<PAGE>

                                                                     Exhibit 4.7

                                                             FRAMEWORK AGREEMENT

                     [Translated from the Chinese original]

                FRAMEWORK AGREEMENT ON EXERCISING PURCHASE OPTION

The framework agreement is entered into as of the date of November 20, 2006 in
Beijing by and among the following parties:

PARTY A: CHINA FINANCE ONLINE CO., LTD.

REGISTERED ADDRESS: UNIT C, 8/F, EAST WING, SINCERE INSURANCE BUILDING 4-6,
HENNESSY ROAD, HONG KONG SAR, CHINA

PARTY B: NING JUN

ADDRESS: NO. 655-43 JIEFANG ROAD, DALIAN, LIAONING PROVINCE, CHINA

ID NO.: __________________

PARTY C: CHEN WU

ADDRESS: ROOM 616, TOWER A, COFCO PLAZA, 8 JIANGUOMENNEI DAJIE, BEIJING, CHINA

ID NO: __________________

PARTY D: ZHAO ZHIWEI

ADDRESS: FLOOR 9, TOWER C, CORPORATE SQUARE, NO. 35 FINANCIAL STREET, XICHENG
DISTRICT, BEIJING, CHINA

ID NO. : __________________

PARTY E: BEIJING FUHUA INNOVATION TECHNOLOGY DEVELOPMENT CO., LTD.

REGISTER ADDRESS: ROOM 615, PING'AN MANSION, NO. 23 FINANCIAL STREET, XICHENG
DISTRICT, BEIJING, CHINA
POSTAL CODE: 100032

PARTY F: CHINA FINANCE ONLINE (BEIJING) CO., LTD.

REGISTERED ADDRESS: ROOM 610B, PING'AN MANSION, NO. 23 FINANCIAL STREET, XICHENG
DISTRICT, BEIJING, CHINA
POSTAL CODE: 100032

WHEREAS:

1.   Party B and Party C are current shareholders of Party E which have made
     registrations at the Administration of Industry and Commerce authorities,
     and each


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                                                             FRAMEWORK AGREEMENT

     holding 45% and 55% shares in Party E respectively;

2.   Party A is a limited liability company duly organized and validly existing
     under the laws of Hong Kong Special Administration Region of the People's
     Republic of China, and through its wholly owned enterprise in China - Party
     F to provide technical support, strategic consultation and other relevant
     services to Party E;

3.   To finance the investment by Party B and Party C in Party D, Party A has
     entered into Loan Agreements with Party B and Party C respectively on May
     27, 2004, providing Party B and Party C with loans of RMB 1,350,000 and RMB
     1,650,000, respectively. Pursuant to the Loan Agreement, Party B and Party
     C has invested the full amount of the loans in Party D's registered
     capital;

4.   As the consideration for the loans provided by Party A to Party B and Party
     C, Party B and Party C entered into a Purchase Option and Cooperation
     Agreement ("Purchase Option Agreement") with Party A, Party E and Party F
     on May 27, 2004, granting Party A the exclusive option to purchase all or
     part of shares/assets in Party E holding by both parties or either party of
     Party B and Party C at any time, in accordance with China laws;

5.   For making securities of the payment obligations of Party E under numerous
     agreements executed between Party E and Party F, Party B and Party C
     entered into a Share Pledge Agreement ("Pledge Agreement") with Party F on
     May 27, 2004, pledging their respective shares in Party E to Party F;

6.   Party A is intended to exercise the purchase option to purchase entire
     shares in Party E holding by Party B in accordance with the Purchase Option
     Agreement, and designates Party D as the subject to exercise the aforesaid
     purchase option.

THEREFORE, in accordance with the principle of sincere cooperation, mutual
benefit and joint development, through friendly negotiation, the Parties hereby
enter into the following agreements:

1.   EXERCISE OF THE PURCHASE OPTION

     1.1. Party A hereby authorizes Party D in accordance with the purchase
          option granted to Party A under Article 2.1 of the Purchase Option
          Agreement, and Party D agrees to accept the aforesaid authorization,
          on behalf of Party A, to purchase entire shares in Party E holding by
          Party B in accordance with the conditions stipulated in the Purchase
          Option Agreement.

     1.2. In accordance with Article 4 under the Purchase Option Agreement, the
          purchase price of entire shares in Party E holding by Party B,
          purchased by Party D in accordance with Party A's authorization, shall
          be the sum of the loan principal lent by Party A to Party B, which is
          equivalent to RMB 1,350,000. ("Purchase Price").

2.   SHARE TRANSFER

     2.1. Party B shall enter into a Share Transfer Agreement with Party D, in
          accordance


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                                                             FRAMEWORK AGREEMENT

          with the content and form of Appendix II hereto, within thirty (30)
          days after receiving exercise notice from Party A ("Appendix I"), in
          accordance with Article 2.3 of the Purchase Option Agreement, and
          other documents required to make change registrations at industrial
          and commerce authorities.

