Document:

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                                                                   EXHIBIT 10.24

                                                                     Translation

                                                                  Execution Copy

               REVISED AND RESTATED BUSINESS COOPERATION AGREEMENT

                                      AMONG

                        SHANDONG SANLIAN GROUP CO., LTD.

                 SHANDONG ECONOMIC OBSERVING NEWSPAPER CO., LTD.

                         ECONOMIC OBSERVER PRESS OFFICE

                                       AND

                 BEIJING JINGGUAN XINCHENG ADVERTISING CO., LTD.

                          DATED NOVEMBER, 2006, BEIJING

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                               TABLE OF CONTENTS

Definition

Transfer of advertising agency and the newspaper company

Intellectual property

Distribution business consulting services

Printing business management services

Treatment of prior agreements

Consideration

Representations and warranties

Notice

Revision and termination of the agreement

Liabilities for breach

Term of the agreement and renewal upon expiration

Payment of taxes

Resolution of dispute

Governing law and jurisdiction

Waiver and transfer

Miscellaneous

Appendix 1   Representations and warranties

Appendix 2   List of Intellectual properties

Appendix 3   List of prior agreements with other parties to be continued

Attachment 1 Letter of Confirmation

Attachment 2 Letter of Confirmation regarding the Termination of Agreements

Attachment 3 Letter of Confirmation regarding Newspaper Co.'s Transfer of
             Contracts

Attachment 4 Letter of Confirmation regarding EOPO's Transfer of Contracts

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This business cooperation agreement (the "Agreement") was executed and delivered
on November 6, 2006 in Beijing, People's Republic of China by the parties listed
below:

Party A:   Shandong Sanlian Group Co., Ltd. ("Sanlian Group")

Party B:   Shandong Economic Observing Newspaper Co., Ltd. ("Newspaper Co.")

Party C:   Economic Observer Press Office ("EOPO")

Party D:   Beijing Jingguan Xincheng Advertising Co., Ltd. ("JGXC")

     The above parties to the Agreement are collectively referred to as
"parties", and each as a "party".

Whereas:

     1.   EOPO is a publishing entity established and subsisting under Chinese
          law; it is a legal public institution registered with the Business
          Institution Registration and Administration Bureau of Shandong
          Provincial Government;

     2.   Sanlian Group is a company with limited liability registered under
          Chinese law; it is the sponsor and administrator of EOPO;

     3.   Newspaper Co. is a company with limited liability registered under
          Chinese law and a subsidiary of Sanlian Group; it used to be the agent
          for EOPO's advertising and related business;

     4.   JGXC is a company limited by shares registered under Chinese law; it
          is a legal and registered advertising operator;

     5.   The parties entered into a "Business Cooperation Agreement" on May 10,
          2006 and later executed a "Supplementary Agreement on 'Business
          Cooperation Agreement'" on June 10, 2006; now the parties unanimously
          undertake to amend and restate the above-referenced "Business
          Cooperation Agreement" and the "Supplementary Agreement"; the parties
          agree to abide by the rights and obligations under the amended and
          restated "Business Cooperation Agreement".

     Subsequent to friendly consultation and in accordance with Chinese law, the
     parties hereby enter into the following agreements:

1.   DEFINITION

Unless otherwise defined in the context, the following terms shall, when used in
the Agreement, have the meaning set forth therein:

     1.1  "Authorized intellectual property": Any intellectual property that
          EOPO is authorized by any third party to use anywhere in the world.

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     1.2  "Third party": Any legal person, non-legal person, private enterprise,
          or natural person other than any signatory hereof.

     1.3  "Advertising Revenue": Any consideration or other form of payment made
          by any client or third party to JGXC for designing, producing, or
          releasing advertisement or for providing other advertising service.

     1.4  Economic Observer: Unless otherwise defined herein, the newspaper
          currently named Economic Observer and its predecessor, its successor
          or substitute under a new name or masthead, as well as other financial
          publication and any or all appendices, supplements, additional
          editions, derivative publications, whether in print or electronic
          format or in any other format or media that EOPO publishes from time
          to time.

     1.5  "Economic Observer's distribution business": Economic Observer 's
          distribution business including distributing, wholesaling and
          retailing.

     1.6  "Economic Observer's advertising business": Any business related to
          any form of advertising contained in or related to Economic Observer.
          For the sake of clarity, this refers to advertising in a certain media
          or format directly or indirectly introducing or promoting or marketing
          any merchandise, service and brand name.

     1.7  "Agreement works": Works defined in Section 3.2.1 hereof.

     1.8  "Cooperation Agreement": "Cooperation Agreement in relation to
          Economic Observer" executed and delivered on April 20, 2006 by Xinhua
          Financial Limited, Shandong Economic Observing Newspaper Co., Ltd.,
          Shandong Sanlian Group Co., Ltd., Economic Observer Press Office and
          Beijing Jingguan Xincheng Advertising Co., Ltd.

     1.9  "Application to register a trademark": Application to register a
          trademark as set forth in Section 3.3 hereof.

     1.10 "Existing agreement with other parties": as defined in Section 6.2
          hereof.

     1.11 "Term of the agreement": as set forth in Section 6 hereof, the entire
          period from the date on which the agreement comes into effect to the
          date on which the agreement is terminated including any extended
          period effected by any renewal or extension hereof.

     1.12 "Domain name": Any domain or website name that EOPO directly or
          indirectly already owns or will establish, including but not limited
          to the domain disclosed in Appendix 1.

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     1.13 "Intellectual property": Any intellectual property or title to any
          intangible asset that pertains to any text (including in other
          languages), logo or design (including any transformation in any
          recognizable form) related to or used in Economic Observer or using
          Economic Observer, including but not limited to any or all of the
          following: trademark, business name, service logo and trade dress as
          well as any good will associated with any trademark, business name,
          company name, business entity name, trade name, service logo and trade
          dress; patent, concept, prototype, drawing, design, company or
          institution logo, trade dress; distinctive outlook; identity mark;
          official mark; masking layer; utility models; domain names and
          internet protocol addresses and other internet identity marks, virtual
          character and other source identification or business identity marks
          as well as all goodwill associated with the preceding items; copyright
          and work with a claim to authorship (or copyright); databases;
          drawings; concept design; marketing, sales and client databases and
          strategies, client lists; technologies; business proprietary
          information, including proprietary expertise, inventions, invention
          disclosure, inventor's notes, improvements on inventions; discovery,
          recipes, standards and processes; any kind of computer software
          (whether in the form of source codes or object codes); application
          software programming interface; protocols; any right to renew, extend,
          re-release, continued or separate application, application and/or
          register any of the preceding items; and all applications submitted to
          relevant registration authorities in order to register or protect any
          of the above-referenced intellectual properties. The preceding
          intellectual properties include internally produced intellectual
          properties and licensed intellectual properties.

     1.14 "Copyright": Copyright of any works of the agreement incorporating or
          pertaining to all transferable rights, including but not limited to
          right to duplicate, release, lease, exhibit, show/display, broadcast,
          internet broadcast, photograph, adapt, translate and compile, etc.,
          and neighboring rights (including but not limited to the rights that
          accrue to performers, audio-video producers, broadcasting TV
          institutions and print publishers as a result of transmitting a
          certain works) and other rights associated with copyright.

     1.15 "Privately owned intellectual property": Intellectual property owned
          or held by EOPO anywhere in the world.

     1.16 "China": People's Republic of China, including Hong Kong and Macau
          special administrative regions and Taiwan.

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2.   TRANSFER OF ADVERTISING AGENCY AND THE NEWSPAPER COMPANY

     2.1  In accordance with the provisions of the agreement, EOPO grants the
          advertising agency for the advertising business of Economic Observer
          to JGXC and irrevocably agrees to JGXC having sole and exclusive right
          to advertising agency, advertising rate-setting and advertising sales
          for the advertising business of Economic Observer during the term of
          the agreement.

     2.2  During the term of the agreement, without JGXC's written consent in
          advance, EOPO shall not accept directly or through any third party or
          authorizing any third party to accept or server as agent for any of
          the advertising business of Economic Observer.

     2.3  During the term of the agreement, without JGXC's written consent in
          advance, EOPO shall not transfer or partially transfer to, yield to,
          authorize or permit any third party the advertising agency for the
          advertising business of Economic Observer; EOPO shall ensure that no
          third party has any claim against JGXC regarding the advertising
          business prior to the execution of the agreement.

     2.4  Simultaneous with the execution of the agreement, EOPO shall issue to
          JGXC a "Letter of Confirmation" in form and substance as set forth in
          Attachment 1 ("Letter of Confirmation") hereof, thereby acknowledging
          JGXC as the exclusive advertising agent for Economic Observer. EOPO
          agrees to introduce, when appropriate and in Economic Observer and
          related promotional material and media, JGXC as the exclusive
          advertising agent for Economic Observer.

     2.5  While exercising its advertising agency, JGXC may act as an agent of
          EOPO or in the name of the general advertising agent of Economic
          Observer, or act in its own name, JGXC, including but not limited to
          signing, in its own name, contracts with clients or their
          representatives.

     2.6  Without JGXC's written consent in advance, EOPO shall not release any
          advertisement in exchange for any other form of consideration from
          clients. EOPO undertakes that, subject to JGXC delivery or provision
          to EOPO the consideration as set forth in Section 7.1 hereof, all
          revenue related to the advertising business of Economic Observer shall
          accrue to JGXC.

     2.7  JGXC shall execute its advertising agency with due care and in good
          faith and shall not be obligated to pay EOPO any fees other than
          delivering or providing to EOPO the consideration as set forth in
          Section 7.1 hereof.

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     2.8  To facilitate JGXC's delivery of its advertising agency in accordance
          with the provisions herein, EOPO shall exert its utmost to ensure
          sufficient support in terms of newspaper layout, personnel and
          facilities.

     2.9  JGXC may make recommendations with regard to advertising format,
          layout and space allocation, which EOPO should endeavor to accommodate
          except where doing so would contravene the law or violate government
          directives.

     2.10 During the term of the agreement and where permissible under the law
          of the state, the parties hereto agree that JGXC shall have the right
          to demand that Sanlian Group and EOPO transfer EOPO to JGXC or its
          designee thereby rendering JGXC or its designee 100% owner of EOPO or
          in a position equivalent to the above-referenced 100% owner under
          Chinese law, the consideration and terms of which shall be negotiated
          separately between the two parties. Before the termination of the
          agreement and unless with the written consent in advance by JGXC,
          Sanlian Group and EOPO undertake not to transfer to a third party any
          of the right to publish or issue, manage or operate the advertising
          business of Economic Observer or encourage, permit or do anything that
          cause the cancellation or non-renewal of any of the right to publish
          or issue, and not to transfer, sell or pledge to a third party any of
          EOPO's assets or businesses. The parties hereby agree to execute a
          separate agreement on the transfer of Economic Observer in order to
          define the rights and obligations of the parties hereto and thereto.

3.   INTELLECTUAL PROPERTY

     3.1  General provisions for the transfer of intellectual property

          3.1.1 During the term of the agreement and where permissible under the
               law then in effect, EOPO agrees to transfer to JGXC, at the
               request of the latter from time to time, all or part of the
               intellectual properties that it owns then.

          3.1.2 Where, as required under applicable law, the transfer of
               intellectual property cannot be effected without the mandatory
               approval, filing, registration or other legal procedure, EOPO
               shall complete the procedures for obtaining approval, filing or
               change registration in compliance with relevant law or regulation
               within thirty days of the later of:

               1)   JGXC making a written request; or

               2)   The date on which the transfer becomes permissible under the
                    law or regulation.

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          3.1.3 Notwithstanding the provisions in Section 3.1.2 hereof, if the
               required approval, filing and registration cannot be completed
               due to a reasonable delay caused by procedural deadlines imposed
               by the law or regulations, EOPO shall ensure, in a manner
               acceptable to JGXC, that an irrevocable application for transfer
               is submitted, before the above-referenced deadlines, to the
               relevant authorities processing such approval, filing or
               registration.

          3.1.4 The intellectual property to be transferred by EOPO to JGXC
               shall be delivered on the date when the required approval is
               obtained or change of registration effected; where the applicable
               law and regulation does not require approval or mandatory
               registration for the transfer of any intellectual property,
               regardless whether filing or voluntary registration is necessary,
               the intellectual in question shall be delivered automatically on
               later of the date when JGXC makes a written request as set forth
               in Section 3.1.1 hereof or the date when EOPO acquires the said
               intellectual property. If a given intellectual property can be
               covenanted as directly belonging to JGXC, EOPO shall ensure that
               the said intellectual property, upon its coming into existence,
               directly belongs to JGXC.

          3.1.5 Upon the delivery of the intellectual property, all the rights
               and benefits derived from or associated with EOPO shall pass to
               JGXC.

          3.1.6 Within thirty days of delivering the intellectual property or
               other reasonable time frame acceptable to JGXC, EOPO shall
               deliver the said intellectual property's embodiment of rights,
               derivatives and all related material.

          3.1.7 All the taxes and expenses associated with the transfer of
               intellectual property set forth herein shall be borne by the
               relevant parties in compliance with the law.

          3.1.8 Prior to JGXC obtaining legal title to a given intellectual
               property, where permissible under the law, EOPO shall authorize
               JGXC to use the said intellectual property and further agree that
               JGXC shall authorize others to use the said intellectual property
               in order to satisfy an operational need. Without the written
               consent in advance by JGXC, EOPO shall not transfer to or
               authorize the use by a third party, or use the said intellectual
               property in a manner potentially detrimental to the interest of
               JGXC.

          3.1.9 EOPO shall take all measures necessary to protect intellectual
               property and be in compliance with all applicable laws and
               contractual obligations. At the request of JGXC, EOPO shall exert
               its utmost perfect its systems, policies and measures for the

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               protection of intellectual property. In the event of any third
               party's violation of the law or contract, or infringement of or
               damage to intellectual property, or EOPO's or JGXC's rights and
               benefits associated with intellectual property, EOPO shall, at
               the request of JGXC, endeavor to take measures to stop the said
               infringement or breach of contract such that the losses be
               minimized.

          3.1.10 EOPO shall not, in whatever manner, either through action or
               non-action, impair its intellectual property or cause any adverse
               effect on the intellectual property that JGXC shall acquire, own
               and utilize in accordance with the agreement.

          3.1.11 EOPO shall disclose to JGXC, sufficiently, completely and
               without omission, any third party's reserved rights on
               intellectual property already in existence at the time of
               execution hereof.

          3.1.12 EOPO hereby commits itself to the covenant that, from the date
               of execution hereof to date of the delivery of the intellectual
               property to JGXC, EOPO shall:

               (1)  not exercise or authorize others to exercise the
                    intellectual property that shall be transferred to JGXC;

               (2)  not engage in any action that may obstruct or adversely
                    affect the registration, renewal or maintenance of validity
                    in China or elsewhere of the intellectual property by JGXC
                    or its affiliates, including but not limited to transferring
                    the said intellectual property to a third party, or
                    authorizing its use by a third party, or placing any pledge,
                    lien or any other condition or restriction on the said
                    intellectual property;

               (3)  not call into question, at the time when, under the
                    provisions of the law, JGXC lawfully acquires or is
                    authorized to use the intellectual property, the validity
                    and exclusivity of JGXC's entitlement to the intellectual
                    property or the legal right to usage as a party authorized
                    to use the intellectual property, and

               (4)  assist JGXC to execute all necessary documents and provide
                    to JGXC, in a timely manner, all the information reasonably
                    required for the delivery or authorized use of the
                    intellectual property; and

          3.1.13 Section 3.2, Section 3.3 or Section 3.4 hereof does not limit
               the generality of Section 3.1 hereof.

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     3.2  Transfer of copyright

          3.2.1 Where permissible under the law, the copyright that EOPO
               transfers to JGXC shall include the copyright of the following
               works: from the date on which EOPO was established till the date
               of termination of the agreement, any works that Economic Observer
               published, carried, utilized and linked to, including but not
               limited to works of literature, oral literature, music, drama,
               folk arts, dance, acrobatic arts, fine arts, photography, movies
               and movie-type of works, graphic works such as engineering
               design, product design, maps, illustrations and models, computer
               software, other works protected under Chinese law, regulations
               and intentional conventions that China is a signatory thereto or
               participant thereof, any collections, adaptations, translations,
               annotations, editions of the above-referenced works ("agreement
               works"), regardless whether EOPO created these works internally,
               commissioned others to create them, or others created them or
               provided them to EOPO of their own initiative, and regardless
               whether EOPO made payment to obtain or publish the said works.

          3.2.2 The copyright that EOPO transfers to JGXC is limited to the
               copyright of the agreement works that EOPO owns, possesses, has
               obtained or is licensed to use under applicable laws,
               regulations, conventions and/or contracts, agreements, license
               and authorization during the term hereof.

          3.2.3 Without the written consent in advance by JGXC, EOPO shall not
               use any of the agreement works in a publication, website or other
               media other than Economic Observer. For the sake of clarity,
               Economic Observer referenced in this section means the newspaper
               published by EOPO with the publication series number of CN37-0027
               as well as its subsequent publication under a new name or new
               masthead.

          3.2.4 To the extent permissible under the law, from the date of
               execution hereof, EOPO shall covenant with the authors of the
               agreement works that JGXC shall exercise the property rights to
               the copyright of the said works.

          3.2.5 Notwithstanding the transfer of the copyright, the authors of
               the agreement works continue to be entitled to their rights of
               the person regarding the right of authorship, the right of
               revision and the right of keeping the integrity of the work,
               unless the law provides otherwise.

     3.3  Transfer of trademarks

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          3.3.1 EOPO agrees to transfer to JGXC, where permissible under the
               law, the trademark registration application identified in
               Appendix 2 herein ("Trademark registration application"), and
               JGXC agrees to accept then the trademark registration
               application.

          3.3.2 Within thirty days after JGXC makes a written request as set
               forth in Section 3.1.1 hereof, EOPO shall follow the legal
               procedures required under Chinese law and regulations for
               transferring a trademark registration application or follow a
               procedure acceptable to JGXC in order that an irrevocable
               application to transfer a trademark registration be submitted to
               the State Trademark Bureau.

     3.4  Transfer of the domain name

          3.4.1 EOPO agrees to transfer to JGXC, where permissible under the
               law, the domain name disclosed in Appendix 2 herein and
               associated website, and JGXC agrees to accept then the domain
               name disclosed in Appendix 2 herein.

          3.4.2 To effect the transfer of the domain name referenced to in
               Section 3.4.1 hereof, within thirty days after JGXC makes a
               written request as set forth in Section 3.1.1 hereof, EOPO shall
               follow the legal procedures required under Chinese law and
               regulations for transferring a domain name or changing the owner
               of a domain name, and simultaneously complete the procedures for
               changing the telecommunications and information services business
               license and/or related other filing procedures for a transfer of
               domain name, and follow a procedure acceptable to JGXC in order
               that the change of registration of the domain name owner be
               completed with the domain name registration authorities.

4.   DISTRIBUTION BUSINESS CONSULTING SERVICES

     4.1  To increase the distribution of Economic Observer and further expand
          the advertising business of Economic Observer, EOPO agrees to follow
          the provisions herein and commission JGXC to provide information
          consulting and management consulting services regarding the
          distribution business of Economic Observer. JGXC shall deliver these
          services with due diligence and in good faith.

     4.2  As requested by EOPO form time to time, JGXC shall recommend overall
          plans and case reviews with regard to the distribution plans and
          distribution proposals of Economic Observer, including but not limited
          to providing consultation and recommendations on the total volume of
          distribution, regional distribution volumes, methods of distribution,
          channels of distribution, review of distribution contracts, format and
          terms of the distribution contracts.

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     4.3  To facilitate the provision of the consulting services, EOPO shall
          disclose to JGXC the details of information, both existing and those
          to arise during the term hereof, on all drafts of distribution
          contracts, name of distributors, distribution volume, distribution
          price, distribution region, distribution revenue allocation, etc.

5.   PRINTING BUSINESS MANAGEMENT SERVICES

     5.1  To increase the distribution of Economic Observer and further expand
          the advertising business of Economic Observer, EOPO agrees to follow
          the provisions herein and commission JGXC to assist EOPO with the
          management of the printing business of Economic Observer. JGXC shall
          deliver these services with due diligence and in good faith.

     5.2  EOPO shall execute printing contracts based on standard printing costs
          verified by JGXC Prior to executing any printing contract with any
          third party, EOPO shall submit the draft of the printing contract to
          JGXC five business days before its execution; the said draft shall
          disclose in detail the significant terms such as the names of the
          parties to the contract, quantity of printing, printing price, region,
          and printing costs, etc.

6.   TREATMENT OF PRIOR AGREEMENTS

     6.1  EOPO and Newspaper Co. hereby confirm that they shall terminate all
          the contracts, agreements or arrangements, as listed in Attachment 2
          hereof, that EOPO and Newspaper Co. entered into prior to the date of
          execution hereof but have not yet fully performed and that they shall
          execute "Letter of confirmation regarding the termination of
          agreements" in a form as set forth in Attachment 2 hereof.

