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                                                                   Exhibit 10.24

                       CHINA FINANCE ONLINE CO., LIMITED
                      FORM OF CHANGE IN CONTROL AGREEMENT

     THIS AGREEMENT is made and entered into by and between China Finance Online
Co., Limited, a company formed under the laws of Hong Kong Special
Administrative Region, People's Republic of China (hereinafter referred to as
the "COMPANY") and ________________ (hereinafter referred to as the
"EXECUTIVE").

                                    RECITALS

     The Board of Directors of the Company has approved the Company entering
into a severance agreement with the Executive.

     The Executive is a key executive of the Company.

     Should the possibility of a Change in Control of the Company arise, the
Board believes it imperative that the Company and the Board should be able to
rely upon the Executive to continue in his position, and that the Company should
be able to receive and rely upon the Executive's advice, if requested, as to the
best interests of the Company and its stockholders without concern that the
Executive might be distracted by the personal uncertainties and risks created by
the possibility of a Change in Control.

     Should the possibility of a Change in Control arise, in addition to his
regular duties, the Executive may be called upon to assist in the assessment of
such possible Change in Control, advise management and the Board as to whether
such Change in Control would be in the best interests of the Company and its
stockholders, and to take such other actions as the Board might determine to be
appropriate.

     NOW THEREFORE, to assure the Company that it will have the continued
dedication of the Executive and the availability of his advice and counsel
notwithstanding the possibility, threat, or occurrence of a Change in Control of
the Company, and to induce the Executive to remain in the employ of his Employer
in the face of these circumstances and for other good and valuable
consideration, the Company and the Executive agree as follows:

ARTICLE 1. TERM

     This Agreement shall be effective as of September 30, 2004 (the "EFFECTIVE
DATE"). This Agreement will continue in effect through September 30, 2007.
However, at the end of such three (3) year period and, if extended, at the end
of each additional year thereafter, the term of this Agreement shall be extended
automatically for one (1) additional year, unless the Committee delivers written
notice at least six (6) months prior to the end of such term, or extended term,
to the Executive that this Agreement will not be extended, and if such notice is
timely given this Agreement will terminate at the end of the term then in
progress; provided, however, that this provision for automatic extension shall
have no application following a Change in Control.

     However, in the event a Change in Control occurs during the original or any
extended term, this Agreement will remain in effect for the longer of: (i)
twenty-four (24) months beyond the month in which such Change in Control
occurred; or (ii) until all obligations of the Company

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hereunder have been fulfilled, and until all benefits required hereunder have
been paid to the Executive. Any subsequent Change in Control ("SUBSEQUENT CHANGE
IN CONTROL") that occurs during the original or any extended term shall also
continue the term of this Agreement until the later of: (i) twenty-four (24)
months beyond the month in which such Subsequent Change in Control occurred; or
(ii) until all obligations of the Company hereunder have been fulfilled, and
until all benefits required hereunder have been paid to the Executive; provided,
however, that if a Subsequent Change in Control occurs, it shall only be
considered a Change in Control under this Agreement if it occurs no later than
twenty-four (24) months after the immediately preceding Change in Control or
Subsequent Change in Control.

ARTICLE 2. DEFINITIONS

     Whenever used in this Agreement, the following terms shall have the
meanings set forth below and, when the meaning is intended, the initial letter
of the word is capitalized:

     (a)  "AGREEMENT" means this Change in Control Agreement.

     (b)  "BASE SALARY" means the salary of record paid to the Executive by his
          Employer as annual salary (whether or not deferred), but excludes
          amounts received under incentive or other bonus plans.

     (c)  "BENEFICIARY" means the persons or entities designated or deemed
          designated by the Executive pursuant to Section 9.2.

     (d)  "BOARD" means the Board of Directors of the Company.

     (e)  "CAUSE" shall mean the occurrence of either or both of the following:

          (i)  The Executive's conviction for committing an act of fraud,
               embezzlement, theft, or other act constituting a felony (other
               than traffic related offenses or as a result of vicarious
               liability); or

          (ii) The willful engaging by the Executive in misconduct that is
               significantly injurious to the Company and/or the Executive's
               Employer. However, no act, or failure to act, on the Executive's
               part shall be considered "willful" unless done, or omitted to be
               done, by the Executive not in good faith and without reasonable
               belief that his action or omission was in the best interest of
               the Company and his Employer.

     (f)  "CHANGE IN CONTROL" of the Company shall be deemed to have occurred as
          of the first day that any one or more of the following events shall
          have occurred:

          (i)  The acquisition by any individual, entity or group (within the
               meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a
               "PERSON")) of beneficial ownership (within the meaning of Rule
               13d-3 promulgated under the Exchange Act) of 20% or more of
               either (a) the then-outstanding Ordinary Shares of the Company
               (the "OUTSTANDING ORDINARY SHARES") or (b) the combined voting
               power of the then-outstanding voting securities

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               of the Company entitled to vote generally in the election of
               directors (the "OUTSTANDING VOTING SECURITIES"); provided,
               however, that, for purposes of this definition the following
               acquisitions shall not constitute a Change in Control; (1) any
               acquisition directly from the Company, (2) any acquisition by the
               Company, (3) any acquisition by any employee benefit plan (or
               related trust) sponsored or maintained by the Company or any
               affiliate of the Company or a successor, or (4) any acquisition
               by any entity pursuant to a transaction that complies with
               clauses (iii)(a), (b) and (c) below;

          (ii) Individuals who, as of the Effective Date, constitute the Board
               (the "INCUMBENT BOARD") cease for any reason to constitute at
               least a majority of the Board; provided, however, that any
               individual becoming a director subsequent to the Effective Date
               whose election, or nomination for election by the Company's
               shareholders, was approved by a vote of at least two-thirds of
               the directors then comprising the Incumbent Board (including for
               these purposes, the new members whose election or nomination was
               so approved, without counting the member and his predecessor
               twice) shall be considered as though such individual were a
               member of the Incumbent Board, but excluding, for this purpose,
               any such individual whose initial assumption of office occurs as
               a result of an actual or threatened election contest with respect
               to the election or removal of directors or other actual or
               threatened solicitation of proxies or consents by or on behalf of
               a Person other than the Board;

          (iii) Consummation of a reconstruction and amalgamation,
               reorganization, merger, statutory share exchange or consolidation
               or similar corporate transaction involving the Company or any of
               its Subsidiaries, a sale or other disposition of all or
               substantially all of the assets of the Company, or the
               acquisition of assets or stock of another entity by the Company
               or any of its Subsidiaries (each, a "BUSINESS COMBINATION"), in
               each case unless, following such Business Combination, (a) all or
               substantially all of the individuals and entities that were the
               beneficial owners of the Outstanding Ordinary Shares and the
               Outstanding Voting Securities immediately prior to such Business
               Combination beneficially own, directly or indirectly, more than
               50% of the then-outstanding ordinary shares and the combined
               voting power of the then-outstanding voting securities entitled
               to vote generally in the election of directors, as the case may
               be, of the entity resulting from such Business Combination
               (including, without limitation, an entity that, as a result of
               such transaction, owns the Company or all or substantially all of
               the Company's assets directly or through one or more subsidiaries
               (a "PARENT")) in substantially the same proportions as their
               ownership immediately prior to such Business Combination of the
               Outstanding Ordinary Shares and the Outstanding Voting
               Securities, as the case may be, (b) no Person (excluding any
               entity resulting from such Business Combination or a Parent or
               any employee benefit plan (or related trust) of the Company or
               such entity resulting from such Business

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               Combination or Parent) beneficially owns, directly or indirectly,
               20% or more of, respectively, the then-outstanding ordinary
               shares of the entity resulting from such Business Combination or
               the combined voting power of the then-outstanding voting
               securities of such entity, except to the extent that the
               ownership in excess of 20% existed prior to the Business
               Combination, and (c) at least a majority of the members of the
               board of directors or trustees of the entity resulting from such
               Business Combination or a Parent were members of the Incumbent
               Board at the time of the execution of the initial agreement or of
               the action of the Board providing for such Business Combination;
               or

          (iv) Approval by the shareholders of the Company of a complete
               liquidation or dissolution of the Company other than in the
               context of a transaction that does not constitute a Change in
               Control under clause (iii) above.

          Notwithstanding the foregoing, in no event shall (a) beneficial
          ownership of any securities of the Company by IDG Technology Venture
          Investments, Inc., IDG Technology Venture Investments, LP, Vertex
          Technology Fund (III) Ltd., CAST Technology, Inc. or FANASIA Capital
          Limited, or (b) any transaction or other event that occurred prior to
          the Effective Date, constitute a Change in Control.

     (g)  "CODE" means the United States Internal Revenue Code of 1986, as
          amended.

