**Exhibit        4.32**

**HERBERT          SMITH                                                                                                                                                                                            **
**Execution          Copy**

**24**
**th**

**          May 2006**

**THE          PERSONS NAMED IN SCHEDULE 1**

**and**

**TRADE          MEDIA HOLDINGS LIMITED**

**_________________________________________**

**CALL          OPTIONS DEED**

**RELATING          TO**

**SHARES          IN**

**HC          INTERNATIONAL, INC.**

**_________________________________________**

**Herbert          Smith LLP**

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**THIS          DEED **

**BETWEEN**

| 1. | The                    persons named in Schedule 1 hereof whose respective addresses                    are set out                    in Schedule 1 (the “**Grantors**”);                    and |
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| 2. | **TRADE                    MEDIA HOLDINGS LIMITED**,                    a                    company incorporated in the Cayman Islands and having its registered                    address at P.O. Box 219 GT, Strathvale House, North Church Street,                    George                    Town, Grand Cayman, Cayman Islands (the “**Grantee**”). |
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**WHEREAS**

| (A) | Reference                    is made to the sale and purchase agreement in relation to the                    Shares dated                    the same date of this Deed made between IDG Technology Venture                    Investment,                    Inc. and the Grantee (the “**Sale                    and Purchase Agreement**”). |
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| (B) | Each                    Grantor is the legal and beneficial owner of the relevant Option                    Shares                    (as defined below) set out in Schedule                    1. |
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| (C) | In                    consideration of the Grantee agreeing to enter into the Sale                    and Purchase                    Agreement, the Grantors have agreed to grant options over the                    Option                    Shares to the Grantee on the terms and conditions set out in                    this                    Deed. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**IT          IS HEREBY AGREED**

| **1.  ** | **INTERPRETATION** |
|--------------------|--------------------|
| 1.1   | In                  this Deed, unless the context requires otherwise, terms used herein                  shall                  have the same meaning as those used in the Sale and Purchase Agreement                  save that: |
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| “**Accounts**”** **                          | means                    the latest audited consolidated balance sheet and profit and                    loss account                    of the Company and its subsidiaries in respect of the accounting                    reference                    period ended on the Accounts Date;                                |
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| “**Accounts                    Date**”** **  | means                    31 December 2005;                                                                                                                                                                                                                                                                                  |
| “**Acquisition                    Price**”        | means                    HK$2.2592 per Option Share;                                                                                                                                                                                                                                                                        |
| “**Beijing                    Huicong**”          | means                    **北京慧羖国榻犼瑑有榰公司****(**Beijing                    Huicong International Information Co., Ltd.), a sino-foreign                    cooperative                    joint venture company incorporated in the PRC;  |

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| “**Beijing                    Huicong Option**             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
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| **Equity                    Interests**”                   | means                    the entire equity interest of the Grantor in the registered capital                    of                    Beijing Huicong (representing 18% of the entire registered capital                    of                    Beijing Huicong) and any Equity Interests for the time being                    representing                    the same by reason of any alteration in the registered capital                    of Beijing                    Huicong or any amalgamation, reorganisation or reconstruction                    of Beijing                    Huicong, provided that the Beijing Huicong Option Equity Interests                    shall                    represent not less than 18% of the total Equity Interests as                    at the date                    of completion of the sale and purchase of all the Beijing Huicong                    Option                    Equity Interests;  |
| “**Business                    Day**”** **      | means                    a day (other than a Saturday or Sunday) on which banks in Hong                    Kong are                    generally open for business;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| “**Company**”                                        | means                    HC International, Inc, a company incorporated in Cayman                    Islands;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| “**Completion**”                                     | means                    completion of the sale and purchase of the Option Shares upon                    each                    exercise of the Options in accordance with Clause 6.2;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| “**Equity                    Interests**”** **  | means                    equity interests in the registered capital of Beijing                    Huicong;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| “**Exercise                    Notice**”             | means                    a notice to exercise the Option(s) in the form set out in Schedule                    3;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “**Exercise                    Price**”              | means                    HK$2.2592 per Option Share which shall be payable in cash, subject                    to                    adjustment as provided for in Clause 3;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| “**Group**”                                          | means                    the Company and its subsidiaries as at the date of this Deed;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| “**HC                    Construction**”             | means                    HC Construction Co., Ltd., a company incorporated in the PRC;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| “**HC                    Construction Option**”      | means                    the option granted by HC Construction to the Grantee whereby                    the Grantee                    has the right to request HC Construction to sell or to procure                    the sale of                    all of HC Construction's Equity Interests in Beijing Huicong                    pursuant to                    the terms of the HC Construction Option Deed entered into between                    HC                    Construction and the Grantee dated the same date as this                    Deed;                                                                                                                                                                                                                                                                                                                                                                                             |

