Exhibit 4.86
 Transfer Agreement
  
    1.
    
    Party E agreed with Party A, Party B, Party C, and Party D that Party E shall duly execute
the rights, duties and obligations as set forth under the Original Agreement, and guarantees
to perform the Original Agreement. The terms and conditions of the Original Agreement shall be
binding upon Party E, as if Party E is the duly authorized representative of the Original
Agreement on behalf of Party A as of the effective date first written upon the Original
Agreement.2.
    
    Party B, Party C, and Party D hereby jointly agree to terminate any rights, duties and
obligations of Party A as set forth under the Original Agreement, as well as all claims and
reimbursements in connection with the Original Agreement. Any rights, duties and obligations
of Party A as set forth under the Original Agreement shall terminate and Party E shall execute
the Original Agreement and shall bear all legal responsibilities in connection with the
Original Agreement on behalf of Party A.3.
    
    Party B, Party C, and Party D hereby jointly agree to accept Party E in executing the rights,
duties and obligations as set forth under the Original Agreement on behalf of Party A. Party
B, Party C, and Party D shall duly execute all rights, duties and obligations as set forth
under the Original Agreement to Party E, and the terms and conditions of the Original
Agreement shall be binding upon Party B, Party C, and Party D herein, as if Party E is the
duly authorized representative of the Original Agreement on behalf of Party A as of the
effective date first written upon the Original Agreement.




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4.
    
    The parties shall strive to settle any dispute arising from the interpretation or performance
in connection with this Agreement through friendly consultation. In case no settlement can be
reached through consultation within sixty (60) days, either party can submit such matter to
the China International Economic and Trade Arbitration Commission (CIETAC) in Beijing.5.
    
    This Agreement shall be governed by and construed in accordance with the PRC law.6.
    
    This Agreement may be executed in five (5) counterparts, with each Party holding one copy, of
which shall take immediate effect upon authorized signature or company stamp of the Parties
herein.
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Transfer Agreement




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Appendix 1: Transfer Agreement List
 Name of Agreements
    
    Parties
    
    New Parties
    
    Effective DateExclusive Technical
Consulting and
Service Agreement
    
    Hurray! Times
WVAS Solutions
    
    Beijing Hurray! Times
WVAS Solutions
    
    May 5, 2004Business Cooperation Agreement
    
    Hurray! Times
WVAS Solutions
Beijing Network
Xiaoping Wang, Hao
Sun
    
    Beijing Hurray! Times
WVAS Solutions
Beijing Network
Xiaoping Wang, Hao Sun
    
    October 1, 2004Share Pledge Agreement
    
    Hurray! Times
Beijing Network
    
    Beijing Hurray! Times
Beijing Network
    
    October 1, 2004Share Pledge Agreement
    
    Hurray! Times
Xiaoping Wang
    
    Beijing Hurray! Times
    
    October 1, 2004Share Pledge Agreement
    
    Hurray! Times
Hao Sun
    
    Beijing Hurray! Times
Hao Sun
    
    October 1, 2004Letter of Commitment
    
    Hao Sun
    
    
    
    October 1, 2004Letter of Commitment
    
    Xiaoping Wang
    
    
    
    October 1, 2004Letter of Commitment
    
    Beijing Network
    
    
    
    October 1, 2004