<PAGE>

                                                                 Exhibit 4.(c).4

                                CDC CORPORATION,

                          ASIA PACIFIC ONLINE LIMITED,

                                       AND

                                    PETER YIP

                                   ----------

                            OPTION TRANSFER AGREEMENT

                                   ----------

<PAGE>

     THIS OPTION TRANSFER AGREEMENT effective as of the Effective Date among CDC
Corporation (formerly, chinadotcom corporation) located at 34/F Citicorp Centre,
18 Whitfield Road, Causeway Bay, Hong Kong (the "Company"), Asia Pacific Online
Limited located at Suite 4302, 43/F China Resources Building, Wanchai, Hong Kong
("APOL") and Peter Yip of c/o APOL, Suite 4302, 43/F China Resources Building,
Wanchai, Hong Kong ("Mr. Yip"). The Company, APOL and Mr. Yip are collectively
referred to as the "Parties" and each, a "Party".

     WHEREAS, APOL has been granted certain share options (together, the "APOL
Options") to purchase an equivalent number of the Company's Class A Common
Shares, par value US$0.00025 per share (the "Common Shares") as set forth in
Schedule A to this Agreement and copies of which option award agreements are
attached hereto under Exhibit A to this Agreement.

     WHEREAS, Mr. Yip has been granted certain share options (together, the "Mr.
Yip Options") to purchase an equivalent number of the Company's Common Shares as
set forth in Schedule B to this Agreement and copies of which option award
agreements are attached hereto under Exhibit B to this Agreement:

     WHEREAS, the Company is willing to agree to permit APOL and Mr. Yip to
transfer certain of the APOL Options and Mr. Yip Options to certain non-profit
organizations pursuant to the terms and conditions set forth herein.

     WHEREAS, the terms of this Agreement have been approved by the Board of
Directors of the Company (the "Board") and the form of this Agreement has been
ratified by the Board.

     NOW, THEREFORE, in consideration of the foregoing mutual covenants and
agreements contained herein, the Parties hereby agree as follows:

     1.   ACCELERATION AND VESTING OF CERTAIN OPTIONS

     1.1  The Company agrees that it shall use its reasonable best efforts to
          cause the acceleration and immediate vesting of the APOL Options set
          forth in Schedule C-1. As a result, none of the APOL Options or Mr.
          Yip Options shall remain unvested.

     2.   TRANSFER OF CERTAIN OPTIONS

     2.1  Subject to the provisions set forth in Clauses 2.2 through 2.5 herein,
          the Company agrees that it shall use its reasonable best efforts to
          permit APOL and Mr. Yip, or a duly authorized alternate or
          representative identified to the Company, to transfer the APOL Options
          and Mr. Yip Options set forth in Schedule C-2, in whole or in part, to
          Permitted Transferees (as defined below).

     2.2  APOL and Mr. Yip agree that prior to or simultaneously with any
          transfer of APOL Options or Mr. Yip Options set forth in Schedule C-2
          to a Permitted Transferee, such Permitted Transferee shall have
          executed and delivered to the Company an acknowledgement in form and
          substance reasonably satisfactory to the Company (which may be
          substantially in the form attached hereto as Exhibit C) that the
          Permitted Transferee (a) qualifies as a non-profit organization under
          the tax laws of the jurisdiction of its formation, (b) will comply
          with the terms of the Company's 1999 Stock Option Plan and the terms
          of the relevant option award agreement applicable to APOL or Mr.

