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|Exhibit 14
China Elite Information Co., Ltd.Code of Ethics and Business ConductEffectiveFebruary 2005
This Code of Ethics and Business Conduct applies to all employees, officers and directors of China
Elite Information Co., Ltd. and its subsidiaries (China Elite or the Company).
This Code sets forth general principles.
1.             Compliance with laws, rules
and regulations
We expect you to comply with the letter and spirit of all applicable laws, rules and regulations. Illegal
conduct can never be in the Companys best interests. No employee, officer or director will
enter into any transaction on the Companys behalf that he or she knows or should know would
violate any law or regulation, nor should any person assist any third party in violating any law
or regulation, whether or not such assistance in itself is a violation. The laws and regulations
with which each department and location of China Elite must comply will vary. Each employee, officer
and director is responsible for knowing the specific laws and regulations that affect him or her.
If you have any questions about your obligations under any applicable law, you should seek advice
from your supervisor, or the Chief Executive Officer or Chief Financial Officer, or China Elites
outside counsel.
The following is a non-exclusive list of laws to which all employees, officers and directors of China
Elite must adhere:
Accurate Books and Records
All funds, other assets and transactions of the Company must be properly documented, fully accounted
for and promptly and accurately recorded in the Companys books and records in conformity with
accounting principles generally accepted in the United States of America (GAAP), and in the case
of any subsidiary of the Company located in the Peoples Republic of China, in conformity with
accounting principles generally accepted in the Peoples Republic of China. The Company will
adhere to the intent of the accounting and disclosure requirements established by the U.S. Securities
and Exchange Commission. No employees, officers or directors may engage in the making of false or
fictitious entries in Company books or records (including employee timesheets) with respect to Company
transactions or the disposition of Company assets.
Insider Trading and Securities Law Compliance
An employee, officer or director may not, directly or indirectly, disclose material non-public Company
information to a third party. Further, an employee may not purchase or sell (or advise someone else
to purchase or sell) the Companys stock based

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|on such information until after the information has been publicly disseminated. Material
information is information which has the potential to affect the market price of Company stock, and/or
which a reasonable investor would consider important in determining whether to buy or sell the Companys
stock. Material information may include, but is not limited to, annual and quarterly earnings results,
projections of future earnings or losses, results of clinical trials or other important research
& development, changes in management and significant acquisitions or dispositions. Either positive
or negative information may be considered material. When in doubt, employees should contact China
Elites Chief Financial Officer and/or outside counsel for guidance.
Political Contributions
Employees shall not use Company funds for contributions of any kind to any political party or committee
in the United States or any foreign country, or to any candidate for or holder of any office of any
government, national, state or local.
Workplace Health and Safety Laws
The Company will conduct its operations in compliance with all applicable environmental and health
and safety laws and regulations, in keeping with good corporate citizenship and with a positive commitment
to the protection of the natural and workplace environments. Workplace health and safety laws will
vary among departments and locations. You are responsible for knowing the specific laws and regulations
that affect your job and location.
2.             Conflicts of Interest
A conflict of interest occurs when an individuals personal interest interferes or
appears to interfere with the interests of China Elite. We expect you to exercise care to ensure
that conflicts of interest are avoided. This Code establishes only the framework within which China
Elite wishes the business to operate. The purpose of the guidelines set forth in this Code is to
provide general direction so that employees, officers and directors can seek further clarification
on issues related to the subject of acceptable standards of operation. Please contact the Chief Executive
Officer, the Chief Financial Officer or outside counsel about conflicts of interest.
Private Investments, Co-investments and Outside Business Activities by Employees and Officers
Private
investments, co-investments and outside business activities may create conflicts of interest and
other complications for employees and officers. Therefore,
(a)  Without
the prior written consent of China Elite, employees and officers may not:
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| | (i)   | make a co-investment with China Elite;                           
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| | (ii)  | be engaged in any other business;                                
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| | (iii) | be employed or compensated by any other person; or               
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| | (iv)  | serve as an officer, partner or employee of another organization.

