<PAGE>
                                                                    Exhibit 4.15


                SECURITIES INFORMATION OPERATION LICENSE CONTRACT

                                                         Contract No: XQB06II028

Party A: Shanghai Stock Exchange Information Network Co., Ltd.
Address: 528 Pudong South Road, Shanghai

Party B: China Finance Online (Beijing) Co., Ltd.
Address: 6/F, Ping'an Mansion, 23 Financial Street, Xicheng District, Beijing


Whereas:

Party A is an agency authorized by Shanghai Stock Exchange ("SSE") to
exclusively and solely operate securities information of SSE; Party B is an
information operator who desires to use/operate securities information of SSE
for a fee.

Upon friendly negotiation, Party A and Party B agree upon Party A's grant to
Party B a license to operate securities information of SSE and enter into this
Contract with respect thereto.

SECTION 1. DEFINITION OF RELEVANT TERMS USED IN THIS CONTRACT

<TABLE>

<S>    <C>                            <C>
1.1    "SSE"                          means Shanghai Stock Exchange.

1.2    "SSE Securities Information"   means all securities information generated from Shanghai
                                      Securities Exchange, including, but not limited to, quotes,
                                      index information, statistical information and other
                                      market-related information.

1.3    "Shanghai Stock Exchange       means a certificate issued by Party A to Party B, whereby
       Securities Information         Party B is permitted to use SSE Securities Information
       Operation License"             within a specific scope and term and in a specific manner.
       ("License")

1.4    "User Access Terminal"         means the terminal equipment used by Party B to access SSE
                                      Securities Information as set forth besides the word
                                      "Purpose" in Appendix 1.

1.5    "Royalty"                      means, a license fee charged to Party B by Party A for
                                      Party B's use of information as permitted by Party A within
                                      the scope authorized by SSE.


1.6    "User Information Fee"         means an information usage fee charged to Party B by Party
                                      A based on Party B's use of SSE Securities Information.
</TABLE>


                                       1
<PAGE>

<TABLE>

<S>    <C>                            <C>
1.7    "End Users"                    means end users who access and use SSE Securities
                                      Information operated and transmitted by Party B as
                                      permitted by Party A.
</TABLE>



SECTION 2. ACCESS TO INFORMATION


2.1  Party A shall access SSE Securities Information in such a manner as
     confirmed in writing by Party A (as set forth in the appendixes).

2.2  Party B shall promptly contact Party A in case of any technical
     difficulties it may encounter in the course of information access. Party A
     shall use its best endeavors to solve such difficulties to offer Party B
     normal access to SSE Securities Information.

2.3  Party A shall have the right to change the way of transmission, provided
     that a one-month prior written notice shall be given to Party B.

2.4  If any of the following circumstances occurs, Party A shall have the right
     to revoke the License and cease the provision of SSE Securities Information
     to Party B. Party B shall be responsible to its users for issues arising
     therefrom while Party A will not be liable to Party B or its users
     therefor:

     A.   Party B is bankrupt or is applied for bankruptcy;

     B.   Party B is in violation of Section 3.5A, 3.5B or 3.5C or Section 5
          hereof, which causes irretrievable consequences or which is not
          rectified within ten business days after Party B receives a written
          notice from Party A requiring rectification of the same.

2.5  If the transmission and access relationship between the parties is
     terminated for whatsoever reasons, either of the parties shall return
     relevant equipment provided to it by the other in a complete and good
     state.


SECTION 3. USE AND DISSEMINATION OF INFORMATION

3.1  SSE's information product used by Party B under Party A's permission is a
     non-exclusive right of operation and use. Party A agrees that Party B may
     transmit the SSE Securities Information to Party B's End Users in such a
     manner and within such a scope as set forth besides the word "Purpose" in
     Appendix 1 hereof (Shanghai Stock Exchange Securities Information Operation
     License).

3.2  Party A will issue the License to Party B upon its acknowledgement of the
     payment of relevant fees by Party B in accordance with Section 4 hereof.

3.3  The contents of information service provided by Party A to Party B and the
     valid term of the License are set forth in Exhibit B (Information Service
     Order) attached to Appendix 1 hereof.

