Document:

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                                                                   EXHIBIT 10.20

                                                                     Translation

                     AGREEMENT ON GENERAL ADVERTISING AGENCY

                                     BETWEEN

                 BEIJING GUOGUANG GUANGRONG ADVERTISING CO. LTD

                                       AND

                    BEIJING CENTURY MEDIA ADVERTISING CO. LTD

                                 WITH RESPECT TO

                           CHANNEL FM91.5 BEIJING AND

                           CHANNEL FM87.9 SHANGHAI OF

                            CHINA RADIO INTERNATIONAL

                                 NOVEMBER, 2006

                                     BEIJING

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                                TABLE OF CONTENT

<TABLE>
<S>          <C>
ARTICLE 1    DEFINITIONS

ARTICLE 2    AGENCY FOR ADVERTISING

ARTICLE 3    COMMITMENT AND TERMS

ARTICLE 4    AMOUNT(S) IN CONTRACT AND METHODS OF PAYMENT(S)

ARTICLE 5    EFFECTIVENESS OF AGREEMENT

ARTICLE 6    VALIDITY PERIOD AND BREACH OF AGREEMENT

ARTICLE 7    FORCE MAJEURE

ARTICLE 8    REPRESENTATIONS AND WARRANTIES

ARTICLE 9    CONFIDENTIALITY

ARTICLE 10   APPLICABLE LAWS AND DISPUTE RESOLUTION

ARTICLE 11   NOTICE(S)

ARTICLE 12   TERMINATION OF AGREEMENT

ARTICLE 13   OTHER ISSUES
</TABLE>

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This exclusive agency agreement for advertising (hereafter as "this agreement")
was signed on November 28, 2006, in Beijing by the following parties:

Party A: Beijing Guoguang Guangrong Advertising Co. Ltd (hereafter as "Party A")
         Address: Room A508, North Section, A16-Shijingshan Road, Shijingshan
                  District, Beijing
         Legal Representative: Chen Yulin

Party B: Beijing Century Media Advertising Co. Ltd (hereafter as "Party B")
         Address: Room E1-1507, Oriental Square, 1 East Changan Avenue,
                  Dongcheng District, Beijing
         Legal Representative: Wang Yonghong

Whereas:

     1.   China Radio International (hereafter as "Radio International")
          operates several sets of radio programs on domestic channels
          (including but not limited to the channels in this agreement); Party A
          is lawfully set up and is the only chief entity that has the exclusive
          agency to run the advertising businesses for all the domestic radio
          channels of the Radio International, and has been given full
          authorization.

     2.   The Advertising Department of Radio International signed with Party B
          on February 24, 2005 the contract for advertising agency that allows
          Party B to be the exclusive advertising agency running the advertising
          businesses for Channel FM Beijing and Channel FM Shanghai of the Radio
          International (the "Original Contract").

     3.   The Advertising Department of the Radio International and Party B have
          agreed that an agreement will be signed to terminate the Original
          Contract between the Advertising Department of the Radio International
          and Party B,

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          and that termination agreement becomes effective simultaneously on the
          date of execution of this agreement.

Pursuant to the provisions of Chinese laws, and after friendly consultation
between Party A and Party B, the following agreement has been reached regarding
ways of cooperation, terms, contract amounts, payment methods and other details.

                              ARTICLE 1 DEFINITIONS

Except where it is otherwise stipulated in this agreement or where there are
other requirements in the context, the following terminology shall contain
meanings as follows:

1.1  "The Chinese laws": Any law, act, regulation and regulatory documents
     publicly announced by the Chinese legislatures and governments (including
     the central and local legislatures and governments), and the amendments,
     additions, and interpretations made at any time with respect to these laws.

1.2  "Validity Period of Agreement": From date of effectiveness of this
     agreement to December 31, 2026.

1.3  "Day": A day calculated per a solar calendar.

1.4  "Parties": Party A and Party B.

1.5  "A party": Either of parties A and B.

1.6  "A (The) third party": Any party other than Party A and Party B.

1.7  "Agreement Channel(s)": Except where it is otherwise stipulated, referring
     to those channels owned by the Radio International: FM91.5 (broadcast from
     Beijing) (hereafter as "Beijing FM") and FM87.9 (broadcast from Shanghai)
     (hereafter as "Shanghai FM"), or their succeeding or replacement channel(s)
     when changes take place.

1.8  "Content of agreement channels": All the content broadcast on the agreement
     channels, including and only including: the aggregations of reserved
     advertising of Party A (if any), and of programs and advertisements for
     these agreement channels.

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1.9  "Advertisements on the agreement channels": The advertisements other than
     those reserved ones of Party A that are broadcast on the agreement
     channels, and advertisements that directly or indirectly introduce or sell
     or promote any format of sponsored events, entities, commodities, services
     and brands that are run on the agreement channels, whether or not the
     advertisement is charged for a fee or is classified as an "advertisement".