     2.2. Party C hereby agrees to waive its shareholder's first right of
          refusal for the shares in Party E holding by Party B, which is enjoyed
          by Party C in accordance with articles of association of Party E or
          relevant laws and regulations.

3.   LOAN ARRANGEMENTS

     3.1. The purchase price of entire shares in Party E holding by Party B,
          purchased by Party D shall be contributed in full amount by Party A.
          However, Party D shall enter into a loan agreement with Party A to the
          satisfaction of Party A, in accordance with the content and form of
          Appendix III hereto.

     3.2. Party D agrees and irrevocably instructs Party A to pay the aforesaid
          loan provided to Party D, which used to purchase Party B's shares,
          directly to Party B, in accordance with the conditions and terms
          stated in the frame agreement.

     3.3. Party B agrees to contribute its entire income obtained from selling
          the shares in Party E in accordance with the agreement, to perform its
          repayment obligations to Party A under the Loan Agreement. The Loan
          Agreement between Party B and Party A will be terminated when Party B
          pay off all the loans in accordance with Article 4.2 hereof.

4.   PAYMENT AND OBLIGATION SET-OFF

     4.1. In accordance with article 3.2 hereof, the parties agree the purchase
          price shall be paid by Party A to Party B directly, at the day of
          share change registration procedures at industrial and commerce
          authorities are completed, concerning entire shares in Party E holding
          by Party B, purchased by Party D ("registration day"). Whereas Party B
          shall pay off all the loans when Party A exercises the purchase
          option, in accordance with article 1.1 of Loan Agreement, Party A and
          Party B agree the aforesaid payment made by Party A to Party B will
          then be set off by the loan principal which shall be paid by Party B
          to Party A under the Loan Agreement. As the aforesaid set-off is
          completed, Party A is not required to make any other payments to Party
          B for the purpose of paying for the purchase price, and Party B is not
          required to make any other payments to Party A for the purpose of
          repaying the loan.

     4.2. Notwithstanding the foregoing agreement, when the set-off is
          completed, Party B shall issue a receipt to Party D for all purchase
          price it received ("Party B's receipt", as Appendix IV hereto), and
          shall expressly acknowledge Party D's payment obligation under the
          Share Transfer Agreement has been carried out. Party A shall issue
          immediately a receipt to Party B for entire loan principal it received
          ("Party A's receipt", as Appendix V hereto) after Party B have issued
          the aforesaid party B's receipt, and shall expressly acknowledge Party
          B's payment obligation under the Loan Agreement has been carried out.

5.   CHANGE OF PURCHASE OPTION AGREEMENT

     5.1. The parties agree that, as one prerequisite to Party A's contribution
          of purchase price to Paty D, Party D shall enter into a new purchase
          option and cooperation


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                                                             FRAMEWORK AGREEMENT

          agreement with Party A, Party C, Party E and Party F, in accordance
          with the content and form stipulated in Appendix VI hereto, at the
          date of the execution of the Share Transfer Agreement.

     5.2. Except as otherwise stated or agreed by the parties, all obligations
          of Party B under the original Purchase Option Agreement will be
          terminated at the registration day.

6.   CHANGE OF PLEDGE AGREEMENT

     6.1. The parties agree that, as one prerequisite to Party A's contribution
          of purchase price to Paty D, Party D shall enter into a new pledge
          agreement with Party C, Party F and Party A, in accordance with the
          content and form stipulated in Appendix VII hereto, at the date of the
          execution of the Share Transfer Agreement.

     6.2. The original Pledge Agreement will be terminated at registration day.
          Except as otherwise stated or agreed by the parties, all obligations
          of Party B under the original Pledge Agreement will be terminated at
          the registration day.

7.   CONFIDENTIALITY

     Without prior approval of the parties, any party shall keep confidential
the content of the agreement, and shall not disclose to any other person the
content of the agreement or make any public disclosure of the content hereof.
However, the article does not make any restrictions on (i) any disclosure made
in accordance with relevant laws or regulations of any stock exchange market;
(ii) any disclosed information which may be obtained through public channels,
and is not caused so by the defaulting of the disclosing party; (iii) any
disclosure to shareholders, legal consultants, accountants, financial
consultants and other professional consultants of any parties; or (iv)
disclosure made to one party's potential buyer of shares/assets, other
investors, debt or share financing providers, and the receiving party shall make
proper confidentiality undertakings (in the event that the transfer party is not
Party A, the approval from Party A shall be obtained as well).

8.   NOTIFICATION

     8.1. Any notice, request, requirement and other correspondences required by
          the agreement or made in accordance with the agreement, shall be made
          in written form and sent to the addresses of the parties first above
          written herein.