     (h)  "COMMITTEE" means the Compensation Committee of the Board, or any
          other committee appointed by the Board to perform the functions of the
          Compensation Committee.

     (i)  "COMPANY" means China Finance Online Co., Limited, a company formed
          under the laws of Hong Kong Special Administrative Region, People's
          Republic of China or any successor thereto as provided in Article 8.

     (j)  "DISABILITY" means the Executive's inability, because of physical or
          mental illness or injury, to perform the essential function of his
          customary duties of his employment with his Employer, with or without
          reasonable accommodation, and the continuation of such disabled
          condition for a period of one hundred twenty (120) continuous days, or
          for not less than two hundred ten (210) days during any continuous
          twenty-four (24) month period, such Disability to be determined by the
          Committee upon receipt and reliance on competent medical advice from
          one or more individuals, selected by the Committee, who are qualified
          to give such professional medical advice.

     (k)  "EFFECTIVE DATE" means September 30, 2004.

     (l)  "EFFECTIVE DATE OF TERMINATION" means the date on which a Qualifying
          Termination occurs.

     (m)  "EMPLOYER" means the Company or any Subsidiary, as the context may
          require.

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     (n)  "EXCHANGE ACT" means the United States Securities Exchange Act of
          1934, as amended.

     (o)  "EXECUTIVE" means the individual identified in the first sentence, and
          on the signature page, of this Agreement.

     (p)  "GOOD REASON" means, without the Executive's express written consent,
          the occurrence of any one or more of the following:

          (i)  A material reduction in the nature or status of the Executive's
               authorities, duties, and/or responsibilities, (when such
               authorities, duties, and/or responsibilities are viewed in the
               aggregate) from their level in effect on the day immediately
               prior to the start of the Protected Period, other than an
               insubstantial and inadvertent act that is remedied by the
               Executive's Employer promptly after receipt of notice thereof
               given by the Executive.

          (ii) A reduction by the Executive's Employer in the Executive's Base
               Salary as in effect on the Effective Date or as the same shall be
               increased from time to time.

          (iii) A material reduction by the Company or by Executive's Employer
               of the Executive's aggregate welfare and/or incentive
               opportunities under the Company's and/or the Executive's
               Employer's welfare, short and/or long-term incentive programs, as
               such opportunities exist on the Effective Date, or as such
               opportunities may be increased after the Effective Date and when
               viewed on an aggregate basis; provided, however, that a reduction
               in the aggregate value shall not be deemed to be "Good Reason" if
               the reduced value remains substantially consistent with the
               average level of other employees who have positions commensurate
               with the position held by the Participant immediately prior to
               the reduction.

          (iv) The failure of the Company to obtain a satisfactory agreement
               from any successor to the Company to assume and agree to perform
               this Agreement, as contemplated in Article 8.

          (v)  Any purported termination by the Executive's Employer of the
               Executive's employment that is not effected pursuant to a Notice
               of Termination satisfying the requirements of Section 3.8 and for
               purposes of this Agreement, no such purported termination shall
               be effective.

          (vi) The Executive is informed by the Company or the Executive's
               Employer that his or her principal place of employment for the
               Executive's Employer will be relocated to a location that is
               greater than fifty (50) miles away from the Executive's principal
               place of employment for the Executive's Employer at the start of
               the corresponding Protected Period; provided that, if the Company
               or Executive's Employer communicates an intended effective date
               for such relocation, in no event shall Good Reason

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               exist pursuant to this clause (vii) more than ninety (90) days
               before such intended effective date.

          The Executive's right to terminate employment for Good Reason shall
          not be affected by the Executive's incapacity due to physical or
          mental illness. The Executive's continued employment shall not
          constitute a consent to, or a waiver of rights with respect to, any
          circumstances constituting Good Reason herein.

     (q)  "QUALIFYING TERMINATION" has the meaning given to such term in Section
          3.3(a).

     (r)  "SEVERANCE BENEFITS" means the payments and/or benefits provided in
          Section 3.4.

     (s)  "SUBSIDIARY" means China Finance Online (Beijing) Co., Ltd. and any
          other corporation or entity, a majority of whose outstanding voting
          stock or voting power is beneficially owned, directly or indirectly,
          by the Company.

ARTICLE 3. SEVERANCE BENEFITS

     3.1. RIGHT TO SEVERANCE BENEFITS. Subject to Section 9.1, the Executive
shall be entitled to receive from the Company Severance Benefits, as described
in Section 3.4, if the Executive has incurred a Qualifying Termination.

     The Executive shall not be entitled to receive Severance Benefits if his
employment terminates (regardless of the reason) before the Protected Period (as
such term is defined in Section 3.3(c)) corresponding to a Change in Control of
the Company or more than twenty-four (24) months after the date of a Change in
Control of the Company.

     3.2. SERVICES DURING CERTAIN EVENTS. In the event a Person begins a tender
or exchange offer, circulates a proxy to stockholders of the Company, or takes
other steps seeking to effect a Change in Control, the Executive agrees that he
will not voluntarily leave the employ of his Employer and will continue to
render services until the later of (i) the date such Person has abandoned or
terminated his or its efforts to effect a Change in Control, and (ii) the date
that is six (6) months after a Change in Control has occurred. Notwithstanding
the foregoing, the Executive's Employer may terminate the Executive's employment
for Cause at any time, and the Executive may terminate his employment at any
time after the Change in Control for Good Reason.

     3.3. QUALIFYING TERMINATION.

     (a)  Subject to Sections 3.3(d), 3.3(e), 3.5, 3.6 and 3.7, the occurrence
          of any one or more of the following events within the Protected Period
          corresponding to a Change in Control of the Company, or within
          twenty-four (24) calendar months following the date of a Change in
          Control of the Company shall constitute a "QUALIFYING TERMINATION":

          (i)  An involuntary termination of the Executive's employment by his
               Employer for reasons other than Cause;

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          (ii) A voluntary termination of employment by the Executive for Good
               Reason;

          (iii) A successor company fails or refuses to assume by written
               instrument the Company's obligations under this Agreement, as
               required by Article 8; or

          (iv) The Company or any successor company repudiates or breaches any
               of the provisions of this Agreement.

     (b)  If more than one of the events set forth in Section 3.3(a) occurs,
          such events shall constitute but a single Qualifying Termination and
          the Executive shall be entitled to only a single payment of the
          Severance Benefits.

     (c)  The "PROTECTED PERIOD" corresponding to a Change in Control of the
          Company shall be a period of time determined in accordance with the
          following:

          (i)  If the Change in Control is triggered by a tender offer for
               shares of the Company's stock or by the offeror's acquisition of
               shares pursuant to such a tender offer, the Protected Period
               shall commence on the date of the initial tender offer and shall
               continue through and including the date of the Change in Control;
               provided that in no case will the Protected Period commence
               earlier than the date that is six (6) months prior to the Change
               in Control.

          (ii) If the Change in Control is triggered by a reconstruction and
               amalgamation, merger, consolidation, or reorganization of the
               Company with or involving any other corporation, the Protected
               Period shall commence on the date that serious and substantial
               discussions first take place to effect the reconstruction and
               amalgamation, merger, consolidation, or reorganization and shall
               continue through and including the date of the Change in Control;
               provided that in no case will the Protected Period commence
               earlier than the date that is six (6) months prior to the Change
               in Control.

          (iii) In the case of any Change in Control not described in clause (i)
               or (ii) above, the Protected Period shall commence on the date
               that is six (6) months prior to the Change in Control and shall
               continue through and including the date of the Change in Control.

     (d)  Notwithstanding anything else contained herein to the contrary, the
          Executive's termination of employment on account of reaching mandatory
          retirement age, as such age may be defined from time to time in
          policies adopted by the Company prior to the commencement of the
          Protected Period, and consistent with applicable law, shall not be a
          Qualifying Termination.

     (e)  Notwithstanding anything else contained herein to the contrary, the
          termination of the Executive's employment (or other events giving rise
          to Good Reason) shall not constitute a Qualifying Termination if there
          is objective evidence that, as of

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          the commencement of the Protected Period, the Executive had
          specifically been identified by the Company or the Executive's
          Employer as an employee whose employment would be terminated as part
          of a corporate restructuring or downsizing program that commenced
          prior to the Protected Period and such termination of employment was
          expected at that time to occur within six (6) months.

