		 	Title:	 	Director
		
		 	 
		 	Name:	 	
		 	Title:	 	Director

  

 A-2 

 EXHIBIT B 
 [Letterhead of Company] 
 [Insert date] 
 LaSalle Bank National Association 
 Global Escrow Services 
 135 South LaSalle Street, Suite 1563 
 Chicago, IL 60603 
 Attn: Mark Loiacono 
  

	Re:	Trust Account No. [            ] Termination Letter 

 Gentlemen: 
 Reference is made to that certain Investment
Management Trust Agreement between 2020 ChinaCap Acquirco, Inc., a Delaware corporation (the “Company”) and LaSalle Bank National Association, a national banking association (the “Trustee”) dated as of
                    , 2007 (the “Trust Agreement”). Capitalized terms used in this letter shall have the meanings ascribed to
them in the Trust Agreement unless otherwise defined in this letter. 
 Pursuant to Section 1(i) of the Trust Agreement, the Company
hereby advises you that the Board of Directors of the Company has voted to dissolve and liquidate the Company. 
 In accordance with the
terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account to the Public Stockholders. In connection with this liquidation, you are hereby authorized to establish a record date for the purposes of determining the Public
Stockholders of record entitled to receive their pro rata share of the Trust Account. The record date shall be ten days after the Distribution Date, or as soon thereafter as is practicable. 
 You shall notify the Company in writing as to when all of the funds in the Trust Account will be available for immediate transfer in accordance with the
terms of the Trust Agreement and the Certificate of Incorporation of the Company. You shall commence distribution of such funds in accordance with the terms of the Trust Agreement and you shall oversee the distribution of the funds. Upon the payment
of all the funds in the Trust Account, the Trust Agreement shall be terminated. 
  

 B-1 

					
	Very truly yours,
	
	2020 CHINACAP ACQUIRCO, INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	AFFIRMED:
		
		 	 
		 	Name:	 	
		 	Title:	 	Director
		
		 	 
		 	Name:	 	
		 	Title:	 	Director
		
		 	 
		 	Name:	 	
		 	Title:	 	Director
		
		 	 
		 	Name:	 	
		 	Title:	 	Director
		
		 	 
		 	Name:	 	
		 	Title:	 	Director

  

 B-2 

 EXHIBIT C 
  

			
	 AUTHORIZED INDIVIDUAL(S)
 FOR TELEPHONE CALL BACK
	  	 AUTHORIZED
 TELEPHONE NUMBER(S)

		
	 Company:
	  	
		
	 Trustee:
	  	

  

 C-1Form of Securites Ecsrow Agreement

 EXHIBIT 10.12 
 SECURITIES ESCROW AGREEMENT 
 This Securities Escrow Agreement (this “Agreement”) is
made and entered into as of ___, 2007, by and among LaSalle Bank National Association, a national banking association (“Escrow Agent”), 2020 ChinaCap Acquirco, Inc., a Delaware corporation (the “Company”), the
undersigned initial stockholders of the Company (each, an “Initial Stockholder” and collectively, the “Initial Stockholders”), and Win Wide International Ltd., a British Virgin Islands international business company
(“Win Wide”), with reference to the following facts: 
 A. The Company has entered into an Underwriting Agreement dated
                    , 2007 (“Underwriting Agreement”), with Morgan Joseph & Co. Inc. (the
“Representative”) acting as representative of the underwriters party thereto (collectively, the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase 7,500,000 units
(“Units”) of the Company, and up to an additional 1,125,000 Units if the Underwriters’ over-allotment option is exercised in full. Each Unit consists of one share of the Company’s common stock, par value $.0001 per share
(“Common Stock”), and one Warrant to purchase one share of Common Stock, all as more fully described in the Company’s final prospectus, dated
                    , 2007 (“Prospectus”) comprising part of the Company’s Registration Statement on
Form S-1 (File No. 333-142255) under the Securities Act of 1933, as amended, declared effective on ________, 2007 (“Registration Statement”). 
 B. In order to facilitate the public offering of the Units, each Initial Stockholder has agreed to deposit in escrow, as hereinafter provided, all shares of Common Stock that such Initial Stockholder owns as of the
date hereof, as set forth opposite his name in Exhibit A attached hereto (collectively “Escrow Shares”). 
 C. The
Company has entered into a Warrant Purchase Agreement dated ________, 2007 (the “Warrant Purchase Agreement”) with Win Wide and G. George Lu (collectively, the “Initial Warrantholders”), pursuant to which the
Initial Warrantholders have agreed to purchase an aggregate of 2,000,000 warrants (the “Insider Warrants” and, together with the Escrow Shares, the “Escrow Securities”) in a private placement transaction in the
respective amounts set forth opposite their names in Exhibit A attached hereto, all as more fully described in the Registration Statement. In order to facilitate the public offering of the Units, the Initial Warrantholders have agreed to deposit in
escrow, as hereinafter provided, all of the Insider Warrants. 
 D. The Company, the Initial Stockholders and the Initial Warrantholders
desire that the Escrow Agent accept the Escrow Securities, in escrow, to be held and disbursed as hereinafter provided. 
 NOW, THEREFORE,
with reference to the foregoing facts, the parties agree as follows: 
 1. Appointment of Escrow Agent. The Company, the Initial
Stockholders and the Initial Warrantholder hereby appoint the Escrow Agent to act in accordance with and subject to the terms of this Agreement, and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to
such terms. 
 2. Deposit of Escrow Securities. On or before the effective date of the Registration Statement, (a) each Initial
Stockholder shall deliver to the Escrow Agent the certificates 

