Document:

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                                                                   EXHIBIT 10.40

                                   ----------

                                    AGREEMENT

                  FOR THE SALE AND PURCHASE OF EQUITY INTEREST

                                       IN

                     BEIJING CENTURY MEDIA CULTURE CO., LTD.

                                   ----------

                                      Among

                             ALL OF THE SHAREHOLDERS

                                       OF

                     BEIJING CENTURY MEDIA CULTURE CO., LTD.

                                       and

                             XINHUA FINANCE LIMITED

                          Dated as 9 of September, 2005

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THIS is made between the following parties in Shanghai, People's Republic of
China ("PRC"):

(1)  Mr. Yu Gang, a citizen of the People's Republic of China and holder of PRC
     passport number G08731655 with an address of Unit 38-803, No. 9, Shuangqiao
     East Road, Chaoyang District, Beijing 100024 PRC ("Transferor 1");

(2)  Ms. Xia Huai, a citizen of the People's Republic of China and holder of PRC
     passport number 430103197701081541 with an address of Unit 38-803, No. 9,
     Shuangqiao East Road, Chaoyang District, Beijing 100024 PRC ("Transferor
     2", and, together with Transferor 1, the "Transferors").

(3)  Xinhua Finance Limited (the "PURCHASER"), a limited liability company duly
     incorporated and existing under the laws of Cayman Islands and having its
     registered office situated at the offices of Codan Trust Company (Cayman)
     Limited, Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681GT,
     George Town, Grand Cayman, British West Indies.

The Transferors and the Purchaser are collectively referred to as "PARTIES".

WITNESSETH

WHEREAS:

(A)  Beijing Century Media Culture Co., Ltd. (the "COMPANY"), a limited
     liability company incorporated in PRC whose registered office is situated
     at 18-338 Jianshe Road, Kaixuan Avenue, Liangxiang Village, Fangshan
     District, Beijing, PRC, with registered capital of 1,000,000 Renminbi
     ("RMB"), is engaged in the business of the production of radio and
     television programs for the PRC market.

(B)  Transferor 1 is the legal and record owner of 55% of the equity interests
     in the registered capital of the Company, and Transferor 2 is the legal and
     record owner of 45% of the equity interests in the registered capital of
     the Company, which, collectively, represent 100 % of the outstanding equity
     interests of the Company.

(C)  The Purchaser wishes to purchase (through its nominees), and the
     Transferors wish to sell one hundred percent (100%) of all the equity in
     the registered capital of the Company (the "SALE EQUITY").

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NOW, THEREFORE, in consideration of the premises and the mutual agreements and
covenants hereinafter set forth, the Purchaser and the Transferors hereby agree
as follows:

                                    ARTICLE 1
                                   DEFINITIONS

SECTION 1.01            Certain Defined Terms

As used in this Agreement, the following terms shall have the following
meanings:

<TABLE>
<S>                              <C>
"2005 Consideration Amount"      has the meaning set forth in Section 2.02.

"2006 Consideration Amount"      has the meaning set forth in Section 2.02.

"2007 Consideration Amount"      has the meaning set forth in Section 2.02.

"2005 Financials"                has the meaning set forth in Section 2.02.

"2006 Financials"                has the meaning set forth in Section 2.02.

"2007 Financials"                has the meaning set forth in Section 2.02.

"2005 Net Income"                has the meaning set forth in Section 2.02.

"2006 Net Income"                has the meaning set forth in Section 2.02.

"2007 Net Income"                has the meaning set forth in Section 2.02.

"Action"                         means any claim, litigation, arbitration or
                                 inquiry, or judicial, administrative,
                                 regulatory or other proceeding, brought by or
                                 before (or in the case of a claim, capable of
                                 being brought by or before) any court,
                                 government agency or other Governmental
                                 Authority or any person.

"Accounts"                       has the meaning set forth in Schedule 2.

"Affiliates"                     means (a) in relation to any corporate or
                                 non-corporate legal person, any other person
                                 which, directly or indirectly, controls or is
                                 controlled by or is under common control with
                                 such person and for the purposes of this
                                 definition "CONTROL" when used with respect to
                                 any specified person means the power to direct
                                 the management and policies
</TABLE>

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<TABLE>
<S>                              <C>
                                 of such person, directly or indirectly, whether
                                 through the ownership of voting securities, by
                                 contract or otherwise, and the terms
                                 "CONTROLLING" and "CONTROLLED" have meanings
                                 correlative to the foregoing, and (b) in
                                 relation to any natural person, his or her
                                 spouse, children, parents and parents-in-law.

"Business"                       has the meaning set forth in Section 6.02(a).

"Business Day"                   means any day that is not a Saturday, a Sunday
                                 or other day on which banks are required or
                                 authorized by Law to be closed in Hong Kong or
                                 Shanghai, PRC.

"Clients"                        has the meaning set forth in Section 6.02(b).

"Closing"                        has the meaning set forth in Section 2.04.

"Closing Date"                   has the meaning set forth in Section 2.04.

"Confidential Information"       has the meaning set forth in Section 6.03 and
                                 Schedule 2.

"Dollars"                        means United States dollars.

"Encumbrance"                    has the meaning set forth in Schedule 2.

"First Subsequent
Consideration Payment Date"      has the meaning set forth in Section 2.02.

"Force Majeure"                  has the meaning set forth in Section 10.07(a).

"Government Approval"            means any approval, consent or authorization
                                 from, registration or filing with, notice to,
                                 or license, permit or certification from, any
                                 Governmental Authority. Government Approvals
                                 with respect to any Action to be taken by any
                                 party hereunder means such Government Approvals
                                 as are required for the Action under applicable
                                 Law. Whenever any form of requirement of
                                 "GOVERNMENT APPROVAL" is referred to herein, it
                                 shall be interpreted and construed to include
                                 the requirement that such approval be in form
                                 and substance reasonably acceptable to the
                                 parties hereto.
</TABLE>

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<TABLE>
<S>                              <C>
"Governmental Authority"         means any government, governmental, regulatory
                                 or administrative authority, agency or
                                 commission or any court, tribunal, or judicial
                                 or arbitral body.

"Governmental Order"             means any order, judgment, injunction or award
                                 entered by or with any Governmental Authority.

"Initial Consideration"          has the meaning set forth in Section 2.03 (a).

"Last Accounting Date"           has the meaning set forth in Schedule 2.

"Law"                            means any (i) national, provincial, state, or
                                 local statutes, regulations, ordinances, rules,
                                 codes, judgments, awards, orders or policies of
                                 Governmental Authorities, and any other rules,
                                 standards or specifications having the force or
                                 effect of law, whether PRC or non-PRC; and (ii)
                                 treaties, conventions, protocols and other
                                 promulgations having transnational legal
                                 effect.

"Leases"                         has the meaning set forth in Schedule 2.

"Licensed IP"                    has the meaning set forth in paragraph 8.3(b)
                                 Schedule 2.

"Licensed Software"              has the meaning set forth in paragraph 9.1 of
                                 Schedule 2.

"Losses"                         has the meaning set forth in Section 9.02.

"Market Value"                   has the meaning set forth in Section 2.02.

"Material Adverse Change"        means any change that results or could result
                                 in a Material Adverse Effect.

"Material Adverse Effect"        means any effect which, alone or together with
                                 any other such effect, (i) is materially
                                 adverse to the business, operations, assets or
                                 liabilities, employee relationships, customer
                                 or supplier relationships, prospects, results
                                 of operations or the condition (financial or
                                 otherwise) of the Company or any of the
                                 Subsidiaries; (ii) materially impairs the
                                 ability of the Company or the Subsidiaries to
                                 conduct its business in the ordinary course of
                                 business; or (iii) materially
</TABLE>

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<TABLE>
<S>                              <C>
                                 impairs the ability of the Transferors or the
                                 Company to perform their obligations under this
                                 Agreement.

"Merger Consideration"           has the meaning set forth in Section 2.02.

"Owned IP"                       has the meaning set forth in paragraph 8.3(a)
                                 of Schedule 2.

"Owned Software"                 has the meaning set forth in paragraph 9.1 of
                                 Schedule 2.

"Person"                         means a natural person, partnership, limited
                                 liability partnership, corporation, joint stock
                                 company, trust, unincorporated association,
                                 joint venture or other entity, and pronouns
                                 have a similarly extended meaning.

"Pro Rata Portion"               has the meaning set forth in Section 2.02.

"Restricted Period"              has the meaning set forth in Section 6.02.

"Second Subsequent
   Consideration Payment Date"   has the meaning set forth in Section 2.02.

"Subsequent Consideration"       has the meaning set forth in Section 2.02.

"Subsequent Consideration
   Payment Date"                 has the meaning set forth in Section 2.02.

"Tax"                            means any tax, levy, duty or other charges of
                                 any kind imposed by any Governmental Authority,
                                 including without limitation, taxes and charges
                                 upon or in respect of income, payroll,
                                 employment, excise, severance, stamp,
                                 occupation, education, stock transfer, capital
                                 gains, withholding, social security, property,
                                 sales, use, license or registration; value
                                 added taxes; customs duties and tariffs; and
                                 any interest, penalty or addition thereto,
                                 whether disputed or not.

"Termination Date"               has the meaning set forth in Section 8.02(b).

"Third Subsequent
   Consideration Payment Date"   has the meaning set forth in Section 2.02.
</TABLE>

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<TABLE>
<S>                              <C>
"Transferee"                     has the meaning set forth in Section 2.01.

"Transaction"                    has the meaning set forth in Section 2.01.

"Transferor Indemnified
   Person"                       has the meaning set forth in Section 9.03.

"Warranties"                     means the warranties, representations and
                                 undertakings of the Transferors contained in or
                                 referred to in Article IV and Schedule 2.

"the Purchaser Indemnified
   Person"                       has the meaning set forth in Section 9.02.

"XFL Ordinary Shares"            means ordinary shares in the capital of the
                                 Purchaser ranking equally with the ordinary
                                 shares of the Purchaser listed on the Tokyo
                                 Stock Exchange.
</TABLE>

                                   ARTICLE 2
                                PURCHASE AND SALE

SECTION 2.01 Purchase and Sale of the Sale Equity. Upon the terms and subject to
the conditions of this Agreement, the Purchaser shall (through its nominees or
such other parties identified by the Purchaser to the Transferors (the
"TRANSFEREE")), purchase from each Transferor, and each Transferor shall procure
the sale to the Purchaser, of the Sale Equity (the "TRANSACTION") which in
aggregate shall represent one hundred percent (100%) of the total equity of the
Company, free from all charges, liens, encumbrances and other third party claims
and interests and together with all rights now or hereafter attached to them,
including any and all rights and benefits arising from or associated with such
equity interests (including, but not in anyway limited to, all rights and
benefits in connection with the Company's retained earnings, and any dividend or
other distribution declared, made or paid after the date of this Agreement).

SECTION 2.02 Merger Consideration Amount. Each Transferor shall be entitled to
receive, subject to the provisions of this Agreement, his Pro Rata Portion of
the Initial Consideration and the Subsequent Consideration (together, the
"MERGER CONSIDERATION") in the manner, at the times and in the amounts set forth
in this Section 2.02. The "INITIAL CONSIDERATION" shall be $3,000,000 (three
million Dollars), and shall be payable to the Transferors at Closing. "PRO RATA
PORTION" means, with respect to Transferor 1, 55% (fifty-five percent), and with
respect to Transferor 2, 45% (forty-five percent).

     (a)  The "SUBSEQUENT CONSIDERATION" shall consist of the 2005 Consideration
          Amount, the 2006 Consideration Amount and the 2007 Consideration
          Amount, and shall be determined and paid as follows:

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          (i)  The "2005 CONSIDERATION AMOUNT" shall be an amount equal to the
               product of ((A) 2005 Net Income, (B) 8.5 and (C) 0.50)) minus
               $3,000,000, and shall be paid by the Purchaser no later than
               twenty (20) days after receipt by the Purchaser and the
               Transferors of the 2005 Financials (the date of such payment, the
               "FIRST SUBSEQUENT CONSIDERATION PAYMENT DATE").

          (ii) The "2006 CONSIDERATION AMOUNT" shall be an amount equal to the
               product of ((A) 2006 Net Income, (B) 8.5 and (C) 0.25)), and
               shall be paid by the Purchaser no later than twenty (20) days
               after receipt by the Purchaser and the Transferors of the 2006
               Financials (the date of such payment, the "SECOND SUBSEQUENT
               CONSIDERATION PAYMENT DATE").

          (iii) The "2007 CONSIDERATION AMOUNT" shall be an amount equal to the
               product of ((A) 2007 Actual Net Income, (B) 8.5 and (C) 0.25)),
               and shall be paid by the Purchaser no later than ten (10) days
               after receipt by the Purchaser and the Transferors of the 2007
               Financials (the date of such payment, the "THIRD SUBSEQUENT
               CONSIDERATION PAYMENT DATE" and, together with the First
               Subsequent Consideration Payment Date, and the Second Subsequent
               Consideration Payment Date, the "SUBSEQUENT CONSIDERATION PAYMENT
               Dates").

          (iv) "2005 NET INCOME", "2006 NET INCOME" and "2007 NET INCOME" shall
               mean the Company's aggregate net income for the financial years
               ended 2005, 2006 and 2007, respectively, as set out in the 2005
               Financials, 2006 Financials and 2007 Financials, respectively, in
               each case, excluding the professional fees paid to the auditors
               for preparing said financial statements.

          (v)  "2005 FINANCIALS", "2006 FINANCIALS" and "2007 FINANCIALS" means
               the Company's audited financial statements for each such
               financial year, in each case prepared by a firm of qualified
               auditors in the PRC selected by the Purchaser in accordance with
               the general accepted accounting principles and standards of the
               PRC.