     (f)  Notwithstanding anything else contained herein to the contrary (other
          than those provisions that contain an express exception to this
          Section 3.3(f)), the Executive's Severance Benefits under this
          Agreement shall be reduced by the severance benefits (including,
          without limitation, any other change-in-control severance benefits and
          any other severance benefits generally) that the Executive may be
          entitled to under any other plan, program, agreement or other
          arrangement with the Company and/or his Employer (including, without
          limitation, any such benefits provided for by an employment
          agreement). For purposes of the foregoing, any cash severance benefits
          payable to the Executive under any other plan, program, agreement or
          other arrangement with the Company and/or his Employer shall offset
          the cash severance benefits otherwise payable to the Executive under
          this Agreement on a dollar-for-dollar basis. For purposes of the
          foregoing, non-cash severance benefits to be provided to the Executive
          under any other plan, program, agreement or other arrangement with the
          Company and/or his Employer shall offset any corresponding benefits
          otherwise to be provided to the Executive under this Agreement or, if
          there are no corresponding benefits otherwise to be provided to the
          Executive under this Agreement, the value of such benefits shall
          offset the cash severance benefits otherwise payable to the Executive
          under this Agreement on a dollar-for-dollar basis. If the amount of
          other benefits to be offset against the cash severance benefits
          otherwise payable to the Executive under this Agreement in accordance
          with the preceding two sentences exceeds the amount of cash severance
          benefits otherwise payable to the Executive under this Agreement, then
          the excess may be used to offset other non-cash severance benefits
          otherwise to be provided to the Executive under this Agreement on a
          dollar-for-dollar basis. For purposes of this paragraph, the Company
          shall reasonably determine the value of any non-cash benefits.

     3.4. DESCRIPTION OF SEVERANCE BENEFITS. In the event that the Executive
becomes entitled to receive Severance Benefits, as provided in Sections 3.1 and
3.3, the Company shall pay to the Executive and provide him or her with the
following:

     (a)  An amount equal to the greater of:

          (i)  U.S.$2,000,000; or

          (ii) three (3) times the sum of (A) the highest rate of the
               Executive's annualized Base Salary in effect at any time up to
               and including the Effective Date of Termination, and (B) the
               highest Annual Bonus received by the Executive in any of the
               three (3) full fiscal years prior to the date of the Change in
               Control of the Company. For purposes of this Agreement,

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               the Executive's "ANNUAL BONUS" shall mean the sum of (X) the
               amount of any cash bonus paid by the Company to the Executive for
               the applicable fiscal year, (Y) the aggregate Fair Market Value
               (determined as of the applicable grant date) of the shares of the
               Company's stock granted to the Executive as a bonus, if any, for
               the applicable fiscal year and (Z) the aggregate option spread
               (determined as of the applicable grant date) with respect to the
               options granted by the Company to the Executive as an incentive
               during the applicable fiscal year. For purposes of clause (Z),
               the option spread of an option shall equal the positive
               difference, if any, determined by subtracting the applicable
               exercise price of the option from the Fair Market Value of the
               Company's stock on the date the option was granted. For purposes
               of this Agreement, "FAIR MARKET VALUE" shall have the meaning
               ascribed to such term in the Company's 2004 Stock Incentive Plan.
               Notwithstanding the foregoing, special bonuses or bonus
               enhancements that would otherwise be included for purposes of the
               foregoing calculations of this Section 3.4(b), but that are
               related to an amalgamation, merger, acquisition, consolidation,
               reorganization, spin-off or similar event and that are not part
               of the Company's customary on-going program of annual bonus plan
               bonuses, if any, shall be excluded for purposes of such
               calculation.

     (b)  To the extent that the Executive held stock options and restricted
          stock awards previously granted and are otherwise unvested as of the
          Effective Date of Termination, such awards shall be deemed fully
          vested as of the Effective Date of Termination, otherwise the other
          terms and conditions of such awards shall continue to apply.

     3.5. TERMINATION FOR TOTAL AND PERMANENT DISABILITY. Termination of the
Executive's employment due to Disability is not a Qualifying Termination.
However, if immediately prior to the condition or event leading to, or the
commencement of, the Disability of the Executive, the Executive would have
experienced a Qualifying Termination if he had terminated at that time, then
upon termination of his employment for Disability he shall be entitled to the
benefits provided by this Agreement for a Qualifying Termination.

     3.6. TERMINATION FOR RETIREMENT OR DEATH. Termination of the Executive's
employment due to death or retirement is not a Qualifying Termination. However,
if immediately prior to the Executive's retirement (but not death), the
Executive would have experienced a Qualifying Termination if he had terminated
at that time, then upon his retirement he shall be entitled to the benefits
provided by this Agreement for a Qualifying Termination.

     3.7. TERMINATION FOR CAUSE OR BY THE EXECUTIVE OTHER THAN FOR GOOD REASON.
Termination of the Executive's employment by the Executive's Employer for Cause
or by the Executive other than for Good Reason does not constitute a Qualifying
Termination.

     3.8. NOTICE OF TERMINATION. Any termination by the Executive's Employment
for Cause or by the Executive for Good Reason shall be communicated by a Notice
of Termination. For purposes of this Agreement, a "NOTICE OF TERMINATION" shall
mean a written notice which

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shall indicate the specific termination provision in this Agreement relied upon,
and shall set forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of the Executive's employment under the
provision so indicated.

ARTICLE 4. FORM AND TIMING OF SEVERANCE BENEFITS; TAX WITHHOLDING

     4.1. FORM AND TIMING OF SEVERANCE BENEFITS. The Severance Benefits
described in Section 3.4(a), 3.4(b), and 3.4(c) shall be paid in cash to the
Executive in a single lump sum as soon as practicable following the Effective
Date of Termination, but in no event beyond thirty (30) days from such date.

     4.2. WITHHOLDING OF TAXES. The Company and/or the Executive's Employer
shall be entitled to withhold from any amounts payable under or pursuant to this
Agreement all taxes as legally shall be required (including, without limitation,
any PRC taxes, United States Federal taxes, and any other national, state, city,
or local taxes).

ARTICLE 5. EXCISE TAX GROSS-UP

     5.1. EQUALIZATION PAYMENT. To the extent that the Executive is subject to
taxation under the laws of the United States, then if upon or following a Change
in Control, the tax imposed by Section 4999 of the Code or any similar or
successor tax (the "EXCISE TAX") applies, solely because of the Change in
Control, to any payments, benefits and/or amounts received by the Executive as
Severance Benefits or otherwise, including, without limitation, any fees, costs
and expenses paid under Article 7 of this Agreement, the Company shall pay in
cash to the Executive or for the Executive's benefit as provided below an
additional amount or amounts (the "GROSS-UP PAYMENT(s)") such that the net
amount retained by the Executive after the deduction of any Excise Tax on such
payments, benefits and/or amounts so received and any Federal, state and local
income tax and Excise Tax upon the Gross-Up Payment(s) provided for by this
Section 5.1 shall be equal to such payments, benefits and/or amounts so received
had they not been subject to the Excise Tax. Such payment(s) shall be made by
the Company to the Executive or applicable taxing authority on behalf of the
Executive as soon as practicable following the receipt or deemed receipt of any
such payments, benefits and/or amounts so received, and may be satisfied by the
Company making a payment or payments on Executive's account in lieu of
withholding for tax purposes but in all events shall be made within thirty (30)
days of the receipt or deemed receipt by the Executive of any such payment,
benefit and/or amount.

     5.2. CALCULATION OF GROSS-UP PAYMENT. The determination of whether a
Gross-Up Payment is required pursuant to this Article 5 and the amount of any
such Gross-Up Payment shall be determined in writing (the "DETERMINATION") by a
nationally-recognized certified public accounting firm selected by the Company
(the "ACCOUNTING FIRM"). The Accounting Firm shall provide its Determination in
writing, together with detailed supporting calculations and documentation and
any assumptions used in making such computation, to the Company and the
Executive within twenty (20) days of the Effective Date of Termination. Within
twenty (20) days following delivery of the Accounting Firm's Determination, the
Executive shall have the right, at the Company's expense, to obtain the opinion
of an "outside counsel," which opinion need not be unqualified, which sets
forth: (i) the amount of the Executive's "annualized includible compensation for
the base period" (as defined in Code Section 280G(d) (1)); (ii) the

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present value of the Total Payments; (iii) the amount and present value of any
"excess parachute payment;" and (iv) detailed supporting calculations and
documentation and any assumptions used in making such computations. The opinion
of such outside counsel shall be supported by the opinion of a
nationally-recognized certified public accounting firm and, if necessary or
required by the Company, a firm of nationally-recognized executive compensation
consultants. The outside counsel's opinion shall be binding upon the Company and
the Executive and shall constitute the Determination for purposes of this
Article 5 instead of the initial determination by the Accounting Firm. The
Company shall pay (or, to the extent paid by the Executive, reimburse the
Executive for) the certified public accounting firm's and, if applicable, the
executive compensation consultant's reasonable and customary fees for rendering
such opinion. For purposes of this Section 5.2, "outside counsel" means a
licensed attorney selected by the Executive who is recognized in the field of
executive compensation and has experience with respect to the calculation of the
Excise Tax; provided that the Company must approve the Executive's selection,
which approval shall not be unreasonably withheld.

