Document:

Exhibit
      10.1 

    

    [Cautionary
      Note: This Agreement has been translated into English from the original Chinese
      language version.] 

     

    OPERATION
      AND MANAGEMENT RIGHT AGREEMENT

    

    Party
      A:
      Sale and Marketing Publishing House

     

    Add.:
      Suite A, 14/F Guanghui International Trade Center, No.15 Jingsan Rd, Zhengzhou,
      PRC

    

    Party
      B:
      Shenzhen Media Investment Co., Ltd.

     

    Add.:
      5D,
      Building C, Jinxiu Garden, overseas Chinese town, Nanshan District, Shenzhen,
      PRC 

    

    Party
      A
      is a
      large-scale publishing house approved by the General Administration of Press
      and
      Publication and Henan Provincial Government. 

     

    Party
      B
      is a
      management company which is specialized in cultural media related business,
      such
      as newspapers and magazines publication, etc.. 

     

    Under
      the
      background of China’s entry into WTO, in order to survive in the intensive
      competition, stabilize the management team, strengthen employees’ sense of
      responsibility, bring in employees’ collective wisdom and enthusiasm, fully
      utilize the social resource and capital, expand the firm’s capital and business
      scale, Party A decided to contract all of its business, operation and management
      right to Party B. This issue has been recorded under the file No. [2003]2 and
      approved by the Federation of Henan Light Industry, the Office of Henan Light
      Industry Administration, the General Administration of Press and Publication
      and
      Ministry of Foreign Trade and Economic Cooperation. 

     

    Party
      A
      decided to contract all of its business, operation and management rights to
      Party B. Based on mutual agreement between both parties, Party A and Party
      B
      reached an agreement of Operation and Management Right as follows:

     

    
      	
              A.

            	
              Party
                A contracts all the business, operation and management rights to
                Party B.
                The term of this contract is ten years, from November 1, 2003 through
                October. 31, 2013.

            

    

     

    
      	B.	
              Guarantee
                clause. In order to prevent any loss of the state-owned assets, Party
                B
                agrees to pay a lump sum deposit of RMB 10,109,300 ( equal to RMB
                1,010,930 per year x 10 years) to obtain the business, operation
                and
                management rights of Party A (according to No.007 (2003) assessment
                report
                of Henan Shi Ji Lian He accountants’ office). In addition, Party B
                promises that for the continuous three years from the commencement
                of the
                agreement, the realized annual income of Party A (including the sum
                of RMB
                1,010,930 per year and the bonus dividend from Party B) would not
                be lower
                than the after-tax profit of Party A in the year end 2003 (the “basic
                level”) (based on the FY2003 accounting statement of Party A). In the case
                that the realized income of Party A is lower than the basic level,
                Party A
                will have a priority in collecting the shortage before Party B to
                pay any
                dividend to the shareholders, until restoring the realized income
                of Party
                A to the basic level. In the case that the realized income of Party
                A is
                higher than the basic level, Party A receives dividend from Party
                B
                according to the proportion of its shareholding. Upon the contract
                expiration in ten years time, the lump-sum deposit that mention above
                is
                owned by Party A.

            

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    
      	C.	
              The
                operation and management rights granted to Party B by Party A
                include:

            

    

     

    
      	
              1.

            	
              Rights
                to publish, including publishing and printing affairs of all publications,
                and all other related operations owned by Party
                A.

            

    

     

    
      	
              2.

            	
              Advertising
                right, including exclusive right of advertising business of all the
                publications owned by Party A; 

            

    

     

    
      	
              3.

            	
              Right
                to use intangible assets, such as brand, trade mark, etc.(the ownership
                of
                the intangible assets belongs to Party
                A);

            

    

     

    
      	
              4.

            	
              Right
                of strategic decision-making and contracting with external parties
                in
                aspects of investment, joint venture, cooperation and
                contracting.

            

    

     

    
      	
              5.

            	
              The
                right of financial management and the operation of Party
                A;

            

    

     

    
      	
              6.

