Document:

Unassociated Document

    Exhibit
      4.7

     

    WARRANT
      AGREEMENT

    

    This
      WARRANT
      AGREEMENT
      (this
“Agreement”)
      is
      made as of _________, 2008, by and between China Growth Alliance Ltd., a company
      incorporated under the laws of the Cayman Islands having its principal place
      of
      business at Room 409, 4/F Aetna Tower, 107 Zunyi Road, Shanghai, 200051, China
      (“Company”)
      and
      American Stock Transfer & Trust Company, a New York corporation with offices
      at 6201-15th
      Avenue,
      Brooklyn, New York 11219 (the “Warrant
      Agent”).

     

    WHEREAS,
      the
      Company is engaged in a public offering (the “Public
      Offering”)
      of
      Units (“Units”),
      with
      each Unit comprised of: (i) one sub-unit (“Sub-Unit”),
      the
      contents of which are not separable (except as set forth herein), consisting
      of
      one Ordinary Share (as hereinafter defined) and one Class B Public Warrant
      (as
      hereinafter defined), and (ii) one Class A Public Warrant (as hereinafter
      defined), separable from the Sub-Unit as described herein;

     

    WHEREAS,
      in
      connection with the Public Offering, the Company has determined to issue and
      deliver up to: (i) 8,050,000 Class A Public Warrants (the “Class
      A Public Warrants”)
      to the
      public investors (which includes 1,050,000 Class A Public Warrants which are
      a
      part of the underwriters’ over-allotment option), with each of such Class A
      Public Warrants evidencing the right of the holder thereof to purchase one
      ordinary share, par value $0.0005 per share, of the Company (the “Ordinary
      Shares”)
      for
      $6.00, subject to adjustment as described herein; (ii) 8,050,000 Class B
      Warrants (which includes 1,050,000 Class B Public Warrants which are a part
      of
      the underwriters’ over-allotment option) (the “Class
      B Public Warrants”
and
      together with the Class A Public Warrants, the “Public
      Warrants”),
      where
      each two (2) Class B Public Warrants will detach from the Sub-Unit and
      automatically convert into one (1) Class A Public Warrant upon consummation
      of
      the Company’s initial Business Combination (as defined below), each such Class A
      Public Warrant evidencing the right of the holder thereof to purchase one (1)
      Ordinary Share; (iii) 350,000 Class A Public Warrants and 350,000 Class B Public
      Warrants to Ferris, Baker Watts, Incorporated (“FBW”)
      as
      lead managing underwriter of the several underwriters of the Public Offering
      (the “Underwriters”)
      or its
      designees (the “Underwriter’s
      Warrants”),
      with
      each Class A Public Warrant of such Underwriter’s Warrants evidencing the right
      of the holder thereof to purchase one Ordinary Share for $7.50, and each two
      Class B Public Warrants of such Underwriter’s Warrants automatically converting
      into one Class A Public Warrant, identical to the Class A Public Warrants within
      the Underwriter’s Units, evidencing the right of the holder to exercise each
      converted Class A Public Warrant for the purchase one Ordinary Share for $7.50,
      subject to adjustment as described herein;

     

    WHEREAS,
      immediately prior to the completion of the Public Offering, the Company shall
      sell and issue 2,666,667 warrants to purchase a like number of Ordinary Shares
      in a private placement under Regulation S of the Securities Act of 1933, as
      amended (the “Private
      Warrants”
and,
      collectively with the Public Warrants and the Underwriter’s Warrants, the
“Warrants”)
      pursuant to that certain Subscription Agreement dated ____________, 2008 (the
      “Subscription
      Agreement”),
      with
      each of such Private Warrants evidencing the right of the holder(s) thereof
      (collectively, the “Initial
      Purchaser”)
      to
      purchase one Ordinary Share for $6.00;

     

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

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    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,
      registration, 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. The Public Warrants and the
      Underwriter’s Warrants shall be in substantially the form of Exhibit
      A
      hereto
      (it being acknowleged, however, that the Underwriter’s Warrants shall be
      exercisable into Ordinary Shares at $7.50 per share) and the Private Warrants
      shall be in substantially the form of Exhibit
      B
      hereto,
      the provisions of each of which are incorporated herein, and shall be signed
      by,
      or bear the facsimile signature of, the Co-Chief Executive Officer or President
      and Chief Financial Officer, 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 denominations 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 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

        
          

        

      

      
        
        

      

    

     

    2.4 Detachability
      of Public Warrants.
      

     

    2.4.1 Class
      A Public Warrants.
      The
      Class A Public Warrants comprising the Units will begin to trade separately
      from
      the Sub-Units on the 10th trading day following the earlier to occur of: (i)
      the
      expiration of the Underwriters’ over-allotment option as described in the
      Registration Statement or (ii) the exercise of such Underwriters’ over-allotment
      option in full (the “Detachment
      Date”);
      provided that in no event will FBW allow the separate trading of the securities
      comprising the Units until: (a) the Company files with the SEC a Current Report
      on Form 8-K (or similar form for foreign private issuers), which includes an
      audited balance sheet reflecting the receipt by the Company of the gross
      proceeds of the sale of the Private Warrants and the Public Offering, including
      the proceeds received by the Company from the exercise of the Underwriters’
over-allotment option, if the over-allotment option is exercised prior to the
      filing of the Form 8-K; and (b) the Company issues a press release and files
      with the SEC a Current Report on Form 8-K announcing when such separate trading
      will begin; provided, that the date on which separate trading begins is a
      business day. Following the date that the Class A Public Warrants and Sub-Units
      are eligible to trade separately, the Units will continue to be listed for
      trading, and any holder of Units may elect to break apart the Unit by separating
      the Class A Public Warrants from the Sub-Unit or as a Unit. Unit holders will
      have the ability to trade Sub-Units or Class A Public Warrants as Units until
      such time as the Class A Public Warrants expire or are redeemed.

     

    2.4.2 Class
      B Public Warrants.
      The
      Class B Public Warrants contained within the Sub-Units shall never trade
      separately, and upon the Company’s consummation of an initial share
      reconstruction and amalgamation, capital stock exchange, asset acquisition,
      contractual control arrangement or other similar business combination (as
      described more fully in the Registration Statement, a “Business
      Combination”),
      each
      Sub-Unit shall separate, whereupon every two (2) Class B Public Warrants
      contained therein shall automatically convert into one (1) separable Class
      A
      Public Warrant. For every odd lot Class B Public Warrant so converted, the
      Company will pay to each holder thereof on a record date which is the first
      trading day following the Company’s business combination cash in an amount equal
      to one half of the fair market price of the Class A Public Warrants, which
      will
      be calculated by the volume weighted average trading price of the Class A Public
      Warrants for the 15 trading days prior to the date of the vote by the Company’s
      shareholders the Business Combination.

