Document:

EXHIBIT
        4.4

       

      THE
        REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF, AGREES
        THAT
        IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN
        PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT
        WILL
        NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR
        A
        PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE
        OTHER
        THAN (I) EARLYBIRDCAPITAL, INC. (“EBC”)
        OR AN
        UNDERWRITER OR SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A
        BONA
        FIDE OFFICER OR PARTNER OF EBC OR OF ANY SUCH UNDERWRITER OR SELECTED
        DEALER.

       

      THIS
        PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF THE CONSUMMATION
        BY
        CHINA FORTUNE ACQUISITION CORP. (“COMPANY”)
        OF A
        MERGER, CAPITAL STOCK EXCHANGE, ASSET ACQUISITION OR OTHER SIMILAR BUSINESS
        COMBINATION (“BUSINESS
        COMBINATION”)(AS
        DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (DEFINED HEREIN))
        OR _____________, 2007. VOID AFTER 5:00 P.M. NEW YORK CITY LOCAL TIME,
        ___________, 2011.

       

      UNIT
        PURCHASE OPTION

       

      FOR
        THE
        PURCHASE OF

       

      __________
        UNITS

       

      OF

       

      CHINA
        FORTUNE ACQUISITION CORP.

       

      1. Purchase
        Option.

       

      THIS
        CERTIFIES THAT, in consideration of $100.00 duly paid by or on behalf of
        ____________ (“Holder”),
        as
        registered owner of this Purchase Option, to China Fortune Acquisition Corp.
        (“Company”),
        Holder is entitled, at any time or from time to time upon the later of the
        consummation of a Business Combination or ___________ __, 2007 (“Commencement
        Date”),
        and
        at or before 5:00 p.m., New York City local time, ________ __, 2011
        (“Expiration
        Date”),
        but
        not thereafter, to subscribe for, purchase and receive, in whole or in part,
        up
        to __________ (________) units (“Units”)
        of the
        Company, each Unit consisting of one ordinary share of the Company, par value
        $0.0001 per share (“Ordinary
        Share”),
        and
        one warrant (“Warrant(s)”)
        expiring four years from the effective date (“Effective
        Date”)
        of the
        registration statement (“Registration
        Statement”)
        pursuant to which Units are offered for sale to the public (“Offering”).
        Each
        Warrant is the same as the warrants included in the Units being registered
        for
        sale to the public by way of the Registration Statement (“Public
        Warrants”).
        If
        the Expiration Date is a day on which banking institutions are authorized
        by law
        to close, then this Purchase Option may be exercised on the next succeeding
        day
        which is not such a day in accordance with the terms herein. During the period
        ending on the Expiration Date, the Company

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

      

      agrees
        not to take any action that would terminate the Purchase Option. This Purchase
        Option is initially exercisable at $____ per Unit so purchased; provided,
        however, that upon the occurrence of any of the events specified in Section
        6
        hereof, the rights granted by this Purchase Option, including the exercise
        price
        per Unit and the number of Units (and Ordinary Shares and Warrants) to be
        received upon such exercise, shall be adjusted as therein specified. The
        term
“Exercise Price” shall mean the initial exercise price or the adjusted exercise
        price, depending on the context.

       

      2. Exercise.

       

      2.1 Exercise
        Form.
        In
        order to exercise this Purchase Option, the exercise form attached hereto
        must
        be duly executed and completed and delivered to the Company, together with
        this
        Purchase Option and payment of the Exercise Price for the Units being purchased
        payable in cash or by certified check or official bank check. If the
        subscription rights represented hereby shall not be exercised at or before
        5:00
        p.m., New York City local time, on the Expiration Date this Purchase Option
        shall become and be void without further force or effect, and all rights
        represented hereby shall cease and expire.

       

      2.2 Legend.
        Each
        certificate for the securities purchased under this Purchase Option shall
        bear a
        legend as follows unless such securities have been registered under the
        Securities Act of 1933, as amended (“Act”):

       

      “The
        securities represented by this certificate have not been registered under
        the
        Securities Act of 1933, as amended (“Act”) or applicable state law. The
        securities may not be offered for sale, sold or otherwise transferred except
        pursuant to an effective registration statement under the Act, or pursuant
        to an
        exemption from registration under the Act and applicable state
        law.”

       

      2.3 Cashless
        Exercise.

       

      2.3.1 Determination
        of Amount.
        In
        lieu
        of the payment of the Exercise Price multiplied by the number of Units for
        which
        this Purchase Option is exercisable (and in lieu of being entitled to receive
        Ordinary Shares and Warrants) in the manner required by Section 2.1, the
        Holder
        shall have the right (but not the obligation) to convert any exercisable
        but
        unexercised portion of this Purchase Option into Units (“Cashless
        Exercise Right”)
        as
        follows: upon exercise of the Cashless Exercise Right, the Company shall
        deliver
        to the Holder (without payment by the Holder of any of the Exercise Price
        in
        cash) that number of Units (or that number of Ordinary Shares and Warrants
        comprising that number of Units) equal to the quotient obtained by dividing
        (x)
        the “Value” (as defined below) of the portion of the Purchase Option being
        converted by (y) the Current Market Value (as defined below). The “Value” of the
        portion of the Purchase Option being converted shall equal the remainder
        derived
        from subtracting (a) (i) the Exercise Price multiplied by (ii) the number
        of
        Units underlying the portion of this Purchase Option being converted from
        (b)
        the Current Market Value of a Unit multiplied by the number of Units underlying
        the portion of the Purchase Option being converted. As used herein, the term
        “Current Market Value” per Unit at any date means: (A) in the event that neither
        the Units nor Public Warrants are still trading, the remainder derived from
        subtracting (x) the exercise price of the Warrants multiplied by the number
        of
        Ordinary Shares issuable upon exercise of the

       

      
        
          
             

          

          
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      Warrants
        underlying one Unit from (y) (i) the Current Market Price of the Ordinary
        Share
        multiplied by (ii) the number of Ordinary Shares underlying one Unit, which
        shall include the Ordinary Shares underlying the Warrants included in such
        Unit;
        (B) in the event that the Units, Ordinary Shares and Public Warrants are
        still
        trading, (i) if the Units are listed on a national securities exchange or
        quoted
        on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC Bulletin
        Board
        (or successor exchange), the last sale price of the Units in the principal
        trading market for the Units as reported by the exchange, Nasdaq or the NASD,
        as
        the case may be, on the last trading day preceding the date in question;
        or (ii)
        if the Units are not listed on a national securities exchange or quoted on
        the
        Nasdaq National Market, Nasdaq SmallCap Market or the NASD OTC Bulletin Board
        (or successor exchange), but is traded in the residual over-the-counter market,
        the closing bid price for Units on the last trading day preceding the date
        in
        question for which such quotations are reported by the Pink Sheets, LLC or
        similar publisher of such quotations; and (C) in the event that the Units
        are
        not still trading but the Ordinary Share and Public Warrants underlying the
        Units are still trading, the Current Market Price of the Ordinary Share plus
        the
        product of (x) the Current Market Price of the Public Warrants and (y) the
        number of Ordinary Shares underlying the Warrants included in one Unit. The
        “Current Market Price” shall mean (i) if the Ordinary Shares (or Public
        Warrants, as the case may be) is listed on a national securities exchange
        or
        quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC
        Bulletin Board (or successor exchange), the last sale price of the Ordinary
        Shares (or Public Warrants) in the principal trading market for the Ordinary
        Share as reported by the exchange, Nasdaq or the NASD, as the case may be,
        on
        the last trading day preceding the date in question; (ii) if the Ordinary
        Shares
        (or Public Warrants, as the case may be) is not listed on a national securities
        exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market
        or the
        NASD OTC Bulletin Board (or successor exchange), but is traded in the residual
        over-the-counter market, the closing bid price for the Ordinary Share (or
        Public
        Warrants) on the last trading day preceding the date in question for which
        such
        quotations are reported by the Pink Sheets, LLC or similar publisher of such
        quotations; and (iii) if the fair market value of the Ordinary Share cannot
        be
        determined pursuant to clause (i) or (ii) above, such price as the Board
        of
        Directors of the Company shall determine, in good faith. In the event the
        Public
        Warrants have expired and are no longer exercisable, no “Value” shall be
        attributed to the Warrants underlying this Purchase Option. Additionally,
        in the
        event that this Purchase Option is exercised pursuant to this Section 2.3
        and
        the Public Warrants are still trading, the “Value” shall be reduced by the
        difference between the Warrant Exercise Price and the exercise price of the
        Public Warrants multiplied by the number of Warrants underlying the Units
        included in the portion of this Purchase Option being converted.

       

      2.3.1 Mechanics
        of Cashless Exercise.
        The
        Cashless Exercise Right may be exercised by the Holder on any business day
        on or
        after the Commencement Date and not later than the Expiration Date by delivering
        the Purchase Option with the duly executed exercise form attached hereto
        with
        the cashless exercise section completed to the Company, exercising the Cashless
        Exercise Right and specifying the total number of Units the Holder will purchase
        pursuant to such Cashless Exercise Right.

       

      2.4
         No
        Obligation to Net Cash Settle.
        Notwithstanding anything to the contrary contained in this Purchase Option,
        in
        no event will the Company be required to net cash settle the exercise of
        the
        Purchase Option or the Warrants underlying the Purchase Option. The holder
        of
        the Purchase Option and the Warrants underlying the Purchase Option will
        not be
        entitled to

       

      
        
           

        

        
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      exercise
        the Purchase Option or the Warrants underlying such Purchase Option unless
        a
        registration statement is effective, or an exemption from the registration
        requirements is available at such time and, if the holder is not able to
        exercise the Purchase Option or underlying Warrants, the Purchase Option
        and/or
        the underlying Warrants, as applicable, will expire worthless.

       

      3. Transfer.

       

      3.1 General
        Restrictions.
        The
        registered Holder of this Purchase Option, by its acceptance hereof, agrees
        that
        it will not sell, transfer, assign, pledge or hypothecate this Purchase Option
        for a period of one year following the Effective Date to anyone other than
        (i) EBC or an underwriter or selected dealer in connection with the
        Offering, or (ii) a bona fide officer or partner of EBC or of any such
        underwriter or selected dealer. On and after the first anniversary of the
        Effective Date, transfers to others may be made subject to compliance with
        or
        exemptions from applicable securities laws. In order to make any permitted
        assignment, the Holder must deliver to the Company the assignment form attached
        hereto duly executed and completed, together with the Purchase Option and
        payment of all transfer taxes, if any, payable in connection therewith. The
        Company shall within five business days transfer this Purchase Option on
        the
        books of the Company and shall execute and deliver a new Purchase Option
        or
        Purchase Options of like tenor to the appropriate assignee(s) expressly
        evidencing the right to purchase the aggregate number of Units purchasable
        hereunder or such portion of such number as shall be contemplated by any
        such
        assignment.

