Document:

EX
      -- 4.1

     

    REGISTRATION
      RIGHTS AGREEMENT

     

    This
      Registration Rights Agreement (this "Agreement")
      is made
      and entered into as of October 24, 2006, by and among Asian Financial, Inc.,
      a
      Wyoming corporation (the "Company"),
      and
      the investors signatory hereto (each a "Investor"
      and
      collectively, the "Investors").

     

    This
      Agreement is made pursuant to the Securities Purchase Agreement, dated as of
      the
      date hereof among the Company and the Investors (the "Purchase
      Agreement").

     

    The
      Company and the Investors hereby agree as follows: 

     

    1.  Definitions.
      Capitalized terms used and not otherwise defined herein that are defined in
      the
      Purchase Agreement will have the meanings given such terms in the Purchase
      Agreement. As used in this Agreement, the following terms have the respective
      meanings set forth in this Section 1:

     

    “2007
      Delivery Date”
      means
      the date on which the 2007 Make Good Shares are required to be delivered to
      the
      Investors by Mr. Wenhua
      Guo pursuant to Section 4.10(b) of the Purchase Agreement.

     

    “2008
      Delivery Date”
      means
      the date on which the 2008 Make Good Shares are required to be delivered to
      the
      Investors by Mr. Wenhua
      Guo pursuant to Section 4.10(b) of the Purchase Agreement.

     

    “Advice”
      has
      the
      meaning set forth in Section 6(d).

     

    "Effective
      Date"
      means,
      as to a Registration Statement, the date on which such Registration Statement
      is
      first declared effective by the Commission.

     

    “Effectiveness
      Date”
      means
      (a) with respect to the
      Registration Statement required to be filed under Section 2(a),
      the
      earlier of (i) the 150th
      day
      following the Closing Date, and (ii) the fifth Trading Day following the date
      on
      which the Company is notified by the Commission that such Registration Statement
      will not be reviewed or is no longer subject to further review and comments,
      (b)
      with respect to a Registration Statement required to be filed under Section
      2(b), the earlier of: (b)(i) the 60th
      day
      following the date on which the Company becomes eligible to utilize Form S-3
      to
      register the resale of Common Stock; provided,
      that,
      if the Commission reviews and has written comments to such filed Registration
      Statement that would require the filing of a pre-effective amendment thereto
      with the Commission, then the Effectiveness Date under this clause (b)(i) shall
      be the 90th
      day
      following the date on which the Company becomes eligible to utilize Form S-3
      to
      register the resale of Common Stock, and (ii) the fifth Trading Day following
      the date on which the Company is notified by the Commission that the
      Registration Statement will not be reviewed or is no longer subject to further
      review and comments, (c) with respect to a Registration Statement required
      to be
      filed under Section 2(c), the earlier of: (c)(i) the 120th
      day
      following the 2007 Delivery Date; provided,
      that,
      if the Commission reviews and has written comments to such filed Registration
      Statement that would require the filing of a pre-effective amendment thereto
      with the Commission, then the Effectiveness Date under this clause (c)(i) shall
      be the 150th
      day
      following the 2007 Delivery Date, and (ii) the fifth Trading Day following
      the
      date on which the Company is notified by the Commission that the Registration
      Statement will not be reviewed or is no longer subject to further review and
      comments and (d) with respect to a Registration Statement required to be filed
      under Section 2(d), the earlier of: (d)(i) the 120th
      day
      following the 2008 Delivery Date; provided,
      that,
      if the Commission reviews and has written comments to such filed Registration
      Statement that would require the filing of a pre-effective amendment thereto
      with the Commission, then the Effectiveness Date under this clause (c)(i) shall
      be the 150th
      day
      following the 2008 Delivery Date, and (ii) the fifth Trading Day following
      the
      date on which the Company is notified by the Commission that the Registration
      Statement will not be reviewed or is no longer subject to further review and
      comments.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    "Effectiveness
      Period"
      has the
      meaning set forth in Section 2(a).

     

    "Exchange
      Act"
      means
      the Securities Exchange Act of 1934, as amended.

     

    "Filing
      Date"
      means
      (a) with respect to the Registration Statement required to be filed under
      Section 2(a), the earlier of the (i) 90th
      day
      following the Closing Date and (ii) 20th
      day
      following the completion of the audit of Duoyuan Digital Printing Technology
      Industry (China) Co., Ltd.’s financial statements for the fiscal year ended June
      30, 2006 as conducted by the Company’s independent accounting firm, (b) with
      respect to a Registration Statement required to be filed under Section 2(b),
      the
      30th
      day
      following the date on which the Company becomes eligible to utilize Form S-3
      to
      register the resale of Common Stock, (c) with respect to the Registration
      Statement required to be filed under Section 2(c), the 60th
      day
      following the 2007 Delivery Date (provided that if the Company is then eligible
      to utilize Form S-3 to register the resale of Common Stock, the Filing Date
      under this clause (c) shall be 45 days following the 2007 Delivery
      Date)
      and (d)
with
      respect to the Registration Statement required to be filed under Section 2(d),
      the 60th
      day
      following the 2008 Delivery Date (provided that if the Company is then eligible
      to utilize Form S-3 to register the resale of Common Stock, the Filing Date
      under this clause (d) shall be 45 days following the 2008 Delivery
      Date).

     

    "Holder"
      or
"Holders"
      means
      the holder or holders, as the case may be, from time to time of Registrable
      Securities.

     

    “Indemnified
      Party”
      has the
      meaning set forth in Section 5(c).

     

    “Indemnifying
      Party”
      has the
      meaning set forth in Section 5(c).

     

    “Losses”
      has the
      meaning set forth in Section 5(a).

     

    “New
      York Courts”
      means
      the state and federal courts sitting in the City of New York, Borough of
      Manhattan.

     

    
      
        
        

      

      
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    "Proceeding"
      means an
      action, claim, suit, investigation or proceeding (including, without limitation,
      an investigation or partial proceeding, such as a deposition), whether commenced
      or threatened.

     

    “Prospectus”
      means
      the prospectus included in a Registration Statement (including, without
      limitation, a prospectus that includes any information previously omitted from
      a
      prospectus filed as part of an effective registration statement in reliance
      upon
      Rule 430A promulgated under the Securities Act), as amended or supplemented
      by
      any prospectus supplement, with respect to the terms of the offering of any
      portion of the Registrable Securities covered by a Registration Statement,
      and
      all other amendments and supplements to the Prospectus, including post-effective
      amendments, and all material incorporated by reference or deemed to be
      incorporated by reference in such Prospectus.

     

    “Registrable
      Securities”
      means:
      (i) the Shares, (ii) any shares of Common Stock issuable upon the exercise
      of
      warrants issued to any placement agent (the “Placement
      Agent Warrants”)
      as
      compensation in connection with the financing that is the subject of the
      Purchase Agreement, (iii), the Additional Shares, (iv) the 2006 Make Good
      Shares, as applicable, (iv) the 2007 Make Good Shares, as applicable, (v) the
      2008 Make Good Shares, as applicable and (vi) any securities issued or issuable
      upon any stock split, dividend or other distribution, recapitalization or
      similar event, or any price adjustment as a result of such stock splits, reverse
      stock splits or similar events with respect to any of the securities referenced
      in (i), (ii), (iii), (iv) or (v) above.

     

    "Registration
      Statement"
      means
      the registration statement required to be filed in accordance with Section
      2(a)
      and any additional registration statement(s) required to be filed under Section
      2(b), Section 2(c) or Section 2(d), including (in each case) the Prospectus,
      amendments and supplements to such registration statements or Prospectus,
      including pre- and post-effective amendments, all exhibits thereto, and all
      material incorporated by reference or deemed to be incorporated by reference
      therein.

     

    "Rule
      144"
      means
      Rule 144 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    "Rule
      415"
      means
      Rule 415 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    "Rule
      424"
      means
      Rule 424 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    "Securities
      Act"
      means
      the Securities Act of 1933, as amended.

     

    "Shares"
      means
      the shares of Common Stock issued or issuable to the Investors pursuant to
      the
      Purchase Agreement.

     

    2.  Registration.

     

    
      
        
        

      

      
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    (a)  On
      or
      prior to the applicable Filing Date, the Company shall prepare and file with
      the
      Commission a Registration Statement covering the resale of
      all
      Registrable Securities (other than the 2007 Make Good Shares and the 2008 Make
      Good Shares) not already covered by an existing and effective Registration
      Statement for an offering to be made on a continuous basis pursuant to Rule
      415,
      on Form SB-2 (or on such other form appropriate for such purpose). Such
      Registration Statement shall contain (except if otherwise required pursuant
      to
      written comments received from the Commission upon a review of such Registration
      Statement) the "Plan of Distribution" attached hereto as Annex
      A.
      The
      Company shall cause such Registration Statement to be declared effective under
      the Securities Act as soon as possible but, in any event, no later than its
      Effectiveness Date, and shall use its reasonable best efforts to keep the
      Registration Statement continuously effective under the Securities Act until
      the
      date which is the earliest of (i) two years after its Effective Date (and for
      purposes of a Registration Statement contemplated in Section 2(c) and/or Section
      2(d) hereof, two years after the Effective Date therefor), (ii) such time as
      all
      of the Registrable Securities covered by such Registration Statement have been
      publicly sold by the Holders, or (iii) such time as all of the Registrable
      Securities covered by such Registration Statement may be sold by the Holders
      pursuant to Rule 144(k) as determined by the counsel to the Company pursuant
      to
      a written opinion letter to such effect, addressed and acceptable to the
      Company's transfer agent and the affected Holders (the "Effectiveness
      Period").
      By
      5:00 p.m. (New York City time) on the Business Day immediately following the
      Effective Date of such Registration Statement, the Company shall file with
      the
      Commission in accordance with Rule 424 under the Securities Act the final
      prospectus to be used in connection with sales pursuant to such Registration
      Statement (whether or not such filing is technically required under such
      Rule).

     

    (b)  Promptly
      following any date on which the Company becomes eligible to use a registration
      statement on Form S-3 to register Registrable Securities for resale, the Company
      shall file a Registration Statement on Form S-3 covering all such Registrable
      Securities (or a post-effective amendment on Form S-3 to the then effective
      Registration Statement) and shall cause such Registration Statement to be filed
      by the Filing Date for such Registration Statement and declared effective under
      the Securities Act as soon as possible thereafter, but in any event prior to
      the
      Effectiveness Date therefor. Such Registration Statement shall contain (except
      if otherwise required pursuant to written comments received from the Commission
      upon a review of such Registration Statement) the "Plan of Distribution"
      attached hereto as Annex
      A.
      The
      Company shall use its reasonable best efforts to keep such Registration
      Statement continuously effective under the Securities Act during the entire
      Effectiveness Period. By 5:00 p.m. (New York City time) on the Business Day
      immediately following the Effective Date of such Registration Statement, the
      Company shall file with the Commission in accordance with Rule 424 under the
      Securities Act the final prospectus to be used in connection with sales pursuant
      to such Registration Statement (whether or not such filing is technically
      required under such Rule).

     

    (c)  On
      or
      prior to the applicable Filing Date, the Company shall prepare and file with
      the
      Commission a Registration Statement covering the resale of the 2007 Make Good
      Shares on Form SB-2 or Form S-3 if the Company is then eligible to utilize
      such
      Form (or on such other form appropriate for such purpose) and shall cause such
      Registration Statement to be filed by the Filing Date for such Registration
      Statement and declared effective under the Securities Act as soon as possible
      thereafter, but in any event prior to the Effectiveness Date therefor. Such
      Registration Statement shall contain (except if otherwise required pursuant
      to
      written comments received from the Commission upon a review of such Registration
      Statement) the "Plan of Distribution" attached hereto as Annex
      A.
      The
      Company shall use its reasonable best efforts to keep such Registration
      Statement continuously effective under the Securities Act during the entire
      Effectiveness Period which is applicable to it. By 5:00 p.m. (New York City
      time) on the Business Day immediately following the Effective Date of such
      Registration Statement, the Company shall file with the Commission in accordance
      with Rule 424 under the Securities Act the final prospectus to be used in
      connection with sales pursuant to such Registration Statement (whether or not
      such filing is technically required under such Rule).

     

    
      
        
        

      

      
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    (d)  On
      or
      prior to the applicable Filing Date, the Company shall prepare and file with
      the
      Commission a Registration Statement covering the resale of the 2008 Make Good
      Shares on Form SB-2 or Form S-3 if the Company is then eligible to utilize
      such
      Form (or on such other form appropriate for such purpose) and shall cause such
      Registration Statement to be filed by the Filing Date for such Registration
      Statement and declared effective under the Securities Act as soon as possible
      thereafter, but in any event prior to the Effectiveness Date therefor. Such
      Registration Statement shall contain (except if otherwise required pursuant
      to
      written comments received from the Commission upon a review of such Registration
      Statement) the "Plan of Distribution" attached hereto as Annex
      A.
      The
      Company shall use its reasonable best efforts to keep such Registration
      Statement continuously effective under the Securities Act during the entire
      Effectiveness Period which is applicable to it. By 5:00 p.m. (New York City
      time) on the Business Day immediately following the Effective Date of such
      Registration Statement, the Company shall file with the Commission in accordance
      with Rule 424 under the Securities Act the final prospectus to be used in
      connection with sales pursuant to such Registration Statement (whether or not
      such filing is technically required under such Rule).

     

    (e)  If:
      (i) a
      Registration Statement is not filed on or prior to its Filing Date covering
      all
      of the Registrable Securities required under this Agreement to be included
      therein (if the Company files a Registration Statement without affording the
      Holders the opportunity to review and comment on the same as required by Section
      3(a) hereof, the Company shall not be deemed to have satisfied this clause
      (i)),
      or (ii) a Registration Statement is not declared effective by the Commission
      on
      or prior to its required Effectiveness Date or if by the Business Day
      immediately following the Effective Date the Company shall not have filed a
      “final” prospectus for the Registration Statement with the Commission under Rule
      424(b) (whether or not such a prospectus is technically required by such Rule),
      or (iii) after its Effective Date, without regard for the reason thereunder
      or
      efforts therefore, such Registration Statement ceases for any reason to be
      effective and available to the Holders as to all Registrable Securities to
      which
      it is required to cover at any time prior to the expiration of its Effectiveness
      Period for more than an aggregate of 45 Trading Days (which need not be
      consecutive) (any such failure or breach being referred to as an "Event,"
      and for
      purposes of clauses (i) or (ii) the date on which such Event occurs, or for
      purposes of clause (iii) the date which such 45 Trading Day-period is exceeded,
      being referred to as "Event
      Date"),
      then
      in addition to any other rights the Holders may have hereunder or under
      applicable law: on each such Event Date, and on each monthly anniversary of
      each
      such Event Date (if the applicable Event shall not have been cured by such
      date)
      until the applicable Event is cured, the Company shall pay to each Holder an
      amount in cash, as partial liquidated damages and not as a penalty, equal to
      1.0% of the aggregate Investment Amount paid by such Holder for Shares pursuant
      to the Purchase Agreement; provided,
      however,
      that
      the total amount of partial liquidated damages payable by the Company pursuant
      to all Events under this Section shall be capped at an aggregate of 8% of the
      aggregate Investment Amount paid by the Investors under the Purchase Agreement.
      The partial liquidated damages pursuant to the terms hereof shall apply on
      a
      daily pro-rata basis for any portion of a month prior to the cure of an Event,
      except in the case of the first Event Date. In no event will the Company be
      liable for liquidated damages under this Agreement in excess of 1.0% of the
      aggregate Investment Amount of the Investors in any 30-day period. The Company
      will not be liable for liquidated damages under this Agreement with respect
      to
      any Placement Agent Warrants or any shares of Common Stock issuable upon
      exercise of the Placement Agent Warrants.

     

    
      
        
        

      

      
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    (f)  Each
      Holder agrees to furnish to the Company a completed Questionnaire in the form
      attached to this Agreement as Annex
      B
      (a
“Selling
      Holder Questionnaire”).
      The
      Company shall not be required to include the Registrable Securities of a Holder
      in a Registration Statement and shall not be required to pay any liquidated
      or
      other damages under Section 2(e) to any Holder who fails to furnish to the
      Company a fully completed Selling Holder Questionnaire at least two Trading
      Days
      prior to the Filing Date (subject to the requirements set forth in Section
      3(a)).

     

    3.  Registration
      Procedures.

     

    In
      connection with the Company's registration obligations hereunder, the Company
      shall:

     

    (a)  Unless
      waived by a Holder, not less than four Trading Days prior to the filing of
      a
      Registration Statement or any related Prospectus or any amendment or supplement
      thereto, the Company shall furnish to such Holder copies of the “Selling
      Stockholders” section of such document, the “Plan of Distribution” and any risk
      factor contained in such document that addresses specifically this transaction
      or the Selling Stockholders, as proposed to be filed which documents will be
      subject to the review of such Holder. Such documents may be delivered to such
      Holder via electronic mail (i.e., Email). The Company shall not file a
      Registration Statement, any Prospectus or any amendments or supplements thereto
      in which the “Selling Stockholder” section thereof differs from the disclosure
      received from a Holder in its Selling Holder Questionnaire (as amended or
      supplemented).

     

    (b)  (i)
      Prepare and file with the Commission such amendments, including post-effective
      amendments, to each Registration Statement and the Prospectus used in connection
      therewith as may be necessary to keep such Registration Statement continuously
      effective as to the applicable Registrable Securities for its Effectiveness
      Period and prepare and file with the Commission such additional Registration
      Statements in order to register for resale under the Securities Act all of
      the
      Registrable Securities; (ii) cause the related Prospectus to be amended or
      supplemented by any required Prospectus supplement, and as so supplemented
      or
      amended to be filed pursuant to Rule 424; (iii) respond as promptly as
      reasonably possible to any comments received from the Commission with respect
      to
      each Registration Statement or any amendment thereto and, as promptly as
      reasonably possible provide the Holders true and complete copies of all
      correspondence from and to the Commission relating to such Registration
      Statement that would not result in the disclosure to the Holders of material
      and
      non-public information concerning the Company; and (iv) comply in all material
      respects with the provisions of the Securities Act and the Exchange Act with
      respect to the Registration Statements and the disposition of all Registrable
      Securities covered by each Registration Statement.