          (vi) On Each Subsequent Consideration Payment Date the Purchase shall
               pay to each Transferor (or their respective nominees) his Pro
               Rata Portion of the 2005 Consideration Amount, the 2006
               Consideration Amount and 2007 Consideration Amount, respectively.
               The Initial Consideration and each such Subsequent Consideration
               Amount shall be paid by the Purchaser issuing to each Transferor
               (or their respective nominees) a number of XFL Ordinary Shares,
               free from any encumbrances, equal to (x) the amount payable to
               him divided by (y) the Market Value, rounded to the nearest whole
               XFL Ordinary Share; provided, however, that the Purchaser may, in
               its sole discretion, deliver to one or both Transferors cash in
               Dollars in lieu of all or a portion of

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               the portion of the Subsequent Consideration otherwise payable to
               such Transferor in XFL Ordinary Shares.

          (vii) "MARKET VALUE" shall mean, with respect to the XFL Ordinary
               Shares, the average of the closing price of the XFL Ordinary
               Shares on the Tokyo Stock Exchange for the fifteen (15) trading
               days up to and including the third trading day prior to the
               applicable 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 date immediately preceding the applicable payment date.

     (b)  In the event the XFL Ordinary Shares payable to the Transferors as a
          portion of any Subsequent Consideration are not actively traded on the
          Tokyo Stock Exchange or a comparable public trading market, then the
          Purchaser shall, not less than ten (10) business days prior to the
          applicable Subsequent Consideration Payment Date, so notify each
          Transferor, and each Transferor may, by notice to be delivered to the
          Purchaser not less than three (3) business days prior to the relevant
          Subsequent Consideration Payment Date, elect to receive cash in
          Dollars in lieu of his respective Pro Rata Portion of the Subsequent
          Consideration that would otherwise be payable in the form of XFL
          Ordinary Shares.

     (c)  Notwithstanding any other provision contained herein, at least three
          (3) days in advance of any Subsequent Consideration Payment Date, the
          Transferors will in writing advise the Purchaser of the manner in
          which the Purchaser should deliver such Subsequent Consideration
          payment. Specifically, the Transferors will advise the Purchaser of
          the persons to whom such payments should be made and where to send
          such payments.

     (d)  Any portion of the Subsequent Consideration that is payable by the
          Purchaser to a Transferor in cash pursuant to Section 2.02(b) shall be
          transferred by the Purchaser to such Transferor by wire transfer of
          immediately available funds pursuant to wire transfer instructions
          delivered to the Purchaser by such Transferor no later than three (3)
          business days in advance of the applicable Subsequent Consideration
          Payment Date.

     (e)  Within 60 calendar days of each of the fiscal years ended December 31,
          2005, December 31, 2006 and December 31, 2007, the Purchaser shall
          cause to be prepared and shall deliver the 2005 Financials, the 2006
          Financials and the 2007 Financials to the Transferor.

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     (f)  Any dispute regarding the determination of the 2005 Net Income, 2006
          Net Income or the 2007 Net Income will be resolved in accordance with
          Section 10.05.

SECTION 2.03 Closing. Subject to the provisions of Section 5.01 and Section 5.02
and other terms and conditions of this Agreement, the sale and purchase of the
Sale Equity contemplated by this Agreement shall take place at a closing (the
"CLOSING") to be held at the business office of the Company at 10:00 A.M. Hong
Kong time on the fifth (5th) Business Day following satisfaction or waiver in
writing of the conditions to the Closing by the relevant parties set forth in
Article V, or at such other place or at such other time or on such other date as
the Transferors and the Purchaser may agree upon in writing (the day on which
the Closing takes place being the "CLOSING DATE").

SECTION 2.04 Deliveries by the Transferors. At the Closing, the Transferors
shall deliver or cause to be delivered to the Purchaser:

     (a)  Duly executed instrument evidencing the transfer of the Sale Equity
          and all such applicable documents in respect of the Sale Equity in
          favor of the Transferee together with the duly executed powers of
          attorney or other authorities under which any of the transfers have
          been executed;

     (b)  duly executed instrument evidencing the alteration to the Company's
          registration at its original registration authority has been
          completed, and each Transferee has been duly registered in the records
          and files of such registration authority as a shareholder of the
          Company owning and holding, in aggregate, 100% of the Company's total
          equity interest;

     (c)  certified copy of the minutes of a shareholders meeting approving the
          transfer of the Sale Equity to the Transferees;

     (d)  copies of executive service agreements signed by each of Yu Gang, Ding
          Bin and Duan Gong reasonably acceptable to the Company and each party,
          for a period of five years;

     (e)  written consents signed and delivered to the Transferees by YU Gang
          and XIA Huai respectively, in the form satisfactory to the Purchaser,
          expressly waiving their respective pre-emptive right in terms of the
          Sale Equity;

     (f)  certified copies of the minutes of the Company recording the
          resolution of the Board of Directors of the Company approving and
          authorising the Transaction, as well as the Company seal;

     (g)  the legal seal for each of the Company and the Subsidiaries; and

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     (h)  such other documents as may be required at the discretion of the
          Purchaser to give to the Transferees good title to the Sale Equity and
          to enable the Transferees to become the registered holder thereof.

                                    ARTICLE 3
                 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

The Purchaser hereby represents and warrants to the Transferors as follows:

SECTION 3.01 Authority to Execute and Perform this Agreement. The execution and
delivery of this Agreement by the Purchaser, the performance by the Purchaser
and of its obligations hereunder and the consummation by the Purchaser of the
Transaction have been duly authorized by all requisite action on the part of the
Purchaser. This Agreement has been duly executed and delivered by the Purchaser,
and (assuming due authorization, execution and delivery by the Transferors)
constitutes a legal, valid and binding obligation of the Purchaser enforceable
against it in accordance with its terms.

SECTION 3.02 No Conflict. The execution, delivery and performance of this
Agreement by the Purchaser do not and will not (a) violate, conflict with or
result in the breach of any provision of the Articles of Association of the
Purchaser or (b) conflict with or violate any Law or Governmental Order
applicable to the Purchaser or any of their assets, properties or businesses.

SECTION 3.03 Ordinary Shares. All outstanding XFL Ordinary Shares are, and, the
XFL Ordinary Shares to be issued as part of the Subsequent Consideration will,
when issued, be, duly authorized and validly issued and are fully paid and
non-assessable and not issued in violation of, and not subject to, any
preemptive or similar rights and shall be, when issued, freely tradable in Japan
by the Transferors or their respective nominees without any minimum holding
period, volume limitation, lock-up or other restriction, other than customary
lock-up periods applicable to employees and insiders of XFL and applicable
insider trading laws and regulations and other than the administrative
requirement for all shareholders to transfer securities into the Japan
Securities Settlement & Custody, Inc. trading system for the purpose of trading
securities on the Tokyo Stock Exchange.

                                   ARTICLE 4
                REPRESENTATIONS AND WARRANTIES OF THE TRANSFERORS

SECTION 4.01 In consideration of the Purchaser entering into this Agreement,
each of the Transferors hereby warrants and represents to and undertakes with
the Purchaser on a joint and several basis that each of the Warranties is now
and will at all times from the date hereof be complete, true and accurate in all
respects and will not be in any way misleading.

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SECTION 4.02 The Transferors acknowledge that the Purchaser has entered into
this Agreement on the basis of the Warranties and that the Purchaser is relying
on the Warranties. Each Warranty shall be construed independently.

SECTION 4.03 The Purchaser's right or ability to make a claim under or in
respect of the Warranties or to damages or other relief in respect of any breach
of the Warranties shall not be affected or limited, and the amount recoverable
shall not be reduced, by any other information of which the Purchaser has or may
have actual or constructive or imputed knowledge and, in particular the rights
and remedies of the Purchaser shall not be affected or limited in any way by any
investigation made by or on behalf of the Purchaser into the Company.

SECTION 4.04 The right or ability of the Purchaser to make a claim under or in
respect of the Warranties shall be without prejudice to any other right of the
Purchaser to damages or other relief in respect of any breach of the Warranties.

SECTION 4.05 The execution and delivery of this Agreement by the Transferors,
the performance by the Transferors of their obligations hereunder and the
consummation by the Transferors of the Transaction have been duly authorized by
all requisite action on the part of the Transferors. This Agreement has been
duly executed and delivered by the Transferors, and (assuming due authorization,
execution and delivery by the Purchaser) constitutes a legal, valid and binding
obligation of the Transferors enforceable against the Transferors in accordance
with its terms.

SECTION 4.06 The execution, delivery and performance of this Agreement by the
Transferors do not and will not (a) violate, conflict with or result in the
breach of any provision of the organizational documents of the Company; or (b)
conflict with or violate any PRC Law or Governmental Order applicable to the
Transferors or the Company, or any of their assets, properties or businesses.

SECTION 4.07 The execution, delivery and performance of this Agreement by the
Transferors do not and will not require any consent, approval, authorization or
other order of, action by, filing with or notification to, any Governmental
Authority or its designated organizations, except for the Company's registration
alteration at its company registration authority for the completion of the
transfer of the Sale Equity to the Transferees and the recording of the
Transferees as legal shareholders of the Company owning and holding, in
aggregate, 100% of the Company's total equity interest.

SECTION 4.08 Each of the Transferors represents and warrants to the Purchaser
that each of the statements contained in Schedule 2 are correct and complete as
of the date of this Agreement.

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                                   ARTICLE 5
                            CONDITIONS TO OBLIGATIONS

SECTION 5.01 Conditions to Obligations of the Transferors. The obligations of
the Transferors to consummate the Transaction shall be subject to the
fulfillment, at or prior to the Closing, of each of the following conditions:

     (a)  The representations and warranties of the Purchaser contained in this
          Agreement shall be true and correct in all material respects as of the
          Closing Date, with the same force and effect as if made as of the
          Closing Date except where any such failure of the representations and
          warranties in the aggregate to be true and correct in all respects
          would not reasonably be expected to have a Material Adverse Effect on
          the Company;

     (b)  No Action shall have been commenced or threatened by or before any
          Governmental Authority or Non-governmental Authority against the
          Transferors or the Purchaser, seeking to restrain the Transaction
          which, in the reasonable, good faith determination of the Transferors,
          is likely to render it impossible or unlawful to consummate such
          transactions; provided, however, that the provisions of this Section
          5.01(b) shall not apply if any of the Transferors has directly or
          indirectly solicited or encouraged any such Action;

     (c)  Since the date of this Agreement, no fact, circumstance, event or
          change shall have occurred, or be reasonably likely to occur, which
          has had, or could reasonably be expected to have, a Material Adverse
          Effect;

     (d)  the Purchaser shall have performed in all material respects each
          obligation and agreement and shall have complied in all material
          respects with each covenant to be performed and complied with by it
          under this Agreement at or prior to the Closing Date.

SECTION 5.02 Conditions to Obligations of the Purchaser. The obligation of the
Purchaser to consummate the Transaction shall be subject to the fulfillment of
each of the following conditions:

     (a)  The Warranties shall be true and correct in all material respects on
          the Closing Date with the same force and effect as if made as on each
          such date, except where any such failure of the representations and
          warranties in the aggregate to be true and correct in all respects
          would not reasonably be expected to have a Material Adverse Effect;

     (b)  On each of the Closing Date, and each Subsequent Consideration Payment
          Date, no Action shall have been commenced or threatened by or before
          any Governmental Authority against the Transferors or the Purchaser
          seeking to restrain the Transaction which, in the reasonable, good
          faith determination of

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          the Purchaser, is likely to render it impossible or unlawful to
          consummate such transactions;

     (c)  At or prior to the Closing Date, each of Yu Gang, Ding Bin and Duan
          Gong shall have signed an executive service agreement with the Company
          reasonably acceptable to the Company and each party, for a period of
          five years;

     (d)  Since the date of this Agreement, no fact, circumstance, event or
          change shall have occurred, or be reasonably likely to occur, which
          has had, or could reasonably be expected to have, a Material Adverse
          Effect;

     (e)  Each of the Transferors shall have performed in all material respects
          each obligation and agreement and shall have complied in all material
          respects with each covenant to be performed and complied with by it
          under this Agreement at or prior to the Closing Date;

     (f)  each of the Transferors have waived any pre-emptive rights it may have
          relating thereto by the current articles of association of the
          Company;

     (g)  the shareholders, the executive director and/or equivalent internal
          power authority of the Parties have approved the Transaction;

     (h)  the Purchaser shall have completed its due diligence inquiry of the
          Company and be reasonably satisfied with the results thereof;

     (i)  all outstanding loans from the Company and each Subsidiary to any of
          the Transferors shall have been waived;

     (j)  The Company or any of its Subsidiaries shall have obtained a
          television program production licenses to the satisfaction of the
          Purchaser prior to the Third Subsequent Payment Date;

     (k)  The Company shall have obtained and owned at least 90% equity interest
          of Beijing Workshop Communications Co., Ltd. ("BWC"), with the
          remaining equity interest of BWC owned by the Transferors, and all
          necessary registration and government procedures with respect thereto
          shall have been properly completed to the satisfaction of the
          Purchaser; and

          The Company shall have obtained and owned at least 90% equity interest
          of Beijing Golden Ways Culture Development Co., Ltd. ("BGW"), with the
          remaining equity interest of BGW owned by the Transferors, and all
          necessary registration and government procedures with respect thereto
          shall have been properly completed to the satisfaction of the
          Purchaser.

                                       14

<PAGE>

The Parties shall make best efforts to fulfill the conditions set out in this
section 5.02, obtain all relevant approvals from the government or other
relevant authorities for the purpose of the Transaction and complete the
Transaction within two 2) months from the execution of this Agreement. If due to
either party the transaction is not completed on the stipulated date, the Party
which is not at default has the right to terminate this Agreement by giving
written notice to the other Parties.

