Document:

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                                                                    Exhibit 4.25

                                 LABOR CONTRACT

                PARTY A: CHINA FINANCE ONLINE (BEIJING) CO. LTD.

                                PARTY B: Wang Jun

                               DATE: May 24, 2006

<PAGE>
                       [Translated from Chinese original]

This Contract is entered into by the following two parties on May 24, 2006:

PARTY A:
China Finance Online (Beijing) Co. Ltd. ("Party A" hereafter), a company duly
organized and registered and validly existing in the People's Republic of China.
Party A is also referred to as "Company".

PARTY B:
Wang Jun ("CFO" hereafter), citizen of the People's Republic of China (ID
certificate number:[------------], address: [Tower B, No. 3, East Third
Ring North Road, Chaoyang District, Beijing]).

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

1.   CHAPTER ONE CONTRACT TERM

1.1  Party A and Party B agree that the term of this Contract shall be as
     follows:

     (a)  Fixed Term: Two years, from May 25, 2006 to May 23, 2008

1.2  If it is the Parties' intention to continue performance under this
     Contract, either Party may inform the other of its or his intention to
     renew the Contract Term by a 30- day notice prior to the expiration of the
     Term.

2.   CHAPTER TWO JOB RESPONSIBILITIES

2.1  The Company hereby employs Mr. Wang Jun to serve as the Company's CFO in
     consideration of its business needs. The scope and responsibilities of the
     CFO job include the following:

     (a)  To formulate and implement relevant policies, procedures and
          strategies to ensure the realization of the Company's financial
          strategy;

     (b)  To establish a strong financial system and strict internal control;

     (c)  To supervise all financial activities to ensure their compliance with
          Chinese law and the Company's policy;

     (d)  To be responsible for timely submitting accurate financial reports;

     (e)  To establish and direct a mechanism for solving financial problems and
          to timely solve financial problems;

     (f)  To establish and direct a mechanism for reducing costs and increasing
          efficiency;

     (g)  To be responsible for the Company's financial planning;

<PAGE>

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

     (i)  To propose investment policies, and manage investment and transactions
          in accordance with approved investment guide and implementation
          strategy;

     (j)  To carry out strategic acquisition, capital management, listing etc.
          pursuant to the requirements of the Board of Directors;

     (k)  To provide comments to Senior Management of the Company and the Board
          of Directors on financial issues of the Company;

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

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

3.   CHAPTER THREE COMPENSATIONS AND STOCKS OPTIONS

3.1  The salary of the CFO shall be fifty thousand yuan (RMB50,000) per month
     (before tax).

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

3.3  The Company's employees shall pay personal income taxes pursuant to
     regulations of the government tax agency, and the Company shall withhold a
     corresponding amount from the monthly salary of each employee and pay that
     amount on behalf of the employee to the relevant tax agency.

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

3.5  Party B's compensations also include stock options, which will be spelled
     out in more details by the Compensation Committee of the company.

4.   CHAPTER FOUR REWARDS AND PENALTIES

4.1  The CFO shall abide by various rules and regulations stipulated by the
     Company under the law.

4.2  Without prior written consent of the Company, the CFO shall not accept
     money, gifts or any other kinds of benefits from any customer,
     collaborating company or other related company.

4.3  The CFO shall serve the Company faithfully and competently and the Company
     will not permit the CFO to engage in any other job on part-time basis
     during the term of employment.
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4.4  The Company shall impose penalties on the CFO pursuant to regulations of
     the Company, if the CFO violates the Company's rules or regulations.

5.   CHAPTER FIVE CONFIDENTIALITY AND NON-COMPETITION

5.1  The CFO shall safeguard the intellectual property rights and secrets of the
     Company, abide by relevant confidentiality agreements to which the Company
     is a party regarding manufacturing technologies, marketing, and unpatented
     technologies, and shall not engage in any business or activity that
     competes against the business of the Company. Specific obligations are set
     forth in a separate Intellectual Property, Confidentiality and
     Non-Competition Agreement between the Parties.

6.   CHAPTER SIX AMENDMENT, RESCISSION, AND TERMINATION

6.1  If Party B is derelict of his duties or has committed any gross errors on
     the job, including without limitation violating the Intellectual Property,
     Confidentiality and Non-Competition Agreement between the Parties or laws
     or regulations of the State, and impairing shareholders' rights or
     interests, the Company shall have the right to rescind this Labor Contract
     immediately and shall only have to pay Party B the salary for the current
     month without any other compensation. And for the stock options owned by
     Party B in accordance with Article 3.5 herein, the unfixed options shall be
     returned to the Company.

6.2  If Party B seeks to rescind this Contract before the end of the Contract
     Term for personal reasons, Party B shall notify the Company in writing
     thirty (30) days in advance, and the Company shall pay Party B the salary
     for the current month without any other compensation. And for the stock
     options owned by Party B in accordance with Article 3.5 herein, the unfixed
     options shall be returned to the Company.

6.3  During Party B's term of employment, if the Company deems that the CFO has
     failed to reach the expected target or achieve the expected results, the
     Company has the right to rescind this Labor Contract; however, the Company
     shall notify Party B in writing thirty (30) days in advance and shall pay
     Party B three months' salary as compensation. And for the stock options
     owned by Party B in accordance with Article 3.5 herein, the unfixed options
     shall be returned to the Company.

6.4  If the Company proposes any amendment to certain provisions of this
     Contract due to any change in the objective conditions upon which this
     Contract is premised, or if the CFO proposes any amendment for personal
     reasons, the proposing Party shall notify the other Party in writing thirty
     (30) days in advance, and the Contract may be amended accordingly after
     both Parties agree to the proposed amendments upon consultation.

6.5  The CFO may not rescind this Contract pursuant to the foregoing Article

6.4  before all his liabilities for breach under this Contract and the
     Intellectual Property, Confidentiality and Non-Competition Agreement have
     been cleared.

6.6  The employment relationship between the Company and the CFO shall be
     terminated upon expiration of the Term of this Labor Contract. When this
     Contract is rescinded or terminated, Party B shall properly hand over his
     work to Party A. All office supplies,
<PAGE>

     equipment, facilities and documents that Party B used or handled while
     working for Party A shall be delivered in good condition to Party A's
     takeover person. Otherwise, Party A shall have the right to refuse to
     proceed with relevant procedures, hold Party B liable for breach pursuant
     to the terms of the Contract, and may claim liquidated damages from Party
     B.