       

      3.2 Restrictions
        Imposed by the Act.
        The
        securities evidenced by this Purchase Option shall not be transferred unless
        and
        until (i) the Company has received the opinion of counsel for the Holder
        that the securities may be transferred pursuant to an exemption from
        registration under the Act and applicable state securities laws, the
        availability of which is established to the reasonable satisfaction of the
        Company (the Company hereby agreeing that the opinion of Graubard Miller
        shall
        be deemed satisfactory evidence of the availability of an exemption), or
        (ii) a registration statement or a post-effective amendment to the
        Registration Statement relating to such securities has been filed by the
        Company
        and declared effective by the Securities and Exchange Commission (the
“Commission”)
        and
        compliance with applicable state securities law has been
        established.

       

      4. New
        Purchase Options to be Issued.

       

      4.1 Partial
        Exercise or Transfer.
        Subject
        to the restrictions in Section 3 hereof, this Purchase Option may be exercised
        or assigned in whole or in part. In the event of the exercise or assignment
        hereof in part only, upon surrender of this Purchase Option for cancellation,
        together with the duly executed exercise or assignment form and funds sufficient
        to pay any Exercise Price and/or transfer tax, the Company shall cause to
        be
        delivered to the Holder without charge a new Purchase Option of like tenor
        to
        this Purchase Option in the name of the Holder evidencing the right of the
        Holder to purchase the number of Units purchasable hereunder as to which
        this
        Purchase Option has not been exercised or assigned.

       

      4.2 Lost
        Certificate.
        Upon
        receipt by the Company of evidence satisfactory to it of the loss, theft,
        destruction or mutilation of this Purchase Option and of reasonably
        satisfactory

       

      
        
          
             

          

          
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      indemnification
        or the posting of a bond, the Company shall execute and deliver a new Purchase
        Option of like tenor and date. Any such new Purchase Option executed and
        delivered as a result of such loss, theft, mutilation or destruction shall
        constitute a substitute contractual obligation on the part of the
        Company.

       

      5. Registration
        Rights.

       

      5.1 Demand
        Registration.

       

      5.1.1 Grant
        of Right.
        The
        Company, upon written demand (“Initial
        Demand Notice”)
        of the
        Holder(s) of at least 51% of the Purchase Options and/or the underlying Units
        and/or the underlying securities (“Majority
        Holders”),
        agrees to use its best efforts to register (the “Demand
        Registration”)
        under
        the Act on one occasion, all or any portion of the Purchase Options requested
        by
        the Majority Holders in the Initial Demand Notice and all of the securities
        underlying such Purchase Options, including the Units, Ordinary Share, the
        Warrants and the Ordinary Share underlying the Warrants (collectively, the
        “Registrable
        Securities”).
        On
        such occasion, the Company will use its best efforts to file a registration
        statement or a post-effective amendment to the Registration Statement covering
        the Registrable Securities within sixty days after receipt of the Initial
        Demand
        Notice and use its best efforts to have such registration statement or
        post-effective amendment declared effective as soon as possible thereafter.
        The
        demand for registration may be made at any time during a period of five years
        beginning on the Effective Date. The Initial Demand Notice shall specify
        the
        number of shares of Registrable Securities proposed to be sold and the intended
        method(s) of distribution thereof. The Company will notify all holders of
        the
        Purchase Options and/or Registrable Securities of the demand within ten days
        from the date of the receipt of any such Initial Demand Notice. Each holder
        of
        Registrable Securities who wishes to include all or a portion of such holder’s
        Registrable Securities in the Demand Registration (each such holder including
        shares of Registrable Securities in such registration, a “Demanding
        Holder”)
        shall
        so notify the Company within fifteen (15) days after the receipt by the holder
        of the notice from the Company. Upon any such request, the Demanding Holders
        shall be entitled to have their Registrable Securities included in the Demand
        Registration, subject to Section 5.1.4.

       

      5.1.2 Effective
        Registration.
        A
        registration will not count as a Demand Registration until the registration
        statement filed with the Commission with respect to such Demand Registration
        has
        been declared effective and the Company has complied with all of its obligations
        under this Agreement with respect thereto; provided, however, that if, after
        such registration statement has been declared effective, the offering of
        Registrable Securities pursuant to a Demand Registration is interfered with
        by
        any stop order or injunction of the Commission or any other governmental
        agency
        or court, the registration statement with respect to such Demand Registration
        will be deemed not to have been declared effective, unless and until,
        (i) such stop order or injunction is removed, rescinded or otherwise
        terminated, and (ii) a majority-in-interest of the Demanding Holders
        thereafter elect to continue the offering.

       

      5.1.3 Underwritten
        Offering.
        If the
        Majority Holders so elect and such holders so advise the Company as part
        of the
        Initial Demand Notice, the offering of such Registrable Securities pursuant
        to
        such Demand Registration shall be in the form of an underwritten offering.
        In
        such event, the right of any holder to include its Registrable Securities
        in
        such registration

       

      
        
          
             

          

          
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      shall
        be
        conditioned upon such holder’s participation in such underwriting and the
        inclusion of such holder’s Registrable Securities in the underwriting to the
        extent provided herein. All Demanding Holders proposing to distribute their
        securities through such underwriting shall enter into an underwriting agreement
        in customary form with the underwriter or underwriters selected for such
        underwriting by the Majority Holders.

       

      5.1.4 Reduction
        of Offering.
        If the
        managing underwriter or underwriters for a Demand Registration that is to
        be an
        underwritten offering advises the Company and the Demanding Holders in writing
        that the dollar amount or number of shares of Registrable Securities which
        the
        Demanding Holders desire to sell, taken together with all other Ordinary
        Shares
        or other securities which the Company desires to sell and the Ordinary Shares,
        if any, as to which registration has been requested pursuant to written
        contractual piggy-back registration rights held by other stockholders of
        the
        Company who desire to sell, exceeds the maximum dollar amount or maximum
        number
        of shares that can be sold in such offering without adversely affecting the
        proposed offering price, the timing, the distribution method, or the probability
        of success of such offering (such maximum dollar amount or maximum number
        of
        shares, as applicable, the “Maximum
        Number of Shares”),
        then
        the Company shall include in such registration: (i) first, the Registrable
        Securities as to which Demand Registration has been requested by the Demanding
        Holders (pro rata in accordance with the number of shares that each such
        Person
        has requested be included in such registration, regardless of the number
        of
        shares held by each such Person (such proportion is referred to herein as
        “Pro
        Rata”))
        that
        can be sold without exceeding the Maximum Number of Shares; (ii) second, to
        the extent that the Maximum Number of Shares has not been reached under the
        foregoing clause (i), the Ordinary Shares or other securities that the Company
        desires to sell that can be sold without exceeding the Maximum Number of
        Shares;
        (iii) third, to the extent that the Maximum Number of Shares has not been
        reached under the foregoing clauses (i) and (ii), the Ordinary Shares or
        other securities registrable pursuant to the terms of the Registration Rights
        Agreement between the Company and the initial investors in the Company, dated
        as
        of _____________ __, 2006 (the “Registration
        Rights Agreement”
and
        such registrable securities, the “Investor
        Securities”)
        as to
        which “piggy-back” registration has been requested by the holders thereof, Pro
        Rata, that can be sold without exceeding the Maximum Number of Shares; and
        (iv) fourth, to the extent that the Maximum Number of Shares have not been
        reached under the foregoing clauses (i), (ii), and (iii), the Ordinary
        Shares or other securities for the account of other persons that the Company
        is
        obligated to register pursuant to written contractual arrangements with such
        persons and that can be sold without exceeding the Maximum Number of
        Shares.

       

      5.1.5 Withdrawal.
        If a
        majority-in-interest of the Demanding Holders disapprove of the terms of
        any
        underwriting or are not entitled to include all of their Registrable Securities
        in any offering, such majority-in-interest of the Demanding Holders may elect
        to
        withdraw from such offering by giving written notice to the Company and the
        underwriter or underwriters of their request to withdraw prior to the
        effectiveness of the registration statement filed with the Commission with
        respect to such Demand Registration. If the majority-in-interest of the
        Demanding Holders withdraws from a proposed offering relating to a Demand
        Registration, then the Company does not have to continue its obligations
        under
        Section 5.1 with respect to such proposed offering.

       

      
        
          
             

          

          
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      5.1.6 Terms.
        The
        Company shall bear all fees and expenses attendant to registering the
        Registrable Securities, including the expenses of any legal counsel selected
        by
        the Holders to represent them in connection with the sale of the Registrable
        Securities, but the Holders shall pay any and all underwriting commissions.
        The
        Company agrees to use its reasonable best efforts to qualify or register
        the
        Registrable Securities in such states as are reasonably requested by the
        Majority Holder(s); provided, however, that in no event shall the Company
        be
        required to register the Registrable Securities in a state in which such
        registration would cause (i) the Company to be obligated to qualify to do
        business in such state, or would subject the Company to taxation as a foreign
        corporation doing business in such jurisdiction or (ii) the principal
        stockholders of the Company to be obligated to escrow their shares of capital
        stock of the Company. The Company shall use its best efforts to cause any
        registration statement or post-effective amendment filed pursuant to the
        demand
        rights granted under Section 5.1.1 to remain effective for a period of nine
        consecutive months from the effective date of such registration statement
        or
        post-effective amendment.

       

      5.2 Piggy-Back
        Registration.

       

      5.2.1 Piggy-Back
        Rights.
        If at
        any time during the seven year period commencing on the Effective Date the
        Company proposes to file a registration statement under the Act with respect
        to
        an offering of equity securities, or securities or other obligations exercisable
        or exchangeable for, or convertible into, equity securities, by the Company
        for
        its own account or for stockholders of the Company for their account (or
        by the
        Company and by stockholders of the Company including, without limitation,
        pursuant to Section 5.1), other than a registration statement (i) filed in
        connection with any employee stock option or other benefit plan, (ii) for
        an exchange offer or offering of securities solely to the Company’s existing
        stockholders, (iii) for an offering of debt that is convertible into equity
        securities of the Company or (iv) for a dividend reinvestment plan, then
        the Company shall (x) give written notice of such proposed filing to the
        holders
        of Registrable Securities as soon as practicable but in no event less than
        ten
        (10) days before the anticipated filing date, which notice shall describe
        the
        amount and type of securities to be included in such offering, the intended
        method(s) of distribution, and the name of the proposed managing underwriter
        or
        underwriters, if any, of the offering, and (y) offer to the holders of
        Registrable Securities in such notice the opportunity to register the sale
        of
        such number of shares of Registrable Securities as such holders may request
        in
        writing within five (5) days following receipt of such notice (a “Piggy-Back
        Registration”).
        The
        Company shall cause such Registrable Securities to be included in such
        registration and shall use its best efforts to cause the managing underwriter
        or
        underwriters of a proposed underwritten offering to permit the Registrable
        Securities requested to be included in a Piggy-Back Registration on the same
        terms and conditions as any similar securities of the Company and to permit
        the
        sale or other disposition of such Registrable Securities in accordance with
        the
        intended method(s) of distribution thereof. All holders of Registrable
        Securities proposing to distribute their securities through a Piggy-Back
        Registration that involves an underwriter or underwriters shall enter into
        an
        underwriting agreement in customary form with the underwriter or underwriters
        selected for such Piggy-Back Registration.