     

    3. Terms
      and Exercise of Warrants.

     

    3.1 Warrant
      Price.
      Each
      Public Warrant shall, when countersigned by the Warrant Agent, entitle the
      registered holder thereof, subject to the provisions of such Public Warrant
      and
      this Warrant Agreement, to purchase from the Company the number of Ordinary
      Shares stated therein, at the price of $6.00 per whole share, subject to the
      adjustments provided in this Section 3.1 and Section 4 hereof. 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, it being agreed that the
      exercise price for the Underwriter’s Warrants shall be $7.50.  The
      Company in its sole discretion may lower the Warrant Price for the Public
      Warrants at any time prior to the Expiration Date for a period of not less
      than
      twenty business days, provided that any such reduction shall be identical among
      all Public Warrants.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    3.2 Duration
      of Warrants.
      

     

    3.2.1 Public
      Warrants and Underwriter’s Warrants.
      A
      Public Warrant or Underwriter’s Warrant may be exercised only during the period
      commencing on the later of: (i) the Company’s initial Business Combination, or
      (ii)
      [                     ],
      2009, and terminating at 5:00 p.m., New York City time on the earlier to occur
      of (x)
      [                     ],
      2012 or (y) (if not held by their permitted assignee or designee) the date
      fixed
      for redemption of the Warrants as provided in Section 6 of this Agreement.
      Notwithstanding the foregoing, no Public Warrant or Underwriter’s Warrant shall
      be exercisable unless, at the time of exercise, a registration statement
      relating to the Ordinary Shares issuable upon the exercise of such Public
      Warrant or Underwriter’s Warrant is effective and current and a prospectus is
      available for use by the holders thereof and the Ordinary Shares has been
      qualified or deemed to be exempt under the securities laws of the state of
      residence of the holder of such Public Warrants or Underwriter’s
      Warrants.

     

    3.2.2 Private
      Warrants.
      A
      Private Warrant may be exercised only during the period following consummation
      of a Business Combination by the Company and terminating at 5:00 p.m., New
      York
      City time on the earlier to occur of (x)
      [                     ],
      2012 or (y) the date fixed for redemption of the Warrants as provided in Section
      6 of this Agreement. The Private Warrants are not subject to redemption so
      long
      as they are held by their initial purchasers or their permitted designees.
      The
      Private Warrants may not be sold, assigned or transferred until after the day
      following consummation of a Business Combination. 

     

    3.2.3 General.
      The
      period during which a Warrant may be exercised shall be deemed the “Exercise
      Period”
and
      the
      termination of such Exercise Period shall be deemed the “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 discretion may extend the duration
      of
      the Warrants by delaying the Expiration Date; provided,
      however,
      the
      Company will provide notice to registered holders of the Warrants of such
      extension of not less than 20 days and, further provided that any such extension
      shall be identical in duration among all of the Warrants. In the event that
      the
      Company desires to extend the Expiration Date of the Warrants, the Company
      take
      such other actions are as required by applicable regulatory
      authorities.

     

    3.3 Exercise
      of Warrants.

     

    3.3.1 Payment.
      Subject
      to the provisions of the Class A Public Warrants and this Warrant Agreement,
      a
      Class A Public 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 Class A Public Warrant, duly executed by paying in full,
      in lawful money of the United States, in cash, good certified check or good
      bank
      draft payable to the order of the Company, 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, the exchange of the
      Warrant for the Ordinary Shares and the issuance of the Ordinary Shares.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    3.3.2 Exercise
      of Private Warrant.
      Notwithstanding anything contained herein to the contrary, the Private Warrant
      may, in addition to being exercised for cash as provided for therein, at any
      time after
      the
      later to occur of a Business Combination or one year from the effective date
      of
      the Registration Statement, and provided
      that at the time of exercise they are held by the original purchaser thereof
      or
      its permitted assigns, be exercised
      on a
“cashless basis” by surrendering such Private Warrant for that number of
      Ordinary Shares equal to the quotient obtained by dividing (x) the product
      of
      the number of Ordinary Shares underlying the Warrant, multiplied by the
      difference between the Warrant Price and the “FMV” (defined below) by (y) the
      FMV. The “FMV” shall mean the average reported last sale price of the Ordinary
      Shares for the 10 trading days ending on the third business day prior to the
      date on which notice of exercise is received by the Company.

     

    3.3.3 Issuance
      of Certificates.
      As soon
      as practicable after the exercise of any Warrant and the clearance of the funds
      in payment of the Warrant Price (except in the case of a cashless exercise
      of a
      Private Warrant), the Company shall issue to the registered holder of such
      Warrant a certificate or certificates for the number of full Ordinary Shares
      to
      which he, she or it 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 Warrant (other than a Private Warrant) unless: (i) a registration
      statement under the Act with respect to the Ordinary Shares issuable upon such
      exercise is effective or (ii) in the opinion of counsel to the Company, the
      exercise of the Warrants is exempt from the registration requirements of the
      Act
      and such securities are qualified for sale or exempt from qualification under
      applicable securities laws of the states or other jurisdictions in which the
      registered holders reside. Warrants (other than Private Warrants) may not be
      exercised by, or securities issued to, any registered holder in any state in
      which such exercise or issuance would be unlawful. In no event will the Company
      be required to provide the registered holder of any Warrant with a net-cash
      settlement or other consideration in lieu of physical settlement in Ordinary
      Shares, regardless of whether the Ordinary Shares underlying any such
      Warrant is registered pursuant to an effective registration statement.
      Accordingly, the Warrants may expire unexercised and worthless if a current
      registration statement covering the Ordinary Shares is not
      effective.

     

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

     

    3.3.5 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.

     

    4. Adjustments.
      The provisions of this Section 4 shall apply only to the Public Warrants and
      the
      Underwriter’s Warrants.

     

    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 Class A Public
      Warrant or Underwriter’s Warrant shall be increased in proportion to such
      increase in outstanding Ordinary Shares.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    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 reclassification 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 Class A Public Warrant and Underwriter’s 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
      Class A Public Warrants and Underwriter’s Warrant 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 Class A Public Warrants and or
      Underwriter’s Warrant 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 applicable Warrant holders shall thereafter have the right
      to
      purchase and receive, upon the basis and upon the terms and conditions specified
      in the applicable 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
      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 applicable 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 on
      exercise of a Class A Public Warrant or Underwriter’s Warrant, the Company shall
      give written notice thereof to the Warrant Agent, which notice shall state
      the
      Warrant Price resulting from such adjustment and the increase or decrease,
      if
      any, in the number of shares purchasable at such price upon the exercise of
      a
      Class A Public Warrant or Underwriter’s 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 the
      applicable Warrant holders, 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 provision contained in this Warrant Agreement to the
      contrary (except as provided for in Section 2.4.2 with respect to the Class
      B
      Public Warrants), 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 to the nearest whole number the number of the Ordinary Shares to be
      issued to the Warrant holder. 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    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.

