Document:

Exhibit 10.3
     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR
      APPLICABLE STATE SECURITIES LAWS, NOR THE SECURITIES LAWS OF ANY OTHER
  JURISDICTION. IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN
  THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THOSE SECURITIES LAWS
OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS
                                  NOT REQUIRED.

                                   CBCOM, INC.

Convertible  Promissory  Note
Due  April  24,  2000

                              Date: April 24, 1998

$43,956.17  (plus  additional  Loaned  Funds)

     CBCOM,  INC.,  (the "Company'", a Delaware corporation, for value received,
hereby promises to pay to Max Sun ("Lender"), the amount of the Loaned Funds (as
defined  below)  unpaid  and outstanding from time to time, with interest on the
unpaid  balance  of  such  principal  amount as described below. The full unpaid
principal  amount  of  the Loaned Funds plus interest will be due and payable on
April 24, 2000 (the "Maturity Date"). Payment of interest and principal shall be
made  in lawful money of the United States of America at the principal office of
the  Lender  or  at  such other place as the Lender shall have designated to the
Company  in writing. In the event the Maturity Date is not a business day in Los
Angeles,  California, payment shall be made on the next succeeding business day.

     1.     Loaned  Funds.   Lender  has  extended credit to the Company, and is
            -------------
expected  to  continue  to  extend credit to the Company ("Loan"), which Loan is
evidenced  by  this Note. The principal amount of the Loan shall include (a) the
initial  loan  of $43,956.17, and (b) any other loans or advances Lender agrees,
in its sole discretion, to make to the Company that are not covered by any other
agreement  between the Company and Lender. Each month that Lender makes advances
or loans to the Company, the Company shall enter the amount of those advances or
loans  at  Exhibit  A  of  this  Note,  and  shall  have Lender acknowledge that
installment  on  that exhibit. The aggregate of unpaid loans and advances listed
on  Exhibit  A  from  time  to  time  shall  be  referred  to as "Loaned Funds."

     2.      Interest.  This  Note  shall  bear  interest  at  the rate of seven
            ---------
percent  (7%)  per  annum  on  the  unpaid  principal  balance  of  Loaned Funds
outstanding  from  time  to  time.  Interest will commence on any installment of
Loaned Funds from the date set forth in Exhibit A, and continue through the date
on  which  such unpaid principal balance is repaid in frill. Throughout the term
of  this  Note,  interest shall be calculated on the basis of a 365-day year and
shall be computed for the actual number of days in the period for which interest
is  charged.

<PAGE>

     3.     Conversion.
            ----------

          3.1     Conversion  Rights.  The  unpaid principal amount of this Note
                  ------------------
may  be  converted into shares of the Company's Common Stock, at the election of
the Lender, at any time prior to the close of business on the business day prior
to  the  Maturity  Date,  at  the conversion price of $0.50 per share, as may be
adjusted  in  accordance  with  section  4  hereof (such conversion price, as so
adjusted  and in effect at any time, herein called the "Conversion Price"), into
the  number of fully paid and nonassessable shares of the Company's Common Stock
determined by dividing the principal amount to be so converted by the Conversion
Price  in  effect at the time of such conversion. If the Lender converts some or
all of this Note from time to time, he shall be entitled to receive the interest
accrued  to  the  conversion  date on that portion of this Note so converted, in
cash  or  in  stock  at  the  Company's  option.

          3.2     Notice  of Conversion; New Note. This Note may be converted in
                  -------------------------------
full  or  in  part by the Lender prior to the Maturity Date by surrender of this
Note  with  the  notice  of  conversion  annexed  hereto duly executed by Lender
(specifying  the  portion of the principal amount thereof to be converted in the
case  of  a  partial  conversion) to the Company. Upon any partial conversion of
this  Note,  the Company will make the appropriate entry evidencing such partial
conversion  at  Exhibit  A,  and  the  amount of principal and interest (if any)
represented by such conversion shall be reduced from the then-outstanding amount
of  Loaned  Funds.  Each  conversion  shall  be  deemed  to  have  been effected
immediately  prior  to  the close of business on the date on which this Note and
notice  of  conversion  shall  have  been  so  surrendered  to  the  Company.