     6.2  Where EOPO and a third party entered into, or Newspaper Co. and a
          third party entered into prior contracts, agreements or arrangements
          with respect to advertising, intellectual property, distribution and
          printing business ("prior agreements with other parties") that, on the
          date of execution hereof, have not been fully performed, EOPO or
          Newspaper Co. shall exert their utmost to perform these agreements
          with other parties to completion in a reasonable manner, to the extent
          not contravening the agreement and not having a direct or indirect
          adverse effect on JGXC's interests, unless JGXC demands otherwise.

     6.3  With regard to those prior agreements with third parties, as listed in
          Appendix 3 hereof, that pertain to advertising business, Newspaper Co.
          and JGXC hereby agree that Newspaper Co. shall transfer to JGXC the
          rights and benefits under the said contracts, agreements or
          arrangements, and that they shall execute "Letter of Confirmation
          Regarding the Transfer of Contractual Rights and Benefits" in a form
          as set forth in Attachment 3 hereof.

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     6.4  With regard to those prior agreements with third parties, as listed in
          Attachment 4 hereof, that pertain to advertising business, EOPO and
          JGXC hereby agree that EOPO shall transfer to JGXC the rights and
          benefits under the said contracts, agreements or arrangements, and
          that they shall execute "Letter of confirmation regarding the transfer
          of contractual rights and benefits" in a form as set forth in
          Attachment 4 hereof.

     6.5  Unless the law provides otherwise, from the date of execution hereof,
          EOPO and Newspaper Co. shall not execute or enter into any agreement
          or arrangement without the written consent by JGXC in advance; EOPO
          shall not make any payment to Newspaper Co. without the signature and
          consent of JGXC's chief financial officer. For the sake of clarity,
          JGXC's chief financial officer refers to the chief financial officer
          as defined in JGXC's Articles of Association, or another person by
          right of a written authorization from the chief financial officer.

7.   CONSIDERATION

     7.1  Commencing from the date of execution hereof, JGXC shall pay EOPO, an
          annual basic advertising agency fee in the amount of RMB 1,000,000
          (one million Renminbi). The rate of the advertising agency fee set
          forth herein may be adjusted by the parties through consultation
          taking into consideration the market situation and the evolution of
          the advertising business of Economic Observer.

     7.2  The total amount referenced in Section 7.1 hereof shall be paid by
          JGXC in equal monthly installments. EOPO agrees that the
          above-referenced consideration to be paid by JGXC already incorporates
          the compensation for transferring or licensing intellectual property
          to JGXC as set forth in Section 3.1.1 hereof, unless the law provides
          otherwise.

8.   REPRESENTATIONS AND WARRANTIES

     8.1  On the date of execution hereof, EOPO and Newspaper Co. make the
          representations and warranties to JGXC that the information disclosed
          in the appendices hereof is true, accurate, complete, and without
          omission or being misleading, and acknowledge that the said warranty
          constitutes the basis on which JGXC enters the agreement.

     8.2  Each representation and warranty shall be construed as a separate
          warranty.

     8.3  EOPO undertakes to immediately give written notice to JGXC if EOPO
          becomes aware that, events subsequent to the date of execution hereof
          have rendered any of the representations and warranties to be untrue,

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          inaccurate or misleading in any respect such that there is a material
          adverse effect on the rights of JGXC

9.   NOTICE

     9.1  Unless otherwise provided herein, when any party is giving a notice in
          accordance with or associated with the agreement, the said notice
          shall be in writing. If delivered in person, or transmitted by
          facsimile, or delivered by EMS, then it is deemed delivered if it is
          delivered to the addresses or facsimile numbers listed below, or
          delivered to other addresses or facsimile numbers provided by the
          recipient in advance.

          Economic Observer Press Office

          Address: Building 7, Xinghua East Lane A, Heping Street, Dongcheng
          District, Beijing
                     Postal Code: 100013
          Telephone: 010-64209021
          Facsimile: 010-64297071
          Attention: ZHANG, Lijuan

          Shandong Sanlian (Group) Co., Ltd.
          Address:   20 Tuquan North Road, Jinan, Shandong
                     Postal Code: 250011
          Telephone: 0531-83536605
          Facsimile: 0531-86099847
          Attention: ZHU, Aijun

          Shandong Economic Observing Newspaper Co., Ltd.
          Address:   Building 7, Xinghua East Lane A, Heping Street, Dongcheng
          District, Beijing
                     Postal Code: 100013
          Telephone: 010-64209021
          Facsimile: 010-64297071
          Attention: ZHANG, Lijuan

          Beijing Jingguan Xincheng Advertising Co., Ltd.
          Address:   Building 7, Xinghua East Lane A, Heping Street, Dongcheng
          District, Beijing
                     Postal Code: 100013
          Telephone: 010-64209021
          Facsimile: 010-64297071
          Attention: ZHANG, Lijuan

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     9.2  Unless otherwise provided herein, any notice, if transmitted by
          facsimile, shall be deemed delivered immediately if it is transmitted
          without error messages to the facsimile number of the recipient listed
          above during 8:00-17:00, Beijing Time, on a statutory business day,
          except that, immediately thereafter, the said notice shall be
          delivered by EMS to the recipient as a form of confirmation. Any
          notice, if delivered by EMS, shall be deemed already delivered 5 days
          after it is dispatched to the address of the recipient.

10.  REVISION AND TERMINATION OF THE AGREEMENT

     10.1 Any amendment to this Agreement shall not be valid without the
          unanimous consent of the parties, the approval of the board of
          directors of JGXC, and execution of supplemental agreement. Any
          unilateral change to this agreement by any party has no legal effect.

     10.2 Unless provided otherwise herein, no party shall terminate the
          agreement prior to the expiration of the term hereof. If any party
          terminates the agreement without the approval from the other parties,
          the said party shall be held liable for compensation in compliance
          with the provisions hereunder.

     10.3 Notwithstanding the foregoing provisions, JGXC's board of directors
          may pass a resolution by vote and give written notice to the other
          parties in order to terminate the agreement.

11.  LIABILITIES FOR BREACH

     11.1 In the event one party breaches any of the contractual obligations
          hereunder or any representation and warranty and causes any direct
          losses or foreseeable indirect losses to the other party, the
          breaching party shall make full compensation or indemnity for the
          losses sustained by the other party. The said other party shall have
          the right to make deductions or withholdings from any amount owing to
          the breaching party.

     11.2 If one party breaches the agreement and causes losses to the other
          party, the said other party shall take appropriate measures to prevent
          the losses from increasing, otherwise, the said other party shall be
          held responsible for the increase of the loss; on the other hand, the
          breaching party shall be responsible for the reasonable expenses
          incurred by the said other party for preventing the loss from
          increasing.

     11.3 The parties fully understand and agree that the covenants hereunder
          constitute important components of the cooperation agreements,
          violation of which may result in a fundamental breach of the
          cooperation

                                                                              15

<PAGE>

          agreements and the loss caused by one party's breach hereof to the
          other party may exceed and substantially surpass the considerations
          covenanted herein. The parties acknowledge that all the provisions
          herein, including but not limited to Section 11 hereof on breaching
          party's obligations, result from fair and sufficient consultation
          among the parties, who irrevocably agree that the breaching party
          shall, under no circumstances, present any claim or plea for reducing
          the obligation of the breaching party on the ground that it is grossly
          unconscionable or that the indemnity exceeds the consideration of the
          contract.

     11.4 If EOPO wishes to terminate the agreement prior to the expiry date,
          EOPO shall compensate JGXC for all the resulting losses, including but
          not limited to any direct loss, indirect loss, loss of JGXC's
          anticipated profit during the term hereof assuming the agreement is
          not terminated (annual profit shall be based on JGXC's actual
          operating revenue and reasonable projection of growth rate), as well
          as all direct or indirect losses resulting or potentially resulting
          from obligatory compensations to third parties.

     11.5 With the approval of its board of directors, JGXC may give written
          notice to the other parties to terminate the agreement and hold EOPO
          liable for breaching of contract under Section 11.4 hereof if any of
          the following situations implicating EOPO occurs:

               11.5.1 EOPO violates the provisions under Section 2 hereof,
                    including but not limited to transferring to others or
                    permitting others to operate all or part of the advertising
                    agency of Economic Observer, or refusing to place
                    advertisement without a valid reason, or committing material
                    errors of omitting, misplacing advertisement, or causing, in
                    any other manner, material adverse effect on the advertising
                    business of Economic Observer, or causing the loss of all or
                    part of the exclusive advertising agency of Economic
                    Observer, and after receiving the written notice from JGXC
                    demanding remedy, EOPO failing to remedy the situation
                    within a reasonable time frame in compliance with JGXC's
                    demand;

               11.5.2 EOPO violates the provisions under Section 3 hereof,
                    causing the transfer of intellectual property hereunder to
                    completely or partially fall through, or preventing the
                    transfer of any or all material intellectual property, or
                    causing material impairment to JGXC's rights and benefits
                    deriving from the said intellectual property, and after
                    receiving the written notice from JGXC demanding remedy,
                    EOPO failing to remedy the situation within a reasonable
                    time frame in compliance with JGXC's demand;

               11.5.3 EOPO violates the provisions under Section 4 or 5 hereof,
                    causing complete or partial failure of service objectives
                    for distribution

                                                                              16

<PAGE>

                    consulting and printing management, and after receiving the
                    written notice from JGXC demanding remedy, EOPO failing to
                    remedy the situation within a reasonable time frame in
                    compliance with JGXC's demand; or

     11.6 EOPO, Sanlian Group and Newspaper Co. are liable jointly and severally
          for their respective obligations and undertakings hereunder.

12.  TERM OF THE AGREEMENT AND RENEWAL UPON EXPIRATION

     12.1 The Agreement comes into force on the date of establishment and
          thereby replaces "Business Cooperation Agreement" executed by the
          parties on May 10, 2006 and "Supplementary Agreement to 'Business
          Cooperation Agreement'" executed on June 10, 2006; the agreement shall
          have a term of fifty (50) years commencing from the date of execution.

     12.2 Upon expiry of the term hereof, the agreement automatically renews
          itself without the parties incurring any additional expenses for the
          renewal.

13.  PAYMENT OF TAXES

     13.1 The parties shall pay taxes and fees in accordance with Chinese law
          and applicable tax regulations then in effect, of which, EOPO shall
          pay taxes during the process of and associated with the issuance of
          advertisement while JGXC shall pay taxes during the process of and
          associated with advertising agency.

14.  RESOLUTION OF DISPUTE

     14.1 Any disputes arising out of or in connection with the agreement shall
          be resolved through consultation among the parties as a first resort;
          in the event the dispute resolution through consultation proves
          unsuccessful, the parties shall then refer the dispute to China
          International Economic and Trade Arbitration Commission and submit
          themselves to the arbitration rules of the said Commission in effect
          at the time of application for arbitration; the judgment of the
          arbitration tribunal shall be final and binding on the parties hereto.

     14.2 During the process of dispute resolution, except for the matters in
          dispute, the parties shall continue and abide by the other provisions
          hereof and fulfill their other obligations hereunder.

                                                                              17

<PAGE>

15.  GOVERNING LAW AND JURISDICTION

     15.1 The agreement shall be governed by and construed in accordance with
          the laws of the People's Republic of China.

16.  WAIVER AND TRANSFER

     16.1 Any party's waiver at any time of any entitlement under any provision
          hereof does not affect the said party's subsequent entitlement under
          the said provision or its entitlement under any other provisions
          hereof.

     16.2 Any party shall not transfer any of its rights and/or obligations
          hereunder to any non-party hereto without the written consent by the
          other parties.

17.  MISCELLANEOUS

     17.1 Matters requiring hereunder the written consent by JGXC or any waiver
          by JGXC of a right hereunder shall be approved of only through a vote
          by the board of directors of JGXC, unless the board of directors of
          JGXC passes a resolution to the contrary.

     17.2 The section headings herein are for convenience only and shall not
          affect the construction hereof.

     17.3 If any term or provision herein is declared by any applicable law to
          be illegal or unenforceable, the said provision shall be deemed
          deleted from the agreement and null whilst the agreement remains valid
          and shall be deemed no to contain the said provision in its original
          composition. The parties shall, through consultation, replace the
          provision that is deemed depleted with one that is acceptable and
          satisfactory to the parties, legal and valid.

     17.4 The time, date and deadline provided hereunder are of the essence
          hereof, any violation of the time, date or deadline provided hereunder
          shall be deemed a breach of contract.

     17.5 All expenses incurred to cause the agreement to come into force
          legally, including but not limited to fees for notary public services,
          stamping and registration, shall be borne by the related parties in
          accordance with Chinese law or by the party incurring the expense.

     17.6 The appendices hereto constitute an integral part hereof and shall be
          of equal validity as the agreement proper.

                                                                              18

<PAGE>

     17.7 The agreement is composed of four counterparts, the parties each
          holding one counterpart, all of which having equal legal force.

                           [Signature page to follow]

                                                                              19

<PAGE>

Signature page for "Business Cooperation Agreement"

Economic Observer Press Office
[Company chop of Economic Observer
Press Office]

Authorized representative: /s/
                           ----------------------------------------

Shandong Sanlian (Group) Co., Ltd.
[Company chop of Shandong Sanlian
(Group) Co., Ltd.]

Authorized representative: /s/
                           ----------------------------------------

Shandong Economic Observing Newspaper
Co., Ltd. [Company chop of Shandong
Economic Observing Newspaper Co.,
Ltd.]

Authorized representative:
                           ----------------------------------------

Beijing Jingguan Xincheng Advertising
Co., Ltd. [Company chop of Beijing
Jingguan Xincheng Advertising Co.,
Ltd.]

Authorized representative: /s/
                           ----------------------------------------

                                                                              20

<PAGE>

                    APPENDIX 1 REPRESENTATIONS AND WARRANTIES

EOPO and Newspaper Co. (collectively the "Representing Parties"), on the date of
execution hereof, jointly and severally represent and warrant the following:

1    General representation and warranty

     1.1  The Representing Parties are legal persons of a subsisting and
          reputable business institution or corporation established under
          Chinese law;

     1.2  The Representing Parties possess all the power, authorization and
          approval (from government or other entities) necessary to execute and
          fully perform the agreement and fulfill the obligations under each
          related agreement executed in accordance with the agreement;

     1.3  The Representing Parties have taken all necessary measures such that
          they have full legal power to enter into the agreement; the
          representatives executing the agreement on behalf of the Representing
          Parties have obtained full authorization necessary for executing the
          agreement, therefore by the power of the letter of authorization or by
          reason of the representatives as employees of the Representing
          Parties, the agreement they executed shall be binding on the
          Representing Parties.

     1.4  Execution and performance hereof shall not contravene any Chinese law,
          government decree or court judgment or cause the Representing Parties
          to breach any contract with a third party;

     1.5  With respect to the subject hereof, the Representing Parties are not
          implicated in any pending law suit, arbitration, or judicial,
          administrative or other procedures or government investigation, or
          threat of any of the preceding that the Representing Parties are aware
          of in their best faith;

     1.6  All the documents, data, information and undertakings provided by the
          Representing Parties to the other parties are true, accurate and
          complete without omission or being misleading.

2.   Regarding the agreement

     2.1  The appendices hereto have already made a full and complete disclosure
          of all the contracts, agreements or arrangements that EOPO and
          Newspaper Co. have entered regarding advertising, intellectual
          property, distribution, printing and related businesses or affairs, or
          that may affect JGXC's rights hereunder, or that may rival or
          contradict the agreement;

     2.2  The contracts or agreements disclosed in the appendices hereto are
          legal and valid, and, to the best knowledge of EOPO and Newspaper Co.,
          no circumstances exist that may affect the full performance of the
          said

                                                                              21

<PAGE>

          contracts or agreements, or cause any parties thereto to breach the
          contract or demand compensation or file other claims.

3.   Regarding intellectual property

     3.1  Disclosure: The Appendix 2 hereto has made, without omission, a full
          and complete disclosure of the intellectual property inventory, the
          particulars of which include:

          (i)  All intellectual properties under the category of privately owned
               intellectual property that have been or are in the process of
               being registered, including but not limited to patent, domain
               name, trademark, business name, service logo, copyright, and
               applications for any of the preceding;

          (ii) Substantial approval and renewal of approval of privately owned
               intellectual property to third parties;

          (iii) Approval of intellectual property and any renewal of approval
               received of the said intellectual property;

          (iv) Other than those provided herein, any substantial obligations of
               exclusiveness and non-competition that are binding on EOPO, as
               well as any reservation placed by a third party on intellectual
               property.

     3.2 Overview

          3.2.1 All the intellectual properties are legally owned by EOPO as the
               beneficial owner, or are authorized by the title owner who
               consents to its legal use by the authorized; EOPO possesses full
               legal titles and associated rights to the said intellectual
               properties, free from any legal encumbrance for its performance
               hereof;

          3.2.2 Up until the date of execution hereof, EOPO is in possession of
               no intellectual property, undisclosed to JGXC, that has already
               been registered with the applicable government agency or other
               registration authority, or that an application for registration
               thereof has already been submitted.

          3.2.3 Other than the domain name disclosed in Appendix 2 hereto, EOPO
               is in possession or direct or indirect control of no other
               domain.

          3.2.4 Up until the date of execution hereof, EOPO does not own any
               trademark, nor has it filed any undisclosed application for the
               registration of any trademark.

          3.2.5 EOPO has already filed an application with the Trademark Bureau
               of the State Administration of Industry and Commerce to register
               a trademark disclosed in Appendix 2 hereto, and, to the best
               knowledge of EOPO, there is no substantial encumbrance in
               existence to prevent EOPO from obtaining the registration
               thereof.

                                                                              22

<PAGE>

     3.3  License

          3.3.1 Other than those disclosed in Appendix 2 hereto, no third party
               has been licensed by EOPO for the use of any intellectual
               property.

     3.4  No infringement by EOPO

          3.4.1 EOPO did not infringe, is not infringing and will not infringe
               upon the intellectual property of any third party.

          3.4.2 No third party has ever filed any claims declaring that EOPO
               infringed, is infringing or may infringe upon the intellectual
               property of any third party, or disputing the intellectual
               property owned or used by EOPO. To the best knowledge of EOPO, no
               circumstances exist that may give rise to the above-referenced
               claims or disputes.

     3.5  No infringement by third parties

          3.5.1 To the best knowledge of EOPO, no third party infringed, is
               infringing or may infringe upon the intellectual property owned
               or used by EOPO

          3.5.2 EOPO has never filed any claims declaring that a third party
               infringed, is infringing or may infringe upon the intellectual
               property owned or used by EOPO, or disputing the intellectual
               property owned or used by a third party. To the best knowledge of
               EOPO, no circumstances exist that may give rise to the
               above-referenced claims or disputes.

          3.5.3 After the transfer, EOPO has not behaved in any manner, either
               through action or non-action, which may be detrimental to JGXC
               enforcing its rights to the intellectual properties owned or used
               by EOPO

     3.6  Restrictions on rights

          3.6.1 The intellectual properties owned or used by EOPO are not
               subject to any security interest, except for the restrictions set
               forth herein

          3.6.2 Other than the agreement, there is no agreement or arrangement
               that restrict EOPO's disclosure, use or transfer of intellectual
               property, or granting a third party any rights to the
               intellectual property.

     3.7  Loss of rights

          3.7.1 The intellectual property owned or used by EOPO will be lost or
               shall not be terminated as a result of the transfer or the
               performance hereof.

          3.7.2 EOPO has not behaved in any manner, either through action or
               non-action,, no situation has arisen or may arise, such that may
               cause the cancellation, enforced licensing, abolishing or
               amendment of any of the intellectual property, or may cause an

                                                                              23

<PAGE>

               pending application to be denied or unable to be registered as a
               valid intellectual property.