     5.3. COMPUTATION ASSUMPTIONS. For purposes of determining whether any
payments, benefits and/or amounts, including amounts paid as Severance Benefits,
will be subject to Excise Tax, and the amount of any such Excise Tax:

     (a)  Any other payments, benefits and/or amounts received or to be received
          by the Executive in connection with or contingent upon a Change in
          Control of the Company or the Executive's termination of employment
          (whether pursuant to the terms of this Agreement or any other plan,
          arrangement or agreement with the Company or the Executive's Employer,
          or with any Person whose actions result in a Change in Control of the
          Company or any Person affiliated with the Company or such Persons)
          shall be combined to determine whether the Executive has received any
          "parachute payment" within the meaning of Section 280G(b)(2) of the
          Code, and if so, the amount of any "excess parachute payments" within
          the meaning of Section 280G(b)(1) that shall be treated as subject to
          the Excise Tax, unless in the opinion of the person or firm rendering
          the Determination, such other payments, benefits and/or amounts (in
          whole or in part) do not constitute parachute payments, or such excess
          parachute payments represent reasonable compensation for services
          actually rendered within the meaning of Section 280G(b)(4) of the Code
          in excess of the base amount within the meaning of Section 280G(b)(3)
          of the Code, or are otherwise not subject to the Excise Tax;

     (b)  The value of any non-cash benefits or any deferred payment or benefit
          shall be determined by the person or firm rendering the Determination
          in accordance with the principles of Sections 280G(d)(3) and (4) of
          the Code.

     (c)  The compensation and benefits provided for in Section 3.4 herein, and
          any other compensation earned prior to the Effective Date of
          Termination by the Executive pursuant to the Company's and/or his
          Employer's compensation programs (if such payments would have been
          made in the future in any event, even though the timing of such
          payment is triggered by the Change in Control), shall for purposes of
          the calculation pursuant to this Section 5.3 be deemed to be
          reasonable; and

                                       11
<PAGE>

     (d)  The Executive shall be deemed to pay Federal income taxes at the
          highest marginal rate of Federal income taxation in the calendar year
          in which the Gross-Up Payment is to be made. Furthermore, the
          computation of the Gross-Up Payment shall assume (and adjust for the
          fact) that (i) there is a loss of miscellaneous itemized deductions
          under Section 67 of the Code (or analogous federal or state
          provisions) on account of the Gross-Up Payment and (ii) a loss of
          itemized deductions under Section 68 of the Code (or analogous federal
          or state provisions) on account of the Gross-Up Payment. The
          computation of the Gross-Up Payment shall take into account any
          reduction in the Gross-Up Payment due to the Executive's share of the
          hospital insurance portion of FICA and any state withholding taxes
          (other than any state withholding tax for income tax liability). The
          computation of the state and local income taxes applicable to the
          Gross-Up Payment shall be based on the highest marginal rate of
          taxation in the state and locality of the Executive's residence on the
          Effective Date of Termination, and shall take into account the maximum
          reduction in Federal income taxes that could be obtained from the
          deduction of such state and local taxes.

     5.4. EXECUTIVE'S OBLIGATION TO NOTIFY COMPANY. The Executive shall promptly
notify the Company in writing of any claim by the Internal Revenue Service (or
any successor thereof) or any state or local taxing authority (individually or
collectively, the "TAXING AUTHORITY") that, if successful, would require the
payment by the Company of a Gross-Up Payment in excess of any Gross-Up Payment
as originally set forth in the Determination. If the Company notifies Executive
in writing that it desires to contest such claim, the Executive shall: (a) give
the Company any information reasonably requested by the Company relating to such
claim; (b) take such action in connection with contesting such claim as the
Company shall reasonably request in writing from time to time, including,
without limitation, accepting legal representation with respect to such claim by
an attorney selected by the Company that is reasonably acceptable to Executive;
(c) cooperate with the Company in good faith in order to effectively contest
such claim; and (d) permit the Company to participate in any proceedings
relating to such claim; provided that the Company shall bear and pay directly
all attorneys fees, costs and expenses (including additional interest, penalties
and additions to tax) incurred in connection with such contest and shall
indemnify and hold the Executive harmless, on an after-tax basis, for all taxes
(including, without limitation, income and excise taxes), interest, penalties
and additions to tax imposed in relation to such claim and in relation to the
payment of such costs and expenses or indemnification. Without limitation on the
foregoing provisions of this Section 5.4, and to the extent its actions do not
unreasonably interfere with or prejudice the Executive's disputes with the
Taxing Authority as to other issues, the Company shall control all proceedings
taken in connection with such contest and, in its reasonable discretion, may
pursue or forego any and all administrative appeals, proceedings, hearings and
conferences with the Taxing Authority in respect of such claim and may, at its
sole option, either direct the Executive to pay the tax, interest or penalties
claimed and sue for a refund or contest the claim in any permissible manner, and
the Executive agrees to prosecute such contest to a determination before any
administrative tribunal, in a court of initial jurisdiction and in one or more
appellate courts, as the Company shall determine; provided, however, that if the
Company directs the Executive to pay such claim and sue for a refund, the
Company shall advance an amount equal to such payment to the Executive, on an
interest-free basis, and shall indemnify and hold the Executive harmless, on an
after-tax basis, from all taxes (including, without limitation, income and
excise

                                       12
<PAGE>

taxes), interest, penalties and additions to tax imposed with respect to such
advance or with respect to any imputed income with respect to such advance, as
any such amounts are incurred; and, further, provided, that any extension of the
statute of limitations relating to payment of taxes, interest, penalties or
additions to tax for the taxable year of the Executive with respect to which
such contested amount is claimed to be due is limited solely to such contested
amount; and, provided, further, that any settlement of any claim shall be
reasonably acceptable to the Executive and the Company's control of the contest
shall be limited to issues with respect to which a Gross-Up Payment would be
payable hereunder, and the Executive shall be entitled to settle or contest, as
the case may be, any other issue.

     5.5. SUBSEQUENT RECALCULATION. In the event of a binding or uncontested
determination by the Taxing Authority that adjusts the computation set forth in
the Determination so that the Executive did not receive the greatest net benefit
required pursuant to Section 5.1, the Company shall reimburse the Executive as
provided herein for the full amount necessary to place the Executive in the same
after-tax position as he would have been in had no Excise Tax applied. In the
event of a binding or uncontested determination by the Taxing Authority that
adjusts the computation set forth in the Determination so that the Executive
received a payment or benefit in excess of the amount required pursuant to
Section 5.1, then the Executive shall promptly pay to the Company (without
interest) the amount of such excess

ARTICLE 6. THE COMPANY'S PAYMENT OBLIGATION

     6.1. PAYMENT OF OBLIGATIONS ABSOLUTE. Except as provided in Section 4.2,
the Company's obligation to make the payments and the arrangements provided for
herein shall be absolute and unconditional, and shall not be affected by any
circumstances, including, without limitation, any offset, counterclaim,
recoupment, defense, or other right which the Company may have against the
Executive or anyone else. All amounts payable by the Company hereunder shall be
paid without notice or demand. Each and every payment made hereunder by the
Company shall be final, and the Company shall not seek to recover all or any
part of such payment from the Executive or from whomsoever may be entitled
thereto, for any reasons whatsoever, except as otherwise provided in Article 5
or Article 7.

     The Executive shall not be obligated to seek other employment in mitigation
of the amounts payable or arrangements made under any provision of this
Agreement, and the obtaining of any such other employment shall in no event
effect any reduction of the Company's obligations to make the payments and
arrangements required to be made under this Agreement.

     6.2. CONTRACTUAL RIGHT TO BENEFITS. This Agreement establishes and vests in
the Executive a contractual right to the benefits to which he or she is entitled
hereunder. The Company expressly waives any ability, if possible, to deny
liability for any breach of its contractual commitment hereunder upon the
grounds of lack of consideration, accord and satisfaction or any other defense.
In any dispute arising after a Change in Control as to whether the Executive is
entitled to benefits under this Agreement, there shall be a presumption that the
Executive is entitled to such benefits and the burden of proving otherwise shall
be on the Company. However, nothing herein contained shall require or be deemed
to require, or prohibit or be deemed to prohibit, the Company to segregate,
earmark, or otherwise set aside any funds or other assets, in trust or
otherwise, to provide for any payments to be made or required hereunder.

