Document:

<PAGE>

                                                                     Exhibit 4.8

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (THE
"DEPOSITORY") TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.,
OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

REGISTERED                                                            REGISTERED

                            THE DOW CHEMICAL COMPANY

                          6% NOTES DUE OCTOBER 1, 2012

CUSIP NO. 260543 BR 3
ISIN NO. US260543 BR 36
No. R-1                                                           US$500,000,000

     THE DOW CHEMICAL COMPANY, a Delaware corporation (herein called the
"Company," which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of FIVE HUNDRED MILLION DOLLARS
(US$500,000,000) on October 1, 2012, in such coin or currency of the United
States of America as at the time of payment shall be legal tender for the
payment of public and private debts, and to pay interest, together with such
additional amounts (if any) as are described in Section 2 on the reverse of this
Note ("Additional Amounts"), thereon semi-annually on each April 1 and October
1, commencing April 1, 2003 and at maturity on said principal sum, in such coin
or currency of the United States of America as at the time of payment shall be
legal tender for the payment of public and private debts, at the rate per annum
specified in the title of this Security, from the April 1 or October 1, as the
case may be, next preceding the date of this Security to which interest has been
paid, unless the date hereof is a date to which interest has been paid, in which
case from the date of this Security, or unless no interest has been paid on this
Security, in which case from August 29, 2002, until payment of said principal
sum has been made or duly provided for. Payments of such principal and interest
(and Additional Amounts, if any) shall be made at the office or agency of the
Company in Chicago, Illinois, which, subject to the right of the Company to vary
or terminate the appointment of such agency, shall initially be at the principal
office of Bank One Trust Company, N.A., One Bank One Plaza, Chicago, Illinois
60670-0126; provided, that payment of interest (and Additional Amounts, if any)
may be made at the option of the Company by check mailed to the address of the
person entitled thereto as such address shall appear

<PAGE>

on the Security register; provided, further that so long as CEDE & CO. or
another nominee of the Depository is the registered owner of this Security
payments of principal and interest (and Additional Amounts, if any) will be made
in immediately available funds through the Depository's Same-Day Funds
Settlement System. Notwithstanding the foregoing, if the date hereof is after
March 15 or September 15, as the case may be, and before the following April 1
or October 1, this Security shall bear interest from such April 1 or October 1;
provided, that if the Company shall default in the payment of interest due on
such April 1 or October 1, then this Security shall bear interest from the next
preceding April 1 or October 1, to which interest has been paid or, if no
interest has been paid on this Security, from August 29, 2002. The interest (and
Additional Amounts, if any) payable on any April 1 or October 1 will, subject to
certain exceptions provided in the Indenture referred to on the reverse hereof,
be paid to the person in whose name this Security is registered at the close of
business on the March 15 or September 15, as the case may be, next preceding
such April 1 or October 1, and the interest (and Additional Amounts, if any)
payable at maturity will be payable to the person to whom the principal hereof
shall be payable.

     Reference is made to the further provisions of this Security set forth on
the reverse hereof. Such further provisions shall for all purposes have the same
effect as though fully set forth at this place.

     This Security shall not be valid or become obligatory for any purpose until
the certificate of authentication hereon shall have been signed by the Trustee
under the Indenture referred to on the reverse hereof.

                        [Signatures appear on next page]

                                        2

<PAGE>

     IN WITNESS WHEREOF, THE DOW CHEMICAL COMPANY has caused this instrument to
be signed by facsimile by its duly authorized representative.

Dated: August 29, 2002

[SEAL]

Attest:                                     THE DOW CHEMICAL COMPANY

By:                                         By:
    -----------------------------               -------------------------------
    Name:  Tina S. Van Dam                  Name:  Fernando Ruiz
    Title: Corporate Secretary              Title: Vice President and Treasurer

                                       3

<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.