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|(b)  Prior to making such an investment or engaging in such outside business activity, an
employee or officer or director must to submit to his or her supervisor and to the Chief Executive
Officer or the Chief Financial Officer a memorandum describing in detail all aspects of the proposed
investment or proposed outside business activity. If the Chief Executive Officer or Chief Financial
Officer approves the proposed investment or outside business activity, the Chief Executive Officer
or Chief Financial Officer will notify the employee or officer in writing. Such approval may be given
subject to restrictions or qualifications and is revocable at any time.
(c)  If
an employee or officer has received approval to engage in outside activities, such person may not
imply that he or she is acting on behalf of, or as a representative of, China Elite, and the person
may not use China Elites offices, telephones, computer equipment or stationery for any purpose
not directly related to China Elites business.
(d)  Employees
and officers should note that use of China Elites telephones, computer equipment or stationery
for charitable or civic purposes or outside activity is only permitted with the express prior approval
of the Chief Executive Officer or Chief Financial Officer. Employees or officers may not offer China
Elites services in lieu of cash donations to charitable or civic organizations.
(e)  Employees
and officers have an ongoing responsibility to report any change in status with respect to a previously
approved investment or outside activity.
(f)  Employees
and officers should consult the Chief Executive Officer or Chief Financial Officer if they are in
doubt as to whether an investment or outside business activity of any type is covered by this Code.
(g)  Although
these restrictions outlined above do not specifically cover our outside, non-employee directors,
such persons must also assure that no conflicts of interest arise in their relationship with China
Elite. However, a non-employee director may be affiliated with a company with which we have a business
relationship (such as a supplier, an investor, or a licensee or customer), provided that the nature
of such affiliation and business relationship is disclosed to the Board and the Board approves such
affiliation and business relationship (with the interested director not participating in the vote).
Gifts and Gratuities
Employees,
officers and directors must not take, accept or receive directly or indirectly, from any person compensation
of any nature as a bonus, commission, fee

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|gratuity or other consideration for business sought or procured by such persons or China Elite. In
addition, such persons must not directly or indirectly give anything of value, including gratuities,
in excess of $100 per individual per year to any person or entity. Employees, officers or directors
must obtain the prior written approval of the Chief Executive Officer or Chief Financial Officer
before giving anything of value in any amount. China Elite may maintain a separate record of all
such payments.
3.             Loans
Executive officers and directors may not obtain loans from the Company. Any loan to other employees
must be approved by an executive officer or by the Board.
4.             Corporate Opportunities
You owe a duty to the Company to advance the Companys legitimate business interests when the
opportunity to do so arises. You may not (i) take for yourself (or direct to a third party) any opportunity
that is discovered through the use of Company property, information or position and relates to any
line of business in which the Company engages (unless the Company has already been offered the opportunity
and turns it down), (ii) use Company information or position for personal gain or (iii) compete with
the Company.
5.             Protection and Proper Use
of Company Property
You must make reasonable efforts to safeguard Company property within your control from loss, theft
or unauthorized use. You may only use Company property for legitimate business purposes of the Company,
subject to the following:
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| | a.             We may authorize an employee,
officer or director to use specific Company property as a perquisite element of his or
her compensation. Any such authorization for an executive officer or director must be given by the
Board or the Compensation Committee and disclosed as compensation to the extent required by SEC rules.
Any such authorization for any other employee must be given by an executive officer.
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| |                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | b.             The foregoing policy does
not preclude occasional personal use of the Companys electronic communications systems, provided
that such use: (i) does not interfere with the performance of your job or other duties to the Company,
(ii) does not diminish productivity and (iii) does not violate any specific policies of the Company
regarding use of its electronic communication systems.                        