                                       13
<PAGE>

     6.3. DUPLICATE BENEFITS. All payments, benefits and amounts provided under
this Agreement shall be in addition to and not in substitution for any pension
rights under any Company or Employer pension plan and any disability, workers'
compensation or other Company or Employer benefit plan distribution that the
Executive is entitled to at his or her Effective Date of Termination.
Notwithstanding the foregoing, this Agreement shall not create an inference that
any duplicate payments shall be required. No payments made pursuant to this
Agreement shall be considered compensation for purposes of any such benefit
plan; provided that any amount paid pursuant to Section 3.4(c) shall not be
subject to such limitation. Payment of the Executive's accrued and unpaid Base
Salary or vacation pay, if any, through the Executive's Effective Date of
Termination shall be deemed to not duplicate any benefit contemplated by this
Agreement and shall not result in an offset pursuant to Section 3.3(f). Any
acceleration of vesting, lapse of restrictions and/or payout occasioned by a
Change in Control pursuant to the provisions of any long-term incentive plan
and/or individual award agreement under such a long-term incentive plan shall be
deemed to not duplicate any benefit contemplated by this Agreement and shall not
result in an offset pursuant to Section 3.3(f).

ARTICLE 7. CLAIMS PROCEDURE

     7.1. COMMITTEE REVIEW. The Executive or, in the event of the Executive's
death, the Executive's Beneficiary (as applicable, the "CLAIMANT") may deliver
to the Committee a written claim for a determination with respect to the amounts
distributable to such Claimant from this Agreement. Such claim shall be
delivered to the Committee care of the Company in accordance with the notice
provisions of Section 9.7. If such a claim relates to the contents of a notice
received by the Claimant, the claim must be made within sixty (60) days after
such notice was received by the Claimant. All other claims must be made within
two hundred and seventy (270) days of the date on which the event that caused
the claim to arise occurred. The claim must state with particularity the
determination desired by the Claimant.

     7.2. NOTIFICATION OF DECISION. The Committee shall consider a Claimant's
claim pursuant to Section 7.1 within a reasonable time, but no later than ninety
(90) days after receiving the claim. If the Committee determines that special
circumstances require an extension of time for processing the claim, written
notice of the extension shall be furnished to the Claimant prior to the
termination of the initial ninety (90) day period. In no event shall such
extension exceed a period of ninety (90) days from the end of the initial
period. The extension notice shall indicate the special circumstances requiring
an extension of time and the date by which the Committee expects to render the
benefit determination. The Committee shall notify the Claimant in writing:

     (e)  that the Claimant's requested determination has been made, and that
          the claim has been allowed in full; or

     (f)  that the Committee has reached a conclusion contrary, in whole or in
          part, to the Claimant's requested determination, and such notice must
          set forth in a manner calculated to be understood by the Claimant:

          (i)  the specific reason(s) for the denial of the claim, or any part
               of it;

                                       14
<PAGE>

          (ii) specific reference(s) to pertinent provisions of this Agreement
               upon which such denial was based;

          (iii) a description of any additional material or information
               necessary for the Claimant to perfect the claim, and an
               explanation of why such material or information is necessary;

          (iv) a statement that the Claimant is entitled to receive, upon
               request and free of charge, reasonable access to and copies of,
               all documents, records and other information relevant to the
               Claimant's claim for benefits; and

          (v)  a statement of the Claimant's right to seek arbitration pursuant
               to Section 7.4.

     7.3. PRE AND POST-CHANGE IN CONTROL PROCEDURES. With respect to claims made
prior to the occurrence of a Change in Control, a Claimant's compliance with the
foregoing provisions of this Article 7 is a mandatory prerequisite to a
Claimant's right to commence arbitration pursuant to Section 7.4 with respect to
any claim for benefits under this Agreement. With respect to claims made upon
and after the occurrence of a Change in Control, the Claimant may proceed
directly to arbitration in accordance with Section 7.4 and need not first
satisfy the foregoing provisions of this Article 7.

     7.4. ARBITRATION OF CLAIMS.

     (a)  All claims or controversies arising out of or in connection with this
          Agreement, that the Company may have against any Claimant, or that any
          Claimant may have against the Company or against its officers,
          directors, employees or agents acting in their capacity as such,
          shall, subject to the initial review provided for in the foregoing
          provisions of this Article 6 that are effective with respect to claims
          brought prior to the occurrence of a Change in Control, be resolved
          through arbitration upon the request of either Party to the dispute
          with notice to the other Party.

     (b)  The arbitration shall be conducted in Hong Kong under the auspices of
          the Hong Kong International Arbitration Centre (the "CENTRE"). There
          shall be three arbitrators. Each Party shall choose one arbitrator,
          which arbitrators shall in turn appoint a third. If either Party does
          not appoint an arbitrator who has consented to participate within
          thirty (30) days after a notice of arbitration or if a third
          arbitrator has not been appointed who has consented to participate
          within forty-five (45) days after the notice of arbitration, the
          relevant appointment shall be made by the Secretary General of the
          Centre.

     (c)  The arbitration proceedings shall be conducted in English and in
          Chinese. The arbitration tribunal shall apply the Arbitration Rules of
          the United Nations Commission on International Trade Law, as in effect
          at the time of the arbitration. However, if such rules are in conflict
          with the provisions of this Section 7.4, including the provisions
          concerning the appointment of arbitrator, the provisions of this
          sub-Clause (c) shall prevail.

                                       15
<PAGE>

     (d)  Each Party to an arbitration hereunder shall cooperate with the other
          Party in making full disclosure of and providing complete access to
          all information and documents requested by the other Party in
          connection with such arbitration proceedings, subject only to any
          confidentiality obligations binding on such Party.

     (e)  The award of the arbitration tribunal shall be final and binding upon
          the Parties, and the prevailing Party may apply to a court of
          competent jurisdiction for enforcement of such award.

     (f)  Either Party shall be entitled to seek preliminary injunctive relief,
          if possible, from any court of competent jurisdiction pending the
          constitution of the arbitral tribunal.

     (g)  The costs of arbitration shall be borne by the losing Party, unless
          otherwise determined by the arbitration award.

     During the course of the arbitration tribunal's adjudication of the
dispute, this Agreement shall continue to be performed except with respect to
the part in dispute and under adjudication.

ARTICLE 8. SUCCESSORS AND ASSIGNMENT

     8.1. SUCCESSORS TO THE COMPANY. The Company will require any successor
(whether direct or indirect, by purchase, merger, consolidation, or otherwise)
of all or substantially all of the business and/or assets of the Company or of
any division or Subsidiary thereof (the business and/or assets of which
constitute at least fifty percent (50%) of the total business and/or assets of
the Company) to expressly assume and agree to perform the Company's obligations
under this Agreement in the same manner and to the same extent that the Company
would be required to perform them if such succession had not taken place.
Failure of the Company to obtain such assumption and agreement in a written
instrument prior to the effective date of any such succession shall be a breach
of this Agreement and shall entitle the Executive to compensation from the
Company in the same amount and on the same terms as he would be entitled to
hereunder if he had terminated his employment with his Employer voluntarily for
Good Reason. Except for the purpose of implementing the foregoing, the date on
which any such succession becomes effective shall be deemed the Executive's
Effective Date of Termination if the Executive so elects, but any delay or
failure by the Executive to so elect shall not be a waiver or release of any
rights hereunder which may be asserted at any time.

     8.2. ASSIGNMENT BY THE EXECUTIVE. This Agreement shall inure to the benefit
of and be enforceable by the Executive's personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees, and
legatees. If the Executive dies while any amount would still be payable to him
or her hereunder had he or she continued to live, all such amounts, unless
otherwise provided herein, shall be paid to the Executive's Beneficiary in
accordance with the terms of this Agreement. If the Executive has not named a
Beneficiary, then such amounts shall be paid to the Executive's devisee,
legatee, or other designee, or if there is no such designee, to the Executive's
estate.

                                       16
<PAGE>

ARTICLE 9. MISCELLANEOUS

     9.1. RELEASE. Notwithstanding anything else contained herein to the
contrary, the Company's obligation to pay benefits to the Executive under this
Agreement is subject to the condition precedent that the Executive execute a
valid and effective release in the form approved by the Committee and such
executed release (a) is received by the Company no earlier than the effective
time of the Executive's Qualifying Termination (or such earlier time as the
Committee may provide) and no later than sixty (60) days after the Effective
Date of Termination and (b) is not revoked by the Executive or otherwise
rendered unenforceable by the Executive.

     9.2. EMPLOYMENT STATUS. Except as may be provided under any other written
agreement between the Executive and the Executive's Employer, the employment of
the Executive by his Employer is "at will," and, prior to the effective date of
a Change in Control, may be terminated by either the Executive or the
Executive's Employer at any time, subject to applicable law.

     9.3. BENEFICIARIES. The Executive may designate one or more persons or
entities as the primary and/or contingent Beneficiaries of any Severance
Benefits owing to the Executive under this Agreement. The Executive may make or
change such designation at any time, provided that any designation or change
thereto must be in the form of a signed writing acceptable to and received by
the Committee.