 
representing such Initial Stockholder’s Escrow Shares, to be held and disbursed subject to the terms and conditions of this Agreement, and (b) the
Initial Warrantholders shall deliver to the Escrow Agent a certificate representing the Initial Warrantholders’ Insider Warrants. Each Initial Stockholder acknowledges that the certificates representing the Escrow Shares shall bear a legend to
reflect the deposit of such Escrow Shares under this Agreement. The Initial Warrantholders acknowledge that the certificate representing the Insider Warrants shall bear a legend to reflect the deposit of the Insider Warrants under this Agreement.

 3. Disbursement of the Escrow Securities. 
 3.1 The Escrow Agent shall hold the Escrow Shares until six months after the closing date of a “Business Combination”, as such term is defined in the Registration Statement (the “Escrow
Period”), on which date the Escrow Agent shall, upon written instructions from each Initial Stockholder, disburse to such Initial Stockholder such stockholder’s respective Escrow Shares; provided, however, that:

 3.1.1 [Reserved]; 
 3.1.2 if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated at any time during the Escrow Period, then the Escrow Agent shall promptly return to the
Company for cancellation the certificates representing the Escrow Shares; and 
 3.1.3 if, after the Company consummates a
Business Combination, the Company (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange or other similar transaction which results in all of its stockholders having the right to exchange their shares of Common
Stock for cash, securities or other property, then the Escrow Agent will, upon receipt of an Officer’s Certificate certifying that such transaction is then being consummated, release the Escrow Shares to the Initial Stockholders. 
 The Escrow Agent shall have no further duties hereunder with respect to the Escrow Shares after the disbursement or return to the Company for cancellation of the Escrow
Shares in accordance with this Section 3.1 (the date on which such disbursement and/or return to the Company of Escrow Shares occurs is referred to herein as the “Share Release Date”). 
 3.2 The Escrow Agent shall hold the Insider Warrants until the Escrow Agent receives a certificate executed by the Chief Executive Officer, Chief
Financial Officer or Chairman of the Board of Directors of the Company (the “Officer’s Certificate”), in form reasonably acceptable to the Escrow Agent, certifying that the Company has consummated a Business Combination;
provided, however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated at any time during the Escrow Period, then immediately prior to the effectiveness of such
liquidation, the Escrow Agent shall promptly return to the Company for cancellation the certificates representing the Insider Warrants and the Insider Warrants shall no longer be considered issued and outstanding securities of the Company. The
Escrow Agent shall have no further duties hereunder with respect to the Insider Warrants after the disbursement or return to the Company for cancellation of the Insider Warrants in accordance with this Section 3.2 (the date on which such
disbursement and/or return to the Company of Insider Warrants occurs is referred to herein as the “Warrant Release Date”). 
  

