Document:

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                                                                     EXHIBIT 4.8

             SHENYANG XINJINBEI INVESTMENT AND DEVELOPMENT CO., LTD.

                            EQUITY TRANSFER AGREEMENT

    Transferor: Shenyang Automobile Industry Asset Management Company Limited

       Transferees: Shenyang Xing Yuan Dong Automobile Component Co., Ltd.

                  Shenyang Jinbei Automotive Industry Co., Ltd.

                               December 16, 2003

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Whereas, Shenyang Xinjinbei Investment and Development Co. Ltd. (hereinafter
referred to as "Jinbei Development") is a company with limited liabilities
registered and incorporated in Shenyang under the laws of PRC, with a registered
capital of RMB 1.5 billion;

Whereas, Shenyang XingYuan Dong Automobile Component Co., Ltd. (hereinafter
referred to as "Xing Yuan Dong") currently holds 90% of the equity of Xinjinbei
Development, while Shenyang Automobile Industry Asset Management Company Limited
(hereinafter referred to as "SAIAM") currently holds 10% of the equity of
Xinjinbei Development;

Whereas, SAIAM intends to transfer to Xing Yuan Dong the 9% equity it holds in
Xinjinbei Development, and to Shenyang Jinbei Automotive Industry Co., Ltd.
(hereinafter referred to as Jinbei Industry) the 1% equity it holds in Xinjinbei
Development, while Xing Yuan Dong and Jinbei Industry agree to accept the
transfer of such equity held by SAIAM in Jinbei Development pursuant to the
terms and conditions hereunder.

NOW THEREFORE, the Parties reach the following agreement through friendly
consultation:

ARTICLE 1 PARTIES TO THE AGREEMENT

1.1      Transferor:

         Shenyang Automobile Industry Asset Management Company Limited

         Address: No. 1, Shiji Rd, Hunnan Property Development Zone,
                  Shenyang New High-Tech Development District

         Legal Representative: HE, Guohua

1.2      Transferees:

         Shenyang XingYuan Dong Automobile Component Co., Ltd.

         Address: No. 55, Hunnan Property Development Zone,
                  Shenyang New High-Tech Development District

         Legal Representative: HONG, Xing

         Shenyang Jinbei Automotive Industry Co., Ltd.

         Address: No. 38, Wanliutang Rd, Shenhe District, Shenyang

         Legal Representative: HE, Guohua

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ARTICLE 2 TRANSFER OF EQUITY

2.1      SAIAM agrees to transfer to Xing Yuan Dong and Jinbei Industry 9%
         equity and 1% equity, respectively, that it holds in Xinjinbei
         Development, and Xing Yuan Dong and Jinbei Industry each agrees to
         accept the transfer of such equity in Xinjinbei Development. Upon the
         consummation of the above equity transfer, Xing Yuan Dong shall hold
         99% and Jinbei Industry shall hold 1% of the equity in Xinjingbei
         Development.

2.2      The Parties hereby acknowledge that, the equity transfer contemplated
         in the above Article 2.1 shall be a transfer including rights, i.e.,
         upon the consummation of such equity transfer, Xing Yuan Dong and
         Jinbei Industry shall enjoy all respective rights of the equity thus
         transferred in proportion of their share of equity, including the
         accumulated undistributed profits, capital reserve fund or surplus
         fund, gain on net assets (if any) in the respective percentages.

2.3      Xing Yuan Dong, as the sole shareholder in Xinjinbei Development other
         than SAIAM, hereby agrees to waive the preemptive right to purchase the
         1% equity which SAIAM intends to transfer to Jinbei Industry pursuant
         to this Agreement.

ARTICLE 3 PRICE OF EQUITY TRANSFER AND PAYMENT

3.1      The Parties hereby agree that the price for the transfer of the
         aforesaid equity shall be paid as follows: Xing Yuan Dong and
         Xinjingbei Industry shall pay RMB 135 million and RMB 15 million,
         respectively, to SAIAM.

3.2      SAIAM, Xing Yuan Dong and Jinbei Industry shall each pay for their
         respective taxes incurred during the above equity transfer.

3.3      The Parties hereby acknowledge that payment of the price for the above
         equity transfer shall be made to the bank account designated by SAIAM
         within 30 days of the effectiveness of this Agreement.

ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF THE TRANSFEROR

         For the purpose of this Agreement and for the benefit of the
Transferee, SAIAM hereby represents and warrants to Xing Yuan Dong and Jinbei
Industry as follows:

4.1      Xinjinbei Development is an enterprise duly incorporated and registered
         according to the conditions and procedures required by the PRC laws,
         which incorporation has obtained all necessary government approvals and
         permits;

4.2      SAIAM lawfully owns the equity that it intends to transfer pursuant to
         this Agreement, and has the right to transfer such equity in its own
         name.