3.4  During the valid term of the License, Party A shall provide Party B with
     services upon its receipt of a service fee from Party B and Party B's term
     of service is only limited to the period for which Party B has prepaid a
     service fee.

                                       2
<PAGE>

3.5  Party B shall be subject to the following provisions:

     A.   To ensure its use/operation of SSE Securities Information within such
          valid term as set forth in Appendix 1 (Shanghai Stock Exchange
          Securities Information Operation License) and within such scope, in
          such manner and by such access terminal as set forth besides the word
          "Purpose" in Appendix 1 hereof.

     B.   Not to transmit all or part of SSE Securities Information to any
          entity and individual, at any place or for any purpose other than that
          set forth in the License without Party A's consent.

     C.   Not to transmit all or part of SSE Securities Information for any
          illegal purpose or provide SSE Securities Information to a third party
          for illegal purpose.

     D.   To completely, accurately and promptly transmit SSE Securities
          Information and to take immediate remedial measures and promptly give
          Party A oral and written notices in case of any omission, error or
          delay.

     E.   To be responsible for issues arising from Party A's suspended
          transmission of SSE Securities Information to Party B for whatsoever
          reasons and make explanation to users.

3.6  During the valid term of the License, Party B shall at its own expense
     provide and install one set of user's terminal for Party A to regularly
     access its SSE Securities Information.

SECTION 4. FEES

Party B agrees to pay Party A relevant fees in accordance with Exhibit A
(Payment of Fees) attached to Appendix 1 hereof, including, but not limited to,
Royalty, User Information Fee, information transmission fee and software use
fee.

SECTION 5. INTELLECTUAL PROPERTY RIGHT OF SECURITIES INFORMATION AND ITS
           PROTECTION

5.1  All rights in and to SSE Securities Information defined in this Contract
     and the License shall be owned by SSE; subject to SSE's exclusive and sole
     permission, any institution or individual may not permanently store or use
     (including, but not limited to reproduce, disseminate, compile, transfer or
     permit others to use or develop derivative products from) SSE Securities
     Information without Party A's written consent.

5.2  Party B shall indicate in the displaying interface of its users' access
     terminal the name, number and valid term of the License issued to it.

5.3  Party B may declare its obtaining of the License, provided that, in its
     advertisement and publication, it shall:

     A.   indicate the number, valid term and permitted scope with respect to
          the SSE Securities Information Operation License issued to it.

                                       3
<PAGE>

     B.   not use the name or logo (character, pattern or symbol) of SSE or
          Party A without Party A's written consent.

     C.   not continue to allege SSE or Party A as its sources of information or
          continue to indicate its original information operation license number
          in its users' interface if the term of the License expires without
          renewal.

5.4  Party B agrees to accept Party A's supervision and management of relevant
     business and cooperate with Party A therefor:

     A.   Party B shall regularly submit to Party A a Self-examination Report on
          Use of SSE Securities Information in accordance with Appendix 2 hereof
          (Agreement on Supervision and Management of Information Use) and
          ensure the truthfulness, completeness and accuracy of data submitted.

     B.   Party B shall property keep its original information about users and
          fees charged for three years and ensure the completeness and accuracy
          of such information.

     C.   Party B shall accept regular or irregular examination from Party A or
          a third party appointed by Party A on its service revenue, users'
          management system and others with respect to the operation of SSE
          Securities Information business.

5.5  Party B shall set forth the following issues in its contract with end
     customers:

     A.   Customers shall access and use SSE Securities Information as End Users
          and ensure not to transmit all or part of SSE Securities Information
          to other institution or individual.

     B.   Party B shall transmit SSE Securities Information to customers only at
          such service time as within the term permitted by Party A.

5.6  Party B undertakes that:

     A.   all of its users are End Users, except as specifically permitted by
          Party A in writing.

     B.   it shall be responsible for supervising over its users that no SSE
          Securities Information is further disseminated without permission.

     C.   it shall promptly give Party A oral and written notices if it
          discovers any infringement of the rights and interests in and to SSE
          Securities Information by its users and is obligated to promptly
          provide address and other basic information about such user of which
          it is aware.