6.7  Regardless of the reasons for his leaving the Company, Party B shall not
     defame or sue the Company, raid the Company for employees, or engage in any
     business or activity that competes against the Company's business except if
     the Company has committed tax evasion or has otherwise violated the law in
     its business operations.

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

7.   CHAPTER SEVEN LIABILITY FOR BREACH

7.1  Under either of the following circumstances, the Party in question shall be
     liable for breach of the Contract:

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

     (b)  The CFO quits his job without the Company's consent.

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

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

7.4  The CFO warrants (1) that all the relevant information he provides to the
     company, including without limitation information about his identification,
     address, education, work experiences and professional skills, are true; (2)
     that, in working for the Company and entering into this Labor Contract with
     the Company, the CFO has not violated any agreement on confidentiality or
     non-competition he entered into with his previous employers or any other
     company or individual. If the CFO breaches this warranty, the Company has
     the right to rescind this Contract and demand that the CFO compensate the
     Company for any losses resulting from the breach.

8.   CHAPTER MISCELLANEOUS

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

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

8.3  If any of the provisions of this Contract conflicts with laws and
     regulations of the State, the laws and regulations of the State shall
     prevail.

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

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

(Seal)

/s/ [COMPANY SEAL]
-----------------------------
Signature of Authorized representative
Date: May 24, 2006

Party B: Wang Jun

/s/ Wang Jun
-----------------------------
Date: May 24, 2006<PAGE>
                                                                    Exhibit 4.30

                     [Translated from the Chinese original]

                            SHARE TRANSFER AGREEMENT
                                       OF
               SHANGHAI MEINING COMPUTER SOFTWARE COMPANY LIMITED

           [SHANGHAI KEMEI TAIDI TELECOMMUNICATION EQUIPMENT CO. LTD.]

                                   [FENG TAO]

                                   [XUE FENG]

                               As the Transferors

                                       AND

           [BEIJING FUHUA INNOVATION TECHNOLOGY DEVELOPMENT CO., LTD.]

                                As the Transferee

                                                                               1
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                                TABLE OF CONTENTS

<TABLE>
<S>   <C>                                                              <C>
1.    DEFINITION AND INTERPRETATION                                     2

2.    SHARE TRANSFER                                                    3

3.    PURCHASE PRICE AND EARNEST MONEY                                  3

4.    DUE DILIGENCE                                                     4

5.    PREREQUISITES TO COMPLETION                                       5

6.    COMPLETION                                                        8

7.    REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS                      9

8.    FAILURE OF COMPLETION                                            10

9.    EFFECTIVENESS                                                    10

10.   BREACH OF THIS SHARE TRANSFER AGREEMENT                          11

11.   CONFIDENTIALITY                                                  11

12.   DISPUTE RESOLUTION                                               12

13.   NOTICE AND SERVICE                                               12

14.   MISCELLANEOUS PROVISIONS                                         14

APPENDIX 1-1:  REPRESENTATIONS AND WARRANTIES OF THE TRANSFERORS       15
</TABLE>

                                                                               2
<PAGE>
The following parties enter into this share transfer agreement, (the "Share
Transfer Agreement") effective as of August 15, 2006:

PARTY A: SHANGHAI KEMEI TAIDI TELECOMMUNICATION EQUIPMENT CO. LTD.
Registered Address: Room 255, No.11 Wuhua Road, Shanghai
Legal Representative: Ju Chengli

PARTY B: FENG TAO
I.D. NO.:

PARTY C: XUE FENG
I.D. NO.:

(Party A, Party B, and Party C are hereinafter referred to collectively as the
"Transferors");

PARTY D: [BEIJING FUHUA INNOVATION TECHNOLOGY DEVELOPMENT CO., LTD.]
Registered Address: Room 615, Ping'an Mansion, No. 23 Financial Street, Xicheng
District, Beijing
Legal Representative: Chen Wu

(Party D hereinafter is also referred to as the "Transferee");

SECURITY PARTY: CHINA FINANCE ONLINE (BEIJING) CO., LTD.

Registered Address: Room 610B, Ping'an Mansion, No. 23 Financial Street, Xicheng
District, Beijing
Legal Representative: Zhao Zhiwei

Either party of the Transferors and the Transferee is referred to hereunder as
the "Party", or collectively referred to as the "Parties."

WHEREAS

     A.   Shanghai Meining Computer Software Company Limited (hereinafter
          referred to as the "Company") is a limited liability company duly
          organized and validly existing under the laws of People's Republic of
          China, with legal address at: [Building 15, No.288, Anfu Road,
          Shanghai, China]. The Registered Capital of the Company is [RMB
          11,646,300].

     B.   The Transferors are shareholders who hold 100% of the shares of the
          Company. Party A holds [70.64]% shares of the Company; Party B holds
          [24.36]% shares of the Company; and Party C holds [5]% shares of the
          Company. They have contributed their due investments in full.

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<PAGE>
     C.   The Transferors are intended to transfer, and the Transferee is
          intended to receive 100% of the shares of the Company.

     D.   Therefore, the Parties hereby agree to transfer the shares to the
          Transferee in accordance with the terms and conditions specified in
          this Share Transfer Agreement.

1.   DEFINITION AND INTERPRETATION

     The following terms shall have the meanings set forth below:

     "ARTICLES OF ASSOCIATION" means the revised articles of association of the
     Company. The Articles of Association reflect the provisions of this Share
     Transfer Agreement which the Transferors and the Transferee will enter
     into.

     "COMPANY" means Shanghai Meining Computer Software Company Limited.

     "COMPLETION DAY" means the completion day specified in Article 6.1 hereof.

     "COMPLETION TERM" means the completion term specified in Article 6.1
     hereof.

     "CREDITOR'S RIGHTS OF SHANGHAI TELECOM" means the debt of RMB 850,381.95 to
     be paid to Shanghai Telecom or Shanghai Telecom Company of China Telecom
     (hereinafter referred to as "Shanghai Telecom"), as disclosed by the
     balance sheet of Zhengxing Information Technology Co., Ltd, dated December
     31, 2005, and audited by Shanghai Jiangnan Accountant firm.

     "DEBT OWED BY HUANING TO MEINING" means the Creditor's Right to receive RMB
     332,523, under the due received amount ended at the date of May 31, 2006,
     to the benefit of the Company against its former shareholder Shanghai
     Huaning Information Technology Co., Ltd., in accordance with the balance
     sheet and its attachments in Appendix 2.