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| “**HC                    Construction Option**           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
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| **Deed**”                                           | means                    the option deed entered into by HC Construction and the Grantee                    dated the                    same date of this Deed in relation to the HC Construction                    Option;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| “**Individual                    Grantors**”  | means                    Grantors other than IDG Technology Venture Investment, Inc.,                    [**                    Material omitted and filed separately with the Securities and                    Exchange                    Commission pursuant to a request for confidential treatment under                    Rule                    14-b2 of the Securities Exchange Act of 1934, as amended.*];                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| “**Options**”                                 | means                    the options granted by the Grantors to the Grantee whereby the                    Grantee has                    the right to request the Grantors to sell or to procure the sale                    of Option                    Shares pursuant to Clauses 2.1.1                    of                    this Deed;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| “**Option                    Period**”        | means                    the period commencing on the date of completion of the Sale and                    Purchase                    Agreement and ending on the expiry of the 12-month period from                    the date of                    the completion of the Sale and Purchase Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| “**Option                    Shares**”        | means                    the issued Shares (details of which are set out in the third                    column (from                    the left) of the table in Schedule 1) which are legally and beneficially                    owned by the relevant Grantors and any Shares issued to [**                    Material omitted and filed separately with the Securities and                    Exchange                    Commission pursuant to a request for confidential treatment under                    Rule                    14-b2 of the Securities Exchange Act of 1934, as amended.*]                    under the options granted as set out in the fourth column of                    Schedule 1                    during the Option Period, together with any further shares, stock                    or other                    securities in the Company which are derived from the Option Shares                    or                    which are distributed by the Company in respect of the Option                    Shares and                    any shares, stock or other securities for the time being representing                    the                    same by reason of any alteration in the share capital of the                    Company or                    any amalgamation, reorganisation or reconstruction of the Company                    up to                    and including Completion;  |

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| “**Pre-IPO                    Share Option**        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
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| **Scheme**”                                         | means                    the pre-IPO share option scheme adopted by the shareholders of                    the Company                    on 30 November 2003;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| “**PRC**”                                     | means                    the People’s Republic of China;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| “**Shares**”** **                        | means                    ordinary shares of HK$0.10 each in the share capital of the                    Company;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| “**Share                    Option Scheme**”  | means                    the post-IPO share option scheme adopted by the shareholders                    of the                    Company on 30 November 2003;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| “**Shareholders**”                            | means                    holders of Shares;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| “**Takeovers                    Code**”       | means                    the Codes or Takeovers and Mergers and Share Repurchases;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| “**Taxation**”                                | means                    all forms of tax, duty, rate, levy, charge or other imposition                    or                    withholding whenever and by whatever authority, and whether of                    the PRC or                    elsewhere, including (without limitation) profits tax, provisional                    profits                    tax, salaries tax, provisional salaries tax, property tax, provisional                    property tax, interest tax, estate duty, customs and other import                    duties,                    excise duties, rates, stamp duty, capital duty, fees payable                    on any                    increase of the authorised or issued share capital of a company                    or on the                    allotment of any shares in a company, and any other taxes, duties,                    rates,                    levies, charges, imposts or withholdings corresponding to, similar                    to,                    replaced by or replacing any of them together with any interest,                    penalty,                    fine or additional sum in connection with any Taxation, and any                    liability                    to make a payment by way of reimbursement, recharge, indemnity,                    damages or                    management charge connected in any way with any Taxation and                    regardless of                    whether any such taxes, duties, rates, levies, charges, imposts,                    withholdings, interest, penalties or fines are chargeable directly                    or                    primarily against or attributable directly or primarily to the                    Company,                    any of the subsidiaries or any other person, whether any amount                    in respect                    of any of them is recoverable from any other person and “**Tax**”                    shall be construed accordingly;  |
| “**Warranties**”                              | means                    the warranties set out in Schedule 2; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

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| “**Warrantors**”  | means                    IDG Technology Venture Investment Inc, [**                    Material omitted and filed separately with the Securities and                    Exchange                    Commission pursuant to a request for confidential treatment under                    Rule                    14-b2 of the Securities Exchange Act of 1934, as amended.*]                    and Mr. Guo Fansheng.  |
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|                               |                                                                                                                                                                                                                                                                                                                                                                                                                        |