                                       Bank One Trust Company, N.A.,
                                        as Trustee

                                       By:
                                       ----------------------------------------
                                           Authorized Signatory

                                        4

<PAGE>

                            THE DOW CHEMICAL COMPANY

                          6% NOTES DUE OCTOBER 1, 2012

     Section 1. General. This Note is one of a duly authorized issue of
securities of the Company (herein called the "Securities"), issued and to be
issued in one or more series under an Indenture, dated as of April 1, 1992, as
supplemented by a supplemental indenture dated as of January 1, 1994, a second
supplemental indenture dated as of October 1, 1999, and a third supplemental
indenture dated as of May 15, 2001 (the "Indenture"), between the Company and
Bank One Trust Company, N.A., as successor in interest to The First National
Bank of Chicago, as Trustee (herein called the "Trustee", which term includes
any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This
Security is one of the Securities of the series designated on the face hereof.

     Section 2. Payment of Additional Amounts. The Company shall pay to any
Holder who is a Non-United States person (as defined below) such Additional
Amounts as may be necessary in order that every net payment in respect of the
principal, premium, if any, or interest, if any, on this Security, after
deduction or withholding by the Company or any Paying Agent for or on account of
any present or future tax, assessment or governmental charge imposed upon or as
a result of such payment by the United States or any political subdivision or
taxing authority thereof or therein, shall not be less than the amount provided
for herein to be then due and payable before any such deduction or withholding
for or on account of any such tax, assessment or governmental charge; provided,
however, that the foregoing obligation to pay such Additional Amounts shall not
apply to:

          (a) any tax, assessment or other governmental charge which would not
     have been so imposed but for:

               (i) the existence of any present or former connection between
          such Holder (or a fiduciary, settlor, beneficiary, member or
          shareholder of, or holder of a power over, such Holder, if such Holder
          is an estate, trust, partnership or corporation) and the United
          States, including, without limitation, such Holder (or such fiduciary,
          settlor, beneficiary, member, shareholder of, or holder of a power)
          being or having been a citizen or resident or treated as a resident
          thereof or being or having been engaged in a trade or business therein
          or being or having been present therein or having or having had a
          permanent establishment therein; or

               (ii) such Holder's present or former status as a personal holding
          company or foreign personal holding company or controlled foreign
          corporation for United States federal income tax purposes or
          corporation which accumulates earnings to avoid United States federal
          income tax;

                                        5

<PAGE>

          (b) any tax, assessment or other governmental charge which would not
     have been so imposed but for the presentation by the Holder for payment on
     a date more than 10 days after the date on which such payment became due
     and payable or the date on which payment thereof is duly provided for,
     whichever occurs later;

          (c) any estate, inheritance, gift, sales, transfer, personal property
     or excise tax or any similar tax, assessment or governmental charge;

          (d) any tax, assessment or other governmental charge which is payable
     otherwise than by withholding from payments in respect of principal of,
     premium, if any, or interest, if any, on this Security;

          (e) any tax, assessment or other governmental charge imposed on
     interest received by a Holder or beneficial owner of this Security who
     actually or constructively owns 10% or more of the total combined voting
     power of all classes of stock of the Company entitled to vote within the
     meaning of Section 871(h)(3) of the United States Internal Revenue Code of
     1986, as amended;

          (f) any tax, assessment or other governmental charge imposed as a
     result of the failure to comply with:

               (i) certification, information, documentation, reporting or other
          similar requirements concerning the nationality, residence, identity
          or connection with the United States of the Holder or beneficial owner
          of this Security, if such compliance is required by statute, or by
          regulation of the United States Treasury Department, as a precondition
          to relief or exemption from such tax, assessment or other governmental
          charge (including backup withholding); or

               (ii) any other certification, information, documentation,
          reporting or other similar requirements under United States income tax
          laws or regulations that would establish entitlement to otherwise
          applicable relief or exemption from such tax, assessment or other
          governmental charge;

               (g) any tax, assessment or other governmental charge required to
          be withheld by any Paying Agent from any payment of the principal of,
          premium, if any, or interest, if any, on this Security, if such
          payment can be made without such withholding by at least one other
          Paying Agent;

               (h) any tax, assessment or other governmental charge that is
          required to be made pursuant to any European Union directive on the
          taxation of savings income or any law implementing or complying with,
          or introduced to conform to, any such directive; or