     

    5. Transfer
      and Exchange of Warrants.

     

    5.1 Transfer
      of Warrants.
      (a)
      Prior to the Detachment Date, the Public Warrants may be transferred or
      exchanged only together with the Unit in which such Warrant is included, and
      only for the purpose of effecting, or in conjunction with, a transfer or
      exchange of such Unit. Furthermore, each transfer of a Unit on the register
      relating to such Units shall operate also to transfer the Warrants included
      in
      such Unit. From and after the Detachment Date, this Section 5.1 will have no
      further force and effect. 

     

    (b) After
      the
      Detachment Date and until the consummation of the Company’s initial Business
      Combination, the Class B Public Warrants may be transferred or exchanged only
      together with the Sub-Unit in which such Warrant is included, and only for
      the
      purpose of effecting, or in conjunction with, a transfer or exchange of such
      Sub-Unit.

     

    5.2 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.

     

    5.3 Procedure
      for Surrender of Warrants.
      Warrants may be surrendered to the Warrant Agent, together with a written
      request for exchange or transfer, and thereupon 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, in the event 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 such transfer may be made and
      indicating whether the new Warrants must also bear a restrictive
      legend.

     

    5.4 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.

     

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

     

    5.6 Warrant
      Execution and Countersignature.
      The
      Warrant Agent is hereby authorized to countersign and 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.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    5.7 Private
      Warrants.
      Notwithstanding anything herein to the contrary, the Warrant Agent shall not
      register for transfer any Private Warrants until after the consummation of
      a
      Business Combination, except for: (a) transfers of Private Warrants resulting
      from the death of any of the holders thereof, (b) transfers by operation of
      law,
      (c) any transfer for estate planning purposes to persons immediately related
      to
      the transferor by blood, marriage or adoption, or (d) transfers to any trust
      solely for the benefit of such transferor and/or the persons described in the
      preceding clause, on condition that prior to such registration for transfer,
      the
      Warrant Agent shall be presented with written documentation pursuant to which
      each permitted transferee or the trustee or legal guardian for each permitted
      transferee agrees to be bound by the terms of the Subscription
      Agreement.

     

    6. Redemption.

     

    6.1 Redemption.
      Not
      less than all of the outstanding Public Warrants and the Underwriter’s Warrants
      may be redeemed, at the option of the Company, at any time after they become
      exercisable and prior to their expiration, at the office of the Warrant Agent,
      upon the notice referred to in Section 6.3, at the price of $.01 per Warrant
      (the “Redemption
      Price”),
      provided that the last sales price of the Ordinary Shares has been equal to
      or
      greater than $11.50 per share, 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. Notwithstanding the foregoing,
      the
      Registration Statement (or another registration statement covering the Public
      Warrants and the Underwriter’s Warrants) must be current in order for the
      Company to exercise its redemption rights pursuant to this Section 6. The
      provisions of this Section 6.1 may not be modified, amended or deleted without
      the prior written consent of FBW. The Private Warrants are not subject to this
      Section 6 provided they are held by the initial purchasers thereof, or their
      permitted designees.

     

    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 Warrant Register.
      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 in accordance with Section 3 of this Warrant 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. 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 Outstanding
      Warrants Only.
      The
      Company understands the redemption rights provided for by this Section 6 apply
      only to outstanding Warrants. To the extent a person holds rights to purchase
      Warrants, such purchase rights shall not be extinguished by redemption. However,
      once such purchase rights are exercised, the Company may redeem the Warrants
      issued upon such exercise provided that the criteria for redemption are met,
      including the opportunity of the Warrant holder to exercise prior to redemption
      pursuant to Section 6.3. The provisions of this Section 6.4 may not be modified,
      amended or deleted without the prior written consent of FBW.

     

    6.5 Exclusion
      of Private Warrants.
      The
      Company understands that the redemption rights provided for by this Section
      6 do
      not apply to the Private Warrants if at the time of redemption such warrants
      continue to be held by the Initial Purchaser or its permitted assigns. However,
      once such Private Warrants are transferred other than to any permitted assign,
      the Company may redeem the Private Warrants, provided that the criteria for
      redemption are met, including the opportunity of the Warrant holder to exercise
      prior to redemption pursuant to Section 6.3.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    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
      dividends, 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 sufficient to permit the exercise in full of all
      outstanding Warrants issued pursuant to this Warrant Agreement.

     

    7.4 Registration
      of Ordinary Shares.
      The
      Company agrees that prior to the commencement of the Exercise Period, it shall
      file with the SEC a post-effective amendment to the Registration Statement,
      or a
      new registration statement, for the registration, under the Act, of the Ordinary
      Shares issuable upon exercise of the Warrants, and it shall 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 on or prior to the commencement of the Exercise Period
      and to use its best efforts to maintain the effectiveness of such registration
      statement until the expiration of the Warrants in accordance with the provisions
      of this Warrant Agreement; provided,
      however,
      the
      Company shall not be obligated to deliver Ordinary Shares and shall not have
      penalties for failure to deliver Ordinary Shares if a registration statement
      is
      not effective at the time of exercise by the holder. In addition, the Company
      agrees to use its reasonable efforts to register such securities under the
      blue
      sky laws of the states of residence of the exercising warrant holders to the
      extent an exemption is not available. The provisions of this Section 7.4 may
      not
      be modified, amended or deleted without the prior written consent of FBW.
      Notwithstanding the foregoing, a Warrant can expire unexercised regardless
      of
      whether a registration statement is current under the Act with respect to the
      Ordinary Shares issuable upon exercise of the Warrants. In no event will the
      registered holder of a warrant be entitled to receive a net-cash settlement
      or
      Ordinary Shares or other consideration as of result of the Company's
      non-compliance with this Section 7.4.

     

    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
      imposed 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.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    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 appointment of a successor Warrant Agent. 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 hereunder; and upon request of any
      successor Warrant Agent the Company shall make, execute, 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.

     

    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 Warrant 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 as set forth on Exhibit C
      hereto,
      and will reimburse 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 reasonably be required by the Warrant
      Agent for the carrying out or performing of the provisions of this Warrant
      Agreement.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    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 established 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 Chief Executive Officer or Chief
      Operating Officer 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 Warrant Agreement.

     

    8.4.2 Indemnity.
      The
      Warrant Agent shall be liable hereunder only for its own negligence, willful
      misconduct 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 Warrant Agreement except as a result of the Warrant
      Agent’s negligence, willful misconduct, or bad faith.

     

    8.4.3 Exclusions.
      The
      Warrant Agent shall have no responsibility with respect to the validity of
      this
      Warrant 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 Warrant
      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 representation or warranty as to the authorization or
      reservation of any Ordinary Shares to be issued pursuant to this Warrant
      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 Warrant Agreement
      and agrees to perform the same upon the terms and conditions 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 shares of the Company’s
      Ordinary Shares through the exercise of Warrants.

     

    8.6 Waiver.
      The
      Warrant Agent hereby waives any and all right, title, interest or claim of
      any
      kind (“Claim”)
      in or
      to any distribution of the Trust Account (as defined in that certain Investment
      Management Trust Agreement, dated as of the date hereof, by and between the
      Company and the Warrant Agent, as trustee thereunder), and hereby agrees not
      to
      seek recourse, reimbursement, payment or satisfaction for any Claim against
      the
      Trust Account for any reason whatsoever.

