Ok. I installed kernel 4.11 from here:
http://kernel.ubuntu.com/~kernel-ppa/mainline/v4.11-rc8/

These packages:
http://kernel.ubuntu.com/~kernel-ppa/mainline/v4.11-rc8/linux-headers-4.11.0-041100rc8_4.11.0-041100rc8.201704232131_all.deb
http://kernel.ubuntu.com/~kernel-ppa/mainline/v4.11-rc8/linux-headers-4.11.0-041100rc8-generic_4.11.0-041100rc8.201704232131_amd64.deb
http://kernel.ubuntu.com/~kernel-ppa/mainline/v4.11-rc8/linux-image-4.11.0-041100rc8-generic_4.11.0-041100rc8.201704232131_amd64.deb

Booted into 4.11, confirmed it was 4.11, the adapter was plugged. Same
thing: it wouldn't show a link. Changed to the other adapter, and it
worked instantly and got an IP Address.

But now I got some more data for the non-working AX88772 adapter:

== ethtool eth1 ==
Settings for eth1:
        Supported ports: [ TP MII ]
        Supported link modes:   10baseT/Half 10baseT/Full 
                                100baseT/Half 100baseT/Full 
        Supported pause frame use: No
        Supports auto-negotiation: Yes
        Advertised link modes:  10baseT/Half 10baseT/Full 
                                100baseT/Half 100baseT/Full 
        Advertised pause frame use: No
        Advertised auto-negotiation: Yes
        Speed: 10Mb/s
        Duplex: Half
        Port: MII
        PHYAD: 16
        Transceiver: internal
        Auto-negotiation: on
        Supports Wake-on: pg
        Wake-on: d
        Current message level: 0x00000007 (7)
                               drv probe link
        Link detected: no

== mii-tool -v eth1 ==
eth1: no link
  product info: vendor 00:0e:c6, model 8 rev 1
  basic mode:   autonegotiation enabled
  basic status: no link
  capabilities: 100baseTx-FD 100baseTx-HD 10baseT-FD 10baseT-HD
  advertising:  100baseTx-FD 100baseTx-HD 10baseT-FD 10baseT-HD
  link partner: 100baseTx-FD 100baseTx-HD 10baseT-FD 10baseT-HD flow-control

== lshw -C network == (sorry for the pt-br words - I did not notice at the 
time. But I think they are similar enough that you can understand)
  *-network
       descrição: Ethernet interface
       ID físico: 1
       nome lógico: eth1
       serial: 00:8a:8d:8a:13:f9
       tamanho: 10Mbit/s
       capacidade: 100Mbit/s
       capacidades: ethernet physical tp mii 10bt 10bt-fd 100bt 100bt-fd 
autonegotiation
       configuração: autonegotiation=on broadcast=yes driver=asix 
driverversion=22-Dec-2011 duplex=half firmware=ASIX AX88772 USB 2.0 Ethernet 
link=no multicast=yes port=MII speed=10Mbit/s

== modinfo asix ==
filename:       
/lib/modules/4.11.0-041100rc8-generic/kernel/drivers/net/usb/asix.ko
license:        GPL
description:    ASIX AX8817X based USB 2.0 Ethernet Devices
version:        22-Dec-2011
author:         David Hollis
srcversion:     CF1B574BC7DCB7143AA9F4A
alias:          usb:v066Bp20F9d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v0B95p172Ad*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v0B95p7E2Bd*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v0DB0pA877d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v14EApAB11d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v0B95p772Ad*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v05ACp1402d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v050Dp5055d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v04BBp0930d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v1737p0039d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v2001p1A02d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v2001p3C05d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v07D1p3C05d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v1557p7720d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v13B1p0018d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v0789p0160d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v0B95p1780d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v0B95p7720d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v0B95p772Bd*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v17EFp7203d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v04F1p3008d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v1631p6200d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v1189p0893d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v07AAp0017d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v0DF6p061Cd*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v0DF6p0056d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v6189p182Dd*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v0411p006Ed*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v0411p003Dd*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v0557p2009d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v08DDp0114d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v08DDp90FFd*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v07B8p420Ad*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v0B95p1720d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v2001p1A00d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v0846p1040d*dc*dsc*dp*ic*isc*ip*in*
alias:          usb:v077Bp2226d*dc*dsc*dp*ic*isc*ip*in*
depends:        mii,usbnet
intree:         Y
vermagic:       4.11.0-041100rc8-generic SMP mod_unload 


** Changed in: linux (Ubuntu)
       Status: Incomplete => Confirmed

-- 
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Packages, which is subscribed to linux in Ubuntu.
https://bugs.launchpad.net/bugs/1688081