     "EFFECTIVE DATE" means August 15, 2006.

     "LOANS FROM MINGHONG" means the shareholder loan provided by Shanghai
     Minghong Information Technology Co., Ltd., to the Company, as the former
     shareholder of the Company. The balance of the loan is RMB 1,110,600 as
     disclosed by the Company's balance sheet dated May 31, 2006.

     "PURCHASE PRICE" means the purchase price paid by the Transferee to the
     Transferors in accordance with Article 3.1 hereof.

                                                                               2
<PAGE>

     "REGISTERED CAPITAL" means the registered capital of the Company,
     equivalent to [RMB 11,646,300 yuan]

     "SECURITY PARTY" means China Finance Online (Beijing) Co., Ltd. The
     security party has joint liability under the payment obligation hereunder
     towards the Transferors, and the warrantor shall not have a defense against
     this.

     "SHAREHOLDER LOANS OF PARTY A" means the shareholder loans of RMB 3,400,000
     provided to the Company by Party A, as the shareholder of the Company,
     including:

          1.   A promissory note totaling RMB 2 million issued to the Company by
               the Shanghai Branch of China Construction Bank (the "Bank") from
               Party A, and transferred to the Company's account on November 1,
               2005. The promissory note and Bank pay-in slip are attached as
               Appendix 3.

          2.   The actual loan provided by Party A to the Company totaling RMB
               1.4 million, in accordance with the loan agreement entered into
               with the Company on February 21, 2006. The loan agreement and
               Bank pay-in slip are attached as Appendix 3.

1.1  Interpretation

     The headings are for the purpose of convenience and reference only, and
     shall not affect the interpretation and understanding of this Share
     Transfer Agreement.

2.   SHARE TRANSFER

2.1  The Transferors hereby sell and transfer to the Transferee, and the
     Transferee hereby purchases and accepts from the Transferors 100% of the
     shares of the Company.

2.2  Upon the Completion Date when the shares are transferred, the Transferee
     shall become the sole shareholder of the Company, with all the rights and
     obligations of a shareholder in accordance with the Articles of
     Association.

3.   PURCHASE PRICE AND EARNEST MONEY

3.1  The Parties agree the Purchase Price is RMB [12 million], in which the
     Transferee shall pay RMB 8,476,800 to Party A, RMB 2,923,200 to Party B,
     and RMB 600,000 to Party C.

                                                                               3
<PAGE>
3.2  The Transferee shall pay the earnest money for purchase of RMB [847,680] to
     Party A, RMB [292,320] to Party B, and RMB [60,000] to Party C within three
     days of the execution of this Share Transfer Agreement.

3.3  Unless the Completion of this Share Transfer Agreement fails, the Purchase
     Price shall be paid by the Transferee to the bank accounts designated by
     the Transferors in writing at the Completion Day. The Purchase Price may be
     set off by the paid earnest money as specified in Article 3.2. If the
     Transferee has made the aforesaid payment to the Transferors, in accordance
     with this article, the payment obligation of the Transferee under Article
     3.1 hereof is deemed to have been performed.

3.4  Party A, Party B, Party C, Party D and the Company shall respectively pay
     for their taxes and expenses incurred from the transfer in accordance with
     laws and regulations.

4.   DUE DILIGENCE

4.1  To ensure the Transferee understands of the Company's state of affairs for
     the purchase of shares, the Transferee is entitled to carry out due
     diligence on the Company upon the execution of this Share Transfer
     Agreement. The information which must be investigated and checked includes
     but is not limited to:

          (1)  the Company's subject capacity, status of operation and
               registration at industrial and commerce authorities;
          (2)  the Company's status of assets;
          (3)  the Company's financial status;
          (4)  employees of the Company;
          (5)  the Company's labor and personnel system and management;
          (6)  the Company's taxation and law compliance;
          (7)  the effective contracts concluded by the Company and performance;
          (8)  economic disputes, client disputes, litigation and arbitration of
               the Company;
          (9)  securities or material obligations borne by the Company for the
               outside entities; and
          (10) other corporate information of the Company the Transferee
               considers necessary to know.

4.2  The Transferors will actively assist and cooperate with the Transferee to
     carry out the aforesaid due diligence, offer and disclose all detailed
     information to the Transferee, and allow a specially designated person
     (corporate key management staff whose title is higher than deputy general
     manager) to coordinate the investigation work, ensuring the Transferee may
     carry out the due diligence as soon as possible.

                                                                               4
<PAGE>
4.3  The fact that the Transferee is carrying out the due diligence in
     accordance with this Share Transfer Agreement shall not absolve the
     Transferors of all the obligations and liabilities under the
     representations and warranties made by the Transferors herein.

5.   PREREQUISITES TO COMPLETION

     The Transferee's performance of the Completion obligations hereunder shall
be subject to the satisfaction of the following prerequisites prior to or on the
Completion Day:

5.1  From the execution date of the agreement to the relevant Completion Day,
     the representations, warranties and undertakings made by the Transferors
     herein are true, adequate and accurate. The Transferors make no misleading
     or false representations of fact herein. No risk exists that may cause the
     Transferee or the Company to be subject to legal proceedings or disputes
     due to the transfer hereunder, nor is there any material adverse effect on
     the Transferee or the Company.

5.2  For the purpose of such shares transfer and change of shareholders of the
     Company, the Transferors shall, within [45] business days after the
     execution of the agreement, provide all necessary support, execute all
     relevant legal documents, perform all necessary procedures, and obtain all
     necessary approvals, in accordance with relevant laws and Articles of
     Association, including but not limited to, registering such shares transfer
     with industrial and commerce administration authorities, unless the failure
     to complete the registration of such transfer with the industrial and
     commerce administration authorities within the aforesaid term is caused by
     reasons of the Transferee or other objective reasons of Parties other than
     the Transferors.

5.3  No event, circumstance, change or material adverse turn which has had or
     could reasonably be expected to have a material adverse change on the
     performance of this Share Transfer Agreement or the benefit of the
     Transferee has occurred prior to the execution of this Share Transfer
     Agreement.

5.4  Material information, obligations, and liabilities borne by the Company in
     connection with the transfer hereunder have been disclosed adequately to
     the Transferee, and the disclosure is accurate, adequate and true.

