Document:

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                                                                   Exhibit 10.12

[Translation of Chinese original]

                                 Loan Agreement

This Agreement is entered into by and among the following parties and is
effective as of 25 July 2002.

(1)  Devine Gem Management Limited (hereinafter referred to as "Party A"), a
limited liability company incorporated in the British Virgin Islands, whose
registered office is located at Offshore Incorporations Limited, P.O. Box 957,
Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands.

(2)  Wang Leilei (hereinafter referred to as "Party B")
     Sex: Male
     Date of Birth: 2 April 1973
     PRC Identification Card Number: 110102197304020437
     Address: No. 1001, Block 1, Xiao Yang Yi Bin Lane,
     Dong Cheng District, Beijing

(3)  Wang Xiuling (hereinafter referred to as "Party C")
     Sex: Female
     Date of Birth: 22 July 1963
     PRC Identification Card Number: 110105630722252
     Address: No. 101, Unit 3, 7/th/ Floor,
     Wu Sheng East Lane, Chao Yang District, Beijing

WHEREAS, on 25 July 2002, Party B and Party C borrowed loans from Party A and
Party A made a loan in the aggregated amount of RMB 500,000, among which RMB
400,000 is to Party B and RMB 100,000 is to Party C (the "Loan");

WHEREAS, Party A intends to enter into this Agreement with Party B and Party C
in order to reconfirm and record the Loan;

NOW THEREFORE, after negotiations and agreed among all parties, this Agreement
is hereby entered into for the observance by the parties:

Clause 1  The Loan
          --------

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The parties hereby confirm that the Loan is extended by Party A to Party B and
Party C on an interest-free basis for Party B and Party C contributing to
Beijing Lei Ting Wu Ji Network Technology Company Limited as its entire
registered capital.

Clause 2  Repayment
          ---------

The parties agree that Party A may require Party B and Party C to repay parts of
the outstanding Loan at any time after the date upon which this Agreement is
entered into. Both Party B and Party C agree that they will not refuse any
repayment call from Party A until the full settlement of the Loan.

Clause 3  Interest
          --------

3.1  The parties agree that, subject to Clause 3.2 herein, the Loan provided by
Party A to Party B and Party C shall be interest-free.

3.2  If Party B and Party C fail to perform their repayment obligation under
this Agreement, an overdue interest of 0.01% upon the payable and outstanding
balance shall incur daily until the full settlement of the Loan by Party B and
Party C.

Clause 4  Service Fees
          ------------

Party B and Party C shall be responsible to pay all the service fees and other
relevant expenses incurred by the obligations of Party B and Party C under this
Agreement.

Clause 5  Governing Laws and the Settlement of Disputes
          ---------------------------------------------

5.1  This Agreement shall be governed by the laws of the Hong Kong Special
Administrative Region of the PRC ("Hong Kong").

5.2  Any dispute arisen from this Agreement shall be resolved by negotiations
among all parties. Should negotiations fail, the dispute shall be settled in the
court of Hong Kong by way of legal actions.

Clause 6  Miscellaneous
          -------------

6.1  This Agreement shall become effective from the date of execution by the
parties, and shall expire upon the completion of obligations by the parties
pursuant to this

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Agreement.

6.2  Three copies of this Agreement has been executed, each with equal legal
force and shall be held by each party.

Party A: Devine Gem Management Limited   Party B: Wang Leilei
(Signature): [chop affixed & signed]     (Signature): [signed]
Witness:                                 Witness: [signed]
                                                  by Du Yingshuang

Party C: Wang Xiuling
(Signature): [signed]
Witness: [signed]
         by Jiang Hao

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Date:  25 July 2002
To:    Devine Gem Management Limited

                                     RECEIPT
                                     -------

I hereby confirm that the amount of RMB400,000 is received from your company on
25 July 2002.

[signed]
Recipient: Wang Leilei
(PRC Identification Card Number: 110102197304020437)

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Date:  25 July 2002
To:    Devine Gem Management Limited

                                     RECEIPT
                                     -------

I hereby confirm that the amount of RMB100,000 is received from your company on
25 July 2002.

[signed]
Recipient: Wang Xiuling
(PRC Identification Card Number: 110105630722252)

                                        5<PAGE>

                                                                   Exhibit 10.13

[Translation of Chinese original]

                          Assignment of Loan Agreement

Party A: Wang Leilei
Residential address: No. 1001, Block 1, Xiao Yang Yi Bin, Dong Cheng District,
Beijing
Identity Card No.: 110102197304020437

Party B: Wang Xiuling
Residential address: No. 101, Unit 3, 7/th/ Floor, Wu Sheng East Lane, Chao Yang
District, Beijing
Identity Card No.: 110105630722252

Party C: DEVINE GEM MANAGEMENT LIMITED
Address: PO Box 957, Offshore Incorporations Center, Road Town, Tortola, British
Virgins Islands.

