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                                                                   EXHIBIT 10.23

                        EQUITY INTERESTS PLEDGE AGREEMENT

This Equity Interests Pledge Agreement (the "Agreement") is entered into on the
day of 27 November, 2003 by and between the following parties:

Pledgee: Shanghai Huitong Information Co., Ltd.
Address: No. 28, Jiaji Road, Jiading District, Shanghai

Pledgor: Yang Lei
Identity Code: 110108570422271
Address: Sun Island City Garden, Henan South Road, Shanghai

WHEREAS,

1.       Yang Lei, the Pledgor, is the citizen of the People's Republic of China
         ("PRC"). The Pledgor owns 5% of the equity interest in Shanghai Unilink
         Computer Co., Ltd. Shanghai Unilink Computer Co., Ltd. ("Shanghai
         Unilink") is a limited liability company registered in Shanghai.

2.       The Pledgee, a wholly foreign-owned company registered in Shanghai,
         PRC, has been licensed by the PRC relevant government authority to
         carry on the business of Internet technical service. The Pledgee and
         the Pledgor-owned Shanghai Unilink enter into Exclusive Technical
         Consulting and Services Agreement (the " Service Agreement") on.

3.       In order to make sure that the Pledgee collect technical service fees
         as normal from Shanghai Unilink, the Pledgor is willing to pledge all
         its equity interest in Shanghai Unilink to the Pledgee as a security
         for the Pledgee to collect technical consulting and service fees under
         the Service Agreement.

         In order to define each Party's rights and obligations, the Pledgee and
         the Pledgor through mutual negotiations hereby enter into this
         Agreement based upon the following terms:

1.       Definitions and Interpretations

Unless otherwise provided in this Agreement, the following terms shall have the
following meanings:

         1.1      Pledge means the full content of Article 2 hereunder

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                                                                           10.23

         1.2      Equity Interest means all its 5% equity interests in Shanghai
                  Unilink legally held by the Pledgor.

         1.3      Rate of Pledge means the ratio between the value of the pledge
                  under this Agreement and the exclusive technical consulting
                  and service fees under the Service Agreement.

         1.4      Term of Pledge means the period provided for under Article 3.2
                  hereunder.

         1.5      Service Agreement means the Exclusive Technical Consulting and
                  Service Agreement entered into by and between Shanghai Unilink
                  and the Pledgee on.

         1.6      Event of Default means any event in accordance with Article 7
                  hereunder.

         1.7      Notice of Default means the notice of default issued by the
                  Pledgee in accordance with this Agreement.

2.       Assignment and Pledge

         2.1      The Pledgor agrees to pledge all its equity interest in
                  Shanghai Unilink to the Pledgee as guarantee for the technical
                  consulting service fee payable to the Pledgee under the
                  Service Agreement

         2.2      Pledge under this Agreement refers to the rights owned by the
                  Pledgee who shall be entitled to have priority in receiving
                  payment by the evaluation or proceeds from the auction or sale
                  of the equity interests pledged by the Pledgor to the Pledgee.

3.       Rate of Pledge and Term of Pledge

         3.1      The rate of Pledge

                  3.1.1    The rate of Pledge shall be 100%

         3.2      The term of Pledge

                  3.2.1    The Pledge shall take effect as of the date when the
                           equity interests under this Agreement are recorded in
                           the Register of Shareholder of Shanghai Unilink and
                           registered with the competent Administration for
                           Industry and Commerce. The term of the Pledge is the
                           same with the

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                                                                           10.23

                           term of Service Agreement.

                  3.2.2    During the Pledge, the Pledgor shall be entitled to
                           dispose the Pledge in accordance with this Agreement
                           in the event that Shanghai Unilink fails to pay
                           exclusive technical Consulting and service fee in
                           accordance with the Service Agreement.

4.       Physical Possession of Documents

         4.1      During the term of Pledge under this Agreement, the Pledgor
                  shall deliver the physical possession of the Certificate of
                  Distribution and the Name List of Shareholder of Shanghai
                  Unilink to the Pledgee within one week as of the date of
                  conclusion of this Agreement.