5.5  The Loan from Minghong is repaid prior to the Completion Day.

5.6  Meining has signed waiver of Creditor's Rights for the Debt Owed by Huaning
     to Meining.

5.7  The Company has concluded the Strategic Consultation Service Agreement
     ("Appendix 4-1") and Technology Support Service Agreement ("Appendix 4-2")
     with

                                                                               5
<PAGE>
     Zhengxing Information Technology Co., Ltd. (hereinafter referred to
     "Shanghai Zhengxing"). Such agreements are continual and effective, and the
     Company is obliged to pay the consultation service fees to Shanghai
     Zhengxing in accordance with such agreements.

5.8  For the purpose of the payment of the aforesaid consultation service fees,
     the Transferors have executed the Share Pledge Agreement ("Appendix 5-1")
     and Purchase Option Agreement ("Appendix 5-2") with Shanghai Zhengxing.
     Such agreements are continual and effective.

5.9  The Transferors and their affiliated companies, including but not limited
     to Shanghai Lianchuang Venture Capital Co., Ltd., Shanghai Minghong
     Information Technology Co., Ltd, Shanghai Stateline Telecom, Shanghai
     Stateline Network Co., Ltd, Stateline SCM Co. Ltd. Shanghai, have issued an
     irrevocable written statement waiving all of their Creditor's Rights to the
     Company except for, or including, the shareholder loans of Party A
     ("Appendix 6 (1-5)").

5.10 The IDC custodian fee owed by the affiliated companies of the Transferors,
     Shanghai Minghong Information Technology Co., Ltd and Stateline SCM Co.
     Ltd. Shanghai has been paid to Meining Company.

5.11 If some of the debts owed to Meining, as specified in Article 5.10, are not
     paid in full prior to the Completion Day, the Transferors shall issue a
     written confirmation letter to the Transferee consenting to the deduction
     of the amount equivalent to the unpaid debt from the purchase price.

5.12 The payment for the debt specified in Appendix 2 "Balance Sheet" by the
     relevant payees upon the execution of this Share Transfer Agreement, shall
     be reserved in the bank account of the Company, except for those amounts
     approved by the Transferee in writing.

5.13 The Company has executed the relevant agreement to transfer the
     www.stockstar.com and www.stockstar.com.cn websites (set forth in Appendix
     7-1) and the brand of "Stockstar" ("Appendix 7-2") to Shanghai Zhengxing at
     the price of RMB 1 yuan respectively.

5.14 Party A has made securities as to the Creditor's Rights of Shanghai Telecom
     ("Appendix 8").

5.15 The creditors Lu Yinghua, Gao Limin and Shanghai Minghong Information
     Technology Co., Ltd., and Shanghai Minghong Information Technology Co.,
     Ltd., as defined by the Company's account books, of the promissory note in
     the amount of

                                                                               6
<PAGE>
     RMB 3.18 million, whose issuer is not known, but was received by the
     Company on May 14, 2002, have issued a letter to acknowledge their
     non-possession of or waiver of any creditor's right ("Appendix 9-1"). Party
     A shall issue a letter of security ("Appendix 9-2") to the Transferee, to
     warrant that the creditors Lu Yinghua, Gao Limin and Shanghai Minghong
     Information Technology Co., Ltd., are the true creditors of the debt of the
     Company in connection with the aforesaid promissory note. If it is
     discovered in the future that Lu Yinghua, Gao Limin and Shanghai Minghong
     Information Technology Co., Ltd. are not the true creditors for the
     aforesaid debt, such debt shall be borne by Party A, and Party A shall
     compensate any and all losses suffered by the Company or the Transferee
     from such circumstance.

5.16 As to the promissory note (RMB 2.351 million, issuer of which is unknown)
     received by the Company on November 22, 2001, the creditors as shown by the
     account books of the Company is Dongyang Building Materials Co. Ltd. in
     Zhejiang Province. Party A shall issue a letter of security ("Appendix 10")
     to the Transferee and the Company, to warrant the creditors, Dongyang
     Building Materials Co. Ltd. is the true creditor of the debt of the Company
     in connection with the aforesaid promissory note. If it is discovered in
     future Dongyang Building Materials Co. Ltd. is not the true creditor for
     the aforesaid debt, Party A shall compensate any and all losses suffered by
     the Company or the Transferee from such circumstance.

5.17 The Website Alliance Market Promotion Cooperation Agreement ("Promotion
     Agreement") concluded between Shanghai Daodun Network Technology Co., Ltd.
     ("Daodun Company") and the Company dated January 9, 2006, has been
     terminated on July 3, 2006. Party A shall issue a letter of security to the
     Transferee, to warrant the aforesaid agreement has been legally terminated,
     and the Creditor's Rights and debts of both parties under the promotion
     agreement have been cleared. No legal disputes, claims, lawsuits or
     threatened lawsuits are incurred from such promotion agreement. Party A
     shall be liable for any legal dispute, claim, lawsuit or threatened lawsuit
     incurred from such agreement, and compensate all losses suffered by the
     Company and the Transferee from this. The promotion agreement and the
     letter of security as to the termination of such agreement are attached
     hereto as Appendix 11.

5.18 From the execution of the agreement to the completion day, the Transferors
     shall guarantee the normal operation of the Company in aspects of products
     and services, and team work, and shall provide to the Transferee the
     following documents:

               (A)  staff list of department managers and those with titles
                    higher than department managers; and
               (B)  Labor Contracts signed by department managers and those with
                    titles higher than department managers ("Appendix 12").

                                                                               7
<PAGE>
5.19 The Transferors controlled companies have obtained written consent from the
     Transferee prior to taking the following actions:

               (A)  Any fund transfer with aggregated amount exceeding RMB
                    50,000 with a Company or natural person and its affiliated
                    party; execution of any agreement;
               (B)  appointment and disposal of department managers and those
                    with titles higher than department managers;
               (C)  dividends distribution;
               (D)  change of employee reward (including bonus) plans;
               (E)  issues of operation cooperation; and
               (F)  development and launching plan of new products.

5.20 Party A have made securities as to Share Transfer Agreement of Zhengxing
     Information Technology (Shanghai) Co., Ltd. concluded between Stockstar.com
     INC and China Finance Online (Beijing) Co., Ltd. dated August 15, 2006
     (attached as "Appendix 13").

5.21 The Transferors have performed all other obligations in connection with the
     transaction specified herein at the date of completion day.

6.   COMPLETION

6.1  Completion

     "Completion" in the agreement means the parties complete the transfer
     hereunder in accordance with Article 6 herein. The parties agree and affirm
     that the "completion day" is the day at which all registration procedures
     of the shares transfer hereunder are completed at the industrial and
     commerce administration authorities. "Completion" shall take place at the
     office of the Company or other places agreed by the parties.