     

    
      
        
        

      

      
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    (c)  Notify
      the Holders as promptly as reasonably possible (and, in the case of (i)(A)
      below, not less than three Trading Days prior to such filing and, in the case
      of
      (v) below, not less than three Trading Days prior to the financial statements
      in
      any Registration Statement becoming ineligible for inclusion therein) and (if
      requested by any such Person) confirm such notice in writing no later than
      one
      Trading Day following the day (i)(A) when a Prospectus or any Prospectus
      supplement or post-effective amendment to a Registration Statement is proposed
      to be filed; (B) when the Commission notifies the Company whether there will
      be
      a "review" of such Registration Statement and whenever the Commission comments
      in writing on such Registration Statement (the Company shall provide true and
      complete copies thereof and all written responses thereto to each of the Holders
      that pertain to the Holders as a Selling Stockholder or to the Plan of
      Distribution, but not information which the Company believes would constitute
      material and non-public information); and (C) with respect to each Registration
      Statement or any post-effective amendment, when the same has become effective;
      (ii) of any request by the Commission or any other Federal or state governmental
      authority for amendments or supplements to a Registration Statement or
      Prospectus or for additional information; (iii) of the issuance by the
      Commission of any stop order suspending the effectiveness of a Registration
      Statement covering any or all of the Registrable Securities or the initiation
      of
      any Proceedings for that purpose; (iv) of the receipt by the Company of any
      notification with respect to the suspension of the qualification or exemption
      from qualification of any of the Registrable Securities for sale in any
      jurisdiction, or the initiation or threatening of any Proceeding for such
      purpose; and (v) of the occurrence of any event or passage of time that makes
      the financial statements included in a Registration Statement ineligible for
      inclusion therein or any statement made in such Registration Statement or
      Prospectus or any document incorporated or deemed to be incorporated therein
      by
      reference untrue in any material respect or that requires any revisions to
      such
      Registration Statement, Prospectus or other documents so that, in the case
      of
      such Registration Statement or the Prospectus, as the case may be, it will
      not
      contain any untrue statement of a material fact or omit to state any material
      fact required to be stated therein or necessary to make the statements therein,
      in light of the circumstances under which they were made, not
      misleading.

     

    (d)  Use
      its
      reasonable best efforts to avoid the issuance of, or, if issued, obtain the
      withdrawal of (i) any order suspending the effectiveness of a Registration
      Statement, or (ii) any suspension of the qualification (or exemption from
      qualification) of any of the Registrable Securities for sale in any
      jurisdiction, at the earliest practicable moment.

     

    (e)  Furnish
      to each Holder, without charge and at the option of the Company in electronic
      format, at least one conformed copy of each Registration Statement and each
      amendment thereto and all exhibits to the extent requested by such Person
      (including those previously furnished) promptly after the filing of such
      documents with the Commission.

     

    (f)  Promptly
      deliver to each Holder, without charge, as many copies of each Prospectus or
      Prospectuses (including each form of prospectus) and each amendment or
      supplement thereto as such Persons may reasonably request. The Company hereby
      consents to the use of such Prospectus and each amendment or supplement thereto
      by each of the selling Holders in connection with the offering and sale of
      the
      Registrable Securities covered by such Prospectus and any amendment or
      supplement thereto.

     

    
      
        
        

      

      
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    (g)  Prior
      to
      any public offering of Registrable Securities, register or qualify such
      Registrable Securities for offer and sale under the securities or Blue Sky
      laws
      of such jurisdictions within the United States as any Holder may request, to
      keep each such registration or qualification (or exemption therefrom) effective
      during the Effectiveness Period and to do any and all other acts or things
      necessary or advisable to enable the disposition in such jurisdictions of the
      Registrable Securities covered by the Registration Statements; provided,
      however,
      in
      connection with any such registration or qualification, the Company shall not
      be
      required to (i) qualify to do business in any jurisdiction where the Company
      would not otherwise be required to qualify, (ii) subject itself to general
      taxation in any such jurisdiction, (iii) file a general consent to service
      of
      process in any jurisdiction, or (iv) make any change to the Company’s Articles
      of Incorporation or bylaws.

     

    (h)  Cooperate
      with the Holders to facilitate the timely preparation and delivery of
      certificates representing Registrable Securities to be delivered to a transferee
      pursuant to the Registration Statements, which certificates shall be free,
      to
      the extent permitted by the Purchase Agreement, of all restrictive legends,
      and
      to enable such Registrable Securities to be in such denominations and registered
      in such names as any such Holders may request.

     

    (i)  Upon
      the
      occurrence of any event contemplated by Section 3(c)(v), as promptly as
      reasonably possible, prepare a supplement or amendment, including a
      post-effective amendment, to the affected Registration Statements or a
      supplement to the related Prospectus or any document incorporated or deemed
      to
      be incorporated therein by reference, and file any other required document
      so
      that, as thereafter delivered, no Registration Statement nor any Prospectus
      will
      contain an untrue statement of a material fact or omit to state a material
      fact
      required to be stated therein or necessary to make the statements therein,
      in
      light of the circumstances under which they were made, not
      misleading.

     

    4.  Registration
      Expenses.
      All
      fees and expenses incident to the performance of or compliance with this
      Agreement by the Company shall be borne by the Company whether or not any
      Registrable Securities are sold pursuant to a Registration Statement. The fees
      and expenses referred to in the foregoing sentence shall include, without
      limitation, (i) all registration and filing fees (including, without limitation,
      fees and expenses (A) with respect to filings required to be made with any
      Trading Market on which the Common Stock is then listed for trading, and (B)
      in
      compliance with applicable state securities or Blue Sky laws), (ii) printing
      expenses (including, without limitation, expenses of printing certificates
      for
      Registrable Securities and of printing prospectuses if the printing of
      prospectuses is reasonably requested by the holders of a majority of the
      Registrable Securities included in the Registration Statement), (iii) messenger,
      telephone and delivery expenses, (iv) fees and disbursements of counsel for
      the
      Company, (v) Securities Act liability insurance, if the Company so desires
      such
      insurance, and (vi) fees and expenses of all other Persons retained by the
      Company in connection with the consummation of the transactions contemplated
      by
      this Agreement. In addition, the Company shall be responsible for all of its
      internal expenses incurred in connection with the consummation of the
      transactions contemplated by this Agreement (including, without limitation,
      all
      salaries and expenses of its officers and employees performing legal or
      accounting duties), the expense of any annual audit and the fees and expenses
      incurred in connection with the listing of the Registrable Securities on any
      securities exchange as required hereunder. In no event shall the Company be
      responsible for any broker or similar commissions incurred by any Holder or,
      except to the extent provided for in the Transaction Documents, any legal fees
      or other cost of the Holders in connection with this Agreement.

     

    
      
        
        

      

      
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    5.  Indemnification.

     

    (a)  Indemnification
      by the Company.
      The
      Company shall, notwithstanding any termination of this Agreement, indemnify
      and
      hold harmless each Holder, the officers, directors, agents, investment advisors,
      partners, members and employees of each of them, each Person who controls any
      such Holder (within the meaning of Section 15 of the Securities Act or Section
      20 of the Exchange Act) and the officers, directors, agents and employees of
      each such controlling Person, to the fullest extent permitted by applicable
      law,
      from and against any and all losses, claims, damages, liabilities, costs
      (including, without limitation, reasonable costs of preparation that lead to
      an
      allegation of indemnity hereunder and reasonable attorneys' fees) and expenses
      (collectively, "Losses"),
      as
      incurred, arising out of or relating to any untrue or alleged untrue statement
      of a material fact contained in any Registration Statement, any Prospectus
      or
      any form of prospectus or in any amendment or supplement thereto or in any
      preliminary prospectus, or arising out of or relating to any omission or alleged
      omission of a material fact required to be stated therein or necessary to make
      the statements therein (in the case of any Prospectus or form of prospectus
      or
      supplement thereto, in light of the circumstances under which they were made)
      not misleading, except to the extent, but only to the extent, that (1) such
      untrue statements or omissions are based solely upon information regarding
      such
      Holder furnished in writing to the Company by such Holder expressly for use
      therein, or to the extent that such information relates to such Holder or such
      Holder's proposed method of distribution of Registrable Securities and was
      reviewed and expressly approved in writing by such Holder expressly for use
      in
      the Registration Statement, such Prospectus or such form of Prospectus or in
      any
      amendment or supplement thereto (it being understood that the Holder has
      approved Annex A hereto for this purpose) or (2) in the case of an occurrence
      of
      an event of the type specified in Section 3(c)(ii)-(v), the use by such Holder
      of an outdated or defective Prospectus after the Company has notified such
      Holder in writing that the Prospectus is outdated or defective and prior to
      the
      receipt by such Holder of an Advice or an amended or supplemented Prospectus,
      but only if and to the extent that following the receipt of the Advice or the
      amended or supplemented Prospectus the misstatement or omission giving rise
      to
      such Loss would have been corrected. The Company shall notify the Holders
      promptly of the institution, threat or assertion of any Proceeding of which
      the
      Company is aware in connection with the transactions contemplated by this
      Agreement.

     

    (b)  Indemnification
      by Holders.
      Each
      Holder shall, severally and not jointly, indemnify and hold harmless the
      Company, its directors, officers, agents and employees, each Person who controls
      the Company (within the meaning of Section 15 of the Securities Act and Section
      20 of the Exchange Act), and the directors, officers, agents or employees of
      such controlling Persons, to the fullest extent permitted by applicable law,
      from and against all Losses, as incurred, arising solely out of or based solely
      upon: (x) such Holder's failure to comply with the prospectus delivery
      requirements of the Securities Act or (y) any untrue statement of a material
      fact contained in any Registration Statement, any Prospectus, or any form of
      prospectus, or in any amendment or supplement thereto, or arising solely out
      of
      or based solely upon any omission of a material fact required to be stated
      therein or necessary to make the statements therein not misleading to the
      extent, but only to the extent that, (1) such untrue statements or omissions
      are
      based solely upon information regarding such Holder furnished in writing to
      the
      Company by such Holder expressly for use therein, or to the extent that such
      information relates to such Holder or such Holder's proposed method of
      distribution of Registrable Securities and was reviewed and expressly approved
      in writing by such Holder expressly for use in the Registration Statement (it
      being understood that the Holder has approved Annex A hereto for this purpose),
      such Prospectus or such form of Prospectus or in any amendment or supplement
      thereto or (2) in the case of an occurrence of an event of the type specified
      in
      Section 3(c)(ii)-(v), the use by such Holder of an outdated or defective
      Prospectus after the Company has notified such Holder in writing that the
      Prospectus is outdated or defective and prior to the receipt by such Holder
      of
      an Advice or an amended or supplemented Prospectus, but only if and to the
      extent that following the receipt of the Advice or the amended or supplemented
      Prospectus the misstatement or omission giving rise to such Loss would have
      been
      corrected. In no event shall the liability of any selling Holder hereunder
      be
      greater in amount than the dollar amount of the net proceeds received by such
      Holder upon the sale of the Registrable Securities giving rise to such
      indemnification obligation.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (c)  Conduct
      of Indemnification Proceedings.
      If any
      Proceeding shall be brought or asserted against any Person entitled to indemnity
      hereunder (an "Indemnified
      Party"),
      such
      Indemnified Party shall promptly notify the Person from whom indemnity is sought
      (the "Indemnifying
      Party")
      in
      writing, and the Indemnifying Party shall assume the defense thereof, including
      the employment of counsel reasonably satisfactory to the Indemnified Party
      and
      the payment of all fees and expenses incurred in connection with defense
      thereof; provided, that the failure of any Indemnified Party to give such notice
      shall not relieve the Indemnifying Party of its obligations or liabilities
      pursuant to this Agreement, except (and only) to the extent that it shall be
      finally determined by a court of competent jurisdiction (which determination
      is
      not subject to appeal or further review) that such failure shall have
      proximately and materially adversely prejudiced the Indemnifying
      Party.

     

    An
      Indemnified Party shall have the right to employ separate counsel in any such
      Proceeding and to participate in the defense thereof, but the fees and expenses
      of such counsel shall be at the expense of such Indemnified Party or Parties
      unless: (1) the Indemnifying Party has agreed in writing to pay such fees and
      expenses; (2) the Indemnifying Party shall have failed promptly to assume the
      defense of such Proceeding and to employ counsel reasonably satisfactory to
      such
      Indemnified Party in any such Proceeding; or (3) the named parties to any such
      Proceeding (including any impleaded parties) include both such Indemnified
      Party
      and the Indemnifying Party, and such Indemnified Party shall have been advised
      by counsel that a conflict of interest is likely to exist if the same counsel
      were to represent such Indemnified Party and the Indemnifying Party (in which
      case, if such Indemnified Party notifies the Indemnifying Party in writing
      that
      it elects to employ separate counsel at the expense of the Indemnifying Party,
      the Indemnifying Party shall not have the right to assume the defense thereof
      and such counsel shall be at the expense of the Indemnifying Party); provided
      that, the Indemnifying Party shall pay for no more than two separate sets of
      counsel for all Indemnified Parties and such legal counsel shall be selected
      by
      Holders of no less than a majority in interest of the then outstanding
      Registrable Securities. The Indemnifying Party shall not be liable for any
      settlement of any such Proceeding effected without its written consent, which
      consent shall not be unreasonably withheld. No Indemnifying Party shall, without
      the prior written consent of the Indemnified Party, effect any settlement of
      any
      pending Proceeding in respect of which any Indemnified Party is a party, unless
      such settlement includes an unconditional release of such Indemnified Party
      from
      all liability on claims that are the subject matter of such
      Proceeding.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    All
      reasonable fees and expenses of the Indemnified Party (including reasonable
      fees
      and expenses to the extent incurred in connection with investigating or
      preparing to defend such Proceeding (but as to this parenthetical, only if
      there
      is a settlement in connection with such Proceeding or in the absence of any
      such
      settlement the Indemnified Party prevails) in a manner not inconsistent with
      this Section) shall be paid to the Indemnified Party, as incurred, within ten
      Trading Days of written notice thereof to the Indemnifying Party (regardless
      of
      whether it is ultimately determined that an Indemnified Party is not entitled
      to
      indemnification hereunder; provided, that the Indemnifying Party may require
      such Indemnified Party to undertake to reimburse all such fees and expenses
      to
      the extent it is finally judicially determined that such Indemnified Party
      is
      not entitled to indemnification hereunder).

     

    (d)  Contribution.
      If a
      claim for indemnification under Section 5(a) or 5(b) is unavailable to an
      Indemnified Party (by reason of public policy or otherwise), then each
      Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
      contribute to the amount paid or payable by such Indemnified Party as a result
      of such Losses (unless such Losses arose due to the gross negligence, fraud
      or
      willful misconduct of the Indemnified Party), in such proportion as is
      appropriate to reflect the relative fault of the Indemnifying Party and
      Indemnified Party in connection with the actions, statements or omissions that
      resulted in such Losses as well as any other relevant equitable considerations.
      The relative fault of such Indemnifying Party and Indemnified Party shall be
      determined by reference to, among other things, whether any action in question,
      including any untrue or alleged untrue statement of a material fact or omission
      or alleged omission of a material fact, has been taken or made by, or relates
      to
      information supplied by, such Indemnifying Party or Indemnified Party, and
      the
      parties' relative intent, knowledge, access to information and opportunity
      to
      correct or prevent such action, statement or omission. The amount paid or
      payable by a party as a result of any Losses shall be deemed to include, subject
      to the limitations set forth in Section 5(c), any reasonable attorneys' or
      other
      reasonable fees or expenses incurred by such party in connection with any
      Proceeding to the extent such party would have been indemnified for such fees
      or
      expenses if the indemnification provided for in this Section was available
      to
      such party in accordance with its terms.

     

    The
      parties hereto agree that it would not be just and equitable if contribution
      pursuant to this Section 5(d) were determined by pro rata allocation or by
      any
      other method of allocation that does not take into account the equitable
      considerations referred to in the immediately preceding paragraph.
      Notwithstanding the provisions of this Section 5(d), no Holder shall be required
      to contribute, in the aggregate, any amount in excess of the amount by which
      the
      proceeds actually received by such Holder from the sale of the Registrable
      Securities subject to the Proceeding exceeds the amount of any damages that
      such
      Holder has otherwise been required to pay by reason of such untrue or alleged
      untrue statement or omission or alleged omission, except in the case of fraud
      by
      such Holder.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    The
      indemnity and contribution agreements contained in this Section are in addition
      to any liability that the Indemnifying Parties may have to the Indemnified
      Parties.

     

    6.  Miscellaneous.

     

    (a)  Remedies.
      In the
      event of a breach by the Company or by a Holder, of any of their obligations
      under this Agreement, each Holder or the Company, as the case may be, in
      addition to being entitled to exercise all rights granted by law and under
      this
      Agreement, including recovery of damages, will be entitled to specific
      performance of its rights under this Agreement. The Company and each Holder
      agree that monetary damages would not provide adequate compensation for any
      losses incurred by reason of a breach by it of any of the provisions of this
      Agreement and hereby further agrees that, in the event of any action for
      specific performance in respect of such breach, it shall waive the defense
      that
      a remedy at law would be adequate.

     

    (b)  No
      Piggyback on Registrations.
      Except
      as and to the extent specified in Schedule
      3.1(t)
      to the
      Purchase Agreement, neither the Company nor any of its security holders (other
      than the Holders in such capacity pursuant hereto) may include securities of
      the
      Company in a Registration Statement other than the Registrable Securities,
      and
      the Company shall not during the Effectiveness Period enter into any agreement
      providing any such right to any of its security holders.