Party D: PUCCINI INTERNATIONAL LIMITED
Address: Scotia Centre, 4/th/ Floor, P.O. Box 2804, George Town, Grand Cayman,
Cayman Islands.

I.   Whereas:
     1.   According to the Loan Agreement dated July 25, 2002 entered into
          between Party A, Party B and Party C, Party C provided loans of
          RMB400,000 and RMB100,000 to Party A and Party B, respectively.
          Borrowings from Party C to Party A and Party B were interest free and
          applied to part of the registered capital injected in Beijing Lei Ting
          Wan Jun Network Technology Limited. According to such Loan Agreement,
          Party C may request Party A and Party B to repay part of the loans
          from time to time and Party A and Party B shall not decline any
          repayment demand until the amount is fully repaid.

II.  Party A, Party B, Party C and Party D further reach the following
     agreements after negotiation:
     1.   Loan interests of RMB500,000 in total was transferred to Party D by
          Party C;
     2.   Both party A and Party B agree to transfer the debts;
     3.   Party D agrees to guarantee all the rights and obligations of Party C
          under the Loan Agreement entered into on July 25, 2002 and to assume
          the warranties and undertakings of Party C under such borrowings; and
     4.   All parties shall provide sufficient convenience and assistance to
          facilitate the

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          transfer, including but not limited to the provision of all legal
          documents;

III. Party A, Party B and Party C guarantee that:
     1.   They have provided true and sufficient materials;

IV.  Applicable laws and settlement of disputes
     1.   The Laws of the Hong Kong Special Administrative Region of the
          People's Republic of China ("Hong Kong") shall apply to this
          agreement.
     2.   Any dispute arising from this agreement shall be settled by
          negotiation of all parties or, failing which, filed with the Court of
          Hong Kong for litigation.

V.   This agreement is in effect from the execution date of all parties;

VI.  Four copies of this agreement has been executed, with a copy for each
     party and the execution of any copy shall give effect to this agreement
     and have binding force.

Signed and sealed by Wong Leilei          Signed and sealed by Wang Xiuling

Signed and sealed by DEVINE GEM           Signed and sealed by PUCCINI
MANAGEMENT LIMITED                        INTERNATIONAL LIMITED

Date: September 25, 2003

Execution Place

                                        2<PAGE>

                                                                   Exhibit 10.14

                           Schedule to Exhibit 10.14

     Pursuant to Instruction 2 to Item 601 of Regulation S-K under the
Securities Act of 1933, as amended, the following is a schedule of documents
substantially identical in all material respects except as to the parties
thereto, the dates of execution, or other material details from the document
filed as Exhibit 10.14.

Exhibit 10.14 Filed

Agreement:        Letter of Undertaking
Date:             November 19, 2003
Party A:          Puccini International Limited
Party B:          Wang Lei Lei

Agreements Substantially Identical to Exhibit 10.14 and Omitted

Agreement:        Letter of Undertaking
Date:             November 19, 2003
Party A:          Puccini International Limited
Party B:          Wang Xiu Ling

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[Translation of Chinese original]

                              LETTER OF UNDERTAKING

   This Letter of Undertaking (the "Letter of Undertaking") is executed as of
            November 19, 2003 by and between the following parties:

     (1)  PUCCINI INTERNATIONAL LIMITED (the "Party A"), a limited liability
          company organized in the Cayman Islands, located at Scoita Centre,
          4/th/ Floor, P. O. Box 2804, George Town, Grand Cayman, Cayman
          Islands.

     (2)  Wang Lei Lei (the "Party B" or "borrower")
          Sex: Male
          PRC ID Number: 110102197304020437
          Address: Room 1001 Building 1, Xiaoyangyibin Hutong Bystreet,
          Dongcheng District, Beijing

  As used in this Letter of Undertaking, Party A and Party B are the specific
           respective "Party", and the "Parties"is used collectively.

     WHEREAS, Party A is a company registered in the British-administered Cayman
Islands;

     WHEREAS, Party B holds an 80% equity interest in Beijing Lei Ting Wu Ji
Network Technology Ltd. (the "Lei Ting Wu Ji"), a limited liability company
organized in the PRC;

     WHEREAS, Party B, Devine Gem Management Limited (the "DGM") and Ms Wang Xiu
Ling entered into a Loan Agreement as of July 25, 2002 (the "Loan Agreement"),
in accordance with which DGM granted Party B and Ms Wang Xiu Ling Renmibi
400,000 and Renminbi 100,000 respectively to contribute to Lei Ting Wu Ji;

     WHEREAS, Party A and DGM entered into an Assignment of Loan Agreement as of
September 25, 2003, in accordance with which DGM transferred the rights and
obligations under such agreement to Party A;

