Exhibit
10.23

MAN SANG HOLDINGS, INC. 
2007
STOCK OPTION PLAN 

     1. Establishment and Purpose of this
Plan. Under this 2007 Stock Option Plan (this
“Plan”) of Man Sang Holdings, Inc. (the
“Company”), options (the “Options”) may be granted to eligible employees and
consultants (the “Optionees”) to purchase shares of the Company’s common stock,
par value US$0.001 per share (the “Common Stock”). This Plan is designed to
enable the Company and its subsidiaries to attract, retain and motivate selected
Optionees by providing for or increasing the proprietary interests of such
Optionees in the Company. This Plan is not intended to affect and shall not
affect any share option, equity-based compensation, or other benefits that the
Company or its subsidiaries may have provided, or may separately provide in the
future pursuant to any agreement, plan, or program that is independent of this
Plan.

     2. Common Stock Subject to this Plan. The
maximum number of shares of Common Stock for which Options granted hereunder may
be exercised is 1,500,000, subject to adjustments as provided in Sections 6 and
9. Common Stock subject to unexercised portions of any Option granted under this
Plan which expire or terminate or are cancelled may again be available for
subsequent Options under this Plan. When the exercise price for an Option
granted under this Plan is paid with previously outstanding Common Stock or with
Common Stock as to which any Option is being exercised, as permitted in Section
4, the total number of shares of Common Stock for which Options may be granted
under this Plan shall be irrevocably reduced by the total number of shares of
Common Stock for which such Option is thus exercised, without regard to the
number of Common Stock received or retained by the Company in connection with
that exercise. 

     3. Eligibility. 

          (a) General Rule. The Board or
the Committee (defined below in Section 8) shall grant the Options to the
employees and the consultants of the Company. The employee to be considered for the
grant of Options hereunder is any person (including an officer) regularly
employed by the Company or its subsidiaries in a managerial, professional or
technical capacity on a full-time and salaried basis. The consultant to be
considered for the grant of Options hereunder is any person who is a natural
person who provides services to the Company or its subsidiaries that are not in
connection with the offer or sale of securities in a capital-raising transaction
and do not directly or indirectly promote or maintain a market for the Company’s
securities. 

          (b) Grant of Options. Subject
to the provisions of this Plan, the Board or the Committee shall determine from
the employees and consultants of the Company those individuals to whom Options
under this Plan may be granted, the number of shares of Common Stock subject to
each Option and the price (if any) to be paid for the Common Stock. Each Option
shall be evidenced by an option agreement signed by the Company and the Optionee
(the “Option Agreement”). 

     4. Options. 

          (a) Maximum Option Term. Each
Option Agreement shall specify a term at the end of which the Option
automatically expires, subject to early termination provided herein and therein;
provided, that, no Option granted under this Plan may be exercised in whole or
in part more than ten (10) years after its date of grant. 

          (b) Exercise
Price.

               (i) The exercise price for each Option granted hereunder shall be
(A) determined by the Board (as defined below) or the Committee (as defined
below), (B) set forth in the Option Agreement and (C) not less than one hundred
percent (100%) of the Fair Market Value (as defined below) of the Common Stock,
on the date of the grant of the Option. 

               (ii) “Fair Market Value” of a share of Common Stock on a specified
date means: (A) if the Common Stock is then traded on the New York Stock
Exchange or the American Stock Exchange (collectively, the “Exchange”), the
closing price on such date of a share of the Common Stock as traded on such
Exchange on which it is then traded; or (B) if the Common Stock is not then
traded on the Exchange but is quoted on NASDAQ or a successor quotation system,
(1) the mean between the closing composite inter-dealer “bid” and “ask” prices
for the Common Stock as quoted by NASDAQ or such successor quotation system on
such date, or (2) if no “bid” and “ask” prices are quoted on such date, then on
the next preceding date on which such prices are quoted; or (C) if the Common
Stock is not then traded on the Exchange or quoted on the NASDAQ but is
otherwise traded in the over-the-counter market, the mean between the composite
inter-dealer “bid” and “ask” prices on such date; or (D) if sub-sections (A) to
(C) do not apply, the fair market value, determined in good faith by the Board
or the Committee. 

