Document:

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                                                                   Exhibit 10.3

                    PURCHASE OPTION AND COOPERATION AGREEMENT

                                      Among

                         CHINA FINANCE ONLINE CO., LTD.

                                    JUN NING

                                     WU CHEN

                                       and

            BEIJING FUHUA INNOVATION TECHNOLOGY DEVELOPMENT CO., LTD.

                                  May 27, 2004
                                 BEIJING, CHINA

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                    PURCHASE OPTION AND COOPERATION AGREEMENT

This Purchase Option and Cooperation Agreement ("this Agreement") is entered
into in Beijing, People's Republic of China (the "PRC") on this 27th day of May,
2004 by and among:

Party A:    China Finance Online Co., Limited.
Address:    Unit C, 8/F, East Wing, Sincere Insurance Building 4-6, Hennessy
            Road, Hong Kong Special Administrative Region ("SAR"), China

Party B:    Jun Ning
Address:    Room 201, Ping'an Mansion, No. 23 Financial Street, West District,
            Beijing, China
ID Number:  210202570527647

Party C:    Wu Chen
Address:    Room 616, Tower A, COFCO Plaza, 8 Jianguomennei Dajie, Beijing,
            China
ID Number:  110108491204891

Party D:    Beijing Fuhua Innovation Technology Development Co., Ltd.
Address:    Room 615, Ping'an Mansion, No. 23 Financial Street, West District,
            Beijing, China

Party E:    China Finance Online (Beijing) Co., Ltd.
Address:    Room 610B, Ping'an Mansion, No. 23 Financial Street, West District,
            Beijing, China

WHEREAS,

(1) Party B and Party C are shareholders of Party D and each holds 45% and 55%
equity interests in Party D, respectively;

(2) Party A, a company with limited liability duly organized and validly
existing under the laws of the Hong Kong SAR, provides through its wholly owned
subsidiary in the PRC certain technical support, strategic consulting and other
services to Party D, and currently Party E is a major business partner of Party
D;

(3) To finance the investment by Party B and Party C in Party D, Party A has
entered into a loan agreement (hereafter the "Loan Agreement" respectively with
Party B and Party C on May 27, 2004, providing Party B and Party C with loans of
1,350,000 RMB Yuan and 1,650,000 RMB Yuan, respectively. Pursuant to the Loan
Agreement, Party B and Party C shall invest the full amount of the loans in
Party D's registered capital.

(4) To guarantee the payment obligations of Party D to Party E pursuant to
certain contractual agreements, Party B and Party C have entered into a share
pledge agreement (hereafter the "Share Pledge Agreement") with Party E on May
27, 2004, pledging Party B's and Party C's respective Share Equity in Party D to
Party E; and

(5) The Parties hereto wish to grant Party A the exclusive purchase option to
acquire, at any time upon satisfaction of the requirements under the PRC law,
the entire or a portion of Party D's share equity/assets owned by Party B and/or
Party C. Unless expressly provided otherwise, Party E may exercise all rights
granted to Party A hereunder as authorized by Party A.

     NOW AND THEREFORE, in accordance with the principle of sincere cooperation,
mutual benefit and joint development and after friendly negotiations, the
Parties hereby enter into the following agreements pursuant to the provisions of
relevant laws and regulations of the PRC:

                              ARTICLE 1 DEFINITIONS

     The terms used in this Agreement shall have the meanings set forth below:

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1.1. "This Agreement" means this Purchase Option and Cooperation Agreement and
all appendices thereto, including written instruments as originally executed and
as may from time to time be amended or supplemented by the Parties hereto
through written agreements;

1.2. "The PRC" means, for the purpose of this Agreement, the People's Republic
of China, excluding Hong Kong, Taiwan and Macao;

1.3. "Date" means the year, month and day. In this Agreement, "within" or "no
later than", when used before a year, month or day, shall always include the
relevant year, month or day.

