Document:

Revolving Credit Facility Agreement dated as of September 21, 2007

 Exhibit 4.21 
 CONFIDENTIAL TREATMENT REQUESTED BY ASAT HOLDINGS LTD. 
 THIS EXHIBIT HAS BEEN REDACTED. REDACTED
MATERIAL IS MARKED WITH “X”. 
 Credit Loan Contract under Short Term Export Credit Insurance 
 [English Translation] 
 Contract No.: CKXYBY2007004

 Party A (Full Name): ASAT Semiconductor (Dongguan) Limited 
 Address: Zhen An Industrial Park, Zhen An Road, Chang An Town, Dongguan City 
 Post code: 523000 
 Legal representative (Responsible person): Lung Chi Sing Alex 
 Fax:
85200416                             Tel: 85428811 
 Bank with which the basic deposit account is opened: *XXXXXXXXXX 
 Account
No.: XXXXXXXXXX 
 Party B (Lender): XXXXXXXXXX 
 Address:
XXXXXXXXXX 
 Post code: XXXXXXXXXX 
 Responsible person:
XXXXXXXXXX 
 Fax: XXXXXXXXXX                      Tel:
XXXXXXXXXX 
 Whereas Party A has acquired or will acquire short term export credit insurance policy from XXXXXXXXXX (hereinafter referred to as XXXXXXXXXX )
for its export business with XXXXXXXXXX (hereinafter referred to as “Importers”), and Party A will apply to Party B for Loan Facility under the short term export credit (hereinafter referred to as “Loan Facility”), and Party B
agrees to provide the Loan Facility. In accordance with the relevant laws and regulations, Party A and Party B, after amicable negotiation, unanimously agree to conclude this Contract for implementation. 
 Article 1 Loan Facility 
 Party B shall provide Party A with the Loan
Facility (currency, in letters) of Renminbi One Hundred Fifty Million Yuan. 
 The Loan Facility mentioned in this Contract means the limit of the
principal balance under the RMB or foreign currency loan provided to Party A by Party B within the Term of Loan Facility stipulated hereunder. During the term of Loan Facility, Party A may reuse the Credit Loan on a revolving basis. Party A may
apply for loans consecutively regardless of the installments and the amount of each installment, as long as Party A’s outstanding principal balance under this Contract does not exceed Loan Facility. However, the aggregate of the loan amount,
for which Party A applies, and the principal balance, which is not repaid by Party A, shall not exceed the Loan Facility. 
 The loan under credit mentioned
in this Contract means the loans incurred by using the Loan Facility according to this Contract. 
  
  

 
 * Certain information on this page has been omitted and filed separately with the Securities
and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 Article 2 Term of Loan Facility 
  

	1.	The term of Loan Facility under this Contract shall commence from September 24, 2007 and end on September 23, 2008 (hereinafter referred to as “Term of Loan
Facility”). The expiry date of the term of each Single Loan incurred within the Term of Loan Facility shall not fall behind the Term of Loan Facility. 

 When this Term of Loan Facility terminates, the unused credit shall become invalid automatically. 
 The term
of a Single Loan means the period commencing from the drawdown date of such single loan and ending on the agreed repayment date. 
 Article 3 Use of Loan
Facility 
  

	1.	This Loan Facility only applies to the Loan, under which the fourth term of payment as listed below is adopted for settlement of price of export goods:

 A. Payment by L/C; 
 B. Export documentary collection (payment by D/P); 
 C. Export documentary collection (payment by D/A); 
 D. Open account (O/A); 
 E.
                     
  

	2.	Within the Loan Facility and during the Term of Loan Facility, Party A may apply for loans in installment in accordance with its demand. The parties shall go through the relevant
formalities. The amount, interest rate, term and use of each loan shall be stipulated in the drawdown notice for loan under credit issued to Party A by Party B. 

  

	3.	If the guarantor discharges its guarantee obligations according to the guarantee agreement, Party B shall deduct from the principal of Loan Facility the amount equal to the
principal balance against which the guarantor has discharges the guarantee obligations. 

  

	4.	During the Term of the Loan Facility, a Single Loan, for which Party A applies, shall not exceed 80% of Party A’s credit, which is verified by *XXXXXXXXXX, or 80% of the amount
invoiced by Party A, and shall not exceed either amount as follows (whichever is lower): 

  

	 	A.	Each export amount (i.e. the invoice amount) reported to XXXXXXXXXX by Party A multiplied by the compensation proportion verified by XXXXXXXXXX; 

  

	 	B.	The (outstanding) credit granted to the Importers by XXXXXXXXXX multiplied by compensation proportion verified by XXXXXXXXXX. 

  
 * Certain information on this page has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	5.	Term of a Single Loan 

  

	 	A.	Party A shall have the right to determine the term of a Single Loan based upon the actual payment schedule; 

  

	 	B.	Party A shall have the right to determine the term of a Single Loan based upon the terms of payment: 

 (a) In case of payment at sight (including payment by L/C at sight and documentary collection (D/P)), the term of each loan shall not exceed
                     days; (b) In case of long-term payment (including usance L/C, documentary collection (D/A) and open account
(O/A), the term of each loan shall not exceed 150 days. 
 Article 4 Interest Rate, Calculation of Interest, Interest Settlement and Fees

  

	1.	Interest Rate, Calculation of Interest and Interest Settlement 

  

	 	(1)	Loan in Foreign Currency 

 The interest rate for the Single
Loan under this Contract shall be an annual rate. The interest rate shall be the          item of the following: 
  

	 	(a)	Fixed rate: 3-month LIBOR + 80 BPS. During the term of each financing, the loan interest rate remains the same. 

  

	 	(b)	Fixed rate:                     -month HIBOR + interest difference
                    . During the term of each financing, the loan interest rate remains the same. 

  

	 	(c)	Fixed rate:                      per annum. During the term of each
financing, the loan interest rate remains the same. 

 The interest shall be calculated on a daily basis. In case of the loan in
Hong Kong Dollar or British Pound, the interest shall be calculated on a 360-day basis. In case of the loan in any currency other than Hong Kong Dollar or British Pound, the interest shall be calculated on a 365-day basis. Each interest period shall
include the first day of such period and exclude the last day. 
 When the loan becomes mature, if Party A repays the principal and interests
in a lump sum, the interest shall be deemed settled as well as the principal. Before maturity of the loan, if Party A receives all export price under the short term export credit insurance, Party A shall repay the principal and interest immediately.

	 	(2)	Loan in RMB 

 The interest rate for the Single Loan under
this Contract shall be                      per annum. The interest shall be calculated on a daily basis. When the loan becomes mature,
if Party A repays the principal and interests in a lump sum, the interest shall be deemed settled as well as the principal. Before maturity of the loan, if Party A receives all export price under the short term export credit insurance, Party A shall
repay the principal and interest immediately. During the term of loan, the interest rate stipulated hereunder remains the same. 
  

