Exhibit4.48  Pypo Holdings (HK) Company Limited  Attention: Mr. Jackie Leong  48th Floor, Bank of China Tower  1 Garden Road  Central  HONG
KONG / +852-36058111  Subject: 
Waiver Letter  Dear Mr. Leong,  Reference is made to:  1.the Term Facility Agreement (the Facility
Agreement), dated 30 January 2009 between Pypo Holdings (HK)
Company Limited (the Borrower) and
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), as amended by Consent Letter No. 2 (as defined
here below)  (the Facility
Agreement);  2.the Equity Pledge Agreement (the Equity
Pledge Agreement), dated 30 January 2009 among the Borrower,
Beijing Pypo Technology Group Company Limited (currently Beijing Funtalk
Century Technology Group Company Limited) (Beijing Pypo)
and FMO, as amended by Consent Letter No. 2 (as defined here below);  3.FMOs Consent, Waver and Amendment Letter No. 2 to the Borrower
dated 17 August 2009 by which FMO agreed to waive certain covenants and
amend certain terms in the Term Facility Agreement and the Equity Pledge
Agreement (the Consent Letter No. 2); and  4.the Borrowers letter to FMO dated 30 July 2009 by which the
Borrower informed FMO of a merger (the Merger)
between Middle Kingdom Alliance Corp., a company organized and existing under
the laws of the Cayman Islands (Middle Kingdom Alliance),
and Pypo Digital Company Limited (Pypo Cayman)
by which Pypo Cayman merged with and into Middle Kingdom Alliance by way of
accession, under the laws of the Cayman Islands.  Unless expressly defined herein, all
capitalized terms herein shall have the meanings ascribed to them in the
Facility Agreement.  As requested by the Borrower, FMO herewith
agrees to waive the breach under clause 8.3.1 (e) (Interest)
of the Facility Agreement.  1


The breach under said clause 8.3.1 (e) (Interest) is herewith waived, provided that the Borrower
shall pay or have caused to be paid to FMO the Additional IPO Premium on or
before2 August2010.  Also on the request of the Borrower FMO
hereby notifies that, in the period since the Disbursement Date until the date
hereof, FMO has not been notified of any other existing Event of Default under
the Facility Agreement nor is FMO aware of any material or significant other
existing Event of Default under the Facility Agreement.  Furthermore FMO confirms that Consent Letter No. 2
remains in full force and effect notwithstanding the conditions set forth in
Consent Letter No. 2 and that Consent Letter No. 2 is not amended by
this Letter.  The waiver given by FMO under this Waiver
Letter shall be limited precisely as written and shall not be deemed or
otherwise construed to constitute a waiver or amendment of any other provision,
Default or Event of Default or to prejudice any right, power or remedy which
FMO may now have or in the future under or in connection with the Facility
Agreement, all of which rights, powers and remedies are hereby expressly
reserved by FMO.  This Waiver Letter shall come into effect as
of the date hereof.  This Waiver Letter may be executed in several
counterparts, each of which is an original, but all of which together
constitute one and the same agreement.  The Borrower represents and warrants as of
the date hereof that:  ·it has the power to enter into, perform and deliver, and has taken
all necessary action to authorize its entry into, performance and delivery of
this Waiver Letter;  ·this Waiver Letter constitutes its legally binding, valid and
enforceable obligation;  ·this Waiver Letter is in the proper form for its enforcement in the
jurisdiction of its incorporation;  ·the entry into and performance by it, and the transactions
contemplated by, this Waiver Letter do not conflict with any law or regulation
applicable to it, its or any of its subsidiaries constitutional documents, or
any document which is binding on it or any of its subsidiaries or any of its or
its subsidiaries assets; and  ·all authorisations required by it in connection with the entry into,
performance, validity and enforceability of, and the transactions contemplated
by, this Waiver Letter have been obtained or effected (as appropriate) and are
in full force and effect.  This Waiver Letter is herewith designated by
FMO as a Finance Document under the Facility Agreement.  This Waiver Letter is governed by, and shall
be construed in accordance with, the laws of the Territory, excluding its
conflicts of laws rules. Section 35 (Arbitration) of
the Facility Agreement shall apply herein, mutatis mutandis,
as if set out in this Waiver Letter in full.  Please indicate your acceptance and
agreement by signing the three originals of this Waiver Letter where indicated
below and returning one original to FMOs Legal Department at the address
stated in the letterhead.  2


Yours
  faithfully,NEDERLANDSE
  FINANCIERINGS-MAATSCHAPPIJ
  VOOR ONTWIKKELINGSLANDEN N.V./s/ A.K.J. Berendse
  
  /s/ S.E.L LeijtenAuthorised Representative
  
  Authorised RepresentativeACCEPTED AND AGREED:PYPO HOLDINGS (HK) COMPANY LIMITED/s/ Dongping FeiName:
  Dongping FeiTitle:
  DirectorDate:
  July 8, 2010BEIJING FUNTALK TECHNOLOGY GROUP COMPANY
  LIMITED/s/ Dongping FeiName:
  Dongping FeiTitle:
  DirectorDate:
  July 8, 2010  Signature
Page to Waiver Letter