               ARTICLE 2 THE GRANT AND EXERCISE OF PURCHASE OPTION

2.1 The Parties hereto agree that Party A shall be granted an exclusive purchase
option to acquire, at any time upon satisfaction of the requirements under
applicable laws and conditions as agreed in this Agreement (including, without
limitation, as under applicable laws, when Party B and/or Party C cease to be
Party D's directors or employees, or Party B and/or Party C attempt to transfer
their share equity in Party D to any party other than the existing shareholders
of Party D; when Party C is no longer owned by IDG Technology Venture
Investment, Inc. and IDG Technology Venture Investment, LP; or when neither IDG
Technology Venture Investment, Inc. nor IDG Technology Venture Investment, LP is
a shareholder of Party A), the entire or a portion of Party D's share equity
owned by Party B and/or Party C, or the entire or portion of the assets owned by
Party D. The purchase option granted hereby shall be irrevocable during the term
of this Agreement and may be exercised by Party A or any eligible entity
designated by Party A.

2.2 Party A may exercise the aforesaid purchase option by delivering a written
notice to any of Party B, Party C and Party D (the "Exercise Notice").

2.3 Within thirty (30) days of the receipt of the Exercise Notice, Party B,
Party C or Party D (as the case may be) shall execute a share/asset transfer
contract and other documents (collectively, the "Transfer Documents") necessary
to effect the respective transfer of share equity or assets with Party A (or any
eligible party designated by Party A).

2.4 When applicable laws permit the exercise of the purchase option provided
hereunder and Party A elects to exercise such purchase option, Party B, Party C
and Party D shall unconditionally assist Party A to obtain all approvals,
permits, registrations, filings and other procedures necessary to effect the
transfer of relevant share equity or assets.

                    ARTICLE 3 REPRESENTATIONS AND WARRANTIES

3.1 Each party hereto represents to the other parties that: (1) it has all the
necessary rights, powers and authorizations to enter into this Agreement and
perform its duties and obligations hereunder; and (2) the execution or
performance of this Agreement shall not violate any significant contract or
agreement to which it is a party or by which it or its assets are bounded.

3.2 Party B and Party C hereto represent to Party A and Party E that: (1).they
are both legally registered shareholders of party D and have paid Party D the
full amount of their respective portions of Party D's registered capital
required under Chinese law; (2) neither Party B nor Party C has created any
mortgage, pledge, secured interests or other form of debt liabilities over the
Share Equity other than the Pledge created under the Share Pledge Agreement; and
(3) neither Party B nor Party C has sold or will sell to any third party its
Share Equity in Party D.

3.3 Party D hereto represents to Party A and Party E that: (1) it is a limited
liability company duly registered and validly existing under the PRC law; and
(2) its business operations are in compliance with applicable laws of the PRC in
all material respect.

                            ARTICLE 4 EXERCISE PRICE

     When it is permitted by applicable laws, Party A (or any eligible party
designated by Party A) shall have the right to acquire, at any time, all of
Party D's assets or its share equity owned by Party B and Party C, at a price
equal

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to the sum of the principles of the loans from Party A to Party B and Party C
under the Loan Agreement. If Party A (or any eligible party designated by Party
A) elects to purchase a portion of Party D's share equity or assets, then the
exercise price for such purpose shall be adjusted accordingly based on the
percentage of such share equity or assets to be purchased over the total share
equity or assets. When Party A (or a qualified entity designated by party A) is
to acquire all or a portion of Party D's equity share or assets from Party B and
Party C pursuant to this Agreement, Party A has the right to substitute the
principle amounts Party B and Party C respectively owe Party A under the Loan
Agreement for the purchase prices payable to Party B and Party C, respectively.
When acquiring share equity or assets from Party B, Party C, or Party D pursuant
to this Agreement, Party A shall pay an actual exercise price based on the
exercise price under applicable Chinese laws or requirements of relevant
authorities, if the exercise price under applicable laws or requirements of
relevant authorities is higher than the exercise price under this Agreement.

                               ARTICLE 5 COVENANTS

     The Parties further agree as follows:

5.1 Before Party A has acquired all the equity/assets of Party D by exercising
the purchase option provided hereunder, Party D shall not:

     5.1.1 sell, assign, mortgage or otherwise dispose of, or create any
encumbrance on, any of its assets, operations or any legal or beneficiary
interests with respect to its revenues (unless such sale, assignment, mortgage,
disposal or encumbrance is relating to its daily operation or has been disclosed
to and agreed by Party A in writing);

     5.1.2 enter into any transaction which may materially affect its assets,
liability, operation, equity or other legal rights (unless such transaction is
relating to its daily operation or has been disclosed to and agreed by Party A
in writing); and

     5.1.3 distribute any dividend to its shareholders in any manner.