               (i) any combination of items (a), (b), (c), (d), (e), (f), (g) or
          (h);

                                        6

<PAGE>

nor will such Additional Amounts be paid to any Holder who is a fiduciary or
partnership or other than the sole beneficial owner of this Security to the
extent a settlor or beneficiary with respect to such fiduciary or a member of
such partnership or a beneficial owner of this Security would not have been
entitled to payment of such Additional Amounts had such beneficiary, settlor,
member or beneficial owner been the holder of this Security. This Security is
subject in all cases to any tax, fiscal or other law or regulation or
administrative or judicial interpretation applicable thereto. Except as
specifically provided under this Section 2, the Company shall not be required to
make any payment with respect to any tax, assessment or governmental charge
imposed by any government or a political subdivision or taxing authority thereof
or therein.

     As used in this Section 2 and in Section 3 hereof:

          (a) the term "United States" means the United States of America
     (including the States and the District of Columbia) and its territories,
     its possessions and other areas subject to its jurisdiction;

          (b) the term "United States person" means a beneficial owner of the
     Securities that is for United States federal income tax purposes:

               (i) a citizen or resident of the United States;

               (ii) a corporation or other entity created or organized in or
          under the laws of the United States or of any political subdivision
          thereof;

               (iii) an estate the income of which is subject to United States
          federal income taxation regardless of its source; or

               (iv) a trust if (1) a court within the United States is able to
          exercise primary supervision over the administration of the trust, and
          (2) one or more United States persons have the authority to control
          all substantial decisions of the trust; and

          (c) the term "Non-United States person" means a beneficial owner of
     the Securities that is, for United States federal income tax purposes:

               (i) a nonresident alien individual;

               (ii) a foreign corporation; or

               (iii) a nonresident alien fiduciary of a foreign estate or trust.

     Section 3. Redemption; Sinking Fund. (a) Except as provided in paragraphs
(b) and (c) below, the Securities are not redeemable prior to maturity.

          (b) If, as a result of:

                                        7

<PAGE>

               (i) any change in or amendment to the laws (including any
          regulations or rulings promulgated thereunder) of the United States or
          any political subdivision thereof or therein affecting taxation, which
          becomes effective after August 23, 2002 or which proposal is made
          after such date;

               (ii) any change in the official application or interpretation of
          such laws, including any official proposal for such a change,
          amendment or change in the application or interpretation of such laws,
          which change, amendment, application or interpretation is announced or
          becomes effective after August 23, 2002 or which proposal is made
          after such date; or

               (iii) any action taken by any taxing authority of the United
          States which action is taken or becomes generally known after August
          23, 2002, or any commencement of a proceeding in a court of competent
          jurisdiction in the United States after such date, whether or not such
          action was taken or such proceeding was brought with respect to the
          Company;

     there is, in such case, in the written opinion of independent legal counsel
     of recognized standing to the Company, a material increase in the
     probability that the Company has or may become obligated to pay Additional
     Amounts in accordance with Section 2 hereof, and the Company in its
     business judgment, determines that such obligation cannot be avoided by the
     use of reasonable measures available to it, not including assignment of
     this Security, this Security may be redeemed, as a whole but not in part,
     at the Company's option at any time thereafter, upon notice to the Trustee
     and the Holders in accordance with the provisions of the Indenture at a
     redemption price equal to 100% of the principal amount of this Security to
     be redeemed together with accrued interest thereon to the date fixed for
     redemption.

          (c) All or a portion of the Securities will be redeemable at any time
     or from time to time at the option of the Company at a redemption price
     equal to the greater of

               (i) one hundred percent (100%) of the principal amount of the
          Securities to be redeemed on the redemption date; and

               (ii) the sum of the present values of the remaining scheduled
          payments of principal and interest on the Securities being redeemed on
          such redemption date (not including any portion of any payments of
          interest accrued to the redemption date), discounted to the redemption
          date on a semiannual basis at the Treasury Rate (as defined below),
          plus 25 basis points, as determined by the Reference Treasury Dealer
          (as defined below),

     plus, in either case, accrued interest thereon to the redemption date.
     Notwithstanding the foregoing, installments of interest on Securities that
     are due and payable on interest payment dates falling on or prior to a
     redemption date will be payable on the interest

                                       8

<PAGE>

     payment date to the registered holders as of the close of business on the
     relevant record date according to the Securities and the Indenture. The
     redemption price will be calculated on the basis of a 360-day year
     consisting of twelve 30-day months.