	2.	Party A shall pay Party B the following costs under this Contract: 

  

	 	(1)	Credit Management Fee:                      % of the whole credit;

  

	 	(2)	All expenses incurred to Party B by virtue of Party B’s claims against the relevant parties for collecting the insurance compensation in relation to the loan and sums under the
guarantee and mortgage (pledge); 

  

	 	(3)	Party A shall bear the attorney’s fee, insurance premium, evaluation fee, registration fee, storage fee, appraisal fee and notarization fee in relation to this Contract or
security under this Contract. 

 Article 5 Advance Of Loans 
  

	1.	Drawdown Application 

 When borrowing facility loans, Party
A shall submit drawdown application for facility loans to Party B in advance. Party B shall decide whether to advance loans to Party A within five bank working days upon receipt of Party A’s drawdown application. 
  

	2.	Conditions Precedent for Use of Loan Facility: Unless waived by Party B in part or in whole, Party B has the obligation to provide facility loans to Party A upon satisfaction of the
following conditions precedent: 

  

	 	(1)	Party A settles the price of export goods by the means provided under sub-clause 1 of Article 3; 

  

	 	(2)	Importers of Party A’s goods are *XXXXXXXXXX 

  

	 	(3)	Export goods have been dispatched; 

  

	 	(4)	Credit facility granted to Party A by XXXXXXXXXX has not been used up, and Party A has submitted to Party B the Information Notice on Short Term Export Credit Insurance issued by
XXXXXXXXXX; 

  
 * Certain information on this page has been omitted and
filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	(5)	Party A is the beneficiary (the insured party) of the short term export credit insurance procured for its export goods and has signed the Indemnity Transfer Contract with Party B
and Sinosure to transfer its insurance interest to Party B without affecting the validity of the Contract; 

  

	 	(6)	Party A has completed approval, registration, delivery and all other legal procedures in relation to loans under this Contract in accordance with relevant laws and regulations;

  

	 	(7)	Party A has submitted relevant documents in accordance with Party B’s requirements; 

  

	 	(8)	Guaranty contract or other forms of security in conformity with Party B’s requirements have come into effect; 

  

	 	(9)	Party A has not committed any act of default under this Contract; 

  

	 	(10)	Party A has paid Party B facility management fee, if so provided in this Contract, within five bank working days after execution of this Contract; 

 

	 	(11)	Party A has provided other documents that Party B deems necessary; 

  

	 	(12)	Other conditions precedent for use of Facility:
                    . 

 Article 6 Repayment 
 It is agreed that Party B has the right to deduct relevant amount from payment collected for export goods under this
Contract to settle the principal, interest and other expenses under this Contract regardless whether such a loan is mature or not. 
 If the payer refuses to
pay or delays payment for the export goods financed by a Single Loan under this Contract, Party B has the right to decide, as the case may be that such a Single Loan is deemed to be mature and consequently requests Party A to prepay the loan.

 In case Party A fails to repay the loan principal, interest and other expenses under this Contract by the foregoing means, Party A shall repay the same
with other fund. Party B is entitled to deduct the outstanding payment from Party A’s account. 
 Article 7 Rights and Obligations of Both Parties

  

	1.	Party A undertakes that Party B has the right to acquire all indemnity under the export credit insurance policy in accordance with the Indemnity Transfer Contract so as to realize
Party B’s right under this Contract. 

  

	2.	Party A undertakes to declare export timely and completely, pay insurance premium, submit the Notice on Possible Losses, make claims and perform other obligations of the insured in
a timely manner in accordance with the Short Term Export Credit Insurance Provisions of *XXXXXXXXXX. Party A may not refuse to timely and fully perform its 

  
 * Certain information on this page has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	 
repayment obligations on such grounds as *XXXXXXXXXX rejection of claims or other consequences that are caused by Party A’s failure of submitting the
Notice on Possible Losses, late submission of the same, or failure of performing other obligations of the insured. 

  

	3.	Party A shall provide Party B with all export documents in relation to each Single Loan under this Contract for Party B’s submission of such documents and collection of the
payment. All sums acquired as such shall be directly used to repay the principal, interest and other expenses of each Single Loan under this Contract. Any outstanding balance shall be paid by Party A separately. Party B is not responsible for any
losses or damages of documents occurred during the mailing process where Party B has no fault. 

  

	4.	In case Party A applies for loans under this Contract for export by means of open account, Party A shall provide Party B with all export documents (original) in relation to each
Single Loan within the Loan Facility for Party B’s submission of such documents and collection of the payment. Party A shall specify in the export contracts that Importers shall pay the purchase price of the export goods to the account
designated by Party B or adopt other measures necessary to the same effect: 

 Account Name: ASAT Semiconductor (Dongguan)
Limited 
 Account Number: XXXXXXXXXX 
 In case the purchase price is directly paid to other accounts of Party A, Party A shall notify Party B timely upon receipt of such sums and transfer the sums to the account designated by Party B immediately. All payment made under open
account sale contract shall only be paid to this account. Before Party A fully and timely repays debts it owed to Party B, the account may not be cancelled, transferred or pledged to any third party. Without written consent of Party B, fund in this
account cannot be transferred or pledged to any third party or used to repay or offset loans owed to any third party or for any other purposes. 
 When Party A applies for loans under this Contract for export by means of L/C, if the L/C terms change materially to the detriment of Party B, including but not limited to decrease of the amount under L/C, extension of payment term,
revocation of L/C, Party A shall prepay loans as per Party B’s request after receipt of Party B’s notice. Without written consent from Party B and the guarantors, Party A shall not request or accept amendment of L/C terms or revocation of
L/C. Without written consent of Party B, Party A shall not transfer rights and obligations under L/C or this Contract. 
  

	5.	Party A undertakes to timely provide Party B with all information regarding the insurance policy, including all effective credit facility and its use under the insurance policy,
purchase price of the export goods and collection of payment, notification of possible loss and claims, export declaration and payment of insurance premium, etc. 

  

	6.	If the payer deliberately refuses to pay, delays in payment or withholds part of the payment or in case of refusal of payment, delay in payment or withholding of part of the payment
by the payer as a result of loss or delay of documents in delivery, mistakes in telecommunications or other events that are not caused by Party B’s fault, or in the occurrence of events uncovered by the insurance policy, Party B may claim
against Party A for the outstanding principal, interest, expenses and all losses 

  
 * Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	 
incurred therefrom and has the right to directly deduct such sums from the account Party A opened with *XXXXXXXXXX or from other amount payable or take other
measures including requesting Party A to provide additional security. 