                                   ARTICLE 6
                                NON COMPETITION

SECTION 6.01 Acknowledgements. Each of the Transferors hereby acknowledges and
agrees as follows:

     (a)  the Transferors' relationship with the Company involves and has
          involved the understanding of and access to certain trade secrets and
          confidential information pertaining to the property, business and
          operations of the Company and its Affiliates;

     (b)  the Transferors' competition with the Company and/or its Affiliates,
          the solicitation of Company Clients (as defined in Section 6.02(b) or
          employees of the Company, the Purchaser or their Affiliates, or the
          Transferors' disclosure of trade secrets or confidential information
          relating to the Company, the Purchaser, and their Affiliates,
          following the transfer of the Sale Equity to the Transferee, would
          substantially and negatively impact the results and success of the
          operation of the Company and/or such Affiliates beyond that which
          would arise from the competition of an unrelated third party;

     (c)  all Clients of the Company and its Affiliates, regardless of when or
          by whom acquired, are the assets of the Company and its Affiliates,
          and not assets of the Transferors;

     (d)  the Transferors have carefully considered the restrictions contained
          in this Article VI, and each of the Transferors specifically agrees
          that the same are reasonable, necessary and essential to the
          preservation of the business of the Company and its Affiliates for the
          benefit of the Purchaser after the Transaction is completed; and

     (e)  the Transferors' covenants set forth in this Article VI are an
          essential part of the inducement of the Purchaser to enter into this
          Agreement, and but for the covenants contained herein, the Purchaser
          would not have entered into this Agreement.

SECTION 6.02 Non Compete. Each of the Transferors agrees with the Purchaser that
he will not, and will procure that each of its Affiliates will not, directly or
indirectly,

                                       15

<PAGE>

whether by itself, by its employees or agents and whether on its own account or
on behalf of or in conjunction with or through the medium of, or as manager,
adviser, consultant or agent for, any other person or otherwise howsoever, for a
period of five (5) years from the date of this Agreement (the "RESTRICTED
PERIOD"), without the express written permission of the Purchaser or pursuant to
the performance of its duties and obligations under this Agreement:

     (a)  engage in, assist or have any active interest in a business located in
          PRC or any other place in which the Company carries on business, on
          his or her own behalf or for others, that provides, sells, develops,
          markets or conducts a business that directly or indirectly competes
          with or is substantially similar to the business conducted by the
          Company on the date hereof, and/or of the Company or the Purchaser
          during the Restricted Period (the "BUSINESS"); or

     (b)  solicit or canvass or otherwise deal with any person, firm, company or
          other organisation which at any time during the three (3) years prior
          to the date of this Agreement was a customer of any of the Company or
          its Affiliates in relation to the Business or any of them or was, at
          such the date in the process of negotiating or contemplating doing
          business with any of the Company or its Affiliates in relation to any
          the Business ("CLIENTS");

     (c)  solicit or entice away or endeavour to solicit or entice away from the
          Company or employ or otherwise engage any of the Company's employees,
          whether or not such person would commit any breach of his contract of
          employment by reason of his leaving the service of the Company;

     (d)  engage or assist in any manner in any trade or business using, or be
          associated with any person engaged in any trade or business using
          (whether as a corporate name or trading name or trademarks or
          otherwise) any of the names, trademarks, logos, design, get up or
          packaging used by the Company or any names, trade marks, logos,
          design, get up or packaging which are confusingly similar to any
          names, trade marks, logos, design, get up or packaging used by the
          Company; or

     (e)  in the course of carrying on any trade or business, claim, represent
          or otherwise indicate any present association with the Business or,
          for the purpose of obtaining or retaining any business or custom,
          claim, represent or otherwise indicate any past association with the
          Business.

SECTION 6.03 Confidential Information. Without the prior written consent of the
Purchaser, the Transferors shall not use, whether for itself or on behalf of any
third party, or divulge to any third party other than the Company, the
Purchaser, or any of their Affiliates or their or the Transferors respective
professional advisers, employees, officers and directors for the benefit of the
Company, the Purchaser, or their Affiliates, any trade secrets or other
Confidential Information (as defined below) learned or obtained by such
Transferor, whether prior to, on or after the date of the execution of this
Agreement. As

                                       16

<PAGE>

used herein, the term "CONFIDENTIAL INFORMATION" means information disclosed to
or known by the Transferors (whether before, on or after the date of this
Agreement) as a consequence of the Transferors' relationship with the Company
and not generally known in the industry in which the Company, the Purchaser, or
any Affiliate of theirs is engaged and that in any way relates to the business
of the Company, the Purchaser, or any Affiliate of theirs, and regardless of the
format in which it is presented or embodied (written, graphic, electromagnetic
or otherwise). The term "CONFIDENTIAL INFORMATION," as used herein, does not
include information (a) which was already in the public domain through
authorized disclosures, or (b) which is disclosed as a matter of right by a
third party source after the date of this Agreement provided that such third
party source is not bound by confidentiality obligations in favour of the
Company, the Purchaser, or their Affiliates.

SECTION 6.04 Limitations. While the parties hereto consider that the aforesaid
non-compete restrictions are reasonable in all the circumstances, it is agreed
that if such restrictions by themselves or taken together shall be adjudged to
go beyond what is reasonable in all the circumstances for the protection of the
interests of the Company but would be adjudged reasonable if part or parts of
the wording thereof were deleted or the periods thereof were reduced or the
range of businesses or area dealt with thereby were reduced in scope, the
relevant restriction or restrictions shall apply with such modifications as may
be necessary to make it or them valid and effective.

                                   ARTICLE 7
                              ADDITIONAL AGREEMENT

SECTION 7.01 Further Action. Each of the Parties shall (a) take all reasonable
actions necessary to comply promptly with all legal and regulatory requirements
which may be imposed on any of them with respect to the transactions
contemplated by this Agreement and will promptly cooperate with and furnish
information to each other in connection with any such requirements imposed on
any of them in connection with the transactions contemplated hereby and (b) take
all reasonable actions necessary to obtain (and shall cooperate with each other
in obtaining) any consent, authorization, order or approval of, or any exemption
by, any Governmental Authority or other public or private third party, required
to be obtained by any of the Parties in connection with the transactions
contemplated by this Agreement.

SECTION 7.02 Continuing Business. For the period commencing on the date of this
Agreement through and including the Third Subsequent Consideration Payment Date
(the "EARNOUT PERIOD"), YU Gang shall act in good faith with regard to operating
the Company's business in a manner that is consistent with past practice. During
the Earnout Period, YU Gang shall not, without the prior written approval of the
Purchaser, (i) require or permit the Company to incur any financial expenditures
or commitments (including employee benefit costs) outside the ordinary course of
business consistent with past practice; (ii) impose any consolidated group costs
or expenses in the operation of the Company's business that are not approved by
the Purchaser; (iii) engage in the trading of

                                       17

<PAGE>

securities; (iv) increase its indebtedness for borrowed money or make any loan
or advance or assume, guarantee or otherwise become liable with respect to the
liabilities or obligations of any other Person outside the ordinary course of
business consistent with past practice; (v) make any bonus or profit sharing
distribution or similar payment of any kind outside the normal course of
business; or (vi) pay or declare any dividends. During the Earnout Period,
without prejudice to the foregoing and subject to any other covenants and
provisions in this agreement, Yu Gang shall have primary responsibility and
reasonable control over operating expenses, the hiring and firing of employees
and pricing, in each case relating to the Company's business, in each case
subject to the requirements of the Purchaser with respect to the overall
business (as defined below) as conducted by the Purchaser and its subsidiaries
and subject to the oversight of the board of directors of the Purchaser. During
the Earn-Out Period, except as otherwise specifically contemplated by this
Agreement, or with the prior written consent of Yu Gang, the Purchaser will not
(a) require the Company to incur any financial expenditures or commitments
(including employee benefit costs) outside the ordinary course of business
consistent with past practice, unless such expenditures or commitments are
incurred after the prior approval of Yu Gang; (b) impose any Purchaser or
consolidated group costs or expenses in the operation of the Company business
that are not reasonably approved by YU Gang.

SECTION 7.03 The Transferors undertake that after the signing of this Agreement
they will cause the Company to provide, on an ongoing basis, in such formats and
at such time as requested by the Purchaser with information in relation to the
Company, including but not limited to its operations, financial affairs or
management sufficient to enable the Purchaser to meet its ongoing budgeting and
audit requirements.

SECTION 7.04 At any time after the Closing, the Purchaser shall have the right
to, at its sole discretion, cause the Transferee to sell and transfer any
portion or all of the Sale Equity to one or more non-Chinese entities designated
by the Purchaser, and to restructure and convert the Company to a Chinese
foreign-invested company. The Transferors hereby undertake to the Purchaser that
they will fully cooperate with the Purchaser, the Transferee and the
entity/entities designated by the Purchaser to consummate the transfer and
corporate restructure and conversion.

SECTION 7.05 For the period commencing on the Closing Date through and including
the date of payment of the Third Subsequent Consideration Amount pursuant to
Section 2.02, and provided that the Transferors are not in material default of
the provisions of this Agreement, the Transferors shall be entitled to appoint
one director to the board of directors of the Company. Immediately following the
Closing Date, the Purchaser shall be entitled to appoint the legal
representative of the Company and each Subsidiary, the directors of the Company
and each Subsidiary, and a finance controller for the Company, and the Parties
agree to take all reasonable steps to effect such appointments.

                                       18

<PAGE>

                                   ARTICLE 8
                         EFFECTIVE DATE AND TERMINATION

SECTION 8.01 Effective Date. This Agreement shall come into effect on the date
of execution.

SECTION 8.02 Termination. This Agreement may be terminated at any time prior to
the Closing in accordance with the following provisions:

     (a)  By mutual written consent of the Purchaser and the Transferors;

     (b)  By either the Transferors or the Purchaser if the Closing does not
          occur on or before the date that is four months after the date hereof
          (the "TERMINATION DATE"); provided, however, that the right to
          terminate this Agreement pursuant to this Section 8.02(b) shall not be
          available to any party whose breach of any provision of this Agreement
          has been the cause of, or resulted in, the failure of the Transaction
          to be consummated by the Termination Date;

     (c)  Subject to Section 10.06, either the Transferors or the Purchaser
          shall be entitled to elect not to complete the sale and purchase of
          the Sale Equity and, accordingly, to terminate this Agreement upon
          written notice to the other parties hereto if on or before the Closing
          Date:

          (i)  it becomes aware that one or more of the representations or
               warranties of the other party contained in this Agreement is or
               are untrue, incorrect or misleading in any material respect; or

          (ii) there is a material breach of any covenant or obligation of the
               other party under this Agreement; or

          (iii) any Action shall have been commenced or threatened by or before
               any Governmental Authority or Non-governmental Authority against
               the Transferors or the Purchaser, seeking to restrain the
               Transaction which, in its reasonable, good faith determination,
               is likely to render it impossible or unlawful to consummate such
               transactions; provided, however, that the provisions of this
               Section 8.02(c)(iii) may not be invoked by a party which has
               directly or indirectly solicited or encouraged such Action; or

          (iv) The party desiring to terminate this Agreement pursuant to this
               Section 8.02 (other than pursuant to Section 8.02(a)) shall give
               written notice of such termination to the other party.

                                       19

<PAGE>

                                   ARTICLE 9
                  WAIVER, RELEASE OF CLAIMS AND INDEMNIFICATION

SECTION 9.01 Waiver. Either party to this Agreement may (a) extend the time for
the performance of any of the obligations or other acts of the other party, (b)
waive any inaccuracies in the representations and warranties of the other party
contained herein or in any document delivered by the other party pursuant hereto
or (c) waive compliance with any of the terms or conditions of the other party
contained therein. Any such extension or waiver shall be valid only if set forth
in an instrument in writing signed by the party to be bound thereby. Any waiver
of any term or condition shall not be construed as a waiver of any subsequent
breach or a subsequent waiver of the same term or condition, or a waiver of any
other term or condition, of this Agreement. The failure of either party to
assert any of its rights hereunder shall not constitute a waiver of any of such
rights.

SECTION 9.02 Indemnification by the Purchaser. The Purchaser shall indemnify,
defend and hold harmless the Transferors (each, a "PURCHASER INDEMNIFIED
PERSON") from and against all actions, causes of action, suits, debts,
obligations, losses, damages, amounts paid in settlement, liabilities, costs and
expenses (including but not limited to interest, penalties and reasonable
attorneys' fees and expenses) ("LOSSES") arising out of, in connection with or
in relation to:

     (a)  the material breach of any representation or warranty made by the
          Purchaser contained in this Agreement;

     (b)  the material breach of any covenant or agreement by the Purchaser
          contained in this Agreement;

SECTION 9.03 Indemnification by the Transferors. The Transferors shall
indemnify, defend and hold harmless each of the Purchaser and the Company and
their employees, officers and directors (each, a "TRANSFEROR INDEMNIFIED
PERSON") from and against all Losses arising out of, in connection with or in
relation to:

     (a)  the breach of any representation or warranty made by the Transferors
          contained in this Agreement;

     (b)  the breach of any covenant or agreement by the Transferors contained
          in this Agreement; or

     (c)  (i) any and all Taxes (or the non-payment thereof) of the Company for
          all taxable periods ending on or before the Closing Date and the
          portion through the end of the Closing Date for any taxable period
          that includes (but does not end on) the Closing Date ("PRE-CLOSING TAX
          Period"), and (ii) any and all Taxes of any person (other than the
          Company) imposed on the Company as a transferee or successor, by
          contract or pursuant to any law, rule, or regulation, which Taxes
          relate to an event or transaction occurring before the Closing.