       

      5.2.2 Reduction
        of Offering.
        If the
        managing underwriter or underwriters for a Piggy-Back Registration that is
        to be
        an underwritten offering advises the Company and the holders of Registrable
        Securities in writing that the dollar amount or number of Ordinary
        Shares

       

      
        
          
             

          

          
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      which
        the
        Company desires to sell, taken together with Ordinary Shares, if any, as
        to
        which registration has been demanded pursuant to written contractual
        arrangements with persons other than the holders of Registrable Securities
        hereunder, the Registrable Securities as to which registration has been
        requested under this Section 5.2, and the Ordinary Shares, if any, as to
        which
        registration has been requested pursuant to the written contractual piggy-back
        registration rights of other stockholders of the Company, exceeds the Maximum
        Number of Shares, then the Company shall include in any such
        registration:

       

      (a) If
        the
        registration is undertaken for the Company’s account: (A) first, the
        Ordinary Shares or other securities that the Company desires to sell that
        can be
        sold without exceeding the Maximum Number of Shares; (B) second, to the
        extent that the Maximum Number of Shares has not been reached under the
        foregoing clause (A), the Ordinary Shares or other securities, if any,
        comprised of Registrable Securities and Investor Securities, as to which
        registration has been requested pursuant to the applicable written contractual
        piggy-back registration rights of such security holders, Pro Rata, that can
        be
        sold without exceeding the Maximum Number of Shares; and (C) third, to the
        extent that the Maximum Number of shares has not been reached under the
        foregoing clauses (A) and (B), the Ordinary Shares or other securities for
        the account of other persons that the Company is obligated to register pursuant
        to written contractual piggy-back registration rights with such persons and
        that
        can be sold without exceeding the Maximum Number of Shares; 

       

      (b) If
        the
        registration is a “demand” registration undertaken at the demand of holders of
        Investor Securities, (A) first, the Ordinary Shares or other securities for
        the account of the demanding persons, Pro Rata, that can be sold without
        exceeding the Maximum Number of Shares; (B) second, to the extent that the
        Maximum Number of Shares has not been reached under the foregoing
        clause (A), the Ordinary Shares or other securities that the Company
        desires to sell that can be sold without exceeding the Maximum Number of
        Shares;
        (C) third, to the extent that the Maximum Number of Shares has not been
        reached under the foregoing clauses (A) and (B), the shares of Registrable
        Securities, Pro Rata, as to which registration has been requested pursuant
        to
        the terms hereof, that can be sold without exceeding the Maximum Number of
        Shares; and (D) fourth, to the extent that the Maximum Number of Shares has
        not been reached under the foregoing clauses (A), (B) and (C), the Ordinary
        Shares or other securities for the account of other persons that the Company
        is
        obligated to register pursuant to written contractual arrangements with such
        persons, that can be sold without exceeding the Maximum Number of Shares;
        and

       

      (c) If
        the
        registration is a “demand” registration undertaken at the demand of persons
        other than either the holders of Registrable Securities or of Investor
        Securities, (A) first, the Ordinary Shares or other securities for the account
        of the demanding persons that can be sold without exceeding the Maximum Number
        of Shares; (B) second, to the extent that the Maximum Number of Shares has
        not
        been reached under the foregoing clause (A), the Ordinary Shares or other
        securities that the Company desires to sell that can be sold without exceeding
        the Maximum Number of Shares; (C) third, to the extent that the Maximum Number
        of Shares has not been reached under the foregoing clauses (A) and (B),
        collectively the Ordinary Shares or other securities comprised of Registrable
        Securities and Investor Securities, Pro Rata, as to which registration has
        been
        requested pursuant to the terms hereof and of the Registration Rights Agreement,
        as applicable, that can be sold without exceeding the Maximum

       

      
        
          
             

          

          
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      Number
        of
        Shares; and (D) fourth, to the extent that the Maximum Number of Shares has
        not
        been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares
        or other securities for the account of other persons that the Company is
        obligated to register pursuant to written contractual arrangements with such
        persons, that can be sold without exceeding the Maximum Number of
        Shares.

       

      5.2.3 Withdrawal.
        Any
        holder of Registrable Securities may elect to withdraw such holder’s request for
        inclusion of Registrable Securities in any Piggy-Back Registration by giving
        written notice to the Company of such request to withdraw prior to the
        effectiveness of the registration statement. The Company (whether on its
        own
        determination or as the result of a withdrawal by persons making a demand
        pursuant to written contractual obligations) may withdraw a registration
        statement at any time prior to the effectiveness of the registration statement.
        Notwithstanding any such withdrawal, the Company shall pay all expenses incurred
        by the holders of Registrable Securities in connection with such Piggy-Back
        Registration as provided in Section 5.2.4.

       

      5.2.4 Terms.
        The
        Company shall bear all fees and expenses attendant to registering the
        Registrable Securities, including the expenses of any legal counsel selected
        by
        the Holders to represent them in connection with the sale of the Registrable
        Securities but the Holders shall pay any and all underwriting commissions
        related to the Registrable Securities. In the event of such a proposed
        registration, the Company shall furnish the then Holders of outstanding
        Registrable Securities with not less than fifteen days written notice prior
        to
        the proposed date of filing of such registration statement. Such notice to
        the
        Holders shall continue to be given for each applicable registration statement
        filed (during the period in which the Purchase Option is exercisable) by
        the
        Company until such time as all of the Registrable Securities have been
        registered and sold. The Holders of the Registrable Securities shall exercise
        the “piggy-back” rights provided for herein by giving written notice, within ten
        days of the receipt of the Company’s notice of its intention to file a
        registration statement. The Company shall use its best efforts to cause any
        registration statement filed pursuant to the above “piggyback” rights to remain
        effective for at least nine months from the date that the Holders of the
        Registrable Securities are first given the opportunity to sell all of such
        securities.

       

      5.3 Intentionally
        Omitted.

       

      5.4 General
        Terms.

       

      5.4.1 Indemnification.
        The
        Company shall indemnify the Holder(s) of the Registrable Securities to be
        sold
        pursuant to any registration statement hereunder and each person, if any,
        who
        controls such Holders within the meaning of Section 15 of the Act or Section
        20(a) of the Securities Exchange Act of 1934, as amended (“Exchange
        Act”),
        against all loss, claim, damage, expense or liability (including all reasonable
        attorneys’ fees and other expenses reasonably incurred in investigating,
        preparing or defending against litigation, commenced or threatened, or any
        claim
        whatsoever whether arising out of any action between the underwriter and
        the
        Company or between the underwriter and any third party or otherwise) to which
        any of them may become subject under the Act, the Exchange Act or otherwise,
        arising from such registration statement but only to the same extent and
        with
        the same effect as the provisions pursuant to which the Company has agreed
        to
        indemnify the underwriters contained in Section 5

       

      
        
          
             

          

          
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      of
        the
        Underwriting Agreement between the Company, EBC and the other underwriters
        named
        therein dated the Effective Date. The Holder(s) of the Registrable Securities
        to
        be sold pursuant to such registration statement, and their successors and
        assigns, shall severally, and not jointly, indemnify the Company, its officers
        and directors and each person, if any, who controls the Company within the
        meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against
        all loss, claim, damage, expense or liability (including all reasonable
        attorneys’ fees and other expenses reasonably incurred in investigating,
        preparing or defending against any claim whatsoever) to which they may become
        subject under the Act, the Exchange Act or otherwise, arising from information
        furnished by or on behalf of such Holders, or their successors or assigns,
        in
        writing, for specific inclusion in such registration statement to the same
        extent and with the same effect as the provisions contained in Section 5
        of the
        Underwriting Agreement pursuant to which the underwriters have agreed to
        indemnify the Company.

       

      5.4.2 Exercise
        of Purchase Options.
        Nothing
        contained in this Purchase Option shall be construed as requiring the Holder(s)
        to exercise their Purchase Options or Warrants underlying such Purchase Options
        prior to or after the initial filing of any registration statement or the
        effectiveness thereof.

       

      5.4.3 Documents
        Delivered to Holders.
        The
        Company shall furnish EBC, as representative of the Holders participating
        in any
        of the foregoing offerings, a signed counterpart, addressed to the participating
        Holders, of (i) an opinion of counsel to the Company, dated the effective
        date
        of such registration statement (and, if such registration includes an
        underwritten public offering, an opinion dated the date of the closing under
        any
        underwriting agreement related thereto), and (ii) a “cold comfort” letter dated
        the effective date of such registration statement (and, if such registration
        includes an underwritten public offering, a letter dated the date of the
        closing
        under the underwriting agreement) signed by the independent public accountants
        who have issued a report on the Company’s financial statements included in such
        registration statement, in each case covering substantially the same matters
        with respect to such registration statement (and the prospectus included
        therein) and, in the case of such accountants’ letter, with respect to events
        subsequent to the date of such financial statements, as are customarily covered
        in opinions of issuer’s counsel and in accountants’ letters delivered to
        underwriters in underwritten public offerings of securities. The Company
        shall
        also deliver promptly to EBC, as representative of the Holders participating
        in
        the offering, the correspondence and memoranda described below and copies
        of all
        correspondence between the Commission and the Company, its counsel or auditors
        and all memoranda relating to discussions with the Commission or its staff
        with
        respect to the registration statement and permit EBC, as representative of
        the
        Holders, to do such investigation, upon reasonable advance notice, with respect
        to information contained in or omitted from the registration statement as
        it
        deems reasonably necessary to comply with applicable securities laws or rules
        of
        the National Association of Securities Dealers, Inc. (“NASD”).
        Such
        investigation shall include access to books, records and properties and
        opportunities to discuss the business of the Company with its officers and
        independent auditors, all to such reasonable extent and at such reasonable
        times
        and as often as EBC, as representative of the Holders, shall reasonably request.
        The Company shall not be required to disclose any confidential information
        or
        other records to EBC, as representative of the Holders, or to any other person,
        until and unless such persons shall have entered into reasonable confidentiality
        agreements (in form and substance reasonably satisfactory to the Company),
        with
        the Company with respect thereto.

