Document:

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                                                                  Exhibit 10.9.2

                             EQUITY PLEDGE AGREEMENT

This Equity Pledge Agreement (hereinafter referred to as this "Agreement") is
entered into by and between the following parties on June 22, 2007 in Shenzhen:

PLEDGEE:

     Party A: Shenzhen Nepstar Pharmaceutical Co., Ltd.
              Registered address: Neptunus Building A-15B, Nanshan District,
              Shenzhen

PLEDGORS:

     Party B: Feng Tu
              ID No.: 320828196810190013

     Party C: Liping Zhou
              ID No.: 310104196310262825

(Party B and Party C are hereinafter collectively referred to as "Pledgors")

Whereas:

1.   Party A is a limited liability company incorporated and registered in
     Shenzhen in accordance with law of People's Republic of China ("PRC") to
     engage in pharmaceutical wholesale, computer network technology development
     and technology consulting and service in accordance with law as approved by
     relevant governmental authorities of PRC.

2.   Party B and Party C are PRC residents. Party B holds 100% equity interest
     of Shenzhen Nepstar Management Consulting Co., Ltd., while Party C holds
     100% equity interest of Shenzhen Nepstar Information Technology Service
     Co., Ltd.

3.   Shenzhen Nepstar Management Consulting Co., Ltd. (Nepstar Building A-15C,
     Nanhai Avenue, Nanshan District, Shenzhen) and Shenzhen Nepstar Information
     Technology Service Co., Ltd. (Neptunus Building A-15D, Nanhai Avenue,
     Nanshan District, Shenzhen) are limited liability companies incorporated
     and registered in Shenzhen in accordance with PRC law and together hold 51%
     equity interest of each Regional Chain Company.

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4.   Party A entered into a Loan Agreement with Shenzhen Nepstar Management
     Consulting Co., Ltd. and Shenzhen Nepstar Information Technology Service
     Co., Ltd. on June 13, 2007 under which Party A will, through Shenzhen Ba
     Gua Ling Branch of Industrial Bank Co., Ltd., extend a loan in aggregate
     amount of Renminbi36,000,000 to Shenzhen Nepstar Management Consulting Co.,
     Ltd. and Shenzhen Nepstar Information Technology Service Co., Ltd.

5.   Party A entered into Product Supply Agreement, Trade Name License Agreement
     and Logistics Service and Information Technology Support Agreement with
     each Regional Chain Company on April 28, 2007.

Therefore, to guarantee the repayment by the borrower of the loan under the Loan
Agreement and ensure each Regional Chain Company with the borrowers as the
shareholders to perform its obligation under the Product Supply Agreement, Trade
Name License Agreement and Logistics Service and Information Technology Support
Agreement, through friendly discussion, the Pledgee and Pledgors enter into this
Agreement in accordance with the following provisions:

1.   DEFINITIONS

     Unless otherwise provided by this Agreement, the following terms shall have
     the following meaning:

     1.1  "Pledge" means the whole content as set forth in Article 2 hereof.

     1.2  "Equity" means all equity interest owned by Party B in Shenzhen
          Nepstar Management Consulting Co., Ltd. and all equity interest owned
          by Party C in Shenzhen Nepstar Information Technology Service Co.,
          Ltd.

     1.3  "Borrowers" means the Shenzhen Nepstar Management Consulting Co., Ltd
          wholly owned by Party B and the Shenzhen Nepstar Information
          Technology Service Co., Ltd. wholly owned by Party C.

     1.4  "Regional Chain Companies" means the limited liability companies
          jointly owned by the Pledgee and the Borrowers engaging in
          pharmaceutical wholesale and resale inside China as set forth in Annex
          I hereof.

     1.5  "Term of Pledge" means the period provided in Article 3.2 hereof.

     1.6  "Principal Agreements" means the Loan Agreement, Product Supply
          Agreement, Trade Name License Agreement and Logistics Service and
          Information Technology Support Agreement.

     1.7  "Breach Event" means any event as set forth in Article 7.1 hereof.

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     1.8  "Breach Notice" means the notice sent by the Pledgee to notify
          existence of any Breach Event in accordance with this Agreement.

2.   PLEDGE

     The Pledgors pledge all of their Equity in the Borrowers to the Pledgee as
     security for (i) the Borrower's obligations under the Loan Agreement and
     (ii) the obligations of Regional Chain Companies under the Product Supply
     Agreement, Trade Name License Agreement and Logistics Service and IT
     Support Agreement. The Pledge of Equity refers to the right of the Pledgee
     to get preferential repayment with the value of Equity directly or from the
     proceeds from auction or sale of the Equity pledged by the Pledgors to the
     Pledgee.

3.   SCOPE OF SECURITY AND TERM OF PLEDGE

     3.1  Scope of Security

          The scope includes obligations of each Borrower under the Loan
          Agreement and/or of each Regional Chain Company under Principal
          Agreements, including without limitation, the principal and interest
          (if any) of the loan, all payables, liquidated damage, all losses
          incurred by the Pledgee due to breach of the Borrowers and/or Regional
          Chain Companies and all expenses arising in exercise of Pledge by the
          Pledgee.

     3.2  Term of Pledge

          3.2.1 The Pledge under this Agreement shall become effective on the
               date when the pledge is recorded on the shareholders register of
               each Borrower with a term of twelve (12) years. Meanwhile, each
               party shall use its best effort to cause the Pledge hereunder to
               go through pledge registration procedures with competent industry
               and commerce administrations of the Borrowers.