     NOW, THEREFORE, Party A and Party B intend to make relevant undertakings
with respect to the Loan Agreement and the Assignment of Loan Agreement as
follows:

     1.   The borrower confirms that in the loan term prescribed in, or the
          extended loan term agreed under, the Loan Agreement and the Assignment
          of Loan Agreement, the borrower shall refund the loan, in any of the
          following events:
     (1)    the borrower deceases or becomes a person with no capacity or
            limited capacity for civil acts;
     (2)    the borrower quits from, or is dismissed by, the lender or its
            affiliates;
     (3)    the borrower commits a crime or is involved in a crime;
     (4)    there is a third party claim of more than Renminbi 500,000 against
            the

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            borrower;
     (5)    foreign investors are permitted to invest in the value-added
            telecommunication business and the relevant authorities begin to
            review and approve such business in accordance with the applicable
            laws of the PRC.

     2.   Party B hereby agrees and warrants that the loan granted under the
          Loan Agreement and the Assignment of Loan Agreement (the "Loan") shall
          only be used to provide funds for Lei Ting Wu Ji for its business
          development. Without the Party A's prior written consent, Party B
          shall not use the Loan for other purposes and shall not transfer or
          pledge its equity interest or otherwise in Lei Ting Wu Ji to any other
          third party.

     3.   Party A and Party B hereby agree and confirm that the Loan shall be
          refunded only in the following methods: Party B to transfer all its
          equity interest in Lei Ting Wu Ji to Party A or a person (natural
          person or legal person) designated by Party A.

     4.   Party B hereby agrees that any of Party B's proceeds arising out of
          the transfer of its equity interest in Lei Ting Wu Ji shall be used to
          refund the Loan under the Loan Agreement and the Assignment of Loan
          Agreement to Party A in the way designated by Party A and this Letter
          of Undertaking shall be terminated upon such transfer.

     5.   Party A and Party B hereby agree and confirm that Party A is entitled
          but not obliged to, purchase or designate any other person (legal
          person or natural person) to purchase, at any price agreed by the
          Parties, at any time, all or part of Party B's equity interest in Lei
          Ting Wu Ji.

     6.   Party B hereby agrees and warrants to execute an irrevocable power of
          attorney, according to which all rights of the shareholders of Lei
          Ting Wu Ji shall be granted to a person designated by Party A or
          Puccini Network Technology (Beijing) Limited, one of Party A's
          domestic affiliates.

     7.   The Parties hereby agree that the Loan under the Loan Agreement shall
          be a loan without interest, in the event that the transferred price
          for Party B's equity interest in Puccini Network Technology (Beijing)
          Limited, for which Party B shall charge Party A or a person designated
          by Party A, is equal to or less than the amount of the principal of
          the Loan, and Party B shall not pay Party A any other fees. In case
          the transferred price for the aforesaid equity interest exceeds the
          amount of the principal of the Loan, the exceeded amount shall be
          deemed the interest under the Loan Agreement and shall be refunded by
          the borrower to Party A.

     8.   The execution, validity, interpretation, performance, modifications,
          termination and the settlement of the disputes of the Letter of
          Undertaking shall be governed by the laws of PRC.

     9.   The Parties shall strive to settle any dispute arising from the
          interpretation or

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          performance in connection with this Letter of Undertaking through
          friendly consultation. In case no settlement can be reached within 30
          days after the Party asks for consultation, the Party can submit such
          matter to China International Economic and Trade Arbitration
          Commission (the "CIETAC"). The arbitration shall follow the current
          rules of CIETAC, and the arbitration proceedings shall take place in
          Beijing. The arbitration award shall be final and binding upon the
          Parties and shall be enforceable in accordance with its terms.

     10.  In case of any disputes arising out of the interpretation and
          performance of the Letter of Undertaking or any pending arbitration of
          such dispute, the Parties shall continue to perform their rights and
          obligations under the Letter of Undertaking, except for the matters
          involved in the disputes.

     11.  The Letter of Undertaking shall be in effect as of the execution date
          and shall expire as of the date when all of the obligations under the
          Letter of Undertaking have been fulfilled.

     12.  The Letter of Undertaking shall be made in duplicate and each party
          shall hold one, which has the same effect.

     13.  The Letter of Undertaking shall be one integral part of the Loan
          Agreement and the Assignment of Loan Agreement.

     14.  The Letter of Undertaking shall be amended and supplemented in written
          agreements executed by the Parties. Any amendment and/or supplement to
          the Letter of Undertaking shall be an integral part of the Letter of
          Undertaking and have the same effect as the Letter of Undertaking.

     15.  The invalidity of any provision of the Letter of Undertaking hereof
          shall not affect or impair any other provisions hereunder.

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Party A: PUCCINI INTERNATIONAL LIMITED

Signature:
           ---------------------------
Title:

Party B: Wang Lei Lei

Signature:
           ---------------------------
Title:

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