                                       20

<PAGE>

          Payment in full of any amount due from the Transferors under this
          Section 9.03 (c) shall be made to the Purchaser Indemnified Person in
          immediately available funds at least two business days before the date
          payment of the Taxes to which such payment relates is due, or, if no
          Tax is payable, within fifteen days after written demand is made for
          such payment.

SECTION 9.04 Deductible; Limitations on Liability.

     (a)  None of the Purchaser Indemnified Person or Transferor Indemnified
          Person shall be entitled to indemnification for any Losses under
          Section 9.02 or Section 9.03, respectively, unless and until the
          aggregate amount of Losses suffered, sustained, or incurred by all of
          the Purchaser Indemnified Persons or the Transferor Indemnified
          Persons, as the case may be, and giving rise to a claim for
          indemnification hereunder exceeds U.S. $25,000, calculated on a
          cumulative basis and not on a per item basis and then only to the
          extent of such excess.

     (b)  No the Purchaser Indemnified Person or Transferor Indemnified Person
          shall be entitled to more than one recovery for any single Loss even
          though such Loss may have resulted from the breach or inaccuracy of
          more than one of the representations, warranties, covenants and
          agreements made by the Purchaser or Transferor, as the case may be, in
          or pursuant to this Agreement

SECTION 9.05 Joint and Several Liability of the Transferors. For purposes of
this Agreement, the Transferors shall be considered as one entity. The
Transferors shall be jointly and severally responsible for all of the
Transferors' obligations and covenants hereunder and jointly and severally
liable for any and all damages or liabilities relating to this Agreement.

                                   ARTICLE 10
                               GENERAL PROVISIONS

SECTION 10.01 Expenses. All costs and expenses, including but not limited to,
fees and disbursements of counsel, financial advisors and accountants, incurred
in connection with this Agreement and the Transaction shall be paid by the party
incurring such costs and expenses.

SECTION 10.02 Notices. Notices and communications between the parties hereunder
shall be in writing and shall be sent by personal delivery, prepaid registered
or certified first class mail, prepaid air courier or facsimile to the parties'
addresses set forth below. Any notice given by personal delivery, registered or
certified mail or air courier shall be deemed to have been received on the date
of receipt; and any notice given by facsimile shall be deemed received after
electronic answerback has been received and twenty-four (24) hours have elapsed
at the place of the party receiving such notice.

                                       21

<PAGE>

To the Transferors:             To the Purchaser:
Attention: YU Gang              Attention: Mr. John McLean
                                Title: General Counsel
                                Xinhua Finance Limited
#301702, Jianwai SOHO, No.39    Suite 2003-4 Vicwood Plaza,
Dongsanhuan Zhong Lu, Beijing   199 Des Voeux Road Central,
100022 PRC                      Hong Kong
Tel: (8610)58691930             Tel: (852) 3196 3939
Fax: (8610)58691780             Fax: (852) 2541 8266

SECTION 10.03 Severability. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any Law or public policy, all
other terms and provisions of this Agreement shall nevertheless remain in full
force and effect so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner materially adverse to any
party. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in an acceptable manner in order that the
transactions contemplated hereby are consummated as originally contemplated to
the greatest extent possible.

SECTION 10.04 Amendment. This Agreement may not be amended or modified except by
an instrument in writing signed by, or on behalf of, the Transferors and the
Purchaser.

SECTION 10.05 Governing Law and Arbitration. This Agreement shall be governed by
and construed in accordance with the laws of Hong Kong. Any dispute arising out
of or in connection with this Agreement, including a dispute as to the validity
or existence of this Agreement, shall be submitted to International Chamber of
Commerce Court of Arbitration and resolved by arbitration in Hong Kong conducted
in English by a single arbitrator of International Chamber of Commerce Court of
Arbitration in accordance with the rules of the United Nations Commission on
International Trade Law (UNCITRAL); provided, that, unless the parties agree
otherwise: (i) each party shall be required only to produce specific, identified
documents which are relevant to the dispute; and (ii) the parties agree the
arbitration award shall be final. In addition, the parties hereto agree that no
party shall have any right to commence or maintain any suit or legal proceeding
concerning a dispute hereunder until the dispute has been determined in
accordance with the arbitration procedure provided for herein and then only to
enforce or facilitate the execution of the award rendered in such arbitration.
The parties agree not to contest or seek relief from the award in any court.

SECTION 10.06 Prevailing Party Attorneys' Fees. If any action or proceeding is
commenced to construe or enforce this Agreement or the rights and duties of the
parties hereunder, then the party prevailing in that action, and any appeal
thereof, shall be entitled to recover its attorneys' fees and costs in that
action or proceeding, as well as all costs and fees of any appeal or action to
enforce any judgment entered therein.

                                       22

<PAGE>

SECTION 10.07 Force Majeure.

     (a)  "FORCE MAJEURE" shall mean any act or event which is reasonably
          unforeseeable or unavoidable and which is beyond the control of the
          affected party, including, but not limited to, earthquake, storm,
          lightning, typhoon, fire, flood, outbreak to escalation of
          hostilities, declaration of national emergency, war, insurrection or
          similar military actions, strikes and any other act or event which is
          generally accepted as Force Majeure in international commercial
          practice.

     (b)  If a party has been prevented from performing its obligations provided
          in this Agreement because of an event of Force Majeure, it shall
          notify the other party in writing promptly after the occurrence of the
          event of Force Majeure. If an event of Force Majeure occurs, neither
          party shall be responsible for any damage, increased costs, or losses
          which the other party may sustain by reason of the failure or delay in
          performance. The party claiming Force Majeure shall take appropriate
          means to minimize or remove the effects of Force Majeure and, within
          the shortest possible time, attempt to resume performance of the
          obligation affected by Force Majeure. If the affected party is unable
          to perform all or part of its obligations under this Agreement for six
          (6) months after the date of the notice of the occurrence of Force
          Majeure, any party shall have the right to terminate this Agreement.

SECTION 10.08 Survival of Warranties. The Warranties of the Parties contained in
this Agreement shall be operative and in full force and effect, regardless of
any investigation made at any time with respect thereto, and shall remain in
full force and effect until the date falling ten (10) years after the date of
the execution of this Agreement.

SECTION 10.09 Assignment. This Agreement may not be assigned to any third party,
except Affiliates of the Purchaser, by operation of Law or otherwise without the
express written consent of the Transferors and the Purchaser.

SECTION 10.10 Entire Agreement. This Agreement constitutes the entire agreement
of the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and undertakings, both written and oral, among the
Transferors and the Purchaser with respect to the subject matter hereof.

SECTION 10.11 Headings. The descriptive headings contained in this Agreement are
for convenience of reference only and shall not affect in any way the meaning or
interpretation of this Agreement.

SECTION 10.12 Counterparts. This Agreement may be executed in one or more
counterparts, and by the different parties hereto in separate counterparts, each
of which

                                       23

<PAGE>

when executed shall be deemed to be an original but all of which taken together
shall constitute one and the same agreement.

SECTION 10.13 Right of Set-Off. Notwithstanding anything in this Agreement to
the contrary, the Purchaser shall have the right to set-off any indemnification
payment obligation of which any Purchaser Indemnified Person has given notice of
to the Transferors pursuant to this Agreement against any other payment to be
made to any Transferor. No exercise by the Purchaser of such right of set-off
shall constitute a default in the payment of any amount against which such
set-off is made.

             THE REST OF THE PAGE HAS BEEN INTENTIONALLY LEFT BLANK

                                       24

<PAGE>

     IN WITNESS WHEREOF, the Transferors and the Purchaser have caused this
Agreement to be executed by their duly authorized representatives as of the date
first written above.

TRANSFERORS:

[Chinese Characters]: /s/ YU Gang
                      ---------------
[Chinese Characters]: YU Gang

[Chinese Characters]: /s/ XIA Huai
                      ---------------
[Chinese Characters]: XIA Huai

THE PURCHASER

XINHUA FINANCE LIMITED

Signature: /s/
           --------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                                       25
<PAGE>

                                   SCHEDULE 1

                              CORPORATE DETAILS OF
                       THE COMPANY AND SUBSIDIARIESCOMPANY

<TABLE>
<CAPTION>
Item                    Details
----                    -------
<S>                     <C>
Registration Number     1101112708733(1-1)

Name                    Beijing Century Media Culture Co., Ltd.

Legal Address           18-338 Jianshe Road, Kaixuan Avenue, Liangxiang Village,
                        Fangshan District, Beijing

Date of Establishment   June 25, 2004

Type of Company         Domestic Limited Liability Company

Legal Representative    Yu Gang

Registered Capital      RMB 1,000,000

Term of Operation       30 years (June 25, 2004 to June 24, 2034)

Business Scope          To conduct the business that do not require special
                        approvals at its own choice, but (i) not to conduct
                        businesses prohibited by national laws and regulations,
                        and (ii) to conduct businesses which require special
                        permits only after obtaining such permits.
</TABLE>

                                       26

<PAGE>

                                  SUBSIDIARIES

<TABLE>
<CAPTION>
Item                    Details
----                    -------
<S>                     <C>
Registration Number     1101112734215(1-1)

Name                    Beijing Workshop Communications Co., Ltd.

Legal Address           105# Yanfang Industrial Park, Yancun Town, Fangshan
                        District, Beijing

Date of Establishment   July 21, 2004

Type of Company         Domestic Limited Liability Company

Legal Representative    Ding Bin

Registered Capital      RMB 1,000,000

Term of Operation       30 years (July 21, 2004 to July 20, 2034)

Business Scope          To conduct the business that do not require special
                        approvals at its own choice, but (i) not to conduct
                        businesses prohibited by national laws and regulations,
                        and (ii) to conduct businesses which require special
                        permits only after obtaining such permits.

Equity Ownership        Beijing Century Media Culture Co., Ltd  90%;
                        Yu Gang 5%;
                        XIA Huai 5%
</TABLE>

<TABLE>
<CAPTION>
Item                    Details
----                    -------
<S>                     <C>
Registration Number     1101052314968(1-1)

Name                    Beijing Golden Ways Culture Development Co., Ltd.

Legal Address           Suite 501, Tianchuangshiyuan B1, Huizhongbeili, Datun
                        Road, Chaoyang District, Beijing.

Date of Establishment   July 31, 2001

Type of Company         Domestic Limited Liability Company

Legal Representative    Duan Gong

Registered Capital      RMB 300,000

Term of Operation       20 years (July 31, 2001 to July 30, 2021)

Business Scope          To organize cultural exchange activities (except
                        performance), enterprise feature design, exhibitions,
                        graphic design and making by computers, movie planning,
                        design and making of advertisement, photography, house
                        decoration, lease of movie instruments (except those not
                        approved specially)

Equity Ownership        Beijing Century Media Culture Co., Ltd  90%
                        Yu Gang 5%;
                        XIA Huai 5%
</TABLE>

                                       27

<PAGE>

                                   SCHEDULE 2

                              TRANSFERORS' WARRANTY

In this Schedule 2, terms defined in the main text of this Agreement shall have
the same meanings, and the following terms shall have the following meanings:

"ACCOUNTS" means the audited accounts of the Company and each of the
Subsidiaries for the period ending on the Last Accounting Date and all notes,
reports and other documents attached to the audited accounts.

"CONFIDENTIAL INFORMATION" means all know-how, lists of customers or suppliers,
trade secrets, technical processes or other confidential information belonging
to the Company or to any third party.

"ENCUMBRANCE" means a mortgage, charge, pledge, lien, option, restriction, right
of first refusal, right of pre-emption, third-party right or interest, other
encumbrance or security interest of any kind, or any other type of preferential
arrangement (including without limitation a title retention or trust
arrangement) having similar effect.

"LAST ACCOUNTING DATE" means 31 December 2004.

"LEASES" mean the leases, sub-leases, tenancy agreements, sub-tenancy
agreements, licenses or other documents (including any options for extension
relating thereto) granted or agreed to be granted to the Company or pursuant to
which the Company holds or occupies any property.

"SUBSIDIARY" shall mean any corporation or other form of legal entity of which
the Company beneficially owns, either directly or through its Affiliates, 50% or
more of the total combined voting power of all classes of voting securities of
such entity.

"TAX" means any form of taxation, withholding, levy, duty, charge, contribution,
including without limitation any impost of whatever nature (including any fine,
penalty, surcharge or interest in relation thereto) imposed by a central, local,
municipal, provincial, governmental, state, federal or other fiscal, revenue,
customs, excise or other authority, body or official in the PRC or otherwise.

1.   CAPACITY AND AUTHORITY

1.1  The Transferors have the right, power and authority and has taken all
     actions necessary to execute and deliver, and to exercise its rights and
     perform its obligations under, this Agreement and each document to be
     executed at or before the Closing Date.

1.2  Each of the Company and the Subsidiaries has the right, power and authority
     to conduct its business as conducted at the date of this Agreement.

                                       28

<PAGE>

2.   INFORMATION

2.1  All information given by, or on behalf of, the Transferors to the
     Purchaser, its advisers or agents before or during the negotiations leading
     to this Agreement is true, complete, accurate and not misleading.

2.2  All information about the Sale Equity, the Company and the Subsidiaries
     which might be material for disclosure to a buyer of the Sale Equity has
     been disclosed to the Purchaser in writing.

3.   SALE EQUITY

3.1  The Transferors are the legal and record owner of the Sale Equity. There is
     no Encumbrance and there is no agreement, arrangement or obligation to
     create or give an Encumbrance, in relation to the Sale Equity or any part
     of it. No person has claimed to be entitled to an Encumbrance in relation
     to the Sale Equity or any part of it.

