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                                                                    EXHIBIT 4.8

                                  TRANSLATION

                                TENANCY AGREEMENT

Lessor (Party A) :             Shenzhen Shekou NanShui Enterprises Shareholding
                               Co. Ltd.

Address :                      NanShui Office Building, Garden South Road,
                               Shekou

"Leased Property Permit" :     D11246

Representative :

Address :

Lessee (Party B) :             Jetcrown Industrial (Shenzhen) Limited

Address :                      Wing Village Industrial Estate, Shekou, Shenzhen.

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 2/F., Block E,
               Wing Village Industrial Estate, Shekou, Shenzhen to Party B. The
               construction area of 2/F is 692.00 square meters in total.

        2.     The rental period for the said property is three years, starting
               from September 15, 1999 to September 14, 2002.

        3.     Party B can use the property for industrial purpose. Party A
               should make sure the leased property can be used for the
               aforesaid purpose and comply with the relevant fire prevention
               and security regulations of the country. 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.

        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 THIRTEEN
               RENMINBI (RMB13.00) per square meter of construction area per
               month. Total rental is DOLLARS EIGHT THOUSAND NINE HUNDRED AND
               NINETY SIX RENMINBI (RMB8,996.00). Rental shall be paid on or
               before 15th day of each month.

        6.     Party A should hand over the property for Party B use. If the
               hand over has been delayed, 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.

        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 which equals to two months' rental i.e. DOLLARS
               SEVENTEEN THOUSAND NINE HUNDRED AND NINETY TWO RENMINBI
               (RMB17,992.00). 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 break 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 fifteen 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 property, 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;

               (3)    the "Leased Property Permit" of Party A becomes void.

               If termination of contract is due to (3) above, Party A should
               indemnify Party B for any loss incurred.

        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 for more than two months;

               (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.

        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 for more than
                      two months;

               (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;

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               (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
               thirty 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 3% of
               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.

        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 three copies, each party will keep one
               and the remaining one will be kept in the Contract Registration
               Registry.

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

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

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

                                                            October 9, 1999

        Register (Signature & Chop):                        (Signed)

                                                            October 13, 1999

        Contract Registration Registry (Signature & Chop):  (Signed)

                                                            October 13, 1999