     8.2. Notices hereunder shall be sent to the other party's address and/or
          number, by ways of personal delivery, prepaid registered airmail,
          acknowledged carrier or fax. Such notices shall be deemed to have been
          effectively given on the following dates: (1) notices delivered by
          person shall be deemed to have been effectively served on the date of
          personal delivery; (2) notices sent by prepaid registered airmail
          shall be deemed to have been effectively served on the seventh day
          after the day they were delivered for mailing (as indicated by the
          postmark); (3) notices sent by courier service shall be deemed to have
          been effectively served on the third day after they were delivered to
          an acknowledged courier; (4) notices sent by facsimile shall be deemed
          to have been effectively served on the first working day after being
          transmitted.


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                                                             FRAMEWORK AGREEMENT

9.   DISPUTE RESOLUTION

     9.1. Any dispute arises from the interpretation or performance of terms
          hereof by the parties, shall be settled through friendly consultation.
          If the parties fail to make an written agreement after consultation,
          the dispute shall be submitted for arbitration in accordance with the
          agreement. The arbitration shall be final and exclusive. Unless
          otherwise expressly stipulated herein, any party waives expressly its
          right to submit a dispute to court for a legal action, and the waiver
          is irrevocable.

     9.2. The arbitration shall be submitted to China International Economic and
          Trade Arbitration Committee ("Arbitration Committee") to be arbitrated
          in accordance with then-in-force arbitration rules. The place of
          arbitration shall be Beijing. Unless otherwise stipulated in the
          arbitration award, the arbitration fee (including reasonable attorney
          fees and expenses) shall be borne by the losing party.

10.  SUPPLEMENTARY PROVISIONS

     10.1. The failure or delay of any party hereof to exercise any right
          hereunder shall not be deemed as a waiver thereof, nor any single or
          partial exercise of any right preclude further exercise thereof in
          future by the party.

     10.2. The headings of articles herein are provided for the purpose of
          index. Such headings shall in no event be used or affected
          interpretations of the terms herein.

     10.3. The conclusion, effectiveness, interpretation of the agreement and
          the settlement of disputes in connection therewith, shall be governed
          by laws of Hong Kong Special Administration Region of the People's
          Republic of China.

     10.4. Each party hereunder concludes the agreement with legal purpose. Each
          term hereof is severable and independent from the others. If at any
          time one or more of such terms is or becomes invalid, illegal or
          unenforceable, the validity, legality and enforceability of the
          remaining terms hereof shall not in any way be affected thereby; and
          the parties shall make every endeavor to negotiate and arrive at new
          terms to substitute the invalid, illegal and unenforceable terms, and
          preserve as near as possible business purposes of the original terms.

     10.5. Upon the effectiveness of the agreement, the parties shall fully
          perform the agreement. Any modifications of the agreement shall only
          be effective in written form, through consultations of the parties,
          and obtained necessary authorization and approval by Party A, Party E
          and Party F respectively (including Party A shall obtain approval from
          its board's auditing committee conforming to Sarbanes-Oxley Act and
          NASDAQ rules or other independent organizations).

     10.6. Matters not covered in the agreement shall be dealt with in a
          supplementary agreement, and annexed hereto. The supplementary
          agreement shall have the same legal force as the agreement.


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                                                             FRAMEWORK AGREEMENT

     10.7. The agreement is executed in six original copies, and are equally
          authentic. Each party hereto shall hold one copy.

     10.8. The agreement shall be effective upon execution.

(The reminder of this page is intentionally left blank.)


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                                                             FRAMEWORK AGREEMENT

[Signature page, no body text]

THE FRAME AGREEMENT IS EXECUTED BY THE FOLLOWING PARTIES:

PARTY A: CHINA FINANCE ONLINE CO., LTD.


SEAL: /S/ COMPANY SEAL
      -------------------------------
AUTHORIZED REPRESENTATIVE
(SIGNATURE):


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


PARTY B: NING JUN


(SIGNATURE): /S/ JUN NING
             ------------------------


PARTY C: CHEN WU


(SIGNATURE): /S/ WU CHEN
             ------------------------


PARTY D: ZHAO ZHIWEI


(SIGNATURE): /S/ ZHIWEI ZHAO
             ------------------------


PARTY E: BEIJING FUHUA INNOVATION
TECHNOLOGY DEVELOPMENT CO., LTD.


SEAL: /S/ COMPANY SEAL
      -------------------------------
AUTHORIZED REPRESENTATIVE
(SIGNATURE):


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


PARTY F: CHINA FINANCE ONLINE
(BEIJING) CO., LTD.


SEAL: /S/ COMPANY SEAL
      -------------------------------
AUTHORIZED REPRESENTATIVE
(SIGNATURE):


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


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