| 1.2   | In                  this Deed, save where the context otherwise                  requires: |
|-----------------|--------------------------------------------------------------------------------------------|
| 1.2.1   | a                  reference to a statute or statutory provision shall include a reference                  to                  that statute or provision as from time to time consolidated, modified,                  re-enacted or replaced by any statute or statutory provision; to                  any                  repealed statute or statutory provision which it re-enacts (with                  or                  without modification); and any subordinate legislation made under                  the                  relevant statute; |
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| 1.2.2   | words                  in the singular shall include the plural, and vice                  versa; |
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| 1.2.3   | the                  masculine gender shall include the feminine and neutral and vice                  versa; |
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| 1.2.4   | a                  reference to a person shall include a reference to a firm, a body                  corporate, an unincorporated association or to a person's executors                  or                  administrators; |
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| 1.2.5   | a                  reference to a Clause, paragraph or Schedule (other than to a schedule                  to                  a statutory provision) shall be a reference to a Clause, paragraph,                  or                  Schedule (as the case may be) of or to this                  Deed; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.2.6   | if                  a period of time is specified and commences from a given day or                  the day of                  an act or event, it shall be calculated exclusive of that                  day; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.2.7   | references                  to any legal term for any action, remedy, method or judicial proceeding,                  legal document, legal status, court, official or any legal concept                  or                  thing shall in respect of any jurisdiction other than Hong Kong                  be deemed                  to include what most nearly approximates in that jurisdiction to                  the Hong                  Kong legal term; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.2.8   | references                  to writing shall include any modes of reproducing words in a legible                  and                  non-transitory form; and |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.2.9   | the                  headings in this Deed are for convenience only and shall not affect                  the                  interpretation of any provision of this                  Deed. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.3   | The                  designations adopted in the recitals and introductory statements                  preceding                  this Clause apply throughout this Deed and the                  Schedules. |
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| 1.4   | Where                  any obligation in this Deed is expressed to be made, undertaken                  or given                  by two or more parties, they shall be jointly and severally liable                  in                  respect of it. |
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| 1.5   | Where                  any reference to “Completion” is made in this Deed, it shall be construed                  as “Completion in relation to each exercise of the                  Option”. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **2.  ** | **GRANT                  OF THE OPTIONS** |
|--------------------|-------------------------------------------|
| 2.1   | In                  consideration of the Grantee agreeing to enter into the Sale and                  Purchase                  Agreement and, subject to the completion of the Sale and Purchase                  Agreement in accordance with its terms, |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1.1   | the                  Grantors hereby grant to the Grantee an irrevocable and, subject                  to the                  terms of this Deed, unconditional right to purchase all (but not                  part                  only) of the Option Shares at the Exercise Price (subject to adjustment                  in                  Clause 3)                  at any time during the Option Period; or |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1.2   | if                  the Grantee, whether by itself or through other entities, makes                  a general                  offer for the Shares under the Takeovers Code at a price not less                  than the                  Acquisition Price during the Option                  Period, |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (i)   | each                  of the Grantors shall, if required by the Grantee, accept such                  general                  offer in relation to the Option Shares, and shall, if required                  by the                  Grantee, enter into irrevocable undertakings in the form set out                  in                  Schedule 4 (the “Irrevocable Undertaking”) hereof to accept such general                  offer; |
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| (ii)   | if                  the general offer becomes unconditional, the Grantors shall receive                  the                  final offer price in accordance with the terms of the general                  offer; |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (iii)   | the                  Options granted under Clause 2.1.1                  shall not be exercised; and |
|-------------------|------------------------------------------------------------------------------------------------------|
| (iv)   | subject                  to Clause 4.4,                  the Grantee shall exercise the HC Construction Option at the same                  time, |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                    Grantors shall not be required to execute any Irrevocable Undertaking                    unless the Grantee shall have fulfilled its obligations under                    Clause 4.4;                    and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if                    such general offer does not become wholly unconditional, the                    Grantee shall                    have no obligation to purchase any of the Option Shares or the                    Beijing                    Huicong Option Equity Interests, notwithstanding any prior exercise                    of                    such options; and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.1.3   | each                  of the Grantors irrevocably and unconditionally undertakes not                  to sell,                  transfer, dispose of, charge, encumber or otherwise deal with in                  any way                  the relevant Option Shares (or any interest therein) which are                  legally                  and/or beneficially owned by them during the Option Period, save                  with the                  prior written consent of the Grantee. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.2   | Subject                  to the terms and conditions of this Deed, the Grantors shall, on                  exercise                  of the Options, sell or procure the sale of the Option Shares and                  the                  Grantee shall purchase the Option Shares, free from any claim,                  options,                  charge, lien, equity, encumbrance, rights of |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 2.3   | All                  rights (save for the voting rights) attached to the Option Shares                  shall                  accrue to the Grantee on and from the date of service of an Exercise                  Notice on each of the Grantors and, following Completion, the Grantors                  shall account to the Grantee for all dividends or other distributions                  of                  the Company declared or paid subsequent to the date of service                  of the                  Exercise Notices and shall exercise all voting and other rights                  at the                  direction of the Grantee. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.4   | The                  Grantors shall use reasonable endeavours to procure that, until                  the                  exercise or expiry of the Options, the Company shall not, save                  pursuant to                  any outstanding undertaking, options granted or given by the Company                  prior                  to the date of this Deed (including but not limited to options                  granted                  under the Pre-IPO Share Option Scheme and the Share Option Scheme                  as at                  the date of this Deed [**                  Material omitted and filed separately with the Securities and Exchange                  Commission pursuant to a request for confidential treatment under                  Rule                  14-b2 of the Securities Exchange Act of 1934, as amended.*]),                  issue any shares, stock or securities or make any alteration in                  its share                  capital. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.5   | The                  Grantors waive and agree to procure the waiver of any restrictions                  on                  transfer (including pre-emption rights) which may exist in relation                  to the                  Option Shares under the memorandum and/or articles of association                  of the                  Company or otherwise. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.6   | The                  Grantee shall not be obliged to complete the purchase of the Option                  Shares                  unless all Grantors complete the sale of all the Option Shares                  set out in                  an Exercise Notice simultaneously and unless (save as provided                  in Clause                  4.4)                  the sale of the Beijing Huicong Option Equity Interests pursuant                  to                  exercise of the HC Construction Option is completed simultaneously                  with                  Completion. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.7   | The                  Grantee shall not make a general offer under the Takeovers Code                  at an                  offer price less than the Acquisition Price at any time during                  the Option                  Period. The Options under Clause 2.1.1 and the right under Clause                  2.1.2                  shall lapse and cease to have any effect if the Grantee, whether                  by itself                  or through other entities, makes a general offer for the Shares                  at a price                  less than the Acquisition Price during the Option                  Period. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **3.  ** | **ADJUSTMENT                  TO****EXERCISE                  PRICE** |
|--------------------|-----------------------------------------------------------------------|
| 3.1   | The                  Exercise Price shall from time to time be adjusted as                  follows: |
|-----------------|------------------------------------------------------------------------------------------------------|
| 3.1.1   | Consolidation                  or Subdivision: |
|-------------------|------------------------------------------------|