<PAGE>

          Yip (as the case may be), (c) agrees not to transfer such options or
          any portion of the economic consequences associated with ownership of
          any such transferred options to any other party; provided, however,
          that if the Permitted Transferee is the CW Chu Foundation or another
          trust formed by Mr. Yip and designated as a Permitted Transferee, such
          Permitted Transferee may transfer such options to another Permitted
          Transferee (the "Second Permitted Transferee"), provided that such
          Second Permitted Transferee satisfies all of the provisions of this
          Agreement as if such Second Permitted Transferee was the original
          Permitted Transferee, which provisions shall include, but not be
          limited to, delivery of the acknowledgement form set forth in Clause
          2.2 hereto, (d) will represent, warrant and covenant to the Company
          that it shall hold, exercise and use any proceeds from such options
          solely and exclusively to advance legitimate causes of such Permitted
          Transferee which qualify such Permitted Transferee as a tax exempt,
          non-profit organization that serves the public interest, such as
          charitable, educational, scientific, religious or literary purposes,
          and (e) shall dispose of any Class A Common Shares of the Company
          received as a result of the exercise of any such transferred options
          (the "Underlying Shares") in an orderly manner which shall be intended
          not to cause any excessive movement in the price of the Company's
          Class A Common Shares or creating the perception of an overhang in the
          Company's Class A Common Shares. For the purposes of effectuating an
          orderly disposal, (1) the Permitted Transferee shall dispose of the
          Underlying Shares in a manner consistent with the "Manner of Sale"
          provisions of Rule 144(f) promulgated under the Securities Act of
          1933, as amended, and (2) the amount of Underlying Shares which may be
          disposed of, together with disposals of all other Underlying Shares
          within the preceding ten trading days, shall not exceed 5% of the
          average daily trading volume of the Company's Class A Common Shares on
          the Nasdaq National Market (or other market on which such shares are
          then listed) during the ten trading days immediately preceding the
          date of such sale.

     2.3  Simultaneously with any transfer of APOL Options or Mr. Yip Options
          set forth in Schedule C-2 to a Permitted Transferee, APOL or Mr. Yip,
          as the case may be, shall be deemed to have represented and warranted
          to the Company as follows:

          (a)  The Permitted Transferee qualifies as a non-profit organization
               under the tax laws of the jurisdiction of its formation;

          (b)  To the best knowledge of APOL and Mr. Yip, the Permitted
               Transferee shall hold, exercise and use any proceeds from such
               options solely and exclusively to advance legitimate causes of
               such Permitted Transferee which qualify such Permitted Transferee
               as a tax exempt, non-profit organization that serves the public
               interest, such as charitable, educational, scientific, religious
               or literary purposes.

     2.4  Upon any transfer of APOL Options or Mr. Yip Options set forth in
          Schedule C-2 to a Permitted Transferee, each of APOL and Mr. Yip
          covenants to promptly make any and all filings with the U.S.
          Securities and Exchange Commission, National Association of Securities
          Dealers, and any other governmental or self-regulatory organization
          which may be prudent or necessary in connection therewith (including,
          but not limited to, any Form 13D or Form 13G).

     2.5  APOL agrees and, upon any transfer of APOL Options or Mr. Yip Options
          to the CW Chu Foundation as a Permitted Transferee, APOL and Mr. Yip
          agree to use their best efforts to cause the CW Chu Foundation to
          agree, to permit representatives of the Company, at the expense of the
          Company and upon reasonable prior notice to APOL or

<PAGE>

          the CW Chu Foundation, as the case may be, to visit the principal
          offices of such entity, to discuss the affairs, finances and accounts
          of such entity with the Company, to examine all their respective books
          of account, records, reports and other papers, to make copies and
          extracts therefrom and to permit the Company to discuss their
          respective affairs, finances and accounts with their respective
          accountants, for the purposes of confirming and verifying that such
          entity qualifies as a legitimate non-profit organization under the tax
          laws of the jurisdiction of its formation, and in the case of the CW
          Chu Foundation, is a legitimate tax exempt, non-profit organization
          that serves the public interest, such as charitable, educational,
          scientific, religious or literary purposes.

     3.   AMENDMENT TO EXERCISEABILITY OF CERTAIN OPTIONS

     3.1  (a) The Company agrees to use its reasonable best efforts,
          notwithstanding the terms of the Company's 1999 Stock Option Plan, to
          cause the terms of the option award agreements for the APOL Options
          and Mr. Yip Options set forth in Schedule C-3 to be modified and
          amended (i) to permit APOL or Mr. Yip (as the case may be) to exercise
          such options until the Option Expiration Date for such respective
          options set forth in Schedule A or Schedule B hereto (subject at all
          times to Clause 3.1(b)) and (ii) to permit the Permitted Transferee to
          exercise such options until the Option Expiration Date for such
          respective options set forth in Schedule A or Schedule B hereto
          (subject at all times to Permitted Transferee satisfying all of the
          terms set forth in the acknowledgement form provided by such Permitted
          Transferee pursuant to Clause 2.2 of this Agreement). Prior to
          permitting any such exercise pursuant to this Clause 3.1, the Company
          shall be permitted to require the Permitted Transferee to provide,
          upon request, such reasonable information as the Company may request
          to confirm that the Permitted Transferee satisfies such terms set
          forth in the acknowledgement form provided pursuant to Clause 2.2 of
          this Agreement.