     D.   Party B shall be responsible for assisting Party A in dealing with any
          of its users' act which is an infringement of the rights and interests
          in and to SSE Securities Information, including, but not limited to,
          to cooperate with Party A in investigation such infringement upon
          receipt of a written notice from Party A, to cease to provide such
          user with SSE Securities Information, to issue to Party A a written
          report as to how the user is dealt with, to cooperate with


                                       4
<PAGE>

          Party A in claiming economic losses against such user arising from
          such infringement.

SECTION 6. DISCLAIMER

6.1  Party B agrees that neither SSE nor Party A will be liable for any
     consequences resulting from abnormal information or abnormal information
     transmission caused by whatsoever reasons.

6.2  Party B undertakes that it will at all times avoid and eliminate adverse
     effect which may bring to SSE and Party A as a result of any omission,
     inaccuracy, loss, delay or suspension of SSE Securities Information and
     hold SSE and Party A harmless from economic or reputation losses and it
     will not, by virtue of this Contract, claim against SSE or Party A due to
     the above reasons.

SECTION 7. LIABILITY FOR BREACH OF CONTRACT

7.1  Party A shall have the right to terminate this Contract and Party B shall
     be solely liable for all consequences arising therefrom if Party B is in
     breach of this Contract and has not rectified the same within a period set
     forth in a written rectification notice of Party A.

7.2  If Party B is in violation of Section 3.5(A), 3.5(B) or 3.5(C) hereof, it
     agrees to transfer all proceeds from such violation and pay liquidated
     damages (equal to twice the sum of Royalty and usage fee specified in
     Exhibit A attached to Appendix 1 hereof) to Party A, promptly take
     effective measures and cease the continuance of such violation.

7.3  If Party B is overdue in paying relevant fees to Party A, it shall pay
     liquidated damages to Party A at a rate of [******](1). If relevant fees
     are still unpaid after Party A's reminder or the grace period, Party A
     shall have the right to terminate this Contract and Party B shall pay
     liquidated damages equal to [******](1) and compensate Party A against
     economic losses arising therefrom.

7.4  If Party B is in violation of Section 5 hereof, it shall compensate Party A
     for economic losses and pay liquidated damages equal to [******](1).



SECTION 8. VALIDITY, AMENDMENT AND TERMINATION OF CONTRACT

8.1  This Contract shall take effect after it is signed and stamped seals by the
     legal representatives or their authorized representatives of the parties
     and continue to be valid until December 31, 2006.

8.2  Any provision of this Contract may be amended only if it is agreed in
     writing by each of the parties. Any written document acknowledging relevant
     amendment shall be an integral part of this Contract. In case of a material
     amendment, a new License shall be issued.

----------


1 Confidential treatment requested pursuant to Securities and Exchange
Commission Rule 406, 17 CFR ss. 230.406, and the Securities and Exchange
Commission's rules and regulations promulgated under the Freedom of Information
Act, with particular emphasis on 17 CFR ss. 200.80(b)(4)(2000).





                                       5
<PAGE>

8.3  Upon the expiration of the License attached hereto as Appendix 1, Exhibit
     A, B and C attached to Appendix 1 shall also be terminated. Party B may
     apply to Party A in writing for renewal or re-issuance of the License 30
     business days before the expiration of the valid term of the License. Upon
     Party A's approval of the application, the parties may renew Exhibit A, B
     and C attached to Appendix 1 of this Contract.

     Upon the renewal of the said exhibits and Party B's making payment as
     required thereunder, Party A will issue a new License to Party B. If Party
     B does not make payment in a timely manner, Party A may grant a three-month
     grace period to Party B and continue the provision of information service
     for three months. If Party B still fails to make payment during such grace
     period, Party A shall have the right to suspend the information service and
     terminate this Contract and Party B shall be liable for its breach of this
     Contract in accordance with Section 7.3 hereof.

8.4  If Party B has not applied for renewal or re-issuance of the License after
     the License expires, this Contract shall be terminated and Party B shall no
     longer use or operate SSE Securities Information.

8.5  Upon the expiration of this Contract and if none of the parties has any
     objection thereto, this Contract shall be automatically renewed from the
     date following the date of expiry upon same terms and for same time frame
     as herein and no contract shall be otherwise entered into between the
     parties.