*A*

*B*

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| 3.1.2   | Bonus                  issue of Shares: |
|-------------------|-----------------------------------------|

*A*

*B*

|   | A                    = | the                    aggregate nominal amount of the Shares in issue immediately before                    such                    issue; and |
|--------|------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | B                    = | the                    aggregate nominal amount of the Shares in issue immediately after                    such                    issue. |
|--------|------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1.3   | Capital                  distribution: |
|-------------------|----------------------------------------|

|   | A                    = | the                    Acquisition Price per Share |
|--------|------------------------|----------------------------------------------------|

|   | B                    = | the                    fair market value on the record date of such capital distribution,                    as                    determined in good faith by a financial adviser appointed by                    the Grantee                    (the “**Financial                    Adviser**”),                    of the portion of the capital distribution or of such rights                    which is                    attributable to per Share. |
|--------|------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 3.1.4   | Rights                  Issues of Shares: |
|-------------------|-------------------------------------------|
| 3.1.5   | Issues                  at less than Acquisition Price: |
|-------------------|---------------------------------------------------------|

** Material          omitted and filed separately with the Securities and Exchange Commission          pursuant to a request for confidential treatment under Rule 14-b2 of the          Securities Exchange Act of 1934, as amended.*

|   | A                    = | the                    total market capitalisation of the Company based on the Acquisition                    Price |
|--------|------------------------|---------------------------------------------------------------------------------------------------------------------|

|   | B                    = | the                    total consideration to be received from such                    issues |
|--------|------------------------|-----------------------------------------------------------------------------------------------|

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|   | C                    = | the                    total number of Shares in issue immediately after such                    issues |
|--------|------------------------|---------------------------------------------------------------------------------------------------------|

| 3.1.6   | Issues                  of Convertible Securities: |
|-------------------|----------------------------------------------------|

|   | A                    = | the                    total market capitalisation of the Company based on Acquisition                    Price |
|--------|------------------------|-----------------------------------------------------------------------------------------------------------------|

|   | B                    = | the                    total consideration to be received from issue of convertible                    securities |
|--------|------------------------|-------------------------------------------------------------------------------------------------------------------|

|   | C                    = | the                    total number of Shares in issue immediately after full conversion                    of the                    convertible securities |
|--------|------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1.7   | Other                  Events: |
|-------------------|--------------------------------|