 2 

 3.3 The Company agrees to notify the Escrow Agent in advance of any anticipated Share Release Date or
Warrant Release Date and upon the occurrence thereof. The Escrow Agent shall rely upon an Officer’s Certificate that certifies that the Share Release Date or Warrant Release Date, as applicable, has occurred, and shall not be required to
disburse the Escrow Securities unless and until it receives such Officer’s Certificate. The Escrow Agent shall rely exclusively on the Officer’s Certificate and shall have no responsibility to independently ascertain the occurrence of any
of the dates described in Sections 3.1 or 3.2 hereof. 
 4. Rights of Initial Stockholders in Escrow Shares. 
 4.1 Rights as an Initial Stockholder. Except as provided in this Section 4 and the Insider Letter (as defined below), each Initial
Stockholder shall retain all rights as a stockholder of the Company with respect to such stockholder’s Escrow Shares during the Escrow Period, including, without limitation: 
 4.1.1 the right to vote; and 
 4.1.2 the right to receive dividends and distributions, with cash dividends paid to the Initial Stockholder and dividends paid in stock or other non-cash property (“Non-Cash Dividends”) delivered to
the Escrow Agent to hold in accordance with the terms hereof (and the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed with respect to any Escrow Shares held by the Escrow Agent prior to the
distribution). 
 4.2 Restrictions on Transfer. 
 4.2.1 During the Escrow Period, each Initial Stockholder agrees not to sell, transfer or assign any or all of the Escrow Shares except
(a) by gift to an immediate family member of the Initial Stockholder or to a trust, the beneficiary of which is the Initial Stockholder or a member of the immediate family of the Initial Stockholder; (b) by virtue of the laws of descent
and distribution upon death of any Initial Stockholder, or (c) pursuant to a qualified domestic relations order; provided, however, that such permissive transfers may be implemented only upon the respective transferee’s
written agreement to be bound by the terms and conditions of this Agreement as an Initial Stockholder and of the Insider Letter signed by the transferring Initial Stockholder transferring the Escrow Shares. During the Escrow Period, each Initial
Stockholder agrees not to hypothecate, pledge, grant a security interest in or otherwise encumber the Escrow Shares or the Initial Stockholder’s rights under this Agreement. For purposes of this Agreement, “Insider Letter”
means a letter agreement between the Initial Stockholder, the Representatives and the Company substantially in the form of Exhibit 10.1 to the Registration Statement setting forth certain rights and obligations of the Initial Stockholder in certain
events, including but not limited to the liquidation of the Company. 
 4.2.2 During the Escrow Period, the Initial
Warrantholders agree not to sell, transfer, assign, hypothecate, pledge, grant a security interest in or otherwise encumber the Insider Warrants or the Initial Warrantholders’ rights under this Agreement. 
  

 3 

 5. Concerning the Escrow Agent. 
 5.1 Good Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own
best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or
document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or
presented by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by
the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto. 
 5.2 Indemnification. The Company agrees to indemnify and hold the Escrow Agent harmless from and against any expenses, including counsel fees and disbursements, or losses suffered by the Escrow Agent in
connection with any action, suit or other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Escrow Securities held by it hereunder,
other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the
Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate court to determine ownership
or disposition of the Escrow Securities or it may deposit the Escrow Securities with the clerk of any appropriate court or it may retain the Escrow Securities pending receipt of a final, non appealable order of a court having jurisdiction over all
of the parties hereto directing to whom and under what circumstances the Escrow Securities are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns or is discharged pursuant to
Sections 5.5 or 5.6 below. 
 5.3 Compensation. The Escrow Agent shall be entitled to reasonable compensation from the Company
for all services rendered by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all expenses paid or incurred by it in the administration of its duties hereunder including, but not limited to, all counsel,
advisors’ and agents’ fees and disbursements and all taxes or other governmental charges. Escrow Agent’s right to receive fees and the reimbursement of expenses is set forth in detail in a separate writing between Escrow Agent and
Company. 
 5.4 Further Assurances. From time to time on and after the date hereof, the Company, the Initial Stockholders and the
Initial Warrantholders shall deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request to carry out more effectively
the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder. 
  