5.2 Before Party A has acquired all the equity/assets of Party D by exercising
the purchase option provided hereunder, Party B and/or Party C shall not
individually or collectively:

     5.2.1 supplement, alter or amend the articles of association of Party D in
any manner to the extent that such supplement, alteration or amendment may have
a material effect on Party D's assets, liability, operation, equity or other
legal rights (except for pro rata increase of registered capital mandated by
applicable laws);

     5.2.2 cause Party D enter into any transaction to the extent such
transaction may have a material effect on Party D's assets, liability,
operation, equity or other legal rights (unless such transaction is relating to
Party D's daily operation or has been disclosed to and agreed by Party A in
writing); and

     5.2.3 cause Party D's board of directors adopt any resolution on
distributing dividends to its shareholders.

5.3 After the execution of this Agreement, Party B and Party C (the
"Principals") shall each execute and deliver a proxy to Linghai Ma and Jian
Feng, respectively, (the "Agents") to grant the Agents all voting rights as
shareholders of Party D, including without limitations the right to appoint and
elect Party D's directors, general manager and other senior officers in Party
D's shareholders meetings. The initial term of such proxies shall be twenty (20)
years, and the initial term shall be renewed automatically upon expiry of the
proxies unless Party A notifies the Principals in writing thirty (30) days prior
to the expiry date to terminate the proxies. Such proxies shall be based on the
conditions that the Agents are Chinese citizens employed by Party A or Party E
and shall be subject to Party A's consent. Once the Agents cease to be employed
by Party A or Party A delivers a written notice to the Principals requesting the
proxies to be terminated, the Principals shall revoke the relevant proxy
immediately and grant the same rights as provided in the proxies to other PRC
citizens employed and designed by Party A. The Agents have agreed to act with
due care and diligence in exercising their rights under the proxies and
indemnify and keep the Principals harmless from any loss or damages caused by
any action in connection with exercise of their rights under the proxies (unless
any loss or damage is caused by the Principals' own intentional or material
negligent actions).

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5.4 Party B and Party C shall, to the extent permitted by applicable laws, cause
Party D's operational term to be extended to equal the operational term of Party
A.

5.5 Party A shall provide or arrange other parties to provide financings to
Party D to the extent Party D needs such financing to finance its operation. In
the event that Party D is unable to repay such financing due to its losses,
Party A shall waive or cause the relevant parties to waive all recourse against
Party D with respect to such financing.

5.6 To the extent Party B and/or Party C are subject to any legal or economic
liabilities to any institution or individual other than Party A or Party E as a
result of performing their obligations under this Agreement or any other
agreements between them and Party A or Party E, Party E shall provide all
support necessary to enable Party B and/or Party C to duly perform their
obligations under this Agreement and any other agreements and to hold Party B
and/or Party C harmless against any loss or damage caused by their performance
of obligations under such agreements.

                            ARTICLE 6 CONFIDENTIALITY

     Each Party shall keep confidential all the content of this Agreement.
Without the prior consent of all Parties, no Party shall disclose any content of
this Agreement to any other party or make any public announcements with respect
to any content of this Agreement. Notwithstanding the forgoing provisions of
this Article 6, the following disclosure shall be permitted: (i) disclosure made
pursuant to any applicable laws or any rules of any stock exchange; (ii)
disclosure of information which has become public information other than due to
any breach by the disclosing party; (iii) disclosure to any Party's
shareholders, legal counsel, accountants, financial advisors or other
professional advisors, or (iv) disclosure to any potential purchasers of a Party
or its shareholders' equity/assets, its other investors, debts or equity
financing providers, provided that the receiving party of confidential
information has agreed to keep the relevant information confidential (such
disclosure shall be subject to the consent of Party A in the event that Party A
is not the potential purchaser).

                 ARTICLE 7 APPLICABLE LAW AND EVENTS OF DEFAULT

     The execution, effectiveness, interpretation, performance and dispute
resolution of this Agreement shall be governed by the laws of the PRC.