       

      
        
          
             

          

          
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      5.4.4 Underwriting
        Agreement.
        The
        Company shall enter into an underwriting agreement with the managing
        underwriter(s), if any, selected by any Holders whose Registrable Securities
        are
        being registered pursuant to this Section 5, which managing underwriter shall
        be
        reasonably acceptable to the Company. Such agreement shall be reasonably
        satisfactory in form and substance to the Company, each Holder and such managing
        underwriters, and shall contain such representations, warranties and covenants
        by the Company and such other terms as are customarily contained in agreements
        of that type used by the managing underwriter. The Holders shall be parties
        to
        any underwriting agreement relating to an underwritten sale of their Registrable
        Securities and may, at their option, require that any or all the
        representations, warranties and covenants of the Company to or for the benefit
        of such underwriters shall also be made to and for the benefit of such Holders.
        Such Holders shall not be required to make any representations or warranties
        to
        or agreements with the Company or the underwriters except as they may relate
        to
        such Holders and their intended methods of distribution. Such Holders, however,
        shall agree to such covenants and indemnification and contribution obligations
        for selling stockholders as are customarily contained in agreements of that
        type
        used by the managing underwriter. Further, such Holders shall execute
        appropriate custody agreements and otherwise cooperate fully in the preparation
        of the registration statement and other documents relating to any offering
        in
        which they include securities pursuant to this Section 5. Each Holder shall
        also
        furnish to the Company such information regarding itself, the Registrable
        Securities held by it, and the intended method of disposition of such securities
        as shall be reasonably required to effect the registration of the Registrable
        Securities.

       

      5.4.5 Rule
        144 Sale.
        Notwithstanding anything contained in this Section 5 to the contrary, the
        Company shall have no obligation pursuant to Sections 5.1 or 5.2 to use its
        best
        efforts to obtain the registration of Registrable Securities held by any
        Holder
        (i) where such Holder would then be entitled to sell under Rule 144 within
        any
        three-month period (or such other period prescribed under Rule 144 as may
        be
        provided by amendment thereof) all of the Registrable Securities then held
        by
        such Holder, and (ii) where the number of Registrable Securities held by
        such
        Holder is within the volume limitations under paragraph (e) of Rule 144
        (calculated as if such Holder were an affiliate within the meaning of Rule
        144).

       

      5.4.6 Supplemental
        Prospectus.
        Each
        Holder agrees, that upon receipt of any notice from the Company of the happening
        of any event as a result of which the prospectus included in the registration
        statement, as then in effect, includes an untrue statement of a material
        fact or
        omits to state a material fact required to be stated therein or necessary
        to
        make the statements therein not misleading in light of the circumstances
        then
        existing, such Holder will immediately discontinue disposition of Registrable
        Securities pursuant to the registration statement covering such Registrable
        Securities until such Holder’s receipt of the copies of a supplemental or
        amended prospectus, and, if so desired by the Company, such Holder shall
        deliver
        to the Company (at the expense of the Company) or destroy (and deliver to
        the
        Company a certificate of such destruction) all copies, other than permanent
        file
        copies then in such Holder’s possession, of the prospectus covering such
        Registrable Securities current at the time of receipt of such
        notice.

       

      
        
          
             

          

          
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      6. Adjustments.

       

      6.1 Adjustments
        to Exercise Price and Number of Securities.
        The
        Exercise Price and the number of Units underlying the Purchase Option shall
        be
        subject to adjustment from time to time as hereinafter set forth:

       

      6.1.1 Stock
        Dividends - Split-Ups.
        If
        after the date hereof, and subject to the provisions of Section 6.4 below,
        the
        number of outstanding Ordinary Shares is increased by a stock dividend payable
        in Ordinary Shares or by a split-up of Ordinary Shares or other similar event,
        then, on the effective date thereof, the number of Ordinary Shares underlying
        each of the Units purchasable hereunder shall be increased in proportion
        to such
        increase in outstanding shares. In such case, the number of Ordinary Shares,
        and
        the exercise price applicable thereto, underlying the Warrants underlying
        each
        of the Units purchasable hereunder shall be adjusted in accordance with the
        terms of the Warrants. For example, if the Company declares a two-for-one
        stock
        dividend and at the time of such dividend this Purchase Option is for the
        purchase of one Unit at $6.00 per whole Unit (each Warrant underlying the
        Units
        is exercisable for $5.00 per share), upon effectiveness of the dividend,
        this
        Purchase Option will be adjusted to allow for the purchase of one Unit at
        $6.00
        per Unit, each Unit entitling the holder to receive two Ordinary Shares and
        four
        Warrants (each Warrant exercisable for $2.50 per share).

       

      6.1.2 Aggregation
        of Shares.
        If
        after the date hereof, and subject to the provisions of Section 6.4, the
        number
        of outstanding Ordinary Shares is decreased by a consolidation, combination
        or
        reclassification of Ordinary Shares or other similar event, then, on the
        effective date thereof, the number of Ordinary Shares underlying each of
        the
        Units purchasable hereunder shall be decreased in proportion to such decrease
        in
        outstanding shares. In such case, the number of Ordinary Shares, and the
        exercise price applicable thereto, underlying the Warrants underlying each
        of
        the Units purchasable hereunder shall be adjusted in accordance with the
        terms
        of the Warrants.

       

      6.1.3 Replacement
        of Securities upon Reorganization, etc.
        In case
        of any reclassification or reorganization of the outstanding Ordinary Shares
        other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely
        affects the par value of such Ordinary Shares, or in the case of any merger
        or
        consolidation of the Company with or into another corporation (other than
        a
        consolidation or merger in which the Company is the continuing corporation
        and
        that does not result in any reclassification or reorganization of the
        outstanding Ordinary Shares), or in the case of any sale or conveyance to
        another corporation or entity of the property of the Company as an entirety
        or
        substantially as an entirety in connection with which the Company is dissolved,
        the Holder of this Purchase Option shall have the right thereafter (until
        the
        expiration of the right of exercise of this Purchase Option) to receive upon
        the
        exercise hereof, for the same aggregate Exercise Price payable hereunder
        immediately prior to such event, the kind and amount of shares of stock or
        other
        securities or property (including cash) receivable upon such reclassification,
        reorganization, merger or consolidation, or upon a dissolution following
        any
        such sale or transfer, by a Holder of the number of Ordinary Shares of the
        Company obtainable upon exercise of this Purchase Option and the underlying
        Warrants immediately prior to such event; and if any reclassification also
        results in a change in Ordinary Shares covered by Section 6.1.1 or 6.1.2,
        then
        such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this
        Section
        6.1.3. The

       

      
        
          
             

          

          
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      provisions
        of this Section 6.1.3 shall similarly apply to successive reclassifications,
        reorganizations, mergers or consolidations, sales or other
        transfers.

       

      6.1.4 Changes
        in Form of Purchase Option.
        This
        form of Purchase Option need not be changed because of any change pursuant
        to
        this Section, and Purchase Options issued after such change may state the
        same
        Exercise Price and the same number of Units as are stated in the Purchase
        Options initially issued pursuant to this Agreement. The acceptance by any
        Holder of the issuance of new Purchase Options reflecting a required or
        permissive change shall not be deemed to waive any rights to an adjustment
        occurring after the Commencement Date or the computation thereof.

       

      6.2 [Intentionally
        Omitted]

       

      6.3 Substitute
        Purchase Option.
        In case
        of any consolidation of the Company with, or merger of the Company with,
        or
        merger of the Company into, another corporation (other than a consolidation
        or
        merger which does not result in any reclassification or change of the
        outstanding Ordinary Share), the corporation formed by such consolidation
        or
        merger shall execute and deliver to the Holder a supplemental Purchase Option
        providing that the holder of each Purchase Option then outstanding or to
        be
        outstanding shall have the right thereafter (until the stated expiration
        of such
        Purchase Option) to receive, upon exercise of such Purchase Option, the kind
        and
        amount of shares of stock and other securities and property receivable upon
        such
        consolidation or merger, by a holder of the number of Ordinary Shares of
        the
        Company for which such Purchase Option might have been exercised immediately
        prior to such consolidation, merger, sale or transfer. Such supplemental
        Purchase Option shall provide for adjustments which shall be identical to
        the
        adjustments provided in Section 6. The above provision of this Section shall
        similarly apply to successive consolidations or mergers.

       

      6.4 Elimination
        of Fractional Interests.
        The
        Company shall not be required to issue certificates representing fractions
        of
        Ordinary Shares or Warrants upon the exercise of the Purchase Option, nor
        shall
        it be required to issue scrip or pay cash in lieu of any fractional interests,
        it being the intent of the parties that all fractional interests shall be
        eliminated by rounding any fraction up to the nearest whole number of Warrants,
        Ordinary Shares or other securities, properties or rights.

       

      7. Reservation
        and Listing.
        The
        Company shall at all times reserve and keep available out of its authorized
        Ordinary Shares, solely for the purpose of issuance upon exercise of the
        Purchase Options or the Warrants underlying the Purchase Option, such number
        of
        Ordinary Shares or other securities, properties or rights as shall be issuable
        upon the exercise thereof. The Company covenants and agrees that, upon exercise
        of the Purchase Options and payment of the Exercise Price therefor, all Ordinary
        Shares and other securities issuable upon such exercise shall be duly and
        validly issued, fully paid and non-assessable and not subject to preemptive
        rights of any stockholder. The Company further covenants and agrees that
        upon
        exercise of the Warrants underlying the Purchase Options and payment of the
        respective Warrant exercise price therefor, all Ordinary Shares and other
        securities issuable upon such exercise shall be duly and validly issued,
        fully
        paid and non-assessable and not subject to preemptive rights of any stockholder.
        As long as the Purchase Options shall be outstanding, the Company shall use
        its
        best efforts to cause all (i) Units and Ordinary Shares issuable upon exercise
        of the Purchase Options, (iii) Warrants

       

      
        
          
             

          

          
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      issuable
        upon exercise of the Purchase Options and (iv) Ordinary Shares issuable upon
        exercise of the Warrants included in the Units issuable upon exercise of
        the
        Purchase Option to be listed (subject to official notice of issuance) on
        all
        securities exchanges (or, if applicable on the Nasdaq National Market, SmallCap
        Market, OTC Bulletin Board or any successor trading market) on which the
        Units,
        the Ordinary Share or the Public Warrants issued to the public in connection
        herewith may then be listed and/or quoted.

       

      8. Certain
        Notice Requirements.

       

      8.1 Holder’s
        Right to Receive Notice.
        Nothing
        herein shall be construed as conferring upon the Holders the right to vote
        or
        consent as a stockholder for the election of directors or any other matter,
        or
        as having any rights whatsoever as a stockholder of the Company. If, however,
        at
        any time prior to the expiration of the Purchase Options and their exercise,
        any
        of the events described in Section 8.2 shall occur, then, in one or more
        of said
        events, the Company shall give written notice of such event at least fifteen
        days prior to the date fixed as a record date or the date of closing the
        transfer books for the determination of the stockholders entitled to such
        dividend, distribution, conversion or exchange of securities or subscription
        rights, or entitled to vote on such proposed dissolution, liquidation, winding
        up or sale. Such notice shall specify such record date or the date of the
        closing of the transfer books, as the case may be. Notwithstanding the
        foregoing, the Company shall deliver to each Holder a copy of each notice
        given
        to the other stockholders of the Company at the same time and in the same
        manner
        that such notice is given to the stockholders.