          3.2.2 During the term of pledge, if the Borrowers fail to perform its
               obligation under the Loan Agreement or any Regional Chain Company
               fails to perform its contractual obligation fully in accordance
               with the Principal Agreements, the Pledgee shall have the right
               to dispose of the Pledge in accordance with this Agreement.

4.   REGISTRATION OF PLEDGE RIGHT

     4.1  In five (5) working days after the execution of this Agreement, the
          Pledgors and Pledgee shall assist with recording the Pledge hereunder
          onto shareholder
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          list of each Borrower and meanwhile go through pledge registration
          procedures with competent industry and commerce administration of each
          Borrower (if practicable).

5.   REPRESENTATION AND WARRANTY OF THE PLEDGORS

     5.1  The Pledgors are the legal owner of the Pledge Right.

     5.2  Except the Pledge created hereunder for the benefit of the Pledgee,
          the Pledgors have not created any other pledge or other encumbrance on
          the Equity.

6.   UNDERTAKINGS OF THE PLEDGORS

     6.1  During the term of this Agreement, the Pledgors undertake to the
          Pledgee for the benefit of the Pledgee:

          6.1.1 that the Pledgors will maintain legal existence of the Borrowers
               and without prior written consent of the Pledgee, neither cause
               any change to the ownership of the Borrowers nor suspend or cease
               the operation of or cancel the registration of the Borrowers;

          6.1.2 that other than holding equity interest in the Regional Chain
               Companies, without prior written consent of the Pledgee, neither
               Borrower may engage in any lending, operation and/or investment
               activity or make any increase or decrease of registered capital;

          6.1.3 that without prior written consent of the Pledgee, the Pledgors
               may not transfer the Equity, nor create or permit any pledge on
               the Equity that may affect the right and interest of the Pledgee;

          6.1.4 that without prior written consent of the Pledgee, the Borrowers
               may not transfer their equity interest in the Regional Chain
               Companies to any third party, nor create or permit any pledge on
               such equity interest that may affect the right and interest of
               the Pledgee;

          6.1.5 that the Pledgee shall be responsible for causing the Borrowers
               to first deposit any distribution or proceeds from the Regional
               Chain Companies (including dividends distributed to the equity
               interest held by the Borrowers in the Regional Companies) into a
               designated account and may not distribute such funds without
               consent of the Pledgee. Upon request of the Pledgee, such funds
               shall first be paid to the Pledgee as repayment of the loan;

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          6.1.6 that the Pledgee has the right, as it considers to be necessary,
               to request the Pledgors to transfer all or part of the Equity to
               any third party designated by the Pledgee which satisfies the
               requirements of PRC laws and regulations. The price of such
               equity transfer shall be equal to the amount of registered
               capital represented by such equity, unless then applicable PRC
               laws and regulations require evaluation of the equity or have
               other restriction with respect to the price. If the PRC laws and
               regulations applicable at the time when the Pledgee raises such
               equity transfer request in accordance with this Article require
               evaluation of the equity or have other restriction with respect
               to the price, the parties agree that the price for the equity to
               be transferred shall be the lowest as permitted by applicable
               law. When the Pledgee requests such equity transfer in accordance
               with this article, the Pledgors shall transfer their equity to
               such third party, execute all documents necessary for such
               transfer and assist to accomplish all procedures necessary for
               such transfer according to the request of the Pledgee. The price
               for equity transfer under this Article obtained by the Pledgors
               shall first be deposited into certain account as security fund
               for the loan and may not be used without written consent of the
               Pledgee. Upon request of the Pledgee, such price of equity
               transfer may first be used to repay the loan of the Borrowers
               under the Loan Agreement;

          6.1.7 that in the extent as permitted by PRC law, the Pledgee has the
               right to request the Borrowers to sell all or part of their
               equity interest in the Regional Chain Companies to the Pledgee or
               any third party designated by the Pledgee which satisfies the
               requirements of PRC laws. The price for the equity interest to be
               transferred shall be equal to the purchase price initially paid
               by the Borrowers, unless then applicable PRC laws and regulations
               require evaluation of the equity interest or have other
               restriction with respect to the price. If the PRC laws and
               regulations, applicable at the time when the Pledgee raises the
               request of equity interest transfer, require evaluation of the
               equity interest or have other restriction with respect to the
               price, the parties agree that the price for the equity interest
               to be transferred shall be the lowest as permitted by applicable
               law. When the Pledgee raises such equity interest transfer
               request in accordance with this article, the Pledgors shall cause
               the Borrowers to transfer such equity interest in the Regional
               Chain Companies, assist to accomplish relevant procedures for
               such transfer according to the request of Party A and execute
               relevant documents, as well as cause the Borrowers to use the
               price for sale of such equity interest first to repay the Pledgee
               the loan under the Loan Agreement;

          6.1.8 that if any Regional Chain Company is liquidated, the Pledgors
               shall cause the Borrowers to sell their assets distributed from
               such Regional

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               Chain Company in liquidation to the Pledgee in the price no
               higher than the purchase price for its equity in such Regional
               Chain Company, to offset debt of the Borrowers under the Loan
               Agreement at the same amount. If the asset distributed is cash,
               the Pledgors shall cause the Borrowers to first use such cash to
               repay the debt of the Borrowers under the Loan Agreement;

          6.1.9 that the Pledgors shall cause the Borrowers to grant their
               voting right in the shareholders' meeting of each Regional Chain
               Company to the Pledgee. Meanwhile, the Pledgors shall cause the
               Borrowers to grant the voting rights of the directors appointed
               by them in each Regional Chain Company to the directors appointed
               by the Pledgee in such Regional Chain Company.