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4.3      SAIAM has not created on the equity that it intends to transfer any
         interest for the benefit of any third party, or any mortgage or other
         similar security interest with any third party as the obligee;

4.4      SAIAM has taken all corporate actions and necessary legal procedures
         required by law for the execution of this Agreement. SAIAM's execution
         of this Agreement does not violate any law applicable to it, nor does
         it violate other contracts that it has entered into with any third
         party.

ARTICLE 5 REPRESENTATION AND WARRANTIES OF THE TRANSFEREE

         For the benefit of SAIAM, Xing Yuan Dong and Jinbei Industry each
         represents and warrants to SAIAM as follows:

5.1      It is a company duly organized and validly existing under the PRC laws,
         and has the full capacity to accept the transfer of such equity in its
         own name;

5.2      It has taken all corporate actions and necessary legal procedures
         required by law for the execution of this Agreement. Its execution of
         this Agreement does not violate any law applicable to it, nor does it
         violate other contracts that it has entered into with any third party.

5.3      It will provide assistance for the completion of the approval
         procedures and registration procedures in connection with such equity
         transfer, including the provision of necessary documents and material.

5.4      It hereby acknowledges that it has fully understood the creditor's
         rights and debts as well as the operation status of Xinjinbei
         Development, and fully agrees to accept the equity to be transferred
         based on the current status of Xinjinbei and the transfer price
         provided in this Agreement.

ARTICLE 6 DELIVERY OF TRANSFERRED EQUITY

6.1      The Parties agree that SAIAM, Xing Yuan Dong and Jinbei Industry
         together shall unconditionally complete the formalities of amending
         industry and commerce registration with the administrative authority of
         industry and commerce with which Xinjinbei Development is registered to
         ensure that Xing Yuan Dong and Jinbei Industry both become the lawful
         holders of the equity transferred.

6.2      Upon the date of completion of amendment of industry and commerce
         registration, Xing Yuan Dong and Jinbei Industry shall become
         shareholders holding 99% and 1% equity, respectively, in Xinjinbei
         Development, be entitled to the rights of shareholders, and assume the
         obligations of shareholders.

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ARTICLE 7 EFFECTIVENESS, AMENDMENT AND TERMINATION

7.1      This Agreement shall not become effective until signed by the
         authorized representatives of the Parties.

7.2      Unless otherwise required by law, the amendment and termination of this
         Agreement shall only become effective by written agreement of reached
         through consultation by the Parties.

ARTICLE 8 SETTLEMENT OF DISPUTES

8.1      All disputes arising out of or in connection with this Agreement shall
         be settled by the Parties through friendly consultation, failing which,
         or in the event that one Party is unwilling to settle the dispute
         through consultation, any Party may submit the dispute to a competent
         people's court in Shenyang for resolution.

8.2      Disputes referred to in this Agreement shall mean all disputes among
         the Parties in relation to, among other things, the effectiveness,
         interpretation, performance, breach liabilities, amendment,
         cancellation and termination of this Agreement.

ARTICLE 9 MISCELLANEOUS

9.1      The annexes hereto constitute an integral part of this Agreement, which
         shall have the same force as this Agreement.

9.2      This Agreement and the annexes hereto constitute the complete agreement
         among the Parties, and shall supersede all correspondences, statements,
         agreements or other documents prior to the execution of this Agreement.

9.3      There are six counterparts of this Agreement, with each Party holding
         one counterpart, Shenyang Xinjinbei Investment and Development Co.,
         Ltd. holding one counterpart, and the rest submitted to the relevant
         authorities for completing the formalities of amending the
         registration. Each counterpart shall have the same force.

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TRANSFEROR:

SHENYANG AUTOMOBILE INDUSTRY ASSET MANAGEMENT COMPANY LIMITED

Authorized Representative:                            /s/ Guohua He
                                               ---------------------------------

Dated:                                         December 16, 2003

TRANSFEREES:

SHENYANG XING YUAN DONG AUTOMOBILE COMPONENT CO., LTD.

Authorized Representative:                            /s/ Xing Hong
                                               ---------------------------------

Dated:                                         December 16, 2003

SHENYANG JINBEI AUTOMOTIVE INDUSTRY CO., LTD.