3.2  Subsidiaries. Schedule 1 sets forth a complete list of the Subsidiaries,
     indicating their respective jurisdictions of incorporation or organization
     and, for each Subsidiary, the number of authorized and outstanding shares
     of capital stock or other equity interests (including partnership
     interests) in or voting securities of each class and the name of, and
     number of shares or other equity interests in or voting securities owned
     by, each holder as at Closing.

     (a)  The Company does not directly or indirectly own any voting or equity,
          membership or similar interest in, or any interest convertible into,
          exchangeable or exercisable for, or carrying the rights to acquire,
          any voting, equity, membership or similar interest in, any
          corporation, partnership, joint venture or other business association
          or entity other than the Subsidiaries;

     (b)  All the outstanding shares of capital stock of, or other ownership
          interests (including partnership interests) in, the Subsidiaries have
          been validly issued and are fully paid and non-assessable, have not
          been issued in violation of, and are not subject to, any preemptive or
          similar rights, and are owned solely by the Company, free and clear of
          any Encrumbrances;

     (c)  Other than shares of capital stock or other equity securities held of
          record or beneficially by the Company or a wholly-owned Subsidiary
          thereof, there are no shares of capital stock or other equity
          securities of any of the Subsidiaries authorized, issued or
          outstanding; and

                                       29

<PAGE>

     (d)  There are no securities outstanding, convertible into, exchangeable
          for or carrying the right to acquire, or any voting agreements with
          respect to, any securities of any of the Subsidiaries or any
          subscriptions, warrants, options, rights or other arrangements
          obligating any of the Subsidiaries to issue or acquire any of its
          equity securities.

4.   ACCOUNTS

4.1  GENERAL

     (a)  The Accounts have been prepared and audited on a proper and consistent
          basis in accordance with the laws and applicable standards, principles
          and practices generally accepted in the PRC.

     (b)  The Accounts show a true and fair view of the assets, liabilities,
          capital commitments and the state of affairs of the Company and the
          Subsidiaries as at the Last Accounting Date and of the profits and
          losses of the Company and the Subsidiaries, respectively, for the
          period concerned.

4.2  DEBTS AND LIABILITIES

     (a)  Adequate provision for bad and doubtful debts and all liabilities
          (whether actual, contingent or otherwise) and all financial
          commitments in existence at the Last Accounting Date have been made in
          the Accounts.

     (b)  All liabilities (actual, contingent or otherwise) and all financial
          commitments of the Company and the Subsidiaries have been accurately
          reflected and disclosed in the Accounts.

4.3  PROVISION FOR TAX

     The Accounts reserve in full for all Taxes to which the Company or the
     Subsidiaries may become liable under PRC law, for all periods starting on
     or before the Last Accounting Date. The Accounts reserve in full for
     contingent or deferred liabilities to Tax for all periods starting on or
     before the Last Accounting Date.

4.4  ACCOUNTING RECORDS

     The accounting records of the each of the Company and the Subsidiaries are
     up-to-date, in the Company's possession or under its control and fully and
     accurately completed in accordance with PRC law and applicable standards,
     principles and practices generally accepted in the PRC.

                                       30

<PAGE>

5.   CHANGES SINCE THE LAST ACCOUNTING DATE

5.1  GENERAL

     Since the Last Accounting Date:

     (a)  each of the Company and the Subsidiaries business has been operated in
          the usual way so as to maintain it as a going concern;

     (b)  there has been no adverse change in the financial or trading position
          or prospects of each of the Company and the Subsidiaries; and

     (c)  no material change has occurred in the assets and liabilities shown in
          the Accounts and there has been no reduction in the value of the net
          tangible assets of each of the Company and the Subsidiaries on the
          basis of the valuations used in the Accounts.

5.2  SPECIFIC

     Since the Last Accounting Date:

     (a)  other than in the usual course of its business, none of the Company or
          the Subsidiaries has:

          (i)  acquired or disposed of, or agree to acquire or dispose of, any
               asset; or

          (ii) assumed or incurred, or agreed to assume or incur, any liability,
               obligation or expense (actual or contingent);

     (b)  none of the Company or the Subsidiaries has factored, sold or agreed
          to sell a debt other than in the usual course of its business;

     (c)  neither the Company nor any of the Subsidiaries business has been
          materially and adversely affected by the loss of a customer or
          supplier, or by termination or a change in the terms of an agreement,
          or by an abnormal factor not affecting similar businesses, and to the
          best of the Transferors' knowledge, information and belief, no fact or
          circumstances exists which might have a Material Adverse Affect; and

     (d)  no dividends, bonuses or distributions have been declared, paid or
          made except as provided for in the Accounts.

                                       31

<PAGE>

6.   TAX

6.1  GENERAL

     (a)  Each of the Company and the Subsidiaries has paid all Taxes which it
          has become liable to pay and is not, and has not been liable to pay a
          penalty, surcharge, fine or interest in connection with any Tax.

     (b)  There is no existing, contingent or deferred liability for Tax other
          than any liability for Tax which arises solely in the ordinary course
          of its business.

     (c)  Each of the Company and the Subsidiaries is not and does not expect to
          be involved in a dispute in relation to Tax. No tax authority has
          investigated or indicated that it intends to investigate the Tax
          affairs of the Company or the Subsidiaries and there are no facts
          which are likely to cause such an investigation to be instituted.

     (d)  The tax preferential treatments that the Company and the Subsidiaries
          is enjoying were legally and validly granted by the relevant tax
          authorities, and the Company and the Subsidiaries will continue to
          enjoy such tax preferential treatments.

     (e)  The Company and each Subsidiary has fully withheld and paid within the
          statutory time limit to the relevant tax authority the individual
          income tax on the salaries, wages, and other taxable benefits provided
          to its directors, officers and employees.

6.2  ENTERPRISE INCOME TAX

     (a)  Each of the Company and the Subsidiaries has paid all enterprise
          income tax which it has become liable to pay and has not been liable
          to pay a penalty, surcharge, fine or interest in connection with the
          enterprise income tax.

     (b)  Each of the Company and the Subsidiaries has timely filed the
          enterprise income tax returns as required under the PRC laws and
          regulations.

     (c)  Each of the Company and the Subsidiaries has made, given, obtained and
          kept up-to-date full and accurate records, invoices, approvals and
          documents appropriate or required for the purpose of the enterprise
          income tax returns under PRC laws and regulations.

                                       32

<PAGE>

     (d)  Each of the Company and the Subsidiaries has adopted appropriate or
          required procedures and treatment for the enterprise income tax which
          is in compliance with the PRC laws and regulations.

     (e)  There is no existing, contingent or deferred liability for the
          enterprise income tax of any of the Company and the Subsidiaries.

6.3  BUSINESS TAX

     Each of the Company and the Subsidiaries:

     (a)  is validly registered with the relevant tax authority for the purpose
          of PRC business tax laws and regulations;

     (b)  has made, given, obtained and kept up-to-date, full and accurate
          records, invoices and documents appropriate or required for the
          purposes of payment of business tax under PRC laws and regulations;

     (c)  is not in arrears with payment or returns of business tax due under
          PRC laws and regulations.

7.   ASSETS

7.1  Each asset included in the Accounts or acquired by each of the Company and
     the Subsidiaries since the Last Accounting Date (other than inventories
     subsequently disposed of in the ordinary course of business) and all assets
     used by the Company and the Subsidiaries:

     (a)  are legally and beneficially owned by it free from any Encumbrance;

     (b)  are not the subject of any agreement for lease, hire, hire purchase or
          sale on deferred terms; and

     (c)  where capable of possession, are in the exclusive possession or under
          the exclusive control of it.

7.2  The assets owned, possessed or used by each of the Company and the
     Subsidiaries comprise all the assets required to enable it to carry on its
     business fully and effectively in the ordinary course.

7.3  All machinery, vehicles and equipment owned, possessed or used by the each
     of the Company and the Subsidiaries are in good condition, repair and
     working order and have been regularly and properly maintained. None is in
     need of renewal or replacement.

                                       33

<PAGE>

8.   CONFIDENTIAL INFORMATION AND INTELLECTUAL PROPERTY

8.1  None of the Company and the Subsidiaries uses any processes or is engaged
     in any activities which involve the misuse of any Confidential Information
     belonging to any third party. All agreements and/or arrangements under
     which Confidential Information belonging to any third party is made
     available to the Company and the Company is not in breach of any such
     agreement or arrangement and is not aware of the existence of any
     circumstances under which its right to use such Confidential Information
     may be terminated.

8.2  The Company is not aware of any actual or alleged misuse by any person of
     any of its Confidential Information. The Company has not disclosed to any
     person any of its Confidential Information except where such disclosure was
     properly made in the normal course of the Company's business and was made
     subject to an agreement under which the recipient is obliged to maintain
     the confidentiality of such Confidential Information and is restrained from
     further disclosing it or using it other than for the purposes for which it
     was disclosed by the Company.

8.3  All Intellectual Property used in the business or businesses of each of the
     Company and the Subsidiaries:

     (a)  is owned by it as the sole legal and beneficial owner, free of any
          license or encumbrance in favour of a third party ("OWNED IP"); or

     (b)  is used by it in accordance with the terms of a current license from
          the owner of that Intellectual Property ("LICENSED IP")

9.   COMPUTER SYSTEMS AND SOFTWARE

9.1  In this paragraph 9, the expression "THE SOFTWARE" means all of the
     computer programs used by the Company or its Subsidiaries, whether owned by
     the it ("OWNED SOFTWARE") or licensed to it by a third party ("LICENSED
     SOFTWARE").

9.2  Each of the Company and the Subsidiaries has absolute title and right to
     and copyright in each item of the Owned Software including source code and
     object code, user and other manuals, tapes, indices, descriptive memoranda,
     original listings, development working papers, calculations and all other
     relevant documents, media and confidential information free of all
     encumbrances and adverse claims and no property rights of it in such Owned
     Software have been sold, assigned, licensed or disposed of to any party
     other than by the granting of non-exclusive licenses to customers of it in
     the ordinary course of its business.

10.  DEBTORS

10.1 No debt (including a receivable) shown in the Accounts or accounting
     records is the subject of an arrangement not made in the usual course of
     each of the

                                       34

<PAGE>

     Company and the Subsidiaries business. None of the Company or the
     Subsidiaries has released a debt (including a receivable) shown on the
     Accounts or accounting records so that the debtor has paid or will pay less
     than the debt's book value. None of those debts (including receivables) has
     been deferred, subordinated or written off or become irrecoverable to any
     extent. The Transferors have no reason to believe that any of those debts
     (including receivables) will fail to realise its book value in the usual
     course of collection.

11.  EFFECT OF TRANSFER

     Neither the execution nor the performance of this Agreement or any document
     to be executed at or before Closing will:

11.1 result in any of the Company and the Subsidiaries losing the benefit of an
     asset, licence, permit, right, grant, privilege, preferential treatment or
     subsidy which it enjoys at the date of this Contract in any jurisdiction,
     including without limitation any rights in its own or third party owned
     Intellectual Property; or

11.2 conflict with, or result in a breach of, or give rise to an event of
     default under, or requires the consent of a person, or relieve a person
     from an obligation under, any agreement or arrangement to which any of the
     Company and the Subsidiaries is a party or any legal or administrative
     requirement by which the it is bound.

12.  INSURANCE

12.1 Each of the Company and the Subsidiaries has purchased and maintained
     commercial insurance for personal accident and serious disease of its
     employees.

12.2 Each of the current insurance and indemnity policies in respect of which
     each of the Company and the Subsidiaries has an interest is valid and
     enforceable and is not void or voidable. None of Company or the
     Subsidiaries has not done anything or omitted to do anything which might
     make any such policies void or voidable. Closing will not have the effect
     of terminating, or entitling any insurer to terminate cover under any such
     policies.

13.  LEASES

13.1 The Leases are properly completed and stamped and are in the possession and
     under the control of the Company. All necessary consents for the grant of
     the Leases were obtained before such grant and the landlords named in the
     Leases were and still are the registered legal and beneficial owners
     thereof. The Leases contain no unusual or onerous provisions and no right
     of termination by the landlord thereof except on grounds of non-payment of
     rent or breach of covenant by the Company. The Leases comprise all
     properties held or occupied by the Company and the Subsidiaries.

                                       35

<PAGE>

13.2 The properties subject to the Leases are not:

     (a)  subject to any outgoings other than water rates, rent, management
          charges of a non-capital nature and utility charges, and the Company
          is not responsible for payment of government rent,

     (b)  subject to any options or rights of pre-emption or first refusal in
          favour of any third parties;

     (c)  adversely affected or likely to be adversely affected by any planning,
          highways, transport, utility or other proposals;

     (d)  in violation of any insurance policy.

13.3 Policies of insurance relating to the properties subject to the Lease are
     current and valid, cover the full reinstatement value thereof and are not
     subject to any special or unusual terms or restrictions or to the payment
     of any premium in excess of the normal rate for policies of the same kind.

13.4 The Transferors and the Company know of no reason why the properties
     subject to the Lease will not be or are likely not to be renewed on their
     expiry on similar terms to those in the existing Leases, save as regards
     reasonable commercial increases in rent.

13.5 Neither the Company nor the Subsidiaries owns any real estate properties.

14.  ENVIRONMENTAL MATTERS

14.1 Neither the Company nor the Subsidiaries has committed any breach of PRC
     legal or regulatory requirements for the protection of the environment or
     of human health or amenity, and has acted at all times in conformity with
     all relevant PRC laws, regulations, codes of practice, guidance, notes,
     standards and other advisory materials issued by any local and national
     governmental authority in the PRC with regard to environmental protection
     and the protection of human health or amenity.