     

    (c)  Compliance.
      Each
      Holder covenants and agrees that it will comply with the prospectus delivery
      requirements of the Securities Act as applicable to it in connection with sales
      of Registrable Securities pursuant to the Registration Statement.

     

    (d)  Discontinued
      Disposition.
      Each
      Holder agrees by its acquisition of such Registrable Securities that, upon
      receipt of a notice from the Company of the occurrence of any event of the
      kind
      described in Section 3(c), such Holder will forthwith discontinue disposition
      of
      such Registrable Securities under the Registration Statement until such Holder's
      receipt of the copies of the supplemented Prospectus and/or amended Registration
      Statement or until it is advised in writing (the "Advice")
      by the
      Company that the use of the applicable Prospectus may be resumed, and, in either
      case, has received copies of any additional or supplemental filings that are
      incorporated or deemed to be incorporated by reference in such Prospectus or
      Registration Statement. The Company may provide appropriate stop orders to
      enforce the provisions of this paragraph.

     

    (e)  Piggy-Back
      Registrations.
      If at
      any time during the Effectiveness Period there is not an effective Registration
      Statement covering all of the Registrable Securities and the Company shall
      determine to prepare and file with the Commission a registration statement
      relating to an offering for its own account or the account of others under
      the
      Securities Act of any of its equity securities, other than on Form S-4 or Form
      S-8 (each as promulgated under the Securities Act) or their then equivalents
      relating to equity securities to be issued solely in connection with any
      acquisition of any entity or business or equity securities issuable in
      connection with stock option or other employee benefit plans, then the Company
      shall send to each Holder written notice of such determination and, if within
      fifteen days after receipt of such notice, any such Holder shall so request
      in
      writing, the Company shall include in such registration statement all or any
      part of such Registrable Securities such holder requests to be registered,
      subject to customary underwriter cutbacks applicable to all holders of
      registration rights.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (f)  Amendments
      and Waivers.
      The
      provisions of this Agreement, including the provisions of this Section 6(f),
      may
      not be amended, modified or supplemented, and waivers or consents to departures
      from the provisions hereof may not be given, unless the same shall be in writing
      and signed by the Company and the Holders of no less than a majority in interest
      of the then outstanding Registrable Securities. Notwithstanding the foregoing,
      a
      waiver or consent to depart from the provisions hereof with respect to a matter
      that relates exclusively to the rights of certain Holders and that does not
      directly or indirectly affect the rights of other Holders may be given by
      Holders of at least a majority of the Registrable Securities to which such
      waiver or consent relates.

     

    (g)  Notices.
      Any and
      all notices or other communications or deliveries required or permitted to
      be
      provided hereunder shall be in writing and shall be deemed given and effective
      on the earliest of (a) the date of transmission, if such notice or communication
      is delivered via (i) facsimile (provided the sender receives a machine-generated
      confirmation of successful transmission) at the facsimile number specified
      in
      this Section or (ii) electronic mail (i.e., Email) prior to 6:30 p.m. (New
      York
      City time) on a Trading Day, (b) the next Trading Day after the date of
      transmission, if such notice or communication is delivered via (i) facsimile
      at
      the facsimile number specified in this Section or (ii) electronic mail (i.e.,
      Email) on a day that is not a Trading Day or later than 6:30 p.m. (New York
      City
      time) on any Trading Day, (c) the Trading Day following the date of mailing,
      if
      sent by U.S. nationally recognized overnight courier service, or (d) upon actual
      receipt by the party to whom such notice is required to be given. The address
      for such notices and communications shall be as follows:

     

    
      	 	If to the Company:	
              Asian Financial, Inc.

              No.
                3 Jinyuan Road

              Daxing
                District Industrial Development Zone

              Beijing,
                China 102600

              Facsimile:
                861060216825

              Email:
                fionaicey@vip.sina.com

              Attn.:
                Fiona Feng

            
	 	 	 
	 	With a copy to:	
              Heller Ehrman LLP

              35th Floor

              One
                Exchange Square

              8
                Connaught Place 

              Central

              Hong
                Kong

              Facsimile:
                852 2292-2200

              Email:
                Simon.Luk@hellerehrman.com

              Attn.:
                Simon Luk

            
	 	 	 
	 	If to an Investor:	To the address set forth under such
              Investor's name on the signature pages
              hereto.

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    If
      to any
      other Person who is then the registered Holder:

     

    To
      the
      address of such Holder as it appears in the stock transfer books of the
      Company

     

    or
      such
      other address as may be designated in writing hereafter, in the same manner,
      by
      such Person.

     

    (h)  Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of and be binding upon the successors
      and
      permitted assigns of each of the parties and shall inure to the benefit of
      each
      Holder. The Company may not assign its rights or obligations hereunder without
      the prior written consent of each Holder. Each Holder may assign their
      respective rights hereunder in the manner and to the Persons as permitted under
      the Purchase Agreement.

     

    (i)  Execution
      and Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed shall be deemed to be an original and, all of which taken together
      shall constitute one and the same Agreement. In the event that any signature
      is
      delivered by facsimile transmission, such signature shall create a valid binding
      obligation of the party executing (or on whose behalf such signature is
      executed) the same with the same force and effect as if such facsimile signature
      were the original thereof.

     

    (j)  Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by and construed and enforced in accordance
      with the internal laws of the State of New York, without regard to the
      principles of conflicts of law thereof. Each party agrees that all Proceedings
      concerning the interpretations, enforcement and defense of the transactions
      contemplated by this Agreement (whether brought against a party hereto or its
      respective Affiliates, employees or agents) will be commenced in the New York
      Courts. Each party hereto hereby irrevocably submits to the exclusive
      jurisdiction of the New York Courts for the adjudication of any dispute
      hereunder or in connection herewith or with any transaction contemplated hereby
      or discussed herein, and hereby irrevocably waives, and agrees not to assert
      in
      any Proceeding, any claim that it is not personally subject to the jurisdiction
      of any New York Court, or that such Proceeding has been commenced in an improper
      or inconvenient forum. Each party hereto hereby irrevocably waives personal
      service of process and consents to process being served in any such Proceeding
      by mailing a copy thereof via registered or certified mail or overnight delivery
      (with evidence of delivery) to such party at the address in effect for notices
      to it under this Agreement and agrees that such service shall constitute good
      and sufficient service of process and notice thereof. Nothing contained herein
      shall be deemed to limit in any way any right to serve process in any manner
      permitted by law. Each party hereto hereby irrevocably waives, to the fullest
      extent permitted by applicable law, any and all right to trial by jury in any
      Proceeding arising out of or relating to this Agreement or the transactions
      contemplated hereby. If either party shall commence a Proceeding to enforce
      any
      provisions of this Agreement, then the prevailing party in such Proceeding
      shall
      be reimbursed by the other party for its attorney’s fees and other costs and
      expenses incurred with the investigation, preparation and prosecution of such
      Proceeding.

     

    (k)  Cumulative
      Remedies.
      The
      remedies provided herein are cumulative and not exclusive of any remedies
      provided by law.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    (l)  Severability.
      If any
      term, provision, covenant or restriction of this Agreement is held by a court
      of
      competent jurisdiction to be invalid, illegal, void or unenforceable, the
      remainder of the terms, provisions, covenants and restrictions set forth herein
      shall remain in full force and effect and shall in no way be affected, impaired
      or invalidated, and the parties hereto shall use their reasonable efforts to
      find and employ an alternative means to achieve the same or substantially the
      same result as that contemplated by such term, provision, covenant or
      restriction. It is hereby stipulated and declared to be the intention of the
      parties that they would have executed the remaining terms, provisions, covenants
      and restrictions without including any of such that may be hereafter declared
      invalid, illegal, void or unenforceable.

     

    (m)  Headings.
      The
      headings in this Agreement are for convenience of reference only and shall
      not
      limit or otherwise affect the meaning hereof.

     

    (n)  Independent
      Nature of Investors' Obligations and Rights.
      The
      obligations of each Investor under this Agreement are several and not joint
      with
      the obligations of each other Investor, and no Investor shall be responsible
      in
      any way for the performance of the obligations of any other Investor under
      this
      Agreement. Nothing contained herein or in any Transaction Document, and no
      action taken by any Investor pursuant thereto, shall be deemed to constitute
      the
      Investors as a partnership, an association, a joint venture or any other kind
      of
      entity, or create a presumption that the Investors are in any way acting in
      concert or as a group with respect to such obligations or the transactions
      contemplated by this Agreement or any other Transaction Document. Each Investor
      acknowledges that no other Investor will be acting as agent of such Investor
      in
      enforcing its rights under this Agreement. Each Investor shall be entitled
      to
      independently protect and enforce its rights, including without limitation
      the
      rights arising out of this Agreement, and it shall not be necessary for any
      other Investor to be joined as an additional party in any Proceeding for such
      purpose. The Company acknowledges that each of the Investors has been provided
      with the same Registration Rights Agreement for the purpose of closing a
      transaction with multiple Investors and not because it was required or requested
      to do so by any Investor.

     

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        15

        
          

        

      

      
        
        

      

    

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

     

    
      	 	 	 
	 	ASIAN
              FINANCIAL, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
              Wenhua Guo
	 	Title:
              Chief Executive Officer

    

     

     

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

     

     

    
      	 	 	NAME OF INVESTING
              ENTITY
	 	 	___________________________________
	 	 	 
	 	 	By:    
              ____________________________________
	 	 	
              Name:

              Title:

            
	 	 	 
	 	 	ADDRESS FOR
              NOTICE
	 	 	 
	 	 	c/o:
              _____________________________________
	 	 	 
	 	 	Street:
              _______________________________
	 	 	 
	 	 	City/State/Zip:
              _____________________________
	 	 	 
	 	 	Attention:
              _________________________________
	 	 	 
	 	 	Tel:
              ______________________________________
	 	 	 
	 	 	Fax:
              ______________________________________
	 	 	 
	 	 	Email:
              _____________________________________

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Annex
      A

     

    Plan
      of
      Distribution

     

    The
      Selling Stockholders and any of their pledgees, donees, transferees, assignees
      and successors-in-interest may, from time to time, sell any or all of their
      shares of Common Stock on any stock exchange, market or trading facility on
      which the shares are traded or in private transactions. These sales may be
      at
      fixed or negotiated prices. The Selling Stockholders may use any one or more
      of
      the following methods when selling shares:

     

    
      	·  	
              ordinary
                brokerage transactions and transactions in which the broker-dealer
                solicits Investors;

            

    

     

    
      	·  	
              block
                trades in which the broker-dealer will attempt to sell the shares
                as agent
                but may position and resell a portion of the block as principal to
                facilitate the transaction;

            

    

     

    
      	·  	
              purchases
                by a broker-dealer as principal and resale by the broker-dealer for
                its
                account;

            

    

     

    
      	·  	
              an
                exchange distribution in accordance with the rules of the applicable
                exchange;

            

    

     

    
      	·  	
              privately
                negotiated transactions;

            

    

     

    
      	·  	
              to
                cover short sales made after the date that this Registration Statement
                is
                declared effective by the Commission;

            

    

     

    
      	·  	
              broker-dealers
                may agree with the Selling Stockholders to sell a specified number
                of such
                shares at a stipulated price per
                share;

            

    

     

    
      	·  	
              a
                combination of any such methods of sale;
                and

            

    

     

    
      	·  	
              any
                other method permitted pursuant to applicable
                law.

            

    

     

    The
      Selling Stockholders may also sell shares under Rule 144 under the Securities
      Act, if available, rather than under this prospectus.

     

    Broker-dealers
      engaged by the Selling Stockholders may arrange for other brokers-dealers to
      participate in sales. Broker-dealers may receive commissions or discounts from
      the Selling Stockholders (or, if any broker-dealer acts as agent for the
      purchaser of shares, from the purchaser) in amounts to be negotiated. The
      Selling Stockholders do not expect these commissions and discounts to exceed
      what is customary in the types of transactions involved.

     

    The
      Selling Stockholders may from time to time pledge or grant a security interest
      in some or all of the Shares owned by them and, if they default in the
      performance of their secured obligations, the pledgees or secured parties may
      offer and sell shares of Common Stock from time to time under this prospectus,
      or under an amendment to this prospectus under Rule 424(b)(3) or other
      applicable provision of the Securities Act of 1933 amending the list of selling
      stockholders to include the pledgee, transferee or other successors in interest
      as selling stockholders under this prospectus.

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    Upon
      the
      Company being notified in writing by a Selling Stockholder that any material
      arrangement has been entered into with a broker-dealer for the sale of Common
      Stock through a block trade, special offering, exchange distribution or
      secondary distribution or a purchase by a broker or dealer, a supplement to
      this
      prospectus will be filed, if required, pursuant to Rule 424(b) under the
      Securities Act, disclosing (i) the name of each such Selling Stockholder and
      of
      the participating broker-dealer(s), (ii) the number of shares involved, (iii)
      the price at which such the shares of Common Stock were sold, (iv)the
      commissions paid or discounts or concessions allowed to such broker-dealer(s),
      where applicable, (v) that such broker-dealer(s) did not conduct any
      investigation to verify the information set out or incorporated by reference
      in
      this prospectus, and (vi) other facts material to the transaction. In addition,
      upon the Company being notified in writing by a Selling Stockholder that a
      donee
      or pledgee intends to sell more than 500 shares of Common Stock, a supplement
      to
      this prospectus will be filed if then required in accordance with applicable
      securities law.

     

    The
      Selling Stockholders also may transfer the shares of Common Stock in other
      circumstances, in which case the transferees, pledgees or other successors
      in
      interest will be the selling beneficial owners for purposes of this
      prospectus.

     

    The
      Selling Stockholders and any broker-dealers or agents that are involved in
      selling the shares may be deemed to be "underwriters" within the meaning of
      the
      Securities Act in connection with such sales. In such event, any commissions
      received by such broker-dealers or agents and any profit on the resale of the
      shares purchased by them may be deemed to be underwriting commissions or
      discounts under the Securities Act. Discounts, concessions, commissions and
      similar selling expenses, if any, that can be attributed to the sale of the
      securities will be paid by the Selling Stockholder and/or the purchasers. Each
      Selling Stockholder has represented and warranted to the Company that it
      acquired the securities subject to this registration statement in the ordinary
      course of such Selling Stockholder’s business and, at the time of its purchase
      of such securities such Selling Stockholder had no agreements or understandings,
      directly or indirectly, with any person to distribute any such securities.
      

     

    The
      Company has advised each Selling Stockholder that it may not use shares
      registered on this Registration Statement to cover short sales of Common Stock
      made prior to the date on which this Registration Statement shall have been
      declared effective by the Commission. If a Selling Stockholder uses this
      prospectus for any sale of the Common Stock, it will be subject to the
      prospectus delivery requirements of the Securities Act. The Selling Stockholders
      will be responsible to comply with the applicable provisions of the Securities
      Act and Exchange Act, and the rules and regulations thereunder promulgated,
      including, without limitation, Regulation M, as applicable to such Selling
      Stockholders in connection with resales of their respective shares under this
      Registration Statement.

     

    The
      Company is required to pay all fees and expenses incident to the registration
      of
      the shares, but the Company will not receive any proceeds from the sale of
      the
      Common Stock. The Company has agreed to indemnify the Selling Stockholders
      against certain losses, claims, damages and liabilities, including liabilities
      under the Securities Act. 

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    Annex
      B

     

    ASIAN
      FINANCIAL, INC.

     

    Selling
      Securityholder Notice and Questionnaire

     

    The
      undersigned beneficial owner of common stock (the “Common
      Stock”),
      of
      Asian Financial, Inc., a Wyoming corporation (the “Company”)
      understands that the Company has filed or intends to file with the Securities
      and Exchange Commission (the “Commission”)
      a
      Registration Statement for the registration and resale of the Registrable
      Securities, in accordance with the terms of the Registration Rights Agreement,
      dated as of October __, 2006 (the “Registration
      Rights Agreement”),
      among
      the Company and the Investors named therein. A copy of the Registration Rights
      Agreement is available from the Company upon request at the address set forth
      below. All capitalized terms used and not otherwise defined herein shall have
      the meanings ascribed thereto in the Registration Rights Agreement.

     

    The
      undersigned hereby provides the following information to the Company and
      represents and warrants that such information is accurate:

     

    QUESTIONNAIRE

     

    
      	1.	Name.	 

      	 	 	 

      	
            	
              (a)

            	
              Full
                Legal Name of Selling Securityholder

            

      	 	 	 

      	 	 	_______________________________________________________________________________________

      	 	 	
            

    

    
      	 	
              (b)

            	
              Full
                Legal Name of Registered Holder (if not the same as (a) above) through
                which Registrable Securities Listed in Item 3 below are
                held:

            

      	 	 	
            

      	 	 	_______________________________________________________________________________________

    

     

    
      	 	
              (c)

            	
              Full
                Legal Name of Natural Control Person (which means a natural person
                who
                directly or indirectly alone or with others has power to vote or
                dispose
                of the securities covered by the
                questionnaire):

            

      	 	 	 

      	 	 	_______________________________________________________________________________________

    

     

     

    2.
      Address for Notices to Selling Securityholder:

     

    
      	__________________________________________________________________________________________________________
	__________________________________________________________________________________________________________
	___________________________________________________________________________________________________________
	
              Telephone:__________________________________________________________________________________________________________________

            
	
              Fax:_______________________________________________________________________________________________________________________

            
	
              Contact
                Person:______________________________________________________________________________________________________________

            

    

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    
 

    3.
      Beneficial Ownership of Registrable Securities:

     

    
      	 	 	
              Type
                and Principal Amount of Registrable Securities beneficially
                owned:

            

      	 	 	__________________________________________________________________________________________

      	 	 	__________________________________________________________________________________________

      	 	 	__________________________________________________________________________________________

    

     

    4.
      Broker-Dealer Status:

     

    
      	 	
              (a)

            	
              Are
                you a broker-dealer?