          6.1.10 that the Pledgors will comply with and implement all provisions
               of laws and regulations concerning pledge on right, when
               receiving any notice, order or advice from relevant supervising
               authorities in connection with the Pledge Right, show such
               notice, order or advice in five (5) days to the Pledgee and
               comply with such notice, order or advice, or present objection
               and representation with respect to above matter upon reasonable
               request of the Pledgee or under consent of the Pledgee; and

          6.1.11 that the Pledgors will promptly notify the Pledgee of any event
               or notice received that may affect the Pledgors' Equity or any
               part of rights, as well as any event or notice received that may
               change or affect any warranty or obligation of the Pledgors under
               this Agreement.

     6.2  The Pledgors agree the right of the Pledgee to exercise the rights as
          a pledgee in accordance with this Agreement shall not be interrupted
          or deterred by the Pledgors or any successor or consigner of the
          Pledgors or any other preson through legal proceedings.

     6.3  The Pledgors undertakes to the Pledgee that to protect or perfect
          security of this Agreement for repayment of loan and performance of
          obligations under the Principal Agreements, the Pledgors faithfully
          enter into and cause other parties involved in connection with the
          Pledge Right to enter into all right certificates, agreements required
          by the Pledgee and/or take and cause other parties involved to take
          the actions required by the Pledgee and provide convenience for the
          Pledgee to exercise its rights and authorities granted by this
          Agreement.

     6.4  The Pledgors undertakes to the Pledgee that for the benefit of the
          Pledgee, the pledgors will comply with and implement all warranties,
          undertakings, agreements, representations and conditions. In case that
          the Pledgors fail to

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          implement or fail to fully implement any of its warranties,
          undertakings, agreements, representations and conditions, the Pledgors
          shall indemnify all losses caused to the Pledgee.

7.   BREACH EVENT

     7.1  The following events shall be deemed as Breach Events:

          7.1.1 that the Borrowers fail to perform all or part of their
               obligations under the Loan Agreement;

          7.1.2 that any Regional Chain Company fail to or refuse to perform all
               or party of their obligations under the Product Supply Agreement,
               Trade Name License Agreement and/or Logistics Service and IT
               Support Agreement in accordance with such agreements;

          7.1.3 that there is material misleading information or mistake with
               any representation or warranty of the Pledgors under Article 5 of
               this Agreement and/or that either Pledgor is in breach of any
               warranty under Article 5 of this Agreement;

          7.1.4 that either Pledgor is in breach of any undertakings under
               Article 6 of this Agreement;

          7.1.5 that either Pledgor is in breach of any other provision of this
               Agreement;

          7.1.6 that the Pledgors waive the Equity pledged or transfer the
               Equity pledged without written consent of the Pledgee;

          7.1.7 that any external borrowing, security, compensation,
               undertakings or other repaying liability of either Pledgor (i) is
               required to be repaid or performed ahead of expiry due to breach
               of agreement; or (ii) has been due but cannot be repaid or
               performed as scheduled which make the Pledgee considers that the
               ability of the Pledgor to perform its obligation hereunder has
               been affected;

          7.1.8 that this Agreement is held to be illegal or either Pledgor is
               unable to continue with performance of its obligations hereunder
               due to any reason other than force majeure; or

          7.1.9 that there is adverse change with property of the Pledgors which
               make the Pledgee considers that the ability of the Pledgor to
               perform its obligation hereunder has been affected.

<PAGE>

     7.2  When knowing or discovering existence of any event set forth in
          Article 7.1 or occurrence of any event that may result in any of above
          events, the Pledgors shall notify the Pledgee in writing immediately.

     7.3  Unless the Breach Event set forth in Article 7.1 has been resolved to
          the satisfaction of the Pledgee, the Pledgee may provide the Pledgors
          and the Borrowers a Breach Notice in writing at any time when or after
          such Breach Event occurs, requiring the Borrowers to repay any amount
          payable under the Loan Agreement and the Regional Chain Companies to
          pay any amount payable under the Product Supply Agreement, Trade Name
          License Agreement and Logistics Service and IT Support Agreement and
          perform obligations under such Agreements, or may dispose of the
          Pledge in accordance with Article 8 hereof.

8.   EXERCISE OF PLEDGE RIGHT

     8.1  To exercise the Pledge Right, the Pledgee shall provide the Pledgors a
          Breach Notice.

     8.2  Subject to Article 7.3 hereof, the Pledgee may dispose of the Pledge
          Right at the time or any time after sending the Breach Notice
          according to Article 7.3.

     8.3  The Pledgee shall be entitled to convert all or part of the Equity
          hereunder into money to offset the debts or get repayment with
          priority from the proceeds of auction or sale of such Equity through
          legal procedures, until the fees to be paid by the Regional chain
          Companies under the Product Supply Agreement, Trade Name License
          Agreement and Logistics Service and IT Support Agreement and the loan
          of the Borrowers under the Loan Agreement and any other payable
          amounts have been paid up.

     8.4  When the Pledgee dispose of its Pledge in accordance with this
          Agreement, the Pledors shall not make any hindrance but shall provide
          assistance as necessary to ensure the Pledgee's implementation of its
          Pledge Right.

9.   ASSIGNMENT OF AGREEMENT

     9.1  Without prior written consent of the Pledgee, the Pledgors are not
          entitled to confer or transfer any part or all of its rights and
          obligations hereunder.

     9.2  This Agreement is binding on the Pledgors and their respective
          successors or inheritors and is valid to the Pledgee and each
          successor, inheritor or assignee as permitted by the Pledgee.