6.2  Obligations of the Transferors

     The Transferors shall deliver the following documents to the Transferee at
     the Completion:

     (1)  Board resolution (if applicable) of the Transferors, to authorize the
          Transferors to execute, deliver and perform the agreement;

     (2)  All originals of Business License of Enterprise Legal Person renewed
          by industrial and commerce administration based on the shares
          transfer;

     (3)  All prerequisites to completion specified in Article 5 herein required
          by the Transferee are satisfied by the Transferors.

                                                                               8
<PAGE>
     (4)  Official Seal, financial seal and all other seals of the Company.

6.3  Obligations of the Transferee

     The Transferee shall deliver the following documents to the Transferors at
     the completion:

     (1)  Board resolution of the Transferee, to authorize the Transferee to
          execute, deliver and perform the agreement; and

     (2)  the purchase price specified in Article 3.

     The Transferee agrees to be transferred the shareholder loan of Party A to
     the Company equivalent to RMB 3.40 million with a consideration of RMB 3.40
     million at the completion day. For this purpose, the Transferors Party A
     shall conclude a Creditor's Right Transfer Agreement with the Transferee
     ("Appendix 14").

7.   REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

7.1  The Transferors make irrevocable representations and warranties to the
     Transferee as specified in Appendix 1 (1-2).

7.2  The representations made by the Transferors herein are true, accurate and
     adequate and contain no concealed or misleading content. Any debt,
     obligation or liability discovered after completion, which failed to be
     disclosed to the Transferee by the Transferors, or failed to get approval
     from the Transferee, shall be borne jointly by the Transferors.

7.3  If any of the representations or warranties of the article are not true,
     accurate or adequate, the Transferors shall have joint compensation
     liability to the Transferee for any loss, damage, expense or adverse
     condition (which will not occur if the relevant representation or warranty
     is true or accurate) in any kind suffered by the Transferee.

7.4  The Transferee undertakes that it will make timely and full payment to the
     Transferors for the purchase price of the shares in accordance with payment
     schedule specified in the agreement.

7.5  The Transferee undertakes the execution and performance of the agreement
     make no violation of other contracts, agreement and legal documents to
     which the Transferee is one party.

7.6  The Transferee complies with the conditions stipulated by laws to be
     transferred the subject of the agreement prior to making registration of
     the share transfer at industry and commerce administration, and will not
     affect the normal legal procedures of the share transfer due to the
     restrictions of the Transferee itself.

                                                                               9
<PAGE>
7.7  The Transferee warrants that it will actively go through all the procedures
     necessary for the share transfer, and perform all required obligations as
     the Transferee of the shares.

8.   FAILURE OF COMPLETION

8.1  If the shares hereunder for any reason fail to complete the registration of
     transfer at industrial and commerce administration in accordance with this
     Share Transfer Agreement, except as otherwise provided by the Parties, this
     Share Transfer Agreement will be cancelled accordingly.

8.2  If the shares hereunder fail to complete the transfer in accordance with
     this Share Transfer Agreement for none of the reasons of the Transferors
     and the Transferee (including but not limited to failure to get approval
     from government in accordance with relevant laws and regulations), the
     Transferors shall refund all the payment the Transferee made to the
     Transferors in accordance with this Share Transfer Agreement (including the
     Earnest Money for purchase), to the Transferee within 7 days after the day
     of receiving the written Notice from the Transferee. The Transferee shall
     return all the documents provided by the Transferors to the Transferee in
     accordance with this Share Transfer Agreement, to the Transferors within 7
     days after receiving the written Notice from the Transferors.

8.3  If the failure to complete the share transfer in accordance with this Share
     Transfer Agreement is due to the Transferors' account, the Transferors
     shall refund in double the charged earnest money to the Transferee in
     accordance with this Share Transfer Agreement.

8.4  If the aforesaid failure of Completion is due to the Transferee's account,
     the Transferors are entitled to forfeit the earnest money paid by the
     Transferee in accordance with this Share Transfer Agreement.

8.5  If the Completion is failed after the registration of the transfer at
     industrial and commerce administration, both parties are obliged to return
     the shares hereunder to the former holding status before the execution of
     this Share Transfer Agreement.

9.   EFFECTIVENESS

9.1  The agreement shall be effective from the date of execution by the parties
     ("Effective Date").

                                                                              10
<PAGE>
10.  BREACH OF THE AGREEMENT

10.1 Failure of performance, partial or delayed performance of any obligations
     borne by any party hereof shall constitute a breach of the Share Transfer
     Agreement, and such party shall bear the liability for breach of the Share
     Transfer Agreement, and is liable for compensating all economic losses
     suffered by other parties from such breach. Unless otherwise provided in
     the Share Transfer Agreement, if any party breaches the Share Transfer
     Agreement or if the representations, undertakings or warranties made
     hereunder by any party are false, and such party fails to make effective
     remedies within ten (10) days (or longer time as approved by the
     non-breaching party in writing) after receiving the written Notice from the
     non-breaching party, the non-breaching party is entitled to terminate the
     agreement immediately and unilaterally, and the breaching party shall
     compensate the non-breaching party for all losses suffered by the
     non-breaching party from such breach.

10.2 For the purpose of the Share Transfer Agreement, the parties agree and
     affirm that, for any breach hereunder by any party of the Transferors, all
     parties of the Transferors shall have joint liability for any applicable
     compensation due in the event of a breach. The Transferee is entitled to
     make claims against any party of the Transferors at its own discretion, and
     is free from restrictions of any conditions or prerequisite procedures. Any
     party of the Transferors shall not have a defense against this.

10.3 If the Transferee fails to pay for the Earnest Money to the Transferors in
     accordance with Article 3 herein, or fails to pay for the purchase price to
     the Transferors in accordance with the Share Transfer Agreement, or fails
     to pay to Party A for the transferred Creditor's Rights as specified in
     Item 3, Article 6.3 herein, the Transferee shall pay to the Transferors a
     fine amounting to 0.1% of the overdue amount per day from the tenth day of
     such breach. If such breach exceeds [20] days, the Transferors have the
     right to terminate the agreement, in addition the Transferee shall pay to
     the Transferors a fine amounting to 5.0% of the total price of the
     agreement.