     Any violation of any provision hereof, incomplete performance of any
obligation provided hereunder, any misrepresentation made hereunder, material
concealment or omission of any material fact or failure to perform any covenants
provided hereunder by any Party shall constitute an event of default. The
defaulting Party shall assume all the legal liabilities pursuant to the
applicable laws.

                          ARTICLE 8 DISPUTE RESOLUTION

8.1 Any dispute arising from the performance of this Agreement shall be first
subject to the Parties' friendly consultations. In the event any dispute cannot
be solved by friendly consultations, the relevant dispute shall be submitted for
arbitration;

8.2 The arbitration shall be administered by the Beijing branch of China
International Economic and Trade Arbitration Commission in accordance with the
then effective arbitration rules of the Commission.

8.3 The arbitration award shall be final and binding on the Parties. The costs
of the arbitration (including but not limited to arbitration fee and attorney
fee) shall be borne by the losing party, unless the arbitration award stipulates
otherwise.

                             ARTICLE 9 EFFECTIVENESS

     This Agreement shall be effective upon the execution hereof by all Parties
hereto and shall remain effective thereafter.

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     This Agreement may not be terminated without the unanimous consent of all
the Parties except Party A may, by giving a thirty (30) days prior notice to the
other Parties hereto, terminate this Agreement.

                              ARTICLE 10 AMENDMENT

     All Parties hereto shall fulfill their respective obligations hereunder. No
amendment to this Agreement shall be effective unless such amendment has been
agreed by all of the Parties and Party A and Party D have obtained necessary
authorization and approvals with respect to such amendment (including the
approval that Party A must obtain from the audit committee or other independent
body established under the Sarbanes-Oxley Act, the NASDAQ Rules under the board
of directors of its overseas holding company - China Finance Online Co.,
Limited).

                             ARTICLE 11 COUNTERPARTS

     This Agreement is executed in five (5) counterparts. Party A, Party B,
Party C, Party D and Party E shall each hold one counterpart.

                            ARTICLE 12 MISCELLANEOUS

12.1 Party B and Party C's obligations, covenants and liabilities to Party A
hereunder are joint and several, and Party B and Party C shall assume joint and
several liabilities with respect to such obligations, covenants and liabilities.
With respect to Party A, a default by Party B shall automatically constitute a
default by Party C, and vice versa;

12.2 The title and headings contained in this Agreement are for convenience of
reference only and shall not in any way affect the meaning or interpretation of
any provision of this Agreement;

12.3 The Parties may enter into supplementary agreements to address any issue
not covered by this Agreement. The supplementary agreements so entered shall be
an appendix hereto and shall have the same legal effect as this Agreement.

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[execution page only]

Party A: China Finance Online Co. Limited

Authorized Representative (Signature): /s/ Jun Ning

Party B: Jun Ning

(Signature): /s/ Jun Ning

Party C: Wu Chen

(Signature): /s/ Wu Chen

Party D: Beijing Fuhua Innovation Technology Development Co., Ltd. [/s/ COMPANY
SEAL]

Authorized Representative (Signature):

Party E: China Finance Online (Beijing) Co., Ltd. [/s/ COMPANY SEAL]

Authorized Representative (Signature):

Date: May 27, 2004<PAGE>
                                                                    Exhibit 10.4

                             SHARE PLEDGE AGREEMENT

       This Share Pledge Agreement (this "Agreement") is executed by and among
the following parties on May 27, 2004.

PLEDGOR A: Jun Ning
ID NUMBER: 210202570527647
ADDRESS:   Room 201, Ping'an Mansion, No. 23 Financial Street,
           West District, Beijing, China

PLEDGOR B: Wu Chen
ID NUMBER: 110108491204891
ADDRESS:   Room 616, Tower A, COFCO Plaza, 8 Jianguomennei Dajie, Beijing, China

PLEDGEE:   China Finance Online (Beijing) Co., Ltd.
REGISTERED ADDRESS: Room 610B, Ping'an Mansion, No. 23 Financial Street,
                    West District, Beijing, China

       Unless otherwise provided hereunder, Pledgor A and Pledgor B shall
hereinafter be referred to collectively as the "Pledgors".

WHEREAS:

1. Jun Ning, Pledgor A, and Wu Chen, Pledgor B, are both citizens of the
People's Republic of China (the "PRC"), and each holds 45% and 55% interests in
Beijing Fuhua Innovation Technology Development Co., Ltd. ("Fuhua"),
respectively. Fuhua is a company registered in Beijing, PRC, engaged in the
business of network operation.