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|6.             Confidentiality
You must maintain the confidentiality of any confidential information that you learn concerning China
Elite and any other company with whom we have a business relationship, except when disclosure is
authorized or legally required. In general, a

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|companys confidential information includes all non-public information that might be of use to
the companys competitors or harmful to the company or its customers if disclosed.
7.             SEC Reporting and Public
Communications.
We strive to have full, fair, accurate, timely and understandable disclosure in all reports that we
file or submit to the SEC and in our other public communications. In furtherance of this objective,
we expect that all persons involved in the preparation or review of our SEC reports will (i) be familiar
with the disclosure controls and procedures that we have adopted as required by the Securities
Exchange Act of 1934, (ii) follow such procedures, and (iii) bring to the attention of our Chief
Financial Officer or our outside securities law counsel any material deviations from such procedures.
If you become aware of any credible information that would place in doubt the accuracy in any material
respect any of our SEC reports or other public disclosures, you should bring such information to
the attention of our Chief Financial Officer or our outside securities law counsel. You may also
bring the matter to the attention of the Audit Committee in the manner described in Section 11 of this Code.
8.             Books and Records
The Companys books and records must be prepared accurately and maintained properly in accordance
with the Companys records management policies and all applicable laws and regulations. No false
entries may be made in the Companys records for any reason. In no circumstances is it ever
appropriate for a China Elite employee, officer or director to sign another persons name on
any document whatsoever. You must not accommodate any requests by any person to falsify signatures
on documents or other China Elite records in any circumstances.
Generally, we expect that you will:
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| |  | not conceal any financial or bookkeeping irregularity;                                         
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| |  | cooperate completely and forthrightly with the Companys internal and independent auditors; and
| |   |                                                                                                
| |  | follow the Companys system of internal accounting controls.                                   

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|You may never destroy, alter, or conceal, with an improper purpose, any record or otherwise impede
any governmental proceeding of which you are aware.
9.             Fair Dealing
You should endeavor to deal fairly with our customers, competitors, employees, suppliers and others
with whom we have a business relationship. You should not take unfair advantage of anyone through
manipulation, concealment, abuse of privileged information, misrepresentation of material facts or
any other unfair-dealing practice.

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|10.           Reporting of Violations; Consequence of Violations
We expect that you will promptly report any circumstances that you believe in good faith may constitute
a violation of this Code or any other Company policy. We will not allow retaliation for reports made
hereunder in good faith.
You should report to the following persons:
a.             if you are a non-employee
director, you should report to the Board or the Audit Committee;
b.             if you are an officer, you
should report to the Chief Executive Officer or the Chief Financial Officer, the Board or the Audit
Committee or our outside counsel; and
c.             if you are a non-officer
employee, you should report to your supervisor, the Chief Executive Officer or the Chief Financial
Officer or our outside counsel.
Notwithstanding the foregoing, if you have any complaints or issues regarding accounting, internal
accounting controls or auditing matters or the accuracy of our SEC reports or other public communications
you may report directly to the Board or the Audit Committee. If you are not comfortable identifying
yourself, you may communicate with the Board or the Audit Committee anonymously.
We will investigate any reports of alleged violations of this Code. If the alleged violation involves
a director, an executive officer, or our principal accounting officer, or if it involves accounting,
internal accounting controls or auditing matters or the accuracy of our SEC reports or other public
communications, then the investigation will be supervised by the Audit Committee. In all other cases,
the investigation will be supervised by our outside counsel or such other person as the Chief Executive
Officer considers appropriate.
Violations of this Code may result in, among other actions, suspension of work duties, diminution of
responsibilities or demotion, termination of employment and removal as a director.
11.           Waivers
From time to time, we may waive some provisions of this Code. Waivers must be authorized as follows:
a.             for executive officers,
our principal accounting officer and directors, the waiver must be approved by the Board or the Audit
Committee (with any interested director not participating in the vote); and
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|b.             for other employees, the
waiver may be approved by any executive officer.
If we waive any provision of this Code for any executive officer or director, we will disclose such
waiver to the extent required by the rules of the SEC and the exchange on which the Companys
securities are then-listed.
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