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                                                                     EXHIBIT 4.8

                                   TRANSLATION

                                TENANCY AGREEMENT

         Lessor (Party A)     :     Shenzhen Shekou Yu Yi Shareholding Co. Ltd.

         Address              :     1/F, Yu Yi Building, Yu Yi Estate, Shekou
                                    Shenzhen
         "Leased Property Permit"  :     D13323
         Representative       :
         Address              :

         Lessee (Party B )    :     Jetcrown Industrial (Shenzhen) Limited
         Address              :     2/F, Block D, Wing Village Industrial Estate
                                    Shekou
         Business Registration No. or Identity Card No.:

                  According to "Shenzhen Special Economic Zone Leased Property
Ordinance" and its executing regulations, and through the sufficient negotiation
of Party A and Party B, they signed this contract.

The contents of the contract are as follows:

         1.   Party A owns and leases the property situate at 1/F-2/F, Block A,
              Wing Village Industrial Estate, Nan Shan District, Shenzhen (two
              floors in total) to Party B. The construction area is 2,051.00
              square meters in total.

         2.   The rental period for the said property is three years, starting
              from 1 June 2002 to 31 May 2005.

         3.   Party B can use the property for industrial purpose. In case Party
              B use the property for the other purpose, the approval of Party A
              should be sought. And Party B should complete all the reporting
              and approval procedures in respect of the change of property use
              according to the relevant legal regulations. And such change
              should be comply with the relevant fire prevention and security
              regulations of the country.

         4.   Party A should make sure the usage of the property as mentioned in
              Term 3 above complies with the relevant rules and regulations. On
              the other hand, Party B should make sure the property usage
              complies with the rules as well during the rental period.

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         5.   The rental for the property is calculated at DOLLARS TWENTY SIX
              RENMINBI (RMB26.00) AND EIGHTEEN RENMINBI (RMB18.00) per square
              meter of construction area per month for 1/F and 2/F respectively.
              Total monthly rental is DOLLARS FORTY FIVE THOUSAND NINETY FOUR
              RENMINBI (RMB45,094.00). Rentals shall be paid on or before the
              15th day of each month.

         6.   Party A should hand over the property for Party B use before 1
              June 2002. If the hand over date is later than that of the
              aforementioned, Party B is entitled to request to defer the
              effective date of the agreement, both parties should provide this
              term in writing.

         7.   During the rental period, Party A shall be responsible to pay for
              the property tax, landuse fees and the rental housing management
              fees of the property. Party B shall be responsible for the water,
              electricity, cleaning and management charges and related charges.

         8.   For the first month, Party A pay on behalf of Party B for those
              expenses should be borne by Party B. Party B should repay the said
              sum within ten days after the first month of usage. After that,
              Party B should prepay the said expenses. The amount to be prepaid
              equals to the actual sum for the previous month. The prepayment
              will be settled in next month. Party A should provide relevant
              documents to support the amount he collected. If Party B prepays
              the sum less than that for the whole month, Party A has the right
              to request Party B to do so. If Party B doesn't pay for a month,
              Party A is entitled to stop the provision of the relevant
              facilities for Party B's use. In case both parties provided
              otherwise, it will follow their agreement.

         9.   This agreement sets out to provide the deposit guarantee. When
              Party A hand over the property, he is entitled to collect a
              guarantee sum, equals to three months' rental. The guarantee sum
              is DOLLARS ONE HUNDRED EIGHTEEN THOUSAND SIX HUNDRED SIXTY EIGHT
              RENMINBI (HKD118,668.00). After receiving the guarantee sum from
              Party B, Party A should provide receipt to Party B. Both parties
              should take the initiative to comply with all the terms set out in
              this agreement. If either party breaks the contract, then he
              should bear the legal responsibilities arising from this break.

         10.  Party A should ensure the security of the property and its
              internal facilities complies to the relevant provisions of rules
              and regulations. Party B should use the property in normal way and
              protect the internal facilities of the property and prevent any
              abnormal damage. Upon the expiry of the agreement, Party B should
              hand over the property on time and ensure the property and its
              facilities are in good conditions ( except normal depreciation),
              and should settle all those expenses borne by Party B.

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         11.  During the rental period, if there is an occurrence of damage or
              out of order of the property and its facilities which will prevent
              its safe and normal use, Party B should inform Party A in time
              and carry out effective measures; Party A after receiving Party
              B's notice should carry out repairs and maintenance works within
              three days; if Party B cannot reach Party A or Party A refuses to
              repair, Party B can repair it instead after getting the
              certification of the agreement registration authority. Party A
              should bear the expenses arising from any maintenance (including
              those paid by Party B on behalf) under this term.

         12.  If there is an occurrence of damage or out of order of the
              property and its facilities which arising from Party B's improper
              or unreasonable use, Party B should bear this responsibilities and
              repair or provide compensation in time. If Party B refuses to
              repair or compensate, Party A can repair it on behalf of Party B
              after getting the certification of the agreement registration
              authority. The repairs and maintenance charges should be borne by
              Party B.

         13.  During the tenancy period, if Party A wants to alter, expand or
              renovate the property because of needs, with the agreement of
              Party B and approval of the relevant government department,
              improvement works can be carried out then. Both parties should
              sign a separate written agreement on this area. Similarly, Party B
              can renovate the property with the agreement of Party A and the
              approval of the relevant government department. Regarding this
              area, a separate written agreement is required as well.