       

      8.2 Events
        Requiring Notice.
        The
        Company shall be required to give the notice described in this Section 8
        upon
        one or more of the following events: (i) if the Company shall take a record
        of
        the holders of its Ordinary Shares for the purpose of entitling them to receive
        a dividend or distribution payable otherwise than in cash, or a cash dividend
        or
        distribution payable otherwise than out of retained earnings, as indicated
        by
        the accounting treatment of such dividend or distribution on the books of
        the
        Company, or (ii) the Company shall offer to all the holders of its Ordinary
        Share any additional shares of capital stock of the Company or securities
        convertible into or exchangeable for shares of capital stock of the Company,
        or
        any option, right or warrant to subscribe therefor, or (iii) a dissolution,
        liquidation or winding up of the Company (other than in connection with a
        consolidation or merger) or a sale of all or substantially all of its property,
        assets and business shall be proposed.

       

      8.3 Notice
        of Change in Exercise Price.
        The
        Company shall, promptly after an event requiring a change in the Exercise
        Price
        pursuant to Section 6 hereof, send notice to the Holders of such event and
        change (“Price
        Notice”).
        The
        Price Notice shall describe the event causing the change and the method of
        calculating same and shall be certified as being true and accurate by the
        Company’s President and Chief Financial Officer.

       

      8.4 Transmittal
        of Notices.
        All
        notices, requests, consents and other communications under this Purchase
        Option
        shall be in writing and shall be deemed to have been duly made when hand
        delivered, or mailed by express mail or private courier service: (i) if to
        the
        registered Holder of the Purchase Option, to the address of such Holder as
        shown
        on the books of the Company, or (ii) if to the Company, to the following
        address
        or to such other address as the Company may designate by notice to the
        Holders:

       

      
        
          
             

          

          
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      China
        Fortune Acquisition Corp.

      Jinmao
        Tower

      88
        Century Boulevard, Suite 4403

      Pudong,
        Shanghai

      People’s
        Republic of China 200121

      Attn: Chairman

      

       

      9. Miscellaneous.

       

      9.1 Amendments.
        The
        Company and EBC may from time to time supplement or amend this Purchase Option
        without the approval of any of the Holders in order to cure any ambiguity,
        to
        correct or supplement any provision contained herein that may be defective
        or
        inconsistent with any other provisions herein, or to make any other provisions
        in regard to matters or questions arising hereunder that the Company and
        EBC may
        deem necessary or desirable and that the Company and EBC deem shall not
        adversely affect the interest of the Holders. All other modifications or
        amendments shall require the written consent of and be signed by the party
        against whom enforcement of the modification or amendment is
        sought.

       

      9.2 Headings.
        The
        headings contained herein are for the sole purpose of convenience of reference,
        and shall not in any way limit or affect the meaning or interpretation of
        any of
        the terms or provisions of this Purchase Option.

       

      9.3 Entire
        Agreement.
        This
        Purchase Option (together with the other agreements and documents being
        delivered pursuant to or in connection with this Purchase Option) constitutes
        the entire agreement of the parties hereto with respect to the subject matter
        hereof, and supersedes all prior agreements and understandings of the parties,
        oral and written, with respect to the subject matter hereof.

       

      9.4 Binding
        Effect.
        This
        Purchase Option shall inure solely to the benefit of and shall be binding
        upon,
        the Holder and the Company and their permitted assignees, respective successors,
        legal representative and assigns, and no other person shall have or be construed
        to have any legal or equitable right, remedy or claim under or in respect
        of or
        by virtue of this Purchase Option or any provisions herein
        contained.

       

      9.5 Governing
        Law; Submission to Jurisdiction.
        This
        Purchase Option 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. The Company hereby agrees that any action, proceeding or claim against
        it
        arising out of, or relating in any way to this Purchase Option shall be brought
        and enforced in the courts of the State of New York or of the United States
        of
        America for the Southern District of New York, and irrevocably submits to
        such
        jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives
        any objection to such exclusive jurisdiction and that such courts represent
        an
        inconvenient forum. Any process or summons to be served upon the Company
        may be
        served by transmitting a copy thereof by registered or certified mail, return
        receipt requested, postage prepaid, addressed to it at the address set forth
        in
        Section 8 hereof. Such mailing shall be deemed personal service and shall
        be
        legal and binding upon the Company

       

      
        
          
             

          

          
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      in
        any
        action, proceeding or claim. The Company and the Holder agree that the
        prevailing party(ies) in any such action shall be entitled to recover from
        the
        other party(ies) all of its reasonable attorneys’ fees and expenses relating to
        such action or proceeding and/or incurred in connection with the preparation
        therefor.

       

      9.6 Waiver,
        Etc.
        The
        failure of the Company or the Holder to at any time enforce any of the
        provisions of this Purchase Option shall not be deemed or construed to be
        a
        waiver of any such provision, nor to in any way affect the validity of this
        Purchase Option or any provision hereof or the right of the Company or any
        Holder to thereafter enforce each and every provision of this Purchase Option.
        No waiver of any breach, non-compliance or non-fulfillment of any of the
        provisions of this Purchase Option shall be effective unless set forth in
        a
        written instrument executed by the party or parties against whom or which
        enforcement of such waiver is sought; and no waiver of any such breach,
        non-compliance or non- fulfillment shall be construed or deemed to be a waiver
        of any other or subsequent breach or non-compliance.

       

      9.7 Execution
        in Counterparts.
        This
        Purchase Option may be executed in one or more counterparts, and by the
        different parties hereto in separate counterparts, each of which shall be
        deemed
        to be an original, but all of which taken together shall constitute one and
        the
        same agreement, and shall become effective when one or more counterparts
        has
        been signed by each of the parties hereto and delivered to each of the other
        parties hereto.

       

      9.8 Exchange
        Agreement.
        As a
        condition of the Holder’s receipt and acceptance of this Purchase Option, Holder
        agrees that, at any time prior to the complete exercise of this Purchase
        Option
        by Holder, if the Company and EBC enter into an agreement (“Exchange
        Agreement”)
        pursuant to which they agree that all outstanding Purchase Options will be
        exchanged for securities or cash or a combination of both, then Holder shall
        agree to such exchange and become a party to the Exchange
        Agreement.

       

      9.9 Intentionally
        Omitted.

       

      
        
           

        

        
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      IN
        WITNESS WHEREOF, the Company has caused this Purchase Option to be signed
        by its
        duly authorized officer as of the ____ day of _________, 2006.

       

      CHINA
        FORTUNE ACQUISITION CORP.

       

      

       

      By:______________________________

      Name:
        

      Title:
        

       

      
        
           

        

        
          -17-

          
            

          

        

        
           

        

      

       

      Form
        to
        be used to exercise Purchase Option:

       

      China
        Fortune Acquisition Corp.

      Jinmao
        Tower

      88
        Century Boulevard, Suite 4403

      Pudong,
        Shanghai

      People’s
        Republic of China 200121

      

      

       

      Date:_________________,
        200__

       

      The
        undersigned hereby elects irrevocably to exercise all or a portion of the
        within
        Purchase Option and to purchase ____ Units of China Fortune Acquisition Corp.
        and hereby makes payment of $____________ (at the rate of $_________ per
        Unit)
        in payment of the Exercise Price pursuant thereto. Please issue the Ordinary
        Shares and Warrants as to which this Purchase Option is exercised in accordance
        with the instructions given below.

       

      or

       

      The
        undersigned hereby elects irrevocably to convert its right to purchase _________
        Units purchasable under the within Purchase Option by surrender of the
        unexercised portion of the attached Purchase Option (with a “Value” based of
        $_______ based on a “Market Price” of $_______). Please issue the securities
        comprising the Units as to which this Purchase Option is exercised in accordance
        with the instructions given below.

       

      _______________________________________

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

      

      Signature(s)
        Guaranteed:

      

      ________________________________________________________________________

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

       

      
        
           

        

        
          -18-

          
            

          

        

        
           

        

      

      INSTRUCTIONS
        FOR REGISTRATION OF SECURITIES

       

      Name
        

      
        
          

        

      

      (Print
        in
        Block Letters)

       

      Address
        

      
        
          

        

      

       

      

      
        
          
             

          

          
            -19-

            
              

            

          

          
             

          

        

      

       

      Form
        to
        be used to assign Purchase Option:

       

      ASSIGNMENT

       

      (To
        be
        executed by the registered Holder to effect a transfer of the within Purchase
        Option):

       

      FOR
        VALUE
        RECEIVED,_______________________________ does hereby sell, assign and transfer
        unto______________________________________ the right to purchase __________
        Units of Pantheon China Acquisition Corp. (“Company”)
        evidenced by the within Purchase Option and does hereby authorize the Company
        to
        transfer such right on the books of the Company.

       

      Dated:___________________,
        200_

       

       

      ________________________________________________________

      Signature

       

       

      ________________________________________________________

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

      

      Signature(s)
        Guaranteed:

      

      ________________________________________________________________________

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

       

      
        
           

        

          -20-EXHIBIT
      4.5

    WARRANT
      AGREEMENT

    

    Agreement
      made as of __________, 2006 between China Fortune Acquisition Corp., a Cayman
      Islands corporation, with offices at Jinmao
      Tower, 88 Century Boulevard, Suite 4403, Pudong, Shanghai, People’s Republic of
      China 200121
      (“Company”), and Continental Stock Transfer & Trust Company, a New York
      corporation, with offices at 17 Battery Place, New York, New York 10004
      (“Warrant Agent”).

    

    WHEREAS,
      the Company has received a
      binding
      commitment from Bo Yu (the “Insider”) to purchase an aggregate of 250,000 units
      (“Insider Units”), pursuant to which 250,000 warrants (“Insider Warrants”) will
      be issued; and

    

    WHEREAS,
      the Company is engaged in a public offering (“Public Offering”) of Units and, in
      connection therewith, has determined to issue and deliver up to (i) 9,200,000
      Warrants (“Public Warrants”) to the public investors, and (ii) 400,000
      Warrants to EarlyBirdCapital, Inc. (“EBC”) or its designees (“Representative’s
      Warrants” and, together with the Public Warrants and Insider Warrants, the
“Warrants”), each of such Warrants evidencing the right of the holder thereof to
      purchase one ordinary share of the Company, par value $.0001 per share
      (“Ordinary Shares”), for $6.50, subject to adjustment as described herein;
      and

    

    WHEREAS,
      the Company has filed with the Securities and Exchange Commission a Registration
      Statement on Form F-1, No. 333-_____ (“Reg-istration Statement”), for the
      registration, under the Securities Act of 1933, as amended (“Act”) of, among
      other securities, the Warrants and the Ordinary Shares issuable upon exercise
      of
      the Warrants; and

    

    WHEREAS,
      the Company desires the Warrant Agent to act on behalf of the Company, and
      the
      Warrant Agent is willing to so act, in connection with the issuance,
      regis-tration, transfer, exchange, redemption and exercise of the Warrants;
      and

    

    WHEREAS,
      the Company desires to provide for the form and provisions of the Warrants,
      the
      terms upon which they shall be issued and exercised, and the respective rights,
      limitation of rights, and immunities of the Company, the Warrant Agent, and
      the
      holders of the Warrants; and

    

    WHEREAS,
      all acts and things have been done and performed which are necessary to make
      the
      Warrants, when executed on behalf of the Company and countersigned by or on
      behalf of the Warrant

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

      Agent,
        as
        provided herein, the valid, binding and legal obligations of the Company,
        and to
        authorize the execution and delivery of this Agreement.