     

    9. Miscellaneous
      Provisions.

     

    9.1 Successors.
      All the
      covenants and provisions of this Warrant 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.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    9.2 Notices.
      Any
      notice, consent or request to be given in connection with any of the terms
      or
      provisions of this Agreement shall be in writing and shall be sent by express
      mail or similar private courier service, by certified mail (return receipt
      requested), by hand delivery or by facsimile transmission:

     

    if
      to the
      Warrant Agent, to:

    

    American
      Stock Transfer & Trust Company

    6201-15th
      Avenue

    Brooklyn,
      New York 11219

    Attn:
      [                    
]

    Fax
      No.:
      [                    
]

     

    if
      to the
      Company, to:

    

    China
      Growth Alliance Ltd.

    Room
      409,
      4/F Aetna Tower

    107
      Zunyi
      Road

    Shanghai,
      200051, China

    Attn:
      

    Fax
      No.:
      [                    
]

    

    in
      either
      case with a copy to:

    

    Ferris,
      Baker Watts Incorporated

    100
      Light
      Street

    Baltimore,
      MD 21202

    Attn:
      Richard Prins

    Fax
      No.:
      ___________________

    

    and

     

    Ellenoff
      Grossman & Schole LLP

    150
      E.
      42nd Street, 11th Floor

    New
      York,
      New York 10017

    Attn:
      Douglas S. Ellenoff, Esq.

    Fax
      No.:
      (212) 370-7889

     

    and

    

    Gersten
      Savage LLP

    600
      Lexington Avenue

    New
      York,
      New York 10022

    Attn:
      Arthur S. Marcus, Esq.

    Fax:
      (212) 980-5192

     

    9.3 Applicable
      law.
      The
      validity, interpretation, and performance of this Warrant Agreement and of
      the
      Warrants shall be governed in all respects by 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 Warrant 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 exclusive
      jurisdiction and that such courts represent an inconvenient 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.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    9.4 Persons
      Having Rights under this Warrant Agreement.
      Nothing
      in this Warrant 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 hereto and the
      registered holders of the Warrants and, for the purposes of Sections 6.1, 6.4,
      7.4 and 9.8 hereof, FBW, any right, remedy, or claim under or by reason of
      this
      Warrant Agreement or of any covenant, condition, stipulation, promise, or
      agreement hereof. FBW shall be deemed to be a third-party beneficiary of this
      Warrant Agreement with respect to Sections 6.1, 6.4, 7.4 and 9.8 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 FBW with respect to the Sections 6.1, 6.4, 7.4 and 9.8 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 reasonable 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
      Warrant Agreement may be executed in any number of 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 interpretation thereof.

     

    9.8 Amendments.
      This
      Warrant 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 Warrant 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 each of FBW and the registered holders of a majority of
      the
      then-outstanding Warrants. Notwithstanding the foregoing, the Company may lower
      the Warrant Price or extend the duration of the Exercise Period in accordance
      with Sections 3.1 and 3.2, respectively, without such consent.

     

    9.9 Severability.
      This
      Warrant Agreement shall be deemed severable, and the invalidity or
      unenforceability of any term or provision hereof shall not affect the validity
      or enforceability of this Warrant Agreement or of any other term or provision
      hereof. Furthermore, in lieu of any such invalid or unenforceable term or
      provision, the parties hereto intend that there shall be added as a part of
      this
      Warrant Agreement a provision as similar in terms to such invalid or
      unenforceable provision as may be possible and be valid and
      enforceable.

     

    [Signature
      Page Follows]

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

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

    

    
      	
              Attest:

            	 	 	
              CHINA
                GROWTH ALLIANCE LTD.

            
	 	 	 	 	 
	 	 	 	
              By:

            	 
	 	 	 	
              Name:

            	 
	 	 	 	
              Title:

            	 
	 	 	 	 	 
	
              Attest:

            	 	 	
              AMERICAN
                STOCK TRANSFER & TRUST COMPANY

            
	 	 	 	 	 
	 	 	 	
              By:

            	 
	 	 	 	
              Name:

            	 
	 	 	 	
              Title:

            	 

    

     

    
      
        
        

      

      
        14Unassociated Document

    Exhibit
      10.1

    INVESTMENT
      MANAGEMENT TRUST AGREEMENT

    

    This
      INVESTMENT
      MANAGEMENT TRUST AGREEMENT
      is made
      as of [     ], 2008 by and
      between China Growth Alliance Ltd. (the “Company”)
      and
      American Stock Transfer & Trust Company (“Trustee”).

    

    WHEREAS,
      the
      Company’s Registration Statement on Form F-1, File No. 333-[     ] (“Registration
      Statement”),
      for
      its initial public offering of securities (“IPO”)
      has
      been declared effective on ____________________, 2008 (“Effective
      Date”)
      by the
      Securities and Exchange Commission; and

    

    WHEREAS,
      the
      Company has completed a private placement under Regulation S of the Securities
      Act of 1933, as amended, of 2,666,667 Warrants (the “Private
      Warrants”)
      prior
      to the completion of the IPO for a purchase price of $2,000,000;
      and

    

    WHEREAS,
      Ferris,
      Baker Watts, Incorporated (“FBW”)
      is
      acting as the lead manager of the underwriters of the IPO (collectively with
      FBW, the “Underwriters”);
      and

    

    WHEREAS,
      as
      described in the Company’s Registration Statement, in accordance with the
      Company’s Amended and Restated Memorandum and Articles of Association,
      $54,880,000 of the net proceeds of the IPO ($62,944,000 if the Underwriters’
over-allotment option is exercised in full) and $1,900,000 of the net proceeds
      from the sale of the Private Warrants, will be delivered to the Trustee as
      of
_____________________,
      2008 to
      be deposited and held in the Trust Account (as defined below) for the benefit
      of
      the Company, the holders of the ordinary shares, par value $0.0005 per share,
      of
      the Company (“Ordinary
      Shares”),
      included in the units of the Company’s securities issued in the IPO (the
“Units”),
      and
      the Underwriters with respect to the Deferred Compensation (as defined below).
      The amount to be delivered to the Trustee will be referred to herein as the
      “Property”
or
      the
“Base
      Deposit”.
      The
      public shareholders for whose benefit the Trustee shall hold the Property will
      be referred to as the “Public
      Shareholders,”
and
      the Public Shareholders, the Company and FBW and the Underwriters will be
      referred to together as the “Beneficiaries”;
      

     

    WHEREAS,
      a
      portion of the Property consists of $1,680,000 (or $1,890,000 if the
      Underwriters’ over-allotment is exercised in full) attributable to the
      Underwriters’ discount and commissions and non-accountable expense allowance
      (the “Deferred
      Compensation”)
      which
      the Underwriters have agreed to deposit in the Trust Account (as defined below);
      and

    

    WHEREAS,
      the
      Company and the Trustee desire to enter into this Agreement to set forth the
      terms and conditions pursuant to which the Trustee shall hold the
      Property.