15.  AGREEMENTS

     Save for the agreements with respect to office lease of the Company,

15.1 Neither the Company nor the Transferors have any knowledge of the
     invalidity of, or a ground for termination, avoidance or repudiation of, a
     contract, an agreement, arrangement or obligation to which the Company or a
     Subsidiary is a party. No party with whom the Company or a Subsidiary has
     entered into a contract, an agreement, arrangement or obligation has given
     notice of its intention

                                       36

<PAGE>

     to terminate, or has sought to repudiate or disclaim, the contract,
     agreement, arrangement or obligation.

15.2 No party with whom the Company or a Subsidiary has entered into a contract,
     an agreement or arrangement is in material breach of the contract,
     agreement or arrangement. No fact or circumstance exists which might give
     rise to a breach of this type.

15.3 Neither Company nor a Subsidiary is a party to any contract, agreement or
     arrangement which by reason of this Transfer or by reason of any provision
     of this Contract, gives any other contracting party the right to terminate
     that contract, agreement or arrangement, or create or increase any
     obligation on the Company (whether to make payment or otherwise) to any
     person.

15.4 Neither the Company nor any Subsidiary is a party to or is liable under a
     long-term, onerous or unusual contract, agreement, arrangement or
     commitment, including without limitation:

     (a)  a contract, agreement, arrangement or commitment entered into other
          than in the usual course of business;

     (b)  a contract, agreement, arrangement or commitment entered into other
          than by way of a bargain at arm's length;

     (c)  a contract, agreement, arrangement or commitment restricting the
          freedom of the Company to operate the whole or part of its business or
          exploit any of its assets as it decides; or

     (d)  a contract, agreement, arrangement or commitment which the Company or
          a Subsidiary cannot comply with on time or without undue or unusual
          expenditure of money or effort.

16.  CREDITORS

     Each of the Company and the Subsidiaries has paid its creditors within the
     times agreed with them. No customer or supplier of the Company or a
     Subsidiary has:

16.1 stopped, or indicated an intention to stop, trading with or supplying the
     Company or a Subsidiary;

16.2 reduced, or indicated an intention to reduce, substantially its trading
     with or supplies to the Company or a Subsidiary; or

16.3 changed, or indicated an intention to change, substantially the terms on
     which it is prepared to trade with or supply the Company or a Subsidiary.

                                       37

<PAGE>

17.  LICENCES AND STATUTORY COMPLIANCE

17.1 Each of the Company and the Subsidiaries has obtained all licences,
     permits, approvals and other authorisations as are necessary in order to
     enable it to own, operate, and use all its assets, to conduct its business
     as it is currently being conducted, and to sell and provide products and
     services as they are currently sold and provided. All such licences,
     permits, approvals, and authorisations are in full force and effect. No
     violations have been recorded or alleged in respect of any such licences,
     permits, approvals or authorisations, and no proceeding is pending or, to
     the knowledge of the Transferors, threatened or contemplated with respect
     to the revocation or limitation of the same.

17.2 Each of the Company and the Subsidiaries has conducted its business and its
     corporate affairs in accordance with all applicable PRC laws and has not
     done or omitted to do anything in contravention or breach of any law of the
     PRC or elsewhere applicable to it or the business of it which would have a
     material adverse effect upon the assets or business of the Company.

17.3 Each of the Company and the Subsidiaries has at all times carried on
     business in all respects in accordance with, and all acts and things done
     or performed by it are within, the scope of business specified in the
     Articles and the business licence of the Company or its Subsidiaries,
     respectively.

18.  EMPLOYEES

18.1 None of the Company and the Subsidiaries has received notice of resignation
     from any member of senior management.

18.2 There is no employment or other contract of engagement between the Company
     or a Subsidiary and any person which is in suspension or has been
     terminated but is capable of being revived or enforced or in respect of
     which it has a continuing obligation.

18.3 Each of the Company and the Subsidiaries has in relation to each of its
     employees (and, so far as relevant, to each of its former employees):

     (a)  complied with applicable national and local labour regulations, and
          all other obligations imposed on it by, and all orders and awards made
          under all regulations, codes of conduct and practice, collective
          agreements, customs and practices relevant to the relations between it
          and its employees or any trade union or the conditions of service of
          its employees;

     (b)  maintained current, adequate and suitable records regarding the
          service of each of its employees; and

                                       38

<PAGE>

     (c)  entered into appropriate agreements with each employee stating that
          all work product, inventions (patentable or unpatentable), trade
          secrets and copyrights, together with any applications for patents and
          the patents which may issue thereunder and registrations of
          copyrights, to which he has made a creative contribution to a
          substantive feature of any invention which he made in connection with
          the performance of tasks under his employment contract or made mainly
          by making use of the Company's money, equipment, parts, materials or
          technical data not disclosed to the public are the property of the
          Company and agreeing to treat all Company information or third party
          owned confidential information as confidential.

18.4 Each of the Company and the Subsidiaries has fully paid or contributed to
     pension, medical care, unemployment and all other social security funds or
     employees benefits required by law or agreement, and there is no dispute or
     potential dispute in connection with any such funds or benefits. Each of
     the Company and the Subsidiaries has paid and contributed to housing
     provident fund for some of its employees.

19.  LIABILITIES

19.1 INDEBTEDNESS

     Except as disclosed in the Accounts, each of the Company and the
     Subsidiaries does not have outstanding and has not agreed to create or
     incur loan capital, borrowing or indebtedness in the nature of borrowing.

19.2 THIRD PARTY SECURITY

     Save as disclosed in the Accounts, each of the Company and the Subsidiaries
     is not a party to and is not liable (including, without limitation,
     contingently) under a mortgage, pledge, guarantee, indemnity or other
     agreement to secure or incur a financial or other obligation with respect
     to another person's obligation.

19.3 EVENTS OF DEFAULT

     No event has occurred or been alleged to have occurred which:

     (a)  constitutes or will constitute an event of default, or otherwise gives
          rise to an obligation to repay, under an agreement relating to
          borrowing or indebtedness in the nature of borrowing; or

     (b)  will lead to an Encumbrance created or constituted in connection with
          borrowing or indebtedness in the nature of borrowing, a guarantee, an
          indemnity or other obligation of any of the Company and the
          Subsidiaries becoming enforceable.

                                       39

<PAGE>

20.  INSOLVENCY

20.1 No order has been made or application for bankruptcy presented to the
     People's Court or resolution passed for the winding up of each of the
     Company and the Subsidiaries; no distress, execution or other process has
     been levied on any of its assets; it has not stopped payment or become
     unable to pay its debts or become insolvent under PRC law and it has not
     applied for conciliation in order to settle its debts; no liquidation
     committee has been appointed by it, the People's Court or any other person
     for the purpose of liquidating the business or assets of it or any part
     thereof; no meeting of the creditors of it has been held or is in prospect;
     no ruling declaring the bankruptcy of it has been made and no public
     announcement in respect of the same has been pronounced by the People's
     Court, and there is no unfulfilled or unsatisfied judgement or order of the
     People's Court outstanding against it; and there has been no delay by it in
     the payment of any obligation due for payment.

21.  LITIGATION AND COMPLIANCE WITH LAW

21.1 LITIGATION

     Neither the Company, the Subsidiaries nor a person for whose acts or
     defaults the any of them may be vicariously liable is involved in a civil,
     criminal, arbitration, administrative or other proceeding or dispute in any
     jurisdiction. No civil, criminal, arbitration, administrative or other
     proceeding or dispute in any jurisdiction is pending or threatened by or
     against the Company, the Subsidiaries or a person for whose acts or
     defaults any of them may be vicariously liable.

21.2 COMPLIANCE WITH LAW

     Each of the Company and the Subsidiaries has conducted its business and
     dealt with its assets in all material respects in accordance with all
     applicable legal and administrative requirements in any relevant
     jurisdiction.

22.  ARRANGEMENTS WITH CONNECTED PERSONS ETC.

22.1 All amounts outstanding and appearing in the books of the Company and the
     Subsidiaries as loan accounts or as due to directors or shareholders wholly
     represent money or money's worth paid or transferred to the Company or the
     Subsidiaries as the case may be or remuneration accrued due and payable for
     services rendered. All amounts outstanding between the Transferors and the
     Company and the Subsidiaries are specifically disclosed in the Accounts.

22.2 There is not outstanding and there has not at any time been outstanding any
     contract or arrangement to which any of the Company and the Subsidiaries is
     a party and in which any of the Transferors or directors or officers of the
     Company or the Subsidiaries is or has been interested, whether directly or
     indirectly, other

                                       40

<PAGE>

     than arm's length service contracts and the Company or the Subsidiaries is
     not a party to, nor have its profits or financial position at any time been
     adversely affected by, any contract or arrangement which is not of an
     entirely arm's length nature; save as aforesaid, there are no agreements or
     understandings (whether legally enforceable or not) between the Company or
     the Subsidiaries and any person who is a shareholder or the beneficial
     owner of any interest in any of the them or any other company controlled by
     any such person relating to the management of the Company's or a
     Subsidiary's business or the appointment or the removal of its directors or
     the ownership or transfer of ownership or the letting of any of its assets
     or the provision of finance, goods, services or other facilities to or by
     the Company or a Subsidiary or otherwise howsoever relating to the Company,
     a Subsidiary or its affairs.

22.3 All costs incurred by the Company and the Subsidiaries have been charged to
     the Company or the Subsidiaries, respectively.

22.4 None of the Transferors (or any person connected with the Transferors) is
     at the date hereof either individually or collectively or with any other
     person or persons engaged in any other business or concerned or interested
     in any way whatsoever in any other business of a similar nature to or
     competitive with that carried on by the Company or the Subsidiaries.

23.  CONSTITUTION AND RETURNS

23.1 The shareholders agreement and the articles of association were duly
     executed and delivered by the parties thereto and are legal, valid, binding
     and enforceable in accordance with their respective terms. There is no
     circumstance which would give rise to the early termination of the articles
     of association or the term of operation of the Company as stated in its
     business licence and no order or petition has been made or presented.

23.2 Each of the Company and the Subsidiaries is operating and has always
     operated its business in all respects in accordance with the shareholders
     agreement, the articles of association and its business licence.

23.3 All returns, particulars, resolutions and other documents required to be
     filed with or delivered to the State Administration for Industry and
     Commerce or any other authority in respect of the Company and the
     Subsidiaries have been properly filed or delivered.

            THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.

                                       41<PAGE>

                                                                   EXHIBIT 10.41

                       DATED THE 17TH DAY OF JANUARY 2006

                          XINHUA FINANCE MEDIA LIMITED

                                       AND

                        ACCORD GROUP INVESTMENTS LIMITED

                                   ----------

                          SHARE SUBSCRIPTION AGREEMENT
                     IN RESPECT OF SHARES IN THE CAPITAL OF
                        ACCORD GROUP INVESTMENTS LIMITED

                                   ----------

                                   SOLICITORS
                           (PRESTON GATES ELLIS LOGO)

                  35th Floor, Two International Finance Centre
                                8 Finance Street
                               Central, Hong Kong

                        Tel: (852) 2511 5100 / 2230 3500
                        Fax: (852) 2511 9515 / 2899 2996
                          Website: www.prestongates.com

                         Our ref: 53366-00001/CSMN/VSKM

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>                                                                         <C>
1.   Definitions...........................................................    3
     1.1    Definitions....................................................    3

2.   Subscription and Sale of Subscription Shares..........................    5
     2.1    Subscription and Sale..........................................    5
     2.2    Closing........................................................    5
     2.3    Closing Deliveries by the Company..............................    5
     2.4    Closing Deliveries by the Investor.............................    5

3.   Representations, Warranties and Covenants of the Company..............    5
     3.1    Organisation...................................................    5
     3.2    Capitalisation.................................................    5
     3.3    Subsidiaries...................................................    6
     3.4    Authorisation..................................................    6
     3.5    No Conflict....................................................    6
     3.6    Governmental Consents and Approvals............................    6
     3.7    Issuance of Subscription Shares................................    6
     3.8    Rights of Subscription Shares..................................    7
     3.9    Material Liability.............................................    7
     3.10   The Group Structure Agreements.................................    7
     3.11   Litigation.....................................................    7
     3.12   Winding Up, etc................................................    7
     3.13   Material Contracts.............................................    7
     3.14   Brokerage or Commissions.......................................    8
     3.15   Full Disclosure................................................    8
     3.16   Absence of Questionable Payments...............................    8
     3.17   The Closing Deliverable Agreements.............................    8

4.   Representations, Warranties and Covenants of the Investor.............    8
     4.1    Organisation, Good Standing and Qualification..................    8
     4.2    Authorisation..................................................    8
     4.3    Power and Authority............................................    8
     4.4    Purchase Entirely for Own Account..............................    8
     4.5    Investment Experience..........................................    9
     4.6    Disclosure of Information......................................    9
     4.7    Compliance with Laws...........................................    9

5.   Conditions of Investor's Obligations at the Closing...................    9
     5.1    Representations and Warranties.................................    9
     5.2    Performance....................................................    9
     5.3    Proceedings and Documents......................................    9
     5.4    Approvals......................................................    9

6.   Conditions of the Company's Obligations at the Closing................   10
     6.1    Representations and Warranties.................................   10

7.   Termination...........................................................   10
     7.1    Termination....................................................   10
     7.2    Effect of Termination..........................................   10

8.   Miscellaneous.........................................................   11
     8.1    Survival of Warranties.........................................   11
     8.2    Successors and Assigns.........................................   11
     8.3    Governing Law and Jurisdiction.................................   11
     8.4    Counterparts...................................................   11
</TABLE>

                                        1

<PAGE>

<TABLE>
<S>                                                                         <C>
     8.5    Titles and Subtitles...........................................   11
     8.6    Notices........................................................   11
     8.7    Finder's Fee...................................................   11
     8.8    Expenses.......................................................   11
     8.9    Severability...................................................   11
     8.10   Entire Agreement...............................................   12

Execution..................................................................   13

SCHEDULE A -- Corporate Details of the Company.............................   14
SCHEDULE B -- Schedule of Subsidiaries.....................................   16
SCHEDULE C -- Schedule of Group Structure Agreements.......................   18
SCHEDULE D -- Schedule of Material Liabilities.............................   19
</TABLE>

                                        2

<PAGE>

                          SHARE SUBSCRIPTION AGREEMENT

THIS SHARE SUBSCRIPTION AGREEMENT (this "AGREEMENT") is made on 18 January 2006
by and between:

1.   XINHUA FINANCE MEDIA LIMITED, a company incorporated under the laws of the
     Cayman Islands and with a registered address at Century Yard, Cricket
     Square, Hutchins Drive, P.O. Box 2681GT, George Town, Grand Cayman, Cayman
     Islands, British West Indies (the "Investor"); and

2.   ACCORD GROUP INVESTMENTS LIMITED, a company incorporated under the laws of
     the British Virgin Islands with a registered address at Offshore
     Incorporations Limited, P.O. Box 957, Offshore Incorporations Centre, Road
     Town, Tortola, British Virgin Islands (the "COMPANY").