            

    

     

    Yes    
      o No    
      o

     

    
      	 	
              Note:

            	
              If
                yes, the Commission’s staff has indicated that you should be identified as
                an underwriter in the Registration
                Statement.

            

    

     

    
      	 	
              (b)

            	
              Are
                you an affiliate of a
                broker-dealer?

            

    

     

    Yes    
      o No    
      o

     

    
      	 	
              (c)

            	
              If
                you are an affiliate of a broker-dealer, do you certify that you
                bought
                the Registrable Securities in the ordinary course of business, and
                at the
                time of the purchase of the Registrable Securities to be resold,
                you had
                no agreements or understandings, directly or indirectly, with any
                person
                to distribute the Registrable
                Securities?

            

    

     

    Yes    
      o No    
      o

     

    
      	
               

            	
              Note:

            	
              If
                no, the Commission’s staff has indicated that you should be identified as
                an underwriter in the Registration
                Statement.

            

    

     

    5.
      Beneficial Ownership of Other Securities of the Company Owned by the Selling
      Securityholder.

     

    Except
      as set forth below in this Item 5, the undersigned is not the beneficial or
      registered owner of any securities of the Company other than the Registrable
      Securities listed above in Item 3.

     

    
      	 	 	
              Type
                and Amount of Other Securities beneficially owned by the Selling
                Securityholder:

            

      	 	 	__________________________________________________________________________________________

      	 	 	__________________________________________________________________________________________

      	 	 	__________________________________________________________________________________________

    

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

     

    6.
      Relationships with the Company:

     

    
      	 	Except as set forth below, neither
              the
              undersigned nor any of its affiliates, officers, directors or principal
              equity holders (owners of 5% of more of the equity securities of the
              undersigned) has held any position or office or has had any other material
              relationship with the Company (or its predecessors or affiliates) during
              the past three years.
	 	
            
	 	State any exceptions here:
	 	 
	 	__________________________________________________________________________________________
	 	__________________________________________________________________________________________

    

     

    The
      undersigned agrees to promptly notify the Company of any inaccuracies or changes
      in the information provided herein that may occur subsequent to the date hereof
      and prior to the Effective Date for the Registration Statement.

     

    Certain
      legal consequences arise from being named as a Selling Securityholder in the
      Registration Statement and related prospectus. Accordingly, the undersigned
      is
      advised to consult their own securities law counsel regarding the consequence
      of
      being named or not being named as a Selling Securityholder in the Registration
      Statement and the related prospectus.

     

    By
      signing below, the undersigned consents to the disclosure of the information
      contained herein in its answers to Items 1 through 6 and the inclusion of such
      information in the Registration Statement and the related prospectus. The
      undersigned understands that such information will be relied upon by the Company
      in connection with the preparation or amendment of the Registration Statement
      and the related prospectus. The undersigned hereby elects to include the
      Registrable Securities owned by it and listed above in Item 3 (unless otherwise
      specified in Item 3) in the Registration Statement.

     

    IN
      WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice
      and Questionnaire to be executed and delivered either in person or by its duly
      authorized agent.

     

     

    
      	Dated: _________________________	Beneficial Owner:
              ____________________________________________
	 	 
	 	By:
              ________________________________________________________
	 	
              Name:

            
	 	
              Title:

            

    

     

    PLEASE
      FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN
      THE ORIGINAL BY OVERNIGHT MAIL, TO:

    

    Heller
      Ehrman LLP

    35th
      Floor

    One
      Exchange Square 

    8
      Connaught Place 

    Central

    Hong
      Kong

    Facsimile:
      852 2292-2200

    Attn.:
      Simon Luk

     

    
      
        
        

      

      
        B-3EX—10.1

     

    SECURITIES
      PURCHASE AGREEMENT

     

    This
      Securities Purchase Agreement (this “Agreement”)
      is
      dated as of October 24, 2006, among Asian Financial, Inc., a Wyoming corporation
      (the “Company”)
      and the
      investors identified on the signature pages hereto (each, an “Investor”
      and
      collectively, the “Investors”).

     

    WHEREAS,
      subject to the terms and conditions set forth in this Agreement and pursuant
      to
      Section 4(2) of the Securities Act (as defined below) and Rule 506 promulgated
      thereunder, the Company desires to issue and sell to each Investor, and each
      Investor, severally and not jointly, desires to purchase from the Company
      certain securities of the Company, as more fully described in this
      Agreement.

     

    NOW,
      THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement,
      and for other good and valuable consideration the receipt and adequacy of which
      are hereby acknowledged, the Company and the Investors agree as
      follows:

     

    ARTICLE
      1.

    DEFINITIONS

     

    1.1.  Definitions.
      In
      addition to the terms defined elsewhere in this Agreement, for all purposes
      of
      this Agreement, the following terms shall have the meanings indicated in this
      Section 1.1:

     

    “2006
      Make Good Shares” has
      the
      meaning set forth in Section 4.10(a).

     

    “2007
      ATNI” has
      the
      meaning set forth in Section 4.10(b).

     

    “2007
      EPS” has
      the
      meaning set forth in Section 4.10(b).

     

    “2007
      Make Good Shares” has
      the
      meaning set forth in Section 4.10(b).

     

    “2008
      ATNI” has
      the
      meaning set forth in Section 4.10(b).

     

    “2008
      EPS” has
      the
      meaning set forth in Section 4.10(b).

     

    “2008
      Make Good Shares” has
      the
      meaning set forth in Section 4.10(b).

     

    “Action”
      means
      any action, suit, inquiry, notice of violation, proceeding (including any
      partial proceeding such as a deposition) or investigation pending or threatened
      in writing against or affecting the Company, any Subsidiary or any of their
      respective properties before or by any court, arbitrator, governmental or
      administrative agency, regulatory authority (federal, state, county, local
      or
      foreign), stock market, stock exchange or trading facility.

     

    “Additional
      Shares”
      has the
      meaning set forth in Section 4.16. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Adjusted
      Unaudited Working Capital Amount” has
      the
      meaning set forth in Section 4.16.

     

    “Affiliate”
      means
      any Person that, directly or indirectly through one or more intermediaries,
      controls or is controlled by or is under common control with a Person, as such
      terms are used in and construed under Rule 144.

     

    “Business
      Day”
      means
      any day except Saturday, Sunday and any day which is a federal legal holiday
      or
      a day on which banking institutions in the State of New York or the State of
      California are authorized or required by law or other governmental action to
      close.

     

    “Buy-In”
      has
      the
      meaning set forth in Section 4.1(c).

     

    “Closing”
      means
      the closing of the purchase and sale of the Shares pursuant to Article
      II.

     

    “Closing
      Date”
      means
      the Business Day on which all of the conditions set forth in Sections 5.1 and
      5.2 hereof are satisfied, or such other date as the parties may
      agree.

     

    “Commission”
      means
      the Securities and Exchange Commission.

     

    “Common
      Stock”
      means
      the common stock of the Company, par value $0.001 per share, and any securities
      into which such common stock may hereafter be reclassified.

     

    “Common
      Stock Equivalents”
      means
      any securities of the Company or any Subsidiary which entitle the holder thereof
      to acquire Common Stock at any time, including without limitation, any debt,
      preferred stock, rights, options, warrants or other instrument that is at any
      time convertible into or exchangeable for, or otherwise entitles the holder
      thereof to receive, Common Stock or other securities that entitle the holder
      to
      receive, directly or indirectly, Common Stock.

     

    “Company
      Deliverables”
      has the
      meaning set forth in Section 2.2(a).

     

    “Current
      Assets”
      means
      the current assets of the Company, as determined in accordance with GAAP
      applying consistent principles, practices, methodologies and policies, as set
      forth in the audited consolidated financial statements of the Company for the
      fiscal year ended June 30, 2006.

     

    “Current
      Liabilities”
      means
      the current Liabilities of the Company, as determined in accordance with GAAP
      applying consistent principles, practices, methodologies and policies, as set
      forth in the audited consolidated financial statements of the Company for the
      fiscal year ended June 30, 2006.

     

    “Disclosure
      Materials”
      has the
      meaning set forth in Section 3.1(h).

     

    “Effective
      Date”
      means
      the date that the Registration Statement required by Section 2(a) of the
      Registration Rights Agreement is first declared effective by the
      Commission.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    "Escrow
      Agreement"
      means
      the Escrow Agreement, dated as of the date hereof, between the Company and
      the
      escrow agent (the “Escrow
      Agent”)
      set
      forth therein, in the form of Exhibit
      A
      hereto.

     

    “Event
      Date”
      has the
      meaning set forth in Section 4.11.

     

    “Exchange
      Act”
      means
      the Securities Exchange Act of 1934, as amended.

     

    “GAAP”
      means
      U.S. generally accepted accounting principles.

     

    “Guaranteed
      NI” has
      the
      meaning set forth in Section 4.10(a).

     

    “Intellectual
      Property Rights”
      has the
      meaning set forth in Section 3.1(n).

     

    “Investment
      Amount”
      means,
      with respect to each Investor, the Investment Amount indicated on such
      Investor’s signature page to this Agreement.

     

    “Investor
      Deliverables”
      has the
      meaning set forth in Section 2.2(b).

     

    “Investor
      Party”
      has the
      meaning set forth in Section 4.6.

     

    “June
      30th
      Audited Working Capital Amount”
      means
      the dollar amount of Current Assets minus Current Liabilities, as reflected
      in
      the audited consolidated financial statements of the Company for the fiscal
      year
      ended June 30, 2006.

     

    “Liabilities”
      means
      any and all debts, liabilities, commitments and obligations of any kind of
      the
      Company, whether fixed, contingent or absolute, matured or unmatured, liquidated
      or unliquidated, accrued or not accrued, asserted or not asserted, known or
      unknown, determined, determinable or otherwise, whenever or however arising
      (including, whether arising out of any contract or tort based on negligence
      or
      strict liability) and whether or not the same would be required by GAAP to
      be
      reflected in financial statements or disclosed in the notes
      thereto.

     

    “Lien”
      means
      any lien, charge, encumbrance, security interest, right of first refusal or
      other restrictions of any kind.

     

    “Make
      Good Escrow Agreement” means
      the
      Make Good Escrow Agreement, dated as of the date hereof, among the Company,
      Roth
      Capital Partners, LLC, as agent, the escrow agent (the “Make
      Good Escrow Agent”)
      set
      forth therein and Wenhua Guo, in the form of Exhibit
      B
      hereto.

     

    “Material
      Adverse Effect”
      means
      any of (i) a material and adverse effect on the legality, validity or
      enforceability of any Transaction Document, (ii) a material and adverse effect
      on the results of operations, assets, prospects, business or condition
      (financial or otherwise) of the Company and the Subsidiaries, taken as a whole,
      or (iii) a material and adverse impairment to the Company’s ability to perform
      on a timely basis its material obligations under any Transaction
      Document.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “New
      York Courts”
      means
      the state and federal courts sitting in the City of New York, Borough of
      Manhattan.

     

    “Outside
      Date”
      means
      November 17, 2006.

     

    “Per
      Share Purchase Price”
      equals
      $1.43182.

     

    “Person”
      means an
      individual or corporation, partnership, trust, incorporated or unincorporated
      association, joint venture, limited liability company, joint stock company,
      government (or an agency or subdivision thereof) or other entity of any
      kind.

     

    “Proceeding”
      means an
      action, claim, suit, investigation or proceeding (including, without limitation,
      an investigation or partial proceeding, such as a deposition), whether commenced
      or to the knowledge of the Company threatened.

     

    “Registration
      Rights Agreement”
      means
      the Registration Rights Agreement, dated as of the date of this Agreement,
      among
      the Company and the Investors, in the form of Exhibit
      C
      hereto.

     

    “Registration
      Statement”
      means a
      registration statement meeting the requirements set forth in the Registration
      Rights Agreement and covering the resale by the Investors of the
      Shares.

     

    “Reorganization”
means
      the transfer by Duoyuan Investments Limited, a British Virgin Islands company
      (“DIL”)
      of all
      of its equity interest in Duoyuan
      Digital Printing Technology Industry (China) Co., Ltd. (“Duoyuan
      China”)
      to the
      Company pursuant to the Equity Transfer Agreement, dated August 31, 2006,
      entered into by and among the Company (for purposes hereof, including the
      predecessor of the Company) and DIL, as a result of which Duoyuan
      China and its subsidiaries became a wholly-owned subsidiary of the Company,
      and
      Wenhua Guo, the sole shareholder of DIL, became the controlling
      shareholder
      of the
      Company.

     

    “Rule
      144”
      means
      Rule 144 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    “SEC
      Reports”
      has the
      meaning set forth in Section 3.1(h).

     

    “Securities
      Act”
      means
      the Securities Act of 1933, as amended.

     

    “Share
      Delivery Date”
      has the
      meaning set forth in Section 4.1(c).

     

    “Shares”
      means
the
      shares of Common Stock issued or issuable to the Investors pursuant to this
      Agreement.

     

    “Short
      Sales”
      include,
      without limitation, all “short sales” as defined in Rule 200 promulgated under
      Regulation SHO under the Exchange Act and all types of direct and indirect
      stock
      pledges, forward sale contracts, options, puts, calls, swaps and similar
      arrangements (including on a total return basis), and sales and other
      transactions through non-US broker dealers or foreign regulated
      brokers.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    “Subsidiary”
      means
      any “significant subsidiary” as defined in Rule 1-02(w) of the Regulation S-X
      promulgated by the Commission under the Exchange Act.

     

    “Trading
      Day”
      means
      (i) a day on which the Common Stock is traded on a Trading Market (other than
      the OTC Bulletin Board), or (ii) if the Common Stock is not listed on a Trading
      Market (other than the OTC Bulletin Board), a day on which the Common Stock
      is
      traded in the over-the-counter market, as reported by the OTC Bulletin Board,
      or
      (iii) if the Common Stock is not quoted on any Trading Market, a day on which
      the Common Stock is quoted in the over-the-counter market as reported by the
      Pink Sheets LLC (or any similar organization or agency succeeding to its
      functions of reporting prices); provided, that in the event that the Common
      Stock is not listed or quoted as set forth in (i), (ii) and (iii) hereof, then
      Trading Day shall mean a Business Day.

     

    “Trading
      Market”
      means
      whichever of the New York Stock Exchange, the American Stock Exchange, the
      NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market
      or OTC Bulletin Board on which the Common Stock is listed or quoted for trading
      on the date in question.

     

    “Transaction
      Documents”
      means
      this Agreement, the Registration Rights Agreement, the Escrow Agreement, the
      Make Good Escrow Agreement and any other documents or agreements executed in
      connection with the transactions contemplated hereunder.

     

    ARTICLE
      2.

    PURCHASE
      AND SALE

     

    2.1.  Closing.
      Subject
      to the terms and conditions set forth in this Agreement, at the Closing the
      Company shall issue and sell to each Investor, and each Investor shall,
      severally and not jointly, purchase from the Company, the Shares representing
      such Investor’s Investment Amount. The Closing shall take place at the offices
      of Bryan Cave LLP, 1290 Avenue of the Americas, New York, NY 10104 on the
      Closing Date or at such other location or time as the parties may
      agree.

     

    2.2.  Closing
      Deliveries.
      (a)
      At the
      Closing, the Company shall deliver or cause to be delivered to each Investor
      the
      following (the “Company
      Deliverables”):

     

    (i)  a
      certificate evidencing a number of Shares equal to such Investor’s Investment
      Amount divided by the Per Share Purchase Price, registered in the name of such
      Investor;

     

    (ii)  the
      legal
      opinions, in agreed form, addressed to the Investors (which will include
      opinions reasonably acceptable to the Investors with respect to the
      Reorganization);

     

    (iii)  the
      Registration Rights Agreement, duly executed by the Company;

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (iv) the
      Make
      Good Escrow Agreement, duly executed by the Company; and

     

    (v) the
      Escrow Agreement, duly executed by the Company.

     

    (b)  At
      the
      Closing, each Investor shall deliver or cause to be delivered to the Company
      the
      following (the “Investor
      Deliverables”):

     

    (i)  the
      Registration Rights Agreement, duly executed by such Investor; and

     

    (ii) a
      completed Investor Questionnaire in the form attached to this Agreement as
      Exhibit
      D.

     

    (c)  Within
      one Business Day following the date of this Agreement, each Investor shall
      cause
      to be delivered to the Escrow Agent, its Investment Amount, in United States
      dollars and in immediately available funds, by wire transfer to an account
      designated in writing by the Company for such purpose in accordance with the
      terms of the Escrow Agreement.

     

    ARTICLE
      3.

    REPRESENTATIONS
      AND WARRANTIES

     

    3.1.  Representations
      and Warranties of the Company.
      The
      Company hereby makes the following representations and warranties to each
      Investor:

     

    (a)  Subsidiaries.
      The
      Company has no direct or indirect Subsidiaries other than as disclosed in the
      SEC Reports. Except as disclosed in the SEC Reports, the Company owns, directly
      or indirectly, all of the capital stock of each Subsidiary free and clear of
      any
      and all Liens, and all the issued and outstanding shares of capital stock of
      each Subsidiary are validly issued and are fully paid, non-assessable and free
      of preemptive and similar rights.

     

    (b)  Organization
      and Qualification.
      The
      Company and each Subsidiary are duly incorporated or otherwise organized,
      validly existing and in good standing under the laws of the jurisdiction of
      its
      incorporation or organization (as applicable), with the requisite power and
      authority to own and use its properties and assets and to carry on its business
      as currently conducted. Neither the Company nor any Subsidiary is in violation
      of any of the provisions of its respective certificate or articles of
      incorporation, bylaws or other organizational or charter documents. The Company
      and each Subsidiary are duly qualified to conduct its respective businesses
      and
      are in good standing as a foreign corporation or other entity in each
      jurisdiction in which the nature of the business conducted or property owned
      by
      it makes such qualification necessary, except where the failure to be so
      qualified or in good standing, as the case may be, could not, individually
      or in
      the aggregate, have or reasonably be expected to result in a Material Adverse
      Effect.