     

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

     

    1. Agreements
      and Covenants of Trustee.
      The
      Trustee hereby agrees and covenants to:

    

    (a) Hold
      the
      Property in trust for the Beneficiaries in accordance with the terms of this
      Agreement in a segregated trust account (the “Trust
      Account”)
      established by the Trustee with [     ];

    

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (c) In
      a
      timely manner, upon the written instruction of the Company, to invest and
      reinvest the Property in any Government Security or in money market funds
      selected by the Company meeting the conditions specified in Rule 2a-7
      promulgated under the Investment Company Act of 1940, as amended, as determined
      by the Company. As used herein, “Government
      Security”
means
      any Treasury Bill issued by the United States, having a maturity of one hundred
      and eighty days or less or any open ended investment company selected by the
      Company and registered under the Investment Company Act of 1940 that holds
      itself out as a money market fund meeting the conditions of paragraphs (c)(2),
      (c)(3) and (c)(4) under Rule 2a-7 promulgated under the Investment Company
      Act
      of 1940 as determined by the Company;

    

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

    

    (e) Promptly
      notify the Company and FBW of all communications received by it with respect
      to
      any Property requiring action by the Company;

    

    (f) Supply
      any necessary information or documents as may be requested by the Company in
      connection with the Company’s preparation of the tax returns for the Trust
      Account or the Company;

    

    (g) Participate
      in any plan or proceeding for protecting or enforcing any right or interest
      arising from the Property if, as and when instructed by the Company and/or
      FBW
      to do so;

    

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

    

    (i) If
      there
      is any income or other tax obligation relating to the income from the Property
      in the Trust Account, then, from time to time, at the written instruction of
      the
      Company, the Trustee shall promptly to the extent there is not sufficient cash
      in the Trust Account to pay such tax obligation, liquidate such assets held
      in
      the Trust Account as shall be designated by the Company in writing;
      and

    

    (j) Commence
      liquidation of and/or make payments from the Trust Account (including to
      accounts of Company shareholders whose securities have been purchased by the
      Company or its affiliates) only after and promptly after receipt of, and only
      in
      accordance with, the terms of a letter (“Termination
      Letter”),
      in a
      form substantially similar to that attached hereto as either Exhibit
      A
      or
Exhibit
      B
      hereto,
      signed on behalf of the Company by its President or Chairman of the Board and
      Secretary or Assistant Secretary or other authorized officer of the Company,
      and
      complete the liquidation of and/or make payments from the Trust Account and
      distribute the Property in the Trust Account only as directed in the Termination
      Letter and the other documents referred to therein; provided,
      however,
      that in
      the event that a Termination Letter in a form substantially similar to that
      attached hereto as either Exhibit
      A
      has not
      been received by the Trustee by the 24-month anniversary of the effective date
      of the Registration Statement (“Last
      Date”),
      the
      Trust Account shall be liquidated in accordance with the procedures set forth
      in
      the Termination Letter attached as Exhibit
      B
      hereto
      and distributed to the Shareholders of record on the Last Date. In all cases,
      the Trustee shall provide FBW with a copy of any Termination Letters and/or
      any
      other correspondence that it receives with respect to any proposed withdrawal
      from the Trust Account promptly after it receives same. Except as provided
      for
      in Section 7(c), the provisions of this Section 1(j) may not be modified,
      amended or deleted under any circumstances.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    2. Limited
      Distributions of Income on Property.

     

    (a) If
      there
      is any income tax obligation relating to the income from the Property in the
      Trust Account, or if there is any franchise or other tax obligation to which
      the
      Company is subject, then, at the written instruction of the Company, the Trustee
      shall disburse to the Company or the Internal Revenue Service or other taxing
      authority, as applicable, by wire transfer or check (as directed by the Company
      in its instruction letter), out of the Property in the Trust Account, the amount
      indicated by the Company as required to pay income, franchise or other taxes
      and
      disburse to the Company by wire transfer out of the Property in the Trust
      Account, the amount indicated by the Company as owing in respect of such
      taxes.

    

    (b) Unless
      and until an acquisition by the Company, through a share reconstruction or
      amalgamation, capital stock exchange, asset or stock acquisition of, contractual
      control arrangement or similar business combination with, one or more operating
      businesses or assets, as more fully described in the prospectus forming a part
      of the Registration Statement (a “Business
      Combination”)
      is
      consummated, the proceeds held in the Trust Account will not be available for
      the Company’s use for any expenses related to the IPO or expenses which the
      Company may incur related to the investigation and selection of a target
      business, except that in order to fun the Company’s working capital (including
      expenses in seeking Business Combinations, and potentially, the costs of the
      Company’s liquidation and dissolution), the Company will be permitted to draw,
      as earned, up to 75% of the cumulative interested earned on the funds held
      in
      the Trust Account, after taxes, per month for the first 12 months following
      the
      consummation of the IPO, and thereafter 50% of the cumulative interest earned
      on
      the funds held in the Trust Account per month, after taxes; provided,
      however,
      if the
      Underwriters’ over-allotment option in connection with the IPO is exercised in
      full, the Company will not be permitted to draw such amounts until $168,000
      (or
      a lesser amount if less than the full over-allotment option is exercised,
      pro-rata based on the amount of the over-allotment exercised) of interest has
      been earned on the Trust Account with the resulting effect that there shall
      be a
      minimum of $7.84 per Unit held in the Trust Account. The Company will be
      permitted to draw no more than an aggregate of $2,000,000 of such
      interest.

    

    (c) Upon
      receipt of the Termination Letter, the Trustee shall liquidate the Trust Account
      and make distributions and/or payments as directed by the Company in accordance
      with Section 1(j).

    

    (d) Except
      as
      provided in this Section 2, no other distributions from the Trust Account shall
      be permitted.

    

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

    

    (a) To
      provide all instructions to the Trustee hereunder in writing, signed by the
      Company’s Chief Executive Officer. In addition, except with respect to its
      duties under paragraphs 1(i) and 1(j), the Trustee shall be entitled to rely
      on,
      and shall be protected in relying on, any verbal or telephonic advice or
      instruction which it in good faith believes to be given by any one of the
      persons authorized above to give written instructions, provided that the Company
      and/or FBW shall promptly confirm such instructions in writing;

    