     9.3  The Pledgee may, at any time, subject to the permission of laws,
          transfer all or

<PAGE>

          any of its rights or obligations under the Loan Agreement, Product
          Supply Agreement, Trade Name License Agreement and Logistics Service
          and IT Support Agreement to any person (natural person/legal person)
          designated by it. In such case, the assignee shall have and assume the
          rights and obligations of the Pledgee under this Agreement as it is a
          party hereto. To transfer its rights and obligations under the Loan
          Agreement, Product Supply Agreement, Trade Name License Agreement and
          Logistics Service and Information Technology Support Agreement, the
          Pledgee will only need to provide the Pledgors a written notice and
          the Pledgors shall enter into agreements and/or documents relevant
          with such assignment as required by the Pledgee.

     9.4  In case of change of the Pledgee due to assignment, the new parties to
          the pledge shall enter into a new pledge agreement.

10.  EFFECTIVENESS AND TERM

     This Agreement is executed on the date as set forth above and becomes
     effective on the date when the authorized representatives of the parties
     sign this Agreement respectively. This Agreement shall be binding on the
     Parties upon effectiveness.

11.   TERMINATION

     11.1 After the loan under the Loan Agreement and relevant amounts under the
          Product Supply Agreement, Trade Name License Agreement and Logistics
          Service and IT Support Agreement have been paid up and the Borrowers
          do not assume any obligation under the Loan Agreement any more and the
          Regional Chain Companies do not assume any obligation under the
          Product Supply Agreement, Trade Name License Agreement and Logistics
          Service and IT Support Agreement, this Agreement shall expire and the
          Pledgee shall cancel or terminate this Agreement within the earliest
          reasonable practical time.

     11.2 After this Agreement terminates, the rights and obligations of the
          parties under Articles 14 and 15 hereunder shall continue to be valid.

12.  COMMISSION AND OTHER EXPENSES

     12.1 All fees and out-of-pocket expenses related to this Agreement,
          including without limitation, legal expenses, document costs, stamp
          tax and any other taxes and expenses shall all be born by the Pledgee.
          If it is required by law for the Pledgors to pay relevant taxes and
          fees, the Pledgee shall reimburse all taxes and fees paid by the
          Pledgors.

13.  FORCE MAJEURE

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     13.1 "Force Majeure" means any event that is beyond the reasonable control
          of one party and is not avoidable even under reasonable attention of
          the affected party, including without limitation, governmental act,
          natural power, fire, explosion, storm, flood, earthquake, tide,
          lightening and war, provided that, the deficiency of credit, capital
          or fund-raising shall not be deemed as an event out of reasonable
          control of one party. The party affected by Force Majeure shall notify
          such exemption event to the other party.

     13.2 In the event of delay or suspension of implementation of this
          Agreement due to any Force Majeure as defined above, the party
          affected by such Force Majeure will not be required to assume any
          liability under this Agreement in the extent of delay or suspension.
          The affected party shall take appropriate measures to diminish or
          eliminate the influence of such Force Majeure and shall try to resume
          with performance of obligation delayed or suspended by such Force
          Majeure. Upon elimination of Force Majeure, the parties agree to
          resume performance under this Agreement at its best effort.

14.  CONFIDENTIAL RESPONSIBILITY

     The parties to this Agreement acknowledge and confirm that any oral or
     written materials exchanged with each other concerning this Agreement are
     confidential. All parties shall keep all of such materials in
     confidentiality and may not disclose to any third party any relevant
     material without written consent of other parties, except (a) materials
     that have been or will be known by the public (only if it is not disclosed
     by the receiving party to the public without permission); (b) materials
     disclosed as required by applicable law or rules or regulations of any
     stock exchange; or (c) materials disclosed to the legal or financial
     advisor of any party in connection with the transaction as involved herein,
     provided that such legal or financial advisor shall assume similar
     confidential responsibility as that under this provision. The disclosure by
     any employee or engaged entity of either party will be deemed as disclosure
     of such party and such party shall be liable for its breach in accordance
     with this Agreement.

15.  RESOLUTION OF DISPUTE

     15.1 This Agreement shall be governed by and interpreted according to PRC
          law.

     15.2 In event of any dispute arising among the parties concerning the
          interpretation and implementation of any provision under this
          Agreement, the parties shall resolve such dispute through discussion
          in good faith. In case of failure to discuss, any party may submit
          relevant dispute to China International Economic and Trade Arbitration
          Commission for arbitration in accordance

<PAGE>

          with its then valid arbitration rules. The place of arbitration shall
          be Shenzhen and the language to be used in such arbitration shall be
          Chinese. The arbitration award shall be final and binding on the
          parties.

16.  NOTICE

     Any notice sent by any party hereto for exercise or performance of its
     right or obligation under this Agreement shall be made in writing. In case
     of personal delivery, the notice will deemed to be delivered at the time
     when delivered; in case of tele-fax or facsimile, at the time of
     transmission. If the delivery date is not a business day or the delivery is
     made after business time, the next following business day of such date will
     be the delivery date. The delivery place refers to the addresses of the
     parties hereto on the first page of this Agreement or other addresses
     notified at any time in writing. In writing includes in facsimile and
     telefax.

17.  ENTIRENESS OF AGREEMENT

     The parties confirm that upon effectiveness, this Agreement constitutes the
     entire agreement and understanding of the parties hereto with respect to
     the subject matter of this Agreement and completely supersedes all prior
     oral or/and written agreement and understanding among the parties before
     this Agreement with respect to the subject matter hereof.