          3.3     Delivery of Stock Certificates; Fractional Shares. As promptly
                  -------------------------------------------------
as  practicable after the conversion of this Note in full or in part, and in any
event  within  30  days  thereafter,  the  Company at its expense will issue and
deliver  to  the  Lender  a  certificate  or certificates for the number of full
shares  of  Common  Stock  issuable  upon  such conversion, plus, in lieu of any
fractional  share to which the Lender would otherwise be entitled, cash equal to
such  fraction  of  the  Conversion  Price.

     4.     Adjustment  of  Conversion  Price.
            ---------------------------------

          4.1     Adjustments  for  Stock  Splits. etc. In the event the Company
                  ------------------------------------
shall  at any time undergo a stock split, stock dividend or other combination or
subdivision  that does not involve payment of consideration for such shares, the
Conversion  Price  in  effect  immediately  prior  to  such  change  shall  be
proportionately  decreased.  In  the event the Company shall at any time combine
its  outstanding  Common Stock, the Conversion Price in effect immediately prior
to  such  combination  shall  be proportionately increased. Any adjustment shall
become  effective  at the close of business on the date that such subdivision or
combination  shall  become  effective.

<PAGE>

          4.2     Certificate  as to Adjustments. In the case of each adjustment
                  ------------------------------
or  readjustment of the Conversion Price pursuant to this Section 4, the Company
will  promptly  compute  such  adjustment or readjustment in accordance with the
terms  hereof  and  cause  a  certificate  setting  forth  such  adjustment  or
readjustment  and  showing  in  detail  the  facts upon which such adjustment or
readjustment  is  based  to  be  delivered  to  the  Lender.

          4.3     Notices.  In  the  event of: (a) any capital reorganization of
                  -------
the  Company,  any  reclassification or recapitalization of the capital stock of
the  Company  or  any  transfer of all or substantially all of the assets of the
Company  to  any  other  person  or  any  consolidation  or merger involving the
Company,  or  (b)  any  voluntary  or  involuntary  dissolution,  liquidation or
winding-up  of the Company, the Company will mail to the Lender at least 10 days
prior to the earliest date specified therein, a notice specifying the date and a
brief  description  of  the  event  in  question.

          4.4     Reservation  of Stock Issuable on Conversion. The Company will
                  --------------------------------------------
at  all  times prior to the Maturity Date reserve and keep available, solely for
issuance  and  delivery  upon  the conversion of this Note, all shares of Common
Stock from time to time issuable upon the conversion of this Note. All shares of
Common Stock issuable upon conversion of this Note shall be duly authorized and,
when  issued,  validly  issued,  fully  paid  and  nonassessable.

     5.     Consolidation.  Merger, Sale of Assets, Reorganization, etc. In case
            -----------------------------------------------------------
the Company consolidates with or merges into any other corporation and shall not
be  the continuing or surviving corporation of such consolidation or merger, the
Company, at its option, may redeem the Note or make proper provision so that the
Lender  will upon conversion of this Note receive shares of equity securities of
the  surviving  entity as nearly equivalent as possible in kind and value to the
Common  Stock  into  which  this Note would otherwise be convertible immediately
prior  to  the date of such consolidation or merger, provided that in the second
case the surviving entity shall agree to remain liable under the Note until such
conversion  is  finished.

     6.     Default.

          6.1     Events  of  Default.  Each of the following events shall be an
                  -------------------
Event  of  Default  hereunder:  (a)  default  in the payment of any principal or
interest  on  the Note when due, continued for 30 days; or (b) if the Company or
any  subsidiary  shall make an assignment for the benefit of creditors, or shall
file  a  voluntary petition in bankruptcy, or shall be adjudicated a bankrupt or
insolvent,  or  shall  file  any  petition  or  answer  seeking  for  itself any
reorganization, arrangement, composition, readjustment, liquidation, dissolution
or  similar  relief  under  any  present or future statue, law or regulation, or
shall  seek  or  consent  to  or  acquiesce  in  the appointment of any trustee,
receiver  or  liquidator of the Company or of all or any substantial part of the
properties  of  the  Company,  or  commence voluntary or involuntary dissolution
proceedings.  If an event of default under the Note occurs and is continuing for
a  period  of  more  than  ten days, the Lender of the Note may declare the Note
immediately  due  and  payable.