    (b) Subject
      to the provisions of Section 5 hereof, to hold the Trustee harmless and
      indemnify the Trustee from and against any and all expenses, including
      reasonable counsel fees and disbursements, or loss suffered by the Trustee
      in
      connection with any action, suit or other proceeding brought against the Trustee
      involving any claim, or in connection with any claim or demand which in any
      way
      arises out of or relates to this Agreement, the services of the Trustee
      hereunder, or the Property or any income earned from investment of the Property,
      except for expenses and losses resulting from the Trustee’s gross negligence or
      willful misconduct. Promptly after the receipt by the Trustee of notice of
      demand or claim or the commencement of any action, suit or proceeding, pursuant
      to which the Trustee intends to seek indemnification under this paragraph,
      it
      shall notify the Company in writing of such claim (hereinafter referred to
      as
      the “Indemnified
      Claim”).
      The
      Trustee shall have the right to conduct and manage the defense against such
      Indemnified Claim, provided that the Trustee shall obtain the consent of
      the Company with respect to the selection of counsel, which consent shall
      not be unreasonably withheld. The Trustee may not agree to settle any
      Indemnified Claim without the prior written consent of the Company.
      The Company may participate in such action with its own counsel at its own
      expense;

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    (c) Pay
      the
      Trustee an initial acceptance fee, an annual fee and a transaction processing
      fee for each disbursement made pursuant to Sections 1(i) and 2(b) as set forth
      on Schedule
      A
      hereto,
      which fees shall be subject to modification by the parties from time to time.
      It
      is expressly understood that the Property shall not be used to pay such fees
      and
      further agreed that said transaction processing fees shall be deducted by the
      Trustee from the disbursements made to the Company pursuant to Section 2(b).
      The
      Company shall pay the Trustee the initial acceptance fee and first year’s fee at
      the consummation of the IPO and thereafter on the anniversary of the Effective
      Date. The Trustee shall refund to the Company the annual fee (on a pro rata
      basis) with respect to any period after the liquidation of the Trust Account.
      The Company shall not be responsible for any other fees or charges of the
      Trustee except as set forth in this Section 3(c) and as may be provided in
      Section 3(b) hereof (it being expressly understood that the Property shall
      not
      be used to make any payments to the Trustee under such Sections);

    

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

    

    (e) That
      the
      Company’s Chief Executive Officer to certify the following (wherever
      applicable): (1) prior to the Last Date, the Company has entered into a Business
      Combination with a target business, the terms of which are consistent with
      the
      requirements set forth in the Registration Statement; and (2) the Board of
      Directors (the “Board”)
      pursuant to the unanimous written consent of the Board has approved the Business
      Combination. A copy of such consent and the definitive agreement relating to
      the
      Business Combination so approved shall be attached to such certificate;

    

    (f) In
      connection with any vote of the Public Shareholders regarding a Business
      Combination, provide to the Trustee an affidavit or certificate of a firm
      regularly engaged in the business of soliciting proxies and tabulating Public
      Shareholder votes (which firm may be the Trustee) verifying the vote of the
      Public Shareholders regarding such Business Combination; and

    

    (g) Within
      five business days after the Underwriters’ over-allotment option (or any
      unexercised portion thereof) expires or is exercised in full, to provide the
      Trustee notice in writing (with a copy to the Underwriters) of the total amount
      of the Deferred Compensation, which shall in no event be less than
      $1,680,000.

    

    4. Limitations
      of Liability.
      The
      Trustee shall have no responsibility or liability to:

    

    (a) Take
      any
      action with respect to the Property, other than as directed in Sections 1 and
      2
      hereof and the Trustee shall have no liability to any party except for liability
      arising out of its own gross negligence or willful misconduct;

    

    (b) Institute
      any proceeding for the collection of any principal and income arising from,
      or
      institute, appear in or defend any proceeding of any kind with respect to,
      any
      of the Property unless and until it shall have received written instructions
      from the Company given as provided herein to do so and the Company shall have
      advanced or guaranteed to it funds sufficient to pay any expenses incident
      thereto;

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    (c) Change
      the investment of any Property, other than in compliance with Section
      1(c);

    

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

    

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

    

    (f) The
      other
      parties hereto or to anyone else for any action taken or omitted by it, or
      any
      action suffered by it to be taken or omitted, in good faith and in the exercise
      of its own best judgment, except for its gross negligence or willful misconduct.
      The Trustee may rely conclusively and shall be protected in acting upon any
      order, notice, demand, certificate, opinion or advice of counsel (including
      counsel chosen by the Trustee), statement, instrument, report or other paper
      or
      document (not only as to its due execution and the validity and effectiveness
      of
      its provisions, but also as to the truth and acceptability of any information
      therein contained) which is believed by the Trustee, in good faith, to be
      genuine and to be signed or presented by the proper person or persons. The
      Trustee shall not be bound by any notice or demand, or any waiver, modification,
      termination or rescission of this Agreement or any of the terms hereof, unless
      evidenced by a written instrument delivered to the Trustee signed by the proper
      party or parties and, if the duties or rights of the Trustee are affected,
      unless it shall give its prior written consent thereto;

    

    (g) Verify
      the correctness of the information set forth in the Registration Statement
      or to
      confirm or assure that any acquisition made by the Company or any other action
      taken by it is as contemplated by the Registration Statement, unless an officer
      of the Trustee has actual knowledge thereof, written notice of such event is
      sent to the Trustee or as otherwise required under Section 1(j)
      hereof;

    

    (h) Pay
      any
      taxes on behalf of the Trust Account (it being expressly understood that the
      Trustee’s sole obligation with respect to taxes shall be to issue the checks
      with respect thereto provided for by Section 2(a) hereof); and

    

    (i) Verify
      calculations, qualify or otherwise approve Company requests for distributions
      pursuant to Section 1(i), 2(a) or 2(b) above.

     

    5. No
      Right of Set-Off.
      The
      Trustee waives any right of set-off or any right, title, interest or claim
      of
      any kind that the Trustee may have against the Property held in the Trust
      Account. In the event the Trustee has a claim against the Company under this
      Agreement, including, without limitation, under Section 3(b), the Trustee will
      pursue such claim solely against the Company and not against the Property held
      in the Trust Account.

    

    6. Termination.
      This
      Agreement shall terminate as follows:

    

    (a) If
      the
      Trustee gives written notice to the Company that it desires to resign under
      this
      Agreement, the Company shall use its reasonable efforts to locate a successor
      trustee during which time the Trustee shall continue to act in accordance with
      the terms of this Agreement. At such time the Company notifies the Trustee
      that
      a successor trustee has been appointed by the Company and has agreed to become
      subject to the terms of this Agreement, the Trustee shall transfer the
      management of the Trust Account to the successor trustee, including, but not
      limited to, the transfer of copies of the reports and statements relating to
      the
      Trust Account, whereupon this Agreement shall terminate; provided, however,
      that, in the event the Company does not locate a successor trustee within ninety
      days of receipt of the resignation notice from the Trustee, the Trustee may,
      but
      shall not be obligated to, submit an application to have the Property deposited
      with the United States District Court for the Southern District of New York
      and
      upon such deposit, the Trustee shall be immune from any liability whatsoever
      that arises due to any actions or omissions to act by any party after such
      deposit; or

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    (b) At
      such
      time that the Trustee has completed the liquidation of the Trust Account in
      accordance with the provisions of Section 1(j) hereof, and distributed the
      Property in accordance with the provisions of the Termination Letter, this
      Agreement shall terminate except with respect to Section 3(b).