1.10 "Advertising businesses on agreement channels": Operation of the businesses
     of advertising on agreement channels by distributing the advertisements on
     those channels pursuant to the definition(s) in 1.9.

1.11 "Programs on agreement channels": The programs broadcast on the agreement
     channels.

1.12 "Reserved advertisements of Party A": Party A's advertisements for the
     public interest that are broadcast on the agreement channels and
     advertisements to develop the Radio International's own businesses.

1.13 "Revenues from advertisements on agreement channels": The revenues from
     advertisements distributed on the agreement channels or revenues generated
     by operating advertising businesses via the agreement channels, including
     but not limited to cash revenues, event sponsorships, tangible objects,
     coupons, and breaks for commercials received because of the name of the
     channels or in exchange for breaks of commercials on these channels,
     whether or not they are called "advertisements".

1.14 "Time of advertisements on agreement channels": Except where it is clearly
     stipulated in this agreement, referring to the time during which the
     agreement channel advertisements are distributed on those channels.

1.15 "Promotion Events": The various kinds of events conducted via the agreement
     channels and/or via the brands of the Radio International, and the formats
     include but are not limited to distribution of flyers, salons, seminars,
     forums, exhibitions, publicity through advertisements and large scale
     theme-events.

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                          ARTICLE 2 ADVERTISING AGENCY

2.1  Party A authorizes Party B to be its exclusive agent for advertising on the
     agreement channels, to exclusively operate its advertising businesses on
     the agreement channels, and to be entitled to revenues from advertising on
     the agreement channels during the period of effectiveness of this agreement
     pursuant to the terms in this agreement.

2.2  The right of exclusive advertising agency that Party B has in this
     agreement means: within the term of this agreement, and under the
     circumstance that Party B has been substantially fulfilling this agreement,
     Party A cannot, without a written consent from Party B, accept on its own
     or accept through any third party advertising businesses on the agreement
     channels stipulated in this agreement (except Article 3.5 in this
     agreement). Party A agrees to introduce Party B as its exclusive agency for
     advertising on the agreement channels, at appropriate time, on the media,
     in the publicity materials and media of Party A and the Radio
     International.

2.3  Party A agrees: When Party B exercises the exclusive agency right for
     advertising, Party B can act by using the name of the sole agent of the
     agreement channels, and at the reasonable request of Party B, Party A is
     responsible for providing the lawful written Authorization of Trust and
     Statement of Verification necessary for the operation of the advertising
     businesses on the agreement channels.

2.4  Party B has full decision power over the operation of the advertising
     businesses under the agency and has the right to make its own decisions on
     advertising clients, formats and contents, and prices; however, the
     advertising formats and contents, and prices need to be kept in records at
     the Radio International. The length and time slots for advertisements need
     to be discussed by both parties elsewhere (except where it is otherwise
     stipulated in this agreement) and cannot be against the regulations in the
     Chinese laws and acts.

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2.5  To facilitate Party B to develop the advertising businesses on the
     agreement channels, Party A, with a written consent from Party A, hereby
     agrees and authorizes Party B to utilize the agreement channels and the
     names, brands and logos of Party A and the Radio International to engage in
     promotion events, and also agrees that Party B has the right to conduct
     such promotional events, and in connection with such events distribute
     advertisements, appoint title sponsors, and attract investments.

                         ARTICLE 3 COMMITMENT AND TERMS

3.1  Party B undertakes that during the period of bilateral cooperation, it will
     not transfer its rights and duties in this agreement to any third party.

3.2  Party B undertakes that, during the period of bilateral cooperation, Party
     B must provide to Party A all the advertisement writings and certifications
     for the advertisements that are broadcast on the agreement channels. All
     the advertisements can be distributed only after Party A has reviewed them.
     All advertising contracts and advertisement sample tapes must be in the
     archives of Party A.

3.3  Party B can make suggestions to Party A for improvement to programs on the
     agreement channels, according to the market conditions. Under the premise
     that it is not in breach of applicable state laws and acts, Party A has the
     duty to respect the opinions of Party B and to coordinate relevant program
     production units to improve or adjust programs.

3.4  Party B needs to reinforce the efforts on promoting brands of relevant
     agreement channels and Party B is also committed that the promotion
     activities cannot damage the image of the brands of the channels.

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3.5  In order to enhance program quality and increase listening ratings, Party A
     undertakes that, under the premise of obeying relevant state laws and acts
     and ensuring that the Radio International has the final review right to the
     program and broadcast, depending on the market condition, Party B can
     entrust and designate a relevant quality third party or, through other
     lawful formats, provide agreement channel programs to the channels. These
     programs can be broadcast on the agreement channels: no more than 4 hours
     per day on Beijing FM Channel, and on all programs other than the news
     programs on Shanghai FM Channel. Party A has a duty to coordinate relevant
     departments to enable these programs to be smoothly broadcast. If more time
     is needed, the parties need to consult each other for a solution.

