Document:

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                                                                    Exhibit 10.8

                  Master Executive Employment Agreement between
             AsiaInfo Holdings, Inc. and James Li dated May 30, 2003

Dear James:

This Master Executive Employment Agreement, dated as of May 30, 2003 (this
"Agreement"), is made and entered into by and between you and AsiaInfo Holdings,
Inc., a Delaware corporation (the "Company"). For purposes of this Master
Agreement, "Group" means the Company and any direct or indirect subsidiaries of
the Company.

1.       PURPOSE OF THIS AGREEMENT AND THE SUPPLEMENTARY AGREEMENTS

1.1.     The purpose of this Agreement is to set forth certain principal terms
         and conditions that apply to all of the employment services you render
         to the Company and other members of the Group, either directly or
         pursuant to secondments or similar arrangements. Your employment shall
         also be governed from time to time by certain additional written
         agreements entered into between you and the Company or other members of
         the Group (hereinafter "Supplementary Agreements"), as well as the
         written policies of the Company and the Group. The term of your
         employment, along with your salary and benefits and the provisions
         relevant to the termination of your employment by you or the Group are
         set forth in the Supplementary Agreements. Any of the Supplementary
         Agreements may be terminated, modified or amended from time to time in
         accordance with their respective terms. In the event of any conflict
         between the terms of any such Supplementary Agreement and the terms
         hereof, the terms hereof shall govern.

1.2.     Currently, the Supplementary Agreements in effect between you and the
         Company are as follows:

         (a)   the letter agreement between you and the Company, dated February
               1, 2000 (the "Letter Agreement");

         (b)   the Labor Contract between AsiaInfo Technologies (China), Inc., a
               company organized under the laws of the People's Republic of
               China ("AsiaInfo Technologies") and you, dated July 14, 2000 (the
               "Labor Contract"); and

         (c)   the Change of Control Agreement between you and the Company dated
               as of the date hereof.

2.       CONFIDENTIAL INFORMATION AND INVENTIONS

         You agree to comply strictly with the confidentiality and invention
         assignment provisions attached to this Agreement as Appendix I.

3.       NON-COMPETITION

3.1.     You acknowledge that:

         (a)   you possess skills that are special, unique or extraordinary;

         (b)   the level of compensation and the provisions in the Supplementary
               Agreements for compensation are partly in consideration of and
               conditioned upon your not competing with the Group;

         (c)   the provisions of this Clause 3 are essential to protect the
               business and goodwill of the Group.

3.2.     You agree that during your employment with the Group, and for a period
         of six (6) months thereafter (the "Covenant Period") you will not
         render

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         services for any organization, or engage directly or indirectly in any
         other employment, business, or business related activity unless you
         receive the prior written approval of the Company's Board of Directors
         (the "Board") to hold such outside employment or engage in such
         business or activity. Such written approval will not be unreasonably
         withheld if such outside employment, business or activity would not in
         any way be competitive with the business or proposed business of the
         Group or otherwise conflict with or adversely affect in any way your
         performance of your employment obligations to the Group.

3.3.     You agree that, during your employment, you shall devote substantially
         all your business efforts and time to the Group. You further agree
         that, during your employment, you will not actively engage in any other
         employment, occupation or consulting activity for any direct or
         indirect remuneration without the prior approval of the Board;
         provided, however, that you may:

         (a)   serve in any capacity with any professional, community, industry,
               civic, educational or charitable organization;

         (b)   serve as a member of corporate boards or directors on which you
               currently serve and, with the consent of the Board (which consent
               shall not be unreasonably withheld or delayed), other corporate
               boards of directors; and

         (c)   manage your personal investments and legal affairs so long as
               such activities do not materially interfere with the discharge of
               your duties to the Group.

3.4.     You agree that during your employment and the Covenant Period, except
         as provided below, you will not:

         (a)   accept employment with or render services or advice to any
               organization, or engage, directly or indirectly in any business
               that competes with the business of the Group in any province in
               the People's Republic of China (the "PRC") where the Group is
               physically located or in which it generates more than 5% of its
               China revenues, as well as all areas of Hong Kong, Macau and
               Taiwan;

         (b)   become an owner of any company which provides products or
               services that are competitive with those offered or planned by
               the Group, including, but not limited to, companies offering
               system integration services or telecommunications infrastructure
               software products in the PRC, Hong Kong, Macau or Taiwan (the
               business activities referred to in this paragraph will
               hereinafter be referred to as the "Business"); or

         (c)   directly or indirectly disrupt, damage or interfere with the
               operation or business of the Group by soliciting, recruiting,
               diverting, taking away or otherwise interfering with any
               customers or clients of the Group; or

         (d)   directly or indirectly solicit or encourage any employee or
               consultant of the Group to terminate his or her employment or
               engagement, or to accept employment or an engagement with any
               other company.

