Filed by Bowne Pure Compliance





Exhibit 4.86




Transfer Agreement




This Transfer Agreement (this “Agreement”) is executed by and among the parties below as of
May [ ], 2007 in Beijing:



Party A: Hurray! Times Communications (Beijing) Co., Ltd. (“Hurray! Times”)

Party B: Beijing WVAS Solutions Ltd. (“WVAS Solutions”)

Party C: Beijing Enterprise Network Technology Co., Ltd. (“Beijing Network”)

Party D: Xiaoping Wang, Hao Sun

Party E: Beijing Hurray! Times Technology Co., Ltd. (“Beijing Hurray! Times”)




As used in this Agreement, Party A, Party B, Party C, Party D, and Party E is each a “Party”
and collectively, the “Parties”.



WHEREAS, Party A, Party B, Party C, and Party D has signed a series of cooperation agreements
(the “Original Agreement”, detailed agreement list as specified in Appendix 1)



Now therefore, upon mutual discussion and negotiation, the Parties have reached the following
agreement:




	1.	 	Party E agreed with Party A, Party B, Party C, and Party D that Party E shall duly execute
the rights, duties and obligations as set forth under the Original Agreement, and guarantees
to perform the Original Agreement. The terms and conditions of the Original Agreement shall be
binding upon Party E, as if Party E is the duly authorized representative of the Original
Agreement on behalf of Party A as of the effective date first written upon the Original
Agreement.

	 
	2.	 	Party B, Party C, and Party D hereby jointly agree to terminate any rights, duties and
obligations of Party A as set forth under the Original Agreement, as well as all claims and
reimbursements in connection with the Original Agreement. Any rights, duties and obligations
of Party A as set forth under the Original Agreement shall terminate and Party E shall execute
the Original Agreement and shall bear all legal responsibilities in connection with the
Original Agreement on behalf of Party A.

	 
	3.	 	Party B, Party C, and Party D hereby jointly agree to accept Party E in executing the rights,
duties and obligations as set forth under the Original Agreement on behalf of Party A. Party
B, Party C, and Party D shall duly execute all rights, duties and obligations as set forth
under the Original Agreement to Party E, and the terms and conditions of the Original
Agreement shall be binding upon Party B, Party C, and Party D herein, as if Party E is the
duly authorized representative of the Original Agreement on behalf of Party A as of the
effective date first written upon the Original Agreement.





 


 









 





	4.	 	The parties shall strive to settle any dispute arising from the interpretation or performance
in connection with this Agreement through friendly consultation. In case no settlement can be
reached through consultation within sixty (60) days, either party can submit such matter to
the China International Economic and Trade Arbitration Commission (“CIETAC”) in Beijing.

	 
	5.	 	This Agreement shall be governed by and construed in accordance with the PRC law.

	 
	6.	 	This Agreement may be executed in five (5) counterparts, with each Party holding one copy, of
which shall take immediate effect upon authorized signature or company stamp of the Parties
herein.






[Remainder of Page Intentionally Left Blank]



 


 









 





Transfer Agreement




Party A: Hurray! Times Communications (Beijing) Co., Ltd. (“Hurray! Times”)

[Company Seal]



Party B: Beijing WVAS Solutions Ltd. (“WVAS Solutions”)

[Company Seal]



Party C: Beijing Enterprise Network Technology Co., Ltd. (“Beijing Network”)

[Signature]



Party D: Xiaoping Wang, Hao Sun

[Signature]



Party E: Beijing Hurray! Times Technology Co., Ltd. (“Beijing Hurray! Times”)

[Company Seal]


 


 









 





Appendix 1: Transfer Agreement List




	 	 	 	 	 	 	 
	Name of Agreements	 	Parties	 	New Parties	 	Effective Date
	Exclusive Technical
Consulting and
Service Agreement

	 	Hurray! Times
WVAS Solutions
	 	Beijing Hurray! Times
WVAS Solutions
	 	May 5, 2004
	Business Cooperation Agreement

	 	Hurray! Times
WVAS Solutions
Beijing Network
Xiaoping Wang, Hao
Sun
	 	Beijing Hurray! Times
WVAS Solutions
Beijing Network
Xiaoping Wang, Hao Sun
	 	October 1, 2004
	Share Pledge Agreement

	 	Hurray! Times
Beijing Network
	 	Beijing Hurray! Times
Beijing Network
	 	October 1, 2004
	Share Pledge Agreement

	 	Hurray! Times
Xiaoping Wang
	 	Beijing Hurray! Times
	 	October 1, 2004
	Share Pledge Agreement

	 	Hurray! Times
Hao Sun
	 	Beijing Hurray! Times
Hao Sun
	 	October 1, 2004
	Letter of Commitment

	 	Hao Sun
	 	 	 	October 1, 2004
	Letter of Commitment

	 	Xiaoping Wang
	 	 	 	October 1, 2004
	Letter of Commitment

	 	Beijing Network
	 	 	 	October 1, 2004