3.6  To prevent doubtful points, with respect to the agreement channel on
     Beijing FM, the contents are composed of (i) Party A's reserved
     advertisements (if any), (ii) advertisements on the agreement channel,
     (iii) no more than 4 hours of agreement channel programs provided by Party
     B (pursuant to Section 3.5 of this agreement) and (iv) the remaining time
     programs on the agreement channel provided by the Radio International
     (including the news program if any); with respect to agreement channel on
     Shanghai FM, the contents are composed of (i) Party A's reserved
     advertisements (if any), (ii) advertisements on the agreement channel,
     (iii) agreement channel programs provided by Party B (pursuant to Section
     3.5 of this agreement) and (iv) the news programs on the agreement channel
     provided by the Radio International (if any); if Party B fails to provide
     the above mentioned agreement channel program(s) (as stipulated in Section
     3.5 of this agreement), then Party A is to make a lawful arrangement as a
     solution. Party B is to bear the production expenses incurred directly or
     indirectly in providing the agreement channel program(s) (pursuant to
     Section 3.5 in this agreement), but it will not bear other expenses. Also,
     to prevent doubtful points, both Party A and Party B have confirmed that
     the news programs are only limited to what has been clearly stipulated in
     relevant state media promulgation acts about the scope and methods for
     production and broadcasting.

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3.7  The agreement channel program(s) provided by Party B (stipulated in Section
     3.5 of this agreement) and copyrights of the advertisements on the
     agreement channels belong to Party B or are owned by Party B according to
     its terms with a third party.

3.8  In order to effectively integrate advertising resources, Party A has the
     right, under the premise that it gives Party B an advance written notice,
     to use advertising time on the agreement channels; the time used cannot
     exceed 30% of the advertising time on the agreement channels (with respect
     to what particular time slots to use, the parties need to decide
     elsewhere); the time used is to be settled between Party A and Party B at
     no less than Party B's actual sales price on the market that day; the
     amount in the settlement is to be recorded into Party B's agency assignment
     amount(s). If Party A's needs for time exceed 30%, the parties need to
     consult each other for a decision.

3.9  Party A's advertisements for the public interest that are broadcast on the
     agreement channels and the advertisements to develop the Radio
     International's own businesses shall be treated as Party A's reserved
     advertisements and are not for the exclusive agency of Party B; however,
     Party A must notify Party B in writing of the time slots and advertisement
     volume, a week ahead of the day when the advertisement is broadcast, and
     that should not affect the benefits of Party B. The specific time slots for
     Party A's reserved advertisements should be decided according to specific
     situations, yet both parties A and B should observe the principle of
     priority given to advertisements on agreement channel. Party A is forbidden
     from using Party A's reserved advertisements to collect benefits from a
     third party; if benefits are reaped, they belong to Party B.

3.10 Party A has confirmed and undertakes that it will enable and ensure the
     daily time for the agreement channel contents for Shanghai FM Channel to be
     no less than 18 hours, and 24 hours for the agreement channel contents for
     Beijing FM

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     Channel, except for routine machine breaks for maintenance. Except where it
     is otherwise stipulated in this agreement, both parties A and B hereby
     confirm on the duration of time for both of the advertisements and programs
     on the agreement channels, and on the specific time segments that are to be
     arranged; both parties should ensure the principle of priority given to
     business interests.

3.11 To facilitate Party B to develop advertising businesses on the agreement
     channels, Party A is hereby committed to its duty to ensure that the
     quality of programs on the agreement channels that it lawfully arranges
     (except for those stated in Section 3.5 of this agreement) will not be
     lower than its current standard for the validity period of this agreement.

                  ARTICLE 4 CONTRACT AMOUNT AND PAYMENT METHODS

Under this agreement, the consideration that Party B obtains from the exclusive
advertising agency operation right to the advertising businesses on the
agreement channels stated in the agreement consists of the total amounts stated
in Sections 4.1 and 4.2 below.

4.1  Party B undertakes that within 3 days upon the execution of this agreement
     it will make a one-time payment of RMB 20,000,000 to the party designated
     by Party A (unless both parties A and B identify otherwise, the designated
     party is the Radio International).

4.2  Other than what is stated in the above Section 4.1,

          4.2.1 Party B, as the exclusive advertising agent for Beijing FM,
               undertakes to make a certain amount of annual payments to Party A
               for the advertising agency fee, specifically as follows:

               (a)  From January 1 to December 31, 2007, a payment(s) of RMB
                    14,400,000 has to be made. In the successive years,

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                    there is an increment of 15% every year until it reaches RMB
                    25,185,700 by December 31, 2011;

               (b)  From January 1, 2012 to December 31, 2026, Party B must
                    ensure that it pays RMB 25,185,700 annually to Party A as
                    the bottom-line of advertising agency fee; if the annual
                    advertising sales totals exceed RMB 35,000,000, the
                    exceeding portion is to be allocated at the ratio of 3:7
                    between Party A and Party B. The payment for the allocated
                    exceeding portion from each calendar year is to be made on
                    the fifteenth business day of the following year.