     9.4. GENDER AND NUMBER. Except where otherwise indicated by the context,
any masculine term used herein also shall include the feminine, the plural shall
include the singular, and the singular shall include the plural.

     9.5. SEVERABILITY. In the event any provision of this Agreement shall be
held illegal or invalid for any reason, the illegality or invalidity shall not
affect the remaining parts of this Agreement, and this Agreement shall be
construed and enforced as if the illegal or invalid provision had not been
included. Further, the captions of this Agreement are not part of the provisions
hereof and shall have no force and effect.

     9.6. MODIFICATION. No provision of this Agreement may be modified, waived,
or discharged unless as to the Executive such modification, waiver, or discharge
is agreed to in writing and signed by each affected Executive and by an
authorized member of the Committee or its designee, or by the respective
parties' legal representatives and successors.

     9.7. NOTICE. For purposes of this Agreement, notices, including a Notice of
Termination, and all other communications provided for in this Agreement shall
be in writing and shall be deemed to have been duly given when delivered or on
the date stamped as received by a recognized international courier (such as
FedEx), postage prepaid and addressed: (i) if to the Executive, to his latest
address as reflected on the records of the Company, and (ii) if to the Company:
China Finance Online Co., Limited, Room 610B, Ping'an Mansion, No.23 Financial
Street, West District, Beijing 100032, PRC, Attn: [Sam Qian] or to such other
address as the Company may furnish to the Executive in writing with specific
reference to this Agreement and the importance of the notice, except that notice
of change of address shall be effective only upon receipt.

                                       17
<PAGE>

     9.8. APPLICABLE LAW. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of New York without regard to
conflict of law principles thereunder. Any statutory reference in this Agreement
shall also be deemed to refer to all applicable final rules and final
regulations promulgated under or with respect to the referenced statutory
provision.

                  [Remainder of Page Intentionally Left Blank]

                                       18
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement on this
___________ day of _________________________, _____________________.

China Finance Online Co., Limited              Executive

By:__________________________________          _________________________________

Attest:_____________________________           Print Name:______________________

                                      S-1<PAGE>
                                                                   Exhibit 10.25

                                LABOR CONTRACT

Party A: China Finance Online (Beijing) Co., Ltd.

Party B: Bo Wu

Execution Date: May 10, 2004

<PAGE>

     LABOR CONTRACT, effective as of May 10, 2004, between Party A, China
Finance Online (Beijing) Co., Ltd., a company duly organized and validly
existing under the laws of the People's Republic of China (the "Company"), and
Party B, Bo Wu, a citizen of the United States of America, having an
identification number of 340104196910292070 and a residential address of No.
26-2204, 99 Puming Road, Pudong, Shanghai, 200120 (the "VP/COO").

     Pursuant to the Labor Law of the People's Republic of China and other
applicable laws and regulations and upon consultation on the basis of equality
and free will, Party A and Party B hereby enter into this Contract providing for
Party A's employment of Party B as a contract-based executive-level manager.

Chapter 1.  Term of Employment

     1.1  Party A and Party B agree to define the Term of Employment as follows:

          (a) Fixed term: for a period of four years beginning on June 1, 2004
and terminating on May 31, 2008.

          (b) Probation Period: The probation period will be three months
beginning on June 1, 2004 and terminating on September 1, 2004.

     1.2  If both Parties desire to renew this Contract, each Party shall notify
the other Party of its intent to renew this Contract thirty days prior to the
expiration of this Contract.

Chapter 2.  Duties

     2.1  The Company will employ Mr. Bo Wu to serve as the Company's VP/COO
based on the Company's business needs. The scope and responsibilities of the
VP/COO job include the following:

          (a) To formulate and implement relevant policies and strategies
regarding relevant products, markets and external cooperation to ensure the
realization of the Company's development strategy;

          (b) To establish and lead such business operating mechanisms of the
Company as product development, website construction, market development,
external cooperation, etc.;

          (c) To establish and lead a management team with high efficiency
and low cost;

          (d) To supervise and manage all business activities to ensure
compliance with Chinese law and the Company's policies;

          (e) To establish and direct a mechanism for solving operating
problems and to promptly solve operating problems;

          (f) To be responsible for the Company's product planning, website
planning and market planning;

          (g) To participate in business development and strategic planning;

          (h) To carry out all necessary work relating to the Company's
operations under the lead of CEO pursuant to the requirements of the Board of
Directors;

          (i) To provide comments to the Executive Management Team and the
Board of Directors regarding operating issues of the Company; and

          (j) Other responsibilities stipulated by the Board of Directors.

<PAGE>

     2.2  The VP/COO shall perform his duties diligently and competently
pursuant to the requirements for the position.

Chapter 3.  Compensation and Stock Options

     3.1  The salary of the VP/COO shall be twenty nine thousand (29,000) RMB
yuan per month (before tax) and, if the Company is successful in its initial
public offering or capital management, both Parties shall renegotiate the
VP/COO's salary before May 15, 2005.

     3.2  The pay day of the Company will be between the first and the fifth
days of each month and, if such days are during a holiday period, then the pay
day will be the first working day after the holiday period.

     3.3  The Company's employees shall pay personal income taxes pursuant to
regulations of the government tax agency, and the Company shall deduct a
corresponding amount from the

<PAGE>

monthly salary of each employee and pay that amount on behalf of the employee to
the relevant tax agency.

     3.4  In addition to what is provided for under the foregoing Article 3.3,
the Company shall have the right to deduct from the employees' salaries for
other purposes in accordance with laws and regulations of the State.

     3.5  Stock option.

          (a) The Company allocates 600,000 shares of its current stock options
to Mr. Bo Wu at a price of US$0.0016 per share. The conditions for exercising
the options shall be subject to the Company's stock option plan.

          (b) The aforesaid stock option shall be vested in four years, that is
one fourth (1/4) of the stock options shall be vested per year.

Chapter 4.  Allowances

Chapter 4.  Rewards and Penalties

     4.1  The VP/COO shall abide by various rules and regulations stipulated by
the Company under the law.

     4.2  Without written consent of the Company, the VP/COO shall not accept
money, gift or any other kinds of benefits from any customer, collaborating
company or other related company.

     4.3  The VP/COO shall serve the Company faithfully and competently during
the Term of Employment, and the Company will not permit the VP/COO to engage in
any other job during the Term of Employment.

     4.4  The Company shall impose penalties on the VP/COO pursuant to
regulations of the Company, if the VP/COO violates the Company's rules or
regulations.

Chapter 5.  Confidentiality and Non-Competition

<PAGE>

     5.1  The VP/COO shall safeguard the intellectual property rights of the
Company, abide by relevant confidentiality agreements to which the Company is a
party regarding manufacturing technologies, marketing, and unpatented
technologies, and not engage in any business or activity that is competitive
with the business of the Company. Specific duties are stipulated by both Parties
in a separate Intellectual Property, Confidentiality and Non-Competition
Agreement. Such confidentiality and non-competition obligation remain in effect
within one year after Party B quits his job in the Company.

Chapter 6.  Alteration, Rescission, and Termination of the Labor Contract

     6.1  Both parties may rescind this Labor Contract at any time within the
probation period. The Company shall only need to pay Party B the salary for the
current month without any allowance. If the Company unilaterally requests Party
B to quit his job, Party B will have six months of the vested shares of the
option in a lump sum pursuant to Article 3.5, and the remaining unvested shares
of option shall be retrieved by the Company. If Party B requests to quit his
job, Party A shall not be responsible for any compensation of the option.

     6.2  If, due to his own fault, Party B has committed any gross errors on
the job, including without limitations violation of the Intellectual Property,
Confidentiality and Non-Competition Agreement stipulated by both Parties,
violation of laws or regulations of the State, infringement of shareholders'
rights or interests, the Company shall have the right to rescind this Labor
Contract immediately and shall only need to pay Party B the salary for the
current month without any allowance. In addition, Party B shall have the vested
shares of the stock option pursuant to Article 3.5(b), and the remaining
unvested shares of stock option shall be retrieved by the Company.

     6.3  If Party B requests to have this Contract rescinded before the end of
the Term of Employment because of personal reasons, Party B shall notify the
Company in writing thirty (30) days in advance, and the Company shall pay Party
B the salary for the current month but need not pay Party B any allowance. In
addition, Party B shall have the vested shares of the stock option pursuant to
Article 3.5(b), and the remaining unvested shares of stock option shall be
retrieved by the Company.

     6.4  During Party B's Term of Employment, if the Company deems that the
VP/COO has failed to reach the expected target or achieve the expected results,
the Company has the right to rescind this Labor Contract; however, the Company
shall notify Party B in writing thirty (30) days in

<PAGE>

advance and shall pay Party B a compensation of three months of salary. In
addition, Party B shall have the vested stock options pursuant to Article
3.5(b), the Company shall give Party B additional three months of vested stock
options, and the remaining unvested stock options shall be retrieved by the
Company.