                                                                              24
<PAGE>

                   APPENDIX 2 LIST OF INTELLECTUAL PROPERTIES

1.   Self-owned intellectual properties

     (1)  Domain name: EOPO is in possession or direct or indirect control of no
          other domain other than the domain names disclosed listed below:

<TABLE>
<CAPTION>
Chinese domain name             English domain name     Universal website              Internet name
-------------------            --------------------   --------------------   --------------------------------
<S>                            <C>                    <C>                    <C>
www.[Chinese Characters].cn    www.eeo.com.cn         [Chinese Characters]   [Chinese Characters]
www.[Chinese Characters].com   www.eobserver.com.cn   (Economic Observer)    (Economic Observer Press Office)
www.[Chinese Characters].net
www.[Chinese Characters].com
www.[Chinese Characters].net
www.[Chinese Characters].com
www.[Chinese Characters].com
www.[Chinese Characters].com
www.[Chinese Characters].com
</TABLE>

     (2)  Regarding trademarks: EOPO does not own any trademark, nor has it
          filed any undisclosed application for the registration of any
          trademark other than the following registered trademark applications
          that have been submitted to the Trademark Bureau of the State
          Administration of Industry and Commerce:

<TABLE>
<CAPTION>

                        Date of processing
Trademark                 the application
Text/Graphic             for registration            Applicable category
------------            ------------------   -----------------------------------
<S>                     <C>                  <C>
The Economic Observer   May 25, 2005          9   Science, navigation, land
[Chinese Characters]                              survey, electrical,
[Chinese Characters]                              photography, movies, optics,
                                                  scales, instruments of
                                                  measurement, signal, testing
                                                  (supervision), ambulance
                                                  (rescue) and instructional
                                                  instruments and devices,
                                                  recording, communications,
                                                  device for displaying sound
                                                  and image, magnetic data
                                                  medium, recording disc,
                                                  automatic vending machine and
                                                  coin-
</TABLE>

                                                                              25

<PAGE>

<TABLE>
<S>                     <C>                  <C>
                                                  operated mechanical structure,
                                                  cash register, computer and
                                                  data processing facility, fire
                                                  extinguisher

The Economic Observer   May 25, 2005         16   Different types of paper,
[Chinese Characters]                              paper board and products,
[Chinese Characters]                              printed matter, stapling
                                                  products, photos, stationery,
                                                  glues for stationery or home
                                                  use, fine arts products,
                                                  brush-pencil, typewriter and
                                                  office products (other than
                                                  furniture), education or
                                                  instructional products (other
                                                  than instruments), packaging
                                                  plastic materials (different
                                                  types), paper cards, printing
                                                  types, printing form

The Economic Observer   May 25, 2005         35   Advertising, enterprise
[Chinese Characters]                              operation, enterprise
[Chinese Characters]                              management, office
                                                  administration

The Economic Observer   May 25, 2005         40   Material processing
[Chinese Characters]
[Chinese Characters]

The Economic Observer   May 25, 2005         41   Education, provision of
[Chinese Characters]                              training, entertainment,
[Chinese Characters]                              arts and sports activities

The Economic Observer   May 25, 2005         42   Science and technology service
[Chinese Characters]                              and related research and
[Chinese Characters]                              design services; industrial
                                                  analysis and research,
                                                  computer hardware and software
                                                  design and
</TABLE>

                                                                              26

<PAGE>

<TABLE>
<S>                     <C>                  <C>
                                                  development; legal services

EEO.COM.CN              May 25, 2005          9   Science, navigation, land
[Chinese Characters]                              survey, electrical,
                                                  photography, movies, optics,
                                                  scales, instruments of
                                                  measurement, signal, testing
                                                  (supervision),
                                                  ambulance(rescue) and
                                                  instructional instruments and
                                                  devices, recording,
                                                  communications, device for
                                                  displaying sound and image,
                                                  magnetic data medium,
                                                  recording disc, automatic
                                                  vending machine and
                                                  coin-operated mechanical
                                                  structure, cash register,
                                                  computer and data processing
                                                  facility, fire extinguisher

EEO.COM.CN              May 25, 2005         16   Different types of paper,
[Chinese Characters]                              paper board and products,
                                                  printed matter, stapling
                                                  products, photos, stationery,
                                                  glues for stationery or home
                                                  use, fine arts products,
                                                  brush-pencil, typewriter and
                                                  office products (other than
                                                  furniture), education or
                                                  instructional products (other
                                                  than instruments), packaging
                                                  plastic materials (different
                                                  types), paper cards, printing
                                                  types, printing form

EEO.COM.CN              May 25, 2005         35   Advertising, enterprise
</TABLE>

                                                                              27

<PAGE>

<TABLE>
<S>                     <C>                  <C>
[Chinese Characters]                              operation, enterprise
                                                  management, office
                                                  administration

EEO.COM.CN              May 25, 2005         40   Material processing
[Chinese Characters]

EEO.COM.CN              May 25, 2005         41   Education, provision of
[Chinese Characters]                              training, entertainment,
                                                  arts and sports activities

EEO.COM.CN              May 25, 2005         42   Science and technology service
[Chinese Characters]                              and related research and
                                                  design services; industrial
                                                  analysis and research,
                                                  computer hardware and software
                                                  design and development; legal
                                                  services

[Chinese Characters]    July 6, 2005         16   Different types of paper,
CHINA BLUE                                        paper board and products,
CHIP REAL ESTATE                                  printed matter, stapling
And graphics                                      products, photos, stationery,
                                                  glues for stationery or home
                                                  use, fine arts products,
                                                  brush-pencil, typewriter and
                                                  office products (other than
                                                  furniture), education or
                                                  instructional products (other
                                                  than instruments), packaging
                                                  plastic materials (different
                                                  types), paper cards, printing
                                                  types, printing form

[Chinese Characters]    July 6, 2005         41   Education, provision of
CHINA BLUE                                        training, entertainment,
CHIP REAL ESTATE                                  arts and sports activities
And graphics

[Chinese Characters]    July 6, 2005         16   Different types of paper,
The Economic Observer                             paper board and products,
Forum and graphics                                printed
</TABLE>

                                                                              28

<PAGE>

<TABLE>
<S>                     <C>                  <C>
                                                  matter, stapling products,
                                                  photos, stationery, glues for
                                                  stationery or home use, fine
                                                  arts products, brush-pencil,
                                                  typewriter and office products
                                                  (other than furniture),
                                                  education or instructional
                                                  products (other than
                                                  instruments), packaging
                                                  plastic materials (different
                                                  types), paper cards, printing
                                                  types, printing form

[Chinese Characters]    July 6, 2005         41   Education, provision of
The Economic Observer                             training, entertainment,
Forum and graphics                                arts and sports activities

[Chinese Characters]    June 3, 2006         16   Different types of
The Most Respected      (Note: date               paper, paper board and
Companies of China      of application,           products, printed matter,
And graphics            not date of               stapling products, photos,
                        processing)               stationery, glues for
                                                  stationery or home use, fine
                                                  arts products, brush-pencil,
                                                  typewriter and office products
                                                  (other than furniture),
                                                  education or instructional
                                                  products (other than
                                                  instruments), packaging
                                                  plastic materials (different
                                                  types), paper cards, printing
                                                  types, printing form

[Chinese Characters]    June 3, 2006         41   Education, provision of
The Most Respected      (Note: date of            training, entertainment,
Companies of China      application, not          arts and sports activities
And graphics            date of
                        processing)

[Chinese Characters]    June 3, 2006         16   Different types of
                        (Note: date of
</TABLE>

                                                                              29

<PAGE>

<TABLE>
<S>                     <C>                  <C>
Marketing               application, not          paper, paper board and
And graphics            date of                   products, printed matter,
                        processing)               stapling products, photos,
                                                  stationery, glues for
                                                  stationery or home use, fine
                                                  arts products, brush-pencil,
                                                  typewriter and office products
                                                  (other than furniture),
                                                  education or instructional
                                                  products (other than
                                                  instruments), packaging
                                                  plastic materials (different
                                                  types), paper cards, printing
                                                  types, printing form

[Chinese Characters]    June 3, 2006         41   Education, provision of
Marketing               (Note: date of            training, entertainment,
And graphics            application, not          arts and sports activities
                        date of
                        processing)
</TABLE>

                                                                              30
<PAGE>

     APPENDIX 3 LIST OF PRIOR AGREEMENTS WITH OTHER PARTIES TO BE CONTINUED

     This is a list of agreements mainly related to distribution and printing of
publications of Shandong Economic Observing Newspaper Co., Ltd. and Economic
Observer Press Office.

                                                                              31

<PAGE>

                       ATTACHMENT 1 LETTER OF CONFIRMATION

     Economic Observer Press Office ("EOPO") has designated Beijing Jingguan
Xincheng Advertising Co., Ltd. as Economic Observer's exclusive general
advertising agent. This is confirmed as follows:

1.   Beijing Jingguan Xincheng Advertising Co., Ltd. is officially designated by
     EOPO as the exclusive general agent ("General Agent") of Economic
     Observer's advertising business.

2.   The above-referenced Economic Observer include the currently named Economic
     Observer [Chinese Characters] and its successor or substitute
     under a new name or masthead, as well as other financial publications and
     any or all appendices, supplements, additional editions, derivative
     publications, whether in print or electronic format or in any other format
     or media that EOPO publishes from time to time.

3.   General Agent is empowered, in the capacity of agent, to enter into
     contracts related to the advertising business of Economic Observer.

4.   Advertising clients wishing to enter into any advertising contract with
     EOPO shall submit an application to General Agent; once the written consent
     of General Agent is obtained in advance, arrangements are then made for the
     execution thereof with the relevant departments of EOPO.

5.   This letter of confirmation comes into force on the date of execution and
     delivery for a term of fifty years; the said term shall be extended to the
     extent that the term of cooperation between EOPO and General Agent is
     extended or updated.

In witness of the preceding on this [__]day of [__________], 2006

                                        Economic Observer Press Office
                                        [Company chop of Economic Observer Press
                                        Office]

                                        Legal representative: /s/
                                                              ------------------

                                                                              32

<PAGE>

   ATTACHMENT 2 LETTER OF CONFIRMATION REGARDING THE TERMINATION OF AGREEMENTS

Economic Observer Press Office ("EOPO") and Shandong Economic Observing
Newspaper Co., Ltd. ("Newspaper Co.") entered this letter of confirmation on
[__________] in the presence of the authorized representative of Beijing
Jingguan Xincheng Advertising Co., Ltd..

1.   EOPO and Newspaper Co. hereby acknowledge that the contracts or agreements
     ("the prior agreements with other parties") listed in Section 3 hereof
     below were entered into on the dates indicated by the two parties. The
     parties have reached agreement through consultation to the termination, on
     the date of execution hereof, of the prior agreements with other parties,
     absolving the parties of any rights or obligations under the provisions of
     the prior agreements with other parties.

2.   EOPO and Newspaper Co. hereby agree: commencing on the date of execution
     hereof, the two parties each irrevocably and unconditionally abandon any
     claims for compensation under the prior agreements with other parties,
     shall not make subject the other party to any demands, request, pleas or
     claims under the prior agreements with other parties, or subject the other
     party to any demands, request, pleas or claims associated with the prior
     agreements with other parties, regardless of whether the subject matter of
     the said demands, request, pleas or claims arises before or after the
     execution hereof.

3.   The contracts and agreements to be terminated hereby include:

<TABLE>
<CAPTION>
     Title                 Date of execution   Abstract                                     Amount (in RMB)
     -----                 -----------------   --------                                     ---------------
<S>  <C>                   <C>                 <C>                                          <C>
1.   "Agreement"           July 22, 2005       EOPO grants to Newspaper Co. Level 1         n/a
                                               agency for wholesale distribution,
                                               exclusive advertising agency and other
                                               non-editorial business agency for Economic
                                               Observer, whose range of operation is
                                               China(including Hong Kong and Taiwan) and
                                               other permissible regions

2.   "Agency Agreement     January 1, 2004     EOPO commissions the Beijing sales           EOPO makes an annual
     (business training                        subsidiary of Shandong Yuan Chuang           payment of RMB
     in branding and                           Newspaper Development Co., Ltd.              2,400,000.00 (two
     promotion                                 (predecessor of Newspaper Co.) to provide    million four hundred
     services)"                                all-year-round business training in sales    thousand RMB) to EOPO
                                               and branding

3.   "Agency Agreement     March 1, 2005       EOPO commissions the Beijing sales           EOPO makes an annual
                                               subsidiary of Shandong Yuan                  payment
</TABLE>

                                                                              33

<PAGE>

<TABLE>
<S>  <C>                   <C>                 <C>                                          <C>

     (business training                        Chuang Newspaper Development Co.,            of RMB 2,880,000.00
     in branding and                           Ltd.(predecessor of Newspaper Co.) to        (two million eight
     promotion                                 provide all-year- round business training    hundred and eithty
     services)"                                in sales and branding                        thousand RMB) to EOPO

4    "Agency Agreement     March 1, 2005       EOPO commissions the Beijing sales           EOPO makes an annual
     (news gathering                           subsidiary of Shandong Yuan Chuang           payment of RMB
     and editorial                             Newspaper Development Co.,                   2,160,000.00 (two
     business services)"                       Ltd.(predecessor of Newspaper Co.) to        million one hundred
                                               provide news gathering and editorial         and sixty thousand
                                               business services                            RMB) to EOPO

5    "Agency Agreement     March 1, 2005       EOPO commissions the Beijing sales           EOPO makes an annual
     (sales business                           subsidiary of Shandong Yuan Chuang           payment of RMB
     training services)"                       Newspaper Development Co.,                   4,520,000.00 (four
                                               Ltd.(predecessor of Newspaper Co.) to        million five hundred
                                               provide sales training services              and twenty thousand
                                                                                            RMB) to EOPO
</TABLE>

                                        Economic Observer Press Office [Company
                                        chop of Economic Observer Press Office]

                                        Authorized representative: /s/
                                                                   -------------

                                        Shandong Economic Observing Newspaper
                                        Co., Ltd. [Company chop of Shandong
                                        Economic Observing Newspaper Co., Ltd.]

                                        Authorized representative:
                                                                   -------------

                                        Witness:

                                        Beijing Jingguan Xincheng Advertising
                                        Co., Ltd. [Company chop of Beijing
                                        Jingguan Xincheng Advertising Co., Ltd.]

                                        Authorized representative: /s/
                                                                   -------------

                                                                              34

<PAGE>

                                  ATTACHMENT 3

     LETTER OF CONFIRMATION REGARDING NEWSPAPER CO.'S TRANSFER OF CONTRACTS

     This letter of confirmation is concluded by Shandong Economic Observing
Newspaper Co., Ltd. (formerly known as Shandong Yuan Chuang Newspaper
Development Co., Ltd., "Newspaper Co.") and Beijing Jingguan Xincheng
Advertising Co., Ltd. ("JGXC") on [May 10, 2006].

1.   Newspaper Co. hereby warrants that the contracts and agreements that
     Newspaper Co. as a party executed with relevant parties ("prior agreements
     with other parties") listed in the appendix hereto are true, valid and
     complete without omissions or being materially misleading.

2.   Based upon consensus achieved through consultation between Newspaper Co.
     and EOPO, Newspaper Co. agrees to transfer the rights, benefits and revenue
     that it owns or obtains under prior agreements with other parties to JGXC,
     the latter hereby agrees to be the transferee of Newspaper Co.'s rights
     under prior agreements with other parties.

3.   Without any delay after the execution hereof, at the request of JGXC and in
     a manner satisfactory to JGXC, Newspaper Co. undertakes to give notice to
     the other parties to the prior agreements with other parties to the effect
     that Newspaper Co.'s rights or benefits have already been transferred to
     JGXC.

4.   Regardless of whether Newspaper Co. gives notice to the other parties to
     the prior agreements with other parties to the effect that Newspaper Co.'s
     rights or benefits have already been transferred to JGXC, commencing from
     the date of execution hereof, when any third party payment under prior
     agreements with other parties or any other benefits are received, Newspaper
     Co. shall, without any delay, give written notice to JGXC and, at the
     request of JGXC, transmit or transfer the said payment or benefits to JGXC.
     The board of directors of JGXC has the power to determine, based on its own
     needs and at its sole discretion, whether to permit Newspaper Co. to keep
     the said payment or benefits, and whether to make a corresponding deduction
     from or charge against any amount owed by JGXC to Newspaper Co.

5.   The appendix hereto lists the contracts and agreements to be transferred
     hereby:

                                        Shandong Economic Observing Newspaper
                                        Co., Ltd. [Company chop of Shandong
                                        Economic Observing Newspaper Co., Ltd.]

                                        Authorized representative: /s/
                                                                   -------------

                                        Beijing Jingguan Xincheng Advertising
                                        Co., Ltd. [Company chop of Beijing
                                        Jingguan Xincheng Advertising Co., Ltd.]

                                        Authorized representative: /s/
                                                                   -------------

                                                                              35

<PAGE>

     Exhibit to Letter of Confirmation Regarding Newspaper Co.'s Transfer of
                                    Contracts

<TABLE>
<CAPTION>
                                                   Date of
No.       Title                 Party             execution          Term           Amount          Abstract
---  ---------------  -------------------------  ----------  -------------------  ----------  -------------------
<S>  <C>              <C>                        <C>         <C>                  <C>         <C>
1    Agency contract  Shang Tuo Zhi Yang         2006.1.4    2006.5.1-2009.4.30               Shang Tuo Co. as
                      International Advertising                                               agent for real
                      (Beijing) Co., Ltd.                                                     estate ads

2    Agency contract  Shang Tuo Zhi Yang         2006.1.4    2006-2008                        Concluding annual
                      International Advertising                                               confidentiality
                      (Beijing) Co., Ltd.                                                     agreement, excess
                                                                                              at 20% discount

3    Agency contract  Beijing Wu Zhou on-line    2006.1.4    2006.1.1-2007.12.31              Concluding annual
                      JGXC, Ltd.                                                              confidentiality
                                                                                              agreement

4    Cooperation      Jing Guan Paper(China)     2006.2.10   2006.7.31                        Concluding layout
     agreement        Investment Co., Ltd.                                                    agreement,
                                                                                              performance
                                                                                              uncompleted

5    Cooperation      Guangdong Provincial       2006.2.16   2006.1.1-2006.12.31  1,285,630   Concluding GPAC's
     agreement        Advertising Co., Ltd.                                                   bottom protection
                                                                                              placement
                                                                                              agreement, 720K
                                                                                              already placed

6    Cooperation      Guangzhou Shang Dao        2006.2.16   2006.1.1-2006.12.31              Concluding agency
     agreement        Advertising Co., Ltd.                                                   agreement for Hong
                                                                                              Ta Group and
                                                                                              discount, no
                                                                                              placement

7    Cooperation      Beijing Dian Tong Ad Co.,  2006.2.17                                    Concluding annual
     agreement        Ltd.                                                                    bottom protection
                                                                                              agreement and bonus
                                                                                              policy

8    Exchange and     New Continental (Beijing)  2006.2.27   2006.9               168,000     Concluding profit
     cooperation      Consulting Co., Ltd.                                                    allocation ratio
     agreement
</TABLE>

                                                                              36

<PAGE>

<TABLE>
<S>  <C>              <C>                        <C>         <C>                  <C>         <C>
9    Cooperation      Guangdong Provincial       2006.2.27   2006.1.1-2006.12.31              Concluding annual
     agreement        Advertising Co., Ltd.                                                   bottom protection
                                                                                              agreement and bonus
                                                                                              policy

10   Cooperation      Chuan Li                   2006.2.28   2006.1.1-2006.12.31              Concluding annual
     agreement                                                                                bottom protection
                                                                                              agreement and bonus
                                                                                              policy

11   Cooperation      Shang Tuo Zhi Yang,        2006.3.1    2006.3                           Assisting Shang Tuo
     agreement        Shenzhen Fan Lan                                                        to conclude real
                      Advertising                                                             estate alliance
                                                                                              agreement

12   Exchange and     Beijing Zhi Bo Hao Hai     2006.3.22                                    Space swap, 19 IBM
     cooperation      Advertising Media Co.,                                                  laptops,
     agreement        Ltd.                                                                    performance not
                                                                                              completed

13   Cooperation      China Ping An Insurance    2006.3.22   2006.12.31           700,000     Concluding
     agreement        Corporation                                                             cooperation
                                                                                              agreement and
                                                                                              discount

14   Exchange and     Yu Long Computer Telecom   2006.1.12   2006.3               321,784     Space swap, 25 CECT
     cooperation      Science & Technology                                                    laptops,
     agreement        (Shenzhen) Co., Ltd.                                                    performance not
                                                                                              completed

15   Cooperation      Beijing Ying Tong De Hong  2005.12.21  2005.11-2006.12.31   937,440     Concluding
     agreement        Advertising Co., Ltd.                                                   cooperation
                                                                                              agreement and
                                                                                              discount; already
                                                                                              back pedaled, ad
                                                                                              not fully used

16   Exchange and     Beijing Tian Di Fei Chi    2005.10.18  2006.9 month end     n/a         Performance not
     cooperation      Marketing Strategy Co.,                                                 completed
     agreement        Ltd.