8.6  Either of the parties shall give the other a written notice one month prior
     to the expiration of the valid term of this Contract or any renewal thereof
     if it does not intend to renew this Contract when it expires and this
     Contract shall be terminated upon the date of expiration.

8.7  Upon the termination of this Contract, all fees due hereunder shall be paid
     by Party B to Party A on the tenth business day before the due date. If
     such fees are not paid when due, Party B shall be liable for its breach of
     this Contract in accordance with Section 7.3 hereof.

8.8  Sections 5, 6 and 7 hereof shall survive the invalidity of other provisions
     of this Contract or the termination of this Contract.

SECTION 9. SETTLEMENT OF DISPUTE

Any dispute arising from the performance of this Contract or in connection with
this Contract shall be settled through friendly negotiation between the parties.
If no settlement could be reached, either of the parties may bring a lawsuit to
the People's Court at the domicile of Party A.

SECTION 10. APPENDIXES

Appendixes and exhibits attached hereto shall have the equal legal effect as
this Contract and include the following documents and others entered into during
the performance of this Contract.

Appendix 1 Shanghai Stock Exchange Securities Information Operation License;



                                       6
<PAGE>

           Exhibit A      Payment of Fees

           Exhibit B      Information Service Order

           Exhibit C      Information Transmission Service Order

Appendix 2 Agreement on Supervision and Management of Information Use


SECTION 11. MISCELLANEOUS

11.1 This Contract shall be governed by the laws and regulations of the People's
     Republic of China (excluding Hong Kong, Macao and Taiwan), department
     regulations of China Securities Regulatory Commission and operational rules
     of SSE. In case of any amendment to relevant regulations, relevant
     provisions of this Contract shall be amended accordingly and
     unconditionally.

11.2 Notices or documents given by the parties may be sent by personal delivery,
     mail or other method to such office address as set forth herein. In case of
     any change in address, the parties shall issue a prior written notice.

11.3 In case of the following circumstances, notices or documents will be deemed
     to be delivered to the other:

     A.   if given by personal delivery, the date of receipt as acknowledged in
          the return of service shall be deemed as the date of delivery;

     B.   if given by mail, the date indicated on the receipt of mail shall be
          deemed as the date of delivery.


11.4 Contact Method

     A.   Party A:

          Office Address:   12/F, South Tower, 528 Pudong South Road
                            Shanghai 200120

          Tel: 021-68800098 transfer to Market Department

          E-mail: infobiz@sse.com.cn         Fax: 021-68819726

     B.   Party B: China Finance Online (Beijing) Co., Ltd.

          Address:   6/F, Ping'an Mansion, 23 Jinrong Street, Xicheng District
                     Beijing 100032

          Contact Person: Ma Linghai         Tel: 010-66214728-160

          E-mail: mlh@email.jrj.com.cn       Fax: 010-66210640

11.5 After this Contract takes effect, it shall supersede all previous agreement
     between the parties, including, but not limited to any written or oral
     agreement, contract, negotiation, representation, plan or appendix.


                                       7
<PAGE>

11.6 This Contract shall be made in four copies with the equal validity and
     legal effect and each party shall hold two of them.



<TABLE>

<S>                                                 <C>
Party A: Shanghai Stock Exchange Information        Party B: China Finance Online (Beijing) Co., Ltd.
Network Co., Ltd.

(Seal)  /s/ [COMPANY SEAL]                          (Seal)  /s/ [COMPANY SEAL]

Signed by Authorized Representative:                Signed by Authorized Representative:

/s/ Wong Wei                                        /s/ Wang Linghai
-----------------------------                       ------------------------------
Date of Execution:                                  Date of Execution:
</TABLE>



                                       8
<PAGE>

Appendix 1:

        SHANGHAI STOCK EXCHANGE SECURITIES INFORMATION OPERATION LICENSE


                                Operation License No.: Shang Zheng Xin Xu 061028
                                                        Contract No.: XQB0611028


Entity:   China Finance Online (Beijing) Co., Ltd.
Address:  6/F, Ping'an Mansion, 23 Jinrong Street, Xicheng District, Beijing
Legal Representative:

Information Licensed to Operate:

1.   Shanghai Stock Exchange Real-Time Quotes
2.   Shanghai Stock Exchange Information Network Co., Ltd. Public Announcement
     Summary Information of Public Companies

Purpose: Transmit to terminal users via internet

Valid Term: April 1, 2006 to December 31, 2006

Date of Issuance: March 2006



                                          By:      Shanghai Stock Exchange
                                                   Information Network Co., Ltd.