     

    (c)  Authorization;
      Enforcement.
      The
      Company has the requisite corporate power and authority to enter into and to
      consummate the transactions contemplated by each of the Transaction Documents
      and otherwise to carry out its obligations thereunder. The execution and
      delivery of each of the Transaction Documents by the Company and the
      consummation by it of the transactions contemplated thereby have been duly
      authorized by all necessary action on the part of the Company and no further
      action is required by the Company in connection therewith. Each Transaction
      Document has been (or upon delivery will have been) duly executed by the Company
      and, when delivered in accordance with the terms hereof, will constitute the
      valid and binding obligation of the Company enforceable against the Company
      in
      accordance with its terms, except as such enforceability may be limited by
      applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
      or
      similar laws relating to, or affecting generally the enforcement of, creditors’
rights and remedies or by other equitable principles of general
      application.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (d)  No
      Conflicts.
      The
      execution, delivery and performance of the Transaction Documents by the Company
      and the consummation by the Company of the transactions contemplated thereby
      do
      not and will not (i) conflict with or violate any provision of the Company’s or
      any Subsidiary’s certificate or articles of incorporation, bylaws or other
      organizational or charter documents, or (ii) conflict with, or constitute a
      default (or an event that with notice or lapse of time or both would become
      a
      default) under, or give to others any rights of termination, amendment,
      acceleration or cancellation (with or without notice, lapse of time or both)
      of,
      any agreement, credit facility, debt or other instrument (evidencing a Company
      or Subsidiary debt or otherwise) or other understanding to which the Company
      or
      any Subsidiary is a party or by which any property or asset of the Company
      or
      any Subsidiary is bound or affected and which is filed as an exhibit to the
      SEC
      Reports, or (iii) result in a violation of any law, rule, regulation, order,
      judgment, injunction, decree or other restriction of any court or governmental
      authority to which the Company or a Subsidiary is subject (including federal
      and
      state securities laws and regulations), or by which any property or asset of
      the
      Company or a Subsidiary is bound or affected; except in the case of each of
      clauses (ii) and (iii), such as could not, individually or in the aggregate,
      have or reasonably be expected to result in a Material Adverse
      Effect.

     

    (e)  Filings,
      Consents and Approvals.
      Neither
      the Company nor any Subsidiary is required to obtain any consent, waiver,
      authorization or order of, give any notice to, or make any filing or
      registration with, any court or other federal, state, local or other
      governmental authority or other Person in connection with the execution,
      delivery and performance by the Company of the Transaction Documents, other
      than
      (i) the filing by the Company with the Commission of one or more Registration
      Statements in accordance with the requirements of the Registration Rights
      Agreement, (ii) filings required by state securities laws, (iii) the filing
      by
      the Company of a Notice of Sale of Securities on Form D with the Commission
      under Regulation D of the Securities Act, (iv) the filings required in
      accordance with Section 4.5, (v) those that have been made or obtained prior
      to
      the date of this Agreement, (vi) registrations, notices or filings required
      to
      be made in order to comply with the currency and exchange control requirements
      imposed by the Chinese government and/or Chinese law, if any, and (vii)
      post-closing securities filings or notifications required to be made under
      federal or state securities laws. Duoyuan China and the Company (as applicable)
      have made all filings and received all approvals required under the laws of
      the
      People’s Republic of China to duly effect the Reorganization.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (f)  Issuance
      of the Shares.
      The
      Shares have been duly authorized and, when issued and paid for in accordance
      with the Transaction Documents, will be duly and validly issued, fully paid
      and
      nonassessable, free and clear of all Liens. As of the Closing, the Company
      has
      reserved from its duly authorized capital stock the shares of Common Stock
      issuable pursuant to this Agreement in order to issue the Shares.

     

    (g)  Capitalization.
      The
      number of shares and type of all authorized, issued and outstanding capital
      stock of the Company, and all shares of Common Stock reserved for issuance
      under
      the Company’s various option and incentive plans, is specified in the SEC
      Reports. Except as specified in the SEC Reports, no securities of the Company
      are entitled to preemptive or similar rights, and no Person has any right of
      first refusal, preemptive right, right of participation, or any similar right
      to
      participate in the transactions contemplated by the Transaction Documents.
      Except as specified in the SEC Reports, there are no outstanding options,
      warrants, scrip rights to subscribe to, calls or commitments of any character
      whatsoever relating to, or securities, rights or obligations convertible into
      or
      exchangeable for, or giving any Person any right to subscribe for or acquire,
      any shares of Common Stock, or contracts, commitments, understandings or
      arrangements by which the Company or any Subsidiary is or may become bound
      to
      issue additional shares of Common Stock, or securities or rights convertible
      or
      exchangeable into shares of Common Stock. The issue and sale of the Shares
      will
      not, immediately or with the passage of time, obligate the Company to issue
      shares of Common Stock or other securities to any Person (other than the
      Investors) and will not result in a right of any holder of Company securities
      to
      adjust the exercise, conversion, exchange or reset price under such
      securities.

     

    (h)  SEC
      Reports; Financial Statements.
      Except
      as disclosed in the SEC Reports, the Company has filed all reports required
      to
      be filed by it under the Securities Act and the Exchange Act, including pursuant
      to Section 13(a) or 15(d) thereof, for the twelve months preceding the date
      hereof (or such shorter period as the Company was required by law to file such
      reports) (the foregoing materials being collectively referred to herein as
      the
“SEC
      Reports”
      and,
      together with the Schedules to this Agreement (if any), the “Disclosure
      Materials”)
      on a
      timely basis or has timely filed a valid extension of such time of filing and
      has filed any such SEC Reports prior to the expiration of any such extension.
      As
      of their respective dates, to the knowledge of the Company, the SEC Reports
      complied in all material respects with the requirements of the Securities Act
      and the Exchange Act and the rules and regulations of the Commission promulgated
      thereunder, and none of the SEC Reports, when filed, contained any untrue
      statement of a material fact or omitted to state a material fact required to
      be
      stated therein or necessary in order to make the statements therein, in light
      of
      the circumstances under which they were made, not misleading in connection
      with
      the Subsidiaries. The financial statements of the Company and the Subsidiaries
      included in the SEC Reports comply in all material respects with applicable
      accounting requirements and the rules and regulations of the Commission with
      respect thereto as in effect at the time of filing. Such financial statements
      have been prepared in accordance with GAAP applied on a consistent basis during
      the periods involved, except as may be otherwise specified in such financial
      statements or the notes thereto, and fairly present in all material respects
      the
      financial position of the Company and its Subsidiaries as of and for the dates
      thereof and the results of operations and cash flows for the periods then ended,
      subject, in the case of unaudited statements, to normal, immaterial, year-end
      audit adjustments.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (i)  Litigation.
      There
      is no Action which (i) adversely affects or challenges the legality, validity
      or
      enforceability of any of the Transaction Documents or the Shares or (ii) except
      as specifically disclosed in the SEC Reports, could, if there were an
      unfavorable decision, individually or in the aggregate, have or reasonably
      be
      expected to result in a Material Adverse Effect. Neither the Company nor any
      Subsidiary, nor any director or officer thereof (in his or her capacity as
      such), is or has been the subject of any Action involving a claim of violation
      of or liability under federal or state securities laws or a claim of breach
      of
      fiduciary duty, except as specifically disclosed in the SEC Reports. There
      has
      not been, and to the knowledge of the Company, there is not pending any
      investigation by the Commission involving the Company or any Subsidiary or
      any
      current or former director or officer of the Company or any Subsidiary (in
      his
      or her capacity as such).

     

    (j)  Labor
      Relations.
      No
      material labor dispute exists or, to the knowledge of the Company, is imminent
      with respect to any of the employees of the Company or any
      Subsidiary.

     

    (k)  Compliance.
      Neither
      the Company nor any Subsidiary (i) is in default under or in violation of (and
      no event has occurred that has not been waived that, with notice or lapse of
      time or both, would result in a default by the Company or any Subsidiary under),
      nor has the Company or any Subsidiary received notice of a claim that it is
      in
      default under or that it is in violation of, any indenture, loan or credit
      agreement or any other agreement or instrument to which it is a party or by
      which it or any of its properties is bound (whether or not such default or
      violation has been waived), (ii) is in violation of any order of any court,
      arbitrator or governmental body, or (iii) is or has been in violation of any
      statute, rule or regulation of any governmental authority, including without
      limitation all foreign, federal, state and local laws relating to taxes,
      environmental protection, occupational health and safety, product quality and
      safety and employment and labor matters, except in each case as could not,
      individually or in the aggregate, have or reasonably be expected to result
      in a
      Material Adverse Effect.

     

    (l)  Regulatory
      Permits.
      The
      Company and the Subsidiaries possess all certificates, authorizations and
      permits issued by the appropriate federal, state, local or foreign regulatory
      authorities necessary to conduct their respective businesses as described in
      the
      SEC Reports, except where the failure to possess such permits could not,
      individually or in the aggregate, have or reasonably be expected to result
      in a
      Material Adverse Effect, and neither the Company nor any Subsidiary has received
      any notice of proceedings relating to the revocation or modification of any
      such
      permits.

     

    (m)  Title
      to Assets.
      The
      Company and the Subsidiaries have good and marketable title to all real property
      owned by them that is material to their respective businesses and good and
      marketable title in all personal property owned by them that is material to
      their respective businesses, in each case free and clear of all Liens, except
      for Liens as do not materially affect the value of such property and do not
      materially interfere with the use made and proposed to be made of such property
      by the Company and the Subsidiaries. Any real property and facilities held
      under
      lease by the Company and the Subsidiaries are held by them under valid,
      subsisting and enforceable leases of which the Company and the Subsidiaries
      are
      in compliance, except as could not, individually or in the aggregate, have
      or
      reasonably be expected to result in a Material Adverse Effect.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (n)  Patents
      and Trademarks.
      The
      Company and the Subsidiaries have, or have rights to use, all patents, patent
      applications, trademarks, trademark applications, service marks, trade names,
      copyrights, licenses and other similar rights that are necessary or material
      for
      use in connection with their respective businesses as described in the SEC
      Reports and which the failure to so have could, individually or in the
      aggregate, have or reasonably be expected to result in a Material Adverse Effect
      (collectively, the “Intellectual
      Property Rights”).
      Neither the Company nor any Subsidiary has received a written notice that the
      Intellectual Property Rights used by the Company or any Subsidiary violates
      or
      infringes upon the rights of any Person. To the knowledge of the Company, all
      such Intellectual Property Rights are enforceable and there is no existing
      infringement by another Person of any of the Intellectual Property
      Rights.

     

    (o)  Insurance.
      The
      Company and the Subsidiaries are insured by insurers of recognized financial
      responsibility against such losses and risks and in such amounts as are prudent
      and customary in the businesses and in the country in which the Company and
      the
      Subsidiaries operate. The Company has no reason to believe that it will not
      be
      able to renew its and the Subsidiaries’ existing insurance coverage as and when
      such coverage expires or to obtain similar coverage from similar insurers as
      may
      be necessary to continue its business on terms consistent with market for the
      Company’s and such Subsidiaries’ respective lines of business.

     

    (p)  Transactions
      With Affiliates and Employees.
      Except
      as set forth on Schedule
      3.1(p),
      none of
      the officers or directors of the Company or any Subsidiary and, to the knowledge
      of the Company, none of the employees of the Company or any Subsidiary is
      presently a party to any transaction with the Company or any Subsidiary (other
      than for services as employees, officers and directors), including any contract,
      agreement or other arrangement providing for the furnishing of services to
      or
      by, providing for rental of real or personal property to or from, or otherwise
      requiring payments to or from any officer, director or such employee or, to
      the
      knowledge of the Company or any Subsidiary, any entity in which any officer,
      director, or any such employee has a substantial interest or is an officer,
      director, trustee or partner.

     

    (q)  Internal
      Accounting Controls.
      The
      Company and the Subsidiaries maintain a system of internal accounting controls
      sufficient to provide reasonable assurance that (i) transactions are executed
      in
      accordance with management’s general or specific authorizations, (ii)
      transactions are recorded as necessary to permit preparation of financial
      statements in conformity with GAAP and to maintain asset accountability, (iii)
      access to assets is permitted only in accordance with management’s general or
      specific authorization, and (iv) the recorded accountability for assets is
      compared with the existing assets at reasonable intervals and appropriate action
      is taken with respect to any differences. The Company is establishing disclosure
      controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
      15d-15(e)) for the Company and is designing such disclosure controls and
      procedures to ensure that material information relating to the Company,
      including its Subsidiaries, is made known to the certifying officers by others
      within those entities, particularly during the period in which the Company’s
      Form 10-KSB or 10-QSB, as the case may be, is being prepared.

     

    (r)  Solvency.
      Based
      on the financial condition of the Company as of the Closing Date (and assuming
      that the Closing shall have occurred), (i) the Company’s assets do not
      constitute unreasonably small capital to carry on its business for the current
      fiscal year as now conducted and as proposed to be conducted including its
      capital needs taking into account the particular capital requirements of the
      business conducted by the Company, and projected capital requirements and
      capital availability thereof, and (ii) the current cash flow of the Company,
      together with the proceeds the Company would receive, were it to liquidate
      all
      of its assets, after taking into account all anticipated uses of the cash,
      would
      generally be sufficient to pay the amounts on or in respect of its debt. The
      Company does not intend to incur debts beyond its ability to pay such debts
      as
      they mature (taking into account the timing and amounts of cash to be payable
      on
      or in respect of its debt).

     

    
      
        
        

      

      
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    (s)  Certain
      Fees.
      Except
      as described in Schedule
      3.1(s),
      no
      brokerage or finder’s fees or commissions are or will be payable by the Company
      to any broker, financial advisor or consultant, finder, placement agent,
      investment banker, bank or other Person with respect to the transactions
      contemplated by this Agreement. The Investors shall have no obligation with
      respect to any fees or with respect to any claims (other than such fees or
      commissions owed by an Investor pursuant to written agreements executed by
      such
      Investor which fees or commissions shall be the sole responsibility of such
      Investor) made by or on behalf of other Persons for fees of a type contemplated
      in this Section that may be due in connection with the transactions contemplated
      by this Agreement.

     

    (t)  Certain
      Registration Matters.
      Assuming the accuracy of the Investors’ representations and warranties set forth
      in Section 3.2(b)-(e), no registration under the Securities Act is required
      for
      the offer and sale of the Shares by the Company to the Investors under the
      Transaction Documents. The Company is eligible to register its Common Stock
      for
      resale by the Investors under Form SB-2 promulgated under the Securities Act.
      Except as specified in Schedule
      3.1(t),
      the
      Company has not granted or agreed to grant to any Person any rights (including
      “piggy-back” registration rights) to have any securities of the Company
      registered with the Commission or any other governmental authority that have
      not
      been satisfied.

     

    (u)  Investment
      Company.
      The
      Company is not, and is not an Affiliate of, and immediately following the
      Closing will not have become, an “investment company” within the meaning of the
      Investment Company Act of 1940, as amended.

     

    (v)  Application
      of Takeover Protections.
      The
      Company has taken all necessary action, if any, in order to render inapplicable
      any control share acquisition, business combination, poison pill (including
      any
      distribution under a rights agreement) or other similar anti-takeover provision
      under the Company’s Articles of Incorporation (or similar charter documents) or
      the laws of its state of incorporation that is or could become applicable to
      the
      Investors as a result of the Investors and the Company fulfilling their
      obligations or exercising their rights under the Transaction Documents,
      including without limitation the Company’s issuance of the Shares and the
      Investors’ ownership of the Shares.

     

    (w)  No
      Additional Agreements.
      The
      Company does not have any agreement or understanding with any Investor with
      respect to the transactions contemplated by the Transaction Documents other
      than
      as specified in the Transaction Documents.

     

    (x)  Consultation
      with Auditors.
      The
      Company has consulted its independent auditors concerning the accounting
      treatment of the transactions contemplated by the Transaction Documents, and
      in
      connection therewith has furnished such auditors complete copies of the
      Transaction Documents.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (y)  Disclosure.
      The
      Company confirms that neither it nor any Person acting on its behalf has
      provided any Investor or its respective agents or counsel with any information
      that the Company believes constitutes material, non-public information, except
      insofar as the existence and terms of the proposed transactions contemplated
      hereunder may constitute such information. The Company understands and confirms
      that the Investors will rely on the foregoing representations and covenants
      in
      effecting transactions in securities of the Company. All disclosure provided
      to
      the Investors regarding the Company, its business and the transactions
      contemplated hereby, furnished by or on behalf of the Company (including the
      Company’s representations and warranties set forth in this Agreement) are true
      and correct and do not contain any untrue statement of a material fact or omit
      to state any material fact necessary in order to make the statements made
      therein, in light of the circumstances under which they were made, not
      misleading.

     

    3.2.  Representations
      and Warranties of the Investors.
      Each
      Investor hereby, for itself and for no other Investor, represents and warrants
      to the Company as follows:

     

    (a)  Organization;
      Authority.
      Such
      Investor is an entity duly organized, validly existing and in good standing
      under the laws of the jurisdiction of its organization with the requisite
      corporate or partnership power and authority to enter into and to consummate
      the
      transactions contemplated by the applicable Transaction Documents and otherwise
      to carry out its obligations thereunder. The execution, delivery and performance
      by such Investor of the transactions contemplated by this Agreement has been
      duly authorized by all necessary corporate or, if such Investor is not a
      corporation, such partnership, limited liability company or other applicable
      like action, on the part of such Investor. Each of this Agreement and the
      Registration Rights Agreement has been duly executed by such Investor, and
      when
      delivered by such Investor in accordance with the terms hereof, will constitute
      the valid and legally binding obligation of such Investor, enforceable against
      it in accordance with its terms, except as such enforceability may be limited
      by
      applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
      or
      similar laws relating to, or affecting generally the enforcement of, creditors’
rights and remedies or by other equitable principles of general
      application.