17   Exchange and     Shanghai Advertising       2005.10.10  2006.2.28            261,320     Swap 1 Ya Jia Hua
     cooperation      Corporation                                                             car, performance
     agreement                                                                                uncompleted

18   Exchange and     Jing Asia International    2005.10.18  2006.4.16            n/a         Performance
     cooperation      Management (Beijing) Co.,                                               uncompleted
     agreement        Ltd.
</TABLE>

                                                                              37

<PAGE>

<TABLE>
<S>  <C>              <C>                        <C>         <C>                  <C>         <C>
19   Exchange and     Shenzhen Long Ying         2005.10.24  2006 year end        1,418,100   Performance
     cooperation      Advertising Co., Ltd.                                                   uncompleted
     agreement

20   Exchange and     Century Jun Ying Golf      2005.11.14  2006 year end        n/a         Performance
     cooperation      Sports Marketing Co., Ltd.                                              uncompleted
     agreement

21   Exchange and     Beijing Chuan Shi Shi      2005.8.15   2006 year end        271,600     Performance
     cooperation      Kong Advertising Co., Ltd.                                              uncompleted
     agreement

22   Exchange and     Beijing Hua Qi Digital     2005.12.12  2006 year end        198,454     Swap merchandise
     cooperation      Info Science & Technology                                               returned, space not
     agreement        Co., Ltd.                                                               fully used

23   Cooperation      Beijing Shan Shan          2005.12.12  2006 year end        Bottom      Performance
     agreement        Advertising Co., Ltd.                                       protection  uncompleted
                                                                                  grand
                                                                                  agreement

24   Exchange and     Beijing Chuan Shi Shi      2005.12.14  2006 year end        30,000      Swap merchandise
     cooperation      Kong Advertising Co., Ltd.                                              returned, space not
     agreement                                                                                fully used

25   Cooperation      Beijing Observer           2005.7.15   2006.12.31                       performance
     agreement        Advertising Corporation                                                 uncompleted

26   Golf             Beijing Xing Yu Zhi Ti     2005.7.15   2006.12.31                       Swap
     consulting       Development Co., Ltd.
     exchange
     agreement

27   Exchange and     Shenzhen Financial         2006.1.18   n/a                              The parties swap
     cooperation      Advertising Co., Ltd.                                                   ads in the
     agreement                                                                                newspaper
                                                                                              designated by the
                                                                                              other party
</TABLE>

                                                                              38

<PAGE>

                                  ATTACHMENT 4

          LETTER OF CONFIRMATION REGARDING EOPO'S TRANSFER OF CONTRACTS

This letter of confirmation is concluded by Economic Observer Press Office
("EOPO") and Beijing Jingguan Xincheng Advertising Co., Ltd. ("JGXC") on
[____________].

1.   EOPO hereby warrants that the contracts and agreements that EOPO as a party
     executed with relevant parties ("prior agreements with other parties")
     listed in the appendix hereto are true, valid and complete without
     omissions or being materially misleading.

2.   Based upon consensus achieved through consultation between EOPO and JGXC,
     EOPO agrees to transfer the rights, benefits and revenue that it owns or
     obtains under prior agreements with other parties to JGXC, the latter
     hereby agrees to be the transferee of EOPO's rights under prior agreements
     with other parties.

3.   Without any delay after the execution hereof, at the request of JGXC and in
     a manner satisfactory to JGXC, EOPO undertakes to give notice to the other
     parties to the prior agreements with other parties to the effect that
     EOPO's rights or benefits have already been transferred to JGXC.

4.   Regardless of whether EOPO gives notice to the other parties to the prior
     agreements with other parties to the effect that EOPO's rights or benefits
     have already been transferred to JGXC, commencing from the date of
     execution hereof, when any third party payment under prior agreements with
     other parties or any other benefits are received, EOPO shall, without any
     delay, give written notice to JGXC and, at the request of JGXC, transmit or
     transfer the said payment or benefits to JGXC. The board of directors of
     JGXC has the power to determine, based on its own needs and at its sole
     discretion, whether to permit EOPO to keep the said payment or benefits,
     and whether to make a corresponding deduction from or charge against any
     amount owed by JGXC to EOPO.

5.   The appendix hereto lists the contracts and agreements to be transferred
     hereby:

Economic Observer Press Office [Company chop of Economic Observer Press Office]

Authorized representative: /s/
                           --------------------------------

Beijing Jingguan Xincheng Advertising Co., Ltd. [Company chop of Beijing
Jingguan Xincheng Advertising Co., Ltd.]

Authorized representative: /s/
                           --------------------------------

                                                                              39

<PAGE>

    Exhibit to Letter of Confirmation Regarding EOPO's Transfer of Contracts

<TABLE>
<CAPTION>
                                                       Date of
No.   Title              Party                        execution       Term          Amount         Abstract
---   ----------------   -------------------------   ----------   -------------   ---------   -------------------
<S>   <C>                <C>                         <C>          <C>             <C>         <C>
 1    Exchange and       Xia Xing Electronics        2006.1.9                        99,000   Space swap for Xia
      cooperation                                                                             Xing laptops,
      agreement                                                                               performance not
                                                                                              completed

 2    Cooperation        Baoding Ke Mei Trading      2006.1.8     2006.1 -                    Concluding ad
      agreement          Co., Ltd.                                2006.12.31                  placement agreement

 3    Exchange and       Huizhou TCL Computer        2005.4.28                                Space swap for TCL
      cooperation        Science & Technology Co.,                                            laptops,
      agreement          Ltd.                                                                 performance not
                                                                                              completed

 4    Exchange and       Jing Guan Paper (China)     2006.2.10    2006.7.31                   Concluding layout
      cooperation        Investment Co., Ltd.                                                 agreement,
      agreement                                                                               performance
                                                                                              uncompleted

 5    Cooperation        Shi Shi Yong Ye             2005.9.9     2005.9.1 -                  Concluding annual
      agreement          Advertising Co., Ltd.                    2006.9.1                    master agreement

 6    Cooperation        Guangzhou Chuang Mei        2005.9.18    2005.12.31        250,000   Concluding agency
      agreement          Advertising Co., Ltd.                                                & cooperation
                                                                                              agreement

 7    Exchange and       Ad Department of CCTV       2005.8.31    2006.5.31         800,000   Swap TV ad, 450K
      cooperation                                                                             remaining
      agreement

 8    Exchang and        Shanghai Ju Zhong           2005.9.6     1 year          1,000,000   Swap respective
      cooperation        Objective Media Co., Ltd.                                            media, 600K
      agreement                                                                               remaining

 9    Exchange and       Beijing Modern Business     2005.11.14   2006 year end      80,000
      cooperation        Newspaper
      agreement

10    Exchange and       Beijing Au Mei Di Ya        2005.12.16   2006 year end         n/a   Performance
      cooperation        Advertising Co., Ltd.                                                uncompleted
      agreement
</TABLE>

                                                                              40

<PAGE>

<TABLE>
<S>   <C>                <C>                         <C>          <C>             <C>         <C>
11    Exchange and       Beijing Ya Li Jian          2005.12.12   2007 year end   2,400,000   Performance
      cooperation        Leisure Co., Ltd.                                                    uncompleted
      agreement

12    Periodicals ad     Haier                       2005.3.9     2005.12.31        400,000   400,000 of ads
      release                                                                                 already used up
      activities

13    Run Yao Clothing   Run Yao Clothing            2005.3.15    2006.3.15         128,730   Merchandise swap,
      Development Co.    Development Co. Ltd.                                                 10% discount
      Ltd. Agreement

14    Cooperation        Beijing Huan Yu Shen Hua    2005.3.25    2006.3.25         200,000   The other party
      agreement with     International Cultural                                               provides 200K golf
      Beijing Huan Yu    Media Co., Ltd.                                                      sports training
      Shen Hua                                                                                services
      International
      Cultural Media
      Co., Ltd.

15    Economic           Shenzhen Lang Qi Yacht      2005.5.31    2008.5.31         937,440   Swap, performance
      Observer and       Society                                                              uncompleted
      Lang Qi Yacht
      Society
      cooperation
      agreement

16    Economic           Beijing People's Art        2005.5.30    2006.5.30         413,100   Swap
      Observer and       Centre
      Beijing People's
      Art Centre
      cooperation
      agreement

17    Economic           Beijing Tian Zhu Country    2005.5.31    2005.12.31         80,000   Swap
      Observer and       Sports Club
      Beijing Tian Zhu
      Country Sports
      Club cooperation
      agreement

18    Print media        Ming Ji Storage (Shanghai
      advertising        Waigaoqiao Free
      agreement
</TABLE>

                                                                              41

<PAGE>

<TABLE>
<S>   <C>                <C>                         <C>          <C>             <C>         <C>

                         Trade Zone) Co., Ltd.

19    Periodicals        Haier Group Commodities
      advertising        Promotion HQ, Qngdao
      release business   Haier Marketing
      agreement          Strategies Co., Ltd.

20    Business           Beijing Zhong Yong Heng
      undertaking        Accounting, LLP

21    Economic           Beijing Shang Tuo
      Observer real      Advertising Co., Ltd.,
      estate             Shenzhen Fan Lan
      advertising        Advertising Co., Ltd.
      agency agreement

22    Economic           Beijing HSBC Investment
      Observer and       Co., Ltd.
      Beijing HSBC
      Investment Co.,
      Ltd. agreement

23    Economic           Beijing Ping An Life        2005.7.4                       250,700   Swap
      Observer and       Insurance Co., Ltd.
      Beijing Ping An
      Life Insurance
      Co., Ltd.
      exchange
      agreement

26    Guangzhou Jia De   Guangzhou Jia De            2005.7.25                      581,232   Ad placement
      Properties Co.,    Properties Co., Ltd.
      Ltd. and
      Economic
      Observer
      advertising
      agreement

27    Cooperation        CCTV Golden Bridge          2005.7.29    2006.6.30         500,000   Resources swap
      agreement          International Advertising
                         Co., Ltd.

29    Shanghai GM Auto   Shanghai GM Auto Co., Ltd.  2005.7.22    2005.12.31                  Auto swap,
      Swap Agreement                                                                          performance not
                                                                                              completed
</TABLE>

                                                                              42<PAGE>

                                                                   EXHIBIT 10.25

                             XINHUA FINANCE LIMITED

                                       and

                      SHANDONG ECONOMIC OBSERVER CO., LTD.

                                       and

                        SHANDONG SANLIAN GROUP CO., LTD.

                                       and

                         ECONOMIC OBSERVER PRESS OFFICE

                                       and

                 BEIJING JINGGUANXINCHENG ADVERTISING CO., LTD.

                                   ----------

                              COOPERATION AGREEMENT
                        IN RELATION TO ECONOMIC OBSERVER

                                   ----------

                                 20 APRIL, 2006

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
ITEM         DESCRIPTION                                                    PAGE
----         -----------                                                    ----
<S>                                                                         <C>
1            DEFINITIONS                                                      1
2            THE TRANSACTION AND COOPERATION                                  6
3            CONSIDERATION                                                    7
4            CLOSING CONDITIONS PRECEDENT                                     8
5            CLOSING                                                          9
6            COVENANTS                                                        9
7            WARRANTIES                                                      12
8            INDEMNITY                                                       13
9            NON-COMPETE COVENANT                                            14
10           TERMINATION                                                     14
11           MISCELLANEOUS                                                   15
SCHEDULE A   CORPORATE DETAILS OF JGXC                                       19
SCHEDULE B   CLOSING CONDITIONS PRECEDENT                                    20
SCHEDULE C   DOCUMENTS DELIVERABLES AT OR PRIOR TO CLOSING                   21
SCHEDULE D   VENDORS WARRANTIES                                              22
SCHEDULE E   XFL WARRANTIES                                                  31
SCHEDULE F   DETAILS OF ECONWORLD                                            32
SCHEDULE G   MANAGEMENT TEAM OF JGXC AND EVENT COMPANY                       33
SCHEDULE H   MANAGEMENT CONTRACT                                             34
SCHEDULE I   INDEMNIFICATION LETTER                                          35
SCHEDULE J   MATERIAL CONTRACTS                                              36
SCHEDULE K   LEASES                                                          37
SCHEDULE L   INTELLECTUAL PROPERTY                                           38
APPENDIX 1   Equity Transfer Agreement regarding Beijing JGXC
APPENDIX 2   Articles of Association of Beijing JGXC
APPENDIX 3   Business Cooperation Agreement
APPENDIX 4   Business Cooperation Contract
APPENDIX 5   Information Consultation Committee Organization Agreement
APPENDIX 6   Articles of Association of Beijing Jingshi Jingguan
</TABLE>

<PAGE>

THIS COOPERATION AGREEMENT (this "AGREEMENT") is made on the 20th day of April
2006.

BETWEEN

(1)  XINHUA FINANCE LIMITED, a company incorporated under the laws of the Cayman
     Islands and listed on the Mothers BOARD of the Tokyo Stock Exchange
     (Symbol: 9399) ("XFL");

(2)  SHANDONG ECONOMIC OBSERVER CO., LTD., a company incorporated under the laws
     of the People's Republic of China (the "PRC") with registration number
     3700001806860 and a registered address at No. 22, Leyuan Road, Jinan City
     ("SEOC");

(3)  SHANDONG SANLIAN GROUP CO., LTD., a company incorporated under the laws of
     the PRC with registration number 3700001805047-2 and a registered address
     at No. 12, Quetuquan Road, Jinan City ("SANLIAN");

(4)  ECONOMIC OBSERVER PRESS OFFICE, an unincorporated legal entity established
     under the laws of the PRC with registration number 237000010007 and a
     registered address at Gao'er People's Government, Licheng District, Jinan
     City ("EOPO" ); and

(5)  BEIJING JINGGUANXINCHENG ADVERTISING CO., LTD., a company incorporated
     under the laws of the PRC with registration number 1101111930073 and a
     registered address at 18-C66, Construction Road, Kaixuan Road, Fangshan
     District, Beijing ("JGXC").

WHEREAS

A.   SANLIAN is holding 76.1% of the equity interest in SEOC while SEOC is the
     sole shareholder of JGXC holding 100% of the equity interest in JGXC;

B.   SANLIAN is the sponsor and owner of EOPO who has been licensed by the
     government to edit, publish and distribute the NEWSPAPER "Economic
     Observer", and is the controlling shareholder of SEOC;

C.   XFL desires to purchase from SEOC, and SEOC desires to sell to XFL all of
     the legal and beneficial interests in and to the EQUITY (as defined below)
     representing 50% of registered capital of JGXC on the terms and conditions
     set out in this AGREEMENT; and

D.   XFL, SANLIAN, SEOC, EOPO and JGXC desire to enter into and complete the
     TRANSACTION (as defined below) on the terms and conditions set out in this
     AGREEMENT.

NOW, THEREFORE, in consideration of the premises and the mutual covenants set
forth herein, XFL, SANLIAN, SEOC, EOPO and JGXC agree as follows:

1    DEFINITIONS

     1.1  Definitions. The following terms, as used herein, have the following
          meanings:

          "AFFILIATES" of a specified PERSON means any other PERSON that,
          directly or indirectly, through one or more intermediaries, CONTROLS,
          is CONTROLLED by, or is under common CONTROL with, such specified
          PERSON or, in the case of a natural person, such PERSON's spouse,
          parents and descendants (whether by blood or adoption and including
          stepchildren);

          "AGREED FORM" means, in relation to any document, the form of that
          document which has been agreed upon by each of the PARTIES hereto
          before CLOSING;

                                        1

<PAGE>

          "BOARD" means the board of directors of JGXC;

          "BUSINESS DAY" means any Monday, Tuesday, Wednesday, Thursday and
          Friday on which banks in Tokyo, Hong Kong or the PRC are not required
          or permitted by laws to be closed;

          "CLAIMANT" shall have the meaning provided in Clause 11.5(a);

          "CLOSING" shall have the meaning provided in Clause 5;

          "CLOSING CONDITIONS PRECEDENT" shall have the meaning provided in
          Clause 4.1;

          "CLOSING DATE" shall have the meaning provided in Clause 5;

          "CONSENTS" means any consent, approval, order, or authorization of or
          registration, declaration, or filing with or exemption by or from a
          Governmental Body;

          "CONSIDERATION" shall have the meaning provided in Clause 3.1;

          "CONSTITUTIONAL DOCUMENTS" shall have the meaning provided in Clause
          (a) of Part C of Schedule D;

          "CONTROL", "CONTROLS", "CONTROLLED" (or any correlative term) means
          the possession, directly or indirectly, of the power to direct or
          cause the direction or the management of a PERSON, whether through the
          ownership of voting securities, by contract, credit arrangement or
          proxy, as trustee, executor, agent or otherwise. For the purpose of
          this definition, a PERSON shall be deemed to CONTROL another PERSON if
          such first PERSON, directly or indirectly, owns or holds more than 50%
          of the voting equity interests in such other PERSON;

          "DIRECTORS" means the members from time to time of the BOARD;

          "DISPUTE NOTICE" shall have the meaning provided in Clause 11.4;

          "ECONWORLD" means Guangzhou Jing Shi Culture Spread Co., Ltd, a
          company established under the laws of the PRC, the details of which
          are set out in Schedule F.;

          "INFORMATION CONSULTING COMMITTEE" shall have the meaning provided in
          Clause 2.1.7;

          "ENCUMBRANCES" means and includes any interest or equity of any person
          (including, without prejudice to the generality of the foregoing, any
          right to acquire, option or right of pre-emption) or any mortgage,
          charge, pledge, claims, agreements, equities, lien or assignment and
          other third party rights of any nature whatsoever and together with
          all rights of any nature whatsoever now or hereafter attaching or
          accruing to the property including, where the property is shares or
          equity interests in a company, all rights to any dividends or other
          distribution declared paid or made in respect of them, or any other
          encumbrance, priority or security interest or arrangement of
          whatsoever nature over or in the relevant property;

          "EQUITY" means a total of 50% interest in the registered capital of
          JGXC to be sold by SEOC and purchased by XFL under the relevant
          TRANSACTION DOCUMENTS;

          "EVENT COMPANY" shall have the meaning provided in Clause 2.1.8;

          "EXISTING CONTRACTS" shall have the meaning provided in Clause (i) of
          Part C of Schedule D;

                                        2

<PAGE>

          "IFRS" means the International Financial Reporting Standards
          promulgated by the International Accounting Standards Board from time
          to time;

          "INDEMNIFIED PARTY" shall have the meaning provided in Clause 10.4;

          "INDEMNIFYING PARTY" shall have the meaning provided in Clause 10.4;

          "INITIAL PAYMENT" shall have the meaning provided in Clause 3.1(a);

          "INTERIM PAYMENT" shall have the meaning provided in Clause 3.1(e);

          "INTELLECTUAL PROPERTY" means, collectively, the OWNED INTELLECTUAL
          PROPERTY and the LICENSED INTELLECTUAL PROPERTY;

          "LICENSED INTELLECTUAL PROPERTY" means any and all license rights
          granted to JGXC, SEOC or EOPO in any third party intellectual property
          or other proprietary or personal rights, including any and all of the
          following that are licensed to JGXC, SEOC or EOPO anywhere in the
          world: trademarks, trade names, service marks and trade dress, and all
          goodwill associated with trademarks, trade names, corporate names,
          business names, brand names, service marks and trade dress; patents;
          concepts; prototypes; drawings; designs; logos; trade dress;
          distinguishing guises; certification marks; official marks; mask
          works; utility models; domain names and other identifiers for internet
          protocol addresses and networks, fictional characters, and other
          indicators of source or business identifiers, and all goodwill
          associated therewith; copyrights and copyrightable works; databases;
          graphics; schematics; marketing, sales and user data and strategies
          and customer lists; technology; trade secrets, including confidential
          know-how, inventions, invention disclosures, inventor's notes,
          improvements, discoveries, formulae, specifications and processes;
          computer software programs of any kind (in both source and object code
          form); application programming interfaces; protocols; and any renewal,
          extension, reissue, continuation or division rights, applications
          and/or registrations for any of the foregoing;

          "MANAGEMENT" means the key management team of JGXC or EVENT COMPANY as
          listed in Schedule G;

          "MANAGEMENT CONTRACTS" means the four-year management employment
          contracts in the form set out in Schedule H with each member of
          MANAGEMENT;

          "MARKET VALUE" shall mean, with respect to XFL SHARES, the average of
          the closing price of XFL SHARES on the Mothers Board of the Tokyo
          Stock Exchange for the fifteen (15) trading days up to and including
          the third trading day prior to the applicable SUBSEQUENT PAYMENT DATE
          (adjusted to give effect to any stock splits, dividends or other
          recapitalizations occurring during such fifteen-day period),
          calculated using the closing Dollar/Japanese Yen exchange rate as
          reported by Bloomberg for the day immediately preceding the applicable
          payment date;

          "MATERIAL ADVERSE CHANGE" means any event, circumstance or occurrences
          which might reasonably be expected to have a material adverse effect
          on the prospects, business, operations or financial condition of EOPO
          or JGXC taken as a whole or that would materially affect the ability
          of any PERSON (other than XFL) who is a party to any of the
          TRANSACTION DOCUMENTS to perform its material obligations under any of
          the TRANSACTION DOCUMENTS;

          "NEWSPAPER" means the newspaper currently named "Economic Observer",
          its successor or substitute, and any other publications primarily
          focusing on finance and economic area, in

                                        3

<PAGE>

          whatever form including without limitation paper or electronic
          publications, together with any or all of the sections, supplements,
          attachments, pamphlet or other derivative thereof, as published or
          issued from time to time by EOPO;