18.  SEVERALTY OF AGREEMENT

     If any provision under this Agreement is held to be invalid or
     unenforceable due to conflict with relevant law, then such provision shall
     be deemed to be invalid only in the extent of jurisdiction of relevant law
     and may not affect the legal effect of other provisions hereof.

19.  ANNEXES OF AGREEMENT

     The annexes attached to this Agreement are part of the Agreement.

20.  AMENDMENT AND SUPPLEMENT TO AGREEMENT

     20.1 The parties may make amendment and supplement to this Agreement
          through written agreement. With appropriate signature of the parties,
          such amendment agreement and supplementary agreement related to this
          Agreement shall be a component part of this Agreement. In case that
          there is any conflict between any amendment agreement or supplementary
          agreement entered into by the parties after this Agreement and this
          Agreement, such amendment agreement or supplementary agreement made
          later shall prevail.

<PAGE>

     20.2 This Agreement as well as any amendment, supplement or modification
          hereto shall be made in writing and shall become effective after
          signed and sealed by the parties.

21.  COPIES OF AGREEMENT

     This Agreement is made in Chinese with six originals. Each of Party A,
     Party B and Party C has one original, with the rest used for registration
     and filing. Each original shall have the same legal effect.

IN WITNESS WHEREOF, the parties have caused their respective legal
representative or authorized representative to sign on this Agreement on the
date set forth above as proof of credit.

[No context below]

PLEDGEE: SHENZHEN NEPSTAR PHARMACEUTICAL CO., LTD.

Legal Representative/ authorized representative: /s/ Simin Zhang

Seal: /s/ Shenzhen Nepstar Pharmaceutical Co., Ltd.

PLEDGOR: FENG TU

Signature: /s/ Feng Tu

PLEDGOR: LIPING ZHOU

Signature: /s/ Liping Zhou

<PAGE>

Annex I Regional Chain Companies

1.  Shenzhen Nepstar Chain Co., Ltd.
2.  Dalian Nepstar Chain Co., Ltd.
3.  Guangzhou Nepstar Chain Co., Ltd.
4.  Jiangsu Nepstar Chain Co., Ltd.
5.  Shandong Nepstar Chain Co., Ltd.
6.  Shanghai Nepstar Chain Co., Ltd.
7.  Sichuan Nepstar Chain Co., Ltd.
8.  Hangzhou Nepstar Chain Co., Ltd.
9.  Ningbo Nepstar Chain Co., Ltd.
10. Tianjin Nepstar Chain Co., Ltd.
11. Qingdao Nepstar Chain Co., Ltd.<PAGE>

                                                                   Exhibit 10.10

                                                              Shen (Nan) 0016287

                                              Registration No.: ________________

                              SHENZHEN REAL ESTATE

                                 LEASE AGREEMENT

<PAGE>

                                 Special Notice

     1. This model agreement is drafted in accordance with or in reference to
the Contract Law of the People's Republic of China, the Real Estate Lease
Regulation of Shenzhen Special Economic Region and its Implemental Rules and
other relevant laws and regulations and could be adopted by the parties upon
agreement.

     2. Before executing this Agreement, both parties shall read this agreement
carefully and may revise any article hereof through discussion.

     3. Before executing this Agreement, the lessor shall show to the lessee the
real estate right certificate or other effective certificate proving its
ownership on the real estate and other proof indicating the identity or legal
qualification of the lessor. A power of attorney shall be provided in the case
that the real estate is under custody of others; in case that the real estate to
be leased is under co-ownership, then a power of attorney and documents proving
the consent of other co-owners shall be provided. The lessee shall show to the
lessor its identity certificate or legal qualification certification.

     4. The parties shall enter into this agreement based on the principal of
free will, justice and faithfulness. Neither party may impose its will above
that of the other party. Any third party may not intervene illegally.

     5. The parties shall execute and implement the agreement in accordance with
law and may not violate relevant procedural provisions of law or take any
illegal action.

     6. Upon execution, this agreement shall become legally binding on both
parties. Either party shall perform its obligations in accordance with agreement
between both parties and may not change or terminate the agreement without
permission, unless required by law or upon agreement.

     7. The content in the agreement filled in by the parties shall be made
using fountain pens, brush pens, or signing pens and confirmed with signatures
or stamps. Any alteration in the agreement shall be confirmed with signatures or
stamps of both parties.

     8. Certain articles of this agreement provide blank (indicated by
underlines) for the parties to achieve agreement, while certain articles provide
options for the parties (indicated with [ ])

     9. This agreement is a model version and the parties may make selection,
supplement, filling or modification against the content. After execution, the
content that is not altered and the content filled in by the parties (as
confirmed with signatures or stamps by both parties) will be deemed as content
agreed under this agreement.

     10. The selection, supplement, fill-in or alteration made in handwriting
under this agreement shall prevail.

     11. After executing this agreement, both parties shall make registration
and filing with relevant real estate lease administration authority on a timely
basis.

<PAGE>

     12. The parties involved may decide the copies of originals of this
agreement based on actual demand and check carefully when executing the
agreement to ensure consistency of all copies. Under any circumstance, either
party shall hold at least one original respectively.

     13. In case of any material change of content hereof, termination or loss
of any copy, the parties shall go through relevant procedures with the original
registration authority on a timely basis.