    

    7. Miscellaneous.

     

    (a) The
      Company and the Trustee each acknowledge that the Trustee will follow the
      security procedures set forth below with respect to funds transferred from
      the
      Trust Account. Upon receipt of written instructions, the Trustee will confirm
      such instructions with an Authorized Individual at an Authorized Telephone
      Number listed on the attached Exhibit
      C.
      The
      Company and the Trustee will each restrict access to confidential information
      relating to such security procedures to authorized persons. Each party must
      notify the other party immediately if it has reason to believe unauthorized
      persons may have obtained access to such information, or of any change in its
      authorized personnel. In executing funds transfers, the Trustee will rely upon
      account numbers or other identifying numbers of a beneficiary, beneficiary’s
      bank or intermediary bank, rather than names. The Trustee shall not be liable
      for any loss, liability or expense resulting from any error in an account number
      or other identifying number, provided it has accurately transmitted the numbers
      provided.

    

    (b) This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      laws of the State of New York, without giving effect to conflict of laws
      principles that would result in the application of the substantive laws of
      another jurisdiction. It may be executed in several counterparts, each one
      of
      which shall constitute an original, and together shall constitute but one
      instrument. Facsimile signatures shall constitute original signatures for all
      purposes of this Agreement.

    

    (c) This
      Agreement contains the entire agreement and understanding of the parties hereto
      with respect to the subject matter hereof. This Agreement or any provision
      hereof may only be changed, amended or modified by a writing signed by each
      of
      the parties hereto; provided,
      however,
      that no
      such change, amendment or modification may be made without the prior written
      consent of FBW, who, along with each other Underwriter, the parties
      specifically agree, is and shall be a third party beneficiary for purposes
      of this Agreement; and,
      provided further,
      that
      any amendment to Section 1(j) shall require the vote or consent of holders
      of
      95% of the shares of Common Stock held by the Public Shareholders, it being
      the
      specific intention of the parties hereto that each Public Shareholder is and
      shall be a third-party beneficiary of this Section 7(c) with the same right
      and
      power to enforce this Section 7(c) as either of the parties hereto. For purposes
      of this Section 7(c), the “consent of 95% of the Public Shareholders” shall mean
      receipt by the Trustee of a certificate from an entity certifying that: (i)
      such
      entity regularly engages in the business of serving as inspector of elections
      for companies whose securities are publicly traded, and (ii) either (a) 95%
      of
      the Public Shareholders have voted in favor of such amendment or modification
      or
      (b) 95% of the Public Shareholders have delivered to such entity a signed
      writing approving such amendment or modification. As to any claim, cross-claim
      or counterclaim in any way relating to this Agreement, each party waives the
      right to trial by jury.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    (d) The
      parties hereto consent to the jurisdiction and venue of any state or federal
      court located in the State and County of New York for purposes of resolving
      any
      disputes hereunder. The parties hereto irrevocably submit to such jurisdiction,
      which jurisdiction shall be exclusive, and hereby waive any objection to such
      exclusive jurisdiction and accept such venue, and waive any objection that
      such
      courts represent an inconvenient forum.

    

    (e) Any
      notice, consent or request to be given in connection with any of the terms
      or
      provisions of this Agreement shall be in writing and shall be sent by express
      mail or similar private courier service, by certified mail (return receipt
      requested), by hand delivery or by facsimile transmission:

     

    if
      to the
      Trustee, to:

    

    American
      Stock Transfer & Trust Company

    6201-15th
      Avenue

    Brooklyn,
      New York 11219

    Attn:
      [        
      ]

    Fax
      No.:
      [         ]

    

    if
      to the
      Company, to:

    

    China
      Growth Alliance Ltd.

    Room
      409,
      4/F Aetna Tower

    107
      Zunyi
      Road

    Shanghai,
      200051, China

    Attn:
      

    Fax
      No.:
      [         ]

    

    in
      either
      case with a copy to:

    

    Ferris,
      Baker Watts Incorporated

    100
      Light
      Street

    Baltimore,
      MD 21202

    Attn:
      Richard Prins

    Fax
      No.:
      ___________________

    

    and

    

    Ellenoff
      Grossman & Schole LLP

    150
      East
      42nd Street, 11th Floor

    New
      York,
      New York 10017

    Attn:
      Douglas S. Ellenoff, Esq.

    Fax
      No.:
      (212) 370-7889

     

    a

    and

    

    Gersten
      Savage LLP

    600
      Lexington Avenue

    New
      York,
      New York 10022

    Attn:
      Arthur S. Marcus, Esq.

    Fax:
      (212) 980-5192

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    (f) This
      Agreement may not be assigned by the Trustee without the prior written consent
      of the Company and FBW.

    

    (g) Each
      of
      the Trustee and the Company hereby represents that it has the full right and
      power and has been duly authorized to enter into this Agreement and to perform
      its respective obligations as contemplated hereunder. The Trustee acknowledges
      and agrees that it shall not make any claims or proceed against the Trust
      Account, including by way of set-off, and shall not be entitled to any funds
      in
      the Trust Account under any circumstance. The Trustee hereby consents to the
      inclusion of American Stock Transfer & Trust Company in the Registration
      Statement and other materials relating to the IPO.

    

    8. Third
      Party Beneficiaries.
      For so
      long as the proceeds of the IPO and/or Private Placement are held in the Trust
      Account, FBW on behalf of the Underwriters are third party beneficiaries with
      respect to this Agreement and shall be entitled to enforce the terms of this
      Agreement to the same extent as if they were parties to this Agreement.

    

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

     

    
      	
              AMERICAN STOCK TRANSFER & TRUST COMPANY,
                

              as
                Trustee

            
	 	 
	
              By:

            	 

	 	
              Name:
                 

            
	 	
              Title:
                   

            
	 	
               

            
	
              CHINA
                GROWTH ALLIANCE LTD.

            
	 	 
	
              By:
                

            	 

	 	
              Name:

            
	 	
              Title:

            

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    American
      Stock Transfer & Trust Company

    6201-15th
      Avenue

    Brooklyn,
      New York 11219

    Attn:
      [         ]

     

    Re:
        Trust
      Account No. [  ] Termination Letter

     

    Gentlemen:

     

    Pursuant
      to Section 1(j) of the Investment Management Trust Agreement between
China
      Growth Alliance Ltd.
      (“Company”) and American Stock Transfer & Trust Company (“Trustee”), dated
      as of [        ],
      2008 (“Trust
      Agreement”), this is to advise you that the Company has entered into an
      agreement (“Business Agreement”) with __________________ (“Target Business”) to
      consummate a business combination with Target Business (“Business Combination”)
      on or about [_______]. The Company shall notify you at least 48 hours in advance
      of the actual date of the consummation of the Business Combination
      (“Consummation Date”). Capitalized words used herein and not otherwise defined
      shall have the meanings ascribed to them in the Trust Agreement.