3.5.     Notwithstanding the foregoing, you may own, directly or indirectly,
         solely as an investment, up to, but not more than, one percent (1%) of
         any class of "publicly traded securities" of any company engaged in the
         Business. The term "publicly traded securities" shall mean securities
         that are traded on an internationally-recognized securities exchange.

3.6.     If any restriction set forth in this Clause is found by a court or
         arbitrator to be unenforceable by reason of its extent, duration,
         geographical scope or for any other reason, then you agree, and hereby
         submit, to the reduction and limitation of such prohibition to such
         extent, duration, geographical scope or other provision as shall be
         deemed enforceable.

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3.7.     You acknowledge that irreparable harm will be suffered by the Company
         in the event of the breach by you of any of your obligations under this
         Agreement, and that the Company will be entitled, by reason of such
         breach or any threatened breach, to enforce by an injunction or decree
         of specific performance the obligations set forth in this Agreement, in
         addition to the Company's other rights. Any claims asserted by you
         against the Company shall not constitute a defense in any injunction
         action brought by the Company to obtain specific enforcement.

4.       ARBITRATION

4.1.     You agree that any dispute or controversy arising out of or in any way
         concerning this Agreement or your employment with the Company or any
         other member of the Group, shall be submitted to a single arbitrator
         appointed by the Hong Kong International Arbitration Center. The
         arbitration shall be conducted in Hong Kong in accordance with the then
         applicable arbitration rules of the United Nations Commission on
         International Trade Law and the language used in the arbitral
         proceedings shall be English. The arbitration award shall be final,
         conclusive and binding on the parties to the arbitration. Judgement may
         be entered on the arbitration award in any court having jurisdiction.
         The Company and you shall each pay one-half of the costs and expenses
         of such arbitration, and each party shall separately pay its counsel's
         fees and expenses. Notwithstanding this arbitration clause, the parties
         may apply for injunctive relief to any court with jurisdiction.

4.2.     You understand that each party's promise to resolve claims by
         arbitration in accordance with the provisions of this Agreement, rather
         than through the courts, is consideration for the other party's like
         promise.

5.       MISCELLANEOUS PROVISIONS

         This Agreement and the Supplemental Agreements represent the entire
         agreement among you, the Company and the other members of the Group
         relating to your employment and the additional matters provided for
         herein and therein. This Agreement may be amended or altered only in a
         writing signed by you and the Company.

         This agreement shall be construed and interpreted in accordance with
         the laws of the State of Delaware. Each provision of this Agreement is
         severable from the others, and if any provision hereof shall be to any
         extent unenforceable it and the other provisions shall continue to be
         enforceable to the full extent allowable, as if such offending
         provision had not been a part of this Agreement.

Sincerely,

ASIAINFO HOLDINGS, INC.

By:   James Ding
      _________________________
      Name:  James Ding
      Title: Chairman of the Board

I agree to and accept the terms and conditions of this Agreement.

JAMES LI

James Li
_______________________________

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                                   APPENDIX I
                     CONFIDENTIAL INFORMATION AND INVENTIONS

     For purposes of this Appendix, the "Company" means AsiaInfo Holdings, Inc.,
a Delaware corporation, and the "Group" means the Company and any direct or
indirect subsidiary of the Company.

1.   Confidential Information.

     (a) Company Information. I agree at all times during the term of my
employment and thereafter, to hold in strictest confidence, and not to use,
except for the benefit of the Company or the benefit of the Group, or to
disclose to any person, firm or corporation without written authorization of the
Board of Directors of the Company, any Confidential Information (as hereafter
defined). I understand that "Confidential Information" means any proprietary
information, technical data, trade secrets or know-how, including, but not
limited to, research, product plans, products, services, customer lists and
customers (including, but not limited to, customers of the Company and/or any
other member of the Group on whom I called or with whom I became acquainted
during the term of my employment), partners, markets, software, developments,
inventions, processes, formulas, technology, designs, drawings, engineering,
hardware configuration information, yield data, equipment modifications,
pricing, marketing, finances or other business information of the Group
disclosed to me by or obtained by me from the Company and/or any other member of
the Group either directly or indirectly in writing, orally or by drawings or
observation of parts or equipment. I further understand that Confidential
Information does not include any of the foregoing items which has become
publicly known and made generally available through no wrongful act of mine or
of others who were under confidentiality obligations as to the item or items
involved.

