<PAGE>

                                                                   EXHIBIT 10.17

                                 LOAN AGREEMENT

      The Loan Agreement (the "Agreement") is entered into as of 27 November,
2003 between the following two parties.

      (1)   Linktone Ltd. (the "Lender"), a limited company established and
            registered in the Cayman Island.
            LEGAL ADDRESS: Cayman island in British West Indies

      (2)   LI DONG (the "Borrower")
            PRC ID NUMBER: 310105197409142816
            ADDRESS: No.50, Lane 690 , Changzhi East Road, Hongkou District,
            Shanghai

      The Lender and the Borrower will each be referred to as "One Party" and
the Lender together with the Borrower will be referred to as "Both Parties".

      WHEREAS, the Borrower holds 50% equity in Shanghai Weilan Computer Co.,
Ltd. (the "Borrower's Company"), a limited liability company registered in the
People's Republic of China (the "PRC").

      WHEREAS, the Lender is a company registered in Cayman Islands. The Lender
intends to provide a loan to the Borrower.

      NOW THEREFORE, Both Parties agree as follows:

1.    LOAN

      1.1   The Lender agrees to provide a long-term loan to the Borrower with
            the principal as RMB 5,000,000 in accordance with the terms and
            conditions set forth in this Agreement. Term for such loan will be
            ten (10) years and shall be extended upon the agreement of Both
            Parties through negotiations. During the term or extended term of
            such loan, the Borrower shall refund the loan ahead of the loan term
            or the extended loan term, if either of the following events occurs:

      (1)     the Borrower dies or becomes a person without capacity or with
              limited capacity for civil acts;

      (2)     Yang Lei quits from or dismissed by the Lender or its affiliates;

      (3)     the Borrower commits a crime or involves a crime;

      (4)     any other third party claim more than RMB2,000,000 against the
              Borrower;

      (5)     foreign investors are permitted to invest in the business of
              value-added telecommunication and the relevant authorities begin
              to approve such business in accordance with the applicable laws of
              PRC.

      1.2   The Lender agrees to remit the amount of such loan to the account
            designated by the Borrower within seven (7) days after receiving the
            Borrower's written

                                       1

<PAGE>

                                                                           10.17

            notification to use the loan, provided that all of the preconditions
            set forth in Section 2 of this Agreement are satisfied. The Borrower
            shall issue confirmation notification to the Lender on the day
            receiving the amount of the loan. The commitments of the Lender
            under this section are effective only to the Borrower itself, but
            not the Borrower's inheritor or transferee.

      1.3   The Borrower agrees to accept such loan provided by the Lender and
            agrees and warrants hereby such loan shall be used only for the
            investment in the Borrower's Company to expand the business of the
            company. Without the Lender's prior written consent, the Borrower
            shall not use the amount of such loan for any other purpose or
            transfer or pledge its equity in the Borrower's Company to any other
            third party.

      1.4   The Lender and the Borrower jointly agree and confirm that the
            Borrower shall refund the loan only by transferring all of
            Borrower's equity in the Borrower's Company to the Lender or other
            (legal person or natural person) designated by the Lender.

      1.5   The Lender and the Borrower hereby jointly agree and confirm that
            any proceeds raised from the transfer of Borrower's equity in the
            Borrower's Company shall be paid to the Lender, as the consideration
            of the loan provided by the Lender, in the means designated by the
            Lender in accordance with this Agreement and the Agreement shall
            terminate simultaneously.

      1.6   The Lender and the Borrower hereby jointly agree and confirm that
            the Lender has the right to, but has no obligation to, at any time,
            purchase or designate the other (legal person or natural person) to
            purchase all or part of Borrower's equity in the Borrower's Company
            at purchase price in Exclusive Purchase Right Contract entered by
            the Lender, the Borrower and Borrower's Company as of November 27,
            2003, subject to the permission of the law.

            The Borrower warrants to issue an irrevocable proxy to confer all
            its rights as a shareholder of the Borrower's Company to a person
            designated by the Lender.

      1.7   Interest of the Loan. In the event when the Borrower transfer its
            equity in the Borrower's Company to the Lender or the person
            designated by the Lender, the loan hereunder shall be deemed as the
            loan without interest, if the transfer price of such equity equals
            to or is less than the principal under this Agreement. However, in
            case that the transfer price exceeds the amount of principal
            hereunder, the exceeding amounts shall be deemed the interests of
            such loan under this Agreement and shall be paid to the Lender by
            the Borrower.