         4.2      The Pledgee shall be entitled to collect the dividends from
                  the equity interests.

5.       Warranties and Representations of the Pledgor

         5.1      The Pledgor is the legal owner of the equity interests.

         5.2      The Pledgee shall not be interfered by any parties at any time
                  when the Pledgee exercises its rights in accordance with this
                  Agreement.

         5.3      The Pledgee shall be entitled to dispose or assign the pledge
                  in accordance with this Agreement.

         5.4      The Pledgor does not pledge or encumber the equity interests
                  to any other person except for the Pledgee.

6.       Covenant of the Pledgor

         6.1      During the effective term of this Agreement, the Pledgor
                  covenants to the Pledgee that the Pledgor shall:

                  6.1.1    Except the transfer of equity interest, as subject to
                           the Exclusive Purchase Right Contract entered into
                           among the Pledgor, Linktone Ltd and Shanghai Unilink,
                           to Linktone Ltd or the person designated by Linktone
                           Ltd, not transfer or assign the equity interests,
                           create or permit to create any pledges which may have
                           an adverse effect on the rights or benefits of the
                           Pledgee without prior written consent from the
                           Pledgee;

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                                                                           10.23

                  6.1.2    Comply with and implement laws and regulations with
                           respect to the pledge of rights, present to the
                           Pledgee the notices, orders or suggestions with
                           respect to the Pledge issued or made by the competent
                           authority within five days upon receiving such
                           notices, orders or suggestions and comply with such
                           notices, orders or suggestions, or object to the
                           foregoing matters at the reasonable request of the
                           Pledgee or with consent from the Pledgee.

                  6.1.3    Timely notify the Pledgee of any events or any
                           received notices which may affect the Pledgor's
                           equity interest or any part of its right, and any
                           events or any received notices which may change the
                           Pledgor's any covenant and obligation under this
                           Agreement or which may affect the Pledgor's
                           performance of its obligations under this Agreement.

         6.2      The Pledgor agrees that the Pledgee's right of exercising the
                  Pledge obtained from this Agreement shall not be suspended or
                  hampered through legal procedure by the Pledgor or any
                  successors of the Pledgor or any person authorized by the
                  Pledgor or any other person.

         6.3      The Pledgor warrants to the Pledgee that in order to protect
                  or perfect the security over the payment of the technical
                  consulting and service fees under the Service Agreement, the
                  Pledgor shall execute in good faith and cause other parties
                  who have interests in the pledge to execute all the title
                  certificates, contracts, and or perform and cause other
                  parties who have interests to take action as required by the
                  Pledgee and make access to exercise the rights and
                  authorization vested in the Pledgee under this Agreement, and
                  execute all the documents with respect to the changes of
                  certificate of equity interests with the Pledgee or the
                  person(natural person or legal entity) designed by the
                  Pledgee, and provides all the notices, orders and decisions
                  regarded as necessary by the Pledgee with the Pledgee within
                  the reasonable time.

         6.4      The Pledgor warrants to the Pledgee that the Pledgor will
                  comply with and perform all the guarantees, covenants,
                  agreements, representations and conditions for the benefits of
                  the Pledgee. The Pledgor shall compensate all the losses
                  suffered by the Pledgee for the reasons that the Pledgor does
                  not perform or fully perform their guarantees, covenants,
                  agreements, representations and conditions.

7.       Events of Default

         7.1      The following events shall be regarded as the event of
                  default:

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                                                                           10.23

                  7.1.1    Shanghai Unilink fails to make full payment of the
                           exclusive technical consulting and service fees as
                           scheduled under the Service Agreement;

                  7.1.2    The Pledgor makes any material misleading or
                           fraudulent representations or warranties under
                           Article 5 herein, and/or the Pledgor is in violation
                           of any warranties under Article 5 herein;

                  7.1.3    The Pledgor violates the covenants under Article 6
                           herein;

                  7.1.4    The Pledgor violates any terms and conditions herein;

                  7.1.5    The Pledgor waives the pledged equity interests or
                           transfers or assigns the pledged equity interests
                           without prior written consent of the Pledgee, except
                           as provided in Article 6.1.1 in this Agreement;