          4.2.2 Party B, as the exclusive advertising agent for Shanghai FM,
               undertakes to making a certain amount of annual fee to Party A
               for the advertising agency, and the specific amounts are as
               follows:

               (a)  From January 1 to December 31, 2007, a minimum payment(s) of
                    RMB 4,000,000 has to be made. In the successive years, every
                    year there is an increment of RMB 500,000 on top of the
                    previous year's amount until it reaches RMB 6,000,000 by
                    December 31, 2011. That is, there is a lower limit of
                    RMB4,500,000 for the year 2008, of RMB 5,000,000 for the
                    year 2009, of RMB5,500,000 for the year 2010, and of RMB
                    6,000,000 for the year 2011;

               (b)  From January 1, 2012 to December 31, 2026, the annual lower
                    limit for the advertising agency fee remains unchanged at
                    RMB 6,000,000;

               (c)  From 2007, if the annual advertising sales total for
                    Shanghai FM exceeds RMB 15,000,000, the exceeding portion is
                    to be allocated to Party A and Party B

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                    according to the following proportions. Specifically, if the
                    exceeding part is within RMB 10,000,000 (that is, the sales
                    are between RMB 15,000,000 and 25,000,000), the exceeding
                    part will be allocated at the ratio of 4:6 between Party A
                    and Party B; if the exceeding part is over RMB 10,000,000
                    (that is, the sales are above RMB 2,500,000), the exceeding
                    part will be allocated at the ratio of 3:7 between Party A
                    and Party B. The payment for the allocated exceeding
                    proportion from each calendar year is to be made on the
                    fifteenth business day of the following year.

          4.2.3 Party B must make payments for the next corresponding monthly
               fee for the exclusive advertising agency for Beijing FM and
               Shanghai FM on the last 2 business days of each month after the
               execution of this agreement. To avoid doubts, for example, the
               fees for January 2007 should be paid on the last 2 business days
               at the end of December 2006. The monthly fee for the exclusive
               advertising agency = the total of the applicable annual fee for
               the exclusive advertising agency X 1/12.

                    ARTICLE 5 EFFECTIVENESS OF THE AGREEMENT

This agreement is signed by both Party A and Party B on the date stated on the
front page of this text and is effective on the date. Further, Party A
undertakes that at the time of the execution of this agreement, it provides the
"Statement of Verification" pursuant to what is stipulated in Section 8.1.2 of
this agreement.

                ARTICLE 6 VALIDITY PERIOD AND BREACH OF AGREEMENT

6.1  The validity period of the agreement is 20 years from the date of execution
     to December 31, 2026.

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6.2  Before the term of the agreement expires, neither Party A or Party B can
     discontinue this agreement except where circumstances in Section 12.3 of
     this agreement take place, and the other party has the right to seek
     compensation for breaching, which is worth 200% of the annual fees of the
     applicable year for the exclusive advertising agency that Party B is to pay
     Party A as stipulated in Section 4.2 of this agreement; further, if the
     other party has been subject to other losses, the party that unilaterally
     discontinues this agreement is liable for a full amount payment of
     compensation.

6.3  If wrong broadcasting or omission of broadcasting happens in the course of
     Party A's distribution of advertisements, Party A should notify Party B in
     a timely manner. Party A should take active remedy measures and consult
     with Party B regarding re-broadcasting plan or plan for indemnification for
     Party A to enforce after verification with Party B.

6.4  If, because of Party A's wrong broadcasting or omission in broadcasting of
     advertisements, damages have been caused to clients or consumers, Party A
     shall bear the liabilities. In the case where damages have been caused to
     clients or consumers, and resulting in legal disputes because of the
     truthfulness of the content in the advertisement Party B provides to Party
     A and because of problems in the procedures, Party B shall bear the
     liabilities.

6.5  Party B should timely make bottom-line payments to Party A for the
     exclusive advertisement agency fee. In the case of a late payment, for the
     delay per day, Party B should pay a late fee at 0.1% of the amount of the
     late monthly payment.

6.6  If Party B fails to pay Party A the relevant monthly fees for the exclusive
     advertisement agency as stipulated in Section 4.2 of this agreement, it is
     deemed that Party B has unilaterally discontinued this agreement and has
     constituted a serious breach.

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                             ARTICLE 7 FORCE MAJEURE

Due to earthquakes, typhoon, floods, fires, war and other unforeseeable force
majeure events (including but not limited to natural disasters, strikes, riots,
warlike actions, outbreaks of contagious diseases, government regulations after
the signing of the contract, storms or other natural disasters) of which the
occurrence and consequences cannot be prevented or avoided, where the
fulfillment of this agreement is directly affected or cannot be performed
pursuant to the terms and conditions, the party confronting the above mentioned
force majeure should immediately notify the other party of the relevant
information about the event and, within 5 business days after the event of force
majeure, should provide a detailed written report about the force majeure. Also,
within a month of the written report, it should provide a valid document of
proof of the force majeure, which should be issued by a public notary
institution at the site of the event of force majeure, except where the Chinese
laws do not permit. According to the level of the event's impact on the
fulfillment of the agreement, the parties shall decide through consultation
whether to partially exempt the duty to fulfill this agreement or to delay the
fulfillment. No party is to request compensation for the losses due to force
majeure. Once force majeure has disappeared, the parties should at once take
measures to continue fulfilling what is to be performed under this agreement.