  

	7.	Party B has the right to deduct, from any account Party A opened with Party B or any branches of XXXXXXXXXX, the outstanding principal, interest, default penalty or other expenses
payable to Party B. Party A agrees to authorize Party B or other branches of XXXXXXXXXX to deduct the above sums from any account of Party A. If the account is not in RMB whereas payment shall be made by RMB, Party A authorizes Party B to convert
deposit in Party A’s foreign currency account into RMB in accordance with the foreign exchange quotation of that day. 

  

	8.	Party A shall not enter into any contract to the detriment of Party B’s rights and interests under this Contract. 

  

	9.	Party A has the right to prepay loans under this Contract. The interest incurred shall be calculated by the actual days of use of the loan and the interest rate provided under
Article 4 of this Contract. 

  

	10.	Party A has the right to request Party B to keep confidential financial materials as well as business secrets regarding production and operation provided by Party A to Party B
unless provided otherwise by laws and regulations. 

  

	11.	Party A shall provide its accounting and financial documentation and operational documentation according to Party B’s request, and shall guarantee the authenticity,
completeness and effectiveness of such documentation. 

  

	12	Party A shall open its account at Party B or Party B’s branches and use such account to conduct the settlement and deposit activities relating to the loans under this Contract.

  

	13	Party A shall provide with active efforts to assist and accept Party B’s inspection and examination on Party A’s operation and financial activities and the loans under
this Contract. 

  

	14	The Loan Facility shall be used by Party A for the purpose as described under this Contract. 

  

	15	Party A shall repay the principal and interest of the loans within the terms as described under this Contract. 

  

	16	Party A shall not withdraw its capital or remove its assets in order to escape from its liabilities under this Contract. 

  

	17	In case that Party A intends to provide any guarantee for any third party’s debts and such guarantee might affect Party A’s capability to repay the loans under this
Contract, Party A shall notify Party B and obtain Party B’s consent in advance. 

  
 * Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	18	Party A shall provide other alternative guarantee measures which are acceptable to Party B, in the event of any shutout, cease of business, deregistration, revocation of the
business license, rescission, bankruptcy, deficits, losses of part or all of the guarantee capabilities for the Loan Facility of the Guarantor under this Contract. 

  

	19	Before the full repayment of the debts, Party A shall duly inform Party B any change to its name, legal representative (principal), address, business scope and registered capital.

  

	20	During the term of this Contract, in the event of any Party A’s contractual arrangement, lease arrangement, shareholding restructure, affiliation, merger, acquisition, joint
venture arrangement, split, application for cease of operation for reorganization, dissolution and bankruptcy and other events which will affect the repayment of loans under this Contract, Party A shall inform Party B in writing 30 business
days in advance, obtain Party B’s consent and make arrangement for repayment and guarantee of the debts as per Party B’s request. 

  

	21	During the term of this Contract, in the event of any shutout, cease of business, deregistration, revocation of the business license, involvement of the legal representative or
principal in illegal activities or serious litigation cases, serious difficulties in operation, financial depravation and other issues which will cause severe negative effects to Party A’s repayment capabilities, Party A shall immediately
inform Party B in writing and make arrangement for repayment and guarantee of the debts according to Party B’s request. 

  

	22	Party A shall duly repay the principal and interest of the loans. The transfer of the insurance interest from Party A to Party B shall not be used to defense for any delay of the
repayment. After Party A fully repays the principal and interest of the loans, Party B may transfer the insurance interests to Party A based upon Party A’s application. 

 Article 8 Guarantee 
 The guarantee under this Contract is item
6 in the followings: 
  

	(1)	Guaranty; 

  

	(2)	Mortgage; 

  

	(3)	Pledge; 

  

	(4)	Guaranty bond; 

  

	(5)	Standby L/C; 

  

	(6)	Credit insurance; 

  

	(7)	Others:                     . 

 Article 9 Liability for Breach of Contract 
  

	1	Breach of Contract 

 Before the full repayment of the debts under this
Contract, The following situation will constitute a breach of contract: 
  

	(1)	Party A’s breach 

  

	 	a.	Party A fails to provide authentic, complete and effective financial documentation, operational documentation and other relevant materials; 

  

	 	b.	The Loan Facility is used by Party A for purposes other than the one as described under this Contract; 

  

	 	c.	Party A fails to repay the principal and interest of the loans within the terms as described under this Contract; 

  

	 	d.	Party A refuses or hinders Party B’s inspection and examination on the use of the loans under this Contract; 

  

	 	e.	Party A withdraws its capital or removes its assets in order to escape from its liabilities under this Contract; 

  

	 	f.	Party A violates its liabilities in Article 7 of this Contract; 

  

	 	g.	Party A fails to duly repay the debts due to serious difficulties in operation or financial depravation. Party A gets involved in serious litigation or arbitration cases or other
disputes which makes Party B believes that Party A’s capabilities to undertake its responsibilities may be or have been affected; 

  

	 	h.	The Importers fail to pay for export goods or delay the payment of goods; 

  

	 	i.	Party A fails to provide Party B with a certain amount of guaranty bond; 

  

	 	j.	Other debts owed by Party A have affected or may affect Party A’s capabilities to undertake its responsibilities to Party B under this Contract; 

  

	 	k.	Party A fails to repay other debts it owed to *XXXXXXXXXX; 

  

	 	l.	Party A undertakes contractual arrangement, lease arrangement, shareholding restructure, affiliation, merger, acquisition, joint venture arrangement, split and other activities
which change or alter the operation forms of Party A and Party B believes that its rights and interests under this Contract may be or have been affected; 

  
  
 * Certain information on
this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	m.	Other situations which Party B deems capable of affecting repayment of loans under this Contract; 

  

	 	n.	Violation of other responsibilities of Party A under this Contract. 

  

	(2)	Failure of Party A to provide alternative guarantee on demand of and to the satisfaction of Party B after occurrence of the following pledgor-related events shall be deemed to be a
breach of contract by Party A: 

  

	 	a.	Party A undertakes contractual arrangement, lease arrangement, merger, acquisition, shareholding restructure, affiliation, joint venture arrangement, split, bankruptcy, rescission
or other activities which will affect guarantor’s capability to perform its joint and several guarantee liabilities. 

  

	 	b.	The guarantor provides a third party with other guarantees which exceed the guarantor’s capability. 

  

	 	c.	The guarantor losses or may lose its guarantee capability. 

  

	 	d.	Other default events provided under the guarantee contract. 

  

	(3)	Failure of Party A to provide alternative guaranty on demand and to the satisfaction of Party B after occurrence of the following mortgagor-related events shall be deemed to be a
breach of contract by Party A: 

  

	 	a.	The mortgagor fails to complete the mortgage procedures according to the mortgage contract, or fails to dispose of the insurance compensation according to the mortgage contract
after the insurance accident happens; 

  

	 	b.	The mortgagor fails to dispose of the insurance compensation according to the mortgage contract due to damage, loss or decrease of the value of the mortgaged properties caused by a
third party; 

  

	 	c.	The mortgagor leases, transfers, repetitiously mortgages or disposes of the mortgaged properties without Party B’s written consent. 