         14.  Without the written agreement of Party A, Party B is not allowed
              to sublet the property to third party either partly or wholly.
              With Party A's agreement to sublet the properly, Party B should
              complete the registration procedures with the Leasing Property
              Department. But the period of sublet should not be longer than
              that of the original tenancy agreement made between Party A and B.
              Party B should also make sure the third party will not re-sublet
              the property to the fourth party.

         15.  During the tenancy period, Party A wants to sell the property
              either wholly or partly, he should give one month notice to Party
              B. Party B has the first priority to purchase the property under
              the same conditions offered by the third party. If the property
              right has been transferred to a third party, Party A should make
              sure the new owner completed the contract as if the property right
              hasn't change.

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         16.  During the tenancy period, the contract will be terminated
              automatically under either one of the following conditions:

              (1)      an occurrence of natural disasters or accident, and as a
                       result the contract cannot be completed;

              (2)      the government decides to make a requisition of the land
                       on which the aforesaid property builds and the property
                       has to torn down as a result;

         17.  Party A reserves the right to terminate the contract because of
              either one of the following conditions. Party B should indemnify
              Party A for any loss incurred by the latter because of the
              termination of the contract.

              (1)      Party B doesn't pay the rental;

              (2)      The miscellaneous expenses should be paid by B becomes
                       overdue;

              (3)      Without the permission of Party A and the relevant
                       government department, Party B change the use of the
                       property;

              (4)      Party B in breach of the provision set out in Item (12),
                       in other words, he refused to bear the responsibility of
                       repair and maintenance or paid the related expenses and
                       as a result, the property becomes serious damaged;

              (5)      Without the written permission of Party A and the
                       relevant government department, Party B renovate the
                       property;

              (6)      Without the permission of Party A, Party B sublet the
                       property to third party.

              Party A terminates the contract based on the aforesaid situations,
              he should order Party B to move out and take possession of the
              property by giving a written notice. Any remaining balance of the
              prepaid amount made by Party B should be returned to Party B. But
              Party B has no right to request the refund of rental deposit.

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         18.  Party B reserves the right to terminate the contract because of
              the following conditions. Party A should compensate Party B for
              any loss incurred arising from the termination.

              (1)      Party A delayed the handover of the property;

              (2)      Party A in breach of the contract term (4), as a result,
                       the property cannot be used for the purpose as stated
                       before;

              (3)      Party A in breach of the contract term (11), in other
                       words, he refused to bear the responsibility of repair
                       and maintenance or paid the related expenses, and as a
                       result, the property cannot be used for the purpose as
                       stated before;

              (4)      Without the agreement of Party B and the approval of the
                       relevant government department, Party A carries out the
                       alteration, expansion, or renovation works.

              Party B terminates the contract because of the aforesaid
              conditions, he should give a written notice to Party A and he
              should move out at once. In this situation, Party B has the right
              to request Party A to compensate two times of the rental deposit,
              and refund the excess amount of the prepayment.

         19.  Upon the expiry of the tenancy agreement, if Party B wants to
              renew the contract, he should inform Party A one month before the
              expiry. If Party A continues to rent out the property, Party B
              should be given a first priority to be the lessee under the same
              conditions as offered by third party. If both parties can reach an
              agreement on renewal, they should sign a new contract, which
              should be re-registered with the Contract Registration Registry.

         20.  Upon the expiry of the contract, Party B should move out within
              fifteen days of the expiry and then hand over the same to Party A.
              Party B doesn't move out and hand over the property, Party A can
              sue Party B through Court of People.

         21.  If Party B doesn't pay the rental, he should pay a delay charge to
              Party A The delay charge should be number of days times the
              monthly rental.

         22.  If Party B sublet wholly or partly of the property to third party
              without getting the permission of Party A, he is then required to
              pay an indemnity.

         23.  If either party do not comply with the terms of the contract, and
              any loss of the other party arises from this, the party who break
              the contract should indemnify the actual loss and expected income
              of the victim party.

         24.  If both parties want to insert or delete terms, it can be made in
              the Supplementary Clause. The provisions of Supplementary Clause
              and the main contract are of equal validity. If there shall be
              anything that is not provided for by this agreement, the parties
              can make any supplement after negotiation, and the supplement will
              of equal validity with the main contract only after the
              certification of the Contract Registration Registry.

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         25.  If there shall be any dispute arising through fulfillment, it
              should be solved by the discussions and negotiations of the
              parties. If there shall be no agreement made in negotiation,
              mediation can be made through the Contract Registration Registry
              or (1) request arbitration from the Shenzhen Arbitrating Committee
              (2) raise a prosecution in People's Court. ( Both parties should
              choose either one of the above two ways and tick as appropriate on
              the contract).

         26.  This contract is written in Chinese.

         27.  This contract is made in four copies, Party A gets one copy and
              Party B gets one copy and one copy kept in the Contract
              Registration Registry and one copy to the relevant department.

         28.  This contract takes effect after signed by two parties.

         Party A (Signature & Chop): <Signed>
         Authorized Representative:
         Contact Telephone No.: 6699769
         Bank Account No.:
         Authorized Agent (Signature & Chop):

         Party B (Signature & Chop): <Signed>
         Authorized Representative:
         Contact Telephone No.: 6687804
         Bank Account No.:
         Authorized Agent (Signature & Chop):

         Register (Signature & Chop): <Signed>

                                      May 29, 2002

         Contract Registration Registry ( Signature & Chop ): <Signed>
                                      May 29, 2002