     

    (b)  Investment
      Intent.
      Such
      Investor is acquiring the Shares as principal for its own account for investment
      purposes only and not with a view to or for distributing or reselling such
      Shares or any part thereof, without prejudice, however, to such Investor’s right
      at all times to sell or otherwise dispose of all or any part of such Shares
      in
      compliance with applicable federal and state securities laws. Subject to the
      immediately preceding sentence, nothing contained herein shall be deemed a
      representation or warranty by such Investor to hold the Shares for any period
      of
      time. Such Investor is acquiring the Shares hereunder in the ordinary course
      of
      its business. Such Investor does not have any agreement or understanding,
      directly or indirectly, with any Person to distribute any of the
      Shares.

     

    (c)  Investor
      Status.
      At the
      time such Investor was offered the Shares, it was, and at the date hereof it
      is,
      an “accredited investor” as defined in Rule 501(a) under the Securities Act.
      Such Investor is not a registered broker-dealer under Section 15 of the Exchange
      Act. Such Investor has such experience in business and financial matters that
      it
      is capable of evaluating the merits and risks of an investment in the Shares.
      Such Investor acknowledges that an investment in the Shares is speculative
      and
      involves a high degree of risk.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (d)  General
      Solicitation.
      Such
      Investor is not purchasing the Shares as a result of any advertisement, article,
      notice, meeting or other communication regarding the Shares published in any
      newspaper, magazine or similar media or broadcast over television or radio
      or
      presented at any seminar or any other general solicitation or general
      advertisement.

     

    (e)  Access
      to Information.
      Such
      Investor acknowledges that it has reviewed the Disclosure Materials and has
      been
      afforded (i) the opportunity to ask such questions as it has deemed necessary
      of, and to receive answers from, representatives of the Company concerning
      the
      terms and conditions of the offering of the Shares and the merits and risks
      of
      investing in the Shares; (ii) access to information about the Company and the
      Subsidiaries and their respective financial condition, results of operations,
      business, properties, management and prospects sufficient to enable it to
      evaluate its investment; and (iii) the opportunity to obtain such additional
      information that the Company possesses or can acquire without unreasonable
      effort or expense that is necessary to make an informed investment decision
      with
      respect to the investment. Neither such inquiries nor any other investigation
      conducted by or on behalf of such Investor or its representatives or counsel
      shall modify, amend or affect such Investor’s right to rely on the truth,
      accuracy and completeness of the Disclosure Materials and the Company’s
      representations and warranties contained in the Transaction
      Documents.

     

    (f)  Certain
      Trading Activities.
      Such
      Investor has not directly or indirectly, nor has any Person acting on behalf
      of
      or pursuant to any understanding with such Investor, engaged in any transactions
      in the securities of the Company (including, without limitations, any Short
      Sales involving the Company’s securities) since the earlier to occur of (1) the
      time that such Investor was first contacted by the Company or Roth Capital
      Partners, LLC regarding an investment in the Company and (2) the 30th
      day
      prior to the date of this Agreement. Such Investor covenants that neither it
      nor
      any Person acting on its behalf or pursuant to any understanding with it will
      engage in any transactions in the securities of the Company (including Short
      Sales) prior to the time that the transactions contemplated by this Agreement
      are publicly disclosed.

     

    (g)  Independent
      Investment Decision.
      Such
      Investor has independently evaluated the merits of its decision to purchase
      the
      Shares pursuant to the Transaction Documents, and such Investor confirms that
      it
      has not relied on the advice of any other Investor’s business and/or legal
      counsel in making such decision. Such Investor has not relied on the business
      or
      legal advice of Roth Capital Partners, LLC or any of its agents, counsel or
      Affiliates in making its investment decision hereunder, and confirms that none
      of such Persons has made any representations or warranties to such Investor
      in
      connection with the transactions contemplated by the Transaction
      Documents.

     

    (h)  Rule
      144.
      Such
      Investor understands that the Shares (including the Additional Shares) must
      be
      held indefinitely unless such Shares and/or Additional Shares are registered
      under the Securities Act or an exemption from registration
      is available. Such Investor acknowledges that it is familiar with Rule 144
      and
      that such Investor has been advised that Rule 144 permits resales only under
      certain circumstances. Such Investor understands that to the extent that Rule
      144 is not available, such Investor will be unable to sell any Shares and/or
      Additional Shares without either registration under the Securities Act or the
      existence of another exemption from such registration requirement.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    (i)  General.
      Such
      Investor understands that the Shares are being offered and sold in reliance
      on a
      transactional exemption from the registration requirements of federal and state
      securities laws and the Company is relying upon the truth and accuracy of the
      representations, warranties, agreements, acknowledgments and understandings
      of
      such Investor set forth herein in order to determine the applicability of such
      exemptions and the suitability of such Investor to acquire the Shares. Such
      Investor understands that no United States federal or state agency or any
      government or governmental agency has passed upon or made any recommendation
      or
      endorsement of the Shares.

     

    The
      Company acknowledges and agrees that no Investor has made or makes any
      representations or warranties with respect to the transactions contemplated
      hereby other than those specifically set forth in this Section 3.2.

     

    ARTICLE
      4.

    OTHER
      AGREEMENTS OF THE PARTIES

     

    4.1.  Transferability;
      Certificate. Shares
      may only be disposed of in compliance with state and federal securities laws.
      In
      connection with any transfer of the Shares other than pursuant to an effective
      registration statement, to the Company, to an Affiliate of an Investor or in
      connection with a pledge as contemplated in Section 4.1(b), the Company may
      require the transferor thereof to provide to the Company an opinion of counsel
      selected by the transferor, the form and substance of which opinion shall be
      reasonably satisfactory to the Company, to the effect that such transfer does
      not require registration of such transferred Shares under the Securities Act.
      Certificates
      evidencing the Shares will contain the following legend, until such time as
      they
      are not required under Section 4.1(c):

     

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE
      SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE
      IN
      RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933,
      AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
      EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
      ACT
      OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
      TO,
      THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
      APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL
      TO
      THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
      ACCEPTABLE TO THE COMPANY. THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH
      A
      BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    The
      Company acknowledges and agrees that an Investor may from time to time pledge,
      and/or grant a security interest in some or all of the Shares pursuant to a
      bona
      fide margin agreement in connection with a bona fide margin account and, if
      required under the terms of such agreement or account, such Investor may
      transfer pledged or secured Shares to the pledgees or secured parties. Such
      a
      pledge or transfer would not be subject to approval or consent of the Company
      and no legal opinion of legal counsel to the pledgee, secured party or pledgor
      shall be required in connection with the pledge, but such legal opinion may
      be
      required in connection with a subsequent transfer following default by the
      Investor transferee of the pledge. No notice shall be required of such pledge.
      At the appropriate Investor’s expense, the Company will execute and deliver such
      reasonable documentation as a pledgee or secured party of Shares may reasonably
      request in connection with a pledge or transfer of the Shares including the
      preparation and filing of any required prospectus supplement under Rule
      424(b)(3) of the Securities Act or other applicable provision of the Securities
      Act to appropriately amend the list of Selling Stockholders thereunder. Except
      as otherwise provided in Section 4.1(c), any Shares subject to a pledge or
      security interest as contemplated by this Section 4.1(b) shall continue to
      bear
      the legend set forth in this Section 4.1(b) and be subject to the restrictions
      on transfer set forth in Section 4.1(a).

     

    (c)  Certificates
      evidencing Shares shall not contain any legend (including the legend set forth
      in Section 4.1(b)): (i) following a sale or transfer of such Shares pursuant
      to
      an effective registration statement (including a Registration Statement), or
      (ii) following a sale or transfer of such Shares pursuant to Rule 144 (assuming
      the transferee is not an Affiliate of the Company), or (iii) while such Shares
      are eligible for sale under Rule 144(k). If an Investor shall make a sale or
      transfer of Shares either (x) pursuant to Rule 144 or (y) pursuant to a
      registration statement and in each case shall have delivered to the Company
      or
      the Company’s transfer agent the certificate representing Shares containing a
      restrictive legend which are the subject of such sale or transfer
      and a representation letter in customary form (the
      date of
      such sale or transfer and Share delivery being the “Share
      Delivery Date”)
      and (1)
      the Company shall fail to deliver or cause to be delivered to such Investor
      a
      certificate representing such Shares that is free from all restrictive or other
      legends by the fifth Trading Day following the Share Delivery Date and (2)
      following such fifth Trading Day after the Share Delivery Date and prior to
      the
      time such Shares are received free from restrictive legends, the Investor,
      or
      any third party on behalf of such Investor, purchases (in an open market
      transaction or otherwise) shares of Common Stock to deliver in satisfaction
      of a
      sale by the Investor of such Shares (a "Buy-In"),
      then
      the Company shall pay in cash to the Investor (for costs incurred either
      directly by such Investor or on behalf of a third party) the amount by which
      the
      total purchase price paid for Common Stock as a result of the Buy-In (including
      brokerage commissions, if any) exceed the proceeds received by such Investor
      as
      a result of the sale to which such Buy-In relates. The Investor shall provide
      the Company written notice indicating the amounts payable to the Investor in
      respect of the Buy-In.

     

    4.2.  Furnishing
      of Information.
      As long
      as any Investor owns the Shares, the Company covenants to timely file (or obtain
      extensions in respect thereof and file within the applicable grace period)
      all
      reports required to be filed by the Company after the date hereof pursuant
      to
      the Exchange Act. As long as any Investor owns Shares, if the Company is not
      required to file reports pursuant to such laws, it will prepare and furnish
      to
      the Investors and make publicly available in accordance with Rule 144(c) such
      information as is required for the Investors to sell the Shares under Rule
      144.
      The Company further covenants that it will take such further action as any
      holder of Shares may reasonably request, all to the extent required from time
      to
      time to enable such Person to sell the Shares without registration under the
      Securities Act within the limitation of the exemptions provided by Rule
      144.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    4.3.  Integration.
      The
      Company shall not, and shall use its best efforts to ensure that no Affiliate
      of
      the Company shall, sell, offer for sale or solicit offers to buy or otherwise
      negotiate in respect of any security (as defined in Section 2 of the Securities
      Act) that would be integrated with the offer or sale of the Shares in a manner
      that would require the registration under the Securities Act of the sale of
      the
      Shares to the Investors, or that would be integrated with the offer or sale
      of
      the Shares for purposes of the rules and regulations of any Trading Market
      in a
      manner that would require stockholder approval of the sale of the Shares to
      the
      Investors.

     

    4.4.  Subsequent
      Registrations.
      Other
      than pursuant to the Registration Statement, prior to the Effective Date, the
      Company may not file any registration statement (other than on Form S-8) with
      the Commission with respect to any securities of the Company.

     

    4.5.  Securities
      Laws Disclosure; Publicity.
      By 9:00
      a.m. (New York time) on the Trading Day following the execution of this
      Agreement, and by 9:00 a.m. (New York time) on the Trading Day following the
      Closing Date, the Company shall issue press releases disclosing the transactions
      contemplated hereby and the Closing. On the Trading Day following the execution
      of this Agreement the Company will file a Current Report on Form 8-K disclosing
      the material terms of the Transaction Documents (and attach as exhibits thereto
      the Transaction Documents), and on the Trading Day following the Closing Date
      the Company will file an additional Current Report on Form 8-K to disclose
      the
      Closing. In addition, the Company will make such other filings and notices
      in
      the manner and time required by the Commission and the Trading Market on which
      the Common Stock is listed. Notwithstanding the foregoing, the Company shall
      not
      publicly disclose the name of any Investor, or include the name of any Investor
      in any filing with the Commission (other than the Registration Statement and
      any
      exhibits to filings made in respect of this transaction in accordance with
      periodic filing requirements under the Exchange Act) or any regulatory agency
      or
      Trading Market, without the prior written consent of such Investor, except
      to
      the extent such disclosure is required by law or Trading Market
      regulations.

     

    4.6.  Indemnification
      of Investors.
      In
      addition to the indemnity provided in the Registration Rights Agreement, the
      Company will indemnify and hold the Investors and their directors, officers,
      shareholders, partners, employees and agents (each, an “Investor
      Party”)
      harmless from any and all losses, liabilities, obligations, claims,
      contingencies, damages, costs and expenses, including all judgments, amounts
      paid in settlements, court costs and reasonable attorneys’ fees and costs of
      investigation (in respect thereof, only those that lead to an allegation of
      indemnity hereunder) (collectively, “Losses”)
      that
      any such Investor Party may suffer or incur as a result of or relating to any
      misrepresentation, breach or inaccuracy of any representation, warranty,
      covenant or agreement made by the Company in any Transaction Document. In
      addition to the indemnity contained herein, the Company will reimburse each
      Investor Party for its reasonable legal and other expenses (including the cost
      of any investigation, preparation and travel in connection therewith if an
      allegation for indemnity hereunder follows) incurred in connection therewith,
      as
      such expenses are incurred. Except as otherwise set forth herein, the mechanics
      and procedures with respect to the rights and obligations under this Section
      4.6
      shall be the same as those set forth in Section 5 of the Registration Rights
      Agreement.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    4.7.  Non-Public
      Information.
      The
      Company covenants and agrees that neither it nor any other Person acting on
      its
      behalf will provide any Investor or its agents or counsel with any information
      that the Company believes constitutes material non-public information, unless
      prior thereto such Investor shall have executed a written agreement regarding
      the confidentiality and use of such information. The Company understands and
      confirms that each Investor shall be relying on the foregoing representations
      in
      effecting transactions in securities of the Company.

     

    4.8.  Listing
      of Securities.
      The
      Company shall apply to have the Common Stock, including the Shares, traded
      on a
      Trading Market, and will take such other action as is necessary or desirable
      to
      cause the Shares to be listed on such Trading Market as promptly as possible,
      but in no event later than the Effective Date. The Company further covenants
      and
      agrees that following the time that the Common Stock, including the Shares,
      is
      traded on a Trading Market and before all the Shares are sold pursuant to a
      Registration Statement or applicable exemption under securities law, the Company
      will take all action reasonably necessary to continue the listing and trading
      of
      its Common Stock on a Trading Market and will comply in all material respects
      with the Company’s reporting, filing and other obligations under the bylaws or
      rules of such Trading Market.

     

    4.9.  Use
      of
      Proceeds.
      The
      Company will use the net proceeds from the sale of the Shares hereunder for
      working capital purposes and not for the satisfaction of any portion of the
      Company’s debt (other than payment of trade payables and accrued expenses in the
      ordinary course of the Company’s business and consistent with prior practices),
      or to redeem any Common Stock or Common Stock Equivalents.

     

    4.10.    
      Make
      Good Shares.
      (a)
Wenhua
      Guo agrees that in
      the
      event the consolidated financial statements of the Company
      reflect
      less
      than
      $12,000,000.00 of After-Tax Net Income for the fiscal year ended June 30, 2006
      (the “Guaranteed
      NI”),
      he
      will transfer to the Investors (through the Make Good Escrow Agent) on a pro
      rata basis for no consideration other than their part of their respective
      Investment Amount at Closing 37.5% of the number of Shares issued at Closing
      (the “2006
      Make Good Shares”).
      In
      the
      event the audited consolidated financial statements of the Company
      reflect $12,000,000 or more of
      After-Tax Net Income for the fiscal year ended June 30, 2006,
      no
      transfer of the 2006 Make Good Shares shall be required by Wenhua Guo (through
      the Make Good Escrow Agent) to the Investors under this Section and such 2006
      Make Good Shares shall be returned to Wenhua Guo in accordance with the Make
      Good Escrow Agreement. Any
      such
      transfer of the 2006 Make Good Shares under this Section shall be made to an
      Investor within 10
      Business Days after
      the date
which
      the
      2006
      audit report for the
      Company
      is filed
      with the Commission and otherwise in accordance with the Make Good Escrow
      Agreement.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (b) Wenhua
      Guo agrees that in
      the
      event that either (i) the earnings per share reported in the Annual Report
      on
      Form 10-KSB of the Company for the fiscal year ending June 30, 2007, as filed
      with the Commission, is less than $0.60 on a fully diluted basis (the
“2007
      EPS”)
      or
      (ii) the after tax net income reported in the Annual Report on Form 10-KSB
      of
      the Company for the fiscal year ending June 30, 2007, as filed with the
      Commission, is less than $16,000,000.00 (the “2007
      ATNI”),
      he
      will
      transfer to the Investors (through the Make Good Escrow Agent) on a pro rata
      basis
      for no
      consideration other than their part of their respective Investment Amount at
      Closing 37.5%
      of
      the number of Shares issued at Closing (the “2007
      Make Good Shares”).
      In
      the
      event that either (i) the earnings per share reported in the Annual Report
      on
      Form 10-KSB of the Company for the fiscal year ending June 30, 2008, as filed
      with the Commission, is less than $0.89 on a fully diluted basis (the
“2008
      EPS”)
      or
      (ii) the after tax net income reported in the Annual Report on Form 10-KSB
      of
      the Company for the fiscal year ending June 30, 2008, as filed with the
      Commission, is less than $23,900,000.00
      (the
“2008
      ATNI”),
      Wenhua
      Guo agrees to transfer to the Investors (through the Make Good Escrow Agent)
      on
      a pro rata basis for no consideration other than their part of their respective
      Investment Amount at Closing 37.5% of the number of Shares issued at Closing
      (the “2008
      Make Good Shares”).
      In
      the
      event that both the earnings per share reported in the Annual Report on Form
      10-KSB of the Company for the fiscal year ending June 30, 2007, as filed with
      the Commission, is equal to or greater than the 2007 EPS and the after tax
      net
      income reported in the Annual Report on Form 10-KSB of the Company for the
      fiscal year ending June 30, 2007, as filed with the Commission, is equal to
      or
      greater than the 2007 ATNI,
      no
      transfer of the 2007 Make Good Shares shall be required by Wenhua Guo (through
      the Make Good Escrow Agent) to the Investors under this Section and such 2007
      Make Good Shares shall be returned to Wenhua Guo in accordance with the Make
      Good Escrow Agreement. In
      the
      event that both the earnings per share reported in the Annual Report on Form
      10-KSB of the Company for the fiscal year ending June 30, 2008, as filed with
      the Commission, is equal to or greater than the 2008 EPS and the after tax
      net
      income reported in the Annual Report on Form 10-KSB of the Company for the
      fiscal year ending June 30, 2008, as filed with the Commission, is equal to
      or
      greater than the 2008 ATNI,
      no
      transfer of the 2008 Make Good Shares shall be required by Wenhua Guo (through
      the Make Good Escrow Agent) to the Investors under this Section and such 2008
      Make Good Shares shall be returned to Wenhua Guo in accordance with the Make
      Good Escrow Agreement. Any
      such
      transfer of the 2007 Make Good Shares or the 2008 Make Good Shares under this
      Section shall be made to an Investor within 10
      Business
      Days after
      the date
which
      the
      2007,
      or 2008, as applicable, Annual Report on Form 10-KSB for the
      Company
      is filed
      with the Commission and otherwise in accordance with the Make Good Escrow
      Agreement.

