Document:

Exhibit
      10.7

     

    INVESTMENT
      MANAGEMENT TRUST AGREEMENT

     

    This
      Agreement is made as of 
      ___________________, 2007 by and between Hambrecht Asia Acquisition Corporation
      (the “Company”) and Continental Stock Transfer & Trust Company
      (“Trustee”).

     

    WHEREAS,
      the Company’s Registration Statement on Form F-1, File No. 333-______________
      (“Registration Statement”), for its initial public offering (“IPO”) of units
      (the “Units”) of the Company, each Unit consisting of one ordinary share, par
      value $[ ] per share (the “Ordinary Share”) and one warrant to purchase one
      Ordinary Share (the “Warrant”), has been declared effective as of the date
      hereof (the “Effective Date”) by the Securities and Exchange Commission (the
“Commission”); and

     

    WHEREAS,
      the Company has sold an aggregate of 750,000 warrants (the “Insider Warrants”)
      in a private placement (the “Placement”) pursuant to Regulation S promulgated by
      the Commission pursuant to the Securities Act of 1933, as amended (the “Act”);
      and

     

    WHEREAS,
      Broadband Capital Management, Inc. (the “Representative”) is acting as the
      representative of the several underwriters in the IPO; and

     

    WHEREAS,
      as described in the Company’s Registration Statement, and in accordance with the
      Company’s Amended and Restated Articles of Association, $29,650,000 of the gross
      proceeds of the IPO ($34,210,000 if the underwriters’ over-allotment option is
      exercised in full) and $750,000 of the sale proceeds of the Insider Warrants
      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 Company’s Ordinary Shares
      issued in the IPO (except as otherwise provided herein) and in the event the
      Units are registered in Colorado, pursuant to Section 11-51-302(6) of the
      Colorado Revised Statutes (the amount to be delivered to the Trustee will be
      referred to herein as the “Property”; the stockholders for whose benefit the
      Trustee shall hold the Property will be referred to as the “Public
      Stockholders,” and the Public Stockholders, the Representative and the Company
      will be referred to together as the “Beneficiaries”); and

     

    WHEREAS,
      pursuant to the Underwriting Agreement, dated as of
      [         ], 2007, between the
      Company and the Representative, a portion of the Property equal to $640,000
      ($736,000 if the underwriters’ over-allotment option is exercised in full) is
      attributable to deferred underwriting compensation that will become payable
      by
      the Company to the underwriters upon the consummation of a Business Combination
      (as defined in the Registration Statement) (the “Deferred Discount”);
      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, including the terms of Section 11-51-302(6) of the Colorado Statute
      in a segregated trust account (“Trust Account”) established by the Trustee at a
      branch of [__________________] selected by the Trustee;

     

    (b) Manage,
      supervise and administer the Trust Account subject to the terms and conditions
      set forth herein;

     

    (c) In
      a
      timely manner, upon the written instruction of the Company, to 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 one hundred and eighty days or less;

     

    (d) Collect
      and receive, when due, all principal and income arising from the Property,
      which
      shall become part of the “Property,” as such term is used herein;

     

    (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 the tax returns for the Trust
      Account or the Company;

     

    (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/or
      the
      Representative to do so;

     

    (h) Render
      to
      the Company and to the Representative, and to such other person as the Company
      may instruct, monthly written statements of the activities of and amounts in
      the
      Trust Account reflecting all receipts and disbursements of the Trust Account;
      

     

    
      (i) As
        of the
        date of the consummation of a business combination (“Business Combination”) or
        the vote of the Company’s Board of Directors to liquidate and dissolve the
        Company, commence liquidation of the Trust Account upon receipt of the Officers’
Certificate signed by the Chairman or Chief Executive Officer or Chief Financial
        Officer and the Chief Operating Officer in accordance with the terms of a
        letter
        (“Termination Letter”), in a form substantially similar to that attached hereto
        as Exhibit
        A
        or
Exhibit
        B,
        signed
        on behalf of the Company by its Chairman or Chief Executive Officer and Chief
        Financial Officer, and complete the liquidation of the Trust Account and
        distribute the Property in the Trust Account only as directed in the Termination
        Letter and the other documents referred to therein. The Trustee understands
        and
        agrees that disbursements from the Trust Account shall be made only pursuant
        to
        a duly executed Termination Letter, together with the other documents referenced
        herein, including, without limitation, an independently certified oath and
        report of inspector of election in respect of the stockholder vote in favor
        of
        the Business Combination or certified resolutions of the Company’s Board of
        Directors, as applicable;

