Document:

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                                                                   Exhibit 10.86

                   Beijing Enterprise Network Technology Ltd.

        CONTRACT RELATING TO EXCLUSIVE PURCHASE RIGHT OF EQUITY INTEREST

                           Dated as of August 15, 2004

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                              CONTRACT RELATING TO
               THE EXCLUSIVE PURCHASE RIGHT OF AN EQUITY INTEREST

The Contract Relating to the Exclusive Purchase Right of An Equity Interest,
dated as of August 15, 2004 (this "Contract"), is made in Beijing by and among:

     (1)  Hurray! Holding Co., Ltd., a limited company incorporated in Cayman
          Islands, with the address at Century Yard, Cricket Square, Hutchins
          Drive, P.O. Box 2681GT, George Town, Grand Cayman, British West Indies
          (the "Party A");

     (2)  Sun Hao, Citizen of the People's Republic of China (the "PRC"),
          holding the Identification Card of the PRC (No. 110108721231631), with
          the address at No. 301, Room 5, 6th Floor, 19 Xinwaidajie, Haidian
          District, Beijing (the "Party B"); and

     (3)  Beijing Enterprise Network Technology Co., Ltd., a limited liability
          company organized and existing under the laws of the PRC, with the
          registered address at Room 826, Huizhong Building, No.1 Shangdi No.7
          Street, Haidian District, Beijing (the "Party C").

     As used in this Contract, Party A, Party B, and Party C is "the Party"
     respectively, and "Parties to the Contract" in all.

     WHEREAS,

     1.   Party B has the ownership of 50% equity interest in Party C.

     2.   Party C and Hurray! Times Communications (Beijing) Ltd., a 100% owned
          subsidiary company of Party A within PRC, entered into a series of
          contracts such as Exclusive Technical Consulting and Services
          Agreement.

NOW, THEREFORE, the parties to this Contract hereby agree as follows:

1.   Purchase and Sale of Equity Interest
     ------------------------------------

Section 1.1 Authorization
            -------------

Party B hereby irrevocably grants to Party A, under the laws of the PRC, an
irrevocable exclusive right ("Purchase Right of Equity Interest") for Party A or
one or more persons designated by Party A (the "Designated Persons") to purchase
(in accordance with steps decided by Party A and at the price specified in
Section 1.3 hereof) at any time from Party B all or part of Party B's equity
interest in Party C. Except for Party A and the Designated Persons, Party B
shall not grant such right to any other party. Party C hereby

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agrees to the delivery of Purchase Right of Equity Interest from Party B to
Party A. As specified in this Section and this Contract, "person" has the
meaning of Person, Corporation, Joint Venture, Partnership, Enterprise, Trust or
Non-Corporation Organization.

Section 1.2 Steps
            -----

     The performance of Purchase Right of Equity Interest of Party A shall be
upon and subject to the laws and regulations of PRC. Party A shall send a
written notice (the "Notice of Purchase of Equity Interest") to Party B upon its
performance of Purchase Right of Equity Interest, the Notice of Purchase of
Equity Interest shall have in it the following contents:

     (a)  Party A's decision of the performance of purchase right;

     (b)  The Equity Interest to be purchased by Party A from Party B (the
          "Purchased Equity Interest");

     (c)  Purchase Date/Equity Interest Transfer Date.

Section 1.3 Purchase Price
            --------------

Except as requested by law to evaluate, the price of the Purchased Equity
Interest ("Purchase Price") shall be an equivalent of the actual amount of the
Purchased Equity Interest contributed by Party B.

The Purchase Price is subject to applicable laws and regulations of PRC.

Section 1.4 Transfer of the Purchased Equity Interest
            -----------------------------------------

Every time upon Party A's performance of the Purchase Right of Equity Interest:

(a)  Party B shall urge Party C to convene the shareholders meeting, and during
     the meeting, to pass the resolution to transfer the equity interest from
     Party B to Party A and/or the Designated Persons;

(b)  Party B shall, upon the terms and conditions of this Contract and the
     Notice of Purchase of Equity Interest, enter into Equity Interest Transfer
     Contract with Party A (or the Designated Persons, as the case may be);

(c)  The related parties shall execute all other requisite contracts, agreements
     or documents, acquire all requisite approval and consent of the government,
     and, without any security interest, perform all requisite action to
     transfer the valid ownership of the Purchased Equity Interest to Party A
     and/or the Designated Person, and to cause Party A and/or the Designated
     Person to be the registered owner of the Purchased Equity Interest. For
     this Section and this Contract, "Security Interest" has