          "OWNED INTELLECTUAL PROPERTY" means any and all of the following that
          are owned (including joint ownership) or held by SEOC, JGXC or EOPO
          anywhere in the world: trademarks, trade names, service marks and
          trade dress, and all goodwill associated with trademarks, trade names,
          corporate names, business names, brand names, service marks and trade
          dress; patents; concepts; prototypes; drawings; designs; logos; trade
          dress; distinguishing guises; certification marks; official marks;
          mask works; utility models; domain names and other identifiers for
          internet protocol addresses and networks, fictional characters, and
          other indicators of source or business identifiers, and all goodwill
          associated therewith; copyrights and copyrightable works; databases;
          graphics; schematics; marketing, sales and user data and strategies
          and customer lists; technology; trade secrets, including confidential
          know-how, inventions, invention disclosures, inventor's notes,
          improvements, discoveries, formulae, specifications and processes;
          computer software programs of any kind (in both source and object code
          form); application programming interfaces; protocols; and any renewal,
          extension, reissue, continuation or division rights, applications
          and/or registrations for any of the foregoing;

          "PARTIES" means XFL, SEOC, SANLIAN, EOPO and JGXC, and "PARTY" means
          any of them;

          "PERSON" or "PERSONS" means any natural person, corporation, company,
          association, partnership, organization, business, firm, joint venture,
          trust, unincorporated organization or any other entity or
          organization, and shall include any governmental authority;

          "PRC" means the People's Republic of China, excluding Hong Kong SAR,
          Macao SAR and Taiwan for the purposes of this AGREEMENT;

          "PRC LEASE" or "PRC LEASES" shall have the meanings provided in Clause
          (q) of Part C of Schedule D;

          "XFL NOMINEE" means Beijing Tai De Advertisement Co., Ltd.;

          "RESPONDENT" shall have the meaning provided in Clause 11.4;

          "RMB" means the lawful currency of PRC;

          "SUBSEQUENT PAYMENT DATE" shall have the meaning provided in Clause
          3.1 (b);

          "SUBSEQUENT PAYMENT" shall have the meaning provided in Clause 3.1
          (b);

          "SUBSIDIARY" means a corporation, partnership, limited liability
          company, or other entity of which such corporation or entity directly
          or indirectly owns or controls voting securities or other interests
          that are sufficient to elect a majority of the board of directors or
          other managers of such corporation, partnership, limited liability
          company or other entity;

          "TRANSACTION" means the transactions contemplated by the TRANSACTION
          DOCUMENTS;

          "TRANSACTION DOCUMENTS" means this AGREEMENT and the documents
          referred to in Clause 2.1 of this AGREEMENT;

          "US$" and "US DOLLARS" means the lawful currency of the United States
          of America;

                                        4

<PAGE>

          "VENDORS" means SEOC, SANLIAN and EOPO;

          "VENDOR DESIGNATED BANK ACCOUNT" means the bank account designated by
          the VENDORS for receiving the CONSIDERATION or any part thereof. For
          the avoidance of doubt, a bank account shall be deemed to be
          designated by the VENDORS if the designation is given by SANLIAN;

          "VENDOR DESIGNATED PERSON" means a PERSON designated by the VENDORS
          for receiving and holding XFL SHARES as part of the CONSIDERATION. For
          the avoidance of doubt, a PERSON shall be deemed to be designated by
          the VENDORS if the designation is given by SANLIAN;

          "VENDORS WARRANTIES" means the representations and warranties given by
          the VENDORS as set out in Schedule D;

          "WARRANTIES" means XFL WARRANTIES and/or VENDORS WARRANTIES, as
          appropriate;

          "XFL SHARES" means the shares in the capital of XFL;

          "XFL WARRANTIES" means the representations and warranties given by XFL
          as set out in Schedule E;

          "2006 FINANCIALS" means the audited financial statements of JGXC for
          the financial period starting from April 1, 2006 and ended March 31,
          2007, prepared in accordance with IFRS by an international accounting
          firm selected by XFL;

          "2006 INTERIM FINANCIALS" means the audited financial statements of
          JGXC for the financial period starting from April 1, 2006 and ended
          September 30, 2006, prepared in accordance with IFRS by an
          international accounting firm selected by XFL;

          "2006 NET PROFIT" means JGXC's consolidated profit after taxation
          being carried on as a going concern in the ordinary course set out in
          the 2006 FINANCIALS prepared in accordance with IFRS in each case
          excluding extraordinary items and professional fees paid to the
          auditors to prepare the financial statements;

          "2006 INTERIM NET PROFIT" means JGXC's consolidated profit or loss
          after taxation being carried on as a going concern in the ordinary
          course set out in the 2006 INTERIM FINANCIALS prepared in accordance
          with IFRS in each case excluding extraordinary items and professional
          fees paid to the auditors to prepare the financial statements.

     1.2  Interpretation. In this AGREEMENT:

          (a)  the headings are inserted for convenience only and shall not
               affect the construction of this AGREEMENT;

          (b)  references to statutory provisions shall be construed as
               references to those provisions as amended or re-enacted or as
               their application is modified by other statutory provisions
               (whether before or after the date hereof) from time to time and
               shall include any provisions of which they are re-enactments
               (whether with or without modification);

          (c)  all times and dates in this AGREEMENT shall be Hong Kong times
               and dates except where otherwise stated;

                                        5

<PAGE>

          (d)  unless the context requires otherwise, words incorporating the
               singular shall include the plural and vice versa and words
               importing one gender shall include every gender; and

          (e)  references herein to Clauses, Recitals and Schedules are to
               clauses and recitals of and schedules to this AGREEMENT.

     1.3  Recitals, Schedules. All Recitals and Schedules form part of this
          AGREEMENT and shall have the same force and effect as if expressly set
          out in the body of this AGREEMENT and any reference to this AGREEMENT
          shall include the Recitals and Schedules.

     1.4  Joint Obligations. Warranties, covenants, indemnities or other
          obligations expressed in this AGREEMENT to be given by more than one
          party shall be deemed to be given by such parties on a joint and
          several basis unless otherwise expressly provided for.

2    THE TRANSACTION AND COOPERATION

     The PARTIES hereby agree to enter into the TRANSACTION on the terms and
     conditions hereof. The TRANSACTION consists of the transactions under this
     AGREEMENT and the following documents:

     2.1  an agreement for sale and purchase of the EQUITY ("SPA") to be entered
          into by and between SEOC and XFL NOMINEE in AGREED FORM as set out in
          Appendix [1] attached hereto, under which SEOC agrees to sell and XFL
          NOMINEE agrees to purchase the EQUITY;

     2.2  an amended article of association of JGXC ("AMENDED AOA") in AGREED
          FORM as set out in Appendix [2] attached hereto;

     2.3  a business cooperation agreement to be entered into by and among EOPO,
          JGXC and ECONWORLD in AGREED FORM as set out in Appendix [3], under
          which EOPO agrees to grant to the EVENT COMPANY an exclusive right to
          organize events in the name of EOPO or the NEWSPAPER and an exclusive
          agency in respect of financial advertisements on the NEWSPAPER;

     2.4  a business cooperation contract to be entered into by and among
          SANLIAN, SEOC, EOPO and JGXC in AGREED FORM as set out in Appendix
          [4], under which the PARTIES agree to enter into cooperation in
          respect of the intellectual property rights, exclusive advertisement
          agency and publishing and printing management in connection with the
          NEWSPAPER;

     2.5  an organization agreement in respect of the INFORMATION CONSULTING
          COMMITTEE ("ICC AGREEMENT") to be entered into by and among XFL,
          SANLIAN and EOPO in AGREED FORM as set out in Appendix [5], under
          which the parties agree to establish the INFORMATION CONSULTING
          COMMITTEE and EOPO agrees to carry on its business under the
          instruction and guidance of the INFORMATION CONSULTING COMMITTEE;

     2.6  an articles of association of the EVENT COMPANY to be entered into by
          and between JGXC and ECONWORLD in AGREED FORM as set out in Appendix
          [6], under which JGXC and ECONWORLD agree to jointly establish the
          EVENT COMPANY;

     2.7  the MANAGEMENT CONTRACTS; and

     2.8  other agreements, contracts or documents in relation to the
          transactions contemplated by the above documents or this AGREEMENT.

                                        6

<PAGE>

3    CONSIDERATION

     3.1  Subject to the terms and conditions set forth in this AGREEMENT, the
          consideration (the "CONSIDERATION") for the whole TRANSACTION shall
          comprise of the INITIAL PAYMENT and the SUBSEQUENT PAYMENT, determined
          and payable in the manner, at the times and in the amounts set forth
          in this Clause 3.1:

          (a)  an initial payment (the "INITIAL PAYMENT") equivalent to RMB80,
               000,000, which shall be payable as follows:

               (i)  RMB 2,500,000 (the "DOMESTIC PAYMENT") by wire transfer
                    within ten (10) BUSINESS DAYS of CLOSING to the PRC domestic
                    bank account designated by SEOC; and

               (ii) US dollars equivalent to RMB37,500,000 by wire transfer
                    within ten(10) BUSINESS DAYS of CLOSING to a VENDOR
                    DESIGNATED BANK ACCOUNT; and

               (iii) delivery of XFL SHARES within twenty (20) BUSINESS DAYS of
                    CLOSING, or any other time as agreed by the PARTIES, to a
                    VENDOR DESIGNATED PERSON or PERSONS, rounded to the nearest
                    whole share, with an aggregate Market Value equal to RMB40,
                    000,000, subject to subclause (f) below.

          (b)  Subject to the clause 3.1(c) below, the subsequent payment (the
               "SUBSEQUENT PAYMENT") shall be in aggregate an amount equal to
               the product of ((A) 2006 NET PROFIT and (B) 17 and (C) 50%) minus
               RMB80,000,000 and further minus any INTERIM PAYMENT (if any).

          (c)  Notwithstanding the aforesaid, in no event the CONSIDERATION
               shall be higher than RMB150,000,000 or lower than RMB130,000,000.
               For the avoidance of doubt, in the case that the product of ((A)
               2006 NET PROFIT and (B) 17 and (C) 50%) is more than
               RMB150,000,000, the SUBSEQUENT PAYMENT shall amount to
               RMB150,000,000 minus RMB80,000,000 and INTERIM PAYMENT (if any);
               in the case that the product of ((A) 2006 NET PROFIT and (B) 17
               and (C) 50%) is less than RMB130,000,000, the SUBSEQUENT PAYMENT
               shall amount to RMB130,000,000 minus RMB80,000,000 and any
               INTERIM PAYMENT (if any);

          (d)  XFL shall pay to the VENDORS the SUBSEQUENT PAYMENT in US dollars
               no later than twenty (20) BUSINESS DAYs after the date of
               issuance of the 2006 FINANCIALS (the date on which such payment
               is required being the "SUBSEQUENT PAYMENT DATE") in a combination
               of (A) money in US dollars in an amount equal to 50% of such sum
               to be paid into a VENDOR DESIGNATED BANK ACCOUNT, and (B)
               delivery to a VENDOR DESIGNATED PERSON or PERSONS of XFL SHARES,
               rounded to the nearest whole share, with an aggregate MARKET
               VALUE equal to 50% of such sum, subject to subclause (e) below;

          (e)  XFL shall pay to a VENDOR DESIGNATED BANK ACCOUNT in US dollars
               in amount equivalent to RMB 8,000,000 (the "INTERIM PAYMENT")
               provided that the 2006 INTERIM NET PROFIT of JGXC is no less than
               RMB7,000,000. SANLIAN shall give XFL a twenty (20) BUSINESS DAYs
               prior written notice of its request to the INTERIM PAYMENT
               enclosed with the necessary evidence that the said target of 2006
               INTERIM NET PROFIT has been achieved. If any INTERIM PAYMENT is
               made hereunder, the INTERIM PAYMENT shall be deducted from and
               shall reduce the amount of the SUBSEQUENT PAYMENT, and the
               proportion of cash to XFL Shares in the SUBSEQUENT PAYMENT shall
               be adjusted accordingly to the effect that the

                                        7

<PAGE>

               total CONSIDERATION taken as a whole shall be paid in a
               combination of 50% cash and 50% XFL Shares.

          (f)  Notwithstanding any other provision contained herein,

               (i)  XFL may, in its sole discretion, deliver to the VENDORS
                    money in US dollars in lieu of all or a portion of the
                    portion of the CONSIDERATION otherwise deliverable to the
                    VENDORS in XFL SHARES;

               (ii) if any XFL SHARES payable to the VENDORS as a portion of
                    CONSIDERATION are not actively traded on the Tokyo Stock
                    Exchange or a comparable public trading market, then XFL
                    shall, not less than ten (10) BUSINESS DAYs prior to the
                    applicable SUBSEQUENT PAYMENT DATE, so notify the VENDORS,
                    and the VENDORS may, by notice to be delivered to XFL not
                    less than three (3) BUSINESS DAYs prior to the relevant
                    payment date, elect to receive money in US dollars in lieu
                    of such XFL SHARES; and;

          (g)  Notwithstanding any other provision contained herein, at least
               three (3) BUSINESS DAYs in advance of any payment date, the
               VENDORS shall, in writing, advise XFL of the manner in which XFL
               shall deliver such SUBSEQUENT PAYMENT. Specifically, the VENDORS
               shall advise XFL of the persons and necessary account information
               where such payments shall be made.

     3.2  If any payment is due to XFL or its SUBSIDIARY or XFL NOMINEE under or
          in respect of any breach of any TRANSACTION Document (including,
          without limitation, any payment pursuant to any indemnity contained in
          this AGREEMENT) by a PERSON other than XFL or its SUBSIDIARY or XFL
          NOMINEE, the payment shall so far as possible be treated as a
          reduction in the CONSIDERATION, which reduction shall be jointly and
          severally borne by the persons entitled to receive the CONSIDERATION
          or any part thereof.

     3.3  Whenever payments or calculations to be made pursuant to this
          AGREEMENT require the conversion or comparison of RMB and the
          applicable foreign currency, the exchange rate to be applied shall be
          the middle rate of exchange of the foreign currency for RMB published
          by People's Bank of China ("PBOC") through the authorized China
          Foreign Exchange Trading Centre (or if not available from such center,
          the other entity authorized by PBOC) on the day which is two (2)
          BUSINESS DAYs preceding the actual payment date.

4    CLOSING CONDITIONS PRECEDENT

     4.1  The CLOSING is conditional upon the closing conditions precedent set
          out in Schedule B ("CLOSING CONDITIONS PRECEDENT") respectively being
          fulfilled or waived by XFL under Clause 4.3.

     4.2  The PARTIES shall use their reasonable endeavours to co-operate to
          enable the CLOSING CONDITIONS PRECEDENT to be fulfilled as soon as
          practicable. However, if the CLOSING CONDITIONS PRECEDENT specified in
          Schedule B have not been fulfilled within sixty (60) BUSINESS DAYs
          after the date of this AGREEMENT as confirmed in writing by XFL, this
          AGREEMENT (other than clauses 1, 4, 8, 10, 11.3, 11.4, 11.7 and 11.8)
          may be terminated by XFL at its sole and absolute discretion by giving
          a written notice to the VENDORS.

     4.3  Clause 4.2 above notwithstanding, XFL shall have the right, in its
          sole and absolute discretion, to waive the CLOSING CONDITIONS
          PRECEDENT specified in Schedule B either in whole or in part or to
          require any of such CLOSING CONDITIONS PRECEDENT be fulfilled after
          the CLOSING. Where XFL has required that any CLOSING Condition
          Precedent be fulfilled after the CLOSING, such CLOSING Condition
          Precedent shall automatically become a post-

                                        8

<PAGE>

          CLOSING undertaking and the SEOC, SANLIAN and EOPO shall fulfil or
          cause to fulfil such CLOSING Condition Precedent as soon as
          practically possible after the CLOSING but in no event later than
          thirty (30) BUSINESS DAYs after the CLOSING.

5    CLOSING

     5.1  The TRANSACTION shall be completed (the "CLOSING") on such date (the
          "CLOSING DATE") as may be agreed between the VENDORS and XFL following
          the fulfilment or waiver of all the CLOSING CONDITIONS PRECEDENT (and,
          in any event, within twenty (20) BUSINESS DAYs after such fulfilment
          or waiver).

     5.2  At or prior to the CLOSING, the Sellers shall deliver (or cause to be
          delivered) to XFL each of the documents listed in Schedule C, failing
          which XFL shall be under no obligation to confirm that all of the
          CLOSING CONDITIONS PRECEDENT have been fulfilled or waived in
          accordance with clause 4.1 above.

6    COVENANTS

     6.1  Covenants Prior to CLOSING. From the date of this AGREEMENT until the
          CLOSING, except for the transactions described in the TRANSACTION
          DOCUMENTS or otherwise with the prior written consent of XFL:

          (a)  The VENDORS warrant and undertake that they will cause each of
               JGXC and EOPO to:

               (i)  conduct its business in the ordinary course and consistent
                    with past practices;

               (ii) maintain in full force and effect its existence;

               (iii) promptly and timely prepare and file any reports and tax
                    returns and pay all taxes and assessments, government fees
                    and charges, if any, required to maintain its existence and
                    conduct its business in the ordinary course and consistent
                    with past practices;

               (iv) comply with all applicable laws;

               (v)  keep records in which true and correct entries will be made
                    of all transactions entered into;

               (vi) duly observe all material requirements of governmental
                    authorities unless contested in good faith by appropriate
                    proceedings with the consent of XFL;

               (vii) promptly pay and discharge, or cause to be paid and
                    discharged, when due and payable, all lawful taxes,
                    assessments and governmental charges or levies imposed upon
                    its income, profits, property or business of unless
                    contested in good faith by appropriate proceedings with the
                    consent of XFL;

               (viii) at all times comply with the provisions of all contracts,
                    agreements and leases to which it is a party, unless
                    contested in good faith by appropriate proceedings with the
                    consent of XFL; and

                                        9

<PAGE>

               (ix) unless otherwise directed by XFL, use best endeavours to
                    procure that its employees at the date of this AGREEMENT
                    remain and continue as employees prior to and after the
                    CLOSING;

          (b)  The VENDORS warrant and undertake to cause JGXC not to:

               (i)  modify its Articles of Association;

               (ii) cause or permit its liquidation or dissolution;

               (iii) institute, or permit to be instituted against it, any
                    proceeding, which remains undismissed for a period of 15
                    days after the filing thereof, seeking to adjudicate it as
                    bankrupt or insolvent, or seeking liquidation, winding-up,
                    reorganization, arrangement, adjustment, protection, relief
                    or composition of it under any law relating to bankruptcy,
                    insolvency or reorganization or relief of debtors, or
                    seeking the entry of any order or relief or the appointment
                    of receiver, trustee or other similar official for them or
                    for any substantial part of its property;

               (iv) make a general assignment for the benefit of its creditors;

               (v)  declare or pay any dividend or make any distribution to its
                    shareholders;

               (vi) issue, redeem, sell or dispose of, or create any obligation
                    to issue, redeem, sell or dispose of, any shares of its
                    capital stock or equity interest;

               (vii) effect any stock split, reclassification or combination;

               (viii) modify agreements and other obligations with respect to
                    its long-term indebtedness including, but not limited to its
                    loan agreements, indentures, mortgages, debentures, notes
                    and security agreements;

               (ix) incur, assume, guarantee or otherwise become obligated or
                    liable for any indebtedness or encumber any of its assets or
                    enter into any transaction or contract (other than the
                    relevant TRANSACTION DOCUMENTS referred to in this
                    AGREEMENT), or make any commitment relating to its assets or
                    business;

               (x)  become a party to any merger or consolidation or any other
                    business combination with any corporation or other entity,
                    except as contemplated by this AGREEMENT;

               (xi) make any acquisition of all or substantially all of the
                    stock or assets of any other person or entity;

               (xii) take or omit to take any action which could be reasonably
                    anticipated to have a materially adverse effect upon its
                    financial condition or assets;

               (xiii) grant any Director, officer, legal representative,
                    employee or consultant any increase in compensation in any
                    form (other than pursuant to existing employment agreements)
                    or any severance or termination pay, or enter into or vary
                    the terms of any employment agreement with such person
                    except as provided in the MANAGEMENT CONTRACTS;

               (xiv) adopt, amend in any material respect or terminate, any
                    employee benefit program of general applicability;

                                       10

<PAGE>

               (xv) make any advance or loan to any person or entity; or

               (xvi) do anything that shall be approved by the BOARD or
                    Shareholders' Meeting of JGXC had the TRANSACTION DOCUMENTS
                    become effective before CLOSING.