     (b) Former Employer Information. I agree that I will not, during my
employment with the Company, improperly use or disclose any proprietary
information or trade secrets of any former or concurrent employer or other
person or entity and that I will not bring onto the premises of the Company
and/or any other member of the Group any unpublished document or proprietary
information belonging to any such employer, person or entity unless consented to
in writing by such employer, person or entity. I agree to indemnify the Company
and/or any other member of the Group and hold it or them harmless from all
claims, liabilities, damages and expenses, including reasonable attorneys fees
and costs of litigation, arising out of or in connection with any violation or
claimed violation of a third party's rights resulting from any use by the
Company and/or any other member of the Group of such proprietary information or
trade secrets improperly used or disclosed by me.

     (c) Third Party Information. I recognize that the Company and other members
of the Group have received and in the future will receive from third parties
their confidential or proprietary information subject to a duty on the Company's
part or the part of other members of the Group to maintain the confidentiality
of such information and to use it only for certain limited purposes. I agree to
hold all such confidential or proprietary information in the strictest
confidence and not to disclose it to any person, firm or corporation or to use
it except as necessary in carrying out my work for the Company consistent with
the Company's agreement with such third party.

2.   Inventions.

     (a) Assignment of Inventions. I agree that I will promptly make full
written disclosure to the Company, will hold in trust for the sole right and
benefit of the Company, and hereby assign to the Company, or its designee, all
my right, title, and interest in and to any and all inventions, original works
of authorship, developments, concepts, improvements, designs, discoveries,
ideas, trademarks or trade secrets, processes, copyright works, know-how, any
other work's information or matter which gives rise or may give rise to any
intellectual property of whatsoever nature, whether or not patentable or
registrable under any law of any country, which I may solely or jointly conceive
or develop or reduce to practice, or cause to be conceived or developed or
reduced to practice, during the period of time I am in the employ of the Company
(collectively referred to as "Inventions"), except as provided in Section 2(e)
below. I acknowledge that the Company, or its designee, has the absolute title,
right or interest in and to any and all original inventions or works of
authorship which are made by me, as an employee, (solely or jointly with others)
within the scope of and during the period of my employment with the Company. I
understand and agree that the decision

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whether or not to commercialize or market any invention developed by me solely
or jointly with others is within the Company' sole discretion and for the sole
benefit of the Company and/or any other member of the Group, and that no royalty
will be due to me as a result of the Company's efforts (or the efforts of any
member of the Group) to commercialize or market any such Invention.

     (b) Maintenance of Records. I agree to keep and maintain adequate and
current written records of all Inventions made by me (solely or jointly with
others) during the term of my employment with the Company. The records will be
in the form of notes, sketches, drawings, and any other format that may be
specified by the Company. The records will be available to and remain the sole
property of the Company at all times.

     (c) Patent and Copyright Registrations. I agree to assist the Company, or
its designee, at the Company's expense, in every proper way to secure the
Company's (or its designee's) rights in the Inventions and any copyrights,
patents, mask work rights or other intellectual property rights relating thereto
in any and all countries, including the disclosure to the Company of all
pertinent information and data with respect thereto, the execution of all
applications, specifications, oaths, assignments and all other instruments which
the Company shall deem necessary in order to apply for and obtain such rights
and in order to assign and convey to the Company, its successors, assigns, and
nominees the sole and exclusive rights, title and interest in and to such
Inventions, and any copyrights, patents, mask work rights or other intellectual
property rights relating thereto. I further agree that my obligation to execute
or cause to be executed, when it is in my power to do so, any such instrument or
papers shall continue after the termination of my employment with the Group for
any reason. If the Company or its designee is unable because of my mental or
physical incapacity or for any other reason to secure my signature to apply for
or to pursue any application for any United States or foreign patents or
copyright registrations covering Inventions or original works of authorship
assigned to the Company as above, then I hereby irrevocably designate and
appoint the Company and its duly authorized officers and agents as my agent and
attorney in fact, to act for and in my behalf and stead to execute and file any
such applications and to do all other lawfully permitted acts to further the
prosecution and issuance of letters patent or copyright registrations thereon
with the same legal force and effect as if executed by me.

3.   Returning Company Documents.

     I agree that, at the time of leaving the employ of the Company, I will
deliver to the Company (and will not keep in my possession, recreate or deliver
to anyone else) any and all devices, records, data, notes, reports, proposals,
lists, correspondence, specifications, drawings blueprints, sketches, materials,
equipment, other documents or property, or reproductions of any aforementioned
items developed by me pursuant to my employment with the Company or otherwise
belonging to the Company and/or any other member of the Group.<PAGE>
                                                                    Exhibit 10.9

                  Change of Control Severance Agreement between
             AsiaInfo Holdings, Inc. and James Li dated May 30, 2003

This Agreement, dated as of May 30, 2003, is made and entered into by and
between AsiaInfo Holdings, Inc., a corporation organized under the laws of the
State of Delaware with its principal place of business at Zhongdian Information
Tower, No. 6 Zhongguancun South Street, Beijing, People's Republic of China (the
"Company"), and James Li, Vice President for Human Resources and Administration
of the Company (the "Executive").