            	
              Right
                to obtain benefit: Party B bears all of the operating costs relating
                to
                the operation of Party A and is entitled to all revenues generated
                from
                the operation of Party A. 

            

    

     

    
      	D.	
              Terms
                of payment 

            

    

     

    Within
      15
      days after this agreement is signed, Party B remits the lump-sum payment of
      RMB
      10,109,300 to Party A’s account. 

     

    
      	E.	
              The
                management and personnel arrangements of the Operation and Management
                Right:

            

    

     

    
      	
              1.

            	
              After
                Party A grants to Party B with operation and management rights pursuant
                to
                this agreement, Party B has the obligation to pay the staffs of Party
                A
                with the same level of salary and welfares for three
                years.

            

    

     

    
      	
              2.

            	
              Party
                B carries on the operation and management of Party A according to
                the
                modern management system. Party B hires the general manager and the
                chief
                financial officer, who shall be in charge of the operation and management
                of Party A pursuant to this agreement.

            

    

     

    
      	
              3.

            	
              The
                responsibilities and duties of the chairman, general manager and
                the chief
                financial officer should be defined by the board of directors of
                Party B.
                

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	F.	
              The
                allocation of assets and profits

               

              Party A has the ownership of
                its assets
                (including the intangible assets). Party B could use the existing
                offices,
                buildings, equipment and vehicles of Party A by paying compensation
                to
                Party A. Party A charges the usage based on the depreciation of the
                assets. Both parities shall sign additional agreements regarding
                the usage
                of fixed assets.

            

    

     

    
      	G.	
              Insurance
                clause. Party B has the obligation to continue purchasing social
                insurance
                for the staff of Party B according to the state regulations and laws
                during the operation and management period.

            

    

     

    
      	H.	
              Upon
                the expiration of this agreement, Party B has the right of first
                refusal
                to renew the agreement.

            

    

     

    
      	I.	
              Treatment
                of Credit/Debt:

            

    

     

    Party
      A
      shall be responsible for the social insurance and welfare that Party A should
      have purchased for its staff before the commencement of the agreement but failed
      to do so. Party A should solely take all financial and legal liabilities
      caused/related to debts generated before the commencement of this agreement.
      

     

    
      	J.	
              Default:
                

            

    

     

    
      	
              1.

            	
              Once
                the agreement is signed and comes into force, the operation and management
                right granted to Party B is sole, exclusive and non-transferable.
                If Party
                B’s failure to fulfill the obligations under this agreement is caused
                by
                Party A, it will be considered as a breach of contract by Party A.
                If a
                suspension of publication is caused by the state’s publication policy,
                Party A does not bear the liability for breaching the contract, but
                should
                return Party B's corresponding remaining deposits (calculated on
                RMB
                1,010,930 per year basis).

            

    

     

    
      	
              2.

            	
              During
                the term of the agreement, Party B should take best effort to prevent
                damages of intangible assets of Party A such as the brand and trademark
                etc. If, during the term of the agreement, Party B terminates the
                agreement without a reasonable cause or transfers its operation and
                management rights under this agreement without Party A’s consent to a
                third party, or does not meet the minimum income requirements of
                Party A
                for the continuous three years, Party B will be liable for breaching
                of
                the contract.

               

              The
                violation of the above-mentioned clauses by
                either Party A or Party B should be considered as breach of contract.
                Either party shall be liable for its breach and compensate all actual
                losses incurred to the other party. In addition, the breaching party
                shall
                pay to the other party a penalty, which shall be equivalent to 50%
                of the
                registered capital of Party B. If Party A is the breaching party,
                it shall
                return to Party B corresponding deposit for the residual terms of
                the
                agreement (calculated as RMB 1,010,930 per year). If Party B is the
                breaching party, Party A does not need to return the corresponding
                deposits to Party B.

            

    

     

    
      	K.	
              Settlement
                of Disputes. All disputes between the Parties arising out of or in
                connection with this agreement shall be settled between the
                Parties by
                discussion and mutual accord. If a mutual accord cannot be reached
                between
                the Parties, either party may submit the dispute to Shenzhen Arbitral
                Committee for arbitration. 

