Exhibit 8.1
  Subsidiaries
 Name of company
    
    Place of incorporationSmall World Television LLC
    
    United StatesAccord Group Investments Limited
    
    British Virgin IslandsChina Lead Profits Ltd.
    
    British Virgin IslandsEast Alliance Limited
    
    British Virgin IslandsEverfame Development Limited
    
    British Virgin IslandsGreat Triump Investments Ltd.
    
    British Virgin IslandsProfitown Development Limited
    
    British Virgin IslandsSmall World Holding Company Limited
    
    British Virgin IslandsStarease Limited
    
    British Virgin IslandsUpper Step Holdings Limited
    
    British Virgin IslandsUpper Will Enterprises Limited
    
    British Virgin IslandsXinhua Finance Advertising Limited
    
    British Virgin IslandsXinhua Media Entertainment Limited
    
    British Virgin IslandsChina Media Network Limited
    
    Hong KongEconWorld Media Limited
    
    Hong KongEconWorld Publishing Limited
    
    Hong KongHong Kong Stock Express Publication Ltd.
    
    Hong KongJCBN Company Limited
    
    Hong KongJTT Advertising Limited
    
    Hong KongMoney Journal Advertising Co., Ltd.
    
    Hong KongMoney Journal Publication Limited
    
    Hong KongSingshine (Holdings) Hongkong Limited
    
    Hong KongSmall World Television Limited
    
    Hong KongXinhua Finance Media (Hong Kong) Limited
    
    Hong KongXSEL (Hong Kong) Limited
    
    Hong KongActive Advertising Agency (Guangzhou) Co., Ltd.
    
    Peoples Republic of ChinaBeijing Xinhua Yinghua Film & TV Planning Co.,
Ltd.
    
    Peoples Republic of ChinaEconWorld (Shanghai) Co., Ltd.
    
    Peoples Republic of ChinaFinancial World (Shanghai) Co., Ltd.
    
    Peoples Republic of ChinaGuangzhou Excellent Consulting Service Co., Ltd.
    
    Peoples Republic of ChinaJia Luo Business Consulting (Shanghai) Co., Ltd.
    
    Peoples Republic of ChinaNew China Media (Shanghai) Co., Ltd.
    
    Peoples Republic of ChinaShenzhen Haibei Leidi Business Consultancy Co.,
Ltd.
    
    Peoples Republic of ChinaTaihui Business Consulting (Shanghai) Co., Ltd.
    
    Peoples Republic of ChinaXinhua Finance Media (Beijing) Co., Ltd.
    
    Peoples Republic of ChinaXinhua Finance Media (Shanghai) Co., Ltd.
    
    Peoples Republic of China




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Name of company
    
    Place of incorporationWuxianshijie (Beijing) Information Technology
Co., Ltd.
    
    Peoples Republic of ChinaZhongxi Taihe Culture Consultancy (Shanghai)
Co., Ltd.
    
    Peoples Republic of China
 Consolidated Affiliated Entities
 Name of company
    
    Place of incorporationBeijing Century Media Advertising Co., Ltd.
    
    Peoples Republic of ChinaBeijing Century Media Culture Co., Ltd.
    
    Peoples Republic of ChinaBeijing Century Workshop Communications Co.,
Ltd.
    
    Peoples Republic of ChinaBeijing EWEO Advertising Co., Ltd.
    
    Peoples Republic of ChinaBeijing Golden Ways Animation Production Co.,
Ltd.
    
    Peoples Republic of ChinaBeijing Hantang Yueyi Culture Media Co., Ltd.
    
    Peoples Republic of ChinaBeijing Jinjiu Tianyi Tianjiu Lianhe
Advertising Co., Ltd.
    
    Peoples Republic of ChinaBeijing Jinguan Xincheng Advertising Co., Ltd.
    
    Peoples Republic of ChinaBeijing Linghang Dongli Advertising Co., Ltd.
    
    Peoples Republic of ChinaBeijing Longmei TV & Broadcast Advertising Co.,
Ltd.
    
    Peoples Republic of ChinaBeijing Mobile Interactive Co., Ltd.
    
    Peoples Republic of ChinaBeijing Perspective Orient Advertising Co., Ltd.
    
    Peoples Republic of ChinaBeijing Perspective Orient Movie and Television
Intermediary Co., Ltd.
    
    Peoples Republic of ChinaBeijing Pioneer Media Advertising Co., Ltd.
    
    Peoples Republic of ChinaBeijing Qiannuo Advertising Co., Ltd.
    
    Peoples Republic of ChinaBeijing Singshine Advertising Co., Ltd
    
    Peoples Republic of ChinaBeijing Siwei Media & Advertising Co., Ltd.
    
    Peoples Republic of ChinaBeijing Taide Advertising Co., Ltd
    
    Peoples Republic of ChinaBeijing Xintai Huade Advertising Co., Ltd.
    
    Peoples Republic of ChinaBeijing
Xintai Huaqing Media Technology Co., Ltd
    
    Peoples Republic of ChinaChangzhou Golden Ways Digital Technology Co.,
Ltd.
    
    Peoples Republic of ChinaGuangzhou Hyperlink Market Research Co., Ltd.
    
    Peoples Republic of ChinaGuangzhou Jingshi Culture Intermediary Co., Ltd.
    
    Peoples Republic of ChinaGuangzhou Liangdian Zhongduan Zhanshi Co., Ltd.
    
    Peoples Republic of ChinaGuangzhou Singshine Advertising Co., Ltd.
    
    Peoples Republic of ChinaGuangzhou Singshine Communication Co., Ltd.
    
    Peoples Republic of ChinaGuoxin Hongdi Network Information & Technology
(Beijing) Co., Ltd.
    
    Peoples Republic of China




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Name of company
    
    Place of incorporationShanghai Fenghuo Marketing Consulting Co., Ltd.
    
    Peoples Republic of ChinaShanghai Heju Marketing Consulting Co., Ltd.
    
    Peoples Republic of ChinaShanghai Hyperlink Market Research Co., Ltd.
    
    Peoples Republic of ChinaShanghai IF Advertisement Design and Production
Co., Ltd.
    
    Peoples Republic of ChinaShanghai Liangdian Zhongduan Zhanshi Co., Ltd.
    
    Peoples Republic of ChinaShanghai Paxi Advertising Co., Ltd.
    
    Peoples Republic of ChinaShanghai Renhe Movie and Television
Intermediary Co., Ltd.
    
    Peoples Republic of ChinaShanghai Singshine Marketing Service Co., Ltd.
    
    Peoples Republic of ChinaShanghai Tianyi Advertising Co., Ltd.
    
    Peoples Republic of ChinaShanghai Yifu Advertisement Design and
Production Co., Ltd.
    
    Peoples Republic of ChinaShanghai Yuan Zhi Advertising Co., Ltd.
    
    Peoples Republic of ChinaShanghai Yuanxin Advertising Media Co., Ltd.
    
    Peoples Republic of ChinaShangtuo Zhiyang International Advertising
(Beijing) Co., Ltd.
    
    Peoples Republic of ChinaShenzhen Active Trinity Advertising Co., Ltd.
    
    Peoples Republic of ChinaTianjin Tianyi Tianjiu Advertising Co., Ltd
    
    Peoples Republic of China