2. Pledgee is a wholly foreign-own enterprise registered in Beijing, PRC, with
approvals from the relevant PRC authorities to engage in the business of, among
others, internet technology consulting and technology services. Fuhua and
Pledgee have entered into the agreements listed in Appendix 1 hereto
(collectively, the "Service Agreements").

3. To secure the fees payable under the Service Agreements (the "Service Fee")
from Fuhua to Pledgee, Pledgors hereby pledge their respective interests in
Fuhua to Pledgee.

       Pursuant to the provisions of the Service Agreements, Pledgors and
Pledgee have agreed to enter into this Agreement according to the following
terms and conditions.

1. DEFINITIONS

     Unless otherwise provided herein, the terms below shall have the following
meanings:

1.1 "Pledge Rights" means the rights set forth in Article 2 of this Agreement.

1.2 "Share Equity" means the equity interest held by Pledgors in Fuhua.

1.3 "Pledged Property" means the share interest and the dividends deriving
therefrom pledged by Pledgors to Pledgee under this Agreement.

1.4 "Secured Indebtedness" means all the amounts payable by Fuhua to Pledgee
under the Service Agreements, including the Service Fee and interests accrued
thereon, liquidated damages, compensations, costs and expenses incurred by
Pledgee in connection with collection of such fees, interest, damages and
compensations, and losses incurred to Pledgee as a result of any default by
Fuhua and other expenses payable under the Service Agreements.

1.5 "Term of Pledge" means the term stated in Section 4.1 of this Agreement.

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1.6 "Service Agreements" means all the agreements entered into by Fuhua and
Pledgee as set forth in Appendix 1 hereto.

1.7 "Event of Default" means any event set forth in Article 9 of this Agreement.

1.8 "Notice of Default" means the notice issued by Pledgee in accordance with
this Agreement declaring an Event of Default.

2. PLEDGE RIGHTS

2.1 Pledgors hereby pledge to Pledgee all of their Share Equity in Fuhua to
secure the Secured Indebtedness of Fuhua. Pledge Rights shall mean Pledgee's
priority right in receiving compensation from the sale or auction proceeds of
the Pledged Property (including the dividends generated by the Share Equity
during the term of this Agreement).

3. SCOPE OF PLEDGE SECURITY

3.1 The scope of pledge security hereunder shall cover all of the Secured
Indebtedness, including all the Service Fee and interest accrued thereon,
liquidated damages, compensation, costs and expenses incurred by Pledgee to
collect such fee, interests, damages and compensation, and losses incurred to
Pledgee as a result of any default by Fuhua and all other expenses payable under
the Service Agreements.

4. TERM OF PLEDGE AND REGISTRATION

4.1 This Agreement shall become effective on the date when the Pledge hereunder
is registered in the Shareholders' List of Fuhua. The term of the Pledge shall
be the same as the term of the Strategy Consulting Services Agreement (should
the term of the Strategy Consulting Services Agreement be extended, the term of
the Pledge shall be extended accordingly). Pledgors shall cause Fuhua to
register the Pledge hereunder in its Shareholders' List within three (3) days
after this Agreement is executed.

4.2 In the event that any change of the matters registered in Fuhua's
Shareholders' List is required as a result of change of any matters relating to
the Pledge, Pledgors and Pledgee shall cause the matters registered in Fuhua's
Shareholders' List be changed accordingly within fifteen (15) days after such
change takes place.

5. CUSTODY OF CERTIFICATES

     Pledgors shall deliver to Pledgee the capital contribution certificates
with respect to their interest in Fuhua and Fuhua's Shareholders' List within
seven (7) days after this Agreement is executed.

6. REPRESENTATIONS AND WARRANTIES OF PLEDGORS

6.1 Pledgors are legally registered shareholders of Fuhua and have paid Fuhua
the full amount of their respective portions of Fuhua's registered capital
required under Chinese law. Pledgors neither have sold nor will sell to any
third party their Share Equity in Fuhua.

6.2 Pledgors fully understand the contents of the Service Agreements and have
entered into this Agreement voluntarily. The signatories signing this Agreement
on behalf of Pledgors have the rights and authorizations to do so.