<PAGE>

          6.2     Remedies  on Default, etc. In case of a default in the payment
                  -------------------------
of any principal of or interest on this Note, the Company will pay to the Lender
thereof the amount owing together with (a) simple interest at the rate per annum
equal  to  the  lower  of  (x)  15%  and  (y)  the  maximum rate permitted under
applicable  law on the amounts past due, and (b) such additional amount as shall
be  sufficient  to cover the cost and expenses of collection, including, without
limitation,  reasonable  attorneys'  fees, expenses and disbursements. No right,
power  or  remedy  conferred  by this Note upon Lender shall be exclusive of any
other  right,  power or remedy referred to herein or therein or now or hereafter
available  at  law,  in  equity,  by  statute  or  otherwise.

     7.     Application  of Payment. Payments received by Lender pursuant to the
            -----------------------
terms  hereof shall be applied in the following manner: First, to the payment of
all  out  of  pocket expenses, charges, costs and fees incurred by or payable to
Lender  and  for  which  the  Company is obligated pursuant to the terms hereof;
second,  to the payment of all interest accrued to the date of such payment; and
third,  to  the  payment  of principal. Notwithstanding anything to the contrary
contained  herein,  after the occurrence and during the continuation of an Event
of  Default,  all  amounts received by Lender from any party shall be applied in
such  order  as  Lender,  in  its  sole  discretion,  may  elect.

     8.     Amendment  of  Note.  The  provisions of this Note may be amended or
            -------------------
modified  only  with  written  consent  of  the  Company  and  the  Lender.

     9.     Waiver.  The  Company  hereby waives diligence, presentment, protest
            ------
and  demand,  notice  of  protest,  dishonor  and  nonpayment  of  this Note and
expressly agrees that, without in any way affecting the liability of the Company
hereunder,  Lender  may  extend any maturity date or the time for payment of any
installment  due hereunder, accept additional security, release any party liable
hereunder  and  release  any  security  now or hereafter securing this Note. The
Company  further waives, to the fall extent permitted by law, the right to plead
any  and  all  statutes  of limitations as a defense to any demand on this Note.

     10.     Attorney's  Fees. If this Note is not paid when due or if any Event
             ----------------
of  Default  occurs,  the  Company  promises to pay all costs of enforcement and
collection,  including, but not limited to, Lender's attorney's fees, whether or
not  any  action  or  proceeding  is  brought  to enforce the provisions hereof.

     11.     Severability.  Every  provision  of  this  Note  is  intended to be
             ------------
severable.  In  the event any term or provision hereof is declared by a court of
competent  jurisdiction to be illegal or invalid for any reason whatsoever, such
illegality  or  invalidity  shall  not  affect  the  balance  of  the  terms and
provisions  hereof,  which  terms  and  provisions  shall  remain  binding  and
enforceable.

     12.     Choice  of  Law.  This  Note  shall be governed by and construed in
             ---------------
accordance  with  the  laws  of  the  State  of California. Any and all disputes
arising  under  this  Note  shall be adjudicated in the appropriate court in the

<PAGE>

county  of  Los  Angeles,  California, and all parties submit to jurisdiction of
such  court  for  resolution  of  such  disputes.

     13.     Interest  Rate  Limitation.  It  is  the  intent of the Company and
             --------------------------
Lender  in  the  execution  of this Note and all other instruments securing this
Note that the loan evidenced hereby be exempt from the restrictions of the usury
laws of the State of California. In the event that, for any reason, it should be
determined  that the California usury law is applicable to the loan, the Company
and  Lender  stipulate and agree that none of the terms and provisions contained
herein  shall ever be construed to create a contract for the use, forbearance or
detention  of  money  requiring  payment  of interest at a rate in excess of the
maximum  interest  rate  permitted  to  be  charged  by the laws of the State of
California.  In  such event, if the Lender shall collect monies which are deemed
to  constitute  interest  which  would otherwise increase the effective interest
rate  on  this  Note  to  a  rate  in excess of the maximum rate permitted to be
charged  by  the  laws  of  the  State  of  California,  all such sums deemed to
constitute  interest  in  excess  of  such  maximum rate shall, at the option of
Lender,  be credited to the payment of the sums due hereunder or returned to the
Company.