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (j) In
      accordance with the instructions contained in the Termination Letter, as of
      the
      date 18 months from the date of this Agreement (the “LOI Termination Date”), or
      24 months from the date hereof in the event the Company has executed the Letter
      of Intent (defined below) prior to the LOI Termination Date but failed to
      consummate a Business Combination (“Second Termination Date”), or 36 months from
      the date hereof in the event the Company’s shareholders have voted to increase
      the amount of time available to the Company to consummate a Business Combination
      (“Third Termination Date”), commence liquidation of the Trust Account. The
      Trustee, upon consultation with the Company, shall deliver a notice to Public
      Stockholders of record as of the LOI Termination Date, Second Termination Date
      or Third Termination Date, whichever the case may be, by U.S. mail or via the
      Depository Trust Company (“DTC”), within five days of the LOI Termination Date,
      Second Termination Date or Third Termination Date, to notify the Public
      Stockholders of such event and take such other actions as it may deem necessary
      to inform the Beneficiaries. The Trustee shall deliver to each Public
      Stockholder its ratable share of the Property against satisfactory evidence
      of
      delivery of the stock certificates by the Public Stockholders to the Company
      through DTC, its Deposit Withdraw Agent Commission (DWAC) system or as otherwise
      presented to the Trustee; provided,
      however,
      that
      in the
      event that a Termination Letter has not been received by the LOI Termination
      Date,
      the
      Second Termination Date or the Third Termination Date, whichever the case may
      be,
      the
      Trust Account shall be liquidated as part of the Company’s plan of dissolution
      and distribution approved by the Company’s Public Stockholders in accordance
      with the procedures set forth in the Termination Letter to the stockholders
      of
      record on the record date; provided,
      further,
      that
      the record date shall be within ten (10) days of the LOI Termination
      Date,
      the
      Second Termination Date or Third Termination Date, whichever the case may
      be,
      or as
      soon thereafter as is practicable. Notwithstanding
      the foregoing, (i) if the Trustee receives a bona fide, executed letter of
      intent or engagement letter (the “Letter of Intent”) for a Business Combination
      prior to the LOI Termination Date, accompanied by an Officers’ Certificate as
      described in paragraph 3(e) hereof, then the Trustee shall forego or suspend
      any
      liquidation of the Trust Account until the earlier of a Business Combination
      or
      the Second Termination Date, and (ii) if, prior to the Second Termination Date,
      the Trustee receives a certified copy of the results of a meeting of the
      Company’s stockholders pursuant to which the Company’s stockholders extended the
      time available to the Company to consummate a Business Combination to the Third
      Termination Date, accompanied by an Officers’ Certificate as described in
      paragraph 3(e) hereof, then the Trustee shall forego or suspend any liquidation
      of the Trust Account until the earlier of a Business Combination or the Third
      Termination Date; and

     

    (k) The
      distribution, if any, of the Deferred Discount to the underwriters upon the
      liquidation of the Trust Account as provided herein shall be made from the
      Trust
      Account through the Trustee (and not through the Company) in accordance with
      a
      written instruction of the Company.

     

    2.    Limited
      Distributions of Income on Property.

     

    (a) If
      there
      is any income or other tax obligation owed by the Company, as determined by
      the
      Company, then, from time to time, at the written instruction of the Company,
      the
      Trustee shall promptly to the extent there is not sufficient cash in the Trust
      Account to pay such tax obligation, liquidate such assets held in the Trust
      Account as shall be designated by the Company in writing, and
      disburse
      to the Company by wire transfer, out of the Property in the Trust Account,
      the
      amount indicated
      by the Company as owing in
      respect of such income tax obligation.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (b) Upon
      receipt by the Trustee from time to time of an executed Officer’s Certificate
      for distribution of one-half of the interest earned on the Trust Account (as
      calculated by the Company), up to a maximum of $1,350,000, the Trustee shall
      make a distribution of the amount specified in such Certificate to the Company
      to fund working capital and general corporate requirements as promptly as
      practicable after receipt of such Officer’s Certificate .