  

	 	d.	The mortgagor disposes of the mortgaged properties based upon Party B’s consent yet fails to dispose of the compensation according to the mortgage contract.

  

	 	e.	In case that the mortgaged properties have been damaged, lost or the value of such properties have decreased, the mortgagor fails to recover the value of the properties or fails to
provide other guaranty acceptable to Party B. 

  

	 	f.	Other default events provided under the mortgage contract. 

	(4)	Failure of Party A to provide new guaranty on demand and to the satisfaction of Party B after occurrence of the following pledgor-related events shall be deemed to be a breach of
contract by Party A: 

  

	 	a.	The pledgor fails to insure the pledged property on demand of Party B, or fails to dispose of the insurance compensation as per the pledge contract after occurrence of any insurance
accident; 

  

	 	b.	The pledged property having been destroyed, lost or devaluated due to the conduct of a third party, the pledgor fails to dispose of the insurance compensation as per the pledge
contract; 

  

	 	c.	The pledgor disposes of the pledged property upon approval of Party B, but fails to dispose of the proceeds therefrom as per the pledge contract; 

  

	 	d.	The pledged property having been destroyed, lost or devaluated to such extent as may affect discharge of the principal and interest of the debt, the pledgor fails to recover the
value of the pledged assts in time, or to provide any other guaranty acceptable to Party B; or 

  

	 	e.	Other default events provided under the pledge contract. 

  

	(5)	In the events where the guaranty contract or any other form of security has failed to take effect, been held void or been rescinded, or the guarantor has lost his/her capability of
guarantee partially or wholly, or has refused to perform his/her obligation of guarantee, it shall be deemed to be a breach of contract by Party A if, on demand of Party B, Party A fails to provide any alternative guaranty to the satisfaction of
Party B. 

  

	2	Remedies against Breach of Contract 

  

	(1)	Overdue loan refers to the loan not having been discharged by Party A on the maturity date. When the loan is overdue, interest and compound interest against the principal and
interest which has failed to be discharged by Party A on time (including the principal and interest which has been declared by Party B to partially or wholly mature in advance) shall apply from the maturity date to the date of actual repayment of
the principal and interest in total, calculated as per the punitive interest rate, which is 0.5‰ per day, and the settlement method agreed in this Contract. If the loan is denominated in foreign currency, when the loan is overdue, interest
and compound interest against the loan which has failed to be discharged by Party A on time (including the principal and interest which has been declared by Party B to partially or wholly mature in advance) shall apply from the maturity date,
settled quarterly as per the interest rate of overdue loan, which is 100% higher than the normal interest rate. 

	(2)	In case of default events as described in the foregoing Item (1) to (5), Party B is entitled to take the following actions: 

  

	 	a.	adjusting or terminating Party A’s use of the Facility or any single Facility under this Contract; 

  

	 	b.	stopping advancing loans, declaring that the loan shall mature immediately, or demanding that Party A discharge all the principal, interest and cost under this Contract, whether
mature or not; 

  

	 	c.	imposing on Party A a fine for breach of contract which equals 6.3‰ of the principal; 

  

	 	d.	where Party A fails to use the loan in accordance with the agreed usage under this Contract, imposing on Party A punitive interest as per relevant regulations of People’s Bank
of China against the part of the loan appropriated by Party A; 

  

	 	e.	before the maturity date of the loan, imposing on Party A compound interest as per the interest rate and settlement method agreed in Article 4 of this Contract against the interest
which fails to be discharged by Party A on time; 

  

	 	f.	when the loan is overdue, imposing on Party A interest and compound interest, which shall be calculated as per the overdue interest rate provided by People’s Bank of China on
the maturity date and the settlement method agreed in this Contract, against the principal and interest which has failed to be discharged by Party A on time (including the principal and interest which has been declared by Party B to partially or
wholly mature in advance). Loan being overdue means failure of Party A to discharge the loan on time or repayment of the loan by Party A exceeding the time limit of the repayment scheme in installment agreed in this Contract;

  

	 	g.	withdrawing the deposit in any currency from the accounts opened by Party A at *XXXXXXXXXX or its branches; 

  

	 	h.	demanding that Party A provide alternative guaranty accordant with the requirement of Party B against all debts under this Contract; 

  

	 	i.	canceling the Contract. 

  

	(3)	In the events where Party A fails to adequately repay the principal and interest of the loan under this Contract as well as any relevant cost, Party B is entitled to adopt one or
some of the following measures: 

  

	 	a.	withdrawing the deposit from the accounts opened by Party A with XXXXXXXXXX or its branches; 

  

	 	b.	disposing of the mortgaged property or the pledged property, or claiming against the guarantor; 

  
  
 * Certain information on
this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	c.	demanding that Party A submit the Notice on Possible Loss to *XXXXXXXXXX and claim for compensation thereagainst, and in addition, contact XXXXXXXXXX in time and request payment of
compensation to Party B directly. 

 Article 10 Alteration of the Contract 
 Unless otherwise provided in this Contract, alteration of any provision of this Contract expected by either party after this Contract taking effect shall be notified to the other party in time, and agreed by both
parties in writing. 
 Article 11 Miscellaneous 
  

			
	1.	 	  

	2.	 	  

	3.	 	  

 Article 12 Dispute Settlement for the Contract 
 If any dispute occurs during performance of this Contract, it shall be settled through consultation, or, if the consultation fails, through the first of the
following methods: 
  

	1.	Litigation at the court of Party B’s location; 

  

	2.	Arbitration by                      Arbitration Commission (the
location of arbitration shall be                     ) as per the arbitration rule of that commission in force at the date of
the arbitration application. The arbitral award shall be final and binding on both parties. 

 During litigation or arbitration, provisions of
this Contract not involved in the dispute shall continue to be performed. 
 Article 13 Validation of the Contract 
 This Contract shall take effect upon signature of the legal representative (principal) or authorized agent and affixing of the official stamp of Party A, together with
signature of the principal or authorized agent and affixing of the official stamp of Party B. 
 Article 14 Counterparts 
 This Contract shall be prepared in four originals. 
 Within the term
of validity and the amount of the Loan Facility under the short-term export credit insurance, each of the legal documents (including but not limited to the drawdown application and notification of the Loan Facility under the short-term export credit
insurance, as well as all sorts of warrants) contributing to formation of the creditor and debtor relationship between Party A and Party B shall constitute part of this Contract. 
  