           WHEREAS, the Company considers it essential to the best interests of
its stockholders to foster the continuous employment of key management
personnel, and recognizes that, as is the case with many publicly held
corporations, the possibility of a Change of Control (as defined below) may
exist from time to time and that such possibility, and the uncertainty and
questions which it may raise among management, may result in the distraction or
departure of management personnel to the detriment of the Company and its
stockholders; and

           WHEREAS, the Board of Directors of the Company has determined that
appropriate steps should be taken to reinforce and encourage the Executive's
continued attention and dedication to the Executive's assigned duties without
distraction in the face of potentially disturbing circumstances arising from the
possibility of a Change of Control of the Company, although no such change is
presently known to be contemplated.

           NOW, THEREFORE, in consideration of the mutual covenants and
agreements hereinafter contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

                                    Section 1
                                   DEFINITIONS

           Except as may otherwise be specified or as the context may otherwise
require, the following terms shall have the respective meanings set forth below
whenever used herein:

           "Base Salary" shall mean the annual base rate of regular compensation
of the Executive immediately before a Change of Control, or if greater, the
highest such rate at any time during the 12-month period immediately preceding
the Change of Control.

           "Board" shall mean the Board of Directors of the Company.

           "Business Combination" shall mean a merger, consolidation, or sale of
all or substantially all of the Company's assets.

           "Cause" shall mean (i) the willful and continued failure by the
Executive substantially to perform his duties with the Employer (other than any
such actual or anticipated failure after the issuance of a Notice of Termination
for Good Reason) or (ii) the willful engaging by the Executive in conduct which
is demonstrably and materially injurious to the Employer, monetarily or
otherwise. For purposes hereof, no act, or failure to act, on the Executive's
part, shall be deemed "willful" unless done, or omitted to be done, by the
Executive in the absence of good faith and without a reasonable belief that such
act or omission was in the best interest of the Employer.

           "Change of Control" shall mean the first to occur, after the date
hereof, of any of the following:

           (i) any Person (excluding the Company, any employee benefit plan of
the Company or a corporation controlled by the Company's stockholders) is or
becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company (not including in the

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securities beneficially owned by such Person any securities acquired directly
from the Company or its Subsidiaries) representing more than 45% of either the
then outstanding shares of Stock of the Company or the combined voting power of
the Company's then outstanding securities;

           (ii)  during any period of 12 consecutive months during the existence
of this Agreement commencing on or after the date hereof, the individuals who,
at the beginning of such period, constitute the Board (the "Incumbent
Directors") cease to constitute at least a majority thereof because of a vote of
the Company's stockholders, provided that a director who was not a director at
the beginning of such 12-month period shall be deemed to have satisfied such
12-month requirement (and be an Incumbent Director) if such director was elected
by, or on the recommendation of or with the approval of, at least two-thirds of
the directors who then qualified as Incumbent Directors either actually (because
they were directors at the beginning of such 12-month period) or by prior
operation of this clause (ii);

           (iii) the consummation of a merger or consolidation of the Company
with any other corporation other than (A) a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior to
such merger or consolidation continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity
or any parent thereof) at least 60% of the combined voting power of the voting
securities of the Company or such surviving entity or any parent thereof
outstanding immediately after such merger or consolidation, or (B) a merger or
consolidation effected to implement a recapitalization of the Company (or
similar transaction) in which no Person is or becomes the beneficial owner, as
defined in clause (i), directly or indirectly, of securities of the Company (not
including in the securities beneficially owned by such Person any securities
acquired directly from the Company or its Subsidiaries) representing 45% or more
of either the then outstanding shares of Stock of the Company or the combined
voting power of the Company's then outstanding securities;

           (iv)  the stockholders of the Company or the Board approve a plan of
complete liquidation or dissolution of the Company; or

           (v)   there is consummated an agreement for the sale or disposition
by the Company of all or substantially all of the Company's assets, other than a
sale or disposition by the Company of all or substantially all of the Company's
assets to an entity, at least 60% of the combined voting power of the voting
securities of which are owned by Persons in substantially the same proportion as
their ownership of the Company immediately prior to such sale.