     

    (c) Except
      as
      provided in this Sections 2, no other distributions from the Trust Account
      shall
      be permitted except in accordance with Sections 1(i) and (j)
      hereof.

     

    3.    Agreements
      and Covenants of the Company. The Company hereby agrees and
      covenants:

     

    (a) To
      give
      all instructions to the Trustee hereunder in writing, signed by the Company’s
      Chief Executive Officer or Chairman of the Board. In addition, except with
      respect to its duties under paragraph 1(i) and (j) 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,
      however, that the Company shall promptly confirm such instructions in
      writing;

     

    (b) To
      hold
      the Trustee harmless and indemnify the Trustee from and against, any and all
      expenses, including reasonable counsels’ 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 Company in writing of such claim
      (hereinafter referred to as the “Indemnified Claim”). The Company shall have the
      right to conduct and manage the defense against such Indemnified Claim,
      provided, that the Company shall obtain the consent of the Trustee with respect
      to the selection of counsel, which consent shall not be unreasonably withheld.
      The Company may participate in such action with its own counsel; 

     

    (c) To
      pay
      the Trustee an initial acceptance fee, an annual fee and
      a
      transaction processing fee for each disbursement made pursuant to Sections
      2(a)
      and 2(b) as set forth on Schedule A hereto, which fees shall be subject to
      modification by the parties from time to time.
      It is
      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 at
      the consummation of the IPO and thereafter on the anniversary of the Effective
      Date. The Trustee shall refund to the Company the fee (on a pro rata 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 2(b) hereof (it being expressly understood that the
      Property shall not be used to make any payments to the Trustee under such
      section);

     

    (d) That,
      in
      the event that the Company consummates a Business Combination and the Trust
      Account is liquidated in accordance with Section 1(i) or (j) hereof, the Trustee
      or another independent party designated by the Representative shall act as
      the
      inspector of election to certify the results of the shareholder vote and the
      Public Shareholder vote;

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (e) That
      the
      Company’s Chairman or Chief Executive Officer and Chief Financial Officer shall
      certify (i) prior to the LOI Termination Date that (A) the Company has entered
      into a Business Combination; (B) the Company has entered into a Letter of Intent
      or definitive agreement relating to a Business Combination; or (C) that the
      Company’s Board of Directors has determined to liquidate the Company; (ii) prior
      to the Second Termination Date that (A) the Company has entered into a Business
      Combination; (B) the Company’s stockholders voted to extend the time period
      available to the Company to consummate a Business Combination to the Third
      Termination Date; or (C) that the Company’s Board of Directors has determined to
      liquidate the Company; and (iii) prior to the Third Termination Date that (A)
      the Company has entered into a Business Combination; or (B) that the Company’s
      Board of Directors has determined to liquidate the Company. A copy of any
      applicable consents, actions of stockholders, Letter of Intent or definitive
      agreement shall be attached as an exhibits to the Officer’s
      Certificate;

     

    (f) In
      connection with any vote of the Company’s stockholders regarding a Business
      Combination, to provide to the Trustee an affidavit or certificate (the
“Report”) of a firm regularly engaged in the business of soliciting proxies and
      tabulating stockholder votes (which firm may be the Trustee) verifying the
      vote
      of the Company’s shareholders and Public Shareholders regarding such Business
      Combination. Such Report shall be attached as an exhibit to the Termination
      Letter, as applicable; 

     

    (g) Within
      five (5) business days after the Underwriters’ over-allotment option (or any
      unexercised portion thereof) expires or its exercise in full, to provide the
      Trustee notice in writing (with a copy to the Underwriters) of the total amount
      of the Deferred Discount, which shall in no event be less than $640,000;
      and

     

    (h) As
      soon
      as practicable after the LOI Termination Date, Second Termination Date or Third
      Termination Date, as applicable, to instruct the Trustee to commence liquidation
      of the Trust Account as part of the Company’s plan of dissolution and
      liquidation. 