     14.     Entire  Agreement. This Note constitutes the entire agreement among
             -----------------
the  parties with regard to the subjects hereof, and supersedes and replaces any
prior  or  contemporaneous  negotiations,  discussions, contracts or agreements,
written  or  oral.  The  terms  and  conditions  of this Note shall inure to the
benefit  of,  and  be binding upon, the respective successors and assigns of the
parties.  Nothing  in  this  Note  is  intended to confer on any third party any
rights,  liabilities  or  obligations,  except  as  specifically  provided.

     IN WITNESS WHEREOF, the Company has executed this Note as of the date first
above  written.

                                 CBCOM,  INC.

                                  By  ---------------------
                                  Charles  Lesser,
                                  Chief  Financial  Officer and  Secretary

                                  Address:     15260  Ventura  Blvd,  12th Floor
                                               Sherman  Oaks,  California  91403

<PAGE>

                              NOTICE OF CONVERSION
                              --------------------

                   [To Be Signed Only Upon Conversion of Note]

TO  CBCOM,  IN.:

     The  undersigned,  the Lender of the foregoing Note, hereby surrenders such
the  Note  for conversion into shares of Common Stock CBCOM, inc., to the extent
of  $__________unpaid  principal  amount  of  such  Note,  and requests that the
certificates  for  such  shares  be  issued  in  the  name  of, and delivered to
____________,  whose  address  is  ________________________.

Dated:  __________________.

_______________________________________
(Signature  must  conform  in  all  respects  to  name  of
Lender  as  specified  on  the  face  of  the  note.)

________________________________
(Address)

<PAGE>

                                    EXHIBIT A
                            SCHEDULE OF LOANED FUNDS

Date  of  Loan     Amount          Notes
--------------     ------          -----Exhibit 10.4

Confidential

MEMORANDUM  OF  UNDERSTANDING

Parties        Party  A:     CBCom  Inc.
               Party  B:     Shanghai  Stock  Exchange  Communication  Ca
               Party  C:     Shanghai  Xingtong  Telecommunications Science &
               Technology Co.  Ltd.

I.     COMPANY  OVERVIEW

CBCom  Inc.  is a Los Angeles based high-tech communication and investment firm.
It  is  especially  keen  on  the  design, development, operation and investment
activities surrounding the completion of an intelligent communication network In
addition the firm also provides research and development in accessory items used
by  the  network  such as servers or end user platform. Both the management team
and  the  technical  personnel  have  extensive  experience  of constructing and
operating  communication  networks in North America and Asia. Representative and
branch  offices  have  been  set  up  in  Shanghai  as  well  as  Beijing.

Shanghai  Stock  Exchange Communication Co is a joint venture formed by Shanghai
Stock  Exchange and Shanghai Stock Central Clearing Company. The staff primarily
came  from  the department of communications of the Shanghai Stock Exchange. The
company's  services  largely  centers around its two-way satellite system, which
serves  as  a back up to DDN, to ensure uninterrupted transmission of stock data
and  information. The company also provides satellite network related technology
development management and other services. The following systems are part of the
network operation and management projects that the company is currently engaged:
one  one-way  broadcast  satellite  system, three two-way satellite systems, one
2000-line  switch,  Utilizing  the  above network equipment the company provides
connection  to  over  2600  brokerages  to  ensure  daily  transmission of stock
information.

Shanghai  Xingtong  Telecommunications  Science  and  Technology,  Ltd  is  a
telecommunications  company  held  by  China  Broadcast  Satellite Communication
Company,  which  belongs to Ministry of Information Industry. As a subsidiary of
China  Broadcast  Satellite  Communication  Company,  Xingtong  can tap into the
unique  satellite  resources  and  operating  license  owned  by China Broadcast
Satellite  Communication  Company to provide specialized satellite communication
services  to  its customers. At the present Shanghai Xingtong Telecommunications
Science  and  Technology,  Ltd  has  helped numerous companies to build national
networks  that  service thousands of customers. Among them are Hong Kong Digital
Communications  Ltd,  Shanghai  Stock  Exchange Communications Ltd, and Zhenzhou
Jicheng  Information  Technology  Ltd.  Furthermore,  Xingtong has invested in a

<PAGE>

joint  effort  with  America  based Wood Company to provide wide band digital TV
transmission  to  ABC,  NBC,  FOX,  HBO,  CCFV, STV and other Television related
companies.  Xingtong  specializes  in  design  as  well  as  construction  of
communication  networks.