6.3 All documents, materials and certificates provided by Pledgors to Pledgee
hereunder are correct, true, complete and valid.

6.4 When Pledgee exercises its right hereunder in accordance with this
Agreement, there shall be no intervention from any other parties.

6.5 Pledgee shall have the right to dispose of and transfer the Pledge Rights in
accordance with the provisions hereof.

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6.6 Pledgors have not created any mortgage, pledge, secured interests or other
form of debt liabilities over the Share Equity other than the Pledge created
hereunder.

7. COVENANTS OF PLEDGORS

7.1 For the benefit of Pledgee, Pledgors hereby make the following covenants,
during the term of this Agreement:

     7.1.1 without the prior written consent of Pledgee, Pledgors shall not
transfer the Share Equity, or create or consent to any creation of any pledge
over, the Share Equity that may affect Pledgee's rights and interests hereunder,
or cause the shareholders' meetings of Fuhua to adopt any resolution on sale,
transfer, pledge or in other manner disposal of the Share Equity or approving
the creation of any other security interest on the Share Equity, provided that
the Share Equity may be transferred to Pledgee or any party designated by
Pledgee according to Purchase Option and Cooperation Agreement dated May 27,
2004 among Pledgee, Pledgors and Fuhua and Pledgors may transfer the Share
Equity to each other to the extent such transfer will not effect Pledgee's
interest (the transferring Pledgor shall deliver a prior notice to Pledgee
before making the transfer).

     7.1.2 Pledgors shall comply with all laws and regulations applicable to the
Pledge. Within five (5) days of receipt of any notice, order or recommendation
issued or promulgated by competent government authorities relating to the
Pledge, Pledgors shall deliver such notice, order or recommendation to Pledgee,
and shall comply with the same, or make objections or statements with respect to
the same upon Pledgee's reasonable request or with Pledgee's consent.

     7.1.3 Pledgors shall promptly notify Pledgee of any event or notice
received by Pledgors that may have a material effect on Pledgee's rights in the
Pledged Property or any portion thereof, as well as promptly notify Pledgee of
any change to any warranty or obligation of Pledgors hereunder, or any event or
notice received by Pledgors that may have a material effect to any warranty or
obligation of the Pledgors hereunder.

7.2 Pledgors warrant that Pledgee's exercise of the Pledge Rights as pledgee
pursuant to this Agreement shall not be interrupted or impaired by Pledgors or
any successors or representatives of Pledgors or any other parties through any
legal proceedings.

7.3 Pledgors hereby warrant to Pledgee that, to protect or perfect the security
interest created by this Agreement to secure the Secured Indebtedness, Pledgors
will execute in good faith, and cause other parties who have an interest in the
Pledge Rights to execute, all certificates of rights and instruments as
requested by Pledgee, and/or take any action, and cause other parties who have
an interest in the Pledge Rights to take any action, as requested by Pledgee,
and facilitate the exercise by Pledgee of its rights and authority provided
hereunder, and execute all amendment documents relating to certificates of Share
Equity with Pledgee or its designated person(s) (natural persons/legal persons),
and shall provide Pledgee, within a reasonable period of time, with all notices,
orders and decisions regarding the Pledge Rights requested by Pledgee. Pledgors
hereby warrant to Pledgee that, for Pledgee's benefit, Pledgors shall comply
with all warranties, covenants, agreements, representations and conditions
provided hereunder. In the event that Pledgors fail to comply with or perform
any warranties, covenants, agreements, representations and conditions, Pledgors
shall indemnify Pledgee for all of its losses resulting therefrom.