 4 

 5.5 Resignation. The Escrow Agent may resign at any time and be discharged from its duties as
escrow agent hereunder by giving the other parties hereto written notice, and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time that the Escrow Agent shall turn over to a successor
escrow agent appointed by the Company the Escrow Securities held hereunder. If no new escrow agent is so appointed within the 60-day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Securities with
any court it reasonably deems appropriate. 
 5.6 Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its
duties as escrow agent hereunder if so requested in writing at any time by the Company and the holders of a majority of the Escrow Shares, provided, however, that such resignation shall become effective only upon acceptance of
appointment by a successor escrow agent as provided in Section 5.5. 
 5.7 Liability. Notwithstanding anything herein to the
contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence or its own willful misconduct. 
 6.
Miscellaneous. 
 6.1 Governing Law; Venue. This Agreement shall for all purposes be deemed to be made under and shall be
construed in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto consent to the jurisdiction
and venue of any court of the State of New York or the courts of the United States of America for the Southern District of New York. 
 6.2
Third-Party Beneficiaries. The Initial Stockholders and Initial Warrantholders hereby acknowledge that the Underwriters are third-party beneficiaries of this Agreement and this Agreement may not be modified or changed without the prior
written consent of the Representative. 
 6.3 Entire Agreement. This Agreement contains the entire agreement of the parties hereto
with respect to the subject matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party to the charged. 
 6.4 Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation thereof. 
 6.5 Binding Effect. Each of the Initial Stockholders, the Initial Warrantholders, the Escrow Agent and the
Company hereby represents that such party has the full right and power and, to the extent applicable, has been duly authorized to enter into this Agreement and to perform its respective obligations as contemplated hereunder. This Agreement shall be
binding upon and inure to the benefit of the respective parties hereto and the Underwriters, and their respective legal representatives, successors and assigns. 
 6.6 Notices. Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be deemed to have been duly 

  

 5 

 
given when sent by Express Mail or similar private courier service, by certified mail (return receipt requested), by hand delivery, by facsimile transmission
or by email transmission (subject to electronic confirmation of receipt); provided, however, that an original copy of any notice, consent or request sent by facsimile transmission or by email transmission also shall be delivered to the
addressee of such notice, consent or request by Express Mail or similar private courier service within two (2) business days after such initial transmission: 
  

					
	 If to the Company, to:
	  	
		
		  	2020 ChinaCap Acquirco, Inc.
		  	 c/o Surfmax Corporation
 221 Boston Post
Road East

		  	Suite 410
		  	Marlborough, MA 01752
		  	Attn:	  	George Lu, CEO
		  	Telephone:	  	(508) 6224-4948
		  	Fax:	  	(508) 624-4988
		  	Email:	  	george@georgelu.com
	
	 If to an Initial Stockholder or Initial Warrantholder, to his address set forth in Exhibit A.

	
	 and if to the Escrow Agent, to:

		
		  	LaSalle Bank National Association
		  	Global Escrow Services
		  	135 South LaSalle Street, Suite 1563
		  	Chicago, IL 60603
		  	Attention:	  	Mark Loiacono
		  	Telephone:	  	(312) 904-6836
		  	Fax:	  	(312 904-4019
		  	Email:	  	mark.loiacono@abnamro.com
	
	 A copy of any notice sent hereunder shall be sent to:

		
		  	Morgan Joseph & Co. Inc.
		  	600 Fifth Avenue, 19th Floor
		  	New York, New York 10020
		  	Attn:	  	Scott George
		  	Telephone:	  	(312) 284-2505
		  	Fax:	  	(312) 284-2515
		  	Email:	  	SGeorge@morganjoseph.com
	
	 and:

		
		  	Ungaretti & Harris LLP
		  	Three First National Plaza
		  	Suite 3500
		  	Chicago, IL 60602
		  	Attn:	  	Gary I. Levenstein, Esq.[ ]
		  	Telephone:	  	(312) 977-4108
		  	Fax:	  	(312) 977-4405
		  	Email:	  	gilevenstein@uhlaw.com

  

 6 

					
	
	 and:

		
		  	Seyfarth Shaw LLP
		  	131 S. Dearborn Street
		  	Suite 2400
		  	Chicago, IL 60603
		  	Attn:	  	Michel J. Feldman, Esq.
		  	Telephone:	  	(312) 460-5613
		  	Fax:	  	(312) 460-7613
		  	Email:	  	mfeldman@seyfath.com

 Any party to which notice or a copy thereof is to be delivered may change the person and address to which the
notices or other communications are to be sent by giving written notice to any such change in the manner provided herein for giving notice. 
 6.7 Liquidation of the Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company in the event that the Company fails to consummate a Business Combination within the time
period(s) specified in the Prospectus. 
 6.8 Waiver of Claims Against Trust. The Escrow Agent acknowledges and agrees that it shall
not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. 
 [signatures follow on next page] 
  

 7 

 WITNESS the execution of this Agreement as of the date first above written. 
  