II.     OBJECTIVE  OF  THIS  MOU

The  aforementioned  three  parties  have used over a year to perform a detailed
research  and  analysis  on  the  potential  and  policy  with regard to Chinese
Internet  market  This  research  reviewed  the  historical  development  of the
Internet in other mature markets around the globe such as the United States, and
compiled  an  enormous  database  on  the  content provision services within the
information  industry. Consequently, all three parties have reached consensus on
the  following  areas:

1.     The  current  and  future  potential  of  Chinese  Internet  market

2.     The  service  standard  of  Shanghai  Stock  Exchange's satellite network

3.     Key  factors  to  building  a  successful  commercial  ISP  in  China

4.     Initial concept and proposal for China Financial Network (CFN) as a joint
effort  of  the  three  parties

This  MOU  is  hereby to record the consensus to establish a firm foundation for
future  cooperation.

III.     THE  CURRENT  AND  FUTURE  POTENTIAL  OF  CHINESE  INTERNET  MARKET

The  rise  of  Internet  popularity in the past few has generated an exceptional
growth  rate  of  162%  per  annum  that  astounded the world. With moth than 50
million  users,  hundreds of billions of dollars of revenue are generated by new
opportunities  associated  with  the  Internet.  Internet usage has become a key
indicator  for  national governments in assessing their  competitiveness against
other  nations  in  the  information  industry.  Moreover, the Internet has left
indelible  marks  in  reforming  the  social  structure and forced revolutionary
changes. As information technology rapidly develops, information becomes readily
available,  which creates a wealth of opportunities while improving qualities of
life.  Geographical  and  economical  barriers are broken through the process of
information transfer. The forces of free market will finally champion making all
aspects  of  life  such as employment, education, medicine, easily accessible to
everyone.

The  Chinese  Internet  development  came  in  at  a  later  stage of the global
development  Nevertheless  is  has  been  growing  with  an  amazing fervor. The
development  process  can  be  broken  into  three  phases.

The  first  phase (199874994) can be called the Email phase. During this period,
Email  became  a  popular  communication  tool  The  ability to communicate with

<PAGE>

European  and  North  American  countries  through dial up service and email was
realized.  The  second  phase  (1994-1995)  began by farther investment from the
Department  of  Education  on  the  existing  education  and  research  network,
astonishingly  similar  to  the  early  stages  of development in the us. TCP/IP
connection  was  eventually established on this network, thus realizing the full
functionality of the Internet. The third phase (1995 to present) came soon after
Internet became accessible not only to the research and educational institution,
but  also  to  private  customers  through  commercial  151's.  In 1998, Chinese
Internet users stood at 1.2 million and is projected to growth at 220% per annum
in  the  coming  years.  China has family become an official member of the world
Internet  family.

Presently,  there  are  thirteen international gateways in China. They belong to
four  networks.

Despite  the  promising  growth,  many  Chinese  Internet  users  and ISP become
increasingly concerned with the future development of Internet in China. Chinese
Internet  development  is unique in many aspects. Specifically, Chinese Internet
leapfrogged  a number of development stages as the other countries have, such as
PC  penetration. It can be said that China Internet came prematurely without all
the  necessary  infrastructure elements in place. Therefore, Chinese Internet is
missing  some  basic  characteristics of the Internet Yet the demand for further
development  and  maturity  continues  to  collect  momentum. As we examined the
potential  of  commercial  151's, a set of barriers for continued development of
Chinese  Internet  becomes  evident.

1.     High  operating  expenses:
       -------------------------

     All  ISPs  in China that do not belong to China Telecom must pay outrageous
fees for leased lines thus incurring high cost and make it difficult for ISPs to
maintain  profitability.  International  connections are particularly expensive.
DDN  lines  are  charged  not  only at a monthly rental fee, but also additional
charge  according to the amount of information transmissions If an ISP intend to
build  a  national  network,  the long distance rental charges are prohibitively
high.  This  creates  the  dilemma  for  many ISPs: they are unable to invest in
expanding  the  network  as  the number of customers increases. While line lease
charges only consists of 5% of the total operating cost for a typical ISP in the
US, it often accounts for 70-80% of total operating cost for a ISP in China. The
financial  stress  leaves  very  little  room  for  the Chinese ISP to invest in
further  development  of  the  network