     6.2  THE VENDORS warrant and undertake that, whether before or after the
          CLOSING, except otherwise agreed in writing by XFL:

          (a)  none of the VENDORS will enter into or permit the existence of
               any contract, agreement or arrangement that would be in conflict
               with or affect XFL's rights, interest and obligations under any
               of the TRANSACTION DOCUMENTS;

          (b)  the name of the NEWSPAPER will not be changed;

          (c)  no merger, demerger, alliance, joint venture or other strategic
               cooperation will be entered into with any third party in relation
               to EOPO or the NEWSPAPER;

          (d)  EOPO will not transfer, sell, create ENCUMBRANCE on or otherwise
               dispose of all or any substantial part of its assets or business;

          (e)  all licenses and permits necessary for the NEWSPAPER will be
               properly maintained in full force and effect;

          (f)  the appointment or removal of key management positions will not
               be effected without prior consent from XFL;

          (g)  none of the TRANSACTION DOCUMENTS will be amended or terminated
               without prior written consent from XFL;

          (h)  SANLIAN will not transfer, sell, create ENCUMBRANCE on or
               otherwise dispose of or reduce its interest or ownership (equity
               or otherwise) in or to EOPO or SEOC;

          (i)  no contract or transaction will be entered into between EOPO as a
               party and SANLIAN, SEOC, JGXC or any of their shareholders,
               directors, employees or AFFILIATES as the other party;

          (j)  operation and business of EOPO and publishing of the NEWSPAPER
               will not be suspended, stopped or interrupted for any reason
               other than Force Majeure; and

          (k)  Any other matters XFL may reasonably request.

     6.3  Further Covenants. THE VENDORS and JGXC hereby irrevocably undertake
          to XFL to procure at their own expense the due execution and delivery
          of all necessary documents and to do such further acts as may be
          necessary to complete the TRANSACTION.

     6.4  Access to Information. Until the CLOSING, the VENDORS and JGXC shall
          procure that XFL, its agents and representatives are given reasonable
          access to such documents relating to the VENDORS or JGXC as XFL shall
          request.

     6.5  Rescission. XFL and XFL NOMINEE (as the case may be) shall be entitled
          to rescind their obligations to complete the TRANSACTION under this
          AGREEMENT or the relevant TRANSACTION Documents by notice in writing
          to the VENDORS if prior to the CLOSING it appears that any of the
          warranties set out in any TRANSACTION Document are not or were

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<PAGE>

          not true and accurate in all respects or if any act or event occurs
          which, had it occurred on or before the date of that TRANSACTION
          Document, would have constituted a breach of any of the warranties or
          if there is any material non-fulfilment of any of the warranties which
          (being capable of remedy) is not remedied prior to the CLOSING.

     6.6  Equity Transfer. SEOC shall not transfer any of the remaining equity
          interest in JGXC to any person other than to XFL and or its designated
          Affiliate or nominee.

     6.7  The PARTIES agree that, when and to the extent permitted by PRC laws,
          XFL shall have the right to purchase, by itself or through its
          nominee(s), up to 50% of equity interest or similar ownership rights
          in EOPO at the price of US$1 or the lowest price permitted by the
          applicable laws on terms and conditions as reasonably decided by XFL.
          The VENDORS acknowledge that the consideration for such purchase has
          been included in the CONSIDERATION paid under this AGREEMENT.

     6.8  When the PRC laws so permit, the sponsor or owner of EOPO shall be
          changed from SANLIAN to JGXC or an entity jointly established by XFL
          or its nominee and SEOC each holding 50% interest (the "NEW SPONSOR").
          The relevant licenses, permits and authorizations shall accordingly be
          transferred from SANLIAN to the NEW SPONSOR so as to ensure that the
          NEWSPAPER and the advertisement business can be fully integrated under
          control of the same entity. SANLIAN will not charge any fee or cost
          for or impose any conditions on such change and transfer.

7    WARRANTIES

     7.1  THE VENDORS jointly and severally represent and warrant to XFL in the
          terms of their WARRANTIES as of the date hereof, and acknowledge that
          XFL has entered into this AGREEMENT in reliance upon the VENDORS
          WARRANTIES. XFL represents and warrants to the VENDORS as of the date
          hereof in the terms of XFL WARRANTIES, and acknowledge that the
          VENDORS have entered into this AGREEMENT in reliance upon XFL
          WARRANTIES.

     7.2  Each of the WARRANTIES shall be construed as a separate Warranty and
          (save as expressly provided to the contrary) shall not be limited or
          restricted by reference to or interference from the terms of any other
          Warranty or any other term of this AGREEMENT.

     7.3  The WARRANTIES shall be deemed to be repeated immediately before and
          on the CLOSING with reference to the facts and circumstances then
          existing.

     7.4  The rights and remedies of XFL in respect of any breach of this
          AGREEMENT shall not be affected by any investigation made by or on
          behalf of XFL into the affairs of any PARTY to this AGREEMENT or by
          the actual or constructive knowledge on the part of XFL or its agents
          or advisors or by any other event or matter whatsoever, except a
          specific duly authorized written waiver or release given by XFL and
          except as otherwise expressly provided in this AGREEMENT.

     7.5  Each PARTY (SEOC, SANLIAN, EOPO and JGXC shall be deemed as one party
          for the purpose of this Clause 7.5) undertakes to notify the other
          PARTY in writing promptly if it becomes aware of any circumstance
          arising after the date of this AGREEMENT which would cause any
          Warranty it made to other PARTY (if the WARRANTIES were repeated with
          reference to the facts and circumstances then existing) to become
          untrue or inaccurate or misleading in any respect.

                                       12

<PAGE>

8    INDEMNITY

     8.1  Indemnity. THE VENDORS, jointly and severally, shall indemnify and
          shall keep indemnified and hold harmless XFL from and against:

          (a)  any and all losses, claims, damage (including lost profits,
               consequential damages, interest, penalties, fines and monetary
               sanctions), liabilities and costs incurred or suffered by XFL by
               reason of, resulting from, in connection with, or arising in any
               manner whatsoever out of the breach of any warranty,
               representation or covenant or the inaccuracy of any
               representation made by any of them or by JGXC contained or
               referred to in this AGREEMENT or in any agreement, instrument or
               document delivered by or on behalf of SEOC, SANLIAN, EOPO or JGXC
               including, but not limited to, any diminution in the value of the
               assets of and any payment made or required to be made by XFL or
               any SUBSIDIARY or XFL NOMINEE and any costs and expenses incurred
               as a result of such breach] provided that the indemnity contained
               in this Clause 8 shall be without prejudice to any other rights
               and remedies available to XFL; and

          (b)  the nonfulfillment or breach of any covenant, undertaking,
               agreement or other obligation of JGXC, SEOC, SANLIAN, the
               MANAGEMENT or any party to any of the TRANSACTION DOCUMENTS
               (except the breach by XFL or XFL NOMINEE) under any of
               TRANSACTION DOCUMENTS.

     8.2  Costs. For the purposes of this Clause 8, "costs" includes lawyers'
          (on a solicitor and his own client's basis) and accountants' fees and
          expenses, court costs and all other out-of-pocket expenses.

     8.3  Survival of Indemnification. The representations and warranties of the
          VENDORS and the rights of XFL to indemnification under this AGREEMENT
          with respect thereto shall survive CLOSING.

     8.4  Indemnification Procedure. A party entitled to indemnification
          hereunder (an "INDEMNIFIED PARTY") shall notify promptly the
          indemnifying party (the "INDEMNIFYING PARTY") in writing of the
          commencement of any action or proceeding with respect to which a claim
          for indemnification may be made pursuant to this AGREEMENT; provided,
          however, that the failure of any Indemnified PARTY to provide such
          notice shall not relieve the Indemnifying PARTY of its obligations
          under this AGREEMENT. In case any claim, action or proceeding is
          brought against an Indemnified PARTY and the Indemnified PARTY
          notifies the Indemnifying PARTY of the commencement thereof, the
          Indemnifying PARTY shall be entitled to participate therein and to
          assume the defence thereof, to the extent that it chooses, with
          counsel reasonably satisfactory to such Indemnified PARTY, and after
          notice from the Indemnifying PARTY to such Indemnified PARTY that it
          so chooses, the Indemnifying PARTY shall not be liable to such
          Indemnified PARTY for any legal or other expenses subsequently
          incurred by such Indemnified PARTY in connection with the defence
          thereof other than reasonable costs of investigation; provided,
          however, that (i) if the Indemnifying PARTY fails to take reasonable
          steps necessary to defend diligently the action or proceeding within
          twenty (20) calendar days after receiving notice from such Indemnified
          PARTY that the Indemnified PARTY believes it has failed to do so; or
          (ii) if such Indemnified PARTY who is a defendant in any claim or
          proceeding which is also brought against the Indemnifying PARTY
          reasonably shall have concluded that there may be one or more legal
          defences available to such Indemnified PARTY which are not available
          to the Indemnifying PARTY; or (iii) if representation of both parties
          by the same counsel is otherwise inappropriate under applicable
          standards of professional conduct, then, in any such case, the
          Indemnified PARTY shall have the right to assume or continue its own
          defence as set forth above (but with no more than one firm of counsel
          for all Indemnified

                                       13

<PAGE>

          PARTIES in each jurisdiction), and the Indemnifying PARTY shall be
          liable for any expenses therefor. For the avoidance of doubt, the
          expenses referred to in this Clause 9.6 shall be confined to the fees
          reasonably payable, as the case may be, to the counsels, lawyers,
          experts, auditors, valuers, tribunals, courts or other related parties
          for participating in the actions or proceedings.

     8.5  Settlement of Claims.

          (i)  No Indemnifying PARTY shall, without the written consent of the
               Indemnified PARTY, effect the settlement or compromise of, or
               consent to the entry of any judgment with respect to, any pending
               or threatened action or claim in respect of which indemnification
               may be sought hereunder (whether or not the Indemnified PARTY is
               an actual or potential party to such action or claim) unless such
               settlement, compromise or judgment (i) includes an unconditional
               release of the Indemnified PARTY from all liability arising out
               of such action or claim, (ii) does not include a statement as to
               or an admission of fault, culpability or a failure to act, by or
               on behalf of any Indemnified PARTY and (iii) does not include any
               injunctive or other non-monetary relief; and

          (ii) XFL may, in its sole discretion, offset against SUBSEQUENT
               PAYMENT any and all losses, claims, damages (including lost
               profits, consequential damages, interest, penalties, fines and
               monetary sanctions), liabilities and costs incurred or suffered
               by XFL and for which XFL is entitled to be indemnified in this
               AGREEMENT.

9    NON-COMPETE COVENANT

     Each of the VENDORS jointly and severally undertake and covenant to XFL
     that from the date of this AGREEMENT and for such a period as the Exclusive
     Advertisement AGREEMENT remains effective, neither it nor any of its
     AFFILIATES will, and it shall procure that no PERSON who is, on the date of
     this AGREEMENT or immediately prior to the CLOSING, its shareholder, owner,
     director, officer or legal representative will:

     (a)  either on its own account or through any of its AFFILIATES, or in
          conjunction with or on behalf of any other PERSON, will carry on or be
          engaged, concerned or interested directly or indirectly whether as
          shareholder, director, employee, partner, agent or otherwise carry on
          any business in competition with the businesses of EOPO or JGXC; and

     (b)  either on its own account or through any of its AFFILIATES or in
          conjunction with or on behalf of any other PERSON, employ, solicit or
          entice away or attempt to employ, solicit or entice away from EOPO or
          JGXC any person for the purpose of carrying on any business in direct
          competition with the business of EOPO or JGXC who is or shall have
          been at the date of or within twelve (12) months prior to such
          cessation a director, officer, legal representative, manager,
          consultant or employee of EOPO or JGXC whether or not such person
          would commit a breach of contract by reason of leaving such
          employment.

10   TERMINATION

     10.1 Termination. This AGREEMENT may be terminated at any time prior to
          CLOSING:

          (a)  by XFL if, between the date hereof and the CLOSING: (i) there is
               a MATERIAL ADVERSE CHANGE, or (ii) any representations and
               warranties made by a PERSON other than XFL contained in any
               TRANSACTION DOCUMENT shall not have been true and correct in any
               material respect when made or at the CLOSING or any time

                                       14

<PAGE>

               in between, or (iii) any party shall not have complied in all
               material respects with the covenants or agreements contained in
               any TRANSACTION Document to be complied with by it, or (iv) any
               company or any PERSON who is a party to any of the TRANSACTION
               DOCUMENTS makes a general assignment for the benefit of
               creditors, or any proceeding shall be instituted by or against
               such company or PERSON seeking to adjudicate it bankrupt or
               insolvent, or seeking liquidation, winding up or reorganization,
               arrangement, adjustment, protection, relief or composition of its
               debts under any law related to bankruptcy, insolvency or
               reorganization;

          (b)  by the VENDORS (acting together) if, between the date hereof and
               the CLOSING: (i) any representations and warranties of XFL
               contained in this AGREEMENT shall not have been true and correct
               in any material respect when made, (ii) XFL shall not have
               complied in all material respects with the covenants or
               agreements contained in this AGREEMENT to be complied with by it
               or (iii) any proceeding shall be instituted by or against XFL
               seeking to adjudicate XFL bankrupt or insolvent, or seeking
               liquidation, winding up or reorganization, arrangement,
               adjustment, protection, relief or composition of its debts under
               any law related to bankruptcy, insolvency or reorganization;

          (c)  XFL or the VENDORS (acting together) if the CLOSING shall not
               have occurred by September 30, 2006; provided, however, that the
               right to terminate this AGREEMENT under this Clause 10.1(c) shall
               not be available to any PARTY whose failure to fulfil any
               obligation under this AGREEMENT shall have been the cause of, or
               shall have resulted in, the failure of the CLOSING to occur on or
               prior to such date; or

          (d)  by the mutual written consent of XFL and the VENDORS (acting
               together).

     10.2 Effect of Termination.

          (a)  In the event of termination of this AGREEMENT as provided in
               Clause 10.1, this AGREEMENT (other than clauses 1, 8, 10, 11.3,
               11.4, 11.7 and 11.8) shall forthwith become void provided that
               nothing herein shall relieve any party hereto from liability for
               any breach of this AGREEMENT.

          (b)  In the event of termination of this AGREEMENT, the VENDORS shall
               forthwith return all the CONSIDERATION that has been paid or
               delivered by XFL or XFL NOMINEE.

11   MISCELLANEOUS

     11.1 Survival of WARRANTIES. The representations, warranties and covenants
          contained in or made pursuant to this AGREEMENT shall survive the
          execution and delivery of this AGREEMENT and the CLOSING and shall in
          no way be affected by any investigation of the subject matter thereof
          made by or on behalf of XFL.

     11.2 Designation of Representative. The VENDORS assume joint and several
          liabilities for their obligations under the TRANSACTION DOCUMENTS. The
          VENDORS hereby jointly and irrevocably appoint and designate [SANLIAN]
          to act on behalf of the VENDORS for the purposes of receiving the
          relevant notice, deciding, confirming and agreeing on the matters
          under this AGREEMENT.

     11.3 Successors and Assigns. Except as otherwise provided herein, the terms
          and conditions of this AGREEMENT shall inure to the benefit of and be
          binding upon the respective

                                       15

<PAGE>

          successors and assigns of the Parties. Nothing in this AGREEMENT,
          express or implied, is intended to confer upon any party other than
          the Parties hereto or their respective successors and assigns any
          rights, remedies, obligations, or liabilities under or by reason of
          this AGREEMENT, except as expressly provided in this AGREEMENT.

     11.4 Governing Law. This AGREEMENT shall be governed by and construed in
          accordance with the laws of Hong Kong.

     11.5 Arbitration. Any dispute, controversy or claim arising out of or
          relating to this AGREEMENT, or the breach, termination or invalidity
          thereof, shall be submitted to Hong Kong International Arbitration
          Centre and settled by binding arbitration in accordance with the
          UNCITRAL Arbitration Rules as present in force. in the manner set
          forth in this Clause 11.5. The procedures of this Clause 11.5 may be
          initiated by a written notice (a "DISPUTE NOTICE") given by one party
          (a "CLAIMANT") to the other, but not before thirty (30) days have
          passed during which the parties have been unable to reach a
          resolution. The DISPUTE NOTICE shall be accompanied by (i) a statement
          of the CLAIMANT describing the dispute in reasonable detail and (ii)
          documentation, if any, supporting the CLAIMANT's position on the
          dispute. Within twenty (20) days after the other party's (the
          "RESPONDENT") receipt of the DISPUTE NOTICE and accompanying
          materials, the dispute shall be resolved by binding arbitration in
          Hong Kong under the UNCITRAL Arbitration Rules. All arbitration
          procedures pursuant to this paragraph (a) shall be confidential and
          treated as compromise and settlement negotiations and shall not be
          admissible in any arbitration or other proceeding.

     11.6 Counterparts. This AGREEMENT may be executed in five or more
          counterparts, each of which shall be deemed an original, but all of
          which together shall constitute one and the same instrument.

     11.7 Titles and Subtitles. The titles and subtitles used in this AGREEMENT
          are used for convenience only and are not to be considered in
          construing or interpreting this AGREEMENT.

     11.8 Notices. Unless otherwise provided, any notice required or permitted
          under this AGREEMENT shall be given in writing and shall be deemed
          effectively given upon personal delivery to the party to be notified
          or upon postal service delivery, by registered or certified mail,
          postage prepaid and addressed to the party to be notified at the
          address indicated for such party on the signature page hereof or by
          facsimile at the facsimile number set out on the signature page
          hereof, or at such other address or facsimile number as such party may
          designate by two (2) days' prior written notice to the other parties.

          The addresses and fax numbers of the parties for the purpose of clause
          11.8 above are as follows:

          XFL:
          Address:                Suite 2003-4 Vicwood Plaza, 1
                                  99 Des Voeux Road Central, Hong Kong
          Fax:                    (852) 25418266
          For the attention of:   Mr. John McLean

          SANLIAN:
          Address:                No. 20, Quetuquan Road North, Jinan City
          Fax:                    0086 (531)86099847
          For the attention of:   Mr. Zhu Aijun

                                       16

<PAGE>

          SEOC
          Address:                Block 7, Hengping Avenue, Dongcheng District,
                                  Beijing
          Fax:                    (86) (10) 64297071
          For the attention of:   Ms. Zhang Lijuan

          EOPO
          Address:                Block 7, Hengping Avenue, Dongcheng District,
                                  Beijing
          Fax:                    (86) (10) 64297071
          For the attention of:   Ms. Zhang Lijuan

          JGXC
          Address:                Block 7, Hengping Avenue, Dongcheng District,
                                  Beijing
          Fax:                    (86) (10) 64297071
          For the attention of:   Ms. Zhang Lijuan

     11.9 Expenses. Each of the parties hereto shall be responsible for its own
          costs and expenses incurred in the preparation, negotiation and
          execution of this AGREEMENT.

     11.10 Severability. If one or more provisions of this AGREEMENT are held to
          be unenforceable under applicable law, such provision shall be
          excluded from this AGREEMENT and the balance of the AGREEMENT shall be
          interpreted as if such provision was so excluded and shall be
          enforceable in accordance with its terms.

     11.11 Entire AGREEMENT. The TRANSACTION DOCUMENTS supersedes all other
          agreements and constitute the entire agreement among the PARTIES and
          no party shall be liable or bound to any other party in any manner by
          any warranties, representations, or covenants except as specifically
          set forth herein or therein.

- EXECUTION PAGE FOLLOWS -

                                       17

<PAGE>

IN WITNESS WHEREOF, the parties have executed this AGREEMENT as of the date
first above written.

XFL

For and on behalf of XINHUA FINANCE LIMITED
Per:

/s/ Fredy Bush
-------------------------------------
Authorized Signatory

SEOC

For and on behalf of SHANDONG ECONOMIC OBSERVER CO., LTD.
Per:
[Company chop of Shandong Economic Observer Co., Ltd.]

/s/
-------------------------------------
Authorized Signatory

SANLIAN

For and on behalf of SHANDONG SANLIAN GROUP CO., LTD.
Per:
[Company chop of Shandong Sanlian Group Co., Ltd.]

/s/
-------------------------------------
Authorized Signatory

EOPO

For and on behalf of ECONOMIC OBSERVER PRESS OFFICE
Per:
[Economic Observer Press Office]

/s/
-------------------------------------
Authorized Signatory

JGXC

For and on behalf of BEIJING JINGGUANXINCHENG ADVERTISING CO., LTD.
Per:
[Beijing JingGuanXinCheng Advertising Co., Ltd.]