Authorized Representative:                            /s/ Guohua He
                                               ---------------------------------

Dated:                                         December 16, 2003

                                        5<PAGE>

                                                                     EXHIBIT 4.9

            SHENYANG AUTOMOTIVE INDUSTRIAL ASSET MANAGEMENT CO., LTD.

                            EQUITY TRANSFER CONTRACT

This Contract is entered into on the 29th day of December 2003 in Shenyang.

ARTICLE 1         PARTIES TO THE CONTRACT

1.1      Transferor:

         Party A:                  Shenyang Industry State-owned Asset
                                   Management Co., Ltd.

         Address:                  19th Floor, Yinji Plaza, No. 9 Shiyi Wei Rd,
                                   Heping District, Shenyang City

         Legal                     WANG, Ying
         Representative:

1.2      Transferees:

         Party B:                  Shenyang JinBei Automotive Industry Holdings
                                   Company Limited

         Address:                  # 1 Shiji Road Hunnan Property Development
                                   Zone, Shenyang New High-Tech Development
                                   District

         Legal                     HONG, Xing
         Representative:

         Party C:                  Shenyang Xinjinbei Investment and Development
                                   Co., Ltd.

         Address:                  # 1 Shiji Road Hunnan Property Development
                                   Zone, Shenyang New High-Tech Development
                                   District

         Legal                     HONG, Xing
         Representative:

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ARTICLE 2         EQUITY TRANSFER

2.1      The subject of transfer under this Contract shall be the 100% equity
         held by Party A in Shenyang Automobile Industry Company Limited
         (hereinafter referred to as the "SAIAM"). Party A agrees to transfer
         90% and 10% of the equity it holds in the SAIAM to Party B and Party C,
         respectively, pursuant to the terms and conditions hereunder, and Party
         B and Party C each agrees to accept the transfer of the above equity
         held by Party A in SAIAM. Upon the consummation of the above equity
         transfer, Party B shall hold 90% of the equity of SAIAM, Party C shall
         hold 10% of the equity of SAIAM, while Party A shall no longer hold
         equity in SAIAM.

2.2      The Parties hereby acknowledge that, the equity transfer contemplated
         in the above Article 2.1 shall be a transfer including rights, i.e.,
         upon the consummation of such equity transfer, all respective rights
         and obligations of the equity thus transferred shall be enjoyed and
         assumed by Party B and Party C according to the ratio of their equity
         share.

ARTICLE 3         PRICE OF THE EQUITY TRANSFER AND PAYMENT

3.1      The Parties agree that, the aggregate transfer price of 100% of the
         equity in SAIAM shall be RMB 1.00, in which, RMB 0.90 shall be paid to
         party A in cash by Party B, while RMB 0.10 shall be paid to party A in
         cash by Party C.

3.2      The taxes incurred as a result of the above equity transfer shall be
         born by Party B and Party C.

3.3      The Parties hereby acknowledge that the proceeds from the above equity
         transfer shall be paid to Party A on the date of the execution of this
         Contract.

ARTICLE 4         COVENANTS, WARRANTIES AND OBLIGATIONS OF THE TRANSFEROR

         The Transferor hereby covenants and warrants to the Transferees as
follows:

4.1      SAIAM is duly organized and validly existing with legal person business
         license.

4.2      The Transferor is the lawful holder of the subject equity and has paid
         all consideration in full amount required to legally acquire the
         subject equity. No mortgage, pledge or other encumbrance or other third
         party right has been created on the subject equity by the Transferor.
         The subject equity is not under any enforcement by any court.

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ARTICLE 5         COVENANTS AND WARRANTIES OF THE TRANSFEREES

         The Transferees each hereby covenants and warrants to the Transferor as
follows:

5.1      According to the relevant provisions of existing laws and
         administrative regulations, each of the Transferees has the right to
         accept the transfer of the subject equity under the terms and
         conditions of this Contract and to become a shareholder of SAIAM.

5.2      The execution and performance of this Contract by any Transferee does
         not constitute any impediment to the relationship between such
         Transferee and any third party (including but not limited to any
         contract, agreement, instrument and/or other binding arrangement
         entered into by such Transferee and a third party that have become or
         will become effective). Any relationship between any of the Transferees
         and any third party (including but not limited to any contract,
         agreement, instrument and/or other binding arrangement entered into by
         such Transferee and a third party that have become or will become
         effective) shall not constitute a legal impediment to the execution and
         performance of this Contract.