Upon the occurrence of a Change of Control as provided above, no subsequent
event or condition shall constitute a Change of Control for purposes of this
Agreement, with the result that there can be no more than one Change of Control
hereunder.

           "Code" shall mean the United States Internal Revenue Code of
1986, as amended.

           "Company" shall mean, subject to Section 5.1(a), AsiaInfo Holdings,
Inc., a corporation organized under the laws of the State of Delaware.

           "Covered Termination" shall mean if, within the one-year period
immediately following a Change of Control, the Executive (i) is terminated by
the Employer without Cause (other than on account of death or Disability), or
(ii) terminates his employment with the Employer for Good Reason. The Executive
shall not be deemed to have terminated his employment with the Employer for
purposes of this Agreement merely because he ceases to be employed by the
Employer and becomes employed by a new employer involved in the Change of
Control; provided that such new employer shall be bound by this Agreement as if
it were the Employer hereunder with respect to the Executive. It is expressly
understood that no Covered Termination shall be deemed to have occurred merely
because, upon the occurrence of a Change of Control, the Executive ceases to be
employed by the Employer and does not become employed by a successor to the
Employer after the Change of Control if the successor makes an offer to employ
the Executive on terms and conditions which, if imposed by the Employer, would
not give the Executive a basis on which to terminate employment for Good Reason.

           "Date of Termination" shall mean the date on which a Covered
Termination occurs.

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           "Disability" shall mean the occurrence after a Change of Control of
  the incapacity of the Executive due to physical or mental illness, whereby the
Executive shall have been absent from the full-time performance of his duties
with the Employer for six consecutive months.

           "Employer" shall mean the Company (if and for so long as the
Executive is employed thereby) and each Subsidiary which may now or hereafter
employ the Executive or, where the context so requires, the Company and such
Subsidiaries collectively. A subsidiary which ceases to be, directly or
indirectly, through one or more intermediaries, controlling, controlled by or
under common control with the Company prior to a Change of Control (other than
in connection with and as an integral part of a series of transactions resulting
in a Change of Control) shall, automatically and without any further action,
cease to be (or be part of) the Employer for purposes hereof.

           "Exchange Act" shall mean the United States Securities Exchange Act
of 1934, as amended.

           "Good Reason" shall mean, without the express written consent of the
Executive and except as a result of the Executive's failure to satisfy
applicable performance criteria, the occurrence after a Change of Control of any
of the following circumstances, unless such circumstances are fully corrected
prior to the Date of Termination specified in the Notice of Termination given in
respect thereof:

           (i)   assignment to the Executive of any duties inconsistent in any
materially adverse or diminutive respect with his position, authority, duties or
responsibilities from those in effect immediately prior to the Change of
Control;

           (ii)  a reduction in the Executive's Base Salary as in effect
immediately before the Change of Control, except for a reduction that applies in
equal proportion to all employees of the Company;

           (iii) a material reduction in the Executive's aggregate compensation
opportunity, including (A) the Executive's Base Salary, (B) bonus opportunity,
if any, and (C) long-term or other incentive compensation opportunity, if any
(taking into account, in the case of such bonus and incentive opportunities,
without limitation, any target, minimum and maximum amounts payable and the
attainability and reasonability of any performance hurdles, goals and other
measures);

           "Notice of Termination" shall mean a notice given by the Employer or
Executive, as applicable, which shall indicate the specific termination
provision in this Agreement relied upon and shall set forth in reasonable detail
the facts and circumstances claimed to provide a basis for termination of the
Executive's employment under the provisions so indicated.

           "Person" shall have the meaning ascribed thereto by Section 3(a)(9)
of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof
(except that such term shall not include (i) the Company or any of its
Subsidiaries, (ii) a trustee or other fiduciary holding securities under an
employee benefit plan of the Company or any of its Subsidiaries, (iii) an
underwriter temporarily holding securities pursuant to an offering of such
securities, (iv) a corporation owned, directly or indirectly, by the
stockholders of the Company in substantially the same proportion as their
ownership of stock of the Company, or (v) such Executive or any "group" (as such
term is used in Sections 13(d) and 14(d) of the Exchange Act) which includes the
Executive.

           "Stock" shall mean the common stock, $.01 par value per share, of the
Company.

           "Stock Options" shall mean options issued by the Company to purchase
Stock.

           "Subsidiary" shall mean any entity, directly or indirectly, through
one or more intermediaries, controlled by the Company.