11.  CONFIDENTIALITY

11.1 Whether or not the Share Transfer Agreement is terminated, the parties
     hereof shall make strict confidentiality of the trade secret and
     proprietary information of the other party or the Company (hereinafter
     collectively referred to as "Confidential Information") received during the
     performance of the Share Transfer Agreement. Except those having to be
     disclosed to a third party upon prior written consent from the other party
     or in accordance with relevant laws and regulations, the party receiving
     the Confidential Information shall not disclose to any other third party
     the Confidential Information or any part of it; except for the purpose of
     the performance

                                                                              11

<PAGE>

     of the Share Transfer Agreement, the receiving party shall not use or
     indirectly use the Confidential Information or any part of it.

11.2 The following information is not regarded as Confidential Information: (a)
     any information which the receiving party has written evidence to prove it
     has obtained such information prior to receiving it in connection with the
     Share Transfer Agreement; (b) any information which has been publicized not
     resulted from faults of the receiving party, or information which are known
     to the public for other reasons; or (c) information the receiving party
     legally obtained from other channels thereafter.

11.3 The information receiving party may disclose the Confidential Information
     to its relevant employees, agencies, or professionals invited, but such
     party shall ensure the aforesaid persons are also bound by this Share
     Transfer Agreement, and keep the Confidential Information as confidential,
     and use the Confidential Information for the sole purpose of the
     performance of this Share Transfer Agreement.

12.  DISPUTE RESOLUTION

12.1 Any dispute arising from the interpretation or exercise of this Share
     Transfer Agreement, shall be settled though friendly consultation by the
     parties first.

12.2 If a dispute is not settled by the aforesaid way within sixty (60) days
     after the beginning of consultation, any party may submit the dispute to
     China International Economic and Trade Arbitration Committee in Beijing for
     final arbitration in accordance with the arbitration procedures and rules
     currently in force.

12.3 The arbitration shall be made by three (3) arbitrators. The Transferors and
     the Transferee shall appoint one (1) arbitrator each. The third arbitrator
     shall be designated by the arbitration committee, and serve as chairman of
     the arbitration court.

12.4 The arbitration award shall be final and binding the parties. The liability
     for the payment of arbitration fee shall be judged by the arbitration
     court.

13.  NOTICE AND SERVICE

Any Notices or other correspondences among the parties in connection with the
Share Transfer Agreement (hereinafter referred to as "Notice") shall be in
written form (including delivered by hand, by post, by fax or by telegraph), and
delivered to the addressee at the following addresses or numbers, and the names
of the following contact persons shall be noted. Only all the aforesaid
conditions are satisfied, a Notice shall be deemed as an effective Notice.

Party A: Shanghai Kemei Taidi Telecommunication Equipment Co. Ltd.
Contact Person: Ju Chengli

                                                                              12

<PAGE>

Address: Building 16, No. 288, Anfu Road, Shanghai
Postal Code: 200031
Tel: 021-54658111
Fax: 021-54047200
EMAIL: wxm@uni.com.cn

Party B: Feng Tao
Address: Shanghai Lianchuang Venture Capital Co., Ltd, Xingguo Hotel, No. 78,
Xingguo Road, Shanghai
Postal Code: 200052
Tel:  021-64485757
Fax: 021-53831000
EMAIL: fisher@ceyuanvc.com

Party C: Xue Feng
Address:
Postal Code:
Tel:  13564026279
Fax:
EMAIL: Feng.Xue@dlapiper.com

Party D: BEIJING FUHUA INNOVATION TECHNOLOGY DEVELOPMENT CO., LTD.
Contact Person: Wang Jun
Address: Floor 9, Tower C, Corporate Square, No. 35 Financial Street, Xicheng
District, Beijing, China
Postal Code: 100032
Tel: 010-58325388
Fax: 010-58325300
EMAIL: jwang@jrj.com

The Notices hereunder shall be deemed to have been effectively given on
following: (1) any Notices delivered by hand shall be deemed to have been
effectively served on the date of the confirmation of the addressee. Notices
without confirmation of the addressee shall not be deemed as effectively served;
(2) any Notices delivered by post shall use registered express or courier
service, and shall be deemed to have been effectively served to the addressee on
the 48 hours after they were sent out (deferred accordingly if there are public
holidays); (3) Notices delivered by fax shall be deemed to have been effectively
given on the date of transmission and upon confirmation. However, if the Notice
is sent out on a public holiday, the Notice shall be deemed to have been
effectively served on the first day after the ending of the public holiday; (4)
any Notices sent though telegraph shall be deemed to have been effectively
served on 24 hours after they were sent out (deferred accordingly if there are
pubic holidays).

If any changes are made as to the correspondence address, number or contact
person by any party, such party shall notify other parties within 7 days after
the change; otherwise the Notices addressed to the former correspondence shall
be deemed as effective Notice.

                                                                              13

<PAGE>

14.  MISCELLANEOUS PROVISIONS

14.1 The Share Transfer Agreement and rights of the parties hereunder shall be
     interpreted and defined in accordance with China laws. If no such relevant
     China laws exist, the international commercial convention shall be
     applicable.

14.2 Failure to exercise, partially exercise or delayed exercise of any rights
     hereunder by any party shall not be construed as a waiver of such rights or
     any other rights hereunder by such party, except those expressly stated in
     the agreement or waived in written form.

14.3 The Share Transfer Agreement and its appendices constitute the entire
     agreement among the parties, and supersede all previous correspondences,
     statement, agreement or any other documents executed by the parties prior
     to the Share Transfer Agreement.

14.4 If any provisions herein become invalid as contradicted to the laws and
     regulations applicable, such provisions shall be cancelled from the Share
     Transfer Agreement. However, the invalidity of such provisions shall not
     affect the validity of remaining provisions and entire validity of the
     agreement. The parities shall make consultations to set up new provisions
     or deal with the consequences resulted from the invalidity of such
     provisions.

14.5 If the Share Transfer Agreement of Zhengxing Information Technology
     (Shanghai) Co., Ltd. concluded between Stockstar.com INC and China Finance
     Online (Beijing) Co., Ltd. dated August 15, 2006, fails to make
     registrations of share transfer at industry and commerce administration,
     the agreement shall be cancelled voluntarily.

14.6 The Share Transfer Agreement is executed in [eight] copies. Each party
     shall hold one copy. Others shall be used for the relevant registration
     procedures. Each copy is equally authentic.