          (b) In the event that Mr. Yip ceases to be a member of the Company's
          Board, APOL or Mr. Yip (as the case may be) shall have until the
          earlier of (a) six (6) months from the date Mr. Yip ceases to be a
          member of the Board or (b) the Option Expiration Date to exercise such
          vested options set forth in Schedule C-3, at which time all of such
          unexercised options shall expire.

     4.   INDEMNITY FOR TAX LIABILITY

     4.1  APOL agrees and warrants to the Company that it shall indemnify the
          Company and any Associated Company, and hold the Company and any
          Associated Company harmless against the non-payment of any income tax,
          professional indemnity, and other national, provincial or local taxes
          or assessments by APOL in connection with the APOL Options, any
          transfer of such APOL Options, or any exercise of such APOL Options by
          any such transferee. In addition, APOL specifically represents,
          warrants and covenants to the Company that to the extent that APOL is
          subject to any withholding or deduction under income tax laws of any
          jurisdiction with respect to the APOL Options, any transfer of such
          APOL Options, or any exercise of such APOL Options by any such
          transferee, that it will hold the Company and each Associated Company
          harmless against any such non-withholding or non-deduction in
          connection therewith.

     4.2  Mr. Yip agrees and warrants to the Company that he shall indemnify the
          Company and any Associated Company, and hold the Company and any
          Associated Company harmless against the non-payment of any income tax,
          professional indemnity, and other national,

<PAGE>

          provincial or local taxes or assessments by Mr. Yip in connection with
          the Mr. Yip Options, any transfer of such Mr. Yip Options, or any
          exercise of such Mr. Yip Options by any such transferee. In addition,
          Mr. Yip specifically represents, warrants and covenants to the Company
          that to the extent that Mr. Yip is subject to any withholding or
          deduction under income tax laws of any jurisdiction with respect to
          Mr. Yip Options, any transfer of such Mr. Yip Options, or any exercise
          of such Mr. Yip Options by any such transferee, that he hold the
          Company and each Associated Company harmless against any such
          non-withholding or non-deduction in connection therewith.

     5.   MISCELLANEOUS MATTERS

     5.1  If any provision of this Agreement, or the application thereof to any
          person, place, or circumstance, shall be held by a court of competent
          jurisdiction to be invalid, unenforceable, or void, the remainder of
          this Agreement and such provisions as applied to other persons,
          places, and circumstances shall remain in full force and effect.

     5.2  This Agreement may not be modified or amended, except by an instrument
          in writing, signed by APOL, Mr. Yip and a duly authorized
          representative of the Company. By an instrument in writing similarly
          executed, any Party may waive compliance by the other Parties with any
          provision of this Agreement that such other Party was or is obligated
          to comply with or perform; provided, however, that such waiver shall
          not operate as a waiver of, or estoppel with respect to, any other or
          subsequent failure. No failure to exercise and no delay in exercising
          any right, remedy or power hereunder shall operate as a waiver
          thereof, nor shall any single or partial exercise of any right, remedy
          or power hereunder preclude any other or further exercise thereof or
          the exercise of any other right, remedy or power provided herein or by
          law or in equity.

     5.3  The terms of this Agreement are intended by the Parties to be the full
          and final expression of their agreement and may not be contradicted by
          evidence of any prior or contemporaneous agreement. The Parties
          further intend that this Agreement shall constitute the complete and
          exclusive statement of its terms and that no extrinsic evidence
          whatsoever may be introduced in any judicial, administrative or other
          legal proceeding involving this Agreement. This Agreement fully
          supersedes any prior oral or written agreement between the Parties.

     5.4  The headings for the clauses of this Agreement are for convenience
          only and are not part of this Agreement.

     5.5  This Agreement may be executed in any number of counterparts, each of
          which shall be deemed to be an original and such counterparts together
          shall constitute one and the same instrument.