Title:
  USb-Ethernet ASIX A88772 stops working after kernel 4.10

Status in linux package in Ubuntu:
  Confirmed

Bug description:
  I have an USB-Ethernet dongle ASIX AX88772 USB 2.0 Ethernet, which
  uses the asix.ko module. I just updated from Ubuntu 16.04 to 16.10
  then 17.04. When I updated to 17.04 it just stopped initializing the
  dongle; in ethtool and mii-tool it shows no link detected, although it
  is connected and works in dual-booted Windows. I ruled out
  networkmanager idiosyncrasies of "managed" and "not managed" because I
  configured it both ways and tried also with ifupdown and directly with
  ifconfig up and dhclient. And then I changed the model to another
  ethernet USB adapter and it worked.

  This is the dmesg entry for the ASIX adapter:
  [   31.137223] usb 1-6: New USB device found, idVendor=0b95, idProduct=772a
  [   31.137225] usb 1-6: New USB device strings: Mfr=1, Product=2, 
SerialNumber=3
  [   31.137226] usb 1-6: Product: AX88x72A
  [   31.137227] usb 1-6: Manufacturer: ASIX Elec. Corp.
  [   31.137228] usb 1-6: SerialNumber: 000002

  Model no: KY-AX88772ALF on the side of the device.

  I am currently reporting this bug without the adapter connected, because I 
would have no network. So if you need additional data from it just say what you 
need, I am using Ubuntu 17.04 64 bits.
  --- 
  ApportVersion: 2.20.4-0ubuntu4
  Architecture: amd64
  AudioDevicesInUse:
   USUÁRIO     PID ACESSO COMANDO
   /dev/snd/controlC0:  patola    20818 F.... pulseaudio
   /dev/snd/controlC1:  patola    20818 F.... pulseaudio
  CurrentDesktop: Unity:Unity7
  DistroRelease: Ubuntu 17.04
  HibernationDevice: RESUME=UUID=43970c80-83be-4fe7-95d3-ff85da5efe72
  InstallationDate: Installed on 2012-11-16 (1629 days ago)
  InstallationMedia: Ubuntu 12.10 "Quantal Quetzal" - Release amd64 (20121017.5)
  IwConfig:
   enx00e04d680249  no wireless extensions.
   
   lo        no wireless extensions.
  MachineType: System manufacturer System Product Name
  NonfreeKernelModules: nvidia_uvm nvidia_drm nvidia_modeset nvidia
  Package: linux (not installed)
  ProcFB: 0 VESA VGA
  ProcKernelCmdLine: BOOT_IMAGE=/vmlinuz-4.10.0-20-generic 
root=/dev/mapper/raizvg-rootlv ro quiet splash crashkernel=384M-:128M 
ehci_hcd.ignore_OC=1 usbcore.autosuspend=-1 vt.handoff=7
  ProcVersionSignature: Ubuntu 4.10.0-20.22-generic 4.10.8
  RelatedPackageVersions:
   linux-restricted-modules-4.10.0-20-generic N/A
   linux-backports-modules-4.10.0-20-generic  N/A
   linux-firmware                             1.164
  RfKill:
   
  Tags:  zesty
  Uname: Linux 4.10.0-20-generic x86_64
  UpgradeStatus: Upgraded to zesty on 2017-05-03 (0 days ago)
  UserGroups: adm autopilot cdrom daemon dialout dip disk input lpadmin plugdev 
sambashare sudo tty
  _MarkForUpload: True
  dmi.bios.date: 06/12/2010
  dmi.bios.vendor: American Megatrends Inc.
  dmi.bios.version: 1102
  dmi.board.asset.tag: To Be Filled By O.E.M.
  dmi.board.name: M4N68T-M LE
  dmi.board.vendor: ASUSTeK Computer INC.
  dmi.board.version: Rev X.0x
  dmi.chassis.asset.tag: Asset-1234567890
  dmi.chassis.type: 3
  dmi.chassis.vendor: Chassis Manufacture
  dmi.chassis.version: Chassis Version
  dmi.modalias: 
dmi:bvnAmericanMegatrendsInc.:bvr1102:bd06/12/2010:svnSystemmanufacturer:pnSystemProductName:pvrSystemVersion:rvnASUSTeKComputerINC.:rnM4N68T-MLE:rvrRevX.0x:cvnChassisManufacture:ct3:cvrChassisVersion:
  dmi.product.name: System Product Name
  dmi.product.version: System Version
  dmi.sys.vendor: System manufacturer

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