 * Certain information on this page has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 Article 15 Declarations 
  

	1.	Party A has clear understanding about the business scope and authority limit of Party B. 

  

	2.	Party A has perused all the articles of this Contract. Party B has made explanations for corresponding articles of this Contract on demand of Party A. Party A has been totally
informed and had sufficient understanding about the meanings and corresponding legal consequence of the articles of this Contract. 

  

	3.	Party A is entitled to sign this Contract. 

 Party A (Official Stamp):

 Legal Representative (Principal) or Authorized Agent (Signature): 
 Date: September 21st, 2007 
 Party B (Official Stamp): 
 Principal
or Authorized Agent (Signature): 
 Date: September 21st, 2007Form of Warrant to Bondholders

 Exhibit 4.22 
 NEITHER THE WARRANT REPRESENTED BY THIS CERTIFICATE NOR ANY OF THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES ACT, AND MAY NOT BE OFFERED, SOLD OR
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACTS. 
 WARRANT 
 TO PURCHASE ORDINARY SHARES OF 
 ASAT
HOLDINGS LIMITED 
 Dated as of:
                , 2007 
 1. Grant of Warrant. THIS IS TO
CERTIFY THAT for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
                                        
(“Holder”), is entitled at any time from and after the date hereof until February 1, 2011 (the “Expiration Date”), to exercise this Warrant (the “Warrant”) to purchase from ASAT Holdings
Limited, a Cayman Islands company (the “Company”) up to                      of the Company’s ordinary shares (the
“Ordinary Shares”), with a par value of US$0.01, at an exercise price (the “Exercise Price”) of US$0.01 per Ordinary Share, pursuant to the terms and conditions herein. The Ordinary Shares issuable pursuant to this
Warrant are referred to herein as the “Warrant Shares”. This Warrant is granted by the Company to the Holder in connection with the adoption of that certain Second Supplemental Indenture, dated as of
                , 2007, to the Indenture, dated as of January 26, 2004, by and among New ASAT (Finance) Limited, a Cayman Islands company and a wholly owned
subsidiary of the Company, as issuer, the Company and certain of the Company’s subsidiaries, as guarantors, and The Bank of New York, as trustee, in accordance with which those certain 9.25% Senior Notes due 2011 (the “Notes”)
were issued. This Warrant shall not be valid or obligatory for any purpose until it has been executed and delivered by the Company and accepted and agreed to by the Holder, as set forth on the signature page hereof. 
 2. Exercise Limitations. The Company shall not effect the exercise of this Warrant and the Holder of this Warrant shall not have the right to exercise this
Warrant to the extent that after giving effect to such exercise such Holder (together with such Holder’s affiliates) would have acquired, through the exercise of this Warrant or otherwise, beneficial ownership of a number of Ordinary Shares
during the 60-day period ending on and including the date this Warrant was exercised (the “60 Day Period”), that, when added to the number of Ordinary Shares beneficially owned by such Holder (together which such Holder’s
affiliates) at the beginning of the 60 Day Period, exceeds 10% of the number of Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the number of Ordinary Shares beneficially owned by
the Holder and its affiliates or acquired by the Holder and its affiliates, as the case may be, shall include the number of Ordinary Shares issuable upon exercise of this Warrant 

 
with respect to which the determination of such sentence is being made, but shall exclude the number of Ordinary Shares which would be issuable upon:
(i) conversion of the remaining, non-exercised Warrants beneficially owned by the Holder and its affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company subject to a
limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder and its affiliates. Except as set forth in the preceding sentence, beneficial ownership shall be calculated in accordance with
Section 13(d) of the Securities Exchange Act of 1934, as amended. For purposes of this Warrant, in determining the number of outstanding Ordinary Shares the Holder may rely on the number of outstanding Ordinary Shares as reflected in:
(i) the Company’s most recent Form 20-F or Form 6-K, as the case may be, (ii) a more recent public announcement by the Company, or (iii) any other notice by the Company or its transfer agent setting forth the number of Ordinary
Shares outstanding. For any reason at any time, upon the written or oral request of the Holder of this Warrant, the Company shall within three (3) Business Days confirm orally and in writing to the Holder the number of Ordinary Shares then
outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the exercise of this Warrant by the Holder and it affiliates since the date as of which such number of outstanding Ordinary Shares was
reported. 
 3. Exercise Method. This Warrant may be exercised at any time or from time to time, on any day that is a business day in the City of New
York and the Hong Kong Special Administrative Region, for all or any part of the number of Ordinary Shares purchasable upon its exercise; provided, however, that this Warrant shall be void and all rights represented hereby shall cease unless
exercised by the Expiration Date. In order to exercise this Warrant, in whole or in part, the Holder hereof shall deliver to the Company at its principal office at 14th Floor, 138 Texaco Road, Tsuen Wan, New Territories, Hong Kong, or at such other
office as shall be designated in writing to the Holder by the Company, (i) a written notice of such Holder’s election to exercise this Warrant, which notice shall specify the number of Ordinary Shares to be purchased pursuant to such
exercise, (ii) cash or a certified or cashier’s check payable to the order of the Company in an amount equal to the aggregate purchase price for all Ordinary Shares to be purchased pursuant to such exercise, or in lieu of such payment, an
election for cashless exercise as provided herein, and (iii) this Warrant (collectively, the “Exercise Notice”). The Exercise Notice may be given using the Subscription Form appearing at the end of this Warrant. Upon receipt of
the Exercise Notice, the Company shall, as promptly as practicable, confirm in writing to such Holder of the additional and aggregate number of full Ordinary Shares held by such Holder as recorded in the Company’s official Registry of Ordinary
Shares after effecting such exercise. The written confirmation so delivered shall be in the name of such Holder or such other person as Holder shall designate. Holder acknowledges that written confirmations of Ordinary Share holdings from the
Company shall bear a restrictive legend comparable to that appearing on the face of this Warrant. This Warrant shall be deemed to have been exercised, and the Holder or any other person so designated shall be deemed to have become a holder of record
of such Ordinary Shares for all purposes, as of the date said notice, together with payment (or election of cashless exercise) and this Warrant, are received by the Company. If this Warrant shall have been exercised in part, the Company shall, at
the time of delivery of the written confirmation, deliver to the Holder a new Warrant evidencing the right of the Holder to purchase the number of Ordinary Shares with respect to which this Warrant has not been exercised. 
  

 - 2 - 

 4. Covenants as to Ordinary Shares. The Company hereby covenants and agrees as follows: 
  

	 	(a)	This Warrant is, and any Warrants issued in substitution for or replacement of this Warrant will upon issuance be, duly authorized and validly issued. 

  

	 	(b)	All Warrant Shares which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly issued, fully paid and nonassessable and free from
all taxes, liens and charges with respect to the issues thereof. 