     

    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 and
      2
      hereof 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 written 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);

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (d) Refund
      any depreciation in principal of any Property;

     

    (e) Assume
      that the authority of any person designated by the Company to give instructions
      hereunder shall not be continuing unless provided otherwise in such designation,
      or unless the Company shall have delivered a written revocation of such
      authority to the Trustee;

     

    (f) The
      Company 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) Prepare,
      execute and file tax reports, income or other tax returns and pay any taxes
      with
      respect to income and activities relating to the Trust Account, regardless
      of
      whether such tax is payable by the Trust Account or the Company (including
      but
      not limited to income tax obligations), it being expressly understood that
      as
      set forth in Section 2(a), if there is any income or other tax obligation
      relating to the Trust Account or the Property in the Trust Account, as
      determined from time to time by the Company and regardless of whether such
      tax
      is payable by the Company or the Trust, at the written instruction of the
      Company, the Trustee shall make funds available in cash from the Property in
      the
      Trust Account an amount specified by the Company as owing to the applicable
      taxing authority, which amount shall be paid directly to the Company by
      electronic funds transfer, account debit or other method of payment, and the
      Company shall forward such payment to the taxing authority; and

     

    (h) Verify
      calculations, qualify or otherwise approve Company requests for distributions
      pursuant to Section 2(b).

     

    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 during which time the Trustee shall continue to act in accordance with
      the terms of this Agreement. 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, in the event that the Company does not locate a successor trustee within
      ninety 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 Southern District of New York and upon such deposit,
      the
      Trustee shall be immune from any liability whatsoever; or

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (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 1(j) hereof, and distributed
      the Property in accordance with the provisions of the Termination Letter, this
      Agreement shall terminate.

     

    6.    Miscellaneous.

     

    (a) The
      Company and the Trustee each acknowledge that the Trustee will follow the
      security procedures set forth below with respect to funds transferred from
      the
      Trust Account. Upon receipt of written instructions, the Trustee will confirm
      such instructions with an Authorized Individual listed on the attached
Exhibit
      C
      (as such
      list may be updated from time to time by pursuant to an Officer’s Certificate
      signed by the Chairman or Chief Executive Officer and Chief Financial Officer).
      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 may be made without the prior written consent of the
      Representative. 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 state or federal
      court located in the City of New York for purposes of resolving any disputes
      hereunder. The parties hereto irrevocably submit to such jurisdiction, which
      jurisdiction shall be exclusive, and hereby waive any objection to such
      exclusive jurisdiction and accept such venue, and waive any objection that
      such
      courts represent an inconvenient forum.

     

    (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 sent by express
      mail or similar private courier service, by certified mail (return receipt
      requested), by hand delivery or by facsimile transmission:

     

    if
      to the
      Trustee, to:

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Park

    New
      York,
      New York 10004

    Attn:
      [     ]

    Fax
      No.:
      [             ]

     

    if
      to the
      Company, to:

     

    Hambrecht
      Asia Acquisition Corp.

    13/F
      Tower 2

    New
      World
      Tower

    18
      Queens
      Road Central

    Hong
      Kong

    Attn:
      John Wang

    Fax
      No.:
      [                      ]

     

    in
      either
      case with a copy to:

     

    Broadband
      Capital Management, Inc.

    712
      Fifth
      Avenue

    New
      York,
      New York 10019

    Attn:
      [                          ]

    Fax
      No.:
      [                      ]

     

    Ellenoff
      Grossman & Schole LLP

    370
      Lexington Avenue, 19th
      Floor

    New
      York,
      New York 10017

    Attn:
      Douglas S. Ellenoff

    Fax
      No:
      (212)370-7889

     

    and

     

    Loeb
      & Loeb LLP

    345
      Park
      Avenue

    New
      York,
      New York 10154

    Attn:
      Mitchell S. Nussbaum

    Fax
      No:
      (212)407-4990

     

    (f) This
      Agreement may not be assigned by the Trustee without the prior 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.