           "Target Annual Bonus" shall mean the Executive's annual bonus for the
Employer's fiscal year in which the Date of Termination occurs, which bonus
would be paid or payable if the Executive and the Employer were to satisfy all
conditions to the Executive's receiving the annual bonus at target (although not
necessarily the maximum annual bonus); provided that such amount shall be
annualized for any fiscal year consisting of less than 12 full months; and
provided, further, that, if

<PAGE>

at the time of a Change of Control it is substantially certain that a bonus at a
level beyond target will be paid or payable for the fiscal year, then the bonus
which is substantially certain to be paid or payable, rather than the target
bonus, shall be used for these purposes.

                                    Section 2
                  BENEFITS ACCRUING UPON A COVERED TERMINATION

           2.1 If a Covered Termination occurs, then the Executive shall be
entitled hereunder to the following benefits, none of which shall be subject to
tax equalization:

           (a) any unpaid portion of the Executive's Base Salary through the
Date of Termination;

           (b) the product of (i) the Executive's Target Annual Bonus for the
year in which the Date of Termination occurs (or, if higher, as in effect at the
time of the Change of Control) and (ii) a fraction, the numerator of which is
the number of days that have elapsed in the current fiscal year through the Date
of Termination, and the denominator of which is 365;

           (c) an amount equal to the sum of (i) the Executive's Base Salary for
the year in which the Date of Termination occurs (or, if higher, as in effect at
the time of the Change of Control) and (ii) the Executive's Target Annual Bonus
for the year in which the Date of Termination occurs (or, if higher, as in
effect at the time of the Change of Control);

           (d) immediate vesting of 50% of any outstanding unvested Stock
Options held by the Executive as of the Date of Termination;

           (e) the right to exercise all vested Stock Options (including any
Stock Options that become vested pursuant to the foregoing clause 2.1 (d)) for a
period of 18 months after the Date of Termination (notwithstanding anything to
the contrary otherwise provided under the terms and conditions of such Stock
Options);

           (f) for a period of one year after the Date of Termination, the
Employer shall arrange to make available to the Executive medical benefits that
are at least at a level (and cost to the Company) that is substantially similar
in the aggregate to the level of such benefits that was available to the
Executive immediately prior to the Change of Control; provided that (i) the
Employer shall not be required to provide benefits under this Section 2.1(f)
upon and after the Change of Control that are in excess of those provided to a
majority of the executives of similar status who are employed by the Employer
from time to time upon and after the Change of Control, and (ii) no benefit
otherwise to be made available to the Executive pursuant to this Section 2.1(f)
shall be required to be made available to the extent that substantially
equivalent benefits are made available to the Executive by any subsequent
employer of the Executive; and

           (g) for a period of six months after the Date of Termination, the
Employer shall continue to provide the Executive with any housing entitlement
(including any housing allowance and any contribution made by the Company
towards any government or Company housing scheme) he was entitled to as of the
Date of Termination (or, if higher, as in effect at the time of the Change of
Control).

           2.2 (a) The cash payments provided for in Section 2.1(a), (b) and (c)
(except as otherwise expressly provided therein, as provided in Section 2.2(b)
or as otherwise expressly provided hereunder) shall be made as soon as
practicable, but in no event later than 30 days, following the Date of
Termination in the form of either (i) a lump sum cash payment or (ii) at the
Executive's request, monthly payments over no more than a 12 month period, by
check or wire transfer of immediately available funds.

           (b) Notwithstanding any other provision of this Agreement to the
contrary, no payment or benefit otherwise provided for under or by virtue of the
foregoing provisions of this Agreement shall be paid or otherwise made available
unless and until the Employer shall have first received from the Executive (no
later than 60 days after the Employer has provided to the Executive estimates
relating to the payments to be made under this Agreement) a valid, binding and
irrevocable general release, in form and substance acceptable to the Employer in
its discretion; provided that the Employer shall be permitted to defer any
payment

<PAGE>

or benefit otherwise provided for in this Agreement to the 15th day after its
receipt of such release and time at which it has become valid, binding and
irrevocable. The Employer may require that any such release contain an agreement
of the Executive to notify the Employer of any benefit made available by a
subsequent employer as contemplated by clause (ii) of the proviso to Section
2.1(f).

           2.3 For the avoidance of doubt, an Executive who is terminated for
Cause shall not be entitled to any of the benefits and compensation provided for
in Section 2.1.

                                    Section 3
                   BENEFITS ACCRUING UPON A CHANGE OF CONTROL

           3.1 In the event of a Change of Control and regardless of whether or
not a Covered Termination occurs, if the Change of Control is not effected by a
Business Combination whereby the successor corporation assumes all of the
Executive's outstanding Stock Options or replaces such Stock Options with
options or similar incentives with a substantially equivalent economic value,
the Executive shall be entitled to immediate vesting of 50% of any outstanding
unvested Stock Options held by the Executive as of the date of such Change of
Control. Such newly vested Stock Options shall become exercisable on the date of
such Change of Control and shall remain exercisable thereafter in accordance
with their respective terms.

