Exhibit
4.32

     

    [Translation
of Chinese Original]

     

    Loan
Agreement

     

    This Loan
Agreement (hereinafter referred to as “this Agreement”) is made and entered into
by the below two parties in Beijing on November 24, 2008:

     

    
      	
              (1)

            	
              Beijing
      Super TV Co., Ltd. (hereinafter referred to as “the
    lender”)

            


    

     

    Registered
address: Room 406, B-4/f, Jingmeng High-tech Mansion, No. 5-2, Shangdi East
Road, Haidian District, Beijing

     

    
      	
              (2)

            	
              Shizhou
      Shen (hereinafter referred to as “the
borrower”)

            


    

     

    Address:
No. 1902, F15, Huaqing Jiayuan, Haidian District, Beijing

     

    The
lender and the borrower are hereinafter referred to as "a party” respectively
and “both parties” collectively.

     

    Both
parties hereto reach consensus through consultation and conclude the following
agreement for mutual compliance:

     

    
      	
              1.

            	
              Loan

            


    

     

    
      	
            	
              1.1

            	
              The
      lender agrees to provide a loan of RMB6,178,006.07 to the borrower. The
      loan term is 10 years, and may be extended by mutual consent by both
      parties.

            


    

     

    
      	
            	
              1.2

            	
              Under
      the precondition that all conditions in Article 2 are satisfied, the
      lender agrees to remit the loan in a lump sum to the designated account of
      the borrower within 20 days from receipt of the borrowers’ written notice
      demanding the loan. The borrower shall issue a confirmation letter to the
      lender on the day of receiving the
loan.

            


    

     

    
      	
            	
              1.3

            	
              The
      lender and the borrower agree that the loan hereunder shall be
      interest-free.

            


    

     

    
      	
              2.

            	
              Representations and
      Warranties

            


    

     

    
      
        	
              	
                2.1

              	
                During
      the period of performing this Agreement, the borrower makes the following
      representations and warranties to the
lender:

              


      

    

     

    
      
        	
              	
                (a)

              	
                The
      borrower is entitled to execute and perform this
  Agreement;

              


      

    

     

    
      
        	
              	
                (b)

              	
                Execution
      and performance of this Agreement by the borrower is in no violation of
      any binding laws and regulations, government approval, authorization,
      notice or other government documents, nor in breach of any agreement
      signed between the borrower and any third party or any promise made by the
      borrower to any third party;
and

              


      

    

     

    
      
        	
              	
                (c)

              	
                This
      Agreement, once signed, shall be legally binding on the borrower and shall
      be enforceable.

              


      

    


    
      
         


      

      
        1

        
          

        

      

      
         


      

    

     

    
      	
            	
              2.2

            	
              From
      the date of execution to the termination of this Agreement, the lender
      makes the following representations and
  warranties:

            


    

     

    
      
        	
              	
                (a)

              	
                The
      lender is a limited liability company duly incorporated and validly
      existing in accordance with the Chinese
laws;

              


      

    

     

    
      
        	
              	
                (b)

              	
                The
      lender is entitled to execute and perform this Agreement, which is line
      with the Articles of Association of the lender or other constitutional
      documents, and the lender has obtained all necessary and appropriate
      approval and authorization to execute and perform this
      Agreement;

              


      

    

     

    
      
        	
              	
                (c)

              	
                Execution
      and performance of this Agreement by the lender is in no violation of any
      binding or influential laws and regulations, government approval,
      authorization, notice or other government documents, nor in breach of any
      agreement signed between the lender and any third party or any promise
      made by the lender to any third party;
and

              


      

    

     

    
      
        	
              	
                (d)

              	
                This
      Agreement, once signed, shall be legally binding on the lender and shall
      be enforceable;

              


      

    

     

    
      
        	
              	
                (e)

              	
                The
      lender has obtained all government approvals, authorization, license,
      registration and filing procedures required to engage in businesses within
      the scope of its business license and own relevant
  assets.