     

    [Signature
      page to follow]

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

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

    
      	 	 	 
	 	
              CONTINENTAL
                STOCK
                TRANSFER & TRUST

              COMPANY,
                as Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	Name: 
	 	Title: 

    

    
      	 	 	 
	 	
              HAMBRECHT
                ASIA
                ACQUISITION

              CORPORATION

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	Name:
               John Wang 
	 	Title:
              Chief Executive Officer, President and
              Director

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      A

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      EXHIBIT
        A

    

     

    [LETTERHEAD
      OF COMPANY]

     

    [INSERT
      DATE]

    

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place     

    New
      York,
      New York 10004     

    Attn:[         ]

     

    Re: Trust
      Account No. [____________]
      Termination Letter

     

    Gentlemen:

     

    Pursuant
      to the Investment Management Trust Agreement between Hambrecht Asia Acquisition
      Corporation (“Company”) and Continental Stock Transfer & Trust Company
      (“Trustee”), dated as of _____________, 2007 (“Trust Agreement”), this is to
      advise you that the Company has entered into an agreement (“Business Agreement”)
      with _____________ (“Target Business”) to consummate a business combination with
      Target Business (“Business Combination”) on or about [INSERT DATE]. The Company
      shall notify you at least 24 hours in advance of the actual date of the
      consummation of the Business Combination (“Consummation Date”).

     

    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 (i) counsel for the Company shall deliver to you written
      notification that (a) the Business Combination has been consummated and (b)
      the
      provisions of Section 11-51-302(6) and Rule 51-3.4 of the Colorado Statute
      have
      been met and (ii) the Company shall deliver to you written instructions with
      respect to the transfer of the funds held in the Trust Account (“Instruction
      Letter”). You are hereby directed and authorized to transfer the funds held in
      the Trust Account, including, pursuant to the terms of the Underwriting
      Agreement, dated as of [__], 2007, between the Company and the Representative,
      the portion of the Property attributable to the Deferred Discount (as defined
      in
      the Trust Agreement), immediately upon your receipt of the counsel’s letter and
      the Instruction Letter, in accordance with the terms of the Instruction Letter.
      In the event that certain deposits held in the Trust Account may not be
      liquidated by the Consummation 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 be distributed after the Consummation Date
      to
      the Company. Upon the distribution of all the funds in the Trust Account
      pursuant to the terms hereof, the Trust Agreement shall be
      terminated.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    In
      the
      event that the 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 the funds held
      in
      the Trust Account shall be reinvested as provided in the Trust Agreement on
      the
      business day immediately following the Consummation Date as set forth in the
      notice.

    
      	 	 	 
	 	Very
              truly yours, 
	 	 
	 	HAMBRECHT
              ASIA
              ACQUISITION CORPORATION
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	Name:
	 	Title: 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      EXHIBIT
        B

    

     

    [LETTERHEAD
      OF COMPANY]

     

    [INSERT
      DATE]

    

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place     

    New
      York,
      New York 10004     

    Attn:[         ]

     

    Re: Trust
      Account No. [____________] Termination Letter

     

    Gentlemen:

     

    Pursuant
      to paragraph 1(i) of the Investment Management Trust Agreement between Hambrecht
      Asia Acquisition Corporation (“Company”) and Continental Stock Transfer &
Trust Company (“Trustee”), dated as of _______________, 2007 (“Trust
      Agreement”), this is to advise you that the Board of Directors of the Company
      has voted to dissolve and liquidate the Company. Attached hereto is a copy
      of
      the minutes of the meeting of the Board of Directors of the Company relating
      thereto, certified by the Secretary of the Company as true and correct and
      in
      full force and effect.