                                       2

<PAGE>

                                                                           10.17

2.    PRECONDITIONS OF THE LOAN

      The Lender will be liable to provide loan to the Borrower in accordance
with Section 1.1 when all of the following conditions are satisfied or are
waived by the Lender in writing.

2.1   Subject to the terms of Section 1.2, the Lender receives the drawing
      notice formally issued by the Borrower.

2.2   The Lender, the Borrower and Shanghai Linktone Consulting Co., Ltd. have
      formally executed a equity pledge contract (the "Equity Pledge Contract"),
      by virtue of which the Borrower agrees to pledge all its equity in the
      Borrower's Company to Shanghai Linktone Consulting Co., Ltd.

2.3   The Borrower, Lender and Borrower's Company have executed an exclusive
      purchase contract (the "Exclusive Purchase Contract"), according to which
      the Borrower shall grant the Lender an irrevocable option to purchase all
      of the Borrower's equity in the Borrower's Company, provided that it is
      permitted by laws of PRC.

2.4   The above-mentioned Equity Pledge Contract and Exclusive Purchase Contract
      are in full effectiveness, of which there is none of default event and all
      relevant filing procedures, approval, authorization, registration and
      governmental proceedings have been obtained or completed (if needed).

2.5   The representation and warranties under Section 3.2 are, and shall be
      true, integrate, correct and un-misleading, on the day of drawing
      notification and on the drawing day, just as the representation and
      warranties are made on such days.

2.6   The Borrower breaches none of its commitments under Section 4 and no event
      which will affect the Borrower's performance of the obligations hereunder,
      happens or threatens to happen.

3.    REPRESENTATION AND WARRANTIES

      3.1   The Lender hereby represents and warrants to the Borrower that, from
            the execution date of this Agreement until the date this Agreement
            terminates,

            (a)   the Lender is a company registered and validly existing under
                  the laws of Cayman Islands ;

            (b)   subject to its business scope, articles of association and
                  other organizational documents, the Lender has full right,
                  power and all necessary and appropriate approval and
                  authorization to execute and perform this Agreement;

            (c)   the execution and the performance of this Agreement shall not
                  be against any enforceable and effective laws and regulations,
                  governmental approval,

                                       3

<PAGE>

                                                                           10.17

                  authorization and notification, other government documents and
                  any contracts executed with, or commitments made to, any third
                  party; and

            (d)   this Agreement shall constitute the legal, valid and binding
                  obligations of the Lender, which is enforceable against the
                  Lender in accordance with its terms upon its execution.

      3.2   The Borrower hereby represents and warrants that, from the execution
            date of this Agreement until the date this Agreement terminates,

            (a)   the Borrower's Company is a limited liability company
                  registered and validly existing under the laws of PRC and the
                  Borrower is the legal owner of its equity interest in the
                  Company;

            (b)   subject to its articles of association and other
                  organizational documents, the Borrower has full right, power
                  and all necessary and appropriate approval and authorization
                  to execute and perform this Agreement;

            (c)   the execution and the performance of this Agreement shall not
                  be against any enforceable and effective laws and regulations,
                  governmental approval, authorization and notification, other
                  government documents and any contracts executed with, or
                  commitments made to, any third party;

            (d)   this Agreement shall constitute the legal and valid
                  obligations of the Borrower, which is enforceable against the
                  Borrower in accordance with its terms upon its execution;

            (e)   the Borrower has paid contribution in full for its equity in
                  the Borrower's Company in accordance with applicable laws and
                  regulations and has acquired capital contribution verification
                  report issued by the qualified accounting firm;

            (f)   the Borrower neither create pledge or any other security, nor
                  make third party any offer to transfer the Borrower's equity
                  nor make acceptance for the offer of any third party to
                  purchase Borrower's equity, nor execute agreement with any
                  third party to transfer Borrower's equity, except the terms of
                  the Equity Pledge Contract;

            (g)   there are no disputes and legal or other proceedings pending
                  or threatened before any court, tribunal or other regulatory
                  authority and involving the Borrower; and

            (h)   the Borrower's Company has completed all governmental
                  approval, authorization, license, register, filing and
                  otherwise necessary to carry out the business subject to its
                  business license and to possess its assets.