|   | (a) | If                    the Grantee determines that an adjustment should be made to the                    Exercise                    Price as a result of one or more events or circumstances not                    referred to                    in this Clause, the Grantee shall at its own expense, request                    the                    Financial Adviser to determine (acting as expert) as soon as                    practicable                    what adjustment (if any) to the Exercise Price is fair and reasonable                    to                    take account thereof and the date on which such adjustment should                    take                    effect and upon such determination such adjustment (provided                    that the                    adjustment would result in a reduction in the Exercise Price)                    shall be                    made and shall take effect in accordance with such determination,                    such                    modification (if any) shall be made to the operation of the provisions                    of                    this Clause as may be advised by the Financial Adviser to be                    in their                    opinion appropriate to give the intended result;                    and |
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| 3.2   | Any                  adjustment to the Exercise Price shall not involve an increase                  in the                  Exercise Price (except upon any consolidation of the Shares pursuant                  to                  this Clause). |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.3   | Every                  adjustment to the Exercise Price shall be certified in writing                  by the                  Financial Adviser. Notice of any adjustments, including the new                  Exercise                  Price and the effective date |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **4.  ** | **EXERCISE                  OF THE OPTIONS** |
|--------------------|----------------------------------------------|
| 4.1   | The                  Grantee may exercise the Options by giving an Exercise Notice to                  each of                  the Grantors. The Exercise Notices may be given by the Grantee                  at any time                  during the Option Period in respect of all (but not part only)                  of the                  Option Shares. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.2   | Subject                  to Clause 4.4                  hereof, the Options shall be exercised and completed simultaneously                  with                  the exercise of the HC Construction                  Option. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.3   | At                  any time after the completion of the Sale and Purchase Agreement                  and prior                  to the giving of the Exercise Notice, the Grantee (and any person                  authorised by it) shall be entitled to conduct such enquiries,                  investigations and due diligence reviews of the business, affairs,                  operations and financial position of the Group as the Grantee in                  its                  absolute discretion deems necessary, desirable or appropriate and                  the                  Grantors shall use their reasonable endeavours to, subject to Clause                  7.1                  hereof and the Grantee executing a confidentiality undertaking                  in favour                  of the Company (if required by the Company) on substantially the                  same                  terms set out in Clause 7.1, procure that the Grantee and any persons                  authorised by it shall on giving reasonable prior notice and during                  normal                  office hours be given full access to the employees, premises, plant,                  machinery, books of account, records and documents of the Company                  and each                  of its subsidiaries as the Grantee may reasonably                  request. |
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| 4.4   | Prior                  to exercise of the Options or exercise of the Purchaser's right                  to require                  the Grantors to accept a general offer for the Shares under Clause                  2.1.2(i) as the case may be , the Grantee shall use its reasonable                  endeavours to obtain from the SFC a ruling (the “**SFC                  Ruling**”)                  under the Takeovers Code as to whether exercise of the HC Construction                  Option is subject to Rule 25 of the Takeovers Code and if applicable,                  to                  apply for SFC consent under Rule 25 of the Takeovers Code;                  and |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.4.1   | if                  the SFC Ruling is that the HC Construction Option will not breach                  Rule 25 of the Takeovers Code, the Options (and the right under                  Clause                  2.1(i)) may only be exercised if the HC Construction Option is                  exercised                  and completed simultaneously; |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.4.2   | if                  the SFC Ruling is that the exercise of the HC Construction Option                  will breach Rule 25 of the Takeovers Code (or if there are conditions                  to                  consent specified in the SFC Ruling ), the Options and the right                  under                  Clause 2.1.2(i) shall cease to be conditional upon exercise or                  completion                  of the HC Construction Option and accordingly may be exercised                  and                  completed independently of the HC Construction                  Option. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 4.5   | The                  Grantee shall use its reasonable endeavours to keep the Warrantors                  notified of the progress of the SFC Ruling before applying for                  and after                  obtaining the SFC Ruling. |
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| 4.6   | The                  fee payable to the SFC in obtaining the SFC Ruling shall be shared                  as to                  half by the Grantee and as to half by the                  Warrantors. |
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| 4.7   | The                  Grantee has the right, but not the obligation, to give the Exercise                  Notice                  and/or to complete the sale and purchase of the Option                  Shares. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.8   | After                  the giving of any Exercise Notice, the Grantee and the relevant                  Grantor(s)                  shall enter into formal sale and purchase agreement(s) containing                  such                  terms as the Grantor(s) and the Grantee may mutually agree within                  15 days                  of the date of the Exercise Notice. If the said parties fail to                  execute                  formal sale and purchase agreement(s) in respect of the relevant                  Option                  Shares, the Grantee shall have the right at its absolute discretion                  (but                  not the obligation) to proceed with the purchase of the Option                  Shares upon                  the remaining terms of this Deed, and the Grantors shall be obliged                  to                  sell the Option Shares in accordance with Clause                  6. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.9   | [*                  *Material                  omitted and filed separately with the Securities and Exchange Commission                  pursuant to a request for confidential treatment under Rule 14-b2                  of the                  Securities Exchange Act of 1934, as amended*.] |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **5.  ** | **WARRANTIES                  AND UNDERTAKINGS** |
|--------------------|--------------------------------------------------|
| 5.1   | Each                  Individual Grantor warrants and represents that he or she has full                  power                  and authority to execute and deliver this Deed and to consummate                  the                  transactions contemplated under this                  Deed. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.2   | Each                  Grantor (other than the Individual Grantors) warrants and represents                  to                  the Grantee in the terms of the Warranties in paragraph 1 of Schedule                  2                  severally to the extent relating to the Option Shares owned by                  it as set                  out in Schedule 1. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.3   | Each                  Grantor warrants and represents to the Grantee in the terms of                  the                  Warranties in paragraph 2 of Schedule 2 (and in respect of paragraphs                  2.1                  and 2.2, severally and only to the extent relating to the Option                  Shares                  owned by it as set out in Schedule 1). |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.4   | Each                  Warrantor warrants and represents to the Grantee in the terms of                  the                  Warranties in paragraphs 3 to 5 in Schedule                  2. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.5   | The                  Grantors shall procure that the Warranties (save for the Warranties                  in                  paragraph 5 of Schedule 2, where relates only to the date of this                  Deed,)                  are true and accurate at all times up to and including Completion                  by                  reference to the facts and circumstances then subsisting and, for                  this                  purpose, such Warranties shall be deemed to be repeated at all                  times up to                  and including Completion as if any express or implied reference                  therein to                  the date of this Deed shall be replaced by a reference to the time                  at                  which such Warranty is deemed to be                  repeated. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.6   | The                  Grantee shall be entitled to claim both before and after Completion                  that                  any of the Warranties is or was untrue or misleading or has or                  had been                  breached even if the Grantee discovered or could have discovered                  on or                  before entering into this Deed and before Completion that the Warranty                  in                  question was untrue or misleading or had been breached and Completion                  shall not in any way constitute a waiver of any of the Grantee's                  rights. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.7   | The                  Grantee shall not, prior to the exercise or expiry of the Option                  Period                  and (if appropriate) Completion, transfer, dispose of, charge,                  pledge or                  encumber in any way its interests in any of the Option                  Shares. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.8   | The                  Warrantors shall use reasonable endeavours to procure that until                  the                  exercise or expiry of the Options and (if appropriate) Completion                  and save                  with the prior consent of the Grantee (which consent shall not                  be                  unreasonably withheld or delayed): |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | no                    alterations will be made to the memorandum and/or articles of                    association                    of the Company and no regulations or resolutions inconsistent                    with them                    will be adopted; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | the                    Company will not make any substantial change in the nature of                    its                    business, which shall continue to be carried on in the ordinary                    course; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | the                    Company will not enter into any transaction that is not in the                    normal and                    ordinary course of conducting its business nor enter into any                    transaction                    which is not on arm's length terms;                    and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (D) | no                    resolution will be passed for the voluntary winding-up of the                    Company. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