                                    RECITALS

WHEREAS, the Investor desires to subscribe for and purchase, and the Company
wishes to issue and sell to the Investor, the Subscription Shares for the
Subscription Price.

NOW, THEREFORE, in consideration of the premises and the mutual covenants set
forth herein, the Investor and the Company do hereby agree as follows:

1.   DEFINITIONS

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

<TABLE>
<S>                              <C>
"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 or their legal
                                 advisors before Closing;

"BOARD"                          means the Board of Directors of the Company;

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

"CLOSING"                        shall have the meaning provided in Clause 2.2;

"CLOSING DATE"                   shall have the meaning provided in Clause 2.2;

"CLOSING DELIVERABLE
   AGREEMENTS"                   shall have the meaning provided in Clause 2.3;

"CONTROL", "CONTROLLED"          (or any correlative term) means the possession,
                                 directly or
</TABLE>

                                        3

<PAGE>

<TABLE>
<S>                              <C>
                                 indirectly, of the power to direct or cause the
                                 direction of the management policies 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 another Person;

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

"GROUP"                          means the Company and the companies set out in
                                 Schedule B and a "GROUP COMPANY" means any
                                 member of the Group;

"GROUP STRUCTURE AGREEMENTS"     means the contracts agreements and documents as
                                 set out in Schedule C;

"HK$"                            means the lawful currency of Hong Kong;

"HONG KONG"                      means the Hong Kong Special Administrative
                                 Region of the People's Republic of China;

"MATERIAL ADVERSE CHANGE"        means any event or circumstance occurs which
                                 might reasonably be expected to have a material
                                 adverse effect on the prospects, business,
                                 operations or financial condition of the Group
                                 taken as a whole or that would materially
                                 affect the ability of any of the Group
                                 Companies or any Person who is a party to any
                                 of the Group Structure Agreements to perform
                                 its material obligations under any of the Group
                                 Structure Agreements;

"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;

"SHARES"                         means the ordinary shares of US$1.00 each in
                                 the capital of the Company;

"SINO"                           means Sino Investment Holdings Limited, a
                                 company incorporated under the laws of the
                                 Commonwealth of the Bahamas with registration
                                 number 141019B and a registered address at
                                 Charlotte House, Charlotte Street, P.O. Box
                                 N-341, Nassau, Bahamas;

"SUBSCRIPTION PRICE"             means US$440,000;

"SUBSCRIPTION SHARES"            means the 19 Shares subscribed for by the
                                 Investor under this Agreement, which shall
                                 represent 19% of the issued and outstanding
                                 share capital of the Company immediately
                                 following Completion;

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

"WFOE"                           means New China Media Co. Limited
                                 [Chinese Characters],
</TABLE>

                                        4

<PAGE>

<TABLE>
<S>                              <C>
                                 [Chinese Characters] a wholly foreign owned
                                 enterprise established in the PRC as a
                                 wholly-owned subsidiary of the Company.
</TABLE>

2.   SUBSCRIPTION AND SALE OF SUBSCRIPTION SHARES

2.1  Subscription and Sale. Subject to the terms and conditions set out in this
     Agreement, the Investor agrees with the Company to subscribe for and
     purchase at the Closing, and the Company agrees to issue and sell to the
     Investor at the Closing, the Subscription Shares for the Subscription
     Price.

2.2  Closing. As promptly as practicable following the satisfaction or, if
     permissible, waiver of the conditions set forth in Clauses 5 and 6 hereof
     (or such other date as may be agreed by the Company and the Investor), the
     subscription and sale of the Subscription Shares (the "CLOSING") shall take
     place at the offices of the Company at 2003-4 Vicwood Plaza, 199 Des Voeux
     Road Central, Hong Kong Special Administrative Region, the People's
     Republic of China, or at such other time and place as the Company and the
     Investor mutually agree in writing. The date and time of the Closing are
     herein referred to as the "CLOSING DATE".

2.3  Closing Deliveries by the Company. At the Closing, the Company shall issue
     the Subscription Shares to the Investor as fully-paid shares and shall
     enter the name of the Investor in the register of members of the Company as
     the holders of the Subscription Shares and shall deliver to the Investor
     (unless delivered prior to the Closing):

     (i)  a duly issued share certificate of the Company dated the Closing Date
          and issued in the name of the Investor in respect of the Subscription
          Shares; and

     (ii) a copy of each of the duly executed Group Structure Agreements.

     The agreements referred to under sub clauses 2.3(i) and 2.3(ii) shall be
     referred to as the "CLOSING DELIVERABLE AGREEMENTS."

2.4  Closing Deliveries by the Investor. At the Closing, the Investor shall make
     payment of the Subscription Price payable by it in respect of the
     Subscription Shares by wire transfer in US dollars in immediately available
     funds to an account specified by the Company.

3.   REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. The Company
     hereby represents, warrants and covenants to each Investor that:

3.1  Organisation. Each of the Group Companies is a limited liability company
     duly incorporated and validly existing under the laws of its jurisdiction
     of incorporation and has all requisite corporate power and authority to own
     its assets and to carry on its business as now conducted and, with respect
     to the Company, as proposed to be conducted pursuant to the terms of the
     Group Structure Agreements.

3.2  Capitalisation. Immediately prior to Closing the authorised capital of the
     Company shall be US$50,000 divided into 50,000 ordinary shares of US$1.00
     each and the issued share capital of the Company immediately prior to
     Closing shall be as set out in Schedule A Part I. Immediately following
     Closing the issued share capital of the Company will be as set out in
     Schedule A Part II.

3.3  Subsidiaries. The Company does not presently own or control, directly or
     indirectly, any interest in any other corporation, association, or other
     business entity, and is not a participant in any joint venture,
     partnership, or similar arrangement, except as set out in Schedule B. The
     particulars of each of the Group Companies set out in Schedule B are true
     and accurate in all respects and the percentage of the share capital showed
     therein as owned or controlled by the

                                        5

<PAGE>

     Company is beneficially owned free from all encumbrance, save as contained
     in the Group Structure Agreements. Save as expressly provided in the Group
     Structure Agreements, 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 share or loan capital of any of the Group Companies
     (including any option, notes, warrants or other securities or rights
     convertible or ultimately convertible into shares or equity interests in
     any of the Group Companies).

3.4  Authorisation. All corporate action on the part of the Company required for
     the authorisation, execution and delivery of this Agreement and the
     Shareholders Agreement will be taken prior to Closing and the performance
     of all obligations of the Company under each of these and the
     authorisation, issuance (or reservation for issuance), sale and delivery of
     the Subscription Shares has been taken or will be taken prior to the
     Closing, and this Agreement constitutes the valid and legally binding
     obligations of the Company, enforceable in accordance with its terms,
     except (i) as limited by applicable bankruptcy, insolvency, reorganisation,
     moratorium, and other laws of general application affecting enforcement of
     creditors' rights generally and (ii) as limited by laws relating to the
     availability of specific performance, injunctive relief, or other equitable
     principles.

3.5  No Conflict. The execution, delivery and performance of this Agreement and
     the Shareholders Agreement by the Company do not and will not (a) violate,
     conflict with or result in the breach of any provision of the Amended and
     Restated Memorandum and Articles of Association (or similar organizational
     documents) of the Company, or (b) conflict with or violate any law or
     governmental order applicable to either the Company or any other Group
     Company or any party to any of the Group Structure Agreements or any of the
     assets, properties or businesses of the Company or any other Group Company,
     or (c) conflict with, result in any breach of, constitute a default (or
     event which with the giving of notice or lapse of time, or both, would
     become a default) under, require any consent under, or give to others any
     rights of termination, amendment, acceleration, suspension, revocation or
     cancellation of, or result in the creation of any encumbrance on any of the
     assets pursuant to any note, bond, mortgage, contract, agreement, lease,
     sublease, license, permit, franchise or other instrument or arrangement to
     which either the Company or any other Group Company is a party or by which
     any of such assets or properties is bound or affected including, without
     limitation, any of the Group Structure Agreements.

3.6  Governmental Consents and Approvals. The execution, delivery and
     performance of this Agreement by the Company do not and will not require
     any consent, approval, authorization or other order of, action by, filing
     with or notification to, any governmental authority in Hong Kong or the
     PRC.

3.7  Issuance of Subscription Shares. The Subscription Shares, when issued,
     delivered and paid for in accordance with this Agreement, will be duly and
     validly issued, fully paid and non-assessable and free of any lien or
     encumbrance. Except as set forth in the Shareholders Agreement, the
     Articles of Association and the laws and regulations of any jurisdiction
     that may apply to any holder of shares in the Company, the Subscription
     Shares are not subject to any restrictions on transfer.

3.8  Share Rights. The Subscription Shares shall have the rights as set out in
     the Articles of Association.

3.9  Liabilities. Save as disclosed in Schedule D, no Group Company has any
     material liability (actual, contingent or otherwise).

3.10 The Group Structure Agreements. (a) To the best of the knowledge and belief
     of the Company having made reasonable enquiries, each of the Group
     Structure Agreements has

                                        6

<PAGE>

     been duly executed, is in full force and effect and constitutes the valid
     and legally binding obligation of the parties thereto, enforceable in
     accordance with its terms, except (i) as limited by applicable bankruptcy,
     insolvency, reorganisation, moratorium, and other laws of general
     application affecting enforcement of creditors' rights generally, and (ii)
     as limited by laws relating to the availability of specific performance,
     injunctive relief, or other equitable principles. (b) To the best of the
     knowledge and belief of the Company having made all reasonable enquiries,
     the execution, delivery and performance of each of the Group Structure
     Agreements by the parties thereto do not and will not conflict with or
     violate any law, regulation or governmental order in the PRC. (c) To the
     best of the knowledge and belief of the Company having made all reasonable
     enquiries, the execution, delivery and performance of each of the Group
     Structure Agreements by the parties thereto do not and will not require any
     consent, approval, authorization or other order of, action by, filing with
     or notification to, any governmental authority in the PRC or, if any such
     consent, approval, authorization, order, action, filing or notification is
     required, they have been obtained or made or will be obtained or made prior
     to the Closing.

3.11 Litigation. There is no litigation, arbitration, prosecution or other legal
     proceedings in progress or pending or threatened against any Group Company
     or any party to any of the Group Structure Agreements nor is there any
     claim or, to the best of the knowledge and belief of the Company after
     having made due enquiries, any fact which may give rise to a claim against
     any Group Company or any party to any of the Group Structure Agreements
     which, individually or in aggregate, may have or have had a material effect
     on the financial or business conditions or prospects (whether or not
     arising in the ordinary course of business) of the Group taken as a whole
     or which is material in the context of the subscription for Subscription
     Shares.

3.12 Winding up, etc. There are no bankruptcy, winding-up, receivership,
     administration or other similar proceedings in progress or pending in
     respect of any Group Company or, to the best of the knowledge and belief of
     the Company after having made due enquires, any Person (other than a Group
     Company) who is a party to any of the Group Structure Agreements.

3.13 Material Contracts. Other than the Group Structure Agreements and as
     disclosed in Schedule C, no Group Company has any material, long term,
     onerous or unusual contract or commitment binding upon it including but not
     limited to:

     (i)  any contract entered into otherwise than in the ordinary course of
          business;

     (ii) any agreement or arrangement otherwise than by way of bargain at arm's
          length;

     (iii) any sale or purchase option or similar contract or arrangement
          affecting any assets owned or used by any Group Company or by which a
          Group Company is bound;

     (iv) any contract which cannot readily be fulfilled or performed by a Group
          Company on time or without undue or unusual expenditure of money or
          effort;

     (v)  any agreement whereby a Group Company is, or has agreed to become, a
          member of any joint venture, consortium or partnership or other
          unincorporated association; and

     (vi) any inter-company agreements and arrangements between any two or more
          Group Companies or between Xinhua Finance Limited and any of its
          Affiliates and a Group Company.

3.14 Brokerage or Commissions. No Person is entitled to receive from the Company
     any finder's fee brokerage or commission in connection with this Agreement
     or anything contained in it.