<PAGE>

                           REAL ESTATE LEASE AGREEMENT

Lessor (Party A): Shenzhen Renbao Investment Real Estate Management Limited

Address: No. 77 Buxin Dongxiao Road, Shenzhen

Mail Code:
           _________________________________

Attorney:
          __________________________________

Address:
         ___________________________________

Mail Code:
           _________________________________

Lessee (Party B): Shenzhen Nepstar Pharmaceutical Co., Ltd.

Address:
         ___________________________________

Mail Code:
           _________________________________

Business License or ID No.:
                            ________________

Attorney:
          __________________________________

Address:
         ___________________________________

Mail Code:
           _________________________________

     In accordance with the Contract Law of the People's Republic of China, the
Urban Real Estate Administration Law of the People's Republic of China, and the
Real Estate Lease Regulation of Shenzhen Special Economic Region and its
Implemental Rules, upon discussion, Party A and Party B enter into this
agreement.

     ARTICLE 1 Party A lets the premises (hereinafter referred to as the "Leased
Premises") located in south of 7th floor (sixth floor by elevator) of the
Xinnengyuan Building, Nanyou Road, Nanshan District, Shenzhen to Party B. The
aggregate construction area of the Leased Premises is 1412.94 square meters and
the building has 12 floors in total.

     The owner of the Leased Premises: Shenzhen City Renbao Investment Real
Estate Management Limited; Name and Number of the Real Estate Right Certificate
or other effective certification that can prove the property right: Real Estate
Certificate 4000045871; Usage of the Leased Premises: for office.

     ARTICLE 2 The unit rent of the Leased Premises shall be Renminbi __________

<PAGE>

yuan per month per square meters [not applicable], and the aggregate monthly
rent shall be Renminbi 35,323.50 yuan (please refer to the annex for details).

     ARTICLE 3 Party B shall pay rent for the first month prior to July 11,
2004, the amount of which is Renminbi 23549.00 yuan.

     ARTICLE 4 Party B shall pay the rent to Party A:

     [X] in the first 5 days of each month;

     [ ] in the first ____ days of ____ month of each quarter;

     [ ] in the first ____ days of ____ month of each half year; or

     [ ] in the first ____ days of ____ month of each year.

     Party A shall provide Party B a tax receipt when receiving the rent.

     (The parties shall select one among above four items and add "[X]" on the
[ ] of the selected item.)

     ARTICLE 5 The term for Party B to use the Leased Premises shall commence
from June 16, 2004 and end on June 15, 2009.

     The term agreed above may not exceed the land use term approved and the
exceeding part shall be invalid. Any loss arising thereby shall be distributed
in accordance as agreed between the parties; in case of no agreement, born by
Party A.

     ARTICLE 6 Party A shall let the Leased Premises for statutory usage.

     Party B shall use the Leased Premises for statutory usage and may not
change without permission.

     To change the statutory usage of the Leased Premises, Party B shall obtain
written consent from Party A and apply for change of usage of the premises with
real estate administrative authority according to provisions of relevant laws
and regulations and may not do so until approved.

     ARTICLE 7 Party A shall hand over the Leased Premises to Party B and
satisfy relevant handover procedures prior to June 16, 2004.

     If Party A hands over the Leased Premises later than the time as aforesaid,
Party B may request to extend the term of this Agreement correspondingly. Both
parties shall confirm it in writing and file with the contract registration
authority.

     ARTICLE 8 In handover of the Leased Premises, both parties shall check and
confirm current condition, auxiliary properties and other relevant matters of
the Leased Premises and its auxiliary facilities and provide a list of which in
an annex hereto for supplement.

     ARTICLE 9 In handover of the Leased Premises, Party A may obtain from Party
B a lease deposit equivalent to no more than three-month rent, that is, Renminbi
100,000 yuan (in character: one hundred thousand yuan).

<PAGE>

     When receiving such lease deposit, Party A shall provide Party B a receipt.

     The conditions for Party A to return to Party B the deposit:

     1.   when the agreement expires and all relevant fees have been cleared.

     2.   ______________________________________________________________________

     3.   ______________________________________________________________________

     [X] Only one of above conditions shall be satisfied.

     [ ] All of above conditions shall be satisfied.

     (The parties shall select one among above two items and add "[X]" on the
[ ] of the selected item.)

     In any of following events, Party A will not return the deposit:

     1.   that Party B makes decoration to the Leased Premises without written
          consent of Party A;

     2.   that Party B sub-lets the Leased Premises to other party without
          written consent of Party A.

     3.   ______________________________________________________________________

     ARTICLE 10 During the lease, Party A shall be responsible for payment of
use fee of the land occupied by the Leased Premises and taxes, premises lease
management fee and ______ fee incurred due to real estate lease; Party B shall
be responsible for payment of water and electricity expense, cleaning fee, house
(building) management fee, _____ expense and other expense incurred due to use
of the Leased Premises. [not applicable]

     ARTICLE 11 Party A shall guarantee that the Leased Premises and its
auxiliary facilities handed over are suitable for lease purpose and the safety
facilities comply with requirements of relevant laws, regulations or rules.

     In the event that Party B incurs any personal or property damage in the
Leased Premises due to Party A's fault or negligence, Party B shall have the
right to claim for corresponding compensation against Party A.

     ARTICLE 12 Party B shall use the Leased Premises and its auxiliary
facilities in a reasonable way and may not use the Leased Premises for any
illegal activities. Party A may not interrupt or hinder Party B from normal and
reasonable use of the Leased Premises.