     

    In
      accordance with the terms of the Trust Agreement, we hereby (a) certify to
      you
      that the provisions of Section 11-51-302(6) and Rule 51-3.4 of the Colorado
      Statute have been met and (b) authorize you, to commence liquidation of the
      Trust Account. You will notify the Company and [ ] (“Designated Paying Agent”)
      in writing as to when all of the funds in the Trust Account will be available
      for immediate transfer (“Transfer Date”). The Designated Paying Agent shall
      thereafter notify you as to the account or accounts of the Designated Paying
      Agent that the funds in the Trust Account should be transferred to on the
      Transfer Date so that the Designated Paying Agent may commence distribution
      of
      such funds in accordance with the Company’s instructions. You shall have no
      obligation to oversee the Designated Paying Agent’s distribution of the funds.
      Upon the payment to the Designated Paying Agent of all the funds in the Trust
      Account, the Trust Agreement shall be terminated.

    
      	 	 	 
	 	Very
              truly yours, 
	 	 
	 	HAMBRECHT
              ASIA
              ACQUISITION CORPORATION
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	Name: 
	 	Title: 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C

     

    AUTHORIZED
      INDIVIDUAL(S)

     

    AUTHORIZED
      FOR TELEPHONE CALL BACK

     

    
      	
              COMPANY:

            	
              Hambrecht
                Asia Acquisition Corp.

            
	 	 
	 	
              John
                Wang

            
	 	
              Telephone:
                [                        ]

            
	 	 
	 	
              Robert
                Eu

            
	 	
              Telephone:
                [                        ]

            
	 	 
	 	
              Stephen
                Cannon

            
	 	
              Telephone:
                [                        ]

            
	 	 
	
              TRUSTEE:

            	
              Continental
                Stock Transfer & Trust Company

            
	 	 
	 	
              Attn:
                [                        ]

            
	 	
              Telephone:
                [                        ]Exhibit
        10.8

       

      SECURITIES
        ESCROW AGREEMENT

       

      SHARE
        ESCROW AGREEMENT, dated as of                       ,
        2007
        (“Agreement”), by and among HAMBRECHT ASIA ACQUISITION CORP., a company
        organized under the laws of the Cayman Islands (“Company”), JOHN WANG, ROBERT J.
        EU, STEPHEN N. CANNON and AEX ENTERPRISES LIMITED (collectively “Initial
        stockholders”) and CONTINENTAL STOCK TRANSFER & TRUST COMPANY (“Escrow
        Agent”). 

       

      WHEREAS,
        the Company has entered into an Underwriting
        Agreement, dated                       ,
        2007
        (“Underwriting Agreement”), with Broadband Capital Management, Inc.
        (“Broadband”) acting as representative of the several underwriters
        (collectively, the “Underwriters”), pursuant to which, among other matters, the
        Underwriters have agreed to purchase 4,000,000 units (not including the
        underwriters’ overallotment option) (“Units”) of the Company. Each Unit consists
        of one of the Company’s ordinary share, $0.001 par value (each an “Ordinary
        Share”), and one warrant (“Warrant”), each Warrant to purchase one Ordinary
        Share, all as more fully described in the Company’s definitive Prospectus, dated
                      ,2007
        (“Prospectus”) comprising part of the Company’s Registration Statement on Form
        F-1 (File No.                       
        ) under
        the Securities Act of 1933, as amended (together, the “Registration Statement”),
        which was declared effective on                       ,
        2007
        (“Effective Date”). 

       

      WHEREAS,
        the Initial stockholders have agreed as a condition of the underwriters’
obligation to purchase the Units pursuant to the Underwriting Agreement and
        to
        offer them to the public to deposit all of their Ordinary Shares (the “Escrow
        Shares”) and warrants exercisable for Ordinary Shares (the “Escrow Warrants”;
        and collectively with the Escrow Shares, the Escrow Securities), as set forth
        opposite their respective names in Exhibit
        A attached
        hereto , in escrow as hereinafter provided.

       

      WHEREAS,
        the Company and the Initial Stockholders desire that the Escrow Agent accept
        the
        Escrow Securities, in escrow, to be held and disbursed as hereinafter provided.
        

       

      IT
        IS
        AGREED:

       

      1. Appointment
        of Escrow Agent. The Company and the Initial Stockholders 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, each of the Initial
        Stockholders shall deliver to the Escrow Agent certificates representing
        his or
        her respective Escrow Securities, to be held and disbursed subject to the
        terms
        and conditions of this Agreement. Each Initial Stockholder acknowledges that
        the
        certificate(s) representing his or her Escrow Securities are legended to
        reflect
        the deposit of such Escrow Shares under this Agreement. 