              


      

    

     

    
      	
              3.

            	
              Liability for Breach
      of Contract

            


    

     

    In case
the borrower has failed to fulfill its repayment obligations as per this
Agreement, it shall pay overdue interest equal to 0.2‰ of the unpaid amount for
each day delayed, till the borrower repays all loan principal, overdue interest
and other amounts.

     

    
      	
              4.

            	
              Confidentiality

            


    

     

    Both
parties acknowledge and confirm that any oral or written information exchanged
for the purpose of this Agreement are confidential. Both parties shall keep such
information confidential and shall not disclose any information to any third
party without written consent from the other party, except for the following
information: (a) information that is known or will be known by the public (other
than the information disclosed to the public by the party receiving information
without permission); (b) information required to be disclosed in accordance with
applicable laws or regulations; or (c) information concerning the transaction
hereunder and required to be disclosed by either party to its legal or financial
consultant, who shall also abide by obligations of confidentiality similar to
this Article. Disclosure of information by the staff or hired agency of either
party shall be deemed as disclosure of information by that party, which shall
undertake liabilities for breach of contract under this Agreement.

     

    
      	
              5.

            	
              Governing Laws and
      Dispute Resolution

            


    

     

    
      	
            	
              5.1

            	
              Formation,
      effectiveness, interpretation, performance, alteration, termination and
      dispute resolution of this Agreement shall all be governed by the Chinese
      laws.

            


    

     

    
      	
              
              

            	
              5.2

            	
              Both
      parties hereto shall resolve any dispute arising from interpretation and
      performance of this Agreement through amicable negotiations at first. In
      case the dispute has not been settled within 30 days after either party
      issues to the other party a written notice demanding resolution through
      negotiations, either party may submit the dispute to China International
      Economic and Trade Arbitration Commission for arbitration in accordance
      with arbitration rules as at present in force. The place of arbitration is
      Beijing. The arbitration award shall be final and binding upon both
      Parties hereto.

            


    


    
      
         


      

      
        2

        
          

        

      

      
         


      

    

     

    
      	
            	
              5.3

            	
              In
      case of any dispute arising from interpretation and performance of this
      Agreement or any dispute under arbitration proceedings, excluding the
      disputed matters, both parties hereto shall continue to exercise other
      rights and fulfill other obligations
hereunder.

            


    

     

    
      	
              6.

            	
              Miscellaneous

            


    

     

    
      	
            	
              6.1

            	
              This
      Agreement shall take effect on the date of execution by both parties, and
      expire on the date when both parties have fulfilled their respective
      obligations hereunder.

            


    

     

    
      	
            	
              6.2

            	
              This
      Agreement is made in duplicate for each party to hold one with the same
      legal force.

            


    

     

    
      	
            	
              6.3

            	
              Both
      parties hereto may amend and supplement this Agreement by a written
      agreement. The revised agreement and/or supplementary agreement shall be
      an integral part of this Agreement and have the same legal force as this
      Agreement.

            


    

     

    
      	
            	
              6.4

            	
              Invalidity
      of any article hereunder shall not compromise the legal force of other
      articles hereunder.

            


    


    
      
         


      

      
        3

        
          

        

      

      
         


      

    

     

    (This
page is intentionally left blank for signatures of Beijing Super TV Co., Ltd.
and Shizhou Shen to execute the Loan Agreement.)

     

    Lender:
Beijing Super TV Co., Ltd.

     

    (Seal)

    
       

      
        
          
            	
                    Authorized representative:

                  	
                    /s/ Jianhua Zhu

                  	 


          

        

      

       

      
        
          	
                  Borrower:

                	
                  Shizhou
Shen

                


        

      

      


      
        
          	
                  Signature:

                	
                  /s/ Shizhou
Shen

                


        

      

    


    
      
         


      

      
        4