    

    

    NOW,
      THEREFORE, in consideration of the mutual agreements herein contained, the
      parties hereto agree as follows:

    

    1. Appointment
      of Warrant Agent.
      The
      Company hereby appoints the Warrant Agent to act as agent for the Company for
      the Warrants, and the Warrant Agent hereby accepts such appointment and agrees
      to perform the same in accordance with the terms and conditions set forth in
      this Agreement.

    

    2. Warrants.

    

    2.1. Form
      of Warrant.
      Each
      Warrant shall be issued in registered form only, shall be in substantially
      the
      form of Exhibit A hereto, the provisions of which are incorporated herein and
      shall be signed by, or bear the facsimile signature of, the Chairman of the
      Board or President and Treasurer, Secretary or Assistant Secretary of the
      Company and shall bear a facsimile of the Company’s seal. In the event the
      person whose facsimile signature has been placed upon any Warrant shall have
      ceased to serve in the capacity in which such person signed the Warrant before
      such Warrant is issued, it may be issued with the same effect as if he or she
      had not ceased to be such at the date of issuance.

    

    2.2. Effect
      of Countersignature.
      Unless
      and until countersigned by the Warrant Agent pursuant to this Agreement, a
      Warrant shall be invalid and of no effect and may not be exercised by the holder
      thereof.

    

    2.3. Registration.
      

    

    2.3.1. Warrant
      Register.
      The
      Warrant Agent shall maintain books (“Warrant Register”), for the registration of
      original issuance and the registration of transfer of the Warrants. Upon the
      initial issuance of the Warrants, the Warrant Agent shall issue and register
      the
      Warrants in the names of the respective holders thereof in such denom-inations
      and otherwise in accordance with instructions delivered to the Warrant Agent
      by
      the Company.

    

    2.3.2. Registered
      Holder.
      Prior
      to due presentment for registration of transfer of any Warrant, the Company
      and
      the Warrant Agent may deem and treat the person in whose name such Warrant
      shall
      be registered upon the Warrant Register (“registered holder”), as the absolute
      owner of such Warrant

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    

    and
      of
      each Warrant represented thereby (notwithstanding any notation of ownership
      or
      other writing on the Warrant Certificate made by anyone other than the Company
      or the Warrant Agent), for the purpose of any exercise thereof, and for all
      other purposes, and neither the Company nor the Warrant Agent shall be affected
      by any notice to the contrary.

    

    2.4. Detachability
      of Warrants.
      The
      securities comprising the Units will not be separately transferable until 90
      days after the date hereof unless EBC informs the Company of its decision to
      allow earlier separate trading, but in no event will EBC allow separate trading
      of the securities comprising the Units until the Company files a Current Report
      on Form 8-K which includes an audited balance sheet reflecting the receipt
      by
      the Company of the gross proceeds of the Public Offering including the proceeds
      received by the Company from the exercise of the Underwriter’s over-allotment
      option, if the over-allotment option is exercised prior to the filing of the
      Form 8-K. 

    

    2.5 Warrant
      Attributes.
      The
      Insider Warrants and Representative’s Warrants shall have the same terms and be
      in the same form as the Public Warrants.

    

    3. Terms
      and Exercise of Warrants

    

    3.1. Warrant
      Price.
      Each
      Warrant shall, when counter-signed by the Warrant Agent, entitle the registered
      holder thereof, subject to the provisions of such Warrant and of this Warrant
      Agreement, to purchase from the Company the number of Ordinary Shares stated
      therein, at the price of $6.50 per whole share, subject to the adjustments
      provided in Section 4 hereof and in the last sentence of this Section 3.1.
      The
      term “Warrant Price” as used in this Warrant Agreement refers to the price per
      share at which Ordinary Shares may be purchased at the time a Warrant is
      exercised. The Company in its sole discretion may lower the Warrant Price at
      any
      time prior to the Expiration Date. 

    

    3.2. Duration
      of Warrants.
      A
      Warrant may be exercised only during the period (“Exercise Period”) commencing
      on the later of (i) the consummation by the Company of a merger,
      capital stock exchange, asset acquisition or other similar business combination
      (“Business
      Combination”) (as described more fully in the Company’s Registration Statement)
      and (ii) ______, 2007, and terminating at 5:00 p.m., New York City time on
      the
      earlier to occur of (i) _________, 2010 or (ii) the date fixed for
      redemption of the Warrants as provided in Section 6 of this Agreement
      (“Expiration Date”). Except with respect to the right to receive the Redemption
      Price (as set forth in Section 6 hereunder), each Warrant not exercised on
      or
      before the Expiration Date shall become void, and all rights thereunder and
      all
      rights in respect thereof under this Agreement shall cease at the close of
      business on the Expiration Date. The Company in its sole

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

     

    discretion
      may extend the duration of the Warrants by delaying the Expiration Date.

    

    3.3. Exercise
      of Warrants.

    

    3.3.1. Payment.
      Subject
      to the provisions of the Warrant and this Warrant Agreement, a Warrant, when
      countersigned by the Warrant Agent, may be exercised by the registered holder
      thereof by surrendering it, at the office of the Warrant Agent, or at the office
      of its successor as Warrant Agent, in the Borough of Manhattan, City and State
      of New York, with the subscription form, as set forth in the Warrant, duly
      executed, and by paying in full the Warrant Price for each full Ordinary Share
      as to which the Warrant is exercised and any and all applicable taxes due in
      connection with the exercise of the Warrant, as follows:

    

    (a) in
      cash,
      good certified check or good bank draft payable to the order of the Company
      (or
      as otherwise agreed to by the Company);

    

    (b) in
      the
      event of redemption pursuant to Section 6 hereof in which the Company’s
      management has elected to force all holders of Warrants to exercise such
      Warrants on a “cashless basis,” by surrendering the Warrants for that number of
      Ordinary Shares equal to the quotient obtained by dividing (x) the product
      of
      the number of Ordinary Shares underlying the Warrants, multiplied by the
      difference between the Warrant Price and the “Fair Market Value” (defined below)
      by (y) the Fair Market Value. Solely for purposes of this Section 3.3.1, the
      “Fair Market Value” shall mean the average reported last sale price of the
      Ordinary Shares for the 10 trading days ending on the third trading day prior
      to
      the date on which the notice of redemption is sent to holders of Warrant
      pursuant to Section 6 hereof; or

    

    (c) with
      respect to any Insider Warrants,
      in
      the
      event of redemption pursuant to Section 6 hereof other than as
      set
      forth in the above Section 3.3.1(b) and so long as such Insider Warrants are
      held by the Insiders or their affiliates,
      by
      surrendering such Insider Warrants for that number of Ordinary Shares equal
      to
      the quotient obtained by dividing (x) the product of the number of Ordinary
      Shares underlying the Warrants, multiplied by the difference between the
      exercise price of the Warrants and the “Fair Market Value” by (y) the Fair
      Market Value. 

    

    3.3.2. Issuance
      of Certificates.
      As soon
      as practicable after the exercise of any Warrant

     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    

    and
      the
      clearance of the funds in payment of the Warrant Price, the Company shall issue
      to the registered holder of such Warrant a certificate or certificates for
      the
      number of full shares of Common Stock to which he is entitled, registered in
      such name or names as may be directed by him, her or it, and if such Warrant
      shall not have been exercised in full, a new countersigned Warrant for the
      number of shares as to which such Warrant shall not have been exercised.
      Notwithstanding the foregoing, the Company shall not be obligated to deliver
      any
      securities pursuant to the exercise of a Public Warrant or a Representative’s
      Warrant and shall have no obligation to settle such Public Warrant or
      Representative’s Warrant exercise unless a registration statement under the Act
      with respect to the Common Stock is effective, subject to the Company’s
      satisfying its obligations under Section 7.4 to use its best efforts. In the
      event that a registration statement with respect to the Common Stock underlying
      a Public Warrant or a Representative’s Warrant is not effective under the Act,
      the holder of such Public Warrant or Representative’s Warrant shall not be
      entitled to exercise such Warrant and such Warrant may have no value and expire
      worthless. In no event will the Company be required to net cash settle the
      warrant exercise. Public Warrants and Representative’s Warrants may not be
      exercised by, or securities issued to, any registered holder in any state in
      which such exercise would be unlawful. The shares of common stock issuable
      upon
      exercise of Insider Warrants shall be unregistered shares. In the event that
      a
      registration statement is not effective for the exercised Public Warrants and
      Representative’s Warrants, the purchaser of a unit containing such Warrant, will
      have paid the full purchase price for the unit solely for the shares included
      in
      such unit.

    

    3.3.3. Valid
      Issuance.
      All
      Ordinary Shares issued upon the proper exercise of a Warrant in conformity
      with
      this Agreement shall be validly issued, fully paid and
      nonassessable.

    

    3.3.4. Date
      of Issuance.
      Each
      person in whose name any such certificate for Ordinary Shares is issued shall
      for all purposes be deemed to have become the holder of record of such shares
      on
      the date on which the Warrant was surrendered and payment of the Warrant Price
      was made, irrespective of the date of delivery of such certificate, except
      that,
      if the date of such surrender and payment is a date when the stock transfer
      books of the Company are closed, such person shall be deemed to have become
      the
      holder of such shares at the close of business on the next succeeding date
      on
      which the stock transfer books are open.

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    

    3.3.5. Intentionally
      Omitted. 

    

    4. Adjustments.

    

    4.1. Stock
      Dividends - Split-Ups.
      If
      after the date hereof, and subject to the provisions of Section 4.6 below,
      the
      number of outstanding Ordinary Shares is increased by a stock dividend payable
      in Ordinary Shares, or by a split-up of Ordinary Shares, or other similar event,
      then, on the effective date of such stock dividend, split-up or similar event,
      the number of Ordinary Shares issuable on exercise of each Warrant shall be
      increased in proportion to such increase in outstanding Ordinary
      Shares.

    

    4.2. Aggregation
      of Shares.
      If
      after the date hereof, and subject to the provisions of Section 4.6, the
      number of outstanding Ordinary Shares is decreased by a consolidation,
      combination, reverse stock split or reclassifi-cation of Ordinary Shares or
      other similar event, then, on the effective date of such consolidation,
      combination, reverse stock split, reclassification or similar event, the number
      of Ordinary Shares issuable on exercise of each Warrant shall be decreased
      in
      proportion to such decrease in outstanding Ordinary Shares.