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     the meaning of security, mortgage, right or interest of the third party,
     any purchase right of equity interest, right of acquisition, right of first
     refusal, right of set-off, ownership detainment or other security
     arrangements. To further define the meaning, it does not include any
     security interest subject to this Contract or the equity interest pledge
     contract of Party B. As described in this Section and this Contract, "the
     Equity Interest Pledge Contract of Party B" has the meaning of the Equity
     Interest Pledge Contract entered into by Hurray! Times Communications
     (Beijing) Ltd. and Party B dated as of the execution date of this Contract.
     According to the said Contract, to secure Party C to perform the
     obligations subject to the Exclusive Technology Consulting and Service
     Agreement entered into between Party C and Hurray! Times Communications
     (Beijing) Ltd., Party B pledges all its equity interest in Party C to
     Hurray! Times Communications (Beijing) Ltd.

Section 1.5 Payment
            -------

Upon the performance of the Purchase Right of Equity Interest by Party A, the
Purchase Price shall be determined in compliance with the PRC laws and
regulation then in effect.

2.   Promises Relating to Equity Interest
     ------------------------------------

Section 2.1 Undertaking of Party C
            ----------------------

Party C hereby undertakes:

(1)  Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not, in any form, to
     complement, change or renew the Articles of the Association of Party C, to
     increase or decrease its registered capital, or to change the structure of
     the registered capital in any other forms;

(2)  Pursuant to good financial and business standard and practice, to maintain
     the existence of the corporation, prudently and effectively operate
     business and process affairs;

(3)  Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not, from the execution date of
     this Contract, to sell, transfer, mortgage or otherwise dispose of any
     legitimate or beneficial interest of the assets, business or income of
     Party C, or to approve any other security interest set on it;

(4)  Without prior written notice by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, no debt shall take place, be
     inherited, be guaranteed, or be allowed to exist, with the exception of:
     (i) debt from normal or daily business but not from borrowing; (ii) debt
     having been disclosed to Party A or having gained

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     written consent from Party A;

(5)  To carry out all operations in the ordinary course of business to maintain
     the asset value of Party C, without taking any action/having omission which
     would sufficiently have an adverse impact on the operation and asset value;

(6)  Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not to enter into any material
     contract, with the exception of the contract entered into in the ordinary
     course of business (As in this paragraph, a contract with a value more than
     RMB One Million (RMB1,000,000) shall be deemed as a material contract);

(7)  Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not to provide loan or credit
     loan to anyone;

(8)  Upon the request of Party A, to provide all operation and financial
     materials relevant to Party C;

(9)  Party C purchases and holds all insurance from the insurance company
     accepted by Party A, the insurance amount and category shall be the same
     with those held by the companies in the same area, operating the similar
     business and owning the similar properties and assets;

(10) Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not to merge or associate with
     any person, or purchase any Person or invest in any Person;

(11) To immediately notify Party A of the occurrence or the possible occurrence
     of litigation, arbitration or administrative procedure related to the
     assets, business and income of Party C;

(12) In order to keep the ownership of Party C to all its assets, to execute all
     requisite or appropriate documents, do all requisite or appropriate action,
     and advance all requisite or appropriate accusation, or make requisite or
     appropriate defense for all claims;

(13) Without prior written notice by Party A, not to pay dividends to
     shareholders in any form, but upon the request of Party A, to distribute
     all or part of its distributable profits to their own shareholders; and

(14) Upon the request of Hurray! Times Communications (Beijing) Ltd., Party A's
     Affiliate in PRC, to appoint any person designated by Hurray! Times
     Communications (Beijing) Ltd. to join the Board of Directors of Party C.

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Section 2.2 Undertaking of Party B
            ----------------------

Party B undertakes:

(1)  Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not, from the execution date of
     this Contract, to sell, transfer, mortgage or otherwise dispose of any
     legitimate or beneficial interest of equity interest, or to approve any
     other security interest set on it, with the exception of the pledge set on
     the equity interest of Party B subject to Equity Interest Pledge Contract
     of Party B;

(2)  To cause the authorized representative(s) appointed by it not to approve at
     the Shareholders' meeting without prior written notice by Party A or
     Hurray! Times Communications (Beijing) Ltd., Party A's Affiliate in PRC,
     the sale, transfer, mortgage or otherwise disposal of any legitimate or
     beneficial interest of equity interest, or to approve any other security
     interest set on it, with the exception of the pledge set on the equity
     interest of Party B subject to Equity Interest Pledge Contract of Party B;

(3)  To cause the authorized representative(s) appointed by it not to approve at
     the Shareholders' meeting, without prior written notice by Party A or
     Hurray! Times Communications (Beijing) Ltd., Party A's Affiliate in PRC,
     merge the or association with any person by Party C, or its purchase of or
     investment in any person;