     

    (c) In
      connection with the foregoing, Wenhua Guo agrees that prior to the Closing,
      Wenhua Guo will deposit all potential 2006 Make Good Shares, 2007 Make Good
      Shares and 2008 Make Good Shares into escrow in accordance with the Make Good
      Escrow Agreement and the handling and disposition of the 2006 Make Good Shares,
      2007 Make Good Shares and 2008 Make Good Shares shall be governed by this
      Section 4.10 and such Make Good Escrow Agreement.

     

    4.11.  Related
      Party Transactions.
      By 9:00
      a.m. (New York time) on the first Trading Day following December 31, 2006 (the
      “Event
      Date”),
      the
      Company shall issue a press release disclosing that any receivables and/or
      payables which are owing or owed to the Company by any related parties as of
      the
      date hereof shall have been satisfied in full. Following the Event Date, the
      Company shall no longer be a party to, or take part in, any related party
      transactions except those which (i) may be existing on the date hereof and
      (ii)
      which are set forth on Schedule 4.11. In the event of a failure to comply with
      the terms of this Section 4.11, then in addition to any other rights the
      Investors may have hereunder or under applicable law: on each monthly
      anniversary of the Event Date (if not cured by such date) until the Company
      is
      in compliance with this Section 4.11, the Company shall pay to each Investor
      an
      amount in cash, as partial liquidated damages and not as a penalty, equal to
      1.0% of the aggregate Investment Amount paid by such Investor for Shares
      pursuant to this Agreement; provided, however, that the total amount of partial
      liquidated damages payable by the Company pursuant to this Section 4.11 shall
      be
      capped at an aggregate of 4% of the aggregate Investment Amount paid by the
      Investors under this Agreement. In no event will the Company be liable for
      liquidated damages under this Agreement in excess of 1.0% of the aggregate
      Investment Amount of the Investors in any 30-day period.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    4.12.  Independent
      Board of Directors. The Company covenants and agrees that no later than (i)
      180 days following the Closing Date and (ii) 30 days following the Effective
      Date, the Board of Directors of the Company shall be comprised of a majority
      of
“independent directors” as such term is defined in NASDAQ Marketplace Rule
      4200(a)(15).

     

    4.13.  Chief
      Financial Officer. No later than 120 days following the Closing Date, the
      Company will hire a chief financial officer who is an expert in (i) United
      States generally accepted accounting principles and (ii) auditing procedures
      and
      compliance for United States public companies who has either previously acted
      as
      chief financial officer of a United States public company or been a partner
      in a
      United States accounting firm including its’ overseas offices and in such
      capacity was an audit partner for United States public companies. Such chief
      financial officer shall be entitled to an annual salary of no less than
      $130,000.00. By 9:00 a.m. (New York time) on the first Trading Day following
      the
      hiring of such chief financial officer, the Company will file a Current Report
      on Form 8-K disclosing the information required by Item 5.02 of Form
      8-K.

     

    4.14.  Investor
      Relations Firm. The Company will use commercially reasonable efforts to
      retain, by the 90th
      day
      following the Closing Date, a nationally recognized investor relations firm,
      including its’ overseas offices or subsidiaries.

     

    4.15.  Dividends.
      Prior to the Closing Date, the Company shall not issue dividends on any of
      its
      capital stock.

     

    4.16.  Additional
      Shares. If the June 30th
      Audited
      Working Capital Amount is less than $3,500,000 (the “Adjusted
      Unaudited Working Capital Amount”)
      then
      the Company shall immediately issue additional shares of Common Stock (the
      “Additional
      Shares”)
      to
      each Investor for no additional consideration, determined as follows: (a) the
      amount by which the Adjusted Unaudited Working Capital Amount exceeds the June
      30th
      Audited
      Working Capital Amount, divided by (b) the Per Share Purchase Price.
      The number of Additional Shares issuable to each Investor shall be determined
      on
      a pro rata basis based on such Investor's Investment Amount. The Company shall
      notify the Investors in writing, no later than the Trading Day following the
      date on which the audit yielding the June 30th
      Audited
      Working Capital Amount has been completed, indicating therein the June
      30th
      Audited
      Working Capital Amount and the amount, if any, of Additional Shares resulting
      therefrom.  The Additional Shares shall be entitled to the registration and
      other rights set forth in the Registration Rights Agreement and any Additional
      Shares not registered for resale shall also be afforded piggyback registration
      rights pursuant to Section 6(e) of the Registration Rights Agreement such that
      such Additional Shares may be included in any registration statement (other
      than
      on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their
      then equivalents relating to equity securities to be issued solely in connection
      with any acquisition of any entity or business or equity securities issuable
      in
      connection with stock option or other employee benefit plans) filed by the
      Company.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      5.

    CONDITIONS
      PRECEDENT TO CLOSING

     

    5.1.  Conditions
      Precedent to the Obligations of the Investors to Purchase Shares.
      The
      obligation of each Investor to acquire Shares at the Closing is subject to
      the
      satisfaction or waiver by such Investor, at or before the Closing, of each
      of
      the following conditions:

     

    (a)  Representations
      and Warranties.
      The
      representations and warranties of the Company contained herein shall be true
      and
      correct in all material respects as of the date when made and as of the Closing
      as though made on and as of such date;

     

    (b)  Performance.
      The
      Company shall have performed, satisfied and complied in all material respects
      with all covenants, agreements and conditions required by the Transaction
      Documents to be performed, satisfied or complied with by it at or prior to
      the
      Closing;

     

    (c)  No
      Injunction.
      No
      statute, rule, regulation, executive order, decree, ruling or injunction shall
      have been enacted, entered, promulgated or endorsed by any court or governmental
      authority of competent jurisdiction that prohibits the consummation of any
      of
      the transactions contemplated by the Transaction Documents;

     

    (d)  Adverse
      Changes.
      Since
      the date of execution of this Agreement, no event or series of events shall
      have
      occurred that reasonably could have or result in a Material Adverse
      Effect;

     

    (e)  Company
      Deliverables.
      The
      Company shall have delivered the Company Deliverables in accordance with Section
      2.2(a);

     

    (f)  Termination.
      This
      Agreement shall not have been terminated as to such Investor in accordance
      with
      Section 6.5;

     

    (g)  Equity
      Transfer.
      The
      Company shall have publicly disclosed via Edgar in a Form 8-K that the equity
      transfer contemplated by that certain Equity Transfer Agreement, dated August
      31, 2006, by and between the Company (for purposes hereof, including the
      predecessor of the Company) and DIL, shall have occurred and the transactions
      contemplated by such Equity Transfer Agreement shall have closed;
      and

     

    (h) Make
      Good Shares.
      Wenhua
      Guo shall deliver, or cause to be delivered, (i) to the Make Good Escrow Agent
      a
      stock certificate evidencing 18,502,896
      shares
      of
      the Company's Common Stock, along with a stock power executed in blank and
      (ii)
      to the Company, the Make Good Escrow Agreement, duly executed by Mr.
      Guo.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    5.2.  Conditions
      Precedent to the Obligations of the Company to sell Shares.
      The
      obligation of the Company to sell Shares at the Closing is subject to the
      satisfaction or waiver by the Company, at or before the Closing, of each of
      the
      following conditions:

     

    (a)  Representations
      and Warranties.
      The
      representations and warranties of each Investor contained herein shall be true
      and correct in all material respects as of the date when made and as of the
      Closing Date as though made on and as of such date;

     

    (b)  Performance.
      Each
      Investor shall have performed, satisfied and complied in all material respects
      with all covenants, agreements and conditions required by the Transaction
      Documents to be performed, satisfied or complied with by such Investor at or
      prior to the Closing;

     

    (c)  No
      Injunction.
      No
      statute, rule, regulation, executive order, decree, ruling or injunction shall
      have been enacted, entered, promulgated or endorsed by any court or governmental
      authority of competent jurisdiction that prohibits the consummation of any
      of
      the transactions contemplated by the Transaction Documents;

     

    (d)  Investors
      Deliverables.
      Each
      Investor shall have delivered its Investors Deliverables in accordance with
      Section 2.2(b); and

     

    (e) Termination.
      This
      Agreement shall not have been terminated as to such Investor in accordance
      with
      Section 6.5.

     

    ARTICLE
      6.

    MISCELLANEOUS

     

    6.1.  Fees
      and Expenses.
      Each
      party shall pay the fees and expenses of its advisers, counsel, accountants
      and
      other experts, if any, and all other expenses incurred by such party incident
      to
      the negotiation, preparation, execution, delivery and performance of the
      Transaction Documents. The Company shall pay all stamp and other taxes and
      duties levied in connection with the sale of the Shares.

     

    6.2.  Entire
      Agreement.
      The
      Transaction Documents, together with the Exhibits and Schedules thereto, contain
      the entire understanding of the parties with respect to the subject matter
      hereof and supersede all prior agreements, understandings, discussions and
      representations, oral or written, with respect to such matters, which the
      parties acknowledge have been merged into such documents, exhibits and
      schedules.

     

    6.3.  Notices.
      Any and
      all notices or other communications or deliveries required or permitted to
      be
      provided hereunder shall be in writing and shall be deemed given and effective
      on the earliest of (a) the date of transmission, if such notice or communication
      is delivered via (i) facsimile (provided the sender receives a machine-generated
      confirmation of successful transmission) at the facsimile number specified
      in
      this Section or (ii) electronic mail (i.e., Email) prior to 6:30 p.m. (New
      York
      City time) on a Trading Day, (b) the next Trading Day after the date of
      transmission, if such notice or communication is delivered via (i) facsimile
      at
      the facsimile number specified in this Section or (ii) electronic mail (i.e.,
      Email) on a day that is not a Trading Day or later than 6:30 p.m. (New York
      City
      time) on any Trading Day, (c) the Trading Day following the date of mailing,
      if
      sent by U.S. nationally recognized overnight courier service, or (d) upon actual
      receipt by the party to whom such notice is required to be given. The address
      for such notices and communications shall be as follows:

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    
      	
            	If to the Company:	
              Asian Financial, Inc.

              No.
                3 Jinyuan Road

              Daxing
                District Industrial Development Zone

              Beijing,
                China 102600

              Facsimile:
                861060216825

              Email:
                fionaicey@vip.sina.com

              Attn.:
                Fiona Feng

            
	 	 	 
	 	With a copy to:	
              Heller Ehrman LLP

              35th Floor

              One
                Exchange Square 

              8
                Connaught Place 

              Central

              Hong
                Kong

              Facsimile:
                852 2292-2200

              Email:
                Simon.Luk@hellerehrman.com

              Attn.:
                Simon Luk

            
	 	 	 
	 	If to an Investor:	To the address set forth under such
              Investor’s name on the signature pages
              hereof;

    

     

    or
      such
      other address as may be designated in writing hereafter, in the same manner,
      by
      such Person.

     

    6.4.  Amendments;
      Waivers; No Additional Consideration.
      No
      provision of this Agreement may be waived or amended except in a written
      instrument signed by the Company and the Investors holding a majority of the
      Shares. No waiver of any default with respect to any provision, condition or
      requirement of this Agreement shall be deemed to be a continuing waiver in
      the
      future or a waiver of any subsequent default or a waiver of any other provision,
      condition or requirement hereof, nor shall any delay or omission of either
      party
      to exercise any right hereunder in any manner impair the exercise of any such
      right. No consideration shall be offered or paid to any Investor to amend or
      consent to a waiver or modification of any provision of any Transaction Document
      unless the same consideration is also offered to all Investors who then hold
      Shares.

     

    6.5.  Termination.
      This
      Agreement may be terminated prior to Closing:

     

    (a)  by
      written agreement of the Investors and the Company, a copy of which shall be
      provided to the Escrow Agent; and

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    (b)  by
      the
      Company or an Investor (as to itself but no other Investor) upon written notice
      to the other and to the Escrow Agent, if the Closing shall not have taken place
      by 6:30 p.m. Eastern time on the Outside Date; provided,
      that
      the right to terminate this Agreement under this Section 6.5(b) shall not
      be available to any Person whose failure to comply with its obligations under
      this Agreement has been the cause of or resulted in the failure of the Closing
      to occur on or before such time.

     

    In
      the
      event of a termination pursuant to this Section, the Company shall promptly
      notify all non-terminating Investors. Upon a termination in accordance with
      this
      Section 6.5, the Company and the terminating Investor(s) shall not have any
      further obligation or liability (including as arising from such termination)
      to
      the other and no Investor will have any liability to any other Investor under
      the Transaction Documents as a result therefrom.

     

    6.6.  Construction.
      The
      headings herein are for convenience only, do not constitute a part of this
      Agreement and shall not be deemed to limit or affect any of the provisions
      hereof. The language used in this Agreement will be deemed to be the language
      chosen by the parties to express their mutual intent, and no rules of strict
      construction will be applied against any party. This Agreement shall be
      construed as if drafted jointly by the parties, and no presumption or burden
      of
      proof shall arise favoring or disfavoring any party by virtue of the authorship
      of any provisions of this Agreement or any of the Transaction
      Documents.

     

    6.7.  Successors
      and Assigns.
      This
      Agreement shall be binding upon and inure to the benefit of the parties and
      their successors and permitted assigns. The Company may not assign this
      Agreement or any rights or obligations hereunder without the prior written
      consent of the Investors. Any Investor may assign any or all of its rights
      under
      this Agreement to any Person to whom such Investor assigns or transfers any
      Shares, provided such transferee agrees in writing to be bound, with respect
      to
      the transferred Shares, by the provisions hereof that apply to the
“Investors.”

     

    6.8.  No
      Third-Party Beneficiaries.
      This
      Agreement is intended for the benefit of the parties hereto and their respective
      successors and permitted assigns and is not for the benefit of, nor may any
      provision hereof be enforced by, any other Person, except as otherwise set
      forth
      in Section 4.6 (as to each Investor Party).

     

    6.9.  Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by and construed and enforced in accordance
      with the internal laws of the State of New York, without regard to the
      principles of conflicts of law thereof. Each party agrees that all Proceedings
      concerning the interpretations, enforcement and defense of the transactions
      contemplated by this Agreement and any other Transaction Documents (whether
      brought against a party hereto or its respective Affiliates, employees or
      agents) shall be commenced exclusively in the New York Courts. Each party hereto
      hereby irrevocably submits to the exclusive jurisdiction of the New York Courts
      for the adjudication of any dispute hereunder or in connection herewith or
      with
      any transaction contemplated hereby or discussed herein (including with respect
      to the enforcement of the any of the Transaction Documents), and hereby
      irrevocably waives, and agrees not to assert in any Proceeding, any claim that
      it is not personally subject to the jurisdiction of any such New York Court,
      or
      that such Proceeding has been commenced in an improper or inconvenient forum.
      Each party hereto hereby irrevocably waives personal service of process and
      consents to process being served in any such Proceeding by mailing a copy
      thereof via registered or certified mail or overnight delivery (with evidence
      of
      delivery) to such party at the address in effect for notices to it under this
      Agreement and agrees that such service shall constitute good and sufficient
      service of process and notice thereof. Nothing contained herein shall be deemed
      to limit in any way any right to serve process in any manner permitted by law.
      Each party hereto hereby irrevocably waives, to the fullest extent permitted
      by
      applicable law, any and all right to trial by jury in any legal proceeding
      arising out of or relating to this Agreement or the transactions contemplated
      hereby. If either party shall commence a Proceeding to enforce any provisions
      of
      a Transaction Document, then the prevailing party in such Proceeding shall
      be
      reimbursed by the other party for its reasonable attorneys’ fees and other costs
      and expenses incurred with the investigation, preparation and prosecution of
      such Proceeding.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    6.10.  Survival.
      The
      representations, warranties, agreements and covenants contained herein shall
      survive the Closing and the delivery of the Shares.

     

    6.11.  Execution.
      This
      Agreement may be executed in two or more counterparts, all of which when taken
      together shall be considered one and the same agreement and shall become
      effective when counterparts have been signed by each party and delivered to
      the
      other party, it being understood that both parties need not sign the same
      counterpart. In the event that any signature is delivered by facsimile
      transmission, such signature shall create a valid and binding obligation of
      the
      party executing (or on whose behalf such signature is executed) with the same
      force and effect as if such facsimile signature page were an original
      thereof.