Exhibits:
A. Payment of Fees
B. Information Service Order
C. Information Transmission Service Order



                                       9
<PAGE>




A.

                                 PAYMENT OF FEES

1.   Pursuant to Exhibit B and Exhibit C, fees payable by Party B are as
     follows:

1.1  Royalty: [******](1)

1.2  Usage fee: [******](1)

1.3  Information transmission fee: [******](1)

1.4  Software usage fee: [******](1)

Total (in words Renminbi): [******](1)


2.   Method of Payment:

2.1  Within five business days from the date hereof, Party B shall remit the
     above fees to the bank and account designated by Party A:

2.2  Bank and account designated by Party A:

     Bank: China Merchants Bank, Shanghai Branch
     Name: Shanghai Stock Exchange Information Network Co., Ltd.
     Account No.: 096945-65808018001



<TABLE>

<S>                                                 <C>
Party A: Shanghai Stock Exchange Information        Party B: China Finance Online (Beijing) Co., Ltd.
Network Co., Ltd.

(Signature or Seal)                                 (Signature or Seal)

/s/ [COMPANY SEAL]                                  /s/ [COMPANY SEAL]

Date of Execution:                                  Date of Execution:
</TABLE>



                                       10
<PAGE>



 Shanghai Stock Exchange Information Network Co., Ltd. Information Service Order

                                                        Contract No.: XQB0611028
                                                        Customer No.:


Valid Term: April 1, 2006 to December 31, 2006


<TABLE>
<CAPTION>

    Product/
Service Type                Product/Service Name             Valid Term of License      Quote      Final Price
----------------     -------------------------------------   ---------------------      -----      -----------

<S>                  <C>                                       <C>                      <C>        <C>
   Information       Shanghai Stock Exchange Real-Time         April 1, 2006 to                    [******](1)
     Product                  Quotes (Royalty)                 December 31, 2006

                     Shanghai Stock Exchange Information       April 1, 2006 to
                     Network Co., Ltd. Public Announcement     December 31, 2006                   [******](1)
                     Summary of Public Companies

Total: [******](1)


Notes:

</TABLE>



<TABLE>

<S>                                                 <C>
Party A: Shanghai Stock Exchange Information        Party B: China Finance Online (Beijing) Co., Ltd.
Network Co., Ltd.

(Signature or Seal)                                 (Signature or Seal)

/s/ [COMPANY SEAL]                                  /s/ [COMPANY SEAL]

Date of Execution:                                  Date of Execution:
</TABLE>



                                       11
<PAGE>




 Shanghai Stock Exchange Information Network Co., Ltd. Information Service Order

                                                        Contract No.: XQB051S028
                                                        Customer No.:

Valid Term: April 1, 2006 to December 31, 2006

<TABLE>
<CAPTION>

   Product/                                      Valid Term of
 Service Type       Product/Service Name            License          Quantity        Quote        Final Price
---------------- ---------------------------- --------------------- ------------ -------------- ---------------

<S>              <C>                           <C>                    <C>          <C>             <C>
   Satellite        Commercial Satellite        April 1, 2006 to      One Set      [******](1)    [******](1)
    System        Access System (charged on    December 31, 2006
                      behalf of others)

 Ground System       INTERNET Transmission      April 1, 2006 to      One Set      [******](1)    [******](1)
                           Service             December 31, 2006


   Relevant            Commercial Version       April 1, 2006 to      One Set      [******](1)    [******](1)
   Software        Securities Information      December 31, 2006
                      System Satellite
                        Transmission

                       Commercial Version
                   Securities Information
                       System Internet
                        Transmission

  Total (Renminbi): [******](1)

  Notes: None

</TABLE>


<TABLE>

<S>                                                 <C>
Party A: Shanghai Stock Exchange Information        Party B: China Finance Online (Beijing) Co., Ltd.
Network Co., Ltd.