/s/
-------------------------------------
Authorized Signatory

                                       18
<PAGE>

                                   SCHEDULE A
                            CORPORATE DETAILS OF JGXC

<TABLE>
<S>                               <C>
Date and place of Incorporation   25 January 2006, Fang Shan District, Beijing,
                                  PRC

Registered Address                18-C66, Construction Road, Kaixuan Main
                                  Street, Fang Shan District, Beijing
Registered capital                RMB5,000,000

Paid in capital                   RMB5,000,000

Shareholder                       100% owned by SEOC

DIRECTORS                         ZHAO LI
</TABLE>

                                       19

<PAGE>

                                   SCHEDULE B
                          CLOSING CONDITIONS PRECEDENT

XFL's obligations to consummate the transactions contemplated by this AGREEMENT
is subject to the fulfilment of each of the following conditions:

(a)  The TRANSACTION DOCUMENTS have been entered into by each of the parties
     thereto and become effective in a manner satisfactory to XFL;

(b)  SEOC and JGXC have completed the registrations with the local
     administration of industry and commerce of (i) the transfer of the EQUITY
     by SEOC to XFL NOMINEE; and (ii) the Amended Articles of Association; and
     (iii) appointment of new DIRECTORS to the BOARD, three of which are
     nominated by XFL;

(c)  JGXC has obtained all licenses, permission, authorizations or Consent
     required by the PRC laws for completion of the TRANSACTION and carrying on
     the business lawfully and effectively in the manner as contemplated under
     the TRANSACTION DOCUMENTS, including without limitation the relevant
     advertisement permit for the exclusive advertisement agency;

(d)  The EVENT COMPANY has been duly established jointly by JGXC and ECONWORLD
     and registered with the local administration of industry and commerce
     pursuant to terms and conditions contained in the articles of association
     of the EVENT COMPANY as set out in Appendix [8] attached hereto;

(e)  The INFORMATION CONSULTING COMMITTEE has been duly established pursuant to
     the ECC AGREEMENT;

(f)  The TRANSACTION has been approved by the board of directors of XFL;

(g)  All regulatory approvals, registrations and filings for the TRANSACTION
     have been obtained or completed; and

(h)  Any other conditions XFL may reasonably request.

                                       20

<PAGE>

                                   SCHEDULE C
                  DOCUMENTS DELIVERABLES AT OR PRIOR TO CLOSING

(a)  THE VENDORS and JGXC shall deliver (or cause to be delivered) to XFL at or
     prior to the CLOSING the executed original versions (or copies where XFL
     has agreed that copies are acceptable) of all of the agreements,
     resolutions, certificates, approvals and documents referred to in Clause
     2.1 and all other documents relying on which XFL has determined that the
     CLOSING CONDITIONS PRECEDENT set out in Schedule B have been fulfilled.

(b)  Without limiting the generality of the forgoing, JGXC shall:

     (i)  issue to XFL a capital contribution certificate, to the satisfaction
          of XFL, evidencing XFL NOMINEE's holding of 50% equity interest in the
          registered capital of JGXC;

     (ii) delivers to XFL an original or verified copy of record of shareholders
          document, to the satisfaction of XFL, evidencing XFL NOMINEE's holding
          of 50% equity interest in the registered capital of JGXC;

     (iii) deliver to XFL a certificate evidencing that number of the DIRECTORS
          of the BOARD of JGXC has been changed into five (5), among which, all
          the three (3) DIRECTORS appointed by XFL and the chairman appointed by
          SANLIAN have been duly registered with the administration for industry
          and commerce as the DIRECTORS of JGXC; and such other papers and
          documents as XFL may reasonably require;

     (iv) deliver to the representative nominated by XFL all of the records,
          chops, registers, minute books, files, approvals, permits, licenses,
          certificates and other statutory books of JGXC, and the original or
          effective duplicate of any legal certificate and document required for
          the effective management of JGXC; and

     (v)  shall take all the necessary corporate actions and pass all the
          necessary resolutions by its shareholder and the executive director to
          approve the signing and performance of all the relevant contracts,
          agreements and other documents in relation hereto.

(c)  Without limiting the generality of the forgoing, SANLIAN shall deliver the
     indemnification letter duly executed by it in AGREED FORM as set out in
     Schedule I.

                                       21

<PAGE>

                                   SCHEDULE D
                               VENDORS WARRANTIES

PART A: GENERAL

(a)  Full Disclosure. (i) SANLIAN, SEOC, EOPO and JGXC are not aware of any
     facts which could materially adversely affect themselves or which are
     likely in the future to materially adversely affect any of them and which
     have not been disclosed to XFL by or on behalf of JGXC in connection with
     or pursuant to this AGREEMENT. (ii) No representation or warranty in this
     AGREEMENT, nor any statement or certificate furnished or to be furnished to
     XFL pursuant to or in connection with this AGREEMENT contains or will
     contain any untrue statement of material fact, or omits or will omit to
     state a material fact necessary to make the statements contained herein or
     therein misleading.

(b)  Reliance. The following representations and warranties are made by SANLIAN,
     SEOC, EOPO and JGXC with the knowledge and expectation that XFL is placing
     reliance thereon.

PART B: WARRANTIES IN RESPECT OF the VENDORS AND JGXC IN GENERAL

(a)  Organization, Standing, and Power. It is a company or legal person entity
     duly organized and validly existing, and in good standing under the laws of
     the PRC, has all requisite corporate power and authority to carry on its
     businesses, and is duly qualified and in good standing to do business in
     each jurisdiction in which it conducts business.

(b)  Authorization. The execution, delivery, and performance of the TRANSACTION
     DOCUMENTS to be entered into by it have been duly authorized by all
     necessary action of its board or other appropriate organization. Certified
     copies of the resolutions adopted by its board or other appropriate
     organization approving the TRANSACTION DOCUMENTS and transactions
     contemplated hereby and thereby have been provided to XFL.

(c)  Execution. It has duly and validly executed and delivered the TRANSACTION
     DOCUMENTS naming it as a party, and such TRANSACTION DOCUMENTS constitute
     valid, binding, and enforceable obligations of it in accordance with their
     terms, except to the extent that enforceability may be limited by
     applicable bankruptcy, reorganization, insolvency, moratorium or other laws
     affecting the enforcement of creditors' rights generally and by general
     principles of equity, regardless of whether such enforceability is
     considered in a proceeding at law or in equity.

PART C: WARRANTIES IN RESPECT OF JGXC

(a)  Corporate Records. It has made available to XFL complete and correct copies
     of all the documents, including but not limited to, its business license,
     articles of association, tax registration certificates, registers and/or
     other organizational documents ("CONSTITUTIONAL DOCUMENTS"), in each case,
     as amended to the date hereof. It has delivered to XFL complete and correct
     copies of its minute books and corporate records, all of which contain
     correct and complete records of all proceedings and actions taken at all
     meetings of, or effected by written consent of, its shareholders and its
     BOARD of DIRECTORS, and all original issuances and subsequent transfers,
     repurchases, and cancellations of its shares.

(b)  Capital Structure.

                                       22

<PAGE>

     (i)  Set out in Schedule A is its registered capital on the date hereof.

     (ii) There are no options, warrants, calls, conversion rights, commitments,
          agreements, contracts, restrictions, or rights of any character to
          which it is a party or by which it may be bound obligating it to
          issue, deliver or sell, or cause to be issued, delivered or sold,
          additional shares, or obligating it to grant, extend or enter into any
          such option, warrant, call, conversion right, commitment, agreement,
          contract, understanding, restriction, arrangement or right. It does
          not have outstanding bonds, debentures, notes or other indebtedness.

(c)  Subsidiaries. It does not presently own or CONTROL, directly or indirectly,
     any interest in any other company, association, or other business entity,
     and is not a participant in any joint venture, partnership, or similar
     arrangement. Its particulars as set out in Schedule A and its registered
     capital are clear of all ENCUMBRANCEs. Save as expressly provided in the
     TRANSACTION DOCUMENTS, there is no agreement or arrangement in force which
     calls for the present or future issue or sale of, or grant to any person
     the right (whether conditional or otherwise) to call for the issue, sale or
     transfer of any of its share or loan capital (including any of its option,
     notes, warrants or other securities or rights convertible or ultimately
     convertible into shares or equity interests).

(d)  Compliance with Laws and Other Instruments. It holds and, at all times, has
     held all licenses, permits, and authorizations from all Governmental
     Entities necessary for the lawful conduct of its business pursuant to all
     applicable PRC statutes, laws, ordinances, rules, and regulations of all
     such authorities having jurisdiction over it or any part of its operations.
     There are no violations or claimed violations of any such license, permit,
     or authorization, or any such statute, law, ordinance, rule or regulation.
     It has conducted its activities in compliance with all applicable laws and
     regulations and there has been no breach of any laws or regulations
     applicable to it.

(e)  Corporate Governance. Neither the execution and delivery of the TRANSACTION
     DOCUMENTS naming it as a party nor the performance by it of its obligations
     under such TRANSACTION DOCUMENTS will (i) conflict with or result in any
     breach of its CONSTITUTIONAL DOCUMENTS; (ii) require any CONSENTS; or (iii)
     conflict with, result in a breach or default of, or give rise to any right
     of termination, cancellation or acceleration or result in the creation of
     any lien, charge, ENCUMBRANCE, or restriction upon any of the properties or
     assets of it or its shares under, any law, statute, rule, regulation,
     judgment, decree, order, government permit, license or order or any
     mortgage, indenture, note, license, trust, agreement or other agreement,
     instrument or obligation to which it is a party.

(f)  Absence of Certain Changes and Events. Since its establishment, there has
     not been:

     (i)  Any transaction entered into by it other than in the ordinary course
          of business;

     (ii) Any declaration, payment, or setting aside of any dividend or other
          distribution to or for any of the holders of any equity;

     (iii) Any termination, modification, or rescission of or waiver by it of
          rights under any contract having or reasonably likely to have a
          MATERIAL ADVERSE CHANGE on its business;

     (iv) Any discharge or satisfaction by it of any ENCUMBRANCE, or any payment
          of any obligation or liability (absolute or contingent) other than
          liabilities incurred since its establishment in the ordinary course of
          business;

                                       23

<PAGE>

     (v)  Any mortgage, pledge, imposition of any security interest, claim,
          ENCUMBRANCE, or other restriction created on any of the assets,
          tangible or intangible, of it having or reasonably likely to have a
          MATERIAL ADVERSE CHANGE on its business;

     (vi) Any settlement amount of any claim, dispute, suit, proceeding or
          investigation regarding it; or

     (vii) Any event or condition resulting in a MATERIAL ADVERSE CHANGE on its
          business.

(g)  Litigation and Other Proceedings. It is not nor is any of its officers,
     directors, or employees a party to any pending or, threatened action, suit,
     labour dispute (including any union representation proceeding), proceeding,
     investigation, or discrimination claim in or by any court or governmental
     board, commission, agency, department, or officer, or any arbitrator,
     arising from its actions or omissions or, in the case of an individual,
     from acts in his or her capacity as its officer, director, employee, agent
     or contractor, which individually or in the aggregate would have a MATERIAL
     ADVERSE CHANGE on its business. It is not a named party to any order, writ,
     judgment, decree, or injunction.

(h)  No Defaults. It is not, nor has it received written notice that it would be
     with the passage of time, in default or violation of any term, condition,
     or provision of (i) its CONSTITUTIONAL DOCUMENTS; (ii) any judgment,
     decree, or order to which it is a named party; or (iii) any loan or credit
     agreement, note, bond, mortgage, indenture, contract, agreement, lease,
     license, or other instrument to which it is a party or by which it or any
     of its properties or assets is bound, except for defaults and violations
     which have been cured or, individually or in the aggregate, would not have
     a MATERIAL ADVERSE CHANGE on its business.

(i)  Major Contracts. Except for the agreements set out in Schedule J (the
     "EXISTING CONTRACTS") it is not a party to or bound by any agreement,
     contract, lease or indemnity:

     All the EXISTING CONTRACTS are valid and in full force and effect and it
     has not nor has any other party thereto breached any material provisions
     of, or entered into default in any material respect under the terms thereof
     other than such beaches or defaults that have been cured or would not,
     individually or in the aggregate, have a MATERIAL ADVERSE CHANGE on its
     business. It has made available to XFL a copy of each of the EXISTING
     CONTRACTS specified in Schedule J together with all amendments, material
     written waivers or other material written changes thereto.

(j)  Assets. The assets owned, possessed or used by it comprise all the assets
     required to enable it to carry on its business fully and effectively in the
     ordinary course. It has legal and beneficial ownership of all assets owned,
     possessed or used by it free and clear of all ENCUMBRANCEs. No other PERSON
     owns any property and assets which are being used by it except for the
     property leased by it pursuant to the EXISTING CONTRACTS.

(k)  Employees. It has no written or oral contract of employment or other
     employment agreement with any of its employees (including any contracts
     relating to the temporary use or loaning of employees) that are not
     terminable at will by it without payment of severance or termination
     payments or benefits. It is not a party to any pending or threatened labour
     dispute concerning its business or employment practices or the subject of
     any organizing drive, labour grievance or petition to certify a labour
     union. It has complied with all applicable laws, treaties, ordinances,
     rules, and regulations and requirements relating to the employment of
     labour. There are no claims pending or threatened to be brought against it
     in any court or administrative agency by any of its former or current
     employees.

(l)  Certain Agreements. Neither the execution nor delivery of this AGREEMENT
     and the TRANSACTION DOCUMENTS nor the performance of its obligations
     contained in them will:

                                       24

<PAGE>

     (i)  result in any payment by it (including severance, unemployment
          compensation, parachute payment, bonus or otherwise) becoming due to
          any director, employee, or independent contractor of it under any
          employee benefit plan, agreement, or otherwise,

     (ii) increase any benefits otherwise payable under any employee benefit
          plan or agreement, or (iii) result in the acceleration of the time of
          payment or vesting of any such benefits.

(m)  Guarantees and Suretyships. It does not have any powers of attorney
     outstanding and it does not have any obligations or liabilities (absolute
     or contingent) as guarantor, surety, cosigner, endorser, co-maker, or
     otherwise respecting the obligations or liabilities of any person,
     corporation, partnership, joint venture, association, organization, or
     other entity other than as an endorser of negotiable instruments in the
     ordinary course of business.

(n)  Absence of Questionable Payments. It has not nor has any of its respective
     AFFILIATES, directors, officers, agents, employees or other persons acting
     on their behalf, used any corporate or other funds for unlawful
     contributions, payments, gifts, or entertainment, or made any unlawful
     expenditures relating to political activity to government officials or
     others or established or maintained any unlawful or unrecorded funds. It
     has not nor has any of its respective AFFILIATES, directors, officers,
     agents, employees or other persons acting on its behalf, accepted or
     received any unlawful contributions, payments, gifts, or expenditures.

(o)  [It has not conducted any business and has no indebtedness, receivable,
     liability or contingent liability.]

(p)  Taxes.

     (i)  No deficiencies or adjustments for any of its tax has been claimed,
          proposed or assessed or threatened in writing and not paid. There is
          currently no claim outstanding by an authority in a jurisdiction where
          it does not file PRC Returns that it is or may be subject to taxation
          by that jurisdiction. It is not subject to any pending or threatened
          tax audit or examination. It has not entered into any agreements,
          waivers or other arrangements in respect of the statute of limitations
          in respect of its taxes or PRC Returns.

     (ii) For the purposes of this AGREEMENT, the terms "tax" and "taxes" shall
          include all taxes, assessments, duties, tariffs, registration fees,
          and other governmental charges in the nature of taxes including, all
          income, franchise, property, production, sales, use, payroll, license,
          windfall profits, value added, severance, withholding, excise, gross
          receipts and other taxes, as well as any interest, additions or
          penalties relating thereto and any interest in respect of such
          additions or penalties.

(q)  Leases in Effect; Real Estate. All real property leases and subleases to
     which it is a party, and any amendments or modifications thereof, are
     listed in Schedule K (each a "PRC LEASE" and, collectively, the "PRC
     LEASES"). It has a valid leasehold interest under such PRC LEASES. There
     are no existing defaults, and it has not received or given any written
     notice of default or claimed default with respect to any PRC LEASE and
     there is no event that with notice or lapse of time, or both, would
     constitute a default thereunder. All real property occupied by it is
     subject to a written lease. It holds no interest in real property other
     than the PRC LEASES.

(r)  Personal Property. It has valid title, free and clear of all title defects,
     security interests, pledges, options, claims, liens, and ENCUMBRANCEs of
     any nature whatsoever to all inventory, receivables, furniture, machinery,
     equipment, and other personal property, tangible since its establishment.

                                       25

<PAGE>

PART D: WARRANTIES IN RESPECT OF EOPO AND THE NEWSPAPER

(a)  Compliance with Laws and Other Instruments. EOPO holds and, at all times,
     has held all licenses, permits, and authorizations from all Governmental
     Entities necessary for the lawful conduct of its business pursuant to all
     applicable PRC statutes, laws, ordinances, rules, and regulations of all
     such authorities having jurisdiction over it or any part of its operations,
     including without limitation the editing, publishing and distribution of
     the News paper and advertising. There are no violations or claimed
     violations of any such license, permit, or authorization, or any such
     statute, law, ordinance, rule or regulation. It has conducted its
     activities in compliance with all applicable laws and there has been no
     breach of any laws applicable to it.

(b)  Absence of Certain Changes and Events. Since December 31, 2005, there has
     not been:

     (i)  Any transaction other than in the ordinary course of business;

     (ii) Any termination, modification, or rescission of or waiver by it of
          rights under any contract having or reasonably likely to have a
          MATERIAL ADVERSE CHANGE on its business;

     (iii) Any discharge or satisfaction by it of any ENCUMBRANCE, or any
          payment of any obligation or liability (absolute or contingent) other
          than liabilities incurred in the ordinary course of business;

     (iv) Any mortgage, pledge, imposition of any security interest, claim,
          ENCUMBRANCE, or other restriction created on any of the assets,
          tangible or intangible, of it having or reasonably likely to have a
          MATERIAL ADVERSE CHANGE on its business;

     (v)  Any claim, dispute, law suit, proceeding or investigation against or
          regarding it; or

     (vi) Any event or condition resulting in a MATERIAL ADVERSE CHANGE on its
          business.

(c)  Litigation and Other Proceedings. EOPO is not nor is any of its officers,
     directors, or employees a party to any pending or, threatened action, suit,
     labour dispute (including any union representation proceeding), proceeding,
     investigation, or discrimination claim in or by any court or governmental
     board, commission, agency, department, or officer, or any arbitrator,
     arising from its actions or omissions or, in the case of an individual,
     from acts in his or her capacity as its officer, director, employee, agent
     or contractor, which individually or in the aggregate would have a MATERIAL
     ADVERSE CHANGE on its business. It is not a named party to any order,
     judgment, decree, or injunction.

(d)  No Defaults. EOPO is not, nor has it received written notice that it would
     be with the passage of time, in default or violation of any term,
     condition, or provision of (i) its CONSTITUTIONAL DOCUMENTS; (ii) any
     judgment, decree, or order to which it is a named party; or (iii) any loan
     or credit agreement, note, bond, mortgage, indenture, contract, agreement,
     lease, license, or other instrument to which it is a party or by which it
     or any of its properties or assets is bound, except for defaults and
     violations which have been cured or, individually or in the aggregate,
     would not have a MATERIAL ADVERSE CHANGE on its business.

(e)  Newspaper Licenses EOPO has duly obtained and maintained all the licenses
     and permits to conduct the current business, including but not limited to
     the NEWSPAPER Publishing License, and has not conducted the business
     outside the scope of such licenses and permits.

(f)  Material Contracts. Except for the contracts listed in Schedule J, EOPO is
     not a party to any agreement or contract which is related to the subject
     matter of any TRANSACTION DOCUMENTS or which may affect the performance of
     such TRANSACTION DOCUMENTS, in particular any

                                       26

<PAGE>

     agreement or contract in connection with any advertisement related matters,
     or any agreement, contract or arrangement entered into by and between EOPO
     and SEOC.

     EOPO has terminated the contracts, or assigned to JGXC the benefits and
     obligations thereof, in a manner as set forth in Schedule J pending or by
     the CLOSING DATE and there are no circumstances by reason of such
     termination EOPO shall be liable to any other third parties.

(g)  Assets. The assets owned, possessed or used by EOPO comprise all the assets
     required to enable it to carry on its business fully and effectively in the
     ordinary course. It has legal and beneficial ownership of all assets owned,
     possessed or used by it free and clear of all ENCUMBRANCEs.

(h)  Technology and Intellectual Property Rights.

     (i)  Schedule L contains a list of INTELLECTUAL PROPERTY which includes the
          following:

          (1)  all patents, domain names, trademarks, trade names, trade dress
               and service marks, and any applications and registrations for any
               of the foregoing, that is included in the OWNED INTELLECTUAL
               PROPERTY;

          (2)  all registered copyrights, and applications for registered
               copyrights for any OWNED INTELLECTUAL PROPERTY;

          (3)  all material products and services that currently are published
               and/or offered by it, or that are currently under development by
               it and scheduled to be commercially released or offered prior to
               the CLOSING DATE;

          (4)  all material licenses and sublicenses of OWNED INTELLECTUAL
               PROPERTY;

          (5)  all LICENSED INTELLECTUAL PROPERTY and any sublicenses thereto;
               and

          (6)  any material obligation of exclusivity, non-competition,
               non-solicitation, first negotiation or "most favoured nation" or
               "equally favoured nation" (e.g., obligating it to provide terms
               as favourable or more favourable as granted to others) to which
               it is subject under any agreement that does not fall within the
               ambit of (4) or (5) in this paragraph.