8. EVENTS OF DEFAULT

8.1 Each of the following events shall constitute an Event of Default:

     8.1.1 Fuhua fails to pay in full any Secured Indebtedness on time;

     8.1.2 Any representation or warranty made by Pledgors under Article 6 of
this Agreement is misleading or untrue, or Pledgors have violated any of the
warranties in Article 6 of this Agreement;

     8.1.3 Pledgors breach any of the covenants in Article 7 of this Agreement;

     8.1.4 Pledgors breach any other provisions of this Agreement;

<PAGE>

     8.1.5 Pledgors give up all or any part of the Pledged Property, or transfer
all or any part of the Pledged Property without the written consent of Pledgee
(except the transfers permitted hereunder);

     8.1.6 Any of Pledgors' loans, guarantees, indemnification, commitment or
other indebtedness to any third party (1) have been subject to a demand of early
repayment due to an event of default; or (2) have become due but failed to be
repaid in a timely manner, thus leading Pledgee to believe that Pledgors'
ability to perform their obligations under this Agreement has been impaired;

     8.1.7 Pledgors are unable to repay any other material debts;

     8.1.8 Any applicable laws have rendered this Agreement illegal or made it
impossible for Pledgors to continue to perform their obligations hereunder;

     8.1.9 All approvals, licenses, permits or authorizations from government
agencies that make this Agreement enforceable, legal and effective have been
withdrawn, terminated, invalidated or substantively revised;

     8.1.10 Any adverse change has taken place to any properties owned by
Pledgors, which leads Pledgee to believe that Pledgors' ability to perform their
obligations under this Agreement has been affected;

     8.1.11 The successor or trustee of Fuhua is only able to partially perform
or refuses to perform the payment obligations under the Service Agreements;

     8.1.12 Any breach of other provisions of this Agreement resulting from any
action or omission by Pledgors; and

     8.1.13 Any other event whereby Pledgee is unable to exercise its right with
respect to the Pledge hereunder pursuant to relevant laws.

8.2 Pledgors shall immediately notify Pledgee in writing of any event set forth
in Section 8.1 or any circumstance which many lead to any such event as soon as
Pledgors know or are aware of such event.

8.3 Unless an Event of Default set forth in this Section 8.1 has been resolved
to the satisfaction of Pledgee, Pledgee may, upon the occurrence of an Event of
Default or at any time thereafter, issue a Notice of Default to Pledgors in
writing and demand that Pledgors to immediately pay all the amounts due under
the Service Agreements and all other amounts payable due to Pledgee, or exercise
Pledge Rights in accordance with the provisions of this Agreement.

9. EXERCISE OF PLEDGE RIGHTS

9.1 Prior to the full payment of Secured Indebtedness under the Service
Agreements, Pledgors shall not assign, or in any manner dispose of, the Pledged
Property without Pledgee's written consent.

9.2 Pledgee shall issue a Notice of Default to Pledgors when exercising the
Pledge Rights.

9.3 Subject to the provisions of Section 8.3, Pledgee may exercise the right to
dispose of the Pledged Property concurrently with the issuance of the Notice of
Default in accordance with Section 8.3 or at any time after the issuance of the
Notice of Default.

9.4 Pledgee shall have the right to dispose of the Pledged Property under this
Agreement in part or in whole in accordance with legal procedures (including but
not limited to negotiated transfer, auction or sale of the Pledged Property) and
receive a priority payment from the proceeds of the Pledged Property until all
of the Secured Indebtedness have been fully repaid.

9.5 When Pledgee exercises its rights under the Pledge in accordance with this
Agreement, Pledgors shall not create any impediment, and shall provide necessary
assistance to enable Pledgee to exercise the Pledge Rights.

<PAGE>

10. ASSIGNMENT

10.1 Without Pledgee's prior consent, Pledgors cannot give away or assign to any
party their rights and obligations under this Agreement.

10.2 This Agreement shall be valid and binding on each Pledgor and their
respective successors.

10.3 Pledgee may assign any and all of its rights and obligations under the
Service Agreements to its designated person(s) (natural/legal persons) at any
time, in which case the assignees shall have the rights and obligations of
Pledgee under this Agreement, as if it were a party to this Agreement.

10.4 In the event that the Pledgee changes due to any transfer permitted
hereunder, the new parties to the Pledge shall execute a new pledge agreement.

11. TERMINATION

       This Agreement shall be terminated when the Secured Indebtedness has been
fully repaid and Fuhua is no longer obliged to undertake any obligations under
the Service Agreements. In this circumstance, Pledgee shall cancel or terminate
this Agreement as soon as reasonably practicable.

12. HANDLING FEES AND OTHER EXPENSES

12.1 All fees and out of pocket expenses relating to this Agreement, including
but not limited to legal fees, cost of documentation, stamp duty and any other
taxes and fees, shall be borne by Pledgors. In the event that the law requires
Pledgee to pay any taxes, Pledgors shall reimburse Pledgee for such taxes paid
by Pledgee.