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               (iii) The per Common Stock exercise price of an Option shall not be
below the par value of each Common Stock. 

          (c) Exercise of Option. The
times, circumstances and conditions under which an Option shall be exercisable
shall be determined by the Board or the Committee in its sole discretion and set
forth in the Option Agreement. The Board or the Committee shall have the
discretion to determine whether and to what extent the vesting of Options shall
be tolled during any unpaid leave of absence; provided, however, that in the
absence of such determination, vesting of Options shall be tolled during any
such leave approved by the Company.


          (d) Minimum Exercise Requirements. An Option may not be exercised for a fraction of a share. The Board or
the Committee may require in an Option Agreement that an Option be exercised as
to a minimum number of shares of Common Stock, provided that such requirement
shall not prevent an Optionee from purchasing the full number of shares of
Common Stock as to which the Option is then exercisable. 

          (e) Methods of Exercise.


               (i) Prior to its expiration pursuant to the terms of the
applicable Option Agreement, and subject to the times, circumstances, and
conditions for exercisability contained in the applicable Option Agreement, each
Option may be exercised, in whole or in part (provided that the Company shall
not be required to issue fractional shares), by delivery of written notice of
exercise to the secretary of the Company accompanied by the payment of the full
exercise price of the Common Stock being purchased. Unless otherwise provided in
the applicable Option Agreement, payment for Common Stock purchased upon any
exercise of an Option granted under this Plan shall be made by one (or approved
by the Board or the Committee, a combination) of the following methods:


                    (A) in full in cash payable to the Company concurrently with such
exercise; 

                    (B) if and to the extent the Option Agreement so provides and the
Company is not then prohibited from purchasing or acquiring shares of such
Common Stock, in whole or in part with the Common Stock, delivered in lieu of
cash concurrently with such exercise, that (1) are owned by the relevant
Optionee who is purchasing the Common Stock pursuant to an Option, (2) are to be
valued on the basis of the Fair Market Value (as defined in Section 4(b)(ii)) of
the Common Stock, (3) are all, at the time of such delivery, free and clear of
any and all claims, pledges, liens and encumbrances, and (4) are duly endorsed
for transfer to the Company; provided, that, if payment of exercise price by
Common Stock is permitted for the exercise of an Option granted under this Plan
in accordance with the foregoing provision, the relevant Optionee may, in lieu
of using the previously outstanding Common Stock, use some of the Common Stock
as to which the Option is then being exercised; or

                    (C) a cashless exercise program that the Board or the Committee
may approve, from time to time in its discretion. 

               (ii) The Board or the Committee shall have the discretion to
exclude from an Option Agreement any method of payment set forth above. The
Company shall not be required to deliver Common Stock pursuant to the exercise
of an Option until payment of the full exercise price therefore is received by
the Company. 

          (f) Termination of Continuous Service. (i) The Board or the Committee may establish and set forth in the
applicable Option Agreement the terms and conditions on which an Option shall
remain exercisable, if at all, following termination of an Optionee’s Continuous
Service (as defined below). The Board or the Committee may waive or modify these
provisions at any time. To the extent that an Optionee is not entitled to
exercise an Option at the date of his or her termination of Continuous Service,
or if the Optionee (or other person entitled to exercise the Option) does not
exercise the Option to the extent so entitled within the time specified in the
Option Agreement or below (as applicable), the Option shall terminate and the
Common Stock underlying the unexercised portion of the Option shall revert to
this Plan and become available for future Options. In no event may any Option be
exercised after the expiration of the Option term as set forth in the Option
Agreement. 

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     The following provisions shall apply
to the extent an Option Agreement does not specify the terms and conditions upon
which an Option shall terminate when there is a termination of an Optionee’s
Continuous Service: 

                    (A) Termination other than Upon Disability or Death or for Cause.
In the event of termination of an Optionee’s
Continuous Service (other than as a result of Optionee’s death, disability,
retirement or termination for Cause (as defined below)), the Optionee shall have
the right to exercise an Option at any time within thirty (30) days following
such termination to the extent the Optionee was entitled to exercise such Option
at the date of such termination.