     

    In
      accordance with paragraph _____ of Article _ of the Amended and Restated
      Memorandum and Articles of Association of the Company, the Business Combination
      has been approved by the Shareholders of the Company and by the Public
      Shareholders holding a majority of the IPO Shares cast at the meeting relating
      to the Business Combination, and Public Shareholders holding less than 30%
      of
      the Ordinary Shares included in the Units in the IPO have voted against the
      Business Combination and given notice of exercise of their redemption rights
      described in paragraph __ of Article ____of the Amended and Restated Memorandum
      and Articles of Association of the Company. Pursuant to Section 3(f) of the
      Trust Agreement, we are providing you with [an affidavit] [a certificate] of
      __________, which verifies the vote of the Company’s Shareholders in connection
      with the Business Combination. In accordance with the terms of the Trust
      Agreement, we hereby authorize you to commence liquidation of the Trust Account
      to the effect that, on the Consummation Date, all of funds held in the Trust
      Account will be immediately available for transfer to the account or accounts
      (including the accounts of Company shareholders whose securities have been
      purchased by the Company or its affiliates) that the Company shall direct in
      writing on the Consummation Date.

     

    On
      the
      Consummation Date (i) counsel for the Company shall deliver to you written
      notification that the Business Combination has been consummated or will,
      concurrently with your transfer of funds to the accounts as directed by the
      Company, be consummated, and (ii) the Company shall deliver to you written
      instructions with respect to the transfer of the funds held in the Trust Account
      (“Instruction Letter”). You are hereby directed and authorized to transfer the
      funds held in the Trust Account immediately upon your receipt of the counsel’s
      letter and the Instruction Letter in accordance with the terms of the
      Instruction Letter. In the event that certain deposits held in the Trust Account
      may not be liquidated by the Consummation Date without penalty, you will notify
      the Company of the same and the Company shall direct you as to whether such
      funds should remain in the Trust Account and be distributed after the
      Consummation Date to the Company or be distributed immediately and the penalty
      incurred. Upon the distribution of all the funds in the Trust Account pursuant
      to the terms hereof, the Trust Agreement shall be terminated.

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    In
      the
      event that the Business Combination is not consummated on the Consummation
      Date
      described in the notice thereof and we have not notified you on or before the
      original Consummation Date of a new Consummation Date, then the funds held
      in
      the Trust Account shall be reinvested as provided in the Trust Agreement on
      the
      business day immediately following the Consummation Date as set forth in the
      notice.

     

    
      	
               Very
                truly yours,

            
	
               
                 

            
	
               CHINA
                GROWTH ALLIANCE, LTD.

            
	 	 
	
              By:

            	 
	
               

            	
              Name:

              Title

            

    

     

    cc:
      Ferris, Baker Watts, Incorporated

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    American
      Stock Transfer & Trust Company

    6201-15th
      Avenue

    Brooklyn,
      New York 11219

     Attn:
      [       ]

     

    Re:
        Trust
      Account No. [  ] Termination Letter

     

    Gentlemen:

     

    Pursuant
      to paragraph 1(j) of the Investment Management Trust Agreement between China
      Growth Alliance Ltd. (“Company”) and American Stock Transfer & Trust Company
      (“Trustee”), dated as of [    
],
      2008
      (“Trust Agreement”), this is to advise you that the Company has been unable
      to effect a Business Combination (as defined in the Trust Agreement) with a
      target company within the time frame specified in the Amended and Restated
      Memorandum and Articles of Association of the Company, as described in the
      Company’s prospectus relating to its initial public offering.

     

    In
      accordance with the terms of the Trust Agreement, we hereby authorize you to
      commence liquidation and distribution of the Trust Account as promptly as
      practicable to the Shareholders of record on the Last Date (as defined in the
      Trust Agreement). The record date shall be within ten (10) days of the date
      of
      this letter or as soon as thereafter is reasonably practicable and legally
      permissible. You will notify the Company in writing as to when all of the
      funds in the Trust Account will be available for immediate transfer (“Transfer
      Date”) in accordance with the terms of the Trust Agreement and the Amended and
      Restated Memorandum and Articles of Association of the Company. You shall
      commence distribution of such funds in accordance with the terms of the Trust
      Agreement and the Amended and Restated Memorandum and Articles of Association
      of
      the Company and you shall oversee the distribution of such funds. Upon the
      payment of all the funds in the Trust Account, your obligations under the Trust
      Agreement shall be terminated.

     

    
      	
               Very
                truly yours,

            
	
               
                 

            
	
               CHINA
                GROWTH ALLIANCE, LTD.

            
	 	 
	
              By:

            	 

	
               

            	
              Name:

              Title

            

    

     

    cc:
      Ferris, Baker Watts, Incorporated

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    

    
      	
              AUTHORIZED
                INDIVIDUAL(S)

              FOR
                TELEPHONE CALL BACK

            	
               

            	
              AUTHORIZED

              TELEPHONE
                NUMBER(S)

            
	
               

            	
               

            	
               

            
	
              Company:

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
              China
                Growth Alliance Ltd.

              Room
                409, 4/F Aetna Tower

              107
                Zunyi Road

              Shanghai,
                200051, China

              Attn:
                Bin Zhou, Chairman and Co- Chief Executive Officer

            	
               

            	
               [         ]

            
	
               

            	
               

            	
               

            
	
              Underwriter:

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
              Ferris,
                Baker Watts Incorporated

              100
                Light Street

              Baltimore,
                MD 21202

              Attn:
                Richard Prins

              Fax
                No.: ___________________

            	
               

            	
              [         ]    

            
	
               

            	
               

            	
               

            
	
              Trustee:

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
              American
                Stock Transfer & Trust Company 

              6201-15th
                Avenue 

              Brooklyn,
                New York 11219 

              Attn:
                [    
                ]

            	
               

            	
               [         ]

            

    

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

    

    Schedule
      of fees pursuant to Section 3(c) of Investment Management Trust
      Agreement

    between
      China Growth Alliance Ltd. and 

    American
      Stock Transfer & Trust Company

     

    

    
      	
              Fee
                Item

            	 	
              Time
                and method of payment 

            	 	
              Amount

            	 
	
              Initial
                acceptance fee

            	 	 	
              Initial
                closing of IPO by wire transfer 

            	 	 $	
               

            	
               

            
	
              Annual
                fee

            	 	 	
              First
                year, initial closing of IPO by wire transfer; thereafter on the
                anniversary of the effective date of the IPO by wire transfer or
                check

            	 	 $	
               

            	
               

            
	
              Transaction
                processing fee for disbursements to Company under Sections 2(a) and
                2(b)

            	 	 	
              Deduction
                by Trustee from disbursement made to Company under Section 2(b)

            	
               

            	 $	
               

            	
               

            

    

    

    Dated:
      [         ],
      2008             Agreed:

     

    
      	
              China
                Growth Alliance Ltd.

            
	 	 
	
              By:

            	 

	 	
              Name:

            
	 	
              Title:

            
	 	 
	
              American
                Stock Transfer & Trust Co.

            
	 	 
	
              By:

            	 

	 	
              Authorized
                Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]