| 5.9   | The                  Warrantors undertake to indemnify and keep indemnified at any time                  and                  from time to time the Grantee on demand from and against all claims,                  liabilities, losses, costs and expenses which the Grantee may suffer                  or                  incur or which may be made against the Grantee either before or                  after                  Completion in respect of any breach of the undertakings or indemnities                  in                  this Clause 5. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.10   | The                  total liability of each of the Grantors under this Deed shall not                  exceed                  the aggregate price for the Option Shares to be received by the                  respective                  Grantors . |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.11   | Each                  of the Grantors shall have no liability under this                  Deed: |
|------------------|-------------------------------------------------------------------------------------------------|
| 5.11.1   | unless,                  in the case of any particular claim, the amount thereof shall exceed                  HK$1,000,000; or |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------|
| 5.11.2   | until                  the aggregate amount of all valid claims which could otherwise                  be made                  under this Deed shall exceed                  HK$3,000,000, |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.12   | The                  liability of each of the Grantors to the Grantee hereunder                  shall: |
|------------------|---------------------------------------------------------------------------------------------------------|

----

| 5.12.1   | in                  relation to any of the Warranties on Taxation, cease upon expiry                  of 7                  years from the date of Completion; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.12.2   | in                  relation to any of the other Warranties or other indemnities, cease                  upon                  the earlier of the expiry of 2 years from the date of                  Completion. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **6.  ** | **COMPLETION** |
|--------------------|----------------|
| ***6.1  *** | Completion                  of the sale and purchase of the relevant Option Shares in relation                  to the                  exercise of the Options in full shall, subject to Clause 4.4,                  take place simultaneously with the completion of the sale and purchase                  of                  the Beijing Huicong Option Equity Interests under the HC Construction                  Option Deed at such time not later than 30 days after the date                  of the                  Exercise Notice or 5 Business Days after the exercise of the HC                  Construction Option becomes unconditional (excluding such conditions                  relating to the sale and purchase of the Option Shares), whichever                  is the                  later, and at such place in Hong Kong as may be specified in the                  Exercise                  Notice or otherwise notified by the                  Grantee. |
|-----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 6.2   | At                  Completion, the following business shall be                  transacted: |
|-----------------|----------------------------------------------------------------------------------------------|
| 6.2.1   | the                  relevant Grantor(s) shall deliver or cause to be delivered to the                  Grantee                  duly executed instrument of transfer(s) and sold notes in respect                  of the                  relevant Option Shares as set out in the Exercise Notice in favour                  of the                  Grantee or its specified nominee accompanied by the share certificate(s)                  for the relevant Option Shares or, where applicable, procure its                  designated CCASS Participant to give irrevocable delivery instruction                  to                  effect a book entry settlement of the Option Shares in accordance                  with the                  General Rules and the Operational Procedures to the credit of the                  stock                  accounts of the CCASS Participants of the Grantee in accordance                  with the                  instructions provided to the Grantor by the Grantee prior to                  Completion; |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 6.2.2   | the                  Grantee shall pay to the Grantors by electronic funds transfer                  to the                  Grantors’ respective bank accounts (as notified to the Grantee prior to                  such payment) an amount equal to the aggregate Exercise Price for                  such                  Option Shares; and |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 6.2.3   | the                  Grantors shall procure that the directors of the Company shall                  approve the                  transfers of the Option Shares for registration and the entry of                  the                  transferee(s) in the register of members of the Company, in each                  case                  subject only to the transfers being subsequently presented duly                  stamped. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 6.3   | If                  any of the Grantors defaults (“**Defaulting                  Grantor**”)                  in transferring the relevant Option                  Shares: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 6.3.1   | the                  Grantee shall be deemed to be the duly appointed agent and attorney                  of the                  Defaulting Grantor with full irrevocable power to execute, complete                  and                  deliver in the name of and on behalf of the Defaulting Grantor                  a sale and                  transfer of the relevant Option Shares to the Grantee or its                  nominee; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6.3.2   | the                  Grantee may request the Company to enter the name of the Grantee                  or its                  nominee in the register of members as the holder of the relevant                  Option                  Shares; and |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 6.3.3   | the                  Grantee shall forthwith pay the aggregate Exercise Price into a                  separate                  bank account in the Grantee's name and, when the Defaulting Grantor                  shall                  deliver up its certificate or certificates for the relevant Option                  Shares                  to the Grantee, the Grantors shall thereupon be paid the aggregate                  Exercise Price, without interest and less any sums owed to the                  Grantee by                  the Grantors. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **7.  ** | **GENERAL** |
|--------------------|-------------|
| 7.1   | Each                  party (including their representatives and authorised persons)                  shall, and                  shall use their reasonable endeavours to procure the Company that                  it                  shall, at all times keep confidential and not directly or indirectly                  make                  or allow any disclosure or use to be made of any information in                  its                  possession or otherwise obtained pursuant to this Deed relating                  to any                  other party, the Company and each of its subsidiaries or to the                  existence                  or subject matter of this Deed, except: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7.1.1   | to                  the extent required by law or any regulatory                  body; |