                    ARTICLE 8 REPRESENTATIONS AND WARRANTIES

8.1  Either party on the date of signing hereby guarantees the following to the
     other party:

     8.1.1 The party is an legally existing legal person with good reputation,
          formally set up according to Chinese laws;

     8.1.2 The party has all necessary power, authorization and permit(s) (from
          governments or other departments) to sign this agreement and to
          comprehensively fulfill this agreement and duties under every other
          agreement signed in relevance to this agreement;

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     8.1.3 The party has already adopted all necessary measures to ensure it has
          the right to sign this agreement, and the representative who
          represents the party to sign on this agreement has obtained all the
          necessary authorization to sign this agreement, according to the valid
          "Statement of Authorization" or to the status of the representative as
          a staff member of the party. If a proxy is signing this agreement, he
          should have obtained consent from the authorizer, thus this agreement
          signed by the proxy shall be binding on the party;

     8.1.4 The execution and fulfillment of this agreement cannot be in conflict
          with any Chinese laws, government orders or judgments from judicial
          institutions or cause the party to breach its contract with a third
          party;

     8.1.5 With respect to the objectives of this agreement, the party does not
          have any upcoming proceedings, arbitration or judicial, administrative
          or other proceedings or government investigations, or to the best of
          the party's knowledge any threats of such things to happen;

     8.1.6 All the documents, materials, information and commitment the party
          provides to the other party are true and without mistakes;

     8.1.7 Party A guarantees that this agreement is not in conflict with any
          related agreements that Party A has signed. If this agreement is in
          conflict with any agreement that Party A has signed or there is
          inconsistency in the terms and conditions, this agreement shall
          prevail.

8.2  In spite of the stipulations in Section 8.1, Party A hereby makes a special
     statement: it has obtained authorization from the Radio International to be
     the Radio International's exclusive general advertising agent for all its
     domestic broadcasting channels and according to the authorization from the
     Radio

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     International, it has the right to subcontract its exclusive advertising
     agency on the agreement channels.

8.3  Where the statements and guarantees made in Article 8 by any party are
     found to be untrue, misleading, incomplete or incorrect, and as such it has
     caused the other party any loss, damage, liability, claim, request, action,
     proceeding, fines, and punishment, the other party has the right to request
     having a full compensation and being free from any damage.

                            ARTICLE 9 CONFIDENTIALITY

9.1  Both parties agree to keep strictly confidential the terms and conditions
     of this agreement, all information in or relevant to this agreement, and
     all information the other party provides (hereafter as "confidential
     information"), and will not disclose them to any third party except where
     it is otherwise stipulated in this article. The confidential information
     can only be used for the fulfillment of this agreement. The parties both
     agree to request a third party that is likely to be informed of or likely
     to obtain the confidential information to sign a confidentiality and
     no-disclosure agreement identical to this article. This article will not be
     applicable to the following information that a party discloses: (a)
     information that is already public (except where a party breaches this
     article and makes the information public); (b) the information the party
     has already held and is not related to this agreement or the joint-venture
     corporation, or information that is not generated from this agreement; (c)
     information that is disclosed or used according to laws, acts, and rules
     and regulations from any regulatory institution for any publicly recognized
     securities exchange; (d) reasonably disclosed or used due to requirements
     of any judicial proceedings; (e) reasonably disclosed to the taxation
     authorities according to administrative requirements of relevant taxation
     institutions; and (f) disclosed to professional advisors, but those
     professional advisors must observe the same duty for confidentiality as the
     parties to this agreement.

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9.2  Each party agrees to minimize the number of people to whom the confidential
     information is disclosed, and to disclose only to those who fulfill the
     stipulated duties of the party to this agreement.

                ARTICLE 10 APPLICABLE LAWS AND DISPUTE RESOLUTION

10.1 The construction, execution, implementation, and interpretation of this
     agreement and resolution of disputes are subject to the applicable Chinese
     laws.

10.2 Any disputes related to or caused by this agreement should be resolved
     through friendly consultation. Where consultation fails, the parties agree
     to submit the dispute to China International Economic and Trade Arbitration
     Committee located in Beijing for that committee to mediate and resolve
     according to the applicable and effective arbitration rules at the time of
     submission; the arbitration judgment is final and is binding on every
     party; and the place for arbitration is Beijing. In the course of
     arbitration, except for issue(s) that are being arbitrated, the other
     articles and clauses of this agreement should continuously be implemented.