     6.5  If the Company requests to have certain provisions of this Contract
changed due to changes in objective circumstances upon which this Contract is
based, or if the VP/COO requests for such a change for personal reasons, the
requesting Party shall notify the other Party in writing thirty (30) days in
advance, and the Contract may only be changed if both Parties agree to the
changes upon consultation.

     6.6  The VP/COO may not rescind this Contract pursuant to the foregoing
Article 6.4 before all matters concerning his liabilities for breach of this
Contract or the Intellectual Property, Confidentiality and Non-Competition
Agreement have been cleared.

     6.7  The employment relationship between the Company and the VP/COO shall
be terminated upon expiration of the Term of Employment. When this Contract is
rescinded or terminated, Party B shall hand over his work to Party A. Party B
shall hand over to the receiving person at Party A in excellent conditions all
office utilities, equipment and facilities that Party B used and all documents
that Party B worked on while working for Party A. Otherwise, Party A shall
refuse to proceed with relevant termination procedures, and Party A has the
right to require Party B to assume liability for breach of contract pursuant to
this Contract and may require Party B to pay for liquidated damages.

     6.8  Regardless of the reasons for leaving the Company, except if the
Company has committed tax evasion or has otherwise violated the law during its
operation, Party B shall not

<PAGE>

defame or sue the Company, raid the Company for employees, or engage in any
business or activity that is competitive with the Company's business.

     6.9  Upon rescission or termination of this Contract, the Company shall
complete the procedures for rescinding or terminating a labor contract within a
stipulated time period, unless otherwise agreed upon in this Contract.

Chapter 7.  Liability for Breach

     7.1  If either Party to this Contract is under any of the following
circumstances, the Party shall be liable for breach of the Contract:

          (a) The Company violates the provisions of this Contract and
unilaterally rescinds this Contract, unless otherwise provided by this Contract;

          (b) The VP/COO quits his job without the Company's consent.

     7.2  Either Party in breach of this Contract shall pay the other Party
liquidated damages. The standard liquidated damages shall be equal to twice of
the salary Party B actually received in the month prior to the date of the
breach.

     7.3  If the liquidated damages provided for under the foregoing Article 7.2
is not enough to cover the losses of the other Party, then the breaching Party
shall pay the other Party for the actual losses caused by the breach.

     7.4  The VP/COO warrants (1) that all the relevant information he provides
to the Company, including without limitations his identification, address,
academic credentials, work experiences and professional skills are true; (2)
that, by working for the Company and by entering into this Labor Contract with
the Company, the VP/COO does not violate any agreement on confidentiality or
non-competition entered into with his previous employer or any other company or
individual. If

<PAGE>

the VP/COO breaches this warranty, the Company has the right to rescind this
Contract and demand that the CFO compensate the Company for any losses due to
the breach.

Chapter 8.  Miscellaneous

     8.1  The Employment Handbook and other rules and regulations of the Company
are part of this Labor Contract.

     8.2  This Contract has two counterparts, one for the Company, one for the
employee. This Contract shall become effective upon execution by both Parties.
Both counterparts shall have equal legal effect.

     8.3  If any of the provisions of this Contract conflicts with laws and
regulations of the State, the provision shall be superseded by the laws and
regulations of the State.

     IN WITNESS WHEREOF, the Parties have executed this Labor Contract.

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

     (Seal)
     /s/ Jun Ning
     _____________________________
     Authorized representative

     Date: May 17, 2004

     Party B: Bo Wu

     /s/ Bo Wu                                   May 17, 2004
     _____________________________               __________________________
     Signature                                   Date

<PAGE>

   INTELLECTUAL PROPERTY RIGHTS, CONFIDENTIALITY AND NON-COMPETITION AGREEMENT

      This agreement is entered into between the Parties as below on the date of
May 10, 2004.

      Party A: China Finance Online Co., Ltd., a limited liability company duly
incorporated and validly existing under the laws of the People's Republic of
China (the "PRC")

      Party B: Mr. Bo Wu, a citizen of the PRC having the identification number
of 340104196910292070, with residential address at No. 26-2204, 99 Puming Road,
Pudong, Shanghai, 200120.

      WHEREAS, Party B is an employee of Party A and has access to the research
and development achievements and various types of confidential information
related to technology, markets, customers, etc. owned by Party A; and

      WHEREAS, the Parties wish to protect Party A's intellectual property
rights and business secrets and safeguard both Parties' interests.

      NOW, THEREFORE, the Parties agree as follows:

ARTICLE I INTELLECTUAL PROPERTY RIGHTS

      1.1 Technical achievements

      1.1.1 Technical achievements

      During the period when Party B is employed by Party A and for one year
after both Parties terminate their employment relationship, all technical
achievements, including, but not limited to, discoveries, inventions, know-how,
concepts, processes, products, methods and renovations (hereinafter referred to
as "technical achievements"), related to the businesses, products, programs and
services of Party A that are contemplated, developed and accomplished by Party
B, whether independently or jointly with others, shall be deemed Party A's
technical achievements and absolute property and all the corresponding rights
including intellectual property rights shall belong solely to Party A.

      1.1.2 Safekeeping of materials

      Party B agrees to record and keep the technical achievements developed by
Party A, whether independently or jointly with others, according to the formats
or methods required by Party A while Party B is employed by Party A. These
materials belong to Party A exclusively and Party A has the right to retrieve
the above mentioned materials at any time.

      1.1.3  Application for intellectual property rights

      Party B agrees to help Party A or Party A's agents, at Party A's expense,
to protect Party A's interests in the aforesaid technical achievements and their
related intellectual property rights by appropriate means in any countries,
including by disclosing all relevant information and data and by executing all
relevant legal documents. Party B agrees that the relevant legal documents
executed according to the aforesaid obligations shall survive the termination of
the

<PAGE>

employment relationship between the Parties. If Party B fails to sign the
relevant legal documents due to psychological, physical or any other reasons,
Party B agrees to delegate Party A or Party A's authorized person or agents as
Party B's proxy to sign the aforesaid legal documents on behalf of or in the
interest of Party B and to exercise other activities permitted by laws in order
to obtain relevant patents, copyrights and other intellectual property rights.
The actions of the persons delegated by Party B shall have the same binding
effect as Party B's action and such delegation shall be irrevocable.

      1.2 Prior achievements

      Party B shall list all inventions, original works with copyrights,
improvements, renovations and other business secrets (hereinafter referred to as
"prior achievements") that are related to the businesses, products and research
and development of Party A but not transferred to Party A prior to Party B's
employment by Party A, in the appendix to this agreement. Party B agrees that
Party B shall not have any "prior achievement" if Party B does not list such
prior achievement in the appendix of this agreement.

      During the period Party B is employed by Party A, if Party B introduces
any "prior achievements" in which Party B has ownership or interests in the
products, processes and machines of Party A, Party B agrees to give Party A
non-exclusive, irrevocable, permanent and global permission to produce, revise,
use or sell the above products, processes, machines or related "prior
achievements" and Party A shall not be required to pay any fees to Party B.

ARTICLE II. CONFIDENTIALITY

      2.1 Confidential information

      2.1.1 Party B agrees that Party A has the complete ownership of its
"confidential information" regardless of the forms of storage, and Party B shall
keep all such confidential information secret. "Confidential information"
includes but not limited to the following:

      a. Party A's archives, including but not limited to contracts, personnel
archives, administrative documents, lists of suppliers, etc.;

      b. Party A's technical materials, including but not limited to all
development plans, development prospectuses, technical files, technical
diagrams, drawings, formulas, models and relevant technical articles, technical
reports, etc. owned by Party A;

      c. Party A's sales materials, including but not limited to all quality
management methods, pricing methods, sales methods, customers' materials, etc.
owned by Party A;

      d. Party A's financial materials, including but not limited to all bank
account materials, stockholders' materials, investment background, etc. owned by
Party A;

      e. All the intellectual property rights (including those exclusively owned
by Party A, those owned by Party A and other companies or those owned by Party A
now and developed by Party A in the future);

      f. Technical achievements contemplated, developed and accomplished by
Party B as set forth in Article I of this agreement;

      g. Technical achievements contemplated, developed and accomplished by
other employees of Party A;

      h. Any third party's confidential information which Party A has the
responsibility to

<PAGE>

keep confidential pursuant to laws and agreements between Party A and such third
party; and

      i. Any other information that Party A claims as confidential.

      2.1.2 Unprotected information:

      a. Information acquired from the public media, except in circumstances
where the public learns the information because Party A fails to fulfill its
confidentiality obligations; and

      b. Information that Party A legitimately obtains from a third party with
whom Party A has never signed a confidentiality agreement.