                                                                              14

<PAGE>

APPENDIX 1-1:  REPRESENTATIONS AND WARRANTIES OF THE TRANSFERORS

     Except for those expressly disclosed in the disclosure sheet attached as
     Appendix 2, the Transferors warrant and represent to the Transferee (and
     the Transferors acknowledge the Transferee completes the transfer hereunder
     based on such representations and warranties):

(a)  Company

          The Company is incorporated, organized and validly existing under the
          laws of People's Republic of China, has a well-placed position and all
          necessary corporate power and capacity to own its property and assets
          and carry out its current business. The Company has completed all
          registrations and records procedures, obtained the qualification to
          carry out business in the form of Company in each jurisdiction and has
          a well-placed position, which is essential to the characters of
          business or the property the Company owns or leases within the
          jurisdiction.

(b)  Subsidiary

          The Company does not possess, directly or indirectly, and has given no
          consent to purchase (i) any outstanding shares or securities which can
          be converted to shares of any other companies, or (ii) any shares
          participated in dividends in any partnership enterprise, joint venture
          enterprise or other commercial enterprise.

(c)  Binding Agreement and Effectiveness of Transfer

          The agreement constitutes legal, effective and binding obligations to
          the Transferors. By executing and delivering the agreement, completing
          the transfer stated hereunder, and performing the provisions,
          conditions, and stipulations herein, the Transferors will not:

     (i)  contradict, violate or lead to violation of any obligation of the
          Transferors, the Company or any subsidiary or accelerate the
          performance of such obligation stipulated or agreed in the following:

               A.   Any laws applicable to the Transferors, the Company or any
                    subsidiary;

               B.   Any judgment, order, writ, injunction or award currently
                    applicable to the Transferors, the Company or any
                    subsidiary,

                                                                              15

<PAGE>

                    issued by court or government officials, administrations or
                    departments;

               C.   Articles of association or any resolution of the
                    Transferors, the Company and any subsidiary, and the
                    revisions or reiteration of such articles of association or
                    resolution; or

               D.   Provisions in any agreements, arrangements, or
                    understandings to which the Transferors, the Company or any
                    subsidiary is one party, or binding the Transferors, the
                    Company or any subsidiary.

(d)  License, Approval and Authorization

          The Company carries out its business in accordance with all applicable
          statutes, laws, order, rules and regulations stipulated by any and all
          authorities which have jurisdictions over any part of the Company's
          business, and possesses all license, approval and authorization
          essential to the legal operation of its business. Such license,
          approval and authorization are continual and effective and will be
          effective, well-placed and under no violations until the completion
          day of the agreement.

(e)  Capital

          The Company is a legal person established in accordance with China
          laws, with limited liability, and the registered capital is RMB
          [11,646,300].

(f)  Shares Purchased and Ownership of Shares of Subsidiaries

          The Transferors are the sole owner of all shares of the Company. The
          shares of the Company is free and clear of any liens, pledge,
          encumbrance, or encumbrance of other parties (except for the rights of
          the Transferee hereunder and the agreement attached as Appendix 5).
          Except for those stipulated herein or in the agreement attached as
          Appendix 5, there are no agreements, options or rights of others,
          which is binding or will bind in any time the Transferors or the
          Company's actions of sale, transfer, distribution, securing, pledge,
          charge of the purchased shares or in any other ways to dispose or
          place such purchased shares.

(g)  Financial Statement

          The annual financial statements of the Company provided by the
          Transferors:

                                                                              16

<PAGE>

     (i)   have been prepared based on acknowledged accounting principles and in
           correspondence with the last accounting period;

     (ii)  have been prepared according to financial records, and no adjusting
           entries, and are adequate and accurate in all material aspects; and

     (iii) have fairly reflected the assets, debts (whether are accrued,
           absolute, contingent or others), financial status or operational
           outcome.

(h)  No Undisclosed Debt

           Except for those disclosures reflected in or prepared for the balance
           sheet, or taken place after the date of the balance sheet and
           reflected in disclosure sheet in Appendix 2, the Company has no
           unpaid debt or any liability or obligation (whether is accrued,
           absolute, contingent or others), and no unperformed undertaking or
           obligation in any kind (whether such undertaking or obligation is
           deemed at present as debt of the Company or any subsidiary, in
           accordance with the acknowledged accounting principles), except for
           those payable accounts in the normal business operation.

(i)  Taxation

     (i)   The Company have prepared adequate amount of money in the balance
           sheet to pay for the due and unpaid tax at the date of the balance
           sheet, or any due tax installments repayment of the Company at
           current taxation year. Except for those reflected in or prepared for
           the balance sheet, the Company has no liability for any taxation. To
           the knowledge of the Transferors upon proper investigation, the
           Company has no pending or possible action, lawsuit, audit,
           investigation, claim, or other proceedings in connection with
           taxation, and to the knowledge of the Transferors, there are no facts
           or circumstances, actions, negligence, events, transactions, or
           series of transactions (including execution and/or Completion of the
           Share Transfer Agreement) which will or may possibly result in an
           action, lawsuit, audit, investigation, claim, or other proceedings.
           No agreement, waiver, or other arrangements will lead to the delay of
           submitting the tax returns or paying for any taxes by the Company.

     (ii)  The Company and the subsidiaries have timely submitted all tax
           returns, financial statements and other documents required by any
           taxation laws. Such documents submitted contain no major false
           representations, nor any omissions of representations of major facts
           which shall be included. The Company has not submitted nor is it
           required to submit any tax returns,

                                                                              17

<PAGE>

           financial statements or any other documents in any other
           jurisdictions outside People's Republic of China;

     (iii) The Company has timely withheld and remitted to the relevant
           authorities (or has provided guarantees as regulated by the relevant
           laws) the taxes in full which are required to be withheld and
           remitted in the form required by applicable taxation laws (including
           any retirement pension plan contribution and social insurance
           (including but not limited to medical insurance, unemployment
           insurance, on-job injury insurance) and any other deductions);

     (iv)  Except for the unpaid debt or liabilities disclosed in the financial
           statements of the Company, the Company has no unpaid debts or
           liabilities owing to the Company's directors, former directors,
           management staff, shareholders, or employees, or to individuals or
           companies that have no fair transactions with the aforesaid
           individuals (except for the normal travel expenses borrowed in
           advance according to procedures of the Company);

     (v)   The Company has not transferred property to any other person or
           purchased property from any other person, directly or indirectly
           through unfair transactions failed to be based on the fair value of
           the property at sale or purchase.

(j)  No Alteration (Prior to the Execution of the Agreement)

     (i)   There is no major adverse alteration as to any assets, business,
           financial status, operational outcome or prospects of the Company.