                  7.1.6    The Pledgor's any external loan, security,
                           compensation, covenants or any other compensation
                           liabilities (1) are required to be repaid or
                           performed prior to the scheduled date; or (2) are due
                           but can not be repaid or performed as scheduled and
                           thereby cause the Pledgee to deem that the Pledgor's
                           capacity to perform the obligations herein is
                           affected;

                  7.1.7    The Pledgor is incapable of repaying the general debt
                           or other debt;

                  7.1.8    This Agreement is illegal for the reason of the
                           promulgation of the related laws or the Pledgor's
                           incapability of continuing to perform the obligations
                           herein;

                  7.1.9    Any approval, permits, licenses or authorization from
                           the competent authority of the government needed to
                           perform this Agreement or validate this Agreement are
                           withdrawn, suspended, invalidated or materially
                           amended;

                  7.1.10   The property of the Pledgor is adversely changed and
                           cause the Pledgee deem that the capability of the
                           Pledgor to perform the obligations herein is
                           affected;

                  7.1.11   The successors or assignees of the Shanghai Unilink
                           are only entitled to perform a portion of or refuse
                           to perform the payment liability under the Service
                           Agreement;

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                                                                           10.23

                  7.1.12   Other circumstances whereby the Pledgee is incapable
                           of exercising the right to dispose the Pledge in
                           accordance with the related laws.

         7.2      The Pledgor shall immediately give a written notice to the
                  Pledgee if the Pledgor is aware of or find that any event
                  under Article 7.1 herein or any events that may result in the
                  foregoing events have happened or is going on.

         7.3      Unless the event of default under Article 7.1 herein has been
                  solved to the Pledgee's satisfaction, the Pledgee, at any time
                  when the event of default happens or thereafter, may give a
                  written notice of default to the Pledgor and require the
                  Pledgor to immediately make full payment of the outstanding
                  service fees under the Service Agreement and other payables or
                  dispose the Pledge in accordance with Article 8 herein.

8.       Exercise Of The Right Of The Pledge

         8.1      The Pledgor shall not transfer or assign the pledge without
                  prior written approval from the Pledgee prior to the full
                  repayment of the consulting and service fee under the Service
                  Agreement.

         8.2      The Pledgee shall give a notice of default to the Pledgor when
                  the Pledgee exercises the right of pledge.

         8.3      Subject to Article 7.3, the Pledgee may exercise the right to
                  dispose the Pledge at any time when the Pledgee gives a notice
                  of default in accordance with Article 7.3 or thereafter.

         8.4      The Pledgee is entitled to have priority in receiving payment
                  by the evaluation or proceeds from the auction or sale of
                  whole or part of the equity interests pledged herein in
                  accordance with legal procedure until the outstanding
                  consulting and service fees and all other payables under the
                  Service Agreement are repaid.

         8.5      The Pledgor shall not hinder the Pledgee from disposing the
                  Pledge in accordance with this Agreement and shall give
                  necessary assistance so that the Pledgee could realize his
                  Pledge.

9.       Transfer or Assignment

         9.1      The Pledgor shall not donate or transfer his rights and
                  obligations herein

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                                                                           10.23

                  without prior consent from the Pledgee.

         9.2      This Agreement shall be binding upon the Pledgor and his
                  successors and be effective to the Pledgee and his each
                  successor and assignee.

         9.3      The Pledgee may transfer or assign his all or any rights and
                  obligations under the Service Agreement to any individual
                  (natural person or legal entity) at any time. In this case,
                  the assignee shall enjoy and undertake the same rights and
                  obligations herein of the Pledgee as if the assignee is a
                  party hereto. When the Pledgee transfers or assigns the rights
                  and obligations under the Service Agreement, at the request of
                  the Pledgee, the Pledgor shall execute the relevant agreements
                  and/or documents with respect to such transfer or assignment.

         9.4      After the Pledgee's change resulting from the transfer or
                  assignment, the new parties to the pledge shall reexecute a
                  pledge contract.

10.      Termination

This Agreement shall not be terminated until the consulting and service fees
under the Service Agreement are paid off and the Shanghai Unilink will not
undertake any obligations under the Service Agreement any more, and the Pledgee
shall cancel or terminate this Agreement within reasonable time as soon as
practicable.