(4)  To immediately notify Party A of the occurrence or the possible occurrence
     of litigation, arbitration or administrative procedure related to the
     equity interest owned by it;

(5)  To cause the authorized representative(s) appointed by it to vote for the
     transfer of the Purchased Equity Interest subject to this Contract at the
     shareholders' meeting;

(6)  In order to keep its ownership of the equity interest, to execute all
     requisite or appropriate documents, do all requisite or appropriate action,
     and advance all requisite or appropriate accusation, or make requisite or
     appropriate defense for all claims;

(7)  Upon the request of Hurray! Times Communications (Beijing) Ltd., Party A's
     Affiliate in PRC, to appoint any person designated by Hurray! Times
     Communications (Beijing) Ltd. to join the Board of Directors of Party C;

(8)  Upon the request of Party A at any time, to immediately transfer its equity
     interest to the representative designated by Party A unconditionally and at
     any time, and waive its right of first refusal over such equity interest
     being transferred to other existing shareholder; and

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(9)  To prudently comply with the terms and conditions of this Contract and
     other contracts entered into jointly or severally by Party B, Party C and
     Party A and Hurray! Times Communications (Beijing) Ltd., to actually
     perform all obligations under these contracts, without taking any action or
     having omission which would sufficiently affect the validity and
     enforceability of these contracts.

3.   Representations and Warranties
     ------------------------------

Representations and Warranties of Party B and Party C
-----------------------------------------------------

Party B and Party C hereby jointly and severally represent and warrant to
-------------------
Party A as of the execution date of this Contract and each of the transfer date,
as follows:

(1)  It has the power and ability to enter into and deliver this Contract, and
     any equity interest transfer contract ("Transfer Contract") having it as a
     party, for every single transfer of the purchased equity interest according
     to this Contract, and to perform its obligations under this Contract and
     any Transfer Contract. Upon execution, this Contract and the Transfer
     Contracts having it as a party shall constitute a legal, valid and binding
     obligation of it and shall be enforceable against it in accordance with its
     terms;

(2)  The execution, delivery of this Contract and any Transfer Contract and
     performance of its obligations under this Contract and any Transfer
     Contract shall not: (i) result in violation of any relevant laws of PRC;
     (ii) constitute a conflict with Articles of Association or other
     organizational documents; (iii) cause to breach any contract or instruments
     to which it is a party or having binding obligation on it, or constitute a
     breach under any contract or instruments to which it is a party or having
     binding obligation on it; (iv) cause to violate relevant authorization of
     any consent or approval to it and/or any continuing valid condition; or (v)
     cause any consent or approval authorized to it to be suspended, removed, or
     into which other requests be added;

(3)  Party B bears the good title to and marketable ownership of its equity
     interest in Party C. Party B does not set any security interest on the said
     equity interest, with the exception of the pledge of equity interests
     agreed by Party A and Hurray! Times Communications (Beijing) Ltd., Party
     A's Affiliate in PRC;

(4)  Party C does not have any outstanding debt, with the exception of (i) debt
     from its normal business; and (ii) debt having been disclosed to Party A
     and having gained written consent from Party A;

(5)  Party C abides by all laws and regulations applicable to the purchase of
     assets; and

(6)  There is litigation, arbitration or administrative procedure in respect of
     equity interest, assets of Party C or the corporation to be ongoing or
     pending or likely to take place.

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4.   Effective Date
     --------------

     This Contract shall become effective once it is signed, with a term of 10
     years, and can be extended for 10 years at the discretion of Party A.

5.   Applicable Law and Dispute Resolution
     -------------------------------------

Section 5.1 Applicable Law
            --------------

The execution, validity, interpretation and performance of this Contract, and
resolution of the disputes under this Contract, shall be governed by the laws of
PRC.

Section 5.2 Dispute Resolution
            ------------------

Any dispute arising from the interpretation and performance of this Contract
shall be settled through friendly consultation between the parties to this
Contract. If no settlement can be reached through such consultation within
thirty (30) days after the written notice is sent by one party to the other
requesting to settle the dispute, then either party shall have the right to
refer the matter to China International Economic and Trade Arbitration
Commission, for arbitration according to the its arbitration rules then in
effect. The arbitration shall take place in Beijing. The arbitration award is
final, and is binding upon the parties hereto.

6.   Taxes and Expenses
     ------------------

Each party shall, according to laws of PRC, bear any and all taxes of the
transfer and registration, costs and expenses for the preparation and execution
of this Contract and all Transfer Contracts, and those incurred by or imposed on
it for completion of the transactions contemplated under this Contract and all
Transfer Contracts.