     (ii) EOPO owns or has the right to use all INTELLECTUAL PROPERTY used or
          held for use in the conduct of its business without any conflict with
          the rights of others. All products and technology that have been or
          currently are published and/or offered by it or are under development
          by it, and all products and/or technology underlying any and all
          services that have been or currently are offered by it or are under
          development by it is either: (1) owned by it, (2) in the public
          domain, or (3) rightfully used by the it pursuant to a valid written
          license or other agreement.

     (iii) EOPO is not, as a result of the execution or delivery of this
          AGREEMENT and/or the Ancillary AGREEMENTs, nor the performance of its
          obligations under them of under the Structure AGREEMENTs will cause it
          to be in violation of any license, sublicense or other agreement
          relating to the INTELLECTUAL PROPERTY or of any non-disclosure
          agreement to which it is a party or otherwise bound.

     (iv) EOPO is not obligated to provide any financial consideration or other
          consideration to any third party, nor is any third party otherwise
          entitled to any financial consideration or other consideration, with
          respect to any exercise of rights by it or its successors in the
          INTELLECTUAL PROPERTY.

                                       27

<PAGE>

     (v)  EOPO's use, reproduction, modification, distribution, licensing,
          sublicensing, sale, or any other exercise of rights in any OWNED
          INTELLECTUAL PROPERTY by it or its licensees does not infringe,
          misappropriate or violate any copyright, patent, trade secret,
          trademark, service mark, trade name, firm name, logo, trade dress,
          database right, other intellectual property right, right of privacy,
          right of publicity or right in personal or other data of any person.
          Further, the use, reproduction, modification, distribution, licensing,
          sublicensing, sale, or any other exercise of rights in any LICENSED
          INTELLECTUAL PROPERTY or any other authorized exercise of rights in or
          to LICENSED INTELLECTUAL PROPERTY by it or its licensees does not
          infringe, misappropriate or violate any copyright, patent, trade
          secret, trademark, service mark, trade name, firm name, logo, trade
          dress, moral right, database right, other intellectual property right,
          right of privacy, right of publicity or right in personal or other
          data of any person. Further, the distribution, licensing,
          sublicensing, sale, or other provision of products and services by it
          or its resellers or licensees does not infringe, misappropriate or
          violate any copyright, patent, trade secret, trademark, service mark,
          trade name, firm name, logo, trade dress, moral right, database right,
          other intellectual property right, right of privacy, right of
          publicity or right of any person.

     (vi) No action, suit or proceeding, pending or otherwise, (i) challenging
          the validity, enforceability, or ownership by it of any of OWNED
          INTELLECTUAL PROPERTY or (ii) to the effect that the use,
          reproduction, modification, manufacturing, distribution, licensing,
          sublicensing, sale or any other exercise of rights in any OWNED
          INTELLECTUAL PROPERTY by it or its licensees infringes,
          misappropriates or violates any intellectual property or other
          proprietary or personal right of any person is pending or is
          threatened by any person. Further, no claim to the effect that the
          distribution, licensing, sublicensing, sale or other provision of
          products and services by it or its resellers or licensees infringes,
          misappropriates or violates any intellectual property or other
          proprietary or personal right of any person is pending or, to the
          knowledge of EOPO, is threatened by any person. There is no
          unauthorized use, infringement or misappropriation of any of OWNED
          INTELLECTUAL PROPERTY by any third party, employee or former employee.

     (vii) No other party has any security interest in any INTELLECTUAL
          PROPERTY.

     (viii) EOPO has secured from all parties who have created any portion of,
          or otherwise have any rights in or to, OWNED INTELLECTUAL PROPERTY,
          other than employees of itself whose work product was created by them
          entirely within the scope of their employment by it and constitutes
          work made for hire owned by it, valid written assignments or licenses
          of any such work or other rights to it that are enforceable by it and
          has made available true and complete copies of such assignments or
          licenses to XFL.

     (ix) EOPO owns all right, title and interest in and to all data it collects
          from or discloses about users of its products and services. Its
          practices regarding the collection and use of consumer personal
          information are in accordance in all respects with applicable laws and
          regulations of all jurisdictions in which it operates.

     (x)  No officer, director, stockholder or employee of EOPO, nor any spouse,
          or relative thereof, owns directly or indirectly, in whole or in part,
          any INTELLECTUAL PROPERTY.

(i)  Employees. EOPO has no written or oral contract of employment or other
     employment agreement with any of its employees (including any contracts
     relating to the temporary use or loaning of employees) that are not
     terminable at will by it without payment of severance or termination
     payments or benefits. It is not a party to any pending or threatened labour
     dispute concerning its business or employment practices or the subject of
     any organizing drive, labour grievance or petition to certify a labour
     union. It has complied with all applicable laws, treaties, ordinances,
     rules, and regulations and requirements relating to the employment of
     labour.

                                       28

<PAGE>

     There are no claims pending or threatened to be brought against it in any
     court or administrative agency by any of its former or current employees.
     The core employees are and will remain employed by the EOPO (for avoidance
     of any doubt, "core" employee in this paragraph means the employee whom XFL
     may consider essential to EOPO or its business).

(j)  Certain Agreements. Neither the execution and delivery of this AGREEMENT
     and the Ancillary AGREEMENTs nor the performance of its obligations
     contained in them will: (i) result in any payment by EOPO (including
     severance, unemployment compensation, parachute payment, bonus or
     otherwise) becoming due to any director, employee, or independent
     contractor of it under any employee benefit plan, agreement, or otherwise,
     (ii) increase any benefits otherwise payable under any employee benefit
     plan or agreement, or (iii) result in the acceleration of the time of
     payment or vesting of any such benefits.

(k)  Guarantees and Suretyships. EOPO does not have any powers of attorney
     outstanding and it does not have any obligations or liabilities (absolute
     or contingent) as guarantor, surety, cosigner, endorser, co-maker, or
     otherwise respecting the obligations or liabilities of any person,
     corporation, partnership, joint venture, association, organization, or
     other entity other than as an endorser of negotiable instruments in the
     ordinary course of business.

(l)  Absence of Questionable Payments. EOPO has not nor has any of its
     respective AFFILIATES, directors, officers, agents, employees or other
     persons acting on their behalf, used any corporate or other funds for
     unlawful contributions, payments, gifts, or entertainment, or made any
     unlawful expenditures relating to political activity to government
     officials or others or established or maintained any unlawful or unrecorded
     funds. It has not nor has any of its respective AFFILIATES, directors,
     officers, agents, employees or other persons acting on its behalf, accepted
     or received any unlawful contributions, payments, gifts, or expenditures.

(m)  Financial Statements. All financial statemdens delivered to XFL give a true
     and fair view of the financial status as of the relevant account dates.
     Each statement either has made full provision or disclosed all liabilities,
     claims or obligations of any nature, whether absolute, contingent,
     anticipated or otherwise, whether due or to become due, all outstanding
     capital commitments and all bad or doubtful debts as of the relevant
     account dates.

(n)  Taxes.

     (i)  No deficiencies or adjustments for any of its tax has been claimed,
          proposed or assessed or threatened in writing and not paid. It is not
          subject to any pending or threatened tax audit or examination.

     (ii) For the purposes of this AGREEMENT, the terms "tax" and "taxes" shall
          include all taxes, assessments, duties, tariffs, registration fees,
          and other governmental charges in the nature of taxes including, all
          income, franchise, property, production, sales, use, payroll, license,
          windfall profits, value added, severance, withholding, excise, gross
          receipts and other taxes, as well as any interest, additions or
          penalties relating thereto and any interest in respect of such
          additions or penalties.

     (iii) There are no liens for taxes upon its assets except for taxes that
          are not yet payable. It has withheld all taxes required to be withheld
          in respect of wages, salaries and other payments to all employees,
          officers and directors and any taxes required to be withheld from any
          other person and has timely paid all such amounts withheld to the
          proper taxing authority.

PART E: WARRANTIES IN RESPECT OF SEOC

                                       29

<PAGE>

(a)  Material Contracts. Except for the contracts listed in Schedule J, SEOC is
     not a party to any agreement or contract which is related to the subject
     matter of any TRANSACTION DOCUMENTS or which may affect the performance of
     such TRANSACTION DOCUMENTS, in particular any agreement or contract in
     connection with any advertisement related matters, or any agreement,
     contract or arrangement entered into by and between EOPO and SEOC.

     SEOC has terminated the contracts, or assigned to JGXC the benefits and
     obligations thereof, in a manner as set forth in Schedule J pending or by
     the CLOSING DATE and there are no circumstances by reason of such
     termination EOPO shall be liable to any other third parties.

                                       30

<PAGE>

                                   SCHEDULE E
                                 XFL WARRANTIES

XFL hereby represents and warrants to the VENDORS that each of the following
statements is true:

(a)  Organisation and Qualification. It is a person or a legal entity duly
     organised and validly existing under the laws of its jurisdiction of
     incorporation.

(b)  Authorisation. It has taken all corporate or other action required to
     authorise, and has duly authorised, the execution, delivery and performance
     of this AGREEMENT and upon due execution and delivery the same will
     constitute its legal, valid and binding obligations enforceable in
     accordance with its terms.

(c)  Power and Authority. It has full power and authority to make the covenants
     and representations referred to herein and to purchase the EQUITY and to
     execute, deliver and perform this AGREEMENT.

                                       31

<PAGE>

                                   SCHEDULE F
                              DETAILS OF ECONWORLD

Company name                      Guangzhou Jingshi Culture Intermediary Co.,
                                  Ltd.

Date and place of Incorporation   23 March 2006, Tian He District, Guangzhou,
                                  PRC

Registered Address                Rm.340, 36, Nanshe Main Street, Chengjie Road,
                                  Tian He District, Guangzhou

Registered capital                RMB1,000,000

Paid in capital                   RMB1,000,000

                                       32

<PAGE>

                                   SCHEDULE G
                    MANAGEMENT TEAM OF JGXC AND EVENT COMPANY

[List of names of management personnels of JGXC and the Event Company]

                                       33

<PAGE>

                                   SCHEDULE H
                               MANAGEMENT CONTRACT

[Management contract Between JGXC and (or Jingguan Jingshi) with its executives]

                                       34

<PAGE>

                                   SCHEDULE I
                             INDEMNIFICATION LETTER

TO: XINHUA FINANCE LIMITED.

1.   The undersigned, Zhang Jikai, is the representative duly authorised by
     Shandong Sanlian Group Co., (referred to as "SANLIAN" hereinafter), who is
     the controlling shareholder of Shandong Economic Observer Co., Ltd.
     (referred to as "SEOC" hereinafter), a company established and existing
     pursuant to the laws of the PRC with the registered office at No.12,
     Quetuquan Road North, Jinan City. SANLIAN is also the sponsor and
     supervisor of Economic Observer Press Office (referred to as EOPO
     hereinafter), an unincorporated legal entity established under the laws of
     PRC with the registered office at Gao'er People's Government, Licheng
     District, Jinan City.

2.   SANLIAN, together with SEOC and EOPO (collectively as "VENDORS"), signed a
     "Cooperation Agreement in relation to Economic Observer" (the AGREEMENT)
     with your company on [______], 2006 (the term of which is specified in the
     AGREEMENT).

3.   After due consideration and pursuant to clause 8 of the AGREEMENT, SANLIAN
     hereby irrevocably agrees, to provide indemnification for all the
     obligations and liabilities of the either or all of VENDORS as a whole
     under the AGREEMENT in favour of your company, and undertakes to, jointly
     and severally with VENDORS, bear all relevant liabilities resulting from
     any breach of the AGREEMENT by either or all of the VENDORS if either or
     all of the VENDORS fail(s) to perform its/their obligations under the
     AGREEMENT or the TRANSACTION DOCUMENTS. Such obligations of the VENDORS
     include, without limitation, making indemnity for any Claim (as defined in
     the AGREEMENT) made against either or all of the VENDORS by your company
     pursuant to clauses 8 of the AGREEMENT.

This Letter of Indemnification is hereby issued.

INDEMNIFYING PARTY: SHANGDONG SANLIAN GROUP CO., LTD.

                    [Company Chop of Shangdong Sanlian Group Co., Ltd.]

SIGNED BY:          /s/ Zhang Jikai
                    ------------------------------
                    (Printed name)

                    (Stamp and Chop of SANLIAN)

DATE:               April 20 2006

                                       35

<PAGE>

                                   SCHEDULE J
                               MATERIAL CONTRACTS

[List of over a hundred contracts to which JGXC and EOPO are parties, which
include sales contracts, distribution and printing contracts, and agency
contracts.]

                                       36

<PAGE>

                                   SCHEDULE K
                                     LEASES

[Lease agreement between JGXC and Beijing Liangxiang Satellite City Real
Property Development Company regarding 18-C66, Construction Road, Kaixuan Main
Street, Beijing. Tenancy term is from February 1, 2006 to January 31, 2007 and
annual rent is RMB5,000.]

                                       37
<PAGE>

                                   SCHEDULE L
                              INTELLECTUAL PROPERTY

(1)  Domain name:

<TABLE>
<CAPTION>
Chinese domain name             English domain name     Universal website        Internet name
-------------------            --------------------   --------------------   --------------------
<S>                            <C>                    <C>                    <C>
www.[Chinese Characters].cn    www.eeo.com.cn         [Chinese Characters]   [Chinese Characters]
www.[Chinese Characters].com   www.eobserver.com.cn   (Economic Observer)    (Economic Observer
www.[Chinese Characters].net                                                 Press Office)
www.[Chinese Characters].com
www.[Chinese Characters].net
www.[Chinese Characters].com
www.[Chinese Characters].com
www.[Chinese Characters].com
www.[Chinese Characters].com
</TABLE>

(2)  Trademarks:

<TABLE>
<CAPTION>
                        Date of processing
Trademark                 the application
Text/Graphic             for registration            Applicable category
------------            ------------------   -----------------------------------
<S>                     <C>                  <C>
The Economic Observer   May 25, 2005         9    Science, navigation, land
[Chinese Characters]                              survey, electrical,
[Chinese Characters]                              photography, movies, optics,
                                                  scales, instruments of
                                                  measurement, signal, testing
                                                  (supervision), ambulance
                                                  (rescue) and instructional
                                                  instruments and devices,
                                                  recording, communications,
                                                  device for displaying sound
                                                  and image, magnetic data
                                                  medium, recording disc,
                                                  automatic vending machine and
                                                  coin-operated mechanical
                                                  structure, cash register,
                                                  computer and data processing
                                                  facility, fire extinguisher

The Economic Observer   May 25, 2005         16   Different types of paper,
[Chinese Characters]                              paper board and products,
[Chinese Characters]                              printed matter, stapling
                                                  products, photos, stationery,
                                                  glues for stationery or home
                                                  use, fine arts products,
                                                  brush-pencil, typewriter and
                                                  office products (other than
                                                  furniture), education or
                                                  instructional products (other
                                                  than
</TABLE>

                                       38

<PAGE>

<TABLE>
<S>                     <C>                  <C>
                                                  instruments), packaging
                                                  plastic materials (different
                                                  types), paper cards, printing
                                                  types, printing form

The Economic Observer   May 25, 2005         35   Advertising, enterprise
[Chinese Characters]                              operation, enterprise
[Chinese Characters]                              management, office
                                                  administration

The Economic Observer   May 25, 2005         40   Material processing
[Chinese Characters]
[Chinese Characters]

The Economic Observer   May 25, 2005         41   Education, provision of
[Chinese Characters]                              training, entertainment, arts
[Chinese Characters]                              and sports activities

The Economic Observer   May 25, 2005         42   Science and technology service
[Chinese Characters]                              and related research and
[Chinese Characters]                              design services; industrial
                                                  analysis and research,
                                                  computer hardware and software
                                                  design and development; legal
                                                  services

EEO.COM.CN              May 25, 2005         9    Science, navigation, land
[Chinese Characters]                              survey, electrical,
                                                  photography, movies, optics,
                                                  scales, instruments of
                                                  measurement, signal, testing
                                                  (supervision),
                                                  ambulance (rescue) and
                                                  instructional instruments and
                                                  devices, recording,
                                                  communications, device for
                                                  displaying sound and image,
                                                  magnetic data medium,
                                                  recording disc, automatic
                                                  vending machine and
                                                  coin-operated mechanical
                                                  structure, cash register,
                                                  computer and data processing
                                                  facility, fire extinguisher

EEO.COM.CN              May 25, 2005         16   Different types of paper,
[Chinese Characters]                              paper board and products,
                                                  printed matter, stapling
                                                  products, photos, stationery,
                                                  glues for stationery or home
                                                  use, fine arts products,
</TABLE>

                                       39

<PAGE>

<TABLE>
<S>                     <C>                  <C>
                                                  brush-pencil, typewriter and
                                                  office products (other than
                                                  furniture), education or
                                                  instructional products (other
                                                  than instruments), packaging
                                                  plastic materials (different
                                                  types), paper cards, printing
                                                  types, printing form

EEO.COM.CN              May 25, 2005         35   Advertising, enterprise
[Chinese Characters]                              operation, enterprise
                                                  management, office
                                                  administration

EEO.COM.CN              May 25, 2005         40   Material processing
[Chinese Characters]

EEO.COM.CN              May 25, 2005         41   Education, provision of
[Chinese Characters]                              training, entertainment, arts
                                                  and sports activities

EEO.COM.CN              May 25, 2005         42   Science and technology service
[Chinese Characters]                              and related research and
                                                  design services; industrial
                                                  analysis and research,
                                                  computer hardware and software
                                                  design and development; legal
                                                  services

[Chinese Characters]    July 6, 2005         16   Different types of paper,
CHINA BLUE                                        paper board and products,
CHIP REAL ESTATE                                  printed matter, stapling
And graphics                                      products, photos, stationery,
                                                  glues for stationery or home
                                                  use, fine arts products,
                                                  brush-pencil, typewriter and
                                                  office products (other than
                                                  furniture), education or
                                                  instructional products (other
                                                  than instruments), packaging
                                                  plastic materials (different
                                                  types), paper cards, printing
                                                  types, printing form

[Chinese Characters]    July 6, 2005         41   Education, provision of
CHINA BLUE                                        training, entertainment, arts
CHIP REAL ESTATE                                  and sports activities
And graphics

[Chinese Characters]    July 6, 2005         16   Different types of paper,
The Economic Observer                             paper board and products,
Forum and graphics                                printed matter, stapling
                                                  products, photos, stationery,
                                                  glues for stationery or home
</TABLE>

                                       40

<PAGE>

<TABLE>
<S>                     <C>                  <C>
                                                  use, fine arts products,
                                                  brush-pencil, typewriter and
                                                  office products (other than
                                                  furniture), education or
                                                  instructional products (other
                                                  than instruments), packaging
                                                  plastic materials (different
                                                  types), paper cards, printing
                                                  types, printing form

[Chinese Characters]    April 28, 2005       41   Education, provision of
The Economic Observer   July 6, 2005              training, entertainment, arts
Forum and graphics                                and sports activities

[Chinese Characters]    June 3, 2006         16   Different types of paper,
The Most Respected      (Note: date of            paper board and products,
Companies of China      application, not          printed matter, stapling
And graphics            date of                   products, photos, stationery,
                        processing)               glues for stationery or home
                                                  use, fine arts products,
                                                  brush-pencil, typewriter and
                                                  office products (other than
                                                  furniture), education or
                                                  instructional products (other
                                                  than instruments), packaging
                                                  plastic materials (different
                                                  types), paper cards, printing
                                                  types, printing form

[Chinese Characters]    June 3, 2006         41   Education, provision of
The Most Respected      (Note: date of            training, entertainment, arts
Companies of China      application, not          and sports activities
And graphics            date of
                        processing)

[Chinese Characters]    June 3, 2006         16   Different types of paper,
Marketing               (Note: date of            paper board and products,
And graphics            application, not          printed matter, stapling
                        date of                   products, photos, stationery,
                        processing)               glues for stationery or home
                                                  use, fine arts products,
                                                  brush-pencil, typewriter and
                                                  office products (other than
                                                  furniture), education or
                                                  instructional products (other
                                                  than instruments), packaging
                                                  plastic materials (different
                                                  types), paper cards, printing
                                                  types, printing form

[Chinese Characters]    June 3, 2006         41   Education, provision of
Marketing               (Note: date of            training, entertainment, arts
And graphics            application, not          and sports activities
                        date of
                        processing)
</TABLE>

                                       41
<PAGE>

                                   APPENDIX 1

[Equity Transfer Agreement in relation to JGXC - Please refer to Exhibit 10.30]

<PAGE>

                                   APPENDIX 2

                       [Articles of Association of JGXC]

<PAGE>

                                   APPENDIX 3

[Business Cooperation Agreement - Please refer to Exhibit 10.5]

<PAGE>

                                   APPENDIX 4

[Business Cooperation Contract - Please refer to Exhibit 10.24]

<PAGE>

                                   APPENDIX 5

[Information Consulting Committee Organization Agreement - Please refer to
Exhibit 10.23]

<PAGE>

                                   APPENDIX 6

             [Articles of Association of Beijing Jingguan Jinghsi]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]