     5.6  The Parties acknowledge that (i) they have had the opportunity to
          consult counsel in regard to this Agreement if they so desire; (ii)
          they have read and understand the Agreement and they are fully aware
          of its legal effect; and (iii) they are entering into this Agreement
          freely and voluntarily, and based on each Party's own judgment and not
          on any representations or promises made by the other Parties, other
          than those contained in this Agreement.

     6.   NOTICE

<PAGE>

     6.1  All such notices and communications shall be effective (a) when sent
          by FedEx or other overnight service of recognized standing, on the
          third business day following the deposit with such service; and (b)
          when faxed during normal business hours on a day on which the Company
          is open for business, upon confirmation of receipt. The Parties shall
          be obligated to notify each other in writing of any change of the
          below address. Notice of change of address shall be effective only
          when done in accordance with this Clause. All notices, requests,
          demands, consents, instructions or other communications required or
          permitted hereunder shall be in writing and faxed or delivered via
          courier to each Party as follows:

          If to the Company:

          Address:   34/F, Citicorp Centre
                     18 Whitfield Road
                     Causeway Bay, Hong Kong
          Facsimile: (852) 2893-5245
          Attention: Dr. Raymond Ch'ien

          If to APOL or Mr. Yip:

          Address:   Suite 4302
                     43/F China Resources Building
                     26 Harbour Road
                     Wanchai, Hong Kong
          Facsimile: (852) 2827-0098
          Attention: Mr. Peter Yip

     7.   GOVERNING LAW

     7.1  This Agreement shall be governed by and construed under the law of
          Hong Kong and each of the Parties hereby irrevocably agrees for the
          exclusive benefit of the Company that the Courts of Hong Kong are to
          have exclusive jurisdiction to settle any disputes which may arise out
          of or in connection with this Agreement.

     8.   DEFINITIONS

     8.1  "Associated Company" means any corporation or other business entity or
          entities that directly or indirectly controls, is controlled by, or is
          under common control with the Company after the Effective Date or all
          other entities in the group of companies of such Associated Companies.

     8.2  "Effective Date" means July 15, 2005

     8.3  "Permitted Transferee" means those non-profit organizations (a) set
          forth on a list submitted to the Company by APOL and Mr. Yip from time
          to time (the "List") and (b) approved by the Board as a Permitted
          Transferee in its absolute and sole discretion including the Permitted
          Transferees set forth on Schedule D to this Agreement. For the
          avoidance of doubt, (i) no transfer of APOL Options or Mr. Yip Options
          is permitted to any party that is not a Permitted Transferee, and (ii)
          a Permitted Transferee shall not be permitted to further transfer any
          such APOL Options, Mr. Yip Options or any of the economic consequences
          thereof to any other party; provided, however, that if the

<PAGE>

          Permitted Transferee is the CW Chu Foundation or another trust formed
          by Mr. Yip and designated as a Permitted Transferee, such Permitted
          Transferee may transfer such options to a Second Permitted Transferee,
          provided that such Second Permitted Transferee satisfies all of the
          provisions of this Agreement as if such Second Permitted Transferee
          was the original Permitted Transferee, which provisions shall include,
          but not be limited to, delivery of the acknowledgement form set forth
          in Clause 2.2 hereto and any such transfer shall be made on or prior
          to the date twelve months from the Effective Date of this Agreement.

     9.   EFFECTIVE DATE

     9.1  This Agreement shall become effective as of the Effective Date.

<PAGE>

     IN WITNESS whereof this Option Transfer Agreement has been signed by or on
behalf of the Parties hereto and is effective as of the Effective Date.


SIGNED by Simon Wong                     )   /s/ Simon Wong
Director                                 )   -----------------------------------
on behalf of the CDC Corporation         )
in the presence of Alice Hwu             )
                                             /s/ Alice Hwu
                                             -----------------------------------

Date:
      ----------------------------------


SIGNED by /s/ Peter Yip                  )
          ------------------------------
Director                                 )
on behalf of Asia Pacific Online Limited )
in the presence of Karen Wu              )   /s/ Karen Wu
                                             -----------------------------------

Date:
      ----------------------------------


SIGNED by Peter Yip                      )   /s/ Karen Wu
in the presence of Karen Wu              )   -----------------------------------