     

    6.12.  Severability.
      If any
      provision of this Agreement is held to be invalid or unenforceable in any
      respect, the validity and enforceability of the remaining terms and provisions
      of this Agreement shall not in any way be affected or impaired thereby and
      the
      parties will attempt to agree upon a valid and enforceable provision that is
      a
      reasonable substitute therefor, and upon so agreeing, shall incorporate such
      substitute provision in this Agreement.

     

    6.13.  Rescission
      and Withdrawal Right.
      Notwithstanding anything to the contrary contained in (and without limiting
      any
      similar provisions of) the Transaction Documents, whenever any Investor
      exercises a right, election, demand or option under a Transaction Document
      and
      the Company does not timely perform its related obligations within the periods
      therein provided, then such Investor may rescind or withdraw, in its sole
      discretion from time to time upon written notice to the Company, any relevant
      notice, demand or election in whole or in part without prejudice to its future
      actions and rights.

     

    6.14.  Replacement
      of Securities.
      If any
      certificate or instrument evidencing any Shares is mutilated, lost, stolen
      or
      destroyed, the Company shall issue or cause to be issued in exchange and
      substitution for and upon cancellation thereof, or in lieu of and substitution
      therefor, a new certificate or instrument, but only upon receipt of evidence
      reasonably satisfactory to the Company of such loss, theft or destruction and
      customary and reasonable indemnity, if requested. The applicants for a new
      certificate or instrument under such circumstances shall also pay any reasonable
      third-party costs associated with the issuance of such replacement Shares.
      If a
      replacement certificate or instrument evidencing any Shares is requested due
      to
      a mutilation thereof, the Company may require delivery of such mutilated
      certificate or instrument as a condition precedent to any issuance of a
      replacement.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    6.15.  Remedies.
      In
      addition to being entitled to exercise all rights provided herein or granted
      by
      law, including recovery of damages, each of the Investors and the Company will
      be entitled to specific performance under the Transaction Documents. The parties
      agree that monetary damages may not be adequate compensation for any loss
      incurred by reason of any breach of obligations described in the foregoing
      sentence and hereby agrees to waive in any action for specific performance
      of
      any such obligation the defense that a remedy at law would be
      adequate.

     

    6.16.  Payment
      Set Aside.
      To the
      extent that the Company makes a payment or payments to any Investor pursuant
      to
      any Transaction Document or an Investor enforces or exercises its rights
      thereunder, and such payment or payments or the proceeds of such enforcement
      or
      exercise or any part thereof are subsequently invalidated, declared to be
      fraudulent or preferential, set aside, recovered from, disgorged by or are
      required to be refunded, repaid or otherwise restored to the Company, a trustee,
      receiver or any other person under any law (including, without limitation,
      any
      bankruptcy law, state or federal law, common law or equitable cause of action),
      then to the extent of any such restoration the obligation or part thereof
      originally intended to be satisfied shall be revived and continued in full
      force
      and effect as if such payment had not been made or such enforcement or setoff
      had not occurred.

     

    6.17.  Independent
      Nature of Investors’
      Obligations and Rights.
      The
      obligations of each Investor under any Transaction Document are several and
      not
      joint with the obligations of any other Investor, and no Investor shall be
      responsible in any way for the performance of the obligations of any other
      Investor under any Transaction Document. The decision of each Investor to
      purchase Shares pursuant to the Transaction Documents has been made by such
      Investor independently of any other Investor. Nothing contained herein or in
      any
      Transaction Document, and no action taken by any Investor pursuant thereto,
      shall be deemed to constitute the Investors as a partnership, an association,
      a
      joint venture or any other kind of entity, or create a presumption that the
      Investors are in any way acting in concert or as a group with respect to such
      obligations or the transactions contemplated by the Transaction Documents.
      Each
      Investor acknowledges that no other Investor has acted as agent for such
      Investor in connection with making its investment hereunder and that no Investor
      will be acting as agent of such Investor in connection with monitoring its
      investment in the Shares or enforcing its rights under the Transaction
      Documents. Each Investor shall be entitled to independently protect and enforce
      its rights, including without limitation the rights arising out of this
      Agreement or out of the other Transaction Documents, and it shall not be
      necessary for any other Investor to be joined as an additional party in any
      proceeding for such purpose. The Company acknowledges that each of the Investors
      has been provided with the same Transaction Documents for the purpose of closing
      a transaction with multiple Investors and not because it was required or
      requested to do so by any Investor.

     

    6.18.  Limitation
      of Liability.
      Notwithstanding anything herein to the contrary, the Company acknowledges and
      agrees that the liability of an Investor arising directly or indirectly, under
      any Transaction Document of any and every nature whatsoever shall be satisfied
      solely out of the assets of such Investor, and that no trustee, officer, other
      investment vehicle or any other Affiliate of such Investor or any investor,
      shareholder or holder of shares of beneficial interest of such a Investor shall
      be personally liable for any liabilities of such Investor.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK

    SIGNATURE
      PAGES FOLLOW]

     

    

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Securities Purchase
      Agreement to be duly executed by their respective authorized signatories as
      of
      the date first indicated above.

     

    ASIAN
      FINANCIAL, INC.

     

    By:______________________________

    Name:
      Wenhua Guo

    Title:
      Chief Executive Officer

     

    Only
      as
      to representations and warranties contained in Section 3.1 which are applicable
      to it as a Subsidiary:

     

    DUOYUAN
      DIGITAL PRINTING TECHNOLOGY INDUSTRY(CHINA) CO., LTD.

     

    By:______________________________

    Name:
      Wenhua Guo

    Title:
      Chief Executive Officer

     

    Only
      as
      to Section 4.10 and Section 5.1(h) herein:

     

    _______________________

    Wenhua
      Guo

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK

    SIGNATURE
      PAGES FOR INVESTORS FOLLOW]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have caused this Securities Purchase
      Agreement to be duly executed by their respective authorized signatories as
      of
      the date first indicated above.

     

    NAME
      OF INVESTOR

     

    _________________________________________

     

    By:_______________________________________

    Name:

    Title:

     

    Investment
      Amount: $_________________________

     

    Tax
      ID
      No.:__________________________________

     

    ADDRESS
      FOR NOTICE

     

    c/o:_______________________________________

     

    Street:_____________________________________

     

    City/State/Zip:_______________________________

     

    Attention:__________________________________

     

    Tel:_______________________________________

     

    Fax:_______________________________________

     

    Email:______________________________________

     

    DELIVERY
      INSTRUCTIONS

    (if
      different from above)

     

    c/o:_______________________________________

     

    Street:_____________________________________

     

    City/State/Zip:_______________________________

     

    Attention:__________________________________

     

    Tel:_______________________________________

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    Escrow
      Agreement

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    Make
      Good
      Escrow Agreement

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C

     

    Registration
      Rights Agreement

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      D

     

    Investor
      Questionnaire

     

    

    (ALL
      INFORMATION WILL BE TREATED CONFIDENTIALLY)

    

    To:
      [Investor’s name and address] 

     

     

    This
      Investor Questionnaire (“Questionnaire”) must be completed by each potential
      investor in connection with the offer and sale of the shares of the common
      stock, par value $0.001 per share, (the “Common Stock”) of Asian Financial, Inc.
      (the “Shares”). The Shares are being offered and sold by Asian Financial, Inc.
      (the “Company”) without registration under the Securities Act of 1933, as
      amended (the “Act”), and the securities laws of certain states, in reliance on
      the exemptions contained in Section 4(2) of the Act and on Regulation D
      promulgated thereunder and in reliance on similar exemptions under applicable
      state laws. The Company must determine that a potential investor meets certain
      suitability requirements before offering or selling Shares to such investor.
      The
      purpose of this Questionnaire is to assure the Company that each investor will
      meet the applicable suitability requirements. The information supplied by you
      will be used in determining whether you meet such criteria, and reliance upon
      the private offering exemption from registration is based in part on the
      information herein supplied.

    

    This
      Questionnaire does not constitute an offer to sell or a solicitation of an
      offer
      to buy any security. Your answers will be kept strictly confidential. However,
      by signing this Questionnaire you will be authorizing the Company to provide
      a
      completed copy of this Questionnaire to such parties as the Company deems
      appropriate in order to ensure that the offer and sale of the Shares will not
      result in a violation of the Act or the securities laws of any state and that
      you otherwise satisfy the suitability standards applicable to purchasers of
      the
      Shares. All potential investors must answer all applicable questions and
      complete, date and sign this Questionnaire. Please print or type your responses
      and attach additional sheets of paper if necessary to complete your answers
      to
      any item.

    

    IMPORTANT:
      FAILURE TO COMPLETELY AND ACCURATELY ANSWER ALL OF THESE QUESTIONS WILL DELAY
      THE ISSUANCE OR REGISTRATION OF YOUR SHARES OR MAKE SUCH ISSUANCE OR
      REGISTRATION IMPOSSIBLE.

    

    A. BACKGROUND
      INFORMATION

    

    Name
      [EXACT NAME AS IT WILL APPEAR ON THE STOCK CERTIFICATE; IF MULTIPLE CERTIFICATES
      ARE TO BE PROVIDED, PLEASE
      SPECIFY]:_______________________________________________________________________________________________________

    

    Business
      Address:__________________________________________________________________________________________________________

                                                                                             
      (Number
      and Street)

     

    _________________________________________________________________________________________________________________________

    (City)                                                                                  (State)     (Zip
      Code)

    

    Telephone
      Number: (___) ____________________________________________________________________________________________________

    

    Residence
      Address:_________________________________________________________________________________________________________

                                                                                             (Number
      and Street)

     

    ________________________________________________________________________________________________________________________________

    (City)                                                                                
      (State)     (Zip
      Code)

     

    Telephone
      Number: (___)
      ____________________________________________________________________________________________________

    

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

    

    If
      an
      individual:

    Age:_________   
Citizenship:_________  Where
      registered to vote:________________ 

    

    If
      a
      corporation, partnership, limited liability company, trust or other
      entity:

    Type
      of
      entity:______________________________________________________________________________

    State
      of
      formation:________________________          Date
      of
      formation: ___________________________

    

    Social
      Security or Taxpayer Identification
      No.____________________________________________________

    

    Send
      all
      correspondence to (check one): ____ Residence
      Address              
 ____
      Business Address

    

    Email
      address of contact person: ___________________________

    

    Current
      ownership of securities of the Company:

    __________
      shares of common stock, par value $0.001 per share (the “Common
      Stock”)

    options
      to purchase __________ shares of Common Stock.

    

    Please
      identify the number of shares that you or your organization will beneficially
      own immediately after Closing, identifying the Shares purchased by your or
      your
      organization pursuant to this Purchase Agreement and those shares purchased
      by
      your or your organization through other transactions:

    

    Shares
      purchased pursuant to this Purchase Agreement: _______________

    Shares
      purchased by your or your organization through other transactions:
      _______________

    Total:
      ________________

    

    BENEFICIAL
      OWNERSHIP INFORMATION: Please describe the beneficial ownership of the shares
      owned by you or your organization. If the Investor is a partnership, limited
      liability company or similar entity, please identify the individual
      or
individuals
      with
      ultimate voting and dispositive power over such shares, typically the investment
      manager or investment advisor with primary responsibility for this investment.
      This information is available from your compliance officer or general counsel.
      THE COMPANY WILL NOT BE ABLE TO REGISTER YOUR SHARES WITHOUT THIS IMPORTANT
      INFORMATION.

    

    Exception:
      This information need not be provided if the Investor is a publicly traded
      company. 

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

    

    Have
      you
      or your organization had any position, office or other material relationship
      within the past three years with the Company or its affiliates? 

     

    
      	
              o
                Yes                                    o
                No

            
	 
	
              If
                yes, please indicate the nature of any such relationships
                below:

            

    

    
      
        
          ____________________________________________________________________________________________________________________________

          ____________________________________________________________________________________________________________________________

          ____________________________________________________________________________________________________________________________

          ____________________________________________________________________________________________________________________________

          ____________________________________________________________________________________________________________________________

          ____________________________________________________________________________________________________________________________

          ____________________________________________________________________________________________________________________________

           

        

      

    

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

     

    B. STATUS
      AS ACCREDITED INVESTOR

    

    The
      undersigned is an “accredited investor” as such term is defined in Regulation D
      under the Act, as at the time of the sale of the Shares the undersigned falls
      within one or more of the following categories (Please
      initial one or more, as applicable):1

     

    ____ (1) a
      bank as
      defined in Section 3(a)(2) of the Act, or a savings and loan association or
      other institution as defined in Section 3(a)(5)(A) of the Act whether
      acting in its individual or fiduciary capacity; a broker or dealer registered
      pursuant to Section 15 of the Securities Exchange Act of 1934; an insurance
      company as defined in Section 2(13) of the Act; an investment company
      registered under the Investment Corporation Act of 1940 or a business
      development company as defined in Section 2(a)(48) of that Act; a Small
      Business Investment Corporation licensed by the U.S. Small Business
      Administration under Section 301(c) or (d) of the Small Business Investment
      Act of 1958; a plan established and maintained by a state, its political
      subdivisions, or any agency or instrumentality of a state or its political
      subdivisions for the benefit of its employees, if such plan has total assets
      in
      excess of $5,000,000; an employee benefit plan within the meaning of the
      Employee Retirement Income Security Act of 1974 if the investment decision
      is
      made by a plan fiduciary, as defined in Section 3(21) of such Act, which is
      either a bank, savings and loan association, insurance company, or registered
      investment adviser, or if the employee benefit plan has total assets in excess
      of $5,000,000 or, if a self-directed plan, with the investment decisions made
      solely by persons that are accredited investors;

    

    ____ (2) a
      private
      business development company as defined in Section 202(a)(22) of the
      Investment Adviser Act of 1940;

    

    ____ (3) an
      organization described in Section 501(c)(3) of the Internal Revenue Code of
      1986, as amended, corporation, Massachusetts or similar business trust, or
      partnership, not formed for the specific purpose of acquiring the Shares
      offered, with total assets in excess of $5,000,000;

    

    ____ (4) a
      natural
      person whose individual net worth1 ,
      or
      joint net worth1 
      with
      that person’s spouse, at the time of such person’s purchase of the Shares
      exceeds $1,000,000;

    

    ____ (5) a
      natural
      person who had an individual income in excess of $200,000 in each of the two
      most recent years or joint income with that person’s spouse in excess of
      $300,000 in each of those years and has a reasonable expectation of reaching
      the
      same income level in the current year;

    

    ____ (6) a
      trust,
      with total assets in excess of $5,000,000, not formed for the specific purpose
      of acquiring the Shares offered, whose purchase is directed by a sophisticated
      person as described in Rule 506(b)(2)(ii) of Regulation D; and

    

    ____ (7) an
      entity
      in which all of the equity owners are accredited investors (as defined
      above).

    

    C. REPRESENTATIONS

    

    The
      undersigned hereby represents and warrants to the Company as
      follows:

    _______________

    1 As
      used in this Questionnaire, the term "net worth" means the excess of total
      assets over total liabilities. In computing net worth for the purpose of
      subsection (4), the principal residence of the investor must be valued at cost,
      including cost of improvements, or at recently appraised value by an
      institutional lender making a secured loan, net of encumbrances. In determining
      income, the investor should add to the investor's adjusted gross income any
      amounts attributable to tax exempt income received, losses claimed as a limited
      partner in any limited partnership, deductions claimed for deception,
      contributions to an IRA or KEOGH retirement plan, alimony payments, and any
      amount by which income from long-term capital gains has been reduced in arriving
      at adjusted gross income.

     

    
      
        
        

      

      
        D-3

        
          

        

      

      
        
        

      

    

     

    
      	
              1.

            	
              Any
                purchase of the Shares would be as principal for the account of the
                undersigned and not for the account of any other person or with a
                view to
                any resale, fractionalization, division, or distribution
                thereof.

            

    

    

    
      	
              2.

            	
              The
                information contained herein is complete and accurate and may be
                relied
                upon by the Company, and the undersigned will notify the Company
                immediately of any material change in any of such information occurring
                prior to the closing, if any, with respect to the purchase of Shares
                by
                the undersigned.

            

    

    

    
      	
              3.

            	
              There
                are no suits, pending litigation, or claims against the undersigned
                that
                could materially affect the net worth of the undersigned as reported
                in
                this Questionnaire.

            

    

    

    
      	
              4.

            	
              The
                undersigned acknowledges that there may occasionally be times when
                the
                Company determines that it must suspend the use of the prospectus
                forming
                a part of the Registration Statement (as such terms are defined in
                the
                Securities Purchase Agreement to which this Questionnaire is attached),
                subject to the provisions in Section 2(c) of the Registration Rights
                Agreement, which is attached as Exhibit A to the Securities Purchase
                Agreement. The undersigned is aware that, in such event, the Shares
                will
                not be subject to ready liquidation, and that any Shares purchased
                by the
                undersigned would have to be held during such suspension. The overall
                commitment of the undersigned to investments which are not readily
                marketable is not excessive in view of the undersigned’s net worth and
                financial circumstances, and any purchase of the Shares will not
                cause
                such commitment to become excessive. The undersigned is able to bear
                the
                economic risk of an investment in the
                Shares.

            

    

    

    
      	
              5.

            	
              The
                undersigned has carefully considered the potential risks relating
                to the
                Company and a purchase of the Shares, and fully understands that
                the
                Shares are speculative investments which involve a high degree of
                risk of
                loss of the undersigned’s entire investment. Among others, the undersigned
                has carefully considered each of the risks identified in the Transaction
                Documents.

            

    

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Questionnaire this ____
      day
      of [________], 2006, and declares under oath that it is truthful and
      correct.

    

     

    
      	 	 	__________________________________________
	 	 	
              Print Name

            
	 	 	 
	 	 	By:
              _______________________________________________
	 	 	
              Signature

            
	 	 	 
	 	 	Title:
              _____________________________________________
	 	 	
              (required
                for any purchaser that is a corporation, partnership,
                trust or other entity)

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