  

	 	(c)	During the period within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized and reserved 100% of the number of Ordinary
Shares needed to provide for the exercise of the rights then represented by this Warrant and the par value of said Ordinary Shares will at all times be less than or equal to the applicable Exercise Price. 

  

	 	(d)	The Company will not, by amendment of its Memorandum and Articles of Association or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale
of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but will at all times in good faith assist in the carrying out of all the provisions
of this Warrant. The Company (i) will not increase the par value of any Ordinary Shares receivable upon the exercise of this Warrant above the Exercise Price then in effect, and (ii) will take all such actions as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid and nonassessable Ordinary Shares upon the exercise of this Warrant. 

 5. Warrant Holder Not Deemed a Shareholder. Except as otherwise specifically provided herein, the Holder, as such, of this Warrant shall not be entitled to vote or receive dividends or be deemed the holder of Ordinary Shares that may
at any time be issuable on the exercise hereof for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder hereof, as such, any of the rights of a shareholder of the Company or any right to vote, give or
withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise,
prior to the issuance to the Holder of this Warrant of the Warrant Shares which it is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in the Warrant shall be construed as imposing any liabilities on the
Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a shareholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. 
  

 - 3 - 

 6. Representations of Holder. 
  

	 	(a)	The Holder of this Warrant, by the acceptance hereof, represents that it is acquiring this Warrant and the Warrant Shares for its own account for investment only and not with a view
towards, or for resale in connection with, the public sale or distribution of this Warrant or the Warrant Shares, except pursuant to sales registered or exempted under the Securities Act of 1933, as amended (the “Securities Act”);
provided, however, that by making the representations herein, the Holder does not agree to hold this Warrant or any of the Warrant Shares for any minimum or other specific term and reserves the right to dispose of this Warrant and the Warrant Shares
at any time in accordance with or pursuant to a registration statement or an exemption under the Securities Act. The Holder of this Warrant further represents, by acceptance hereof, that, as of this date, such Holder is either: (i) an
“accredited investor” as such term is defined in Rule 501(a) of Regulation D promulgated by the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act (an “Accredited Investor”), or
(ii) a person who does not fall within the definition of “U.S. person” as such term is defined in Rule 902 of Regulation S promulgated by the SEC under the Securities Act. 

  

	 	(b)	Upon exercise of this Warrant, except pursuant to a cashless exercise, the Holder shall confirm, which confirmation shall be deemed to be made by delivery of an Exercise Notice,
(i) that the Warrant Shares so purchased are being acquired for its own account for investment only and not with a view towards, or for resale in connection with, the public sale or distribution of the Warrant Shares, except pursuant to sales
registered or exempted under the Securities Act; provided, however, that by making such representation, the Holder does not agree to hold any of the Warrant Shares for any minimum or other specific term and reserves the right to dispose of the
Warrant Shares at any time in accordance with or pursuant to a registration statement or an exemption under the Securities Act and (ii) the Holder is either (x) an Accredited Investor or (y) a person who does not fall within the
definition of “U.S. person” as such term is defined in Rule 902 of Regulation S promulgated by the SEC under the Securities Act. 

 7. Ownership and Transfer. 
  

	 	(a)	 The Company shall maintain at its principal executive offices (or such other office or agency of the Company as it may designate by notice to the Holder hereof), a
register for this Warrant, in which the Company shall record the name and 

  

 - 4 - 

	 	 
address of the person in whose name this Warrant has been issued, as well as the name and address of each transferee. The Company may treat the person in
whose name any Warrant is registered on the register as the owner and the Holder thereof for all purposes, notwithstanding any notice to the contrary, but in all events recognizing any transfers made in accordance with the terms of this Warrant.

  

	 	(b)	Subject to compliance with applicable securities laws and the transfer restrictions set forth in this Warrant, this Warrant and all rights hereunder may be transferred, in
whole or in part, without charge to the holder hereof (except for transfer taxes), thereafter, upon surrender of this Warrant properly endorsed. The Holder of this Warrant, by taking or holding the same, consents and agrees that this Warrant, when
endorsed in blank, shall be deemed negotiable, and that the holder hereof, when this Warrant shall have been so endorsed, may be treated by the Company, at the Company’s option, and all other persons dealing with this Warrant as the absolute
owner hereof for any purpose and as the person entitled to exercise the rights represented by this Warrant, or to the transfer hereof on the books of the Company and notice to the contrary notwithstanding; but until such transfer on such books, the
Company may treat the registered owner hereof as the owner for all purposes. 

  

	 	(c)	The Holder of this Warrant understands that this Warrant has not been and is not expected to be, registered under the Securities Act or any state securities laws, and may not
be offered for sale, sold, assigned or transferred unless (a) subsequently registered thereunder, or (b) the Holder shall have delivered to the Company an opinion of counsel, in a form reasonably acceptable to the Company, to the effect
that the securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration; provided that (i) any sale of such securities made in reliance on Rule 144 promulgated under the
Securities Act may be made only in accordance with the terms of said Rule and further, if said Rule is not applicable, any resale of such securities under circumstances in which the seller (or the person through whom the sale is made) may be deemed
to be an underwriter (as that term is defined in the Securities Act) may require compliance with some other exemption under the Securities Act or the rules and regulations of the SEC thereunder; and (ii) neither the Company nor any other person
is under any obligation to register the Warrants under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. 

 8. Fractional Shares. The Company shall not be required to issue fractional Ordinary Shares upon the exercise of this Warrant, but instead, the number of Ordinary
Shares issuable upon exercise of this Warrant shall be rounded down to the nearest whole Ordinary Share (calculated at the time of final exercise of this Warrant). 
  

 - 5 - 

 9. Adjustment of Exercise Price and Number of Warrant Shares. The number and kind of securities purchasable upon
the exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time upon the happening of the following events: 
  

	 	(a)	Stock Dividends, Subdivisions and Combinations. If at any time the Company shall: 

  

	 	(i)	take a record of the holders of its Ordinary Shares for the purpose of entitling them to receive a dividend payable in, or other distribution of, additional Ordinary Shares,

  

	 	(ii)	subdivide its Ordinary Shares outstanding into a larger number of such Ordinary Shares, or 

  

	 	(iii)	combine its Ordinary Shares outstanding into a smaller number of such Ordinary Shares, 

 then the Exercise Price shall be adjusted to equal the product of the Exercise Price in effect immediately prior to such event multiplied by a fraction
the numerator of which is equal to the number of Ordinary Shares outstanding immediately prior to the event requiring such adjustment and the denominator of which is equal to the number of Ordinary Shares outstanding immediately after giving effect
to such event. Upon any such adjustment of the Exercise Price, the Holder shall thereafter be entitled to purchase upon the exercise of this Warrant, at the Exercise Price resulting from such adjustment, the number of Ordinary Shares (calculated to
the nearest 1/100th of an Ordinary Share) obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of Ordinary Shares issuable on the exercise thereof immediately prior to such adjustment and dividing
the product thereof by the Exercise Price resulting from such adjustment. 
  