                                       4

<PAGE>

                                                                           10.17

4.    COMMITMENTS OF BORROWER

4.1   The Borrower, as major shareholder of the Borrower's Company, agrees that
      it shall cause the Borrower's Company, during the term of this Agreement,

            (a)   not to supply, amend or modify its articles of association, to
                  increase or decrease its registered capital, or to change its
                  capital structure in any way without the Lender's prior
                  written consent;

            (b)   subject to good financial and business rules and practices, to
                  maintain and operate its business and handle matters prudently
                  and effectively;

            (c)   not to sell, transfer, mortgage, dispose of in any other way,
                  or to create other security interest on, any of its assets,
                  business or legal right to collect interests without the
                  Lender's prior written consent;

            (d)   without the Lender's prior written consent, not to create,
                  succeed to, guarantee or permit any debt, except (i)the debt
                  arising in the course of the ordinary or daily business
                  operation, but not arising from the loan, and (ii)the debt
                  being reported to the Lender or having approved by the Lender
                  in writing;

            (e)   to operate persistently all the business of the Borrower's
                  Company and to maintain the value of its assets;

            (f)   without the Lender's prior written consent, not to execute any
                  material contracts (during this stage, a contract will be
                  deemed material if the value of it exceeds RMB100,000) except
                  those executed during the ordinary operation;

            (g)   not to provide loan or credit to any person without the
                  Lender's prior written consent;

            (h)   to provide information concerning all of its operation and
                  financial affairs subject to the Lender's request;

            (i)   to purchase insurance from the insurance company accepted by
                  the Lender and maintain persistently such insurance, provided
                  that the amount and type of such insurance are as the same as,
                  or equivalent to, the insurance amount and insurance type
                  taken out generally by the company which operates, in the same
                  territory, the similar business and possesses the similar
                  properties or assets;

            (j)   not to merger or combine with, buy or invest in, any other
                  person without the Lender's prior written consent;

                                       5

<PAGE>

                                                                           10.17

            (k)   to inform promptly the Lender of the pending or threatened
                  suit, arbitration or regulatory procedure concerning the
                  assets, business or income of the Borrower's Company;

            (l)   to execute all necessary or appropriate documents, to take all
                  necessary or appropriate action and to bring all necessary or
                  appropriate lawsuit or to make all necessary and appropriate
                  defending against all claims, in order to maintain the
                  ownership of the Borrower's Company for all its assets;

            (m)   without the Lender's prior written consent, not to issue
                  dividends to each shareholder in any form, provided however,
                  the Borrower's Company shall promptly allocate all its
                  allocable profits to each of its shareholders upon the
                  Lender's request;

            (n)   to appoint any person designated by the Lender to be the
                  director of the Borrower's Company subject to the Lender's
                  request;

            (o)   to comply strictly with the terms under the Exclusive Purchase
                  Contract and to do nothing affecting the validity and
                  enforceability of such contract;

4.2   The Borrower agrees that it shall, during the term of this Agreement,

            (a)   not sell, transfer, mortgage, dispose of in any other way, or
                  create other security interest on, any of its legal right of
                  equity or equity interest without the Lender's prior written
                  consent, except the terms of the Equity Pledge Contract;

            (b)   cause the shareholder's meeting appointed by the Lender not to
                  sell, transfer, mortgage, dispose of in any other way, or to
                  create other security interest on, any of the Borrower's legal
                  right of equity or equity interest without the Lender's prior
                  written consent, except that the counter party is the Lender
                  or those designated by the Lender;

            (c)   cause the shareholder's meeting appointed by the Lender not to
                  merge or combine with, buy or invest in, any person without
                  the Lender's prior consent;

            (d)   promptly inform the Lender of the pending or threatened suit,
                  arbitration or regulatory procedure concerning the Borrower's
                  equity in the Borrower's Company;

            (e)   execute all necessary or appropriate documents, take all
                  necessary or appropriate action and bring all necessary or
                  appropriate lawsuit or make all necessary and appropriate
                  defending against all claims, in order to maintain the
                  ownership of the Borrower's Company for all its assets;

                                       6

<PAGE>

                                                                           10.17

            (f)   do nothing that may materially affect the assets, business and
                  liabilities of the Borrower's Company without the Lender's
                  prior written consent;

            (g)   appoint any person to be the director of the Borrower's
                  Company subject to the Lender's request;

            (h)   transfer promptly and unconditionally, at any time, all of the
                  Borrower's equity in the Borrower's Company to the Lender or
                  representative designated by the Lender and cause the other
                  shareholder of the Borrower's Company to waive its option to
                  purchase such equity hereof, subject to the requesting of the
                  then holding company of the Lender, provided that such
                  transfer is permitted under the laws of PRC;