/s/ Peter Yip
----------------------------------------

Date: Dec 12 2005

<PAGE>

                                                                      SCHEDULE A

                      CERTAIN OPTION AWARDS GRANTED TO APOL

<TABLE>
<CAPTION>
                  Total                         Unvested
               Outstanding                    Options as of
Grant date       Options     Strike Price   Termination Date           Option Expiration Date
----------     -----------   ------------   ----------------   -------------------------------------
<S>            <C>           <C>            <C>                <C>
Jul 12, 1999    1,881,442      US$5.0000               0       Jul 11, 2009 ("7/12/99 APOL Options")
 Jun 6, 2002      200,000      US$2.8200               0        Jun 5, 2012 ("6/6/02 APOL Options")
 Jun 3, 2003      200,000      US$4.9500               0        Jun 2, 2013 ("6/3/03 APOL Options")
Jun 16, 2003      100,000      US$5.1600          25,000       Jun 15, 2013 ("6/16/03 APOL Options")
Mar 25, 2004      600,000      US$8.2500         500,000       Mar 24, 2014 ("3/25/04 APOL Options")
</TABLE>

<PAGE>

                                                                      SCHEDULE B

                    CERTAIN OPTION AWARDS GRANTED TO MR. YIP

<TABLE>
<CAPTION>
                  Total                         Unvested
               Outstanding                    Options as of
Grant date       Options     Strike Price   Termination Date            Option Expiration Date
------------   -----------   ------------   ----------------   ----------------------------------------
<S>            <C>           <C>            <C>                <C>
Jun 22, 1999      60,000      US$ 3.3750            0          Jun 21, 2009 ("6/22/99 Mr. Yip Options")
May 29, 2000     100,000      US$23.0000            0          May 28, 2010 ("5/29/00 Mr. Yip Options")
 Jan 9, 2001      30,000      US$ 4.2813            0           Jan 8, 2011 ("1/9/01 Mr. Yip Options")
</TABLE>

<PAGE>

                                                                      SCHEDULE C

SCHEDULE C-1

The APOL Options the Company agrees to use its reasonable best efforts to cause
the acceleration and immediate vesting of:

     25,000 of the 6/16/03 APOL Options (as defined in Schedule A); and
     500,000 of the 3/25/04 APOL Options (as defined in Schedule A).

SCHEDULE C-2

APOL Options and Mr. Yip Options the Company agrees that it shall use its
reasonable best efforts to permit Mr. Yip to transfer, in whole or in part, to
Permitted Transferees, subject to Clause 2:

     The 7/12/99 APOL Options (as defined in Schedule A);
     The 6/6/02 APOL Options (as defined in Schedule A);
     The 6/3/03 APOL Options (as defined in Schedule A);
     The 6/16/03 APOL Options (as defined in Schedule A);
     The 3/25/04 APOL Options (as defined in Schedule A); and
     The 5/29/00 Mr. Yip Options (as defined in Schedule B).

SCHEDULE C-3

Options to be modified and amended to permit APOL or Mr. Yip (as the case may
be) and the Permitted Transferee (if any) to exercise such options until the
Option Expiration Date for such respective options set forth in Schedule A or
Schedule B (subject at all times to Clause 3.1(b)):

     The 7/12/99 APOL Options (as defined in Schedule A);
     The 6/6/02 APOL Options (as defined in Schedule A);
     The 6/3/03 APOL Options (as defined in Schedule A);
     The 6/16/03 APOL Options (as defined in Schedule A);
     The 3/25/04 APOL Options (as defined in Schedule A); and
     The 5/29/00 Mr. Yip Options (as defined in Schedule B).

<PAGE>

                                                                      SCHEDULE D

PERMITTED TRANSFEREES

     1. CW Chu Foundation
     2. University of Pennsylvania
     3. St. Paul's Co-educational College
     4. LaSalle College of Hong Kong

<PAGE>

                                                                       EXHIBIT A

                      [INSERT APOL OPTION AWARD AGREEMENTS]

<PAGE>

                                                                       EXHIBIT B

                    [INSERT MR. YIP OPTION AWARD AGREEMENTS]

<PAGE>

                                                                       EXHIBIT C

                            ACKNOWLEDGEMENT FORM FROM
       [INSERT NAME OF PERMITTED TRANSFEREE] (THE "PERMITTED TRANSFEREE")

     Reference is hereby made to the Option Transfer Agreement dated as of the
Effective Date among CDC Corporation (formerly, chinadotcom corporation) located
at 34/F Citicorp Centre, 18 Whitfield Road, Causeway Bay, Hong Kong (the
"Company"), Asia Pacific Online Limited located at Suite 4302, 43/F China
Resources Building, Wanchai, Hong Kong ("APOL") and Peter Yip of c/o APOL, Suite
4302, 43/F China Resources Building, Wanchai, Hong Kong ("Mr. Yip") (the
"Agreement"). Capitalized terms used herein without definition shall have the
meaning given to such term in the Agreement.