    

    4.3 Adjustments
      in Exercise Price.
      Whenever the number of Ordinary Shares purchasable upon the exercise of the
      Warrants is adjusted, as provided in Section 4.1 and 4.2 above, the Warrant
      Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price
      immediately prior to such adjustment by a fraction (x) the numerator of which
      shall be the number of Ordinary Shares purchasable upon the exercise of the
      Warrants immediately prior to such adjustment, and (y) the denominator of which
      shall be the number of Ordinary Shares so purchasable immediately
      thereafter.

    

    4.4. Replacement
      of Securities upon Reorganization, etc.
      In case
      of any reclassification or reorganization of the outstanding Ordinary Shares
      (other than a change covered by Section 4.1 or 4.2 hereof or that solely
      affects the par value of such Ordinary Shares), or in the case of any merger
      or
      consolidation of the Company with or into another corporation (other than a
      consolidation or merger in which the Company is the continuing corporation
      and
      that does not result in any reclassification or reorganization of the
      outstanding Ordinary Shares), or in the case of any sale or conveyance to
      another corporation or entity of the assets or other property of the Company
      as
      an entirety or substantially as an entirety in connection with which the Company
      is dissolved, the Warrant holders shall thereafter have the right to purchase
      and receive, upon the basis and upon the terms and conditions specified in
      the
      Warrants and in lieu of the Ordinary Shares of the Company immediately
      theretofore purchasable and receivable upon the exercise of the rights
      represented thereby, the kind and amount of shares of stock or
      other

     

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    

    securities
      or property (including cash) receivable upon such reclassification,
      reorganization, merger or consolidation, or upon a dissolution following any
      such sale or transfer, that the Warrant holder would have received if such
      Warrant holder had exercised his, her or its Warrant(s) immediately prior to
      such event; and if any reclassification also results in a change in Ordinary
      Shares covered by Section 4.1 or 4.2, then such adjustment shall be made
      pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The
      provisions of this Section 4.4 shall similarly apply to successive
      reclassifications, reorganizations, mergers or consolidations, sales or other
      transfers.

    

    4.5. Notices
      of Changes in Warrant.
      Upon
      every adjustment of the Warrant Price or the number of shares issuable upon
      exercise of a Warrant, the Company shall give written notice thereof to the
      Warrant Agent, which notice shall state the Warrant Price resulting from such
      adjust-ment and the increase or decrease, if any, in the number of shares
      purchasable at such price upon the exercise of a Warrant, setting forth in
      reasonable detail the method of calculation and the facts upon which such
      calculation is based. Upon the occurrence of any event specified in Sections
      4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall give written
      notice to each Warrant holder, at the last address set forth for such holder
      in
      the warrant register, of the record date or the effective date of the event.
      Failure to give such notice, or any defect therein, shall not affect the
      legality or validity of such event.

    

    4.6. No
      Fractional Shares.
      Notwithstanding any provi-sion contained in this Warrant Agreement to the
      contrary, the Company shall not issue fractional shares upon exercise of
      Warrants. If, by reason of any adjustment made pursuant to this Section 4,
      the holder of any Warrant would be entitled, upon the exercise of such Warrant,
      to receive a fractional interest in a share, the Company shall, upon such
      exercise, round up or down to the nearest whole number the number of the
      Ordinary Shares to be issued to the Warrant holder.

    

    4.7. Form
      of Warrant.
      The
      form of Warrant need not be changed because of any adjustment pursuant to this
      Section 4, and Warrants issued after such adjustment may state the same Warrant
      Price and the same number of shares as is stated in the Warrants initially
      issued pursuant to this Agreement. However, the Company may at any time in
      its
      sole discretion make any change in the form of Warrant that the Company may
      deem
      appropriate and that does not affect the substance thereof, and any Warrant
      thereafter issued or countersigned, whether in exchange or substitution for
      an
      outstanding Warrant or otherwise, may be in the form as so changed.

     

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    

    5. Transfer
      and Exchange of Warrants.

    

    5.1. Registration
      of Transfer.
      The
      Warrant Agent shall register the transfer, from time to time, of any outstanding
      Warrant upon the Warrant Register, upon surrender of such Warrant for transfer,
      properly endorsed with signatures properly guaranteed and accompanied by
      appropriate instructions for transfer. Upon any such transfer, a new Warrant
      representing an equal aggregate number of Warrants shall be issued and the
      old
      Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled
      shall
      be delivered by the Warrant Agent to the Company from time to time upon
      request.

    

    5.2. Procedure
      for Surrender of Warrants.
      Warrants may be surrendered to the Warrant Agent, together with a written
      request for exchange or transfer, and there-upon the Warrant Agent shall issue
      in exchange therefor one or more new Warrants as requested by the registered
      holder of the Warrants so surrendered, representing an equal aggregate number
      of
      Warrants; provided, however, that in the event that a Warrant surrendered for
      transfer bears a restrictive legend, the Warrant Agent shall not cancel such
      Warrant and issue new Warrants in exchange therefor until the Warrant Agent
      has
      received an opinion of counsel for the Company stating that such transfer may
      be
      made and indicating whether the new Warrants must also bear a restrictive
      legend.

    

    5.3. Fractional
      Warrants.
      The
      Warrant Agent shall not be required to effect any registration of transfer
      or
      exchange which will result in the issuance of a warrant certificate for a
      fraction of a warrant.

    

    5.4. Service
      Charges.
      No
      service charge shall be made for any exchange or registration of transfer of
      Warrants.

    

    5.5. Warrant
      Execution and Countersignature.
      The
      Warrant Agent is hereby authorized to countersign and to deliver, in accordance
      with the terms of this Agreement, the Warrants required to be issued pursuant
      to
      the provisions of this Section 5, and the Company, whenever required by the
      Warrant Agent, will supply the Warrant Agent with Warrants duly executed on
      behalf of the Company for such purpose. 

     

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    

    6. Redemption.

    

    6.1. Redemption.
      Subject
      to Section 6.4 hereof, not
      less
      than all of the outstanding Warrants
      may be redeemed, at the option of the Company, at any time while they are
      exercisable and prior to their expiration, at the office of the Warrant Agent,
      upon the notice referred to in Section 6.2, at the price of $.01 per
      Warrant (“Redemption Price”), provided that the last sales price of the Ordinary
      Shares has been at least $12.00 per share (subject to adjustment in accordance
      with Section 4 hereof), on each of twenty (20) trading days within any thirty
      (30) trading day period ending on the third business day prior to the date
      on
      which notice of redemption is given. 

    

    6.2. Date
      Fixed for, and Notice of, Redemption.
      In the
      event the Company shall elect to redeem all of the Warrants, the Company shall
      fix a date for the redemption. Notice of redemption shall be mailed by first
      class mail, postage prepaid, by the Company not less than 30 days prior to
      the
      date fixed for redemption to the registered holders of the Warrants to be
      redeemed at their last addresses as they shall appear on the registration books.
      Any notice mailed in the manner herein provided shall be conclusively presumed
      to have been duly given whether or not the registered holder received such
      notice.

    

    6.3. Exercise
      After Notice of Redemption.
      The
      Warrants may be exercised, for cash (or on a “cashless basis” in accordance with
      Section 3.3.1 of this Agreement) at any time after notice of redemption shall
      have been given by the Company pursuant to Section 6.2 hereof and prior to
      the
      time and date fixed for redemption. In the event the Company determines to
      require all holders of Warrants to exercise their Warrants on a “cashless basis”
pursuant to Section 3.3.1(b), the notice of redemption will contain the
      information necessary to calculate the number of Ordinary Shares to be received
      upon exercise of the Warrants, including the “Fair Market Value” in such case.
      On and after the redemption date, the record holder of the Warrants shall have
      no further rights except to receive, upon surrender of the Warrants, the
      Redemption Price.

    

    6.4 Intentionally
      Omitted.
      

     

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    

    7. Other
      Provisions Relating to Rights of Holders of Warrants.

    

    7.1. No
      Rights as Stockholder.
      A
      Warrant does not entitle the registered holder thereof to any of the rights
      of a
      stockholder of the Company, including, without limitation, the right to receive
      divi-dends, or other distributions, exercise any preemptive rights to vote
      or to
      consent or to receive notice as stockholders in respect of the meetings of
      stockholders or the election of directors of the Company or any other
      matter.

    

    7.2. Lost,
      Stolen, Mutilated, or Destroyed Warrants.
      If any
      Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
      Agent may on such terms as to indemnity or otherwise as they may in their
      discretion impose (which shall, in the case of a mutilated Warrant, include
      the
      surrender thereof), issue a new Warrant of like denomination, tenor, and date
      as
      the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant
      shall
      constitute a substitute contractual obligation of the Company, whether or not
      the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any
      time
      enforceable by anyone.

    

    7.3. Reservation
      of Ordinary Shares.
      The
      Company shall at all times reserve and keep available a number of its authorized
      but unissued Ordinary Shares that will be sufficient to permit the exercise
      in
      full of all outstanding Warrants issued pursuant to this Agreement.

    

    7.4. Registration
      of Ordinary Shares.
      The
      Company agrees that prior to the commencement of the Exercise Period, it shall
      use its best efforts to file with the Securities and Exchange Commission a
      post-effective amendment to the Registration Statement, or a new registration
      statement, for the registration, under the Act, of, and it shall use its best
      efforts to take such action as is necessary to qualify for sale, in those states
      in which the Warrants were initially offered by the Company, the Ordinary Shares
      issuable upon exercise of the Warrants. In either case, the Company will use
      its
      best efforts to cause the same to become effective and to maintain the
      effectiveness of such registration statement until the expiration of the
      Warrants in accordance with the provisions of this Agreement. The provisions
      of
      this Section 7.4 may not be modified, amended or deleted without the prior
      written consent of EBC.

     

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    

    8. Concerning
      the Warrant Agent and Other Matters.

    

    8.1. Payment
      of Taxes.
      The
      Company will from time to time promptly pay all taxes and charges that may
      be
      im-posed upon the Company or the Warrant Agent in respect of the issuance or
      delivery of Ordinary Shares upon the exercise of Warrants, but the Company
      shall
      not be obligated to pay any transfer taxes in respect of the Warrants or such
      shares.