2.     Technology  investment
       ----------------------

     The  information  industry  characterizes  itself  through  the  close link
between  investment  and  technology.  It  is  projected  that  Chinese Internet
development  will  require over 100 billion EMB by year 2000. The investment gap
that  many  ISP confront is daunting. On the other hand, much of the information
on  the  Internet  is  in  English.  The  center  of  technology development and
application  is  also  located  in  the  US. The insufficient funds and backward
technology  caused by language barriers bode ill for the future Chinese Internet
development.

<PAGE>

3.     Content  market  opportunities:
       ------------------------------

     Many  Chinese  Internet  portals  (with  Chinese  languages)  have  been
unsuccessful  in  attracting  customers  due  to  lackluster content design. For
instance,  in  the  US  on-line  banking, stock trading and purchasing have long
become  popular  among  the  users  to  provide  additional  convenience  to the
customers.  Currently,  similar Chinese web sites are nearly non-existent As the
content of the Chinese web sites become more aggressive and creative, the market
potential  will  provide  highly  lucrative  opportunities  for  ISPs.

IV.     THE  SERVICE  STANDARD  OF  SHANGHAI  STOCK  EXCHANGE  SATELLITE NETWORK

Shanghai  Stock  Exchange  (SSE)  became  fully  operations  in  1990 and is the
largest,  most  well  equipped, and best organized stock exchange in China today
with  the  widest  reach in community (nearly 19 million customers). SSE's daily
transaction  volume  exceeds  10  million. Furthermore, SSE operates a satellite
network  with  more  than  3100 receiving stations and owns the largest exchange
lobby  in  Asia.

SSE's  satellite  system  is  the most advanced satellite system with the widest
geographical  coverage  as  well  as largest customer base in China. It has been
approved  and licensed with the right to operate VSAT related services and other
value  adding  communication  services.

SSE's  satellite system includes three systems: VAST, SCPC and TDM/TDMA. It also
provides  backup for DDN. Since the stock exchange only operates four hours each
day, the utilization of this network is especially low. In addition, the network
offers  the  following  features:

1.     Network  topology:  The  main  station and the _________.  This method of
       -----------------
satellite  network  is beat used for digital communication and exactly meets the
requirement  of  Internet  communication.

2.     Network  scale:  Currently  the network covers all Chinese provinces with
       --------------
the  exception of Taiwan and has 33 key nodes with over 1000 customer connected.
Each  of  the  nodes  has  comprehensive  satellite  communication equipment and
capability  including switches, and highly competent technical support personnel

3.     Price  and performance ratio (compare to X.25 and DDN net): Among similar
       ----------------------------------------------------------
speeds,  satellite network is comparable to XIS and DDN net in data transmission
speed.  Because  XIS  and DDN net use fiber optic cables, satellite transmission
incurs a slightly longer delay. However, the delay bears no significance in data
transmission.  The  error rate of satellite transmission is between 1(P and 108,
which  is  similar  to  that  of  DDN  error  rate.  Moreover,  due to the stock
exchange's  particular function, a high degree of reliability was required since

<PAGE>

the  design  of  the  network  The  SSE network has double backup with automatic
switching capability and has proved to be highly reliable in the last five years
of  operation  The network survived many severe weather conditions, as well as a
number  of  market  irregularities  such as sudden volume surge. The operational
expense  comparison  is  attached  as  well  (based  on  64  Kbps):

     Satellite  network     42,000  RMB/  year
     DDN  net          145,000  RMB/year
     X.25               163,000  RMB/  year

V.     KEY  FACTORS  TO  BUILDING  A  SUCCESSFUL  COMMERCIAL  ISP  IN  CHINA

This  analysis  demonstrates  not  only the factors that would make a successful
commercial  ISP  in  China,  but  also  why  SSE satellite network is especially
fitting  for  such  a  task

1.     Independent  national  network: an independent network that does not rely
on  the network provided by China Telecom, thus avoiding the outrageous fees and
cost  is critical to guarantee profitability for any ISP in China. SSE satellite
network  was  initially  designed  and constructed precisely for this objective.
After  years of development, the network now operates independent and covers all
regions  in  China.