                                    Section 4
                                 TAX PROVISIONS

           4.1 If all, or any portion, of the payments and benefits (as
determined by the Company) provided under this Agreement, if any, either alone
or together with other payments and benefits which the Executive receives or is
entitled to receive from the Company or its affiliates, would constitute an
excess "parachute payment" within the meaning of Section 280G of the Code
(whether or not under an existing plan, arrangement or other agreement) (each
such parachute payment, a "Parachute Payment"), and would result in the
imposition on the Executive of an excise tax under Section 4999 of the Code,
then such payments and benefits shall be subject to reduction by the Company if
and to the extent necessary to prevent any part of such payments and benefits
from constituting an excess "parachute payment".

           4.2 The Executive shall be responsible for any income taxes on all
payments or benefits provided for by this Agreement and the Company shall be
entitled to withhold any amounts required by law.

                                    Section 5
                                  MISCELLANEOUS

           5.1 (a) The Company shall require any successor entity in any
Business Combination expressly to assume and agree to perform the Company's
obligations under the terms of this Agreement in the same manner and to the same
extent that the Company and its affiliates would be required to perform it if no
such succession had taken place (provided that such a requirement to perform
which arises by operation of law shall be deemed to satisfy the requirements for
such an express assumption and agreement), and in such event the Company (as
constituted prior to such succession) shall have no further obligation under or
with respect to this Agreement. Failure of the Company to obtain such assumption
and agreement with respect to the Executive prior to the effectiveness of any
such succession shall be a breach of the terms of this Agreement with respect to
the Executive and shall entitle the Executive to compensation from the Employer
(as constituted prior to such succession) in the same amount and on the same
terms as the Executive would be entitled to hereunder were the Executive's
employment terminated for Good Reason following a Change of Control, except that
for purposes of implementing the foregoing, the date on which any such
succession becomes effective shall be deemed the Date of Termination. As used in
this Agreement, "Company" shall mean the Company as hereinbefore defined and any
successor to its business or assets as aforesaid which assumes and agrees (or is
otherwise required) to perform this Agreement. Nothing in this Section 5.1(a)
shall be deemed to cause any event or condition which would otherwise constitute
a Change of Control not to constitute a Change of Control.

           (b) Notwithstanding Section 5.1(a), the Company shall remain liable
to the Executive upon a Covered Termination after a Change of Control if (i) the

<PAGE>

Executive is not offered continuing employment by a successor to the Employer or
(ii) the Executive declines such an offer and the Executive's resulting
termination of employment otherwise constitutes a Covered Termination hereunder.

           (c) This Agreement, and the Executive's and the Company's rights and
obligations hereunder may not be assigned by the Executive or, except as
provided in Section 5.1(a), the Company, respectively; any purported assignment
by the Executive or the Company in violation hereof shall be null and void.

           (d) The terms of this Agreement shall inure to the benefit of and be
enforceable by the personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees of the Executive. If the
Executive shall die while an amount would still be payable to the Executive
hereunder if he had continued to live, all such amounts, unless otherwise
provided herein, shall be paid in accordance with the terms of this Agreement to
the Executive's devisee, legatee or other designee or, if there is no such
designee, the Executive's estate.

           5.2 Except as expressly provided in Section 2.1, the Executive shall
not be required to mitigate damages or the amount of any payment provided for
under this Agreement by seeking other employment or otherwise, nor will any
payments or benefits hereunder be subject to offset in the event the Executive
does mitigate.

           5.3 The Employer shall reimburse all legal fees and related expenses
incurred by the Executive in seeking to obtain or enforce any right or benefit
provided by this Agreement. The Company shall make advances to the Executive
with respect to such fees and expenses at the request of the Executive. Such
payments are to be made within five days after the Executive's request for
payment accompanied with such evidence of fees and expenses incurred as the
Employer reasonably may require; provided that if the Executive institutes a
proceeding and the judge or other decision-maker presiding over the proceeding
affirmatively finds that the Executive has failed to prevail substantially, the
Executive shall pay his own costs and expenses (and, if applicable, return any
amounts theretofore paid on the Executive's behalf under this Section 5.3).

