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                                                                     Exhibit 4.9

                                 LOAN AGREEMENT

     The Loan Agreement (the "Agreement") is entered into as of November 20,
2006 between the following two parties:

     (1)  CHINA FINANCE ONLINE CO., LTD. (the "Lender"), a limited liability
          company established and registered in Hong Kong, SAR.

          REGISTERED ADDRESS: Unit C, 8/F, East Wing, Sincere Insurance Building
          4-6, Hennessy Road, Hong Kong, SAR.

     (2)  ZHAO ZHIWEI (the "Borrower")
          PRC ID NUMBER: _____________
          ADDRESS: 9th Floor of Tower C, Corporate Square, 35 Financial Street,
                   Xicheng District, Beijing 100032, P.R.China

     Lender and Borrower will each be referred to as a "Party" and collectively
referred to as the "Parties."

     WHEREAS, Borrower is to acquire from an existing shareholder (Mr. Ning Jun)
45% of the equity ("Fuhua Equity") of Fuhua Innovation Technology Development
Co., Ltd. ("Fuhua"), a limited liability company established and registered in
the People's Republic of China (the "PRC") corresponding to the registered
capital contribution of RMB 1,350,000.

     WHEREAS, Borrower wishes to borrow a loan from Lender to finance his
investment in Fuhua and Lender agrees to provide such loan to Borrower.

     NOW THEREFORE, the Parties agree as follows:

1.   LOAN

1.1  Lender agrees to provide a loan to Borrower with the principal amount equal
     to the US Dollar equivalent of RMB 1,350,000 in accordance with the terms
     and conditions set forth herein (the "Loan"). Term for such loan shall be
     ten (10) years which may be extended upon the agreement of the Parties (the
     "Term"). Notwithstanding the foregoing, in the following circumstances,
     Borrower shall repay the Loan regardless if the Term has expired:

     (1)  Borrower deceases or becomes a person without legal capacity or with
          limited legal capacity;

     (2)  Borrower commits a crime or is involved in a criminal act; or

     (3)  Lender or its designated assignee can legally purchase Borrower's
          interest in Fuhua under the PRC law and Lender chooses to do so.

1.2  Borrower hereby irrevocably instructs Lender to remit the amount of the
     Loan direct to Ning Jun as Borrower's payment of the purchase price of the
     equity.

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1.3  The Loan shall only be used by Borrower to acquire the equity of Fuhua.
     Without Lender's prior written consent, Borrower shall not use the Loan for
     any other purpose or transfer or pledge his interest in Fuhua to any third
     party.

1.4  Borrower can only repay the Loan by transferring all of his interest in
     Fuhua to Lender or a third party designated by Lender when such transfer is
     permitted under the PRC law.

1.5  In the event Borrower transfers his interest to any third party other than
     Lender, Borrower shall pay the full amount of the proceeds it receives from
     such transfer to Lender regardless if the amount of such proceeds exceeds
     the amount of the Loan.

1.6  Lender and Borrower hereby jointly agree and confirm that Lender has the
     right to, but has no obligation to, purchase or designate a third party
     (legal person or natural person) to purchase all or part of Borrower's
     interest in Fuhua at a price equal to the amount of the Loan when such
     purchase is allowed under the PRC law. If Lender or the third party
     assignee designated by Lender only purchases part of Borrower's interest in
     Fuhua, the purchase price shall be reduced on a pro rata basis.

1.7  In the event when Borrower transfers his interest in Fuhua to Lender or a
     third party transferee designated by Lender, (i) if the actual transfer
     price paid by Lender or the third party transferee equals or is less than
     the principal amount of the Loan, the Loan shall be deemed as interest
     free; or (ii) if the actual transfer price paid by Lender or the third
     party transferee is higher than the principal amount of the Loan, the
     amount exceeding the principal amount of the Loan shall be deemed as an
     interest accrued on the Loan and paid by Borrower to Lender in full.

2.   CONDITIONS PRECEDENT TO DISBURSEMENT

     The following conditions must be satisfied before the Loan is disbursed to
     Borrower:

2.1  The representation and warranties under Section 3 remain true and correct
     on the day when the disbursement notice is delivered to Lender and on the
     date the Loan is disbursed to Borrower as if such representations and
     warranties are made as of such dates.