    

    8.2. Resignation,
      Consolidation, or Merger of Warrant Agent.

    

    8.2.1. Appointment
      of Successor Warrant Agent.
      The
      Warrant Agent, or any successor to it hereafter appointed, may resign its duties
      and be discharged from all further duties and liabilities hereunder after giving
      sixty (60) days’ notice in writing to the Company. If the office of the Warrant
      Agent becomes vacant by resignation or incapacity to act or otherwise, the
      Company shall appoint in writing a successor Warrant Agent in place of the
      Warrant Agent. If the Company shall fail to make such appointment within a
      period of 30 days after it has been notified in writing of such resignation
      or
      incapacity by the Warrant Agent or by the holder of the Warrant (who shall,
      with
      such notice, submit his Warrant for inspection by the Company), then the holder
      of any Warrant may apply to the Supreme Court of the State of New York for
      the
      County of New York for the appoint-ment of a successor Warrant Agent at the
      Company’s cost. Any successor Warrant Agent, whether appointed by the Company or
      by such court, shall be a corporation organized and existing under the laws
      of
      the State of New York, in good standing and having its principal office in
      the
      Borough of Manhattan, City and State of New York, and authorized under such
      laws
      to exercise corporate trust powers and subject to supervision or examination
      by
      federal or state authority. After appointment, any successor Warrant Agent
      shall
      be vested with all the authority, powers, rights, immunities, duties, and
      obligations of its predecessor Warrant Agent with like effect as if originally
      named as Warrant Agent hereunder, without any further act or deed; but if for
      any reason it becomes necessary or appropriate, the predecessor Warrant Agent
      shall execute and deliver, at the expense of the Company, an instrument
      transferring to such successor Warrant Agent all the authority, powers, and
      rights of such predecessor Warrant Agent here-under; and upon request of any
      successor Warrant Agent the Company shall make, exe-cute, acknowledge, and
      deliver any and all instruments in writing for more fully and effectually
      vesting in and confirming to such successor Warrant Agent all such authority,
      powers, rights, immunities, duties, and obligations.

    

    8.2.2. Notice
      of Successor Warrant Agent.
      In the
      event a successor Warrant Agent shall be appointed, the Company shall give
      notice thereof to the predecessor Warrant Agent and the transfer agent for
      the
      Ordinary Shares not later than the effective date of any such
      appointment.

     

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

     

    8.2.3. Merger
      or Consolidation of Warrant Agent.
      Any
      corporation into which the Warrant Agent may be merged or with which it may
      be
      consolidated or any corporation resulting from any merger or consolidation
      to
      which the Warrant Agent shall be a party shall be the successor Warrant Agent
      under this Agreement without any further act.

    

    8.3. Fees
      and Expenses of Warrant Agent.

    

    8.3.1. Remuneration.
      The
      Company agrees to pay the Warrant Agent reasonable remuneration for its services
      as such Warrant Agent hereunder and will reim-burse the Warrant Agent upon
      demand for all expenditures that the Warrant Agent may reasonably incur in
      the
      execution of its duties hereunder.

    

    8.3.2. Further
      Assurances.
      The
      Company agrees to perform, execute, acknowledge, and deliver or cause to be
      performed, executed, acknowledged, and delivered all such further and other
      acts, instruments, and assurances as may reason-ably be required by the Warrant
      Agent for the carrying out or performing of the provisions of this
      Agreement.

    

    8.4. Liability
      of Warrant Agent.

    

    8.4.1. Reliance
      on Company Statement.
      Whenever in the performance of its duties under this Warrant Agreement, the
      Warrant Agent shall deem it necessary or desirable that any fact or matter
      be
      proved or estab-lished by the Company prior to taking or suffering any action
      hereunder, such fact or matter (unless other evidence in respect thereof be
      herein specifically prescribed) may be deemed to be conclusively proved and
      established by a statement signed by the President or Chairman of the Board
      of
      the Company and delivered to the Warrant Agent. The Warrant Agent may rely
      upon
      such statement for any action taken or suffered in good faith by it pursuant
      to
      the provisions of this Agreement.

    

    8.4.2. Indemnity.
      The
      Warrant Agent shall be liable hereunder only for its own negligence, willful
      mis-conduct or bad faith. The Company agrees to indemnify the Warrant Agent
      and
      save it harmless against any and all liabilities, including judgments, costs
      and
      reasonable counsel fees, for anything done or omitted by the Warrant Agent
      in
      the execution of this Agreement except as a result of the Warrant Agent’s
      negligence, willful miscon-duct, or bad faith.

     

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

     

    8.4.3. Exclusions.
      The
      Warrant Agent shall have no respons-ibility with respect to the validity of
      this
      Agreement or with respect to the validity or execution of any Warrant (except
      its countersignature thereof); nor shall it be responsible for any breach by
      the
      Company of any covenant or condition contained in this Agreement or in any
      Warrant; nor shall it be responsible to make any adjustments required under
      the
      provisions of Section 4 hereof or responsible for the manner, method, or amount
      of any such adjustment or the ascertaining of the existence of facts that would
      require any such adjustment; nor shall it by any act hereunder be deemed to
      make
      any represen-tation or warranty as to the authorization or reservation of any
      Ordinary Shares to be issued pursuant to this Agreement or any Warrant or as
      to
      whether any Ordinary Shares will when issued be valid and fully paid and
      nonassessable. 

    

    8.5. Acceptance
      of Agency.
      The
      Warrant Agent hereby accepts the agency established by this Agreement and agrees
      to perform the same upon the terms and condi-tions herein set forth and among
      other things, shall account promptly to the Company with respect to Warrants
      exercised and concurrently account for, and pay to the Company, all moneys
      received by the Warrant Agent for the purchase of Ordinary Shares through the
      exercise of Warrants.

    

    9. Miscellaneous
      Provisions.

    

    9.1. Successors.
      All the
      covenants and provisions of this Agreement by or for the benefit of the Company
      or the Warrant Agent shall bind and inure to the benefit of their respective
      successors and assigns.

    

    9.2. Notices.
      Any
      notice, statement or demand authorized by this Warrant Agreement to be given
      or
      made by the Warrant Agent or by the holder of any Warrant to or on the Company
      shall be sufficiently given when so delivered if by hand or overnight delivery
      or if sent by certified mail or private courier service within five days after
      deposit of such notice, postage prepaid, addressed (until another address is
      filed in writing by the Company with the Warrant Agent), as
      follows:

    

    
      	 	 	 	
              China
                Fortune Acquisition Corp.

            

    

    Jinmao
      Tower

    88
      Century Boulevard, Suite 4403

    Pudong,
      Shanghai

    People’s
      Republic of China 200121

    
      	 	 	 	
              Attn:

            	
              Chief
                Executive Officer

            

    

     

    
      
         

      

      
        -13-

        
          

        

      

      
         

      

    

     

    Any
      notice, statement or demand authorized by this Agreement to be given or made
      by
      the holder of any Warrant or by the Company to or on the Warrant Agent shall
      be
      sufficiently given when so delivered if by hand or overnight delivery or if
      sent
      by certified mail or private courier service within five days after deposit
      of
      such notice, postage prepaid, addressed (until another address is filed in
      writing by the Warrant Agent with the Company), as follows:

    

    
      	 	 	 	
              Continental
                Stock Transfer & Trust Company 

            

    

    17
      Battery Place

    
      	 	 	 	
              New
                York, New York 10004

            

    

    
      	 	 	 	
              Attn:

            	
              Compliance
                Department

            

    

    

    with
      a
      copy in each case to:

    

    Graubard
      Miller

    The
      Chrysler Building

    405
      Lexington Avenue

    New
      York,
      New York 10174

    Attn: David
      Alan Miller, Esq.

    

    and

    

    Blank
      Rome LLP

    The
      Chrysler Building

    405
      Lexington Avenue 

    New
      York,
      New York 10174

    Attn:
      Robert J. Mittman, Esq.

    

    and

    

    EarlyBirdCapital,
      Inc.

    275
      Madison Avenue, Suite 1203

    New
      York,
      New York 10016

    Attn: David
      M.
      Nussbaum, Chairman

     

    

    9.3. Applicable
      law.
      The
      validity, interpretation, and performance of this Agreement and of the Warrants
      shall be governed in all respects by 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
      Company 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. The Company hereby waives any objection
      to such

     

    
      
         

      

      
        -14-

        
          

        

      

      
         

      

    

     

    exclusive
      jurisdiction and that such courts represent an inconvenience forum. Any such
      process or summons to be served upon the Company may be served by transmitting
      a
      copy thereof by registered or certified mail, return receipt requested, postage
      prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such
      mailing shall be deemed personal service and shall be legal and binding upon
      the
      Company in any action, proceeding or claim.

    

    9.4. Persons
      Having Rights under this Agreement.
      Nothing
      in this Agreement expressed and nothing that may be implied from any of the
      provisions hereof is intended, or shall be construed, to confer upon, or give
      to, any person or corporation other than the parties here-to and the registered
      holders of the Warrants and, for the purposes of Sections 7.4 and 9.2
      hereof, EBC, any right, remedy, or claim under or by reason of this Warrant
      Agreement or of any covenant, condition, stipulation, promise, or agreement
      hereof. EBC shall be deemed to be a third-party beneficiary of this Agreement
      with respect to Sections 7.4 and 9.2 hereof. All covenants, conditions,
      stipulations, promises, and agreements contained in this Warrant Agreement
      shall
      be for the sole and exclusive benefit of the parties hereto (and EBC with
      respect to the Sections 7.4 and 9.2 hereof) and their successors and assigns
      and
      of the registered holders of the Warrants.

    

    9.5. Examination
      of the Warrant Agreement.
      A copy
      of this Agreement shall be available at all reason-able times at the office
      of
      the Warrant Agent in the Borough of Manhattan, City and State of New York,
      for
      inspection by the registered holder of any Warrant. The Warrant Agent may
      require any such holder to submit his Warrant for inspection by it.

    

    9.6. Counterparts.
      This
      Agreement may be executed in any number of original or facsimile counterparts
      and each of such counterparts shall for all purposes be deemed to be an
      original, and all such counterparts shall together constitute but one and the
      same instrument.

    

    9.7. Effect
      of Headings.
      The
      Section headings herein are for convenience only and are not part of this
      Warrant Agreement and shall not affect the inter-pretation thereof.

    

    9.8 Amendments.
      This
      Agreement may be amended by the parties hereto without the consent of any
      registered holder for the purpose of curing any ambiguity, or of curing,
      correcting or supplementing any defective provision contained herein or adding
      or changing any other provisions with respect to matters or questions arising
      under this Agreement as the parties may deem necessary or desirable and that
      the
      parties deem shall not adversely affect the interest of the registered holders.
      All other modifications or amendments, including any amendment to increase
      the
      Warrant Price or shorten the Exercise Period, shall require the written consent
      of the registered holders of a majority of the then outstanding
      Warrants.

     

    
      
         

      

      
        -15-

        
          

        

      

      
         

      

    

     

    Notwithstanding
      the foregoing, the Company may lower the Warrant Price or extend the duration
      of
      the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without
      the
      consent of the registered holders.

     

    
      
         

      

      
        -16-

        
          

        

      

      
         

      

    

    

      IN
      WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto
      as
      of the day and year first above written.

     

    CHINA
      FORTUNE ACQUISITION CORP.

    

    

    By: ____________________________________

    Name:

    Title:

    

    

    CONTINENTAL
      STOCK TRANSFER 

    &
      TRUST COMPANY

    

    

    By: ____________________________________

    Name:

    Title:

     

    
      
         

      

        -17-

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