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	L.	
              This
                agreement will come into force as soon as it is duly signed, sealed
                by
                both parties and ratified by the concerned governmental authorities.
                This
                agreement shall be executed in five (5) copies. Each party holds
                two (2)
                copies, and the Office of Henan Light Industry Administration keeps
                one
                (1) copy for records.

            

    

     

    
 

    Party
      A:
      Sale and Marketing Publishing House

    /s/
      Yingsheng Li 

    (Corporate
      Seal)

    October
      23, 2003

    

    Party
      B:
      Shenzhen Media Investment Co., Ltd.

    /s/
      Xuping Li

    (Corporate
      Seal)

    October
      23, 2003

    

    
      
         

      

      
        4Exhibit
      10.2

     

    [Cautionary
      Note: This Agreement has been translated into English from the original Chinese
      language version.] 

    

    Amendment
      to Operation and Management Right Agreement 

     

    This
      agreement is entered into by and between parties listed as below in the
      conference room of Sales and Marketing Publishing House on January 08,
      2004.

    

    
      	
              (1)

            	
              Party
                A: Sales and Marketing Publishing House was incorporated under the
                law of
                PRC, the registered address is suite A, 14/F, Guanghui International
                Trade
                Center, NO. 15 Jingsan Road, Zhengzhou,
                China.

            

    

     

    
      	(2)	
              Party
                B: Shenzhen Media Investment Co., Ltd is a limited company established
                and
                validly existing according to the law of PRC; its registered address
                is
                5D, Building C, Jinxiu Garden, overseas Chinese town, Nanshan District,
                Shenzhen. PRC. 

            

    

     

    Whereas:

    
      	 	
              1.

            	
              Both
                parties have signed the Operation and Management Right Agreement
                on
                October 23, 2003 (Hereinafter the “Initial
                Agreement”)

            

    

     

    
      	 	
              2.

            	
              Given
                certain concepts in the Initial Agreement lack accuracy, both parties
                agreed to amend certain provisions of the Initial Agreement
                

            

    

    

    
      	 	
              3.

            	
              Through
                negotiation, both parties agreed on the above-mentioned matters with
                regard to the revision of the Initial
                Agreement.

            

    

    

    The
      amended parts of the Initial Agreement as follows:

    

    
      	
              1.

            	
              Amendment
                of the Initial Agreement’s
                title

            

    

    

    Both
      sides agree to revise the Initial Agreement’s title to “Business Contracting
      Agreement”.

    

    

    
      	
              2.

            	
              Amendment
                of the Initial Agreement’s
                preface

            

    

    

    Both
      parties agree to revise the third paragraph of the preface in the Initial
      Agreement as follows:

    

    
      	 	
              2.1

            	
              Amend
                “Party A decided to contract all of its business, operation and management
                right to Party B” to “Party A decided to contract all of its business to
                Party B”;

            

    

    

    
      	 	
              2.2

            	
              Amend
                “Based on mutual agreement between both parties, Party A and Party
                B
                reached an agreement of Operation and Management Right as follows” to
                “Based on mutual agreement by both parties, Party A and Party B reached
                an
                agreement as follows”

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              3.

            	
              Amendment
                of the first cause of the
                agreement

            

    

    

    Upon
      bilateral consent, the first cause is amended to:

    

    “A.
      Party
      A contracts all its business to Party B (hereinafter Party A’s business). The
      term of this agreement is ten years, from November 1, 2003 to October 31,
      2013.

    

    
      	
              4.

            	
              Amendment
                of the second cause of the
                agreement

            

    

    

    Upon
      bilateral consent, the second cause of Initial Agreement is revised as
      follows:

     

    Amend
      “obtain the business, operation and management rights of Party A” to “obtain the
      contractual rights on the business of Party A”.