	 	(b)	 Reorganization, Reclassification, Merger, Consolidation or Disposition of Assets. In case the Company shall reorganize its capital, reclassify its
capital stock, consolidate or merge with or into another corporation where the Company is not the surviving corporation or where there is a change of control of the Company (i.e., where the Company is acquired by another entity by means of a merger,
consolidation or other transaction resulting in an exchange of the outstanding shares of the Company’s authorized capital such that the members of the Company prior to such transaction, directly or indirectly, hold less than 50% of the voting
power of the surviving entity), or sell, transfer or otherwise dispose of all or substantially all of its property, assets or business to another corporation and, pursuant to the terms of such reorganization, reclassification, merger, consolidation
or disposition of assets, (i) shares of common stock of the successor or acquiring corporation or of the Company (if it is the surviving corporation) or (ii) any cash, shares of stock or other securities or 

  

 - 6 - 

	 	 
property of any nature whatsoever (including warrants or other subscription or purchase rights) in addition to or in lieu of common stock of the successor or
acquiring corporation (“Other Property”) are to be received by or distributed to the holders of Ordinary Shares of the Company who are holders immediately prior to such transaction, then the Holder shall have the right thereafter to
receive, upon exercise of the Warrant, the number of shares of common stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and Other Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a holder of the number of Ordinary Shares for which the Warrant is exercisable immediately prior to such event. In such event, the aggregate Exercise Price otherwise payable for the
Ordinary Shares issuable upon exercise of the Warrant shall be allocated among the shares of common stock and Other Property receivable upon exercise of this Warrant as a result of such reorganization, reclassification, merger, consolidation or
disposition of assets in proportion to the respective fair market values of such shares of common stock and Other Property as determined in good faith by the Board of Directors of the Company. In case of any such reorganization, reclassification,
merger, consolidation or disposition of assets, the successor or acquiring corporation (if other than the Company) shall expressly assume the due and punctual observance and performance of each and every covenant and condition of this Warrant to be
performed and observed by the Company and all the obligations and liabilities hereunder, subject to such modifications as may be reasonably deemed appropriate (as determined by resolution of the Board of Directors of the Company) in order to provide
for adjustments of any shares of the common stock of such successor or acquiring corporation for which the Warrants thus become exercisable, which modifications shall be as equivalent as practicable to the adjustments provided for in this
Section 9. For purposes of this Section 9, “common stock of the successor or acquiring corporation” shall include stock of such corporation of any class that is not preferred as to dividends or assets over any other
class of stock of such corporation and that is not subject to redemption and shall also include any evidences of indebtedness, shares of stock or other securities that are convertible into or exchangeable for any such stock, either immediately or
upon the arrival of a specified date or the happening of a specified event, and any warrants or other rights to subscribe for or purchase any stock. The foregoing provisions of this Section 9(b) shall similarly apply to successive
reorganizations, reclassification, mergers, consolidations or disposition of assets. 

  

	 	(c)	 Distribution of Assets and Repurchase Rights. If, at any time after the issuance of this Warrant, the Company shall declare or make any dividend or
other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, 

  

 - 7 - 

	 	 
property or options by way of dividend, spin off, reclassification, corporate rearrangement or other transaction), then the holder of this Warrant will be
entitled to such dividend paid and distributions made to the holders of Ordinary Shares to the same extent as if such holder had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise of this Warrant) immediately before and on the date on which a record is taken for holders of Ordinary Shares entitled to receive such dividend or distribution, or, if no such record is taken, the date as of which the record holders of
Ordinary Shares are to be determined for such dividend or distribution. Payments under the preceding sentence shall be made concurrently with the dividend or distribution to the holders of the Ordinary Shares. In addition to any adjustments pursuant
to this Section 9, if at any time the Company grants, issues or sells any options, convertible securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Ordinary Shares
(the “Purchase Rights”), then the holder of this Warrant will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which such holder could have acquired if such holder had held the
number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to the limitations on the exercise of this Warrant set forth in Section 2) immediately before the date on which a record is taken for the grant,
issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights. 

  

	 	(d)	Other Provisions Applicable to Adjustments under this Section. The following provisions shall be applicable to the adjustments provided for pursuant to this
Section 9: 

  

	 	(i)	When Adjustments Are to Be Made. The adjustments required by this Section 9 shall be made during the period from the date of this Warrant and until the
Expiration Date, whenever and as often as any specified event requiring such an adjustment shall occur. For the purpose of any such adjustment, any specified event shall be deemed to have occurred at the close of business on the date of its
occurrence. 

  

	 	(ii)	Fractional Interests. In computing adjustments under this Section 9, fractional interests in Ordinary Shares shall be taken into account to the nearest
1/100th of a share. 

  

	 	(iii)	 When Adjustment Is Not Required. 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 to which the provisions of this Section 9 would apply, 

  

 - 8 - 

	 	 
but shall, thereafter and before the distribution to shareholders thereof, legally abandon its plan to pay or deliver such dividend or distribution, then
thereafter no adjustment shall be required by reason of the taking of such record and any such adjustment previously made in respect thereof shall be rescinded and annulled. 

  

	 	(iv)	Further Limitations. Notwithstanding anything herein to the contrary, the Company agrees not to enter into any transaction that, by reason of any adjustment
under the foregoing provisions, would cause the Exercise Price to be less than the par value of the Ordinary Shares, if any, unless the Company first reduces the par value of the Ordinary Shares to be less than the Exercise Price that would result
from such transaction. Alternatively, the Company may stipulate that, at the time of any exercise of all or a portion of this Warrant, the Exercise Price shall be adjusted, if necessary, for purposes of such exercise to equal the par value of the
Ordinary Shares (but not more than the US$0.01 par value as currently in effect), but if such adjustment results in an increase in the Exercise Price from that which would otherwise be applicable, then the Company shall simultaneously increase the
number of Warrant Shares issuable upon such exercise, in the amount necessary to preserve the value to the Holder resulting from such exercise utilizing the same formula and definitions as are applicable in this Section 9 in the case of
a cashless exercise. 