      2.2 Implementation of confidentiality agreement

      2.2.1 Party B has the responsibility and duty to keep confidential all
confidential information and to abide by and strictly implement all
confidentiality regulations;

      2.2.2 Party B shall not provide or disclose confidential information to
any third parties (including irrelevant employees of Party A) without Party A's
written approval;

      2.2.3 Party B shall not use confidential information for any purpose other
than for fulfilling Party A's assignments or responsibilities;

      2.2.4 Party B shall not copy confidential information other than for the
purposes of job requirements. If confidential information has to be copied due
to work requirements, the copies (including but not limited to files, discs,
CDs, computer memories, etc.) are exclusively owned by Party A and Party B shall
clearly mark the copies and protect and manage the copies;

      2.2.5 Party B shall not take any media carrying confidential information
(including but not limited to files, discs, CDs, computer memories, etc.) out of
Party A's offices without Party A's written approval;

      2.2.6 Party B shall not talk about the content of any confidential
information in public or through public media (including but not limited to
telephones, e-mail, internet, etc.). If Party B must deliver confidential
information through public media, Party B shall adopt confidentiality measures
such as encryption, passwords, dispersion, etc. according to Party B's
confidentiality requirements;

      2.3 Return and destruction of confidential files

      2.3.1 Party B shall return or destroy confidential information at the
request of Party A.

      2.3.2 If Party A does not set forth specific requirements, Party B shall
return confidential information to Party A within three working days after the
use of the confidential information.

      2.3.3 When Party B terminates the employment relationship with Party A,
Party B shall return all original files and copies that contain, represent,
display, record or constitute confidential information, including but not
limited to devices, records, data, notes, reports, proposals, business cards,
letters, specifications, drawings, equipment, materials, etc. to Party A. Party
B agrees to sign Appendix II of this agreement as a "Letter of Guarantee".

      2.4 Information about prior employers

      Party B agrees that Party B shall not inappropriately use or disclose the
confidential

<PAGE>

information or business secrets of any other individuals or institutions in
which Party B has worked as a part-time employee in the past or where Party B
works now when Party B works for Party A. Party B shall not take the aforesaid
confidential information or relevant unpublicized information to Party A.

ARTICLE III NON-COMPETITION

      3.1 Party B agrees to neither directly or indirectly be involved in
businesses in competition against Party A or develop products identical or
similar to those of Party A for third parties on behalf of himself or, in his
capacity as owner, manager, shareholder, advisor, director, official, partner,
employee, etc. of any other business entities while Party B works for Party A or
within one year after the termination of the employment relationship between
both Parties.

      3.2 During the one year after the termination of the employment
relationship between both Parties, Party B shall neither abet, solicit, attempt
to employ or employ any of Party A's current employees (including those people
employed by Party A from six months before the termination of the employment
relationship between both Parties to six months after the termination of such
employment relationship), nor assist other individuals or entities to employ the
aforesaid people or encourage any employees of Party A to terminate their
employment contracts with Party A.

      3.3 During the one year after the termination of the employment contract
between both Parties, Party B shall not remove or try to remove any customers or
potential customers from Party A.

      3.4 If Party B violates any terms of this article, the content of the
article shall continue to be effective for one year after the date on which
Party B breached the article.

ARTICLE IV NOTIFICATION OF PARTY B'S NEW EMPLOYER

      Party B agrees that Party A has the right to notify Party B's new employer
of Party B's rights and obligations under this agreement after the termination
of the employment relationship between both Parties.

ARTICLE V RESPONSIBILITIES UPON DEFAULT

      Both Parties agree that any defaulting activities on the part of Party B
will cause material or irrevocable damage to Party A. Therefore, Party A has the
right to take all legal measures to reduce the losses to Party A brought about
by Party B's violation of this agreement. Party B shall pay for all economic
losses suffered by Party A and take all legal responsibilities.

ARTICLE VI DISPUTE RESOLUTION

      6.1 All disputes from the implementation of this agreement or related to
this agreement shall be resolved through friendly consultation between both
Parties.

      6.2 If negotiation fails to settle the dispute, either Party has the right
to make an arbitration application to the Beijing Arbitration Commission. The
arbitration shall be the final verdict and have binding force on both Parties.

ARTICLE VII RIGHTS RESERVATION

      7.1 If one Party does not exercise its rights or take actions in response
to the defaulting acts of the other Party, it shall not be regarded as
renouncing its rights or abstaining from

<PAGE>

pursuing the other Party's defaulting responsibilities or duties.

      7.2 If one Party renounces its rights against the other Party or abstains
from pursuing the other Party's breaches, it shall not be regarded as renouncing
any other rights or abstaining from investigating and affixing responsibility of
other breaches.

      7.3 All renouncements of rights must be in writing.

ARTICLE VIII MISCELLANEOUS

      8.1 Any revision of this agreement shall take effect only after
negotiation and signature by both Parties;

      8.2 If the articles of this agreement are in conflict with the articles of
other agreements and contracts between both Parties, the articles of this
agreement shall control;

      8.3 The titles in this agreement are used only for convenience of reading
and shall not affect the meaning of this agreement.

      8.4 If an article of this agreement is ruled to be invalid, illegal or
inapplicable according to laws and regulations, the validity, legality and
execution of other articles of this agreement shall not be affected.

      8.5 The agreement shall be binding in the principle as below: the binding
effects of the agreement shall not be affected by the length of employment
between the Parties, the reason for terminating the employment relationship
between the Parties and the amount of Party B's remuneration or salaries paid by
Party A. Party B shall still be liable to his/her obligations under the
agreement after the termination of the employment between the Parties for
whichever reasons. No amendment or changes of the agreement shall be made upon
the termination of the employment.

ARTICLE IX GOVERNING LAW

      9.1 The establishment, validity, explanation, execution and dispute
settlement of this agreement shall be governed by the laws and regulations of
the People's Republic of China.

ARTICLE X NOTICE

      10.1 Any notice or communication required or allowed under this agreement,
regardless of the communication method, shall take effect upon actual delivery.

      10.2 The "actual delivery" in the above article refers to the arrival of
any notice at the legal domicile, residence or mailing address of the receiving
Party.

      10.3 If a Party alters its notification address or mailing address, it
shall notify the other Party of its new address within three days after the
alteration. Otherwise, the defaulting Party shall be held responsible for all
consequent legal liabilities.

ARTICLE XI ENTIRE AGREEMENT

      This agreement and all of its appendices constitutes the entire agreement
agreed upon by the Parties and supersedes all prior oral or written
negotiations, representations or agreements reached by the Parties.

<PAGE>

ARTICLE XII VALIDITY AND TERM

      12.1 This agreement shall take effect after both Parties sign and affix
seals on the agreement.

      12.2 This agreement shall be effective until the employment relationship
between both Parties is terminated. However, during the one year after the
termination of this agreement, any confidential information of Party A known to
Party B before the termination of the agreement shall be handled according to
this agreement. Meanwhile, the articles which are agreed to survive the
termination of the employment relationship between both Parties shall remain
binding upon the Parties.

      12.3 The agreement shall be executed in two counterparts and one
counterpart shall be retained by each party. The two counterparts shall have
equal validity and legal effect.

      Party A: China Finance Online Co., Ltd.

      /s/ COMPANY SEAL
      /s/ Jun Ning
      _____________________________
      (Authorized representative)

      Date: May 17, 2004

      Party B: Mr. Bo Wu

      /s/ Bo Wu
      ____________________________

      Date: May 17, 2004

<PAGE>

                                                                      APPENDIX I

                      LIST OF PARTY B'S PRIOR ACHIEVEMENTS

<PAGE>

                                                                     APPENDIX II

                               LETTER OF GUARANTEE

       I, ______________, hereby guarantee that I have returned and no longer
hold any original files or copies that contain, represent, display, record or
make use of confidential information, including devices, records, data, notes,
reports, proposals, name lists, letters, specifications, drawings, equipment,
materials, etc., to __________________________ (hereinafter referred to as "the
Company").

      I further guarantee that I have abided by all the articles of the
Agreement of Intellectual Property Rights, Confidentiality and Non-competition
(hereinafter referred to as "the Agreement") executed by me and the Company,
including making reports to the Company about any technical achievements
developed by me alone or collectively with others.

      I further agree that I will continue to abide by the regulations of the
Agreement and keep the confidential information selected by the Agreement highly
confidential.

      I further agree that I will neither employ any employees of the Company,
nor solicit, encourage or abet any employees to terminate their employment
contracts with the Company in any form or in any other's name during the 12
months after my the date of my execution of this letter of guarantee.

                                        Signed By:

                                        Date:

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