     The undersigned Permitted Transferee hereby acknowledges, represents,
warrants and covenants (as the case may be) to the Company as follows:

     (1)  [Mr. Yip/APOL] has indicated that [he/it] desires to transfer [INSERT
          NUMBER] [Mr. Yip Options/APOL Options] (the "Transferred Options") to
          the Permitted Transferee.

     (2)  This Acknowledgement Form is being delivered to the Company in
          compliance with Clause 2.2 of the Agreement.

     (3)  It is a condition precedent to the Company permitting [Mr. Yip/APOL]
          to transfer the Transferred Options to the Permitted Transferee that
          the acknowledgements, representations, warranties and covenants of the
          Permitted Transferee be accurate and complete.

     (4)  The Permitted Transferee qualifies as a non-profit organization under
          the tax laws of the jurisdiction of its formation.

     (5)  The Permitted Transferee will comply with the terms of the Company's
          1999 Stock Option Plan and the terms of the relevant option award
          agreement applicable to the Transferred Options.

     (6)  The Permitted Transferee agrees not to transfer the Transferred
          Options or any portion of the economic consequences associated with
          ownership of any such Transferred Option to any other party [;
          provided, however, that if the Permitted Transferee is the CW Chu
          Foundation or another trust formed by Mr. Yip and designated as a
          Permitted Transferee, such Permitted Transferee may transfer such
          options to another Permitted Transferee (the "Second Permitted
          Transferee"), provided that such Second Permitted Transferee satisfies
          all of the provisions of the Agreement as if such Second Permitted
          Transferee was the original Permitted Transferee, which provisions
          shall include, but not be limited to, delivery of the acknowledgement
          form set forth in Clause 2.2 of the Agreement and any such transfer
          shall be made on or prior to the date twelve months from the Effective
          Date of the Agreement.] [INCLUDE ONLY IF PERMITTED TRANSFEREE IS THE
          CW CHU FOUNDATION OR ANOTHER TRUST FORMED BY MR YIP AND DESIGNATED AS
          A PERMITTED TRANSFEREE]

<PAGE>

     (7)  The Permitted Transferee will hold, exercise and use any proceeds from
          such options solely and exclusively to advance legitimate causes of
          such Permitted Transferee which qualify such Permitted Transferee as a
          tax exempt, non-profit organization that serves the public interest,
          such as charitable, educational, scientific, religious or literary
          purposes.

     (8)  Upon the disposal of any Underlying Shares, the Permitted Transferee
          will undertake an orderly disposal of such Underlying Shares which
          shall be intended not to cause any excessive movement in the price of
          the Company's Class A Common Shares or creating the perception of an
          overhang in the Company's Class A Common Shares. For the purposes of
          effectuating an orderly disposal, (1) the Permitted Transferee shall
          dispose of the Underlying Shares in a manner consistent with the
          "Manner of Sale" provisions of Rule 144(f) promulgated under the
          Securities Act of 1933, as amended, and (2) the amount of Underlying
          Shares which may be disposed of, together with disposals of all other
          Underlying Shares within the preceding ten trading days, shall not
          exceed 5% of the average daily trading volume of the Company's Class A
          Common Shares on the Nasdaq National Market (or other market on which
          such shares are then listed) during the ten trading days immediately
          preceding the date of such sale.

     (9)  The Permitted Transferee acknowledges and agrees that prior to
          permitting the Permitted Transferee to exercise Transferred Options,
          the Company may request the Permitted Transferee to provide reasonable
          information to confirm the representations, warranties and covenants
          contained herein.

                                        [NAME OF PERMITTED TRANSFEREE]


                                        By
                                           -------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------