(Signature or Seal)                                 (Signature or Seal)

/s/ [COMPANY SEAL]                                  /s/ [COMPANY SEAL]

Date of Execution:                                  Date of Execution:
</TABLE>



                                       12
<PAGE>



Appendix 2:

           AGREEMENT ON SUPERVISION AND MANAGEMENT OF INFORMATION USE


1.   Party B shall submit the Self-examination Report on Use of Securities
     Information on the 10th of the last month of every quarter or the
     immediately following business day if it is not a business day.

2.   The Self-examination Report on Use of Securities Information shall be
     submitted in writing and signed and affixed seal by Party B, together with
     the electronic data specified as below:

2.1  Written Form Sample and Requirements:

        Self-examination Report on Use of Securities Information (Sample)


<TABLE>
<CAPTION>
 Name of User   Type of User     Service       Service     Information    Method of      Contact     Contract Tel
                              Starting Date  Ending Date     Product     Information     Address
                                                                             Use
--------------- ------------- -------------- ------------- ------------- ------------- ------------- -------------
<S>             <C>           <C>            <C>           <C>           <C>           <C>           <C>

--------------- ------------- -------------- ------------- ------------- ------------- ------------- -------------

--------------- ------------- -------------- ------------- ------------- ------------- ------------- -------------

--------------- ------------- -------------- ------------- ------------- ------------- ------------- -------------


--------------- ------------- -------------- ------------- ------------- ------------- ------------- -------------
</TABLE>




y: ________    Date: ________    Seal: ________

Notes:

1.   Name of User: registered name submitted to Party B by users (in case of a
natural person, his/her real name and ID card no. as showed in his/her ID card;
in case of an entity, its registered name shown in its business license);

2.   Type of User: Individual or Institution

3.   Service Starting Date and Service Ending Date: the starting date and ending
date during which Party B provides service to users;

4.   Information Product: name of Party A's information product received by
users from Party B;

5.   Method of Information Use: Users may access Party B's information via
website, internet or cable TV network data transmission, pager, mobile phone
message, etc.

6.   Contract address: the physical address of users to receive services; if the
user is a natural person using pager or mobile phone message, his/her habitual
residence;

7.   Contact tel.: if the user is a natural person, his/her home (company) phone
or mobile phone no.; if the user is an entity, the home (company) phone or
mobile phone no. of the person in charge of the project.

2.2  Technical Requirements on Electronic Data:

                                       13
<PAGE>

o    Document Name: reportYYMMDDaaaaaa.txt ("YYMMDD" means the date of
     submission; "aaaaaa" means number of records, unit of number of users: hu);
     no blank left, "0" for absence of numerical value; "||" to separate data.

o    Field:


<TABLE>
<CAPTION>
Field Location                       Data Meaning                       Data Length
--------------                       ------------                       -----------
<S>                                  <C>                                <C>
1                                    Name of User                       10 digit
------------------------------------ ---------------------------------- ---------------------------------
2                                    Type of User                       8 digit
------------------------------------ ---------------------------------- ---------------------------------
3                                    Service Starting Date              8 digit
------------------------------------ ---------------------------------- ---------------------------------
4                                    Service Ending Date                8 digit
------------------------------------ ---------------------------------- ---------------------------------
5                                    Information Product                20 digit
------------------------------------ ---------------------------------- ---------------------------------
6                                    Method of Information Use          20 digit
------------------------------------ ---------------------------------- ---------------------------------
7                                    Contact Address                    50 digit
------------------------------------ ---------------------------------- ---------------------------------
8                                    Contract Telephone                 15 digit
------------------------------------ ---------------------------------- ---------------------------------
</TABLE>


Notes: Party A agrees that Party B is not required to regularly submit customer
information as aforesaid on an interim basis.



<TABLE>
<S>                                                 <C>
Party A: Shanghai Stock Exchange Information        Party B: China Finance Online (Beijing) Co., Ltd.
Network Co., Ltd.

(Signature or Seal)                                 (Signature or Seal)

/s/ [COMPANY SEAL]                                  /s/ [COMPANY SEAL]

Date of Execution:                                  Date of Execution:
</TABLE>

                                       14