     Notice of any redemption will be mailed at least 30 days but not more than
     60 days before the redemption date to each Holder of the Securities to be
     redeemed. Once notice of redemption is mailed, the Securities called for
     redemption will become due and payable on the redemption date and at the
     applicable redemption price, plus accrued and unpaid interest to the
     redemption date.

     "Treasury Rate" means, with respect to any redemption date, the rate per
     annum equal to the semiannual equivalent yield to maturity of the
     Comparable Treasury Issue, assuming a price for the Comparable Treasury
     Issue (expressed as a percentage of its principal amount) equal to the
     Comparable Treasury Price for such redemption date.

     "Comparable Treasury Issue" means the United States Treasury security
     selected by the Reference Treasury Dealer as having a maturity comparable
     to the remaining term of the Securities to be redeemed that would be
     utilized, at the time of selection and in accordance with customary
     financial practice, in pricing new issues of corporate debt securities of
     comparable maturity to the remaining term of such Securities.

     "Comparable Treasury Price" means, with respect to any redemption date, (i)
     the average of the Reference Treasury Dealer Quotations for such redemption
     date, after excluding the highest and lowest such Reference Treasury Dealer
     Quotations, (ii) if the Trustee obtains fewer than three such Reference
     Treasury Dealer Quotations, the average of all such quotations, or (iii) if
     only one Reference Treasury Dealer Quotation is received, such Quotation.

     "Reference Treasury Dealer" means (i) Merrill Lynch, Pierce, Fenner & Smith
     Incorporated (or its respective affiliates which are Primary Treasury
     Dealers) and its successors; provided, however, that if any of the
     foregoing shall cease to be a primary U.S. Government securities dealer in
     New York City (a "Primary Treasury Dealer"), the Company shall substitute
     therefor another Primary Treasury Dealer; and (ii) any other Primary
     Treasury Dealer(s) selected by the Trustee after consultation with the
     Company.

     "Reference Treasury Dealer Quotation" means, with respect to each Reference
     Treasury Dealer and any redemption date, the average, as determined by the
     Trustee, of the bid and asked prices for the Comparable Treasury Issue
     (expressed in each case as a percentage of its principal amount) quoted in
     writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. (New
     York City time) on the third business day preceding such redemption date.

     Unless the Company defaults in payment of the redemption price, on and
     after the redemption date interest will cease to accrue on the Securities
     or any portions thereof called for redemption.

                                        9

<PAGE>

     (d) The Securities will not be subject to any sinking fund.

     Section 4. Events of Default. If an Event of Default with respect to
Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with
the effect provided in the Indenture.

     Section 5. Modifications and Waivers; Obligation of the Company Absolute.
The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of at least a majority in principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture
also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all Securities of such series, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Security shall be conclusive and binding upon such Holder and
upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

     No reference herein to the Indenture and no provision of this Security or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest (and Additional
Amounts, if any) on this Security at the times, places and rate, and in the coin
or currency, herein prescribed.

     Section 6. Authorized Denominations. The Securities are issuable in
registered form, without coupons, in denominations of $1,000 and any integral
multiple of $1,000 in excess thereof. As provided in the Indenture, and subject
to certain limitations therein set forth and to the limitations described below,
if applicable, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

     Section 7. Registration of Transfer. As provided in the Indenture and
subject to certain limitations therein set forth, the transfer of this Security
is registrable in the Security register upon surrender of this Security for
registration of transfer at the office or agency of the Company maintained for
that purpose in the City of Chicago, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the
securities registrar (which shall initially be the Trustee, Bank One Trust
Company, N.A., One Bank One Plaza, Chicago, Illinois 60670-0126 (Attention:
Corporate Trust Department) or at such other address as it may designate as its
principal corporate trust office in the City of Chicago), duly executed by the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees.