			
	2020 CHINACAP ACQUIRCO, INC.
		
	By:	 	 
		 	Name: G. George Lu
		 	Title: Chief Executive Officer
	
	LASALLE BANK NATIONAL ASSOCIATION
as Escrow Agent
		
	By:	 	 
		 	Name:
		 	Title:
	
	INITIAL STOCKHOLDERS:
	
	 
	G. George Lu
	
	 
	Louis Fook Sun Koo
	
	 
	Yuxiao Zhang
	
	 
	Jianming Yu
	
	 
	William Hsu
	
	 
	William Sharp
	
	 
	Jun Lei
	
	 
	Donald Sull

  

 8 

			
	2020 STRATEGIC INVESTMENTS, LLC,
a Nevis limited liability company
	
	By: 2020 INTERNATIONAL CAPITAL GROUP LIMITED, a Cayman Islands Company
	Its:	 	Manager
		
	By:	 	 
		 	G. George Lu, Authorized Signatory
	
	FAME MOUNT LIMITED
		
	By:	 	 
		 	Jianming Yu, Authorized Signatory
	
	WARRANTHOLDERS:
	
	WIN WIDE INTERNATIONAL LTD.,
a British Virgin Islands international business company
		
	By:	 	 
		 	G. George Lu, Chief Executive Officer
		
		 	 
		 	G. George Lu

  

 9 

 EXHIBIT A 
  

							
	 Name and Address of
 Initial Stockholder
	  	 Number
 of Shares
	  	 Stock
 Certificate Number
	  	Date of
Insider Letter
	 2020 Strategic Investments, LLC,
 a Nevis limited liability company
 1503 Ruttonjee House
 Duddell Street, Central
 Hong Kong
	  	1,312,504	  	10	  	[ ]
				
	 G. George Lu
 c/o Surfmax Corporation
 221 Boston Post Road East
 Suite 410
 Marlborough, MA 01752
	  	100  
 70,212
	  	1  
 2
	  	[ ]
				
	 Louis Fook Sun Koo
 1503 Ruttonjee House
 Duddell Street, Central
 Hong Kong
	  	70,312	  	3	  	[ ]
				
	 Yuxiao Zhang
 Xingda International Holdings Limited
 Rm 03-08.30F, Shanghai Mart,
 No. 2299
 Yanan Road (W)
 Shanghai
 The People’s Republic of China
	  	70,312	  	4	  	[ ]
				
	 Jianming Yu
 New Horizon Fund
 Jin Bao tower, 12th Floor
 89 Jin Bao Street
 Beijing
 The People’s Republic of China 100005
	  	70,312	  	5	  	[ ]
				
	 William Hsu
 CDH Venture Capital Management
 Suite 318, Tower B, Grand Pacific Trade Centre
 8A Guanghua Road
 Beijing
 The People’s Republic of China 100026
	  	70,312	  	6	  	[ ]
				
	 William Sharp
 Global Industrial Consulting
 47 S. Wheaton Road
 Akron, OH 44313
	  	70,312	  	7	  	[ ]

  

 10 

							
	 Name and Address of
 Initial Stockholder
	  	 Number
 of Shares
	  	 Stock
 Certificate Number
	  	Date of
Insider Letter
	 Jun Lei
 20F Baiyan Building
 No. 238 Beisihuan Zhong Road
 Haidian District, Beijing
 The People’s Republic of China 100083
	  	70,312	  	8	  	[ ]
				
	 Donald Sull
 London Business School
 London, NW1 4SA
 United Kingdom
	  	70,312	  	9	  	[ ]

  

							
	 Name and Address of
 Initial Warrantholder
	  	 Number
 of Warrants
	  	 Warrant
 Certificate Number
	  	Date of
Insider Letter
	 G. George Lu
 c/o Surfmax Corporation
 221 Boston Post Road East
 Suite 410
 Marlborough, MA 01752
	  		  		  	
				
	 Win Wide International Ltd.
 c/o G. George Lu
 c/o Surfmax Corporation
 221 Boston Post Road East
 Suite 410
 Marlborough, MA 01752
	  		  		  	

  

 11

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