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      3. Disbursement
        of the Escrow Securities. The Escrow Agent shall (i) hold the Escrow Shares
        until one year after the consummation of a business combination, as described
        in
        the Registration Statement (the “Business Combination”) and (ii) hold the Escrow
        Warrants until the consummation of a Business Combination. The time that
        the
        Escrow Warrants or the Escrow Shares are held in escrow pursuant to this
        Agreement is referred to herein as the (“Escrow Period”). On the expiration of
        the applicable Escrow Period, the Escrow Agent shall, upon written instructions
        from each Initial Stockholder, disburse each of the Initial Stockholder’s Escrow
        Securities to such Initial Shareholder; 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 the Escrow
        Agent
        shall promptly destroy the certificates representing the Escrow Securities
        and,
        provided further, that if,
        after
        the Company consummates a Business Combination , it (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
        Ordinary Shares or warrants for cash, securities or other property, then
        the
        Escrow Agent will, upon consummation of such transaction, release the Escrow
        Securities to the Initial Stockholders so that they can similarly participate.
        The Escrow Agent shall have no further duties hereunder after the disbursement
        or destruction of the Escrow Securities in accordance with this Section 3.
        

       

      4.    Rights
        of
        Initial Stockholders in Escrow Securities. 

       

      4.1 Voting
        Rights as a Stockholder.
        Subject
        to the terms of the Insider Letter described in Section 4.4 hereof and except
        as
        herein provided, the Initial Stockholders shall retain all of their rights
        as
        stockholders of the Company during the Escrow Period with respect to the
        Escrow
        Shares, including, without limitation, the right to vote such shares.

       

      4.2 Dividends
        and Other Distributions in Respect of the Escrow Shares. During
        the Escrow Period, all dividends payable in cash with respect to the Escrow
        Shares shall be paid to the Initial Shareholders, but all dividends payable
        in
        securities or other non-cash property (“Non-Cash Dividends”) shall be delivered
        to the Escrow Agent to hold in accordance with the terms hereof. As used
        herein,
        the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends
        distributed thereon, if any. 

       

      4.3 Restrictions
        on Transfer.
        Except
        as set forth in Section 3 during the Escrow Period, no sale, transfer or
        other
        disposition may be made of any or all of the Escrow Securities except (i)
        by
        gift to an affiliate or a member of Initial Stockholder’s immediate family or to
        a trust or other entity, the beneficiary of which is an Initial Stockholder
        or a
        member of an Initial Stockholder’s immediate family, (ii) by virtue of the laws
        of descent and distribution upon death of any Initial Stockholder, or (iii)
        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
        and
        of the Insider Letter (as defined below) signed by the Initial Stockholder
        transferring the Escrow Shares. During the Escrow Period, the Initial
        Stockholders shall not pledge or grant a security interest in the Escrow
        Securities or grant a security interest in their rights under this Agreement.
        

       

      4.4 Insider
        Letters.
        Each of
        the Initial Stockholders has executed a letter agreement with Broadband and
        the
        Company, dated of the Effective Date, and which is filed as an exhibit to
        the
        Registration Statement (“Insider Letter”), respecting the rights and obligations
        of such Initial Stockholder in certain events, including but not limited
        to the
        liquidation of the Company. 

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      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
        Escrow Agent shall be indemnified and held harmless by the Company from and
        against any expenses, including counsel fees and disbursements, or loss 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 Shares 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 Shares or it may deposit the Escrow Shares with the clerk of any
        appropriate court or it may retain the Escrow Shares 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 Shares 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. 

       

      5.4 Further
        Assurances.
        From
        time to time on and after the date hereof, the Company and the Initial
        Stockholders 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. 