                                       10

<PAGE>

     This Security is exchangeable only if (x) the Depository notifies the
Company that it is unwilling or unable to continue as Depository for this
Security or if at any time the Depository ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, (y) the
Company in its sole discretion determines that this Security shall be
exchangeable for certificated Securities in registered form or (z) an Event of
Default, or an event which with the passage of time or the giving of notice
would become an Event of Default, with respect to the Securities represented
hereby has occurred and is continuing, provided that the definitive Securities
so issued in exchange for this permanent Security shall be in denominations of
$1,000 and any integral multiple of $1,000 in excess thereof and be of like
aggregate principal amount and tenor as the portion of this permanent Security
to be exchanged, and provided further that, unless the Company agrees otherwise,
Securities of this series in certificated registered form will be issued in
exchange for this permanent Security, or any portion hereof, only if such
Securities in certificated registered form were requested by written notice to
the Trustee or the Securities Registrar by or on behalf of a person who is
beneficial owner of an interest hereof given through the Holder hereof. Except
as provided above, owners of beneficial interests in this permanent Security
will not be entitled to receive physical delivery of Securities in certificated
registered form and will not be considered the Holders thereof for any purpose
under the Indenture.

     No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

     Section 8. Owners. Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered as
the owner hereof for all purposes, whether or not this Security is overdue, and
neither the Company, the Trustee nor any such agent shall be affected by notice
to the contrary.

     Section 9. No Recourse Against Certain Persons. No recourse for the payment
of the principal or interest (and Additional Amounts, if any) on this Security,
or for any claim based hereon or otherwise in respect hereof, and no recourse
under or upon any obligation, covenant or agreement of the Company in the
Indenture or any Supplemental Indenture thereto or in any Security, or because
of the creation of any indebtedness represented thereby, shall be had against
any incorporator, stockholder, officer or director, as such, past, present or
future, of the Company or of any successor corporation of either of them, either
directly or through the Company or any successor corporation of either of them,
whether by virtue of any constitution, statute or rule or law or by the
enforcement of any assessment or penalty or otherwise, all such liability being
by the acceptance hereof and as a condition of and as part of the consideration
for the issue hereof, expressly waived and released.

     Section 10. Defeasance. The Indenture with respect to any series will be
discharged and cancelled except for certain Sections thereof, subject to the
terms of the Indenture, upon payment of all of the Securities of such series or
upon the irrevocable deposit with the Trustee of cash or U.S.

                                       11

<PAGE>

Government Obligations (or a combination thereof) sufficient for such payment in
accordance with Article Ten of the Indenture.

     Section 11. Governing Law; Jurisdiction. The Indenture and the Securities
shall be governed by and construed in accordance with the laws of the State of
New York.

     Section 12. Notices. Notices to Holders shall be published in authorized
daily newspapers in The City of New York, in London, and, so long as the
Securities are listed on the Luxembourg Stock Exchange, in Luxembourg. Notice
may be given by publication in The City of New York in The Wall Street Journal,
in London in the Financial Times, and in Luxembourg in the Luxemburger Wort. Any
notice given pursuant to these provisions shall be deemed to have been given on
the date of publication or, if published more than once, on the date first
published.

     Section 13. Defined Terms. All terms used in this Security which are
defined in the Indenture shall have the meanings assigned to them in the
Indenture.

                                       12

<PAGE>

                                  ABBREVIATIONS

      The following abbreviations, when used in the inscription on the face
of this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

         TEN COM - as tenants in common

         TEN ENT - as tenants by the entireties

         JT TEN - as joint tenants with right of survivorship and not as
         tenants in common

         UNIF GIFT MIN ACT - ___________________________
                                      (Minor)

                    Custodian___________________________
                                      (Cust)

         Under Uniform Gifts to Minors Act   ____________________________
                                                       (State)

Additional abbreviations may also be used though not in the above list.