  

	 	(v)	Notice Of Adjustments. Whenever the number of Ordinary Shares for which the Warrant is exercisable or the Exercise Price shall be adjusted pursuant to this
Section 9, the Company shall forthwith prepare a certificate to be executed by the chief financial officer of the Company setting forth, in reasonable detail, the event requiring the adjustment and the method by which such adjustment was
calculated, specifying the number of Ordinary Shares for which the Warrant is exercisable and (if such adjustment was made pursuant to Section 9(b)) describing the number and kind of any other shares of stock or Other Property for which
the Warrant is exercisable, and setting forth any related change in the Exercise Price, after giving effect to such adjustment or change. The Company shall promptly cause a signed copy of such certificate to be delivered to the Holder. The Company
shall keep at its principal office copies of all such certificates and cause the same to be available for inspection at said office during normal business hours by the Holder. 

  

	 	(vi)	Independent Application. Except as otherwise provided herein, all subsections of this Section 9 are intended to operate independently of one another (but
without duplication). If an event occurs that requires the application of more than one subsection, all applicable subsections shall be given independent effect without duplication. 

  

 - 9 - 

 10. Limitations on Adjustments. The adjustment provisions in Section 9 shall not be applicable:
(i) to the issuance of securities to any person pursuant to any stock option, stock purchase or similar plan or arrangement for the benefit of employees, consultants or directors of the Company, or its subsidiaries, in effect on July 25,
2007 (the “Record Date”), and (ii) to the issuance of securities pursuant to options, warrants, dividend or conversion rights in existence on the Record Date. 
 11. Cashless Exercise. Subject to the following provisions, the Holder may elect to receive, without the payment by the Holder of any additional consideration,
Warrant Shares equal to the value of this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company, by so indicating on the Subscription Form attached hereto, at the office of the Company. Any such election shall
be treated as a conversion of this Warrant or portion hereof into Warrant Shares. Thereupon, the Company shall issue to the Holder such number of Ordinary Shares as is computed using the following formula: 
 X = Y ((A-B) /A) 
 where: 
 X = the number of shares to be issued to the Holder pursuant to this Section 11. 
 Y = the number of shares covered by this Warrant in respect of which the cashless exercise election is made pursuant to this Section 11. 
 A = the fair market value of one share of the Company’s Ordinary Shares as determined below at the time the cashless exercise election is made pursuant to this
Section 11. 
 B = the Exercise Price in effect under this Warrant at the time the cashless exercise election is made pursuant to this
Section 11. 
 For the purposes hereof, the “fair market value” of one Ordinary Share shall mean the average of the daily prices for
the Company’s American depositary receipts (“ADRs”) on the applicable market specified below, divided by the then current ADR-to-Ordinary-Share ratio, over the latest ten (10) trading days prior to the date of the cashless
exercise, based upon: 
  

	 	(a)	the closing prices per ADR on the principal national securities exchange on which the ADRs are listed or admitted to trading, or 

  

	 	(b)	if not listed or traded on any such exchange, the daily average of the high and low bid prices per ADR as reported in the NASD OTC Bulletin Board. 

  

 - 10 - 

 However, if such quotations are not available during such ten trading day period, then the cashless
exercise shall be inapplicable. 
 12. Applicable Law. THIS WARRANT SHALL BE CONSTRUED, INTERPRETED AND THE RIGHTS OF THE PARTIES
THERETO DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS EXCEPT SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(B).

 13. Successors and Assigns. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding upon the
permitted successors and assigns of the Company and the Holder hereof; provided, however, that the Holder shall not assign or transfer any of its rights or obligations under this Warrant except as expressly permitted in Section 7.

 14. Headings. Headings of the Sections in this Warrant are for convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant. 
 15. Notices. Any and all notices required or permitted to be given to a party pursuant to the
provisions of this Warrant will be in writing and will be effective on the earliest of the following: (i) at the time of personal delivery, if delivery is in person; (ii) at the time of transmission by facsimile, addressed to the other
party at its facsimile number specified herein (or hereafter modified by subsequent notice to the parties hereto), with confirmation of receipt made by both telephone and printed confirmation sheet verifying successful transmission of the facsimile;
(iii) one (1) business day after deposit with an express overnight courier for deliveries within a country, or three (3) business days after such deposit for international deliveries or (iv) three (3) business days after
deposit in mail by certified mail (return receipt requested) or equivalent for deliveries within a country. For the purposes of this Section, a delivery between the People’s Republic of China and Hong Kong shall be considered an international
delivery. All notices for international delivery will be sent by facsimile or by express courier. All notices not delivered personally or by facsimile will be sent with postage and/or other charges prepaid and properly addressed to the party to be
notified at the address or facsimile number indicated for such party on the signature page to this Warrant or at such other address or facsimile number as such other party may designate by giving ten (10) days advance written notice by one of
the indicated means of notice herein to the other party hereto. Notices by facsimile shall be machine verified as received. 
 16. Lost Warrants. The
Company represents and warrants to the Holder hereof that upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant and, in the case of any such loss, theft or destruction, upon
receipt of an indemnity reasonably satisfactory to the Company, or in the case of any such mutilation upon surrender and cancellation of such Warrant, the Company, at its expense, will make and deliver a new Warrant, of like tenor, in lieu of the
lost, stolen, destroyed or mutilated Warrant. 
  

 - 11 - 

 17. Amendments. This Warrant and any terms hereof may be changed, waived, discharged, or terminated only by an
instrument in writing signed by the party or Holder hereof against which enforcement of such change, waiver, discharge or termination is sought. 
 [NO FURTHER TEXT ON THIS PAGE] 
  

 - 12 - 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the first date written above.

  

			
	ASAT Holdings Limited
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Address:	 	14/F, QPL Industrial Building
		 	138 Texaco Road
		 	Tsuen Wan
		 	New Territories
		 	Hong Kong SAR
		 	Facsimile:

  

			
	 Accepted and agreed to by Holder:
	 	

  

			
	Insert name of Holder:	 	  

  

			
	By:	 	  

	Name:	 	
	Title:	 	

 Insert address and facsimile number below: 
  

			
	 Address:
	 	  

		 	  

		 	  

	Facsimile:	 	  

 SUBSCRIPTION FORM 
 (To be executed only upon exercise of this Warrant) 
 The undersigned registered owner of this Warrant irrevocably exercises
this Warrant for and purchases                      shares of the Ordinary Shares of ASAT Holdings Limited purchasable with this Warrant, and
[herewith makes payment therefor,] [designates that a cashless exercise of this Warrant shall be effected in lieu of a cash payment,] all at the price and on the terms and conditions specified in this Warrant and requests that certificates for the
Ordinary Shares hereby purchased (and any securities or other property issuable upon such exercise) be issued in the name of and delivered to
                                        
whose address is
                                        ,
and if such Ordinary Shares shall not include all of the Ordinary Shares issuable as provided in this Warrant, that a new Warrant of like tenor for the balance of the Ordinary Shares issuable thereunder be delivered to the undersigned. 

DATED:                 , 20    . 
 Holder: 

			
	  

  

			
	By:	 	  

	Name:	 	
	Title:

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