     ARTICLE 13 If during the course using the Leased Premises by Party B, there
is or occurs any damage or malfunction with the Leased Premises or its auxiliary
facilities which may affect its safety and normal use, Party B shall inform
Party A on a timely basis and take possibly effective measures to prevent
further expansion of the defect. Party A shall start to repair or directly
entrust Party B to repair in ____ days after

<PAGE>

receiving notice from Party B. If Party B is unable to inform Party A or Party A
fails to perform its obligation to repair within aforesaid period after
receiving such notice, Party B may make repair after filing with the contract
registration authority. [not applicable]

     In the event that immediate repair is required due to urgent event, Party B
shall make repair first and inform Party A of relevant situation on a timely
basis.

     The repair expense incurred under the foregoing two provisions (including
reasonable expenses incurred by Party B in repairing or preventing expansion of
defect) shall be born by Party A. If Party B fails to perform its obligation
under the foregoing two provisions to inform on a timely basis or take possibly
effective measures which causes further loss, such (further) repair expense
shall be born by Party B.

     ARTICLE 14 If any safety risk, damage or malfunction arise with the Leased
Premises or its auxiliary facilities due to misuse or unreasonable use by Party
B, Party B shall inform Party A on a timely basis and be responsible for repair
or compensation. If Party B refuses to repair or compensate, after filing with
the contract registration authority, Party A may make repair directly with
relevant repair expenses born by Party B.

     ARTICLE 15 During the term of this Agreement, to conduct rebuilding,
enlargement or decoration to the Leased Premises by either Party A or Party B,
the parties shall enter into an additional written agreement.

     In the case provided above, if approval of relevant authorities is
required, such rebuilding, enlargement or decoration may not be made until
approved.

     ARTICLE 16

     [ ] During the term of lease, Party B may sub-let all or part of the Leased
Premises to a third party and register with relevant premises lease supervising
authority, provided that, the term of such sub-lease shall not exceed the term
of lease agreed under this Agreement.

     [ ] Party B may not sub-let all or part of the Leased Premises to any third
party. However, during the term of lease, upon written consent of Party A, Party
B may go through registration procedure based on such consent, provided that,
the term of such sub-lease shall not exceed the term of lease agreed under this
Agreement.

     [X] During the term of lease, Party B may not sub-let all or part of the
Leased Premises to any third party.

     (The parties shall select one item among above three items and add "[X]" on
the [ ] of the selected item.)

     ARTICLE 17 During the term of this Agreement, in case that Party A plans to
transfer all or part of the property right of the Leased Premises, it shall
notify Party B in writing one month prior to such transfer. Under the same
condition, Party B shall have the right of first refusal to purchase.

<PAGE>

     When transferring the Leased Premises to a third party, Party A shall be
obligated to inform the assignee to continue with implementation of this
Agreement when executing the transfer agreement.

     ARTICLE 18 During the term of this Agreement, in any of the following
events, this Agreement may be terminated or modified:

     a.   that it is impractical to implement this Agreement due to force
          majeure;

     b.   that the Leased Premises is confiscated, taken over, taken back or
          demolished by the government;

     c.   that the parties achieve agreement on termination or modification.

     ARTICLE 19 In any of the following events, with respect to losses caused,
Party A may,

     [X] request Party B to compensate its loss;

     [X] keep the lease deposit;

     [ ] request Party B to pay a liquidated damage of Renminbi _____ yuan (in
character: ________yuan).

     (The parties shall select among above three items through discussion and
add "[X]" on the [ ] of the selected item.)

     a.   that Party B delays to pay rent for more than 30 days (one month);

     b.   that the delay of Party B may cause Party A losses of more than thirty
          thousand yuan;

     c.   that Party B uses the Leased Premises for illegal purpose against
          interest of public or any other party;

     d.   that Party B changes the structure or statutory usage of the Leased
          Premises without permission;

     e.   that Party B fails to repair or pay repair expenses according to
          Article 14 hereof, which cause serious damage to the real estate or
          facilities;

     f.   that Party B conducts decoration to the Leased Premises without
          consent of Party A and approval of relevant authorities; or

     g.   that Party B sub-lets the Leased Premises to a third party without
          permission.

     In addition to imposing on Party B liability for compensation or breach of
contract, Party A may also terminate this Agreement or request to modify the
Agreement, as the case may be.

     ARTICLE 20 In any of the following events, with respect to losses caused,
Party B may,

     [X] require Party A to compensate its loss;

<PAGE>

     [ ] request Party A to return double of the lease deposit;

     [ ] request Party A to pay a liquidated damage of Renminbi _____ yuan (in
character: ________ yuan).

     (The parties shall select among above three items through discussion and
add "[X]" on the [ ] of the selected item.)

     a.   that Party A delays to hand over the Leased Premises for more than 30
          days (one month);

     b.   that Party A is in breach of Item 1 of Article 11 hereof which makes
          it impossible to realize the purpose of lease on the part of Party B;

     c.   that Party A fails to repair or pay repair expenses in violation of
          Article 13 hereof; or

     d.   that Party A conducts rebuilding, enlargement or decoration to the
          Leased Premises without consent of Party B or approval of relevant
          authorities;

     In addition to imposing on Party A liability for compensation or breach of
contract, Party A may also terminate this Agreement (in which case Party B shall
inform Party A in writing and return the Leased Premises after receiving
relevant compensation) or request to modify the Agreement, as the case may be.

     During the period from the time when Party A receives notice to the time
when Party B gets compensation, Party B needs not to pay any rent to Party A.

     ARTICLE 21 After termination of this Agreement, Party B shall vacate and
return the Leased Premises in 5 days, ensure the Leased Premises and its
auxiliary facilities in good condition and pay off various fees that shall be
born by Party B and complete relevant handover procedures.