                                ARTICLE 11 NOTICE

11.1 Except otherwise stipulated in this agreement, any party, when sending a
     notice under this agreement or notices related to this agreement, should be
     in writing. In the case of delivery by a designated person, or faxing, or
     using a publicly recognized express mail service to send to the addresses
     or fax numbers listed at the beginning of this agreement, or sending to
     another address or fax number the recipient has already notified in
     advance, it is considered to have been delivered.

11.2 Except otherwise stipulated in this agreement, any notice sent via fax is
     deemed to have been immediately delivered when faxed in a normal way to the
     above fax number(s) of the recipient; however, the notice should be
     immediately sent via a publicly recognized express mail service to the
     recipient for verification. If sent

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     via a publicly recognized express mail service, the notice is deemed
     delivered within 5 days upon sending to the address of the recipient.

                       ARTICLE 12 TERMINATION OF AGREEMENT

12.1 This agreement terminates automatically upon expiration of the contract.

12.2 Both parties reach consensus upon consultation to terminate this agreement.

12.3 Both parties of this agreement agree that when circumstances stated in
     Section 6.6 occur, Party A has the right to unilaterally terminate this
     agreement.

                             ARTICLE 13 OTHER ISSUES

13.1 The sub-title added for each article and clause is only for convenient
     reference and does not affect the interpretation of the content of articles
     in this agreement.

13.2 Any time after the signing date of this agreement, the parties to this
     agreement should, with all their reasonable business efforts, enable the
     necessary third party/parties to sign documents reasonably requested by a
     relevant party and to respond with actions to the reasonable request made
     by a relevant party, thus the relevant party fully having all the benefits
     under the articles of this agreement; the required expenses are borne by
     the relevant party.

13.3 If any article or clause and terms in this agreement are considered illegal
     or unable to be reinforced according to applicable laws, that article or
     clause is deemed already deleted from this agreement and has already become
     void; however, this agreement is still effective and should be deemed as
     never containing that article or clause from the very beginning. The
     parties should fully consult with each other in good faith in order to
     replace the deleted article(s) or clause(s) with ones that are rational and
     lawful.

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13.4 The time, dates, and length of terms stipulated in this agreement are
     critically important to this agreement and anything departing from the
     time, dates or length of terms as stipulated in this agreement should be
     deemed as a breach of agreement.

13.5 The expenses incurred to enable this agreement to be lawfully effective,
     including but not limited to notary fees, stamp tax, registration fees,
     should be borne by the related party/parties or by the party incurring the
     expenses pursuant to the provisions of the Chinese laws.

13.6 The additional agreements to this agreement constitute an inseparable part
     of this agreement and have the same effects as the text in the main body of
     this agreement.

13.7 This agreement constitutes all agreements that have been reached among the
     parties with respect to issues of the objectives of this agreement, and
     replaces all previous oral and written agreements, contracts,
     understandings and correspondence among the parties with respect to the
     issues of the objectives of this agreement.

13.8 This agreement comes in 6 counterparts, 3 held by Party A and 3 by Party B.
     All counterparts have the same legal effects.

     [See the next page for the signing sheet]

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     [This page is a signing sheet and contains no main text]

     Party A: Beijing Guoguang Guangrong Advertising Co., Ltd. [Company chop of
     Beijing Guoguang Guangrong Advertising Co., Ltd.]

     Legal/or Authorized Representative: /s/
                                         ---------------------------------------

     Party B: Beijing Century Media Advertising Co., Ltd. [Company chop of
     Beijing Century Media Advertising Co., Ltd.]

     Legal/or Authorized Representative: /s/
                                         ---------------------------------------<PAGE>

                                                                   EXHIBIT 10.21

                                                                     Translation

            REVISED AND RESTATED MONEY JOURNAL COOPERATION AGREEMENT

PARTY A: Hunan Television & Broadcast Intermediary Co., Ltd.
ADDRESS: Gold Eagle Movie and TV Culture Complex, East of Liuyang River,
         Changsha City
LEGAL REPRESENTATIVE: Long Qiuyun

PARTY B; Money Journal Press Office
ADDRESS: Building 2 South, International Expo and Hotel for Movies and TV Shows,
         East of Liuyang River, Changsha City, Hunan Province
LEGAL REPRESENTATIVE: Liu Shabai

PARTY C: Guangzhou Jingshi Culture Intermediary Co., Ltd.
ADDRESS: Room 802, Yuanhui Commerce Building, 423 Tianhe Road North, Tianhe
         District, Guangzhou City
LEGAL REPRESENTATIVE: Jiang Guibin

WHEREAS:

     1.   The Money Journal is a monthly publication directed and operated under
          Golden Eagle Broadcasting System, with its national publication code
          as CN43-1452/F, hereafter as "DESIGNATED JOURNAL". The Money Journal
          Press Office is Party B; and the sponsoring organization is Party A.