|-------------------|-----------------------------------------------------------------------------------------|
| 7.1.2   | where                  the information is already disclosed in the public domain otherwise                  than                  pursuant to or arising from a breach by the Grantee or any Grantor                  (including their representatives and authorised persons) of its                  confidentiality undertaking under this Clause;                  or |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7.1.3   | with                  the consent of the other party (which consent shall not be unreasonably                  withheld). |
|-------------------|---------------------------------------------------------------------------------------------------------------------------|
| 7.2   | Any                  announcement or circular required to be disclosed or issued by                  law or any                  regulatory body (including the SFC and the Stock Exchange) shall                  only be                  made or issued after consultation with the other parties and after                  taking                  into account the reasonable requirements of the other parties as                  to the                  contents of such announcement or circular.                  No                  party may assign (whether absolutely or by way of security and                  whether in                  whole or in part), transfer, mortgage, charge or otherwise dispose                  in any                  manner whatsoever of the benefit of this Deed and no party may                  sub-contract or delegate in any manner whatsoever its performance under                  this Deed except with the prior written consent of the other                  parties. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7.3   | In                  the event of an assignment pursuant to Clause 7.2, the original                  contracting party remains liable to procure the performance of                  the                  obligations under the agreement by the                  assignee. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7.4   | Each                  of the parties confirms that this Deed, represents the entire                  understanding, and constitutes the whole agreement, in relation                  to its                  subject matter and supersedes any previous agreement between the                  parties                  with respect thereto and, without prejudice to the generality of                  the                  foregoing, excludes any warranty, condition or other undertaking                  implied                  at law or by custom. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7.5   | If                  any provision or part of this Deed is void or unenforceable due                  to any                  applicable law, it shall be deemed to be deleted and the remaining                  provisions of this Deed shall continue in full force and                  effect. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7.6   | The                  Grantors shall after exercise of the Options execute all such deeds                  and                  documents and do all such things as the Grantee may reasonably                  require for                  perfecting the transactions intended to be effected under or pursuant                  to                  this Deed and for giving the Grantee the full benefit of the provisions                  of                  this Deed, including vesting in the Grantee the legal and beneficial                  title                  to the Option Shares. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7.7   | The                  rights and remedies of the parties shall not be affected by the                  giving of                  any indulgence by any other party or by anything whatsoever except                  a                  specific waiver or release in writing and any such waiver or release                  shall                  not prejudice or affect any other rights or remedies of the                  parties. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7.8   | This                  Deed may be executed in any number of counterparts and by the parties                  to                  it on separate counterparts, each of which when executed and delivered                  shall be an original but all the counterparts together constitute                  one                  instrument. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7.9   | No                  variation of this Deed (or any of the documents referred to in                  it) shall                  be valid unless it is in writing (which, for this purpose, does                  not                  include e-mail) and signed by or on behalf of each of the parties                  to this                  Deed. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7.10   | The                  parties shall pay their own costs in connection with the preparation                  and                  negotiation of this Deed and any matter contemplated by it (including                  but                  not limited to their respective stamp duty, SFC transaction levy                  and Stock                  Exchange trading fee, if any). |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7.11   | No                  delay or failure by a party to exercise or enforce (in whole or                  in part)                  any right provided by this Deed or by law shall operate as a release                  or                  waiver, or in any way limit that party's ability to further exercise                  or                  enforce that, or any other, right. A waiver of any breach of any                  provision                  of this Deed shall not be effective, or implied, unless that waiver                  is in                  writing and is signed by the party against whom that waiver is                  claimed. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7.12   | The                  parties acknowledge and agree that in the event of a default by                  any party                  in the performance of their respective obligations under this Deed,                  the                  non-defaulting parties shall have the right to obtain specific                  performance                  of the defaulting party's obligations. Such remedy to be in addition                  to                  any other remedies provided under this Deed or at                  law. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **8.  ** | **NOTICES** |
|--------------------|-------------|
| 8.1   | A                  notice (including any approval, consent or other communication)                  in                  connection with this Deed and the documents referred to in                  it: |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 8.1.1   | must                  be in writing; |
|-------------------|--------------------------------------|
| 8.1.2   | must                  be left at the address of the addressee or sent by pre-paid first                  class                  post (airmail if posted to or from a place outside Hong Kong) to                  the                  address of the addressee or sent by facsimile to the facsimile                  number of                  the addressee in each case |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.1.3   | The                  relevant details of each party at the date of this Deed                  are: |
|-------------------|----------------------------------------------------------------------------------------------------|

**Grantors**

*Material          omitted and filed separately with the Securities and Exchange Commission          pursuant to a request for confidential treatment under Rule 14-b2 of the          Securities Exchange Act of 1934, as amended*