       

      5.5 Resignation.
        The
        Escrow Agent may resign at any time and be discharged from its duties as
        escrow
        agent hereunder by its 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 and approved by Broadband,
        the
        Escrow Shares 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 Shares 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 other parties hereto,
        jointly, 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.
        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. Each of the
        parties hereby agrees that any action, proceeding or claim against it arising
        out of or relating in any way to this Agreement shall be brought and enforced
        in
        the courts of the State of New York or the United States District Court for
        the
        Southern District of New York, and irrevocably submits to such jurisdiction,
        which jurisdiction shall be exclusive. Each of the parties hereby waives
        any
        objection to such exclusive jurisdiction and that such courts represent an
        inconvenient forum. 

       

      6.2 Third
        Party Beneficiaries.
        Each of
        the Initial Shareholders hereby acknowledges 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 Broadband. 

       

      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.
        This
        Agreement shall be binding upon and inure to the benefit of the respective
        parties hereto and their legal
        representatives, successors and assigns. 

       

      6.6 Notices.
        Any
        notice or other communication required or which may be given hereunder shall
        be
        in writing and either be delivered personally or by private national courier
        service, or be mailed, certified or registered mail, return receipt requested,
        postage prepaid, and shall be deemed given when so delivered personally or,
        if
        sent by private national courier service, on the next business day after
        delivery to the courier, or, if mailed, two days after the date of mailing,
        as
        follows:

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      If
        to the
        Company, to:

       

      Hambrecht
        Asia Acquisition Corporation

      13/F
        Tower 2

      New
        World
        Tower

      18
        Queens
        Road Central

      Hong
        Kong

      Attn:
        John Wang, Chief Executive Officer

      Fax
        No.:
        [                            
 ]

       

      If
        to a
        Stockholder, to his or her address set forth in Exhibit A. 

       

      and
        if to
        the Escrow Agent, to:

                            

      Continental
        Stock Transfer & Trust Company

      17
        Battery Place

      New
        York,
        NY 10004

      Attn:
        [                              ]

      Fax
        No.:
        [                              ]

      

      A
        copy of
        any notice sent hereunder shall be sent to:

      

      Ellenoff
        Grossman & Schole, Esq.

      370
        Lexington Avenue

      New
        York,
        New York 10017

      Attn:
        Douglas S. Ellenoff, Esq.

      

      and

      

      Broadband
        Capital Management, Inc.

      712
        Fifth
        Avenue

      New
        York,
        New York 10019

      Attn:[                              ]

      

      and

      

      Loeb
        & Loeb LLP 

      345
        Park
        Avenue

      New
        York,
        New York 10154

      Attn:
        Mitchell S. Nussbaum, Esq.

       

      The
        parties may change the persons and addresses 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 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 Counterparts.
        This
        Agreement may be executed in several counterparts each one of which shall
        constitute an original and may be delivered by facsimile transmission and
        together shall constitute one instrument. 

       

      [reminder
        of document continued on next page]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

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

      

      
        	
                HAMBRECHT
                  ASIA ACQUISITION CORP.

              
	 
	
                By: 

              	 
	
                 

              	
                Name:

              
	 	
                Title:

              
	 	 
	INITIAL
                SHAREHOLDERS:
	 
	John
                Wang
	 
	 
	Robert
                J. Eu
	 
	 
	 Stephen
                N. Cannon
	 
	
                AEX
                  ENTERPRISES LIMITED

              
	 
	
                By:

              	 
	 	
                Name:

              
	 	
                Title:

              
	 	 
	
                Continental
                  Stock Transfer & Trust Company

              
	 
	
                By:

              	 

	 	
                Name:

              
	 	
                Title:

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      EXHIBIT
        A

      
         

          
            	
                    Name
                      and Address of Initial Shareholders

                  	 	
                    Number
                      of Escrow 

                    Shares

                  	 	
                    Number
                      of Escrow 

                    Warrants

                  
	
                    John
                      Wang

                    [address]

                  	 	
                    333,333

                  	 	
                    0

                  
	
                    Robert
                      J. Eu

                    [address]

                  	 	
                    333,334

                  	 	
                    0

                  
	
                    Stephen
                      N. Cannon

                    [address]

                  	 	
                    333,333

                  	 	
                    0

                  
	
                    AEX
                      Enterprises Limited

                    [address]

                  	 	
                    0

                  	 	
                    750,000

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