     2.   Party B owns the rights of issuance and of advertising operation of
          the DESIGNATED JOURNAL, and has appropriate qualification to publish
          the DESIGNATED JOURNAL.

     3.   Parties A, B, and C signed the Money Journal Cooperation Agreement
          (the "original agreement") on June 26, 2006.

In order to seek joint growth, after friendly consultation among the parties,
Parties A, B and C have unanimously agreed to make the following revisions and
restatements to the original agreement with respect to the DESIGNATED JOURNAL,
and implement what is in the

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revised and restated agreement. The three parties hereby execute the revised and
restated agreement as follows:

1.   DEFINITIONS

     1.   DESIGNATED JOURNAL: the magazine with its current name of Money
          Journal and a national publication code CN43-1452/F, its successor or
          replacement that adopt new names or versions, any form of publications
          that the Money Journal Press Office publishes from time to time, and
          any or all of the attachments, supplements, additions, and derivative
          publications.

     2.   EXCLUSIVE ADVERTISING AGENCY: the sole exclusive advertising agency
          for all the advertising pages of the designated journal, including the
          rights to do advertising sales, receive revenues, and contract and
          sub-contract the advertising.

     3.   ADVERTISING PAGES: the pages in the designated journal that carry
          advertisements and advertising information.

2.   AUTHORIZATION OF THE SOLE EXCLUSIVE ADVERTISING AGENCY

     Party B authorizes Party C as the sole exclusive advertising agent for the
     DESIGNATED JOURNAL that Party B owns. The said agency term is eight years,
     starting from the date of execution of this contract till March 15, 2014.

3.   VALUE AND PAYMENTS

     Pursuant to terms 2 and 4 in Article 5, Party C, in addition to providing
     consultancy service and bearing related expenses, should pay Party B the
     advertising agency fees, as stipulated below, for the value that Party C
     gets in obtaining the sole exclusive advertising agency: RMB1,600,000.00 in
     total as the advertising agency fees under this contract, which will be
     paid over the 8 contract years, each year at RMB200,000.00. Party C should
     make payment for a certain contract year in a single payment by June 30 of
     that contract year.

4.   RIGHTS AND DUTIES OF PARTY A AND PARTY B

     1.   Party B is responsible for data collection and publication operation
          of the DESIGNATED JOURNAL, orientation of the promotion work and
          review of the contents of the journal, and official execution and
          approval of the articles.

     2.   Party B has the right to get Party C report the work of the
          advertising agency and to offer necessary guidance for the work of
          Party C.

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     3.   Party B bears the obligation of creating conditions to facilitate the
          advertising operation for Party C, including coordinating the
          relations among various aspects and assisting with administrative
          reviews and approvals, the expenses of which is borne by Party C.

     4.   Party B has the right for final review of the advertising contents in
          the DESIGNATED JOURNAL, and the right for refusing publishing any
          illegal advertisements. However, it has no right to refuse the
          publication of legal advertisements.

     5.   Party B assures that during the cooperation period it will provide to
          Party C related documents and proof of the DESIGNATED JOURNAL such as
          the approval documents and annual review documents from the News and
          Publication Bureau in order for Party C to proceed with its work.

     6.   Party B is responsible at its earliest convenience for applying for a
          business postal number for Money Journal in order to open up the
          distribution channels for the publications.

     7.   Party B assures that it has the right to authorize Party B to be its
          sole exclusive agent for the DESIGNATED JOURNAL, and that Party B's
          execution of this contract is not in breach of any contracts to which
          it is a party.

     8.   Party B undertakes that it will ensure that during the period of the
          agency Party C will not be affected by any third party when Party C
          exercises the sole exclusive agency right under this contract for the
          DESIGNATED JOURNAL and that Party B will not permit any right to a
          third party with respect to the DESIGNATED JOURNAL.

     9.   Party B undertakes and assures that it will publish twice a year
          additions for the benefit of Party C's advertising operation and Party
          C can provide contents to those additions. Party B is responsible for
          editing, final review and proofreading of the contents provided by
          Party C, and has the right to refuse the contents provided by Party C
          that are against the laws and regulations.

     10.  Party A undertakes to bear related responsibilities with respect to
          Party B's duties under this agreement, except where the laws stipulate
          responsibilities only for Party B to bear and except responsibilities
          related to data collection and publication operation of the designated
          journal.

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5.   RIGHTS AND OBLIGATIONS OF PARTY C

     1.   Party C is the sole agent for the advertisements carried in the
          DESIGNATED JOURNAL, and has the right to conduct, under the name of
          "sole exclusive advertising agent", advertising, investments
          attraction and related businesses, and the right to obtain all the
          benefits from these businesses.

     2.   Party B entrusts Party C to provide management consultancy and
          information services for the distribution of the DESIGNATED JOURNAL,
          for the benefit of expanding distribution channels and developing
          advertising businesses.