                    (B) Disability. In the event of
termination of an Optionee’s Continuous Service as a result of his or her
disability, the Optionee shall have the right to exercise an Option at any time
within one (1) year following such termination to the extent the Optionee was
entitled to exercise such Option at the date of such termination.

                    (C) Retirement. In the event of
termination of an Optionee’s Continuous Service as a result of an Optionee’s
retirement, the Optionee shall have the right to exercise the Option at any time
within six (6) months following such termination to the extent the Optionee was
entitled to exercise such Option at the date of such termination. 

                    (D) Death. In the event of the
death of an Optionee during the period of Continuous Service since the grant
date of an Option as set forth in the Option Agreement, or within thirty (30)
days following termination of the Optionee’s Continuous Service, the Option may
be exercised, at any time within one (1) year following the date of the
Optionee’s death, by the Optionee’s estate or by a person who acquired the right
to exercise the Option by bequest or inheritance, but only to the extent the
right to exercise the Option had vested at the date of death or, if earlier, the
date the Optionee’s Continuous Service terminated. 

                    (E) Cause. If the Board or the
Committee determines that an Optionee’s Continuous Service was terminated due to
Cause, the Optionee shall immediately forfeit the right to exercise any Option
(whether or not exercisable as of the date of such termination) and such Option
shall be considered immediately null and void. 

                    (F) Definitions. For the
purposes of this Plan, “Continuous Service” means the absence of any
interruption or termination of service as an employee or consultant. Continuous
Service shall not be considered interrupted in the case of: (1) sick leave; (2)
military leave; (3) any other leave of absence approved by the Board or the
Committee, provided, that, such leave is for a period of not more than ninety
(90) days, unless reemployment upon the expiration of such leave is guaranteed
by contract or statute, or unless provided otherwise pursuant to Company policy
adopted from time to time; or (4) in the case of transfers between locations of
the Company or between the Company or its subsidiaries. Changes in status
between service as an employee and a consultant will not constitute an
interruption of Continuous Service. “Cause” means for termination of an
Optionee’s Continuous Service will exist if the Optionee is terminated from
employment or other service with the Company for any of the following reasons:
(1) the Optionee’s conviction of a felony or any crime involving moral
turpitude, fraud or misrepresentation committed in connection with his or her
employment or service with the Company; (2) the Optionee’s failure to
substantially perform his or her duties and responsibilities to the Company or
deliberate violation of a material Company policy; (3) the Optionee’s commission
of any material act or acts of fraud, embezzlement, dishonesty, or other willful
misconduct; (4) the Optionee’s material unauthorized use or disclosure of any
proprietary information or trade secrets of the Company or any other party to
whom the Optionee owes an obligation of non-disclosure as a result of his or her
relationship with the Company; or (5) Optionee’s willful and material breach of
any of his or her obligations under any written agreement or covenant with the
Company. 

     5. Non-transferability of Options. Any
Option granted under this Plan shall by its terms not be sold, pledged,
assigned, hypothecated, transferred or disposed of in any manner by the Optionee
other than by will or the laws of descent and distribution and is exercisable
during the Optionee’s lifetime only by him or if the Optionee is disabled or
deceased, by his guardian or duly authorized legal representative or
estate. 

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     6. Adjustments Upon Changes in
Capitalization.

          (a) If the outstanding shares of Common Stock then subject to this
Plan are increased or decreased, or are changed into or exchanged for a
different number or kind of shares or securities, as a result of one or more
reorganizations, stock splits, reverse stock splits, stock dividends or the
like, appropriate adjustments shall be made at the sole discretion of the Board
or the Committee in the number and/or kind of shares or securities for which
Options may thereafter be granted under this Plan and for which Options then
outstanding under this Plan may thereafter be exercised.

          (b) In the event of any such transaction or event, the Board or
the Committee may provide in substitution for any or all outstanding Options
under this Plan such alternative consideration as it may in good faith determine
to be equitable under the circumstances and may require in connection therewith
the surrender of all Options so replaced. In any case, such substitution of
securities shall not require the consent of any person who is granted Options
pursuant to this Plan. 