           5.4 (a) The Executive may file a claim for benefits under this
Agreement by written communication to the Board. A claim is not considered filed
until such communication is actually received by the Board. Within 90 days (or,
if special circumstances require an extension of time for processing, 180 days,
in which case notice of such special circumstances shall be provided within the
initial 90-day period) after the filing of the claim, the Board shall:

           (i)  approve the claim and take appropriate steps for satisfaction of
the claim; or

           (ii) if the claim is wholly or partially denied, advise the Executive
of such denial by furnishing to him or his a written notice of such denial
setting forth (A) the specific reason or reasons for the denial; (B) specific
reference to pertinent provisions of this Agreement on which the denial is based
and, if the denial is based in whole or in part on any rule of construction or
interpretation adopted by the Board, a reference to such rule, a copy of which
shall be provided to the Executive; (C) a description of any additional material
or information necessary for the Executive to perfect the claim and an
explanation of the reasons why such material or information is necessary; and
(D) a reference to this Section 5.4.

           5.5 For the purposes of this Agreement, notice and all other
communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given when hand delivered or mailed by United States
certified or registered express mail, return receipt requested, postage prepaid,
if to the Executive, addressed to the Executive at his respective address on
file with the Secretary of the Company; if to the Company, addressed to AsiaInfo
Holdings, Inc., Zhongdian Information Tower, No.6 Zhongguancun South Street,
Beijing, People's Republic of China, and directed to the attention of its Legal
Department; if to the Board, addressed to the Board of Directors, c/o AsiaInfo
Holdings, Inc., Zhongdian Information Tower, No.6 Zhongguancun South Street,
Beijing, People's Republic of China, and directed to the Company's Legal
Department; or to such other address as any party may have furnished to the
others in writing in accordance herewith, except that notice of change of
address shall be effective only upon receipt.

<PAGE>

           5.6 Unless otherwise determined by the Employer in an applicable plan
or arrangement, no amounts payable hereunder upon a Covered Termination shall be
deemed salary or compensation for the purpose of computing benefits under any
employee benefit plan or other arrangement of the Employer for the benefit of
its employees unless the Employer shall determine otherwise.

           5.7 This Agreement is the exclusive arrangement with the Executive
applicable to payments and benefits in connection with a Change of Control of
the Company (whether or not a Change of Control), and supersedes any prior
arrangements involving the Company or its predecessors or affiliates relating to
changes in control (whether or not Changes in Control). This Agreement shall not
limit any right of the Executive to receive any payments or benefits under an
employee benefit or executive compensation plan of the Employer, initially
adopted as of or after the date hereof, which are expressly contingent
thereunder upon the occurrence of a Change of Control (including, but not
limited to, the acceleration of any rights or benefits thereunder).

           5.8 Any payments hereunder shall be made out of the general assets of
the Employer. The Executive shall have the status of general unsecured creditor
of the Employer, and this Agreement constitutes a mere promise by the Employer
to make payments under this Agreement in the future as and to the extent
provided herein.

           5.9 Nothing in this Agreement shall confer on the Executive any right
to continue in the employ of the Employer or interfere in any way (other than by
virtue of requiring payments or benefits as may expressly be provided herein)
with the right of the Employer to terminate the Executive's employment at any
time.

           5.10 Any controversy or claim arising out of or relating to this
Agreement or the breach of this Agreement that is not resolved by the Employer
and the Executive shall be submitted to arbitration in the Hong Kong Special
Administrative Region or the City of Beijing in the People's Republic of China,
in accordance with Delaware law and the procedures of UNCITRAL. The
determination of the arbitrator(s) shall be conclusive and binding on the
Employer and Executive and judgment may be entered on the arbitrator(s)' award
in any court having jurisdiction.

           5.11 This Agreement may be amended, superseded, canceled, renewed or
extended, and the terms hereof may be waived, only by a written instrument
signed by the parties hereto or, in the case of a waiver, by the party waiving
compliance. No delay on the part of any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof, nor shall any waiver on
the part of any party of any such right, power or privilege nor any single or
partial exercise of any such right, power or privilege, preclude any other or
further exercise thereof or the exercise of any other such right, power or
privilege.

           5.12 This Agreement shall become effective on the date first above
written and shall have an initial term of two years (the "Initial Term").
Following the Initial Term, this Agreement shall remain in full force and effect
unless and until terminated by the Board upon six months' prior written notice
to the Executive delivered after the Initial Term.

           5.13 The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement which shall remain in full force and effect.

           5.14 The use of captions in this Agreement is for convenience. The
captions are not intended to and do not provide substantive rights.

           5.15 THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
DELAWARE.

<PAGE>

           IN WITNESS WHEREOF, the parties hereto have signed their names,
effective as of the date first above written.

                                        ASIAINFO HOLDINGS, INC.

                                        By: James Ding
                                            ___________________________________
                                            Name:  James Ding
                                            Title: Chairman of the Board

                                        JAMES LI

                                        James Li
                                        ________________________________________

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