2.     Substantive  customer  base:  customer base is the livelihood of any ISP.
There  are currently 17 million investors who have accounts at SSE. The majority
of  these  investors receive information and trade from various nodes on the SSE
network.  The  brokerages  are direct customers and the investors constitute one
the  most  substantive  and  stable  customer base. These investors are prone to
adopt  new  technology  as  they  are  generally  more educated than the average
population.

3.     Attractive  content  creative  and  interesting  content  is a key to the
success  of  any  ISP.  Stock  trading  has  become a focal point in the Chinese
economic  life  Many industries have tapped into this to generate new commercial
opportunity  for  themselves.  For example, in the last few years, the number of
stock  pagers has rocketed through the roof to millions. Real time stock quotes,
information,  analyst  reports  and most of web trading will attract millions to
visit  the  site.

VI.     INITIAL  CONCEPT  AND  PROPOSAL  OF  CNN  AS  A  JOINT  EFFORT

CFN  is  the ultimate - for the joint effort It will begin more like an Intranet
then  expand to become a true Internet From construction to operations there are
two  major  phases  CEN  I,  CEN  II  which  are  detailed  as  follows:

CFN  I:  This is a professional Intranet that is based in Hong Kong. The service
------
collects  and  compiles global financial market information with real time stock
data as well as historical data for analysis.  Most importantly, all information
will  be  broadcasted  through  the  SSE  satellite  network  in  Chinese  using

<PAGE>

proprietary  software  to  brokerages and professional investors. It will differ
from Dow Jones and Reuters in that the information will be completely in Chinese
at  a  much  lower  rate.  Our market research reveals that as China's financial
market  develops,  ft  will  eventually  become  an  integral part of the global
financial market Financial information from other parts of the world, especially
Hong Kong Southeast Asia will impact the financial performances of Chinese stock
market  Already  more  than  95%  of  the  brokerages  would like to access this
information. However the price tag for Reuters and Dow Jones services are simply
too  much  to bear. If the existing network allows transmission of similar sorts
of  information and it requires no additional installation of other equipment it
sure  will  be  welcomed  by  many  brokerages.

CFN II: This network will create a customer interface directly to the individual
------
customers, thus equivalent to a commercial ISP. The service will include various
value added services such as real time stock data and web trading. Utilizing the
current  network with over a thousand connection nodes, the network will be able
to provide Email and other Internet service while allowing real time web trading
to  its  customers.  Web  trading is an unique feature that this network offers,
since  the SSE is the sole clearing and settlement agency for its stocks.  Thus,
only  SSE  network  is  able  to  realize  true  web  trading  through  SSE.

The  roles  and  responsibilities  of  the  three  parties  will  vary  as well.

Party  A  will  be  primarily  responsible  for  collecting and compiling global
financial  information, providing funds for network reconstruction and assisting
software  development  in  the  first  phase.  In the second phase, party A will
provide  funds  to  modify connection nodes, development of management software,
and  operation  of  the  Internet  sites  (e.g.  content  design).

Party  B  will be primarily responsible for network security and operation while
coordinating with various brokerage firms to maintain market position and direct
network  design.

Party  C  will  participate in network design and management to ensure efficient
utilization of the satellite network The majority of its operation will focus on
construction of the network in the beginning and software development at a later
stage.

This  MOU  will  serve  as  the  founding principles for the joint effort Formal
feasibility  study  and  business  plan  will  be  drawn to establish the actual
structure to realize the proposed network As soon as the structure is finalized,
we  will  seek  professional  consulting  firms  to conduct detailed analysis to
identify  optimal  marketing, organization and technology management strategies.

All parties have agreed that the interest of each party in this joint venture is
allocated  as  follow:  Party  A  70%;  party  B  20%;  party  C  10%.

<PAGE>

VII.  FINAL  REMARKS

As  one of the most significant document indicating commitment to form the joint
venture  aforementioned,  the MOU is only effective after all three parties have
signed.

Party  A:               CBCom  Inc.

                         /x/

Party  B:               Shanghai  Stock  Exchange  Communication  Co.

                         /x/   General Manager

Party  C:          Shanghai Xingtong Telecommunications Science & Technology Co.
                   Ltd
                         /x/   President

January  31,  1999

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