    

    
      	5.	
              Amendment
                of the third cause of the
                agreement

            

    

    

    Upon
      bilateral consent, the third cause of Initial Agreement is revised as
      follows:

     

    Amend
      “The operation and management rights granted to Party B by Party A include” to
“The contractual rights on the business of Party A that granted to Party B
      include”.

    

    
      	
              6.

            	
               Amendment
                of the fourth cause of the
                agreement

            

    

    

    Upon
      bilateral consent, the fourth cause of Initial Agreement is revised as
      follows:

     

    Amend
      “Terms of payment ” to “Terms of payment of the deposit”

    

    
      	
              7.

            	
               Amendment
                of the fifth cause of the
                agreement

            

    

    

    Upon
      bilateral consent, the fifth cause of Initial Agreement is revised as
      follows:

    

    
      	 	
              7.1

            	
              Amend
                “The management and personnel arrangements of the Operation and Management
                Right” to “The management and the personnel arrangements of the contracted
                business” 

            

    

    

    
      	 	
              7.2

            	
              Amend
                item 1 “After Party A grants Party B with operation and management rights”
                to “After Party A grants Party B contractual rights on the business of
                Party A”

            

    

    

    
      	 	
              7.3

            	
              Amend
                item 2 “be in charge of the operation and management of Party A pursuant
                to this agreement” to “be in charge of the operation and management of the
                business pursuant to this
                agreement”

            

    

     

    
      	8.	
              Amendment
                of the ninth cause of the
                agreement

            

    

    

    Upon
      bilateral consent, the ninth cause of Initial Agreement is revised as
      follows:

    

    
      	 	
              11.1

            	
              Amend
                “all financial and legal liabilities caused/related to debts” to “All
                financial and legal liabilities related to the business of Party
                A”

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              9.

            	
              Amendment
                of the tenth cause of the
                agreement

            

    

    

    Upon
      bilateral consent, the tenth cause of Initial Agreement is revised as
      follows:

    

    
      	 	
              11.2

            	
              Amend
                item 1 “Once the agreement is signed and comes into force, the operation
                and management right granted to Party B is sole, exclusive and
                unseverable,” to “Once the agreement is signed and comes into force,
                unless approved by the shareholders' meeting or the board of directors
                of
                Party B, the contractual rights on Party A’s business is sole, exclusive
                and non-transferable,”

            

    

    

    
      	 	
              11.3

            	
              Amend
                item 2 “If, during the term of the agreement, Party B terminates the
                agreement without a reasonable cause or transfers this operation
                and
                management right to a third party without Party A’s consent” to “If,
                during the term of the agreement, Party B terminates the agreement
                without
                a reasonable cause or transfers its contractual rights on Party A’s
                business to a third party without Party A’s consent, unless approved by
                the board of directors or shareholders' meeting of Party
                B.”

            

    

    

    

    
      	
              10.

            	
              Validity
                of the amendment 

            

    

    

    This
      amendment comes into force as of the date on which the following conditions
      are
      satisfied:

    

    
      	
            	13.1	
              The
                authorized representatives of both parties formally sign this
                agreement;

            

    

    

    
      	
              11.

            	
              Others

            

    

    

    
      	
            	11.4	
              This
                amendment is an integral part of the Initial Agreement and is legally
                enforceable. If there are any documents, commitments or contracts,
                but not
                limited to, made or signed before have some conflicts with this amendment,
                this amendment shall prevail. 

            

    

    

    
      	 	
              11.5

            	
              There
                are four (4) copies of this amendment and each of them is legally
                effective. Each party holds two (2) copies.

            

    

     

    
 

    IN
      WITNESS WHEREOF, the parties hereto have caused this amendment to be executed
      by
      duly authorized representatives of both parties on the date and year first
      written above.

    

    

    Party
      A:
      Sales and Marketing Publishing House

    

    Authorized
      representative (signature) 

    (Corporate
      Seal) 

    

    Party
      B:
      Shenzhen Media Investment Co., Ltd

    

    Authorized
      representative (signature) 

    (Corporate
      Seal)

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