**Grantee**

| 8.1.4   | for                  the avoidance of doubt, must not be sent by electronic                  mail. |
|-------------------|----------------------------------------------------------------------------------------------------|
| 8.2   | In                  the absence of evidence of earlier receipt, any notice shall take                  effect                  from the time that it is deemed to be received in accordance with                  Clause                  8.3                  below. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 8.3   | Subject                  to Clause 8.4                  below, a notice is deemed to be received: |
|-----------------|---------------------------------------------------------------------------------------------------|
| 8.3.1   | in                  the case of a notice left at the address of the addressee, upon                  delivery                  at that address; |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| 8.3.2   | in                  the case of a posted letter, on the third day after posting or,                  if posted                  to or from a place outside Hong Kong, the seventh day after posting;                  and |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 8.3.3   | in                  the case of a facsimile, on production of a transmission report                  from the                  machine from which the facsimile was sent which indicates that                  the                  facsimile was sent in its entirety to the facsimile number of the                  recipient. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 8.4   | A                  notice received or deemed to be received in accordance with Clause                  8.3                  above on a day which is not a Business Day or after 5 p.m. on any                  Business                  Day, according to local time in the place of receipt, shall be                  deemed to                  be received on the next following Business                  Day. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 8.5   | A                  notice given or document supplied to [**                  Material omitted and filed separately with the Securities and Exchange                  Commission pursuant to a request for confidential treatment under                  Rule                  14-b2 of the Securities Exchange Act of 1934, as amended.*]                  in accordance |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.6   | Each                  party undertakes to notify the other parties by notice served in                  accordance with this Clause if the address specified herein is                  no longer                  an appropriate address for the service of                  notices. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **9.  ** | **GOVERNING                  LAW** |
|--------------------|------------------------------------|
| 9.1   | This                  Deed shall be governed by, and construed in accordance with, Hong                  Kong                  law. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------|
| 9.2   | Each                  party irrevocably agrees for the benefit of the Grantee that the                  Courts of                  Hong Kong shall have non-exclusive jurisdiction in relation to                  any claim,                  dispute or difference concerning this Deed and any matter arising                  therefrom. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 9.3   | Each                  party irrevocably waives any right that it may have to object to                  an action                  being brought in those Courts, to claim that the action has been                  brought                  in an inconvenient forum, or to claim that those Courts do not                  have                  jurisdiction. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 9.4   | The                  submission to the jurisdiction of the Courts of Hong Kong shall                  not (and                  shall not be construed so as to) limit the right of the Grantee                  to bring                  legal proceedings in any other court of competent jurisdiction                  including                  without limitation the courts having jurisdiction by reason of                  the                  Grantee's domicile. Legal proceedings by the Grantee in any one                  or more                  jurisdictions shall not preclude legal proceedings by it in any                  other                  jurisdiction, whether by way of substantive action, ancillary relief,                  enforcement or otherwise. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 9.5   | The Grantee                  hereby appoints Publishers Representatives Limited, with correspondence                  address at c/o 22nd                  Floor, Vita Tower, 29 Wong Chuk Hang Road, Aberdeen, Hong Kong                  (Attention:                  Legal Department), as its agent to accept service of legal process                  on its                  behalf. The Grantee hereby irrevocably agrees that if its                  process agent ceases to have an address in Hong Kong or ceases                  to act as                  its process agent, it shall appoint a new process agent acceptable                  to the                  other Parties and will deliver to each of the other parties to                  this                  Agreement within 14 days a copy of written acceptance of appointment                  by                  the new process agent. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 9.6   | Each                  Grantor hereby irrevocably appoints [* *Material                  omitted and filed separately with the Securities and Exchange Commission                  pursuant to a request for confidential treatment under Rule 14-b2                  of the                  Securities Exchange Act of 1934, as amended*.]                  as its/her/his agent to accept service of legal process on its/her/his                  behalf. Each Grantor irrevocably agrees that if its/her/his process                  agent                  ceases to have an address in Hong Kong or ceases to act as its/her/his                  process agent, it/she/he shall appoint a new process agent acceptable                  to                  the other Parties and will deliver each of the other parties to                  this Deed                  within 14 days a copy of written acceptance of appointment by the                  new                  process agent. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 9.7   | Subject                  to Clauses 9.5                  and 9.6,                  each party agrees that without preventing any other mode of service,                  any                  document in an action (including, but not limited to, any writ                  of summons                  or other originating process or any third or other party notice)                  may be                  served on any party by being delivered to or left for that party                  at its                  address for service of notices under |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**IN          WITNESS**

----

**EXECUTION          PAGE**

*Material          omitted and filed separately with the Securities and Exchange Commission          pursuant to a request for confidential treatment under Rule 14-b2 of the          Securities Exchange Act of 1934, as amended*

**SIGNED          SEALED and DELIVERED**

**漓凡生**
**GUO          FANSHENG                                  **

*Material          omitted and filed separately with the Securities and Exchange Commission          pursuant to a request for confidential treatment under Rule 14-b2 of the          Securities Exchange Act of 1934, as amended*

| **SEALED                    with the Common Seal of**   | ) |
|---------------------------------------------------------|---|
| **and                    SIGNED**                    by | ) |
| for                    and on behalf of                 | ) |
| **IDG                    TECHNOLOGY VENTURE**           | ) |
|  **INVESTMENT,                    INC.**           | ) |
| in                    the presence of:                  | ) |

*Material          omitted and filed separately with the Securities and Exchange Commission          pursuant to a request for confidential treatment under Rule 14-b2 of the          Securities Exchange Act of 1934, as amended*

| **SEALED                    with the Common Seal of**   | ) |
|---------------------------------------------------------|---|
| **and                    SIGNED**                    by | ) |
| for                    and on behalf of                 | ) |
| **TRADE                    MEDIA HOLDINGS LIMITED**     | ) |
| in                    the presence of:                  | ) |