Article 6         Approval and Filing Procedures of the Equity Transfer

6.1      The Transferor and the Transferees hereby agree to actively proceed
         with and complete the approval and filing procedures required for the
         consummation of this equity transaction after the execution of this
         Contract according to laws and regulations, including but not limited
         to:

         (1)      undergoing the discussion and approval procedures of the
                  corporate authority according to their respective articles of
                  association;

         (2)      undergoing the approval procedures for transfer of state-owned
                  equity;

         (3)      undergoing the examination and approval procedures with
                  securities regulatory authorities; and

         (4)      undergoing registration and filing procedures with company
                  registration authorities.

Article 7         Breach of Contract

7.1      After the execution of this Contract, the Transferor and the
         Transferees shall perform this Contract in strict compliance with the
         provisions hereunder. Any Party in breach of this Contract shall be
         held liable for such breach according to the provisions hereunder. In
         the event of losses caused to a non-breaching Party, the breaching
         Party shall indemnify the non-breaching Party for the losses and
         expenses, excluding those losses and expenses resulting from a force
         majeure.

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7.2      In the event of breach of Contract by any Party, any non-breaching
         Party shall have the right to take one or more of the following
         remedial measures to protect its rights:

         (1)      suspension of the performance of its obligations hereunder or
                  other relevant obligations until the elimination of such
                  breach of Contract, which suspension of performance of
                  obligations by a non-breaching Party shall not constitute the
                  non-performance or delay in performance of obligations by such
                  party. A breach penalty of 0.021% of the equity transfer price
                  for each day when such breach persists shall be paid to the
                  non-breaching Party.

         (2)      termination of this Contract by written notice, in which case,
                  this Contract shall be terminated on the date the written
                  notice is serviced to the breaching Party by any non-breaching
                  Party; and

         (3)      the breaching Party shall promptly indemnify the non-breaching
                  Party for all losses and expenses the non-breaching Party
                  sustained as a result of the breach by the breaching Party,
                  regardless whether this Contract would continue to be
                  performed.

Article 8         Effectiveness, Amendment and Termination

8.1      This Contract shall become effective upon the satisfaction of all of
         the following conditions:

         (1)      This Contract shall have been executed by the authorized
                  representatives of the Transferor and the Transferees and with
                  their respective company seals affixed hereto;

         (2)      This equity transfer shall have been approved by the
                  administrative authorities of state-owned assets;

         (3)      This equity transfer shall have been examined by and received
                  no objections from China Securities Regulatory Commission; and

         (4)      China Securities Regulatory Commission shall have exempted the
                  Transferees from the obligations of tender offer in connection
                  with Shenyang Jinbei Automotive Company Limited.

8.2      This Contract may be amended through consultation among the Parties, or
         upon the occurrence of other circumstances as provided by laws and
         regulations or in the covenants contained in this Contract.

8.3      Any amendment to this Contract shall be made in writing and signed by
         the Parties. Otherwise, no amendment shall become binding upon either
         the Transferor or the Transferees.

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8.4      The Transferor and the Transferees may terminate this Contract through
         consultation, subject to compliance with laws.

8.5      The amendment and termination of this Contract shall not affect the
         parties' right to claim damages. Any losses incurred by any Party due
         to the amendment or termination of this Contract shall be compensated
         by the Party that is responsible for such amendment or termination,
         unless such Party is exempted from such liability pursuant to laws or
         provisions of this Contract.

8.6      Upon the termination of this Contract pursuant to the above provisions,
         the Transferor shall immediately return to the Transferees the paid
         equity transfer proceeds together with interest and/or other amounts,
         if any. In the event of breach of this Contract by any Party prior to
         the termination of this Contract, the other Parties shall have the
         right to claim compensation according to the provisions in Article 7
         hereof.

Article 9         Applicable Law and Settlement of Dispute

9.1      The execution, effectiveness, interpretation, performance and dispute
         settlement of this Contract shall be governed by the laws of the
         People's Republic of China.

9.2      The Transferor and the Transferees shall first settle the disputes
         arising out of or in connection with this Contract through
         consultation, failing which, the Transferor and the Transferees agree
         to submit such disputes to the competent local court for resolution
         through litigation.

Article 10        Miscellaneous

10.1     This Contract shall have 9 counterparts, each of which shall have the
         same force.

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Transferor:

Shenyang Industry State-owned Asset Management Co., Ltd.

Legal Representative or Authorized Representative:             /s/ Ying Wang
                                                            --------------------

Transferees:

Shenyang JinBei Automotive Industry Holdings Company Limited

Legal Representative or Authorized Representative:             /s/ Xing Hong
                                                            --------------------

Shenyang Xinjinbei Investment and Development Co., Ltd.

Legal Representative or Authorized Representative:             /s/ Xing Hong
                                                            --------------------

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