          (c) Any such adjustment in outstanding Options shall be made
without changing the aggregate exercise price applicable to the unexercised
portions of such Options. 

          (d) Except as expressly provided herein, no issuance by the
Company of shares of any class, or securities convertible into shares of any
class, shall affect, and no adjustment by reason thereof shall be required to be
made with respect to, the number or price of the Common Stock subject to any
Option. 

     7. Plan Duration. This Plan shall
continue in effect for a term of ten (10) years from the date of the adoption of
this Plan unless this Plan is terminated under Section 11 below. 

     8. Administration. 

          (a) This Plan shall be administered by the Company’s board of
directors (the “Board”) or, at the discretion of the Board, by a committee (the
“Committee”) of not less than two members of the Board each of whom shall not at
any time during his service as an administrator of this Plan be eligible to be
considered for the grant of an Option. The Board may at any time appoint
additional members to the Committee, remove and replace members of the Committee
and fill vacancies on the Committee however caused. 

          (b) The interpretation and construction by the Committee of any
term or provision of this Plan, of any Option granted under it or the Option
Agreement shall be final, unless otherwise determined by the Board, in which
event such determination by the Board shall be final. The validity of any such
interpretation, construction, decision or finding of fact shall not be given de
novo review if challenged in court, by arbitration, or in any other forum, and
shall be upheld unless clearly arbitrary or capricious. The Board or the
Committee may from time to time adopt rules and regulations for carrying out
this Plan and, subject to the provisions of this Plan, may prescribe the form or
forms of the Option Agreement evidencing any option granted under this Plan.


          (c) Subject to the provisions of this Plan, the Board or, by
delegation from the Board, the Committee, shall have full and final authority in
its discretion to select the employees or consultants to be granted Options, to
grant such Options and to determine the number of shares of Common Stock to be
subject thereto, the exercise prices, the terms of exercise, the expiration
dates and other pertinent provisions thereof. 

     9. Corporate
Reorganizations.

          (a) Upon (i) the dissolution or liquidation of the Company, (ii) a
reorganization, merger or consolidation of the Company as a result of which the
outstanding securities of the class then subject to Options hereunder are
changed into or exchanged for cash or property or securities not of the
Company’s issue, or any combination thereof, (iii) a sale of substantially all
assets of the Company to another corporation or person, or (iv) the acquisition
of Common Stock representing more than eighty percent (80%) of the voting power
of the Common Stock of the Company then outstanding by another corporation or
person, this Plan shall terminate, and all Options theretofore granted hereunder
shall terminate, unless provision be made in writing in connection with such
transaction for the continuance of this Plan and/or for the assumption of
Options covering the stock of a successor employer corporation, or a parent or
subsidiary thereof, with appropriate adjustments as to the number and kind of
shares and prices, in which event this Plan and Options theretofore granted
shall continue in the manner and under the terms so provided.

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          (b) If this Plan and unexercised Options shall terminate pursuant
to paragraph (a) above, all persons entitled to exercise any unexercised
portions of Options then outstanding shall have the right, at such time prior to
the consummation of the transaction causing such termination as the Company
shall designate, to exercise the unexercised portions of their Options,
including the portions thereof which would, but for paragraph (a), not yet be
exercisable.

     10. Resales. After the registration of the
Common Stock for resale by the Optionees who are granted Options hereunder on a
Form S-8 Registration Statement by the Company, the Common Stock issued on the
exercise of an Option granted under this Plan may be freely resold without
restrictions unless (a) otherwise specified in the Option Agreement or (b) the
Optionee is deemed to be an “affiliate” of the Company (as defined in Rule 144
and Rule 405 of the United States Securities Act of 1933, as amended (the
“Act”)) at the time of resale. The Optionee who is deemed to be an “affiliate”
of the Company may resell publicly the shares acquired upon exercise of an
Option by complying with the terms and conditions of Rule 144 under the Act or
pursuant to a separate registration statement under the Act. 