     In case that Party B delays in vacating of or returning the Leased
Premises, Party A shall have the right to take back the Leased Premises and
charge a double rent against Party B for the delay period.

     ARTICLE 22 In case that Party B is willing to continue renting the Leased
Premises after expiry of the lease term agreed hereunder, Party B shall raise
such renewing request to Party A two months prior to the expiry date. Under the
same condition, Party B shall have the priority right to rent the Leased
Premises.

     If agreement is achieved between the parties concerning renewal, Party A
and Party B shall execute a new agreement separately and register such agreement
with contract registration authority again.

     ARTICLE 23 Party A and Party B shall comply with provisions agreed
hereunder on its own initiative. Either party in breach of contract shall bear
corresponding liability for its breach in accordance with this Agreement.

     ARTICLE 24 Parties may make additional agreement with respect to matters
not

<PAGE>

covered by this Agreement in annexes. The content of the annexes, as a part of
this Agreement shall have equal effect with the text of this Agreement after
being signed and stamped by the parties.

     Any modification on this Agreement by both parties during the term of lease
shall be registered with the original contract registration authority. Upon
registration, such agreement shall have equal effect as this Agreement.

     ARTICLE 25 Any dispute arising between the Parties involving this Agreement
shall be resolved through negotiation. In case of failure to resolve through
negotiation, either party may apply for mediation by the registration authority.
In case of failure to resolve by mediation, either party may

     [X] apply for arbitration by Shenzhen Arbitration Commission;

     [ ] apply for arbitration by Shenzhen Branch of China International
Economics and Trade Commission; or

     [ ] file litigation in the People's Court.

     (The parties shall select one among above three dispute resolution ways
through negotiation and add "[X]" on the [ ] of the selected item.)

     ARTICLE 26 This Agreement shall become effective on the date of execution.
Parties shall apply for registration in supervision authority in ten days after
executing this Agreement.

     ARTICLE 27 The Chinese version of this Agreement is the formal version.

     ARTICLE 28 This Agreement is executed in four originals, of which one shall
be kept by Party A, one by Party B, one by the contract registration authority
and one by other relevant authority.

Party A (signature and/or stamp) /s/ Shenzhen Renbao Investment Real Estate
                                     Management Limited

Legal Representative:
                      ________________

Contact Tel.: ________________________

Bank Account: ________________________

Agent (signature and/or stamp): /s/ Ye Shaoxin                     June 11, 2004

<PAGE>

Party B (signature and/or stamp)

/s/ Shenzhen Nepstar Pharmaceutical Co., Ltd.

Legal Representative: _______________________________

Contact Tel.: _______________________________________

Bank Account: _______________________________________

Agent (signature and/or stamp): _____________________

/s/ Wang Ming                                                      June 11, 2004

Registrar (signature and/or stamp):

/s/ Liao Ziwei

Contract Registration Authority (signature and/or stamp):

/s/ Property Administration of Nanshan District, Shenzhen City

                                                                   June 18, 2004

<PAGE>

(Annex)

Supplementary Agreement:

1.   Party A agrees that the period from June 16, 2004 to July 10, 2004 is the
     fit-out period for Party B, during which Party B needs not pay any rent
     except property managing fee and water and electricity charge. If Party A
     delays in handing over the premises, the fit-out period shall be postponed
     correspondingly. As long as Party B's fit-out plan is not in violation of
     fire-protection safety rules and does not harm the major structure of the
     premises, Party A shall confirm on a timely basis.

2.   Parties agree to revise Article 13 of the Agreement as the following: if
     during the term of lease, there is any malfunction or damage with the
     facilities (except with the major structure) and the air-conditioning
     system of the premises, Party B shall be responsible for repair and bear
     relevant repair expenses. After expiry of the lease term, Party B shall
     return Party A with normal and complete facilities (including
     air-conditioner).

3.   The management fee and water and electricity charge of the leased premises
     shall be paid by Party B directly to the management office every month.

4.   Parties agree that the unit rent for the leased premises shall be 25
     yuan/m(2) per month for the period from July 11, 2004 to July 10, 2008 and
     26 yuan/m2 per month for the period from July 11, 2008 to July 10, 2009.

Party A: /s/ Shenzhen Renbao               Party B: /s/ Shenzhen Nepstar
             Investment Real Estate                     Pharmaceutical Co., Ltd.
             Management Limited

June 11, 2004                              June 11, 2004

<PAGE>

MATERIALS TO BE SUBMITTED FOR REGISTRATION OF REAL ESTATE LEASE AGREEMENT:

1. real estate right certificate or other effective certificate proving the
ownership of relevant right on the real estate (the original presented with a
photocopy submitted);

2. identity certificates or legal qualification certificates of lessor and
lessee, including:

a. for institutions

organization establishment document or business license (the original presented
with a photocopy submitted);

the original of legal representative certification;

identity certificate of legal representative (the original presented with a
photocopy submitted) and the original of power of attorney (the power of
attorney for a foreign entity shall be notarized or certified as required).

b. for individual

identity certificate or legal qualification certificate of the lessor (the
original presented with a photocopy submitted).

If the purpose of leased premises is for residence and the lessee is a woman at
child-bearing age, marriage and childbirth certificate for floating population
issued by family-planning authority of the town (street) where the lessee
currently inhabits is required.

3. in case that the real estate is under custody of others, the power of
attorney and identity certificate of the custodian; in case that the real estate
leased is under co-ownership, consent of lease by all co-owners and power of
attorney.

4. the real estate lease agreement.

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