11.      Formalities Fees And Other Charges

         11.1     The Pledgor shall be responsible for all the fees and actual
                  expenditures in relation to this Agreement including but not
                  limited to legal fees, cost of production, stamp tax and any
                  other taxes and charges. If the Pledgee pays the relevant
                  taxes in accordance with the laws, the Pledgor shall fully
                  indemnify such taxes paid by the Pledgee.

         11.2     The Pledgor shall be responsible for all the fees (including
                  but not limited to any taxes, formalities fees, management
                  fees, litigation fees, attorney's fees, and various insurance
                  premiums in connection with disposition of Pledge) incurred by
                  the Pledgor for the reason that (1) The Pledgor fails to pay
                  any payable taxes, fees or charges in accordance with this
                  Agreement; or (2) The Pledgee has recourse to any foregoing
                  taxes, charges or fees by any means for other reasons.

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12.      Force Majeure

         12.1     If this Agreement is delayed in or prevented from performing
                  in the Event of Force Majeure ("Event of Force Majeure"), only
                  within the limitation of such delay or prevention, the
                  affected party is absolved from any liability under this
                  Agreement. Force Majeure, which includes acts of governments,
                  acts of nature, fire, explosion, typhoon, flood, earthquake,
                  tide, lightning, war, means any unforeseen events beyond the
                  prevented party's reasonable control and cannot be prevented
                  with reasonable care. However, any shortage of credit, capital
                  or finance shall not be regarded as an event beyond a Party's
                  reasonable control. The Pledge effected by Force Majeure who
                  claims for exemption from performing any obligations under
                  this Agreement or under any Article herein shall notify the
                  other party of such exemption promptly and advice him of the
                  steps to be taken for completion of the performance.

         12.2     The party affected by Force Majeure shall not assume any
                  liability under this Agreement. However, subject to the party
                  affected by Force Majeure having taken its reasonable and
                  practicable efforts to perform this Agreement, the party
                  claiming for exemption of the liabilities may only be exempted
                  from performing such liability as within limitation of the
                  part performance delayed or prevented by Force Majeure. Once
                  causes for such exemption of liabilities are rectified and
                  remedied, both parties agree to resume performance of this
                  Agreement with their best efforts.

13.      Dispute Resolution

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

         13.2     The parties shall strive to settle any dispute arising from
                  the interpretation or performance, or in connection with this
                  Agreement through friendly consultation. In case no settlement
                  can be reached through consultation, each party can submit
                  such matter to China International Economic and Trade
                  Arbitration Commission ("CIETAC") for arbitration. The
                  arbitration shall follow the current rules of CIETAC, and the
                  arbitration proceedings shall be conducted in Chinese and
                  shall take place in Shanghai. The arbitration award shall be
                  final and binding upon the parties.

14.      Notice

         14.1     Any notice which is given by the parties hereto for the
                  purpose of performing

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                  the rights, duties and obligations hereunder shall be in
                  writing. Where such notice is delivered personally, the time
                  of notice is the time when such notice actually reaches the
                  addressee; where such notice is transmitted by telex or
                  facsimile, the notice time is the time when such notice is
                  transmitted. If such notice does not reach the addressee on
                  business date or reaches the addressee after the business
                  time, the next business day following such day is the date of
                  notice. The delivery place is the address first written above
                  of the parties hereto or the address advised in writing
                  including facsimile and telex from time to time.

15.      Appendices

         15.1     The appendices to this Agreement are entire and integral part
                  of this Agreement.

16.      Effectiveness

         16.1     This agreement and any amendments, modification, supplements,
                  additions or changes hereto shall be in writing and come into
                  effect upon being executed and sealed by the parties hereto.

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

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                                                                           10.23

         (No text on this page)

The Pledgee: Shanghai Huitong Information Co., Ltd.

Authorized Representative: /s/ Jun Wu

The Pledgor: Yang Lei

Signature: /s/ Yang Lei

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                                                                           10.23

EXHIBIT A

1.       Register of Shareholders of Shanghai Unilink Computer Co., Ltd.

2.       Certificate of Capital Contribution of Shanghai Unilink Computer Co.,
         Ltd

3.       Exclusive Technical Consulting and Services Agreement