     11. Amendment, Suspension and Termination
of Plan. 

          (a) Subject to legal requirements relating to the administration
of options and share-based plans under applicable U.S. federal and state laws,
any applicable stock exchange or self regulatory organization rules or
regulations, and the applicable laws of any other country or jurisdiction where
Options are granted, as such laws, rules, regulations and requirements shall be
in place from time to time (the “Applicable Law”), the Board may from time to
time terminate, suspend or amend this Plan in such respects as it may deem
advisable, including any such amendment effected to conform to any change in the
Applicable Law, or the Options granted hereunder; provided, that, no such
amendment shall change the following unless approved by the shareholders of the
Company within twelve (12) months following the date such amendment is adopted:


               (i) the maximum aggregate number of Common Stock for which Options
may be granted under this Plan, except as required under any adjustment pursuant
to Section 6;

               (ii) the requirements as to eligibility for participation in this
Plan in any material respect; or 

               (iii) extend the term of this
Plan. 

          (b) no amendment, suspension, or termination of this Plan shall
materially and adversely affect Options already granted unless either it relates
to an adjustment pursuant to Section 6 above, or it is otherwise mutually agreed
between the Optionee and the Board, which agreement must be in writing and
signed by the Optionee and the Company.

     12. Legal Restrictions. If in the opinion
of legal counsel for the Company, the issuance or sale of any shares of Common
Stock pursuant to the exercise of an Option granted hereby shall be unlawful for
any reason, including (but not by way of limitation) the inability or failure of
the Company to obtain from any governmental authority or regulatory body any
consent or approval deemed necessary by such counsel for such issuance or sale,
the Company shall not be obligated and shall have no liability for failure, to
issue or sell any Common Stock pursuant to the exercise of an Option to an
Optionee or any other authorized person unless the Company receives evidence
satisfactory to its legal counsel that the issuance and sale of the Common Stock
shall not constitute a violation of any Applicable Law. The Company shall in no
event be obligated to take any action which may be required in order to permit,
or to remedy or remove any prohibition or limitation on, the issuance or sale of
such Common Stock to any Optionee or other authorized person. 

     13. Choice of Law. The validity,
interpretation and administration of this Plan and of any rules, regulations,
determinations or decisions made thereunder, and the rights of any and all
persons having or claiming to have any interest therein or thereunder, shall be
determined exclusively in accordance with the laws of the State of Nevada.
Without limiting the generality of the foregoing, the period within which any
action in connection with this Plan must be commenced shall be governed by the
laws of the State of Nevada, without regard to the place where the act or
omission complained of took place, the residence of any party to such action or
the place where the action may be brought or maintained. If any provision of
this Plan is held by a court of competent jurisdiction to be invalid and
unenforceable, the remaining provisions shall continue to be fully
effective. 

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     14. Headings. The headings in this Plan
are for convenience only and are not to be used in interpreting the meaning or
effect of any provisions hereof.


     15. No Stockholder Rights. Neither an
Optionee nor any transferee of an Optionee shall have any rights as a
stockholder of the Company with respect to any Common Stock underlying any
Option until the date of issuance of a stock certificate to an Optionee or a
transferee of an Optionee for such Common Stock in accordance with the Company’s
governing instruments and Applicable Law. Prior to the issuance of Common Stock
pursuant to an Option, an Optionee shall not have the right to vote or to
receive dividends or any other rights as a stockholder with respect to the
Common Stock underlying the Option, notwithstanding its exercise in the case of
Options. No adjustment will be made for a dividend or other right that is
determined based on a record date prior to the date the stock certificate is
issued, except as otherwise specifically provided for in this Plan. 

     16. No Employment Rights. This Plan shall
not confer upon any Optionee any right to continue an employment, service or
consulting relationship with the Company, nor shall it affect in any way an
Optionee’s right or the Company’s right to terminate the Optionee’s employment,
service, or consulting relationship at any time, with or without cause.


     AS ADOPTED
BY THE BOARD OF DIRECTORS OF MAN SANG HOLDINGS, INC., SUBJECT TO SHAREHOLDER
APPROVAL, ON JUNE 26, 2007. 

	  	MAN
      SANG HOLDINGS, INC.  
	  
	  
	By:
        	/s/ CHENG Chung Hing 	 
	  	CHENG
      Chung Hing 
		President 



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