                                       13

<PAGE>

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

---------------------- --------------------------------------------------------

---------------------- --------------------------------------------------------
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

--------------------------------------

--------------------------------------

--------------------------------------

the within Security and all rights thereunder, hereby irrevocably constituting
and appointing ____________________________________ attorney to transfer said
Security on the books of the Company, with full power of substitution in the
premises.

Dated:   __________________________

Signature: ____________________________

NOTICE:    THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS
           WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY
           PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
           WHATEVER.

                                       14<PAGE>
                                                                     EXHIBIT 4.1

July 2, 2002

Mr. Fu Li Xin
Shenzhen, Guangdong
China

Dear Mr. Fu,

Re: Finder Services

This letter sets forth our agreement and understanding concerning your provision
of referral and advisory services regarding the acquisition ("Acquisition") of
majority shareholding of CEC Telecom Ltd. ("CECT") in China by Qiao Xing
Universal Telephone Inc. (the "Company"), a company incorporated in the British
Virgin Islands.

Through your referral and coordination, the Company has successfully executed
agreements with respective parties in March 2002 regarding the Acquisition for a
consideration of Rmb360 million.

Therefore, in light of the mutual understandings contained in this Agreement and
other good and valuable consideration we agree as follows:

1.   Finder Services

     This Agreement is to recognize and stipulate the compensation to Mr. Fu Li
     Xin ("Consultant") for his finder services to the Company in respective of
     the referral and coordination work for the Acquisition ("Services").

2.   Compensation

     Upon execution of this agreement, the Company will pay the Consultant, in
     the Company's sole discretion, either (i) Rmb36,000,000 or (ii) 1,000,000
     shares of the Company's common stock ("Shares") as compensation for the
     Consultant's Services to the Company. In the event the Company pays the
     Consultant in Shares, the Company will use the commercially reasonable
     means to register the Shares for resale on Form F-3 under the Securities
     Act of 1933, as amended or any other applicable registration statements as
     necessary.

3.   Indemnification

     The Company will indemnify and defend the Consultant against all claims,
     proceedings, suits or other matters that might be asserted against the
     consultant by

<PAGE>

     reason of this Agreement and the Company will pay the Consultant reasonable
     attorney's fees and expenses in connection with such matters; provided that
     the Consultant acts within the scope of this Agreement and is not
     negligent.

4.   Confidential Information

     The Consultant acknowledges that it will gain knowledge of information of
     substantially value to the Company regarding the company's business which
     is not generally known including, but not limited to, know-how, trade
     secrets techniques, designs, sales and customer information, and business
     and financial information relating to the business, products services
     practices or techniques of the Company's plans for future products or
     developments ("Confidential Information"). The Consultant agrees to, at all
     times, regard and reserve such information as confidential. The Consultant
     further agrees that such Confidential Information will not be disclosed by
     it or any person or entity without the prior consent of the Company.

5.   Entire agreement

     The provision of this Agreement set forth the entire binding agreement
     between the parties and supercede all prior written and oral
     communications, discussion, and negotiations between the parties concerning
     the services. The terms of this Agreement should be settled through
     arbitration.

6.   Settlement of Disputes

     Any disputes between both parties in relation to the execution of this
     Agreement should be settled through arbitration.

7.   Binding effect

     This agreement shall be binding upon the parties hereto and their
     respective heirs, successors and assigns.

8.   Counterparts

     This Agreement may be executed in multiple counterparts, each of which
     shall be deemed and original and all of which taken together shall be but a
     single instrument. For purpose of this Agreement only, facsimile signatures
     shall be considered original signatures.

9.   Subcontract/Assignment

     The Company understands that the Consultant in the performance of this
     agreement

<PAGE>

     may subcontract and/or assign portions of this Agreement.

In Witness Whereof, the Company, through its duly authorized officer, and the
Consultant have executed this Agreement as of the day and year first above
written.

/s/ WU RUI LIN
-----------------------------------
Wu Rui Lin
Chairman
Qiao Xing Universal Telephone, Inc.

                                                 Agreed and accepted by

                                                 /s/ FU LI XIN
                                                 -------------------------------
                                                 Fu Li Xin

                                                 Signed on July 2, 2002
                                                 In Shenzhen, China

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]