            (i)   cause the other shareholder of the Borrower's Company to
                  transfer promptly and unconditionally, at any time, all equity
                  of the other shareholder in the Borrower's Company to the
                  representative designated by the Lender and the Borrower
                  hereby waive its option to purchase such equity hereof,
                  subject to the requesting of the then holding company of the
                  Lender, provided that such transfer is permitted under the
                  laws of PRC;

            (j)   refund the loan to the Lender with such amount arising from
                  transferring Borrower's equity in the Borrower's Company if
                  the Lender purchases the Borrower's equity subject to the
                  Exclusive Purchase Contract; and

            (k)   comply strictly with the terms of this Agreement, Equity
                  Pledge Contract and Exclusive Purchase Contract, fully perform
                  all obligations under such contracts and do nothing affecting
                  the validity and enforceability of such contracts.

5.    DEFAULT

      The Borrower shall pay the overdue interests with 0.01% of the overdue
amount until the Borrower refunds all of the principal, overdue interests of the
principal and other money, in the event when the Borrower dose not perform its
obligation of repayment.

6.    NOTIFICATIONS

      Notice or other communications under this Contract shall be delivered
personally or sent by facsimile transmission or by registered mail to the
address set forth below, except that such address has been changed in writing.
The date noted on the return receipt of the registered mail is the service date
of the notice if the notice is sent by registered mail; the sending date is the
service date of the notice if the notice is sent personally or by facsimile
transmission. The original of the notice shall be sent personally or by
registered mail to the following address after the notice is sent by facsimile.

                                       7

<PAGE>

                                                                           10.17

      the Lender:    Linktone Ltd.

                     Address: Cayman islands, British West Indies

      the Borrower:  Li Dong
                     Adress:No.50, Lane 690, Changzhi East Road,
                     Hongkou District, Shanghai

7.    CONFIDENTIALITY

      Both parties acknowledge and confirm that any oral or written materials
concerning this Agreement exchanged between them are confidential information.
Both parties shall protect and maintain the confidentiality of all such
confidential data and information and shall not disclose to any third party
without the other party's written consent, except (a) the data or information
that was in the public domain or later becomes published or generally known to
the public, provided that it is not released by the receiving party, (b) the
data or information that shall be disclosed pursuant to applicable laws or
regulations, and (c) the data or information that shall be disclosed to One
Party's legal counsel or financial counsel who shall also bear the obligation of
maintaining the confidentiality similar to the obligations hereof. The undue
disclosing of the confidential data or information of One Party's legal counsel
or financial counsel shall be deemed the undue disclosing of such party who
shall take on the liability of breach of this Agreement. This section shall
survive after this Agreement terminates by any reason.

8.    GOVERNING LAW AND SETTLEMENT OF DISPUTES

            3.1   The execution, validity, interpretation, performance,
                  implementation, termination and settlement of disputes of this
                  Agreement shall be governed by the laws of PRC.

            3.2   Both Parties shall strive to settle any dispute arising from
                  the interpretation or performance in connection with this
                  Agreement through friendly consultation within 30 days after
                  One Party ask for consultation. In case no settlement can be
                  reached through consultation, One Party can submit such matter
                  to China International Economic and Trade Arbitration
                  Commission (the "CIETAC"). The arbitration shall follow the
                  current rules of CIETAC, and the arbitration proceedings shall
                  take place in Shanghai. The arbitration award shall be final
                  and binding upon the Both Parties and shall be enforceable in
                  accordance as its terms.

            3.3   In case of any disputes arising out of the interpretation and
                  performance of this Agreement or any pending arbitration of
                  such dispute, Both Parties shall continue to perform their
                  rights and obligations under this Agreement, except that such
                  maters are involved in the disputes.

                                       8

<PAGE>

                                                                           10.17

9.    MISCELLANEOUS

      9.1   This Agreement shall be effective as of the date of execution and
            shall expire when Both Parties has fully performed their obligations
            under this Agreement.

      9.2   This Agreement is executed in both Chinese and English forms in
            duplicate, and in case of conflicts, the Chinese version shall
            prevail.

      9.3   Both Parties may amend and supply this Agreement with a written
            agreement The amendment and supplement duly executed by Both Parties
            shall be part of this Agreement and shall have the same legal effect
            as this Agreement.

      9.4   Any provision of this Agreement that is invalid or unenforceable
            shall not affect the validity and enforceability of any other
            provisions hereof.

      9.5   The Appendices referred to in this Agreement are an integral part of
            this Agreement and have the same legal effect as this Agreement.

the Lender: Linktone Ltd

Representative:/s/ Jun Wu

the Borrower: /s/ Li Dong

                                       9