     3.   Except where it is otherwise stipulated in this agreement, Party C
          cannot, without written authorized consent from the legal
          representative or person-in-charge of Party B, sign contracts,
          agreements and other legal documents with others under Party B's name
          or the name of the publisher of the DESIGNATED JOURNAL.

     4.   Party C is to bear all the printing costs and expenses of the
          DESIGNATED JOURNAL during the period of the agreement, which is to
          ensure the normal publication of the designated journal and operation
          of the advertising businesses.

     5.   The credits and debts of Money Journal incurring before the execution
          of this agreement are to be borne respectively by Party A and Party B.

     6.   The credits, debts and economic disputes and losses resulted, during
          the agency period, from Party C as the agent for the DESIGNATED
          JOURNAL, are to be borne by Party C alone. Where losses are caused to
          Party B, Party C should compensate Party B.

     7.   Party C, without Party B's consent, cannot transfer the whole of, or
          permit the sole exclusive agency right of the DESIGNATED JOURNAL as
          stipulated in this contract.

     8.   Party C is to provide information and articles for the contents in the
          DESIGNATED JOURNAL and in the additions as stipulated in term 9 of
          Article 5, and to provide consultancy service for the content planning
          and arrangement of the DESIGNATED JOURNAL: Party B can at its own
          discretion provide the above-mentioned articles and can contact,
          entrust, arrange for or designate a third party to provide articles
          related to what has been mentioned above. The royalties of contents
          provided by Party C stay with Party C or can be treated according to
          actual agreements between Party C and the article supplier(s). The
          contents of articles provided by Party C cannot be in violation of
          related laws and regulations.

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6.   CONDITIONS FOR TERMINATION OF AGREEMENT

     1.   During the period of the agreement, where one of the following
          circumstances happens, Party B has the right to unilaterally terminate
          this agreement:

               i.   Party C fails to make full payments of the advertising
                    agency fees on due date(s) as stipulated in this agreement.

               ii.  Party C encounters serious difficulties in operating the
                    advertising agency for the DESIGNATED JOURNAL, and is unable
                    to pay for the printing costs and expenses stipulated in
                    this agreement, which has caused two or more editions of the
                    DESIGNATED JOURNAL not to be published on time.

               iii. Party C has signed with others contracts, agreements and
                    other legal documents under the name of Party B or the name
                    of the publisher of the DESIGNATED JOURNAL, which has caused
                    major losses to Party B.

               iv.  In its operational activities, Party C has violated related
                    state laws and regulations and, thus, has caused Party B or
                    the DESIGNATED JOURNAL materially adverse effects or losses.

     2.   With a consensus among Parties A, B, and C after friendly
          consultation, a written agreement is reached to terminate this
          agreement ahead of time.

7.   RESPONSIBILITIES FOR BREACHING THE AGREEMENT

     Where any of Parties A, B and C breaches the agreement, it should
     compensate for all the losses caused to other parties. Where any party
     breaches this contract and has therefore caused non-fulfillment of the
     goals of this agreement, the breaching party should pay a breaching fee at
     10% of the total concerned amount for this agreement to the other party;
     further if the breaching fee is not sufficient to compensate the other
     party for the total losses caused, the breaching party should make
     additional payments for the deficiency.

8.   RESOLUTIONS OF DISPUTES

     All parties should first resort to friendly consultation to resolve all
     disputes that happen in the due course of this agreement. Where friendly
     consultation fails to generate a consensus, any party can enter into a
     proceeding at a People's Court where the contract is signed.

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9.   OTHER ISSUES

     1.   Party C agrees that under the premise that a consensus exists with
          Party A, Party C will purchase 50% equity of Beijing Perspective
          Orient Advertising Co. Ltd and Party C and the latter will jointly
          operate the related advertising businesses.

     2.   This agreement takes effect upon the signing by the legal
          representative(s) or authorized representative(s) of both Party A and
          Party B and upon the sealing with an official stamp, and replaces the
          original agreement. Party B has the right to issue a notice to Party A
          three months ahead of the expiry of this contract to extend the
          contract on the same terms and conditions stipulated in this
          agreement.

     3.   The issues not covered herein shall be resolved from consultation
          among the parties.

     4.   This agreement comes in three copies, with one for each party, and all
          copies have the same legal effects.

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SIGNATURE PAGE

Party A: Hunan Television & Broadcast Intermediary Co., Ltd.
         [Company chop of Hunan Television & Broadcast Intermediary Co., Ltd.]

Legal representative or authorized representative: /s/
                                                   -----------------------------
Date signed: September 20, 2006

Party B: Money Journal Press Office [Company chop of Money Journal Press Office]

Legal representative or authorized representative: /s/
                                                   -----------------------------
Date signed: September 20, 2006

Party C: Guangzhou Jingshi Culture Intermediary Co., Ltd
         [Company chop of Guangzhou Jingshi Culture Intermediary Co., Ltd.]

Legal representative or authorized representative: /s/
                                                   -----------------------------
Date signed: September 20, 2006

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