2.2  Borrower has not materially breached any terms or conditions hereof.

3.   REPRESENTATION AND WARRANTIES

3.1  Lender hereby represents and warrants to Borrower that:

     (a)  Lender is a company registered and validly existing under the laws of
          Hong Kong, SAR;

     (b)  subject to its Memorandum and Articles of Association and other
          organizational documents, Lender has full right, power and all
          necessary approvals and authorizations to execute and perform this
          Agreement;


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     (c)  the execution and the performance of this Agreement will not
          contravene any provision of law applicable to Lender or any
          contractual restriction binding on or affecting him; and

     (d)  this Agreement shall constitute the legal, valid and binding
          obligations of Lender, which is enforceable against Lender in
          accordance with its terms upon its execution.

3.2  Borrower hereby represents and warrants to Lender that:

     (a)  Fuhua is a limited liability company registered and validly existing
          under the laws of PRC;

     (b)  Borrower has full right, power and all necessary and appropriate
          approval and authorization to execute and perform this Agreement;

     (c)  the execution and the performance of this Agreement will not
          contravene any provision of law applicable to Borrower or any
          contractual restriction binding on or affecting Borrower;

     (d)  this Agreement shall constitute the legal and valid obligations of
          Borrower, which is enforceable against Borrower in accordance with its
          terms upon its execution; and

     (e)  there are no legal or other proceedings before any court, tribunal or
          other regulatory authority pending or threatened against Borrower.

4.   NOTIFICATIONS

     Notice or other communications under this Agreement shall be delivered
     personally or sent by facsimile transmission or by registered mail to the
     address set forth below, except that such address has been changed in
     writing. The date noted on the return receipt of the registered mail is the
     service date of the notice if the notice is sent by registered mail; the
     sending date is the service date of the notice if the notice is sent
     personally or by facsimile transmission. The original of the notice shall
     be sent personally or by registered mail to the following address after the
     notice is sent by facsimile.

     Lender:   China Finance Online Co., Ltd.

               Address: Unit C, 8/F, East Wing
                        Sincere Insurance Building 4-6
                        Hennessy Road, Hong Kong, SAR.

     Borrower: Zhao Zhiwei

               Address: 9th Floor of Tower C, Corporate Square, 35 Financial
                        Street, Xicheng District, Beijing 100032, P.R.China


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5.   CONFIDENTIALITY

     The Parties acknowledge and confirm that any oral or written materials
     concerning this Agreement exchanged between them are confidential
     information. The Parties shall protect and maintain the confidentiality of
     all such confidential data and information and shall not disclose to any
     third party without the other party's written consent, except (a) the data
     or information that was in the public domain or later becomes published or
     generally known to the public, provided that it is not released by the
     receiving party, (b) the data or information that shall be disclosed
     pursuant to applicable laws or regulations, and (c) the data or information
     that shall be disclosed to One Party's legal counsel or financial counsel
     who shall also bear the obligation of maintaining the confidentiality
     similar to the obligations hereof. The undue disclosing of the confidential
     data or information of One Party's legal counsel or financial counsel shall
     be deemed the undue disclosing of such party who shall take on the
     liability of breach of this Agreement.

6.   GOVERNING LAW AND SETTLEMENT OF DISPUTES

6.1  The execution, validity, interpretation, performance, implementation,
     termination and settlement of disputes of this Agreement shall be governed
     by the laws of Hong Kong, SAR.

6.2  In event of any dispute arising from or in connection with this Agreement,
     the Parties shall attempt to resolve the dispute through friendly
     consultations. In the event that satisfactory resolution is not reached
     within thirty (30) days after commencement of such consultation, the
     dispute shall be submitted (which submission may be made by either Borrower
     or Lender) to resolution by arbitration administered by Hong Kong
     International Arbitration Center(the "Center") in Hong Kong, in accordance
     with the procedural rules of the Center, which are in effect at the time
     the application for arbitration is made. The arbitral award shall be final
     and binding upon all parties hereto.

6.3  In case of any disputes arising out of the interpretation and performance
     of this Agreement or any pending arbitration of such dispute, the Parties
     shall continue to perform their rights and obligations under this
     Agreement, except that such maters are involved in the disputes.

7.   MISCELLANEOUS

7.1  This Agreement can only be amended by written agreements jointly executed
     by the parties.

7.2  Any provision of this Agreement that is invalid or unenforceable shall not
     affect the validity and enforceability of any other provisions hereof.

IN WITNESS WHEREOF, the Parties have duly executed this Agreement, or have
caused this Agreement to be duly executed on their behalf, as of the date and
year first hereinabove set forth.


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                                        LENDER:

                                        CHINA FINANCE ONLINE CO., LTD


                                        /s/ company seal
                                        ----------------------------------------
                                        By:
                                            ------------------------------------
                                        Title:
                                               ---------------------------------


                                        BORROWER:

                                        ZHAO ZHIWEI


                                        /s/ ZHIWEI ZHAO
                                        ----------------------------------------


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