12.2 In the event that Pledgors fail to pay any taxes or fees in accordance with
the provisions of this Agreement, or due to any other reasons, Pledgee has to
recover such taxes and fees payable by Pledgors through any means or in any
manner, all costs and expenses (including but not limited to all the taxes,
handling fees, management fees, cost of litigation, attorney's fees and
insurance premiums) resulting therefrom shall be borne by Pledgors.

13. FORCE MAJEURE

13.1 In the event that the performance of this Agreement is delayed or impeded
by "an event of force majeure", the party affected by such event of force
majeure shall not be liable for any liability hereunder with respect to the part
of performance being delayed or impeded. "An event of force majeure" means any
event beyond the reasonable control of the effected party and cannot be avoided
even if the affected party has exercised reasonable care, which include but not
limited to government actions, acts of God, fire, explosions, geographic
changes, storms, flood, earthquakes, tides, lightning and war. Notwithstanding
the foregoing, a lack of credit, funds or financing shall not be deemed as a
circumstance beyond the reasonable control of an effected party. The party
affected by "an event of force majeure" and seeking to relieve the performance
liability under this Agreement or any provisions thereof shall notify the other
party of its intention for seeking such relief and the measures it will take to
reduce the impact of the force majeure as soon as possible.

13.2 The party affected by force majeure shall not be liable for any liability
with respect to the part of performance being delayed or impeded if the effected
party has taken reasonable efforts to perform this Agreement. As soon as the
course of such relief is eliminated, the Parties shall use their best efforts to
resume the performance of this Agreement.

14. RESOLUTION OF DISPUTES

14.1 This Agreement shall be governed by and construed according to the laws of
PRC.

14.2 In the event of any dispute with respect to the construction and
performance of the provisions of this Agreement, the parties shall first try to
resolve the dispute through friendly consultations. Upon failure of such
consultations, any party may submit the relevant disputes to the China
International Economic and Trade Arbitration

<PAGE>

Commission for arbitration in accordance with its then effective arbitration
rules. The arbitration shall be administered in Beijing and the language used
for the arbitration shall be Chinese. The arbitration award shall be final and
binding on all parties.

15. NOTICES

     Notices sent by the parties hereto shall be in writing ("in writing" shall
include facsimiles and telexes). If sent by hand, such notice shall be deemed to
have been delivered upon actual delivery; if sent by telex or facsimile, such
notice shall be deemed to have been delivered at the time of transmission. If
the date of transmission is not a business day or if transmission is after
working hours, then the next business day shall be deemed as the date of
delivery. The address of delivery shall be the addresses of the Parties stated
on the first page of this Agreement or addresses notified in writing at any time
after this Agreement is executed.

16. AMENDMENTS, TERMINATION AND CONSTRUCTION

16.1 No amendment to this Agreement shall be effective unless such amendment has
been agreed by all of the Parties and Party A and Party D have obtained
necessary authorization and approvals with respect to such amendment (including
the approval that Party A must obtain from the audit committee or other
independent body established according to the Sarbanes-Oxley Act and the NASDAQ
Rules under the board of directors of its overseas holding company - China
Finance Online Co., Limited).

16.2 The provisions to this Agreement are severable from each other. The
invalidity of any provision hereof shall not effect the validity or
enforceability of any other provision hereof.

17.    EFFECTIVENESS AND OTHERS

17.1 This Agreement shall take effect upon satisfaction of the following
conditions:

     (1) This Agreement has been executed by all parties hereto; and

     (2) Pledgors have recorded the Pledge hereunder in the Shareholders' List
of Fuhua.

17.2 This Agreement is written in Chinese in three counterparts. Each of the
Parties shall hold one counterpart.

IN WITNESS WHEREOF, the parties have caused this Agreement executed by their
duly authorized representatives in Beijing on the date first above written.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>
[execution page only]

Pledgor A:
Signature: /s/ Jun Ning
           _____________

Pledgor B:
Signature: /s/ Wu Chen
           _____________

Pledgee: China Finance Online(Beijing) Co., Ltd.

Authorized representative: [/s/ COMPANY SEAL]
                           ______________________

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