     (ii)  There is no damage, destruction or loss, labour-management dispute of
           any kind, or any event, development or condition of any kind which
           may produce major adverse effect (whether or not an insurance
           guarantee has been obtained).

(k)  Ownership of the Property

           Except for those disclosed in the balance sheet or in the Appendix 2,
           the Company owns full and merchantable ownership of its property and
           interests in its property, personal property and real property,
           including the property disclosed in the balance sheet or purchased
           after the date of the balance sheet (except the property transferred,
           sold or disposed of in any way during general and normal business
           operations after such date), and such property is free and clear of
           any kinds of mortgages, pledge, security interests, liens or
           agreement on ownership reservation.

                                                                              18

<PAGE>

(l)  Lease of Personal Property

           Except those listed in Appendix 2, the Company has no leased or
           borrowed equipment, other personal property or fixtures.

(m)  Lease of Real Property

     (i)   Except the Lease and Sublease Agreement stated in Appendix 2 hereto,
           the Company is not a party to any lease, sublease, license or other
           legal documents in connection with the real property, and is not
           bound by such legal documents, and the Company has not executed any
           other legal documents in connection with the real property. Any
           rights and interests of the Company under the Lease and Sublease
           Agreement are free and clear of any kinds of liens, pledge and
           encumbrances.

     (ii)  All the leases and subleases executed by the Company (listed in
           Appendix 2) are in normal operation and fully effective. Except
           otherwise specified in Appendix 2, no amendments have been made to
           such leases and subleases. The Company has the right to benefit from
           all leases and subleases to which the Company is one party.

     (iii) Except otherwise specified in Appendix 2, all rents and other current
           owed expenses have been paid, in accordance with all lease or
           sublease agreements to which the Company is a party.

     (iv)  The Company has carried out all obligations under all lease or
           sublease agreements to which the Company is a party; the Company has
           not breached the obligations under any lease or sublease agreement,
           and has not received notice of any breach under any lease or
           subleases agreement.

(n)  Real Property

           Except as specified in Appendix 2, the Company does not own real
           property nor does it have rights or interests in real property. The
           Company has full and merchantable ownership of the permanent property
           rights towards all real property, and such real property is free and
           clear of any mortgage, pledge or encumbrances.

(o)  Asset Status

           All major tangible asset or any portion thereof used in the operation
           or in connection with the operation of the Company and its
           subsidiaries, is in good

                                                                              19

<PAGE>

          condition; the maintenance is normal (if applicable), except for
          reasonable loss.

(p)  Lawsuit

          Except as disclosed in Appendix 2, there is no existence of any
          pending lawsuit, action, dispute, civil or criminal lawsuit, claim,
          arbitration, or legal, administrative or other proceedings, or
          governmental investigation, including appeal and application filed for
          the purpose of review (referred to collectively herein as "claims");
          and to the knowledge of the Transferors, there is no existence of the
          aforesaid claims threatened the Company or affected any of its asset,
          property, or operation. To the knowledge of the Transferors, there are
          no facts or circumstances that may give rise to such claims. Except as
          disclosed in Appendix 2, there is no pending judgment, writ of
          execution, writ, injunction, rules and orders against the Company
          issued by any court, authorities, administrations or arbitration
          authority.

(q)  Intellectual Property

          Appendix 2 lists all inventions, patents, brands, brands intended to
          use, trade names, copyright, industrial designs, Company names, logos,
          appearance, corporate style and other Intellectual Property (whether
          registered or not), domestically or in foreign countries, of which the
          Company has the ownership or license right, and all relevant
          applications (referred to herein collectively as "Intellectual
          Property"), including any detailed material in connection with
          registration, any detailed registration material, and the earliest
          used time of any unregistered Intellectual Property. The Company has
          the ownership of all Intellectual Property. The Intellectual Property
          is free of any claims or encumbrances. The use and execution (or
          failure of use and execution) of the Intellectual Property by the
          Company in any way does not lead to the restriction of its
          effectiveness or invalidity. Except as disclosed in Appendix 2, the
          Company has not made any infringement or violation on any Intellectual
          Property of any person.

(r)  Laws Compliance

          The Company has obtained all necessary licenses, permits,
          certificates, authorizations or approvals ("license and permit") which
          entitle the Company to use the Company name and to engage and carry
          out its operation and management though the assets and property owned,
          leased, operated and used by the Company.

                                                                              20

<PAGE>

(s)  Agreement on Operation Restriction

          The Company is not a party to any agreement or arrangement which
          restricts the Company from conducting certain business.

(t)  No Security

          Except those specified herein or in any appendix hereto, the Company
          has not provided or agreed to provide any securities to any debts,
          compensation, bonds, security liability, or any other liabilities, nor
          is the Company a party to such security or is bound by such security.

(u)  Record of the Company

          The Company shall provide without reservation the accurate and
          complete record of meetings and resolutions convened by its directors
          or shareholders since the establishment of the Company.

(v)  Approval

          Prior to the completion of the transfer hereunder, there is no
          necessity for the Company or the Transferors to make to any
          authorities or obtain from such authorities, any approval, consent,
          authorization, or statement, record (except the administrative records
          made at taxation authority, Company registration, or other
          administrations of same kind) or registration, or make the obtaining
          of the aforesaid as a condition to complete the transfer hereunder.

(w)  Full Disclosure

          The above acknowledgement and facts representations contain no false
          representation of any major facts, and no omission of any major facts.
          There is no existence of any fact of the Transferors failed to be
          disclosed to the Transferee, which is foreseeable by the Transferors
          to make major adverse effect on the capacity of the Transferors to
          perform the obligations hereunder.

                                                                              21

<PAGE>

(Signature Page)

The parties hereby sign the Share Transfer Agreement at the date first above
written:

PARTY A (SEAL):
AUTHORIZED REPRESENTATIVE:

/s/ CHENGLI JU

PARTY B (SEAL):
AUTHORIZED REPRESENTATIVE:

/s/TAO FENG

PARTY C (SEAL):
AUTHORIZED REPRESENTATIVE:

/s/ YING MA

PARTY D (SEAL):
AUTHORIZED REPRESENTATIVE:

/s/ COMPANY SEAL
/s/ZHIWEI ZHAO

WARRANTOR (SEAL):
AUTHORIZED REPRESENTATIVE:

/s/ COMPANY SEAL
/s/ZHIWEI ZHAO

                                                                              22

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