                                        7

<PAGE>

3.15 Full Disclosure. (a) The Company is not aware of any facts pertaining to
     the Group or its proposed business which could materially adversely affect
     the Group or which are likely in the future to materially adversely affect
     the Group and which have not been disclosed by or on behalf of the Company
     in connection with or pursuant to this Agreement. (b) To the best of the
     knowledge and belief of the Company after having made due enquiries, no
     representation or warranty of the Company in this Agreement, nor any
     statement or certificate furnished or to be furnished by or on behalf of
     the Company to the Investor 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 not misleading.

3.16 Absence of Questionable Payments. None of the Group Companies nor any of
     their respective Affiliates, directors, officers, agents, employees or
     other persons acting on their behalf, has 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. None of the Group Companies nor any of their respective Affiliates,
     directors, officers, agents, employees or other persons acting on their
     behalf, has accepted or received any unlawful contributions, payments,
     gifts, or expenditures.

3.17 The Closing Deliverable Agreements. On or before Closing, each of the
     Closing Deliverable Agreements will have been duly executed and, as at
     Closing, will be in full force and effect and will constitute the valid and
     legally binding obligations of the parties thereto, enforceable in
     accordance with their terms at Closing.

4.   REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR. The Investor
     hereby represents, warrants and covenants to the Company that each of the
     following statements is true:

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

4.2  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 legal, valid and binding obligations of the Investor,
     enforceable in accordance with their respective terms.

4.3  Power and Authority. It has full power and authority to make the covenants
     and representations referred to herein and to subscribe for and purchase
     the Subscription Shares and to execute, deliver and perform this Agreement.

4.4  Purchase Entirely for Own Account. This Agreement is made with the Investor
     in reliance upon the Investor's representation to the Company, which by the
     Investor's execution of this Agreement the Investor hereby confirms, that
     the Subscription Shares to be received by the Investor will be acquired for
     investment for the Investor's own account, not as a nominee or agent, and
     not with a view to the resale or distribution of any part thereof, and that
     the Investor has no present intention of selling, granting any
     participation in, or otherwise distributing the same. By executing this
     Agreement, the Investor further represents that the Investor does not have
     any contract, undertaking, agreement or arrangement with any person to
     sell, transfer or grant participations to such person or to any third
     person, with respect to any of the Subscription Shares.

4.5  Investment Experience. It is an investor in securities of companies in the
     development stage and acknowledges that it is able to bear the economic
     risk of its investment and has such

                                        8

<PAGE>

     knowledge and experience in financial or business matters that it is
     capable of evaluating the merits and risks of the investment in the
     Subscription Shares.

4.6  Disclosure of Information. It and its advisors, if any, have been furnished
     with all materials relating to the business, finances and operations of the
     Company and materials relating to the Subscription Shares which have been
     requested by it or its advisors. It and its advisors, if any, have been
     afforded the opportunity to ask questions of representatives of the Company
     and have received answers to such questions, as it deems necessary in
     connection with its decision to subscribe for the Subscription Shares.

4.7  Compliance with Laws. It has complied with all applicable laws of its
     jurisdiction in connection with the subscription of the Subscription Shares
     and this Agreement, including (i) the legal requirements within its
     jurisdiction for the purchase of Subscription Shares, (ii) any foreign
     exchange restrictions applicable to such purchase, (iii) any governmental
     or other consents that may need to be obtained and (iv) the income tax and
     other consequences, if any, that may be relevant to the purchase, holding,
     redemption, sale or transfer of the Subscription Shares. The Investor's
     subscription and payment for and its beneficial ownership of the
     Subscription Shares, will not violate any applicable securities or other
     laws of the Investor's jurisdiction.

5.   CONDITIONS OF INVESTOR'S OBLIGATIONS AT THE CLOSING. The obligations of the
     Investor under Clause 2 of this Agreement are subject to the satisfaction
     or waiver, on or before the Closing Date of each of the following:

5.1  Representations and Warranties. The representations and warranties of the
     Company contained in Clause 3 shall be true on and as of the Closing Date
     with the same effect as though such representations and warranties had been
     made on and as of the Closing Date.

5.2  Performance. The Company shall have performed and complied with all
     agreements, obligations and conditions contained in this Agreement that are
     required to be performed or complied with by it on or before the Closing.

5.3  Proceedings and Documents. All corporate and other proceedings in
     connection with the transactions contemplated at the Closing and all
     documents incident thereto shall be reasonably satisfactory in form and
     substance to that Investor, and the Investor shall have received all such
     counterpart original and certified or other copies of such documents as it
     may reasonably request.

5.4  Approvals. All governmental approvals (other than the business licence) for
     the establishment and operation of the WFOE in the business of provision of
     media consulting services shall have been obtained and in full force and
     effect.

6.   CONDITIONS OF THE COMPANY'S OBLIGATIONS AT THE CLOSING. The obligations of
     the Company to the Investor under this Agreement are subject to the
     satisfaction or waiver on or before the Closing of each of the following
     conditions:

6.1  Representations and Warranties. The representations and warranties of the
     Investor contained in Clause 4 shall be true on and as of the Closing Date
     with the same effect as though such representations and warranties had been
     made on and as of the Closing Date.

7.   TERMINATION

7.1  Termination. This Agreement may be terminated at any time prior to the
     Closing:

                                        9

<PAGE>

     (a)  by the Investor if, between the date hereof and the Closing: (i) there
          is a Material Adverse Change, (ii) any representations and warranties
          of the Company contained in this Agreement shall not have been true
          and correct when made, (iii) the Company shall not have complied in
          all material respects with the covenants or agreements contained in
          this Agreement to be complied with by it or (iv) any Group Company or
          any Person who is a party to any of the Group Structure Agreements
          makes a general assignment for the benefit of creditors, or any
          proceeding shall be instituted by or against such Group 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 Company but such termination shall be effective if, between the
          date hereof and the Closing: (i) any representations and warranties of
          the Investor contained in this Agreement shall not have been true and
          correct when made, (ii) the Investor 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) the Investor makes a
          general assignment for the benefit of creditors, or any proceeding
          shall be instituted by or against the Investor in question seeking to
          adjudicate the Investor in question 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)  by the Investor or the Company if the Closing shall not have occurred
          by 28 February, 2006; provided, however, that the right to terminate
          this Agreement under this Clause 8.1(c) shall not be available to any
          Party whose failure to fulfill 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;

     (d)  by the Investor or the Company in the event that any competent
          governmental authority in the PRC shall have issued an order, decree
          or ruling or taken any other action restraining, enjoining or
          otherwise prohibiting the transactions contemplated by this Agreement
          or the proposed business and operation of the Group or the Group
          Structure Agreements; or

     (e)  by the mutual written consent of the Investor and the Company.

7.2  Effect of Termination. In the event of termination of this Agreement as
     provided in Clause 7.1 other than as provided in Clause 7.1(b), this
     Agreement shall forthwith become void provided that nothing herein shall
     relieve any party hereto from liability for any breach of this Agreement.
     In the event of termination of this Agreement as provided in Clause 7.1(b),
     this Agreement shall forthwith become void and there shall be no liability
     on the part of the Company provided that neither the Company nor the
     Investor shall be relieved from liability for any breach of this Agreement.

8.   MISCELLANEOUS

8.1  Survival of Warranties. The representations, warranties and covenants of
     the Company and the Investor 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 the Investor or the Company.

                                       10

<PAGE>

8.2  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 successors and assigns of the parties (including
     transferees of any Subscription Shares sold hereunder transferred in
     accordance with the terms of the Shareholders Agreement). 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.

8.3  Governing Law and Jurisdiction. This Agreement shall be governed by and
     construed in accordance with the laws of Hong Kong. The parties hereto
     irrevocably agree to submit to the non-exclusive jurisdiction of the courts
     of Hong Kong in all matters arising in connection with this Agreement.

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

8.5  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.

8.6  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 ten (10) days' advance written notice
     to the other parties.

8.7  Finder's Fee. The Investor agrees to indemnify and to hold harmless the
     Company from any liability for any commission or compensation in the nature
     of a finders' fee (and the costs and expenses of defending against such
     liability or asserted liability) for which that Investor or any of its
     officers, partners, employees, or representatives is responsible.

8.8  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.

8.9  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.

8.10 Entire Agreement. This Agreement and the documents referred to herein
     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.

             THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK
                           THE EXECUTION PAGE FOLLOWS

                                       11

<PAGE>

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

THE INVESTOR

For and on behalf of
XINHUA FINANCE MEDIA LIMITED
By:

/s/ Fredy Bush
-------------------------------
Name:
      -------------------------
Title:
       ------------------------

Address:
Suite 2003-5 Vicwood Plaza
199 Des Voeux Road Central
Hong Kong

Telephone: (852) 3196 3909
Facsimile: (852) 2815 1348

THE COMPANY

For and on behalf of
ACCORD GROUP INVESTMENTS LIMITED
By:

/s/ Clifford Ng
------------------------------
Name: Clifford Ng
Title: Director

Address:
c/o 35/F, Two International Finance Centre
8 Finance Street, Central,
Hong Kong

Telephone: (852) 2511 5100
Facsimile: (852) 2511 9515

                                       12

<PAGE>

                                   SCHEDULE A

                                     PART I

          CORPORATE DETAILS OF THE COMPANY IMMEDIATELY PRIOR TO CLOSING

<TABLE>
<S>                              <C>
Name                             Accord Group Investments Limited
Date and place of
   Incorporation                 15 June, 2005 - British Virgin Islands

Registered Address               Offshore Incorporations Limited,
                                 P.O. Box 957, Offshore Incorporations Centre,
                                 Road Town, Tortola,
                                 British Virgin Islands

Correspondence Address           Preston Gates & Ellis
                                 Room 3503, 35th Floor
                                 Two International Finance Centre
                                 8 Finance Street, Central
                                 Hong Kong

Authorised share capital         US$50,000 made up of 50,000 ordinary shares of
                                 US$1.00 each

Issued share capital             81 ordinary shares

                                                            No. of Ordinary
Shareholders                     Shareholder Name                Shares
                                 ----------------           ---------------
                                 Sino Investment Holdings
                                 Limited                           81
                                                                  ---
                                    TOTAL:                         81
                                                                  ===
</TABLE>

                                       13

<PAGE>

                                   SCHEDULE A

                                     PART II

           CAPITALIZATION OF THE COMPANY IMMEDIATELY FOLLOWING CLOSING

<TABLE>
<S>                              <C>
Authorised share capital         US$50,000 made up of 50,000 ordinary shares of
                                 US$1.00 each

Issued share capital             100 ordinary shares

                                                                No. of Shares
Shareholders                     Shareholder                         Held
                                 -----------                    -------------
                                 Sino Investment Holdings
                                 Limited                              81
                                 Xinhua Finance Media Limited         19
                                                                     ---
                                 TOTAL:                              100
                                                                     ===
</TABLE>

                                       14

<PAGE>

                                   SCHEDULE B

                            SCHEDULE OF SUBSIDIARIES

<TABLE>
<S>                              <C>
Name                             Great Triumph Investments Limited

Date and place of
   Incorporation                 13 June, 2005 - British Virgin Islands

Registered Address               Offshore Incorporations Limited,
                                 P.O. Box 957, Offshore Incorporations Centre,
                                 Road Town, Tortola,
                                 British Virgin Islands

Correspondence Address           Preston Gates & Ellis
                                 Room 3503, 35th Floor
                                 Two International Finance Centre
                                 8 Finance Street, Central
                                 Hong Kong

Authorised share capital         US$50,000 made up of 50,000 ordinary shares of
                                 US$1.00 each

Issued share capital             1 ordinary share

                                                            No. of Ordinary
Shareholders                     Shareholder Name                Shares
                                 ----------------           ---------------
                                 Accord Group Investments
                                 Limited                           1
                                                                 ---
                                    TOTAL:                         1
                                                                 ===
</TABLE>

                                       15

<PAGE>

                                   SCHEDULE B

                            SCHEDULE OF SUBSIDIARIES

<TABLE>
<CAPTION>
                                                       Attributable
                                                  proportion of nominal
                                                    value of issued /
                                                    registered capital
                                 Place of          held by the Company
                              incorporation/      ---------------------
NAME OF SUBSIDIARY             establishment      Directly   Indirectly               Principal activities
------------------         --------------------   --------   ----------   -------------------------------------------
<S>                        <C>                    <C>        <C>          <C>
New China Media Co.        People's Republic of   100%       N/A          Provision of cultural exchanges,
                           China                                          investments, international economic, trade,
                                                                          technical, business, corporate governance,
                                                                          and softwares development consulting
                                                                          services; sale of self-manufactured
                                                                          products and provision of related services

Beijing Shiji Guangnian    People's Republic of              80%          Domestic advertising designs, production,
Advertising Co.,           China                                          agency and distribution
Limited (PRC)
</TABLE>

                                       16

<PAGE>

                                   SCHEDULE C

                       LIST OF GROUP STRUCTURE AGREEMENTS

1.   Secured Promissory Note issued by Irene Wang ("IRENE") in favour of WFOE

2.   Equity Pledge Agreement amongst Irene, WFOE and Beijing Shiji Guangnian
     Advertising Co., Limited("BSG")

3.   Exclusive Equity Purchase Option Agreement between Irene and WFOE

4.   Subrogation Agreement amongst Irene, WFOE and BSG

5.   Declaration by spouse of Irene

6.   Letter of resignation to be signed in blank by Irene as director of BSG

7.   Letter of resignation to be signed in blank by Irene as legal
     representative of BSG

8.   Letter of resignation to be signed in blank by Irene as supervisor of BSG

                                       17

<PAGE>

                                   SCHEDULE D

             MATERIAL LIABILITIES DISCLOSED PURSUANT TO SECTION 3.9

1.   Legal fees of Preston Gates & Ellis incurred in connection with this
     Agreement and all agreements and actions contemplated herein.

                                       18

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