7.   Notices
     -------

This Contract requires that notices or other communications sent by any party or
corporation shall be written in Chinese, and be delivered in person, by mail or
fax to other parties at the following addresses or other specified addresses
informed by other parties to the party. The date deemed to be duly given or made
shall be confirmed as follows: (a) for notices delivered in person, the date of
delivery shall be deemed as having been duly given or made; (b) for notices
delivered by mail, the tenth day of the delivery date of air registered mail
with postage prepaid (as shown on stamp), or the fourth day of the delivery to
an express service company accepted internationally shall be deemed as having
been duly given or made; and (c) for notices by fax, the receipt date shown on
the delivery confirmation of the relevant document shall be deemed as having
been duly given or made.

Party A: Hurray! Holding Co., Ltd.

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Address:   Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681GT, George
           Town, Grand Cayman, British West Indies

Party B:   Sun Hao
Address:   No. 301, Room 5, 6th Floor, 19 Xinwaidajie, Haidian District,
           Beijing

Party C:   Beijing Enterprise Network Technology Co., Ltd.
Address:   Room 826, Huizhong Building, No.1 Shangdi No.7 Street, Haidian
           District, Beijing

8.   Confidentiality
     ---------------

Both the parties acknowledge and confirm that any oral or written materials
exchanged by the parties relating to this Contract are confidential. Both
parties shall keep all such materials in strict confidence. Without written
approval by the other party, the party shall not disclose to any third party any
relevant materials, but with the exception of the following: (a) the public know
or may know such materials (but not disclosed by the party accepting the
materials without authorization); (b) materials needed to be disclosed subject
to applicable laws; or (c) any party necessarily discloses materials to its
legal or financial consultant relating the transaction of this Contract, and
this legal or financial consultant shall have the obligation of confidentiality
similar to that set forth in this Section. The breach of the obligation of
confidentiality by staff or institution employed by any party shall be deemed as
the breach of such obligation by that party, and by whom the liabilities for
breach shall be borne. No matter this Contract may terminate by any reason, this
Section shall continue in force and effect.

9.   Further Warranties
     ------------------

The Parties to the Contract agree to promptly execute documents reasonably
requisite to the performance of the provisions and the aim of this Contract or
documents beneficial to it, and to take actions reasonably requisite to the
performance of the provisions and the aim of this Contract or actions beneficial
to it.

10.  Miscellaneous
     -------------

Section 10.1 Amendment, Modification and Supplement
             --------------------------------------

Amendment, modification and supplement of this Contract shall be subject to the
written agreement executed by each party.

Section 10.2 Observance of Laws and Regulations
             ----------------------------------

The parties to the contract shall observe and ensure the operation of each party
to be fully complied with all laws and regulations of PRC officially published
and publicly available.

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Section 10.3 Entire Contract
             ---------------

Except for a written amendment, supplement and modification of this Contract
following the date of execution, this contract constitutes the entire contract
of the parties hereto with respect to the subject matter hereof and supersedes
all prior oral or written agreements, representation and contracts with respect
to the subject matter hereof.

Section 10.4 Headings
             --------

The headings contained in this Contract are for convenience of reference only
and shall not affect the interpretation, explanation or in any other way the
meaning of the provisions of this Contract.

Section 10.5 Language
             --------

This Agreement is executed in Chinese in three copies.

Section 10.6 Severability
             ------------

If any one or more provisions of this Contract are judged as invalid, illegal or
non-enforceable in any way according to any laws or regulations, the validity,
legality and enforceability of other provisions hereof shall not be affected or
impaired in any way. All parties shall, through sincere consultation, seek to
replace those invalid, illegal or non-enforceable provisions with valid ones,
and the economic effects brought by the valid provisions shall be similar to
those effects brought by those invalid, illegal or non-enforceable provisions as
much as possible.

Section 10.7 Successor
             ---------

This Contract shall be binding upon and beneficial to the successor of each
party and the transferee allowed by each party.

Section 10.8 Survival
             --------

(a)  Any obligation arising at the termination or early termination hereof
     or any obligation which has been due shall continue in force and effect
     after the termination or early termination of the Contract.

(b)  Section 5, Section 8 and Section 10.8 hereof shall continue in force and
     effect after the termination of this Contract.

Section 10.9 Waiver
             ------

Any party to this Contract may waive the terms and conditions of this Contract.
Such waiver shall be valid only if set forth in an instrument in writing signed
by the party or parties to be bound thereby. Any waiver by a party to the breach
hereof by other parties in certain situation shall not be construed as a waiver
to any similar breach by other parties in other situation.

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IN WITNESS THEREFORE, the parties hereof have caused the Contract Relating to
the Exclusive Purchase Right of An Equity Interest to be executed by their duly
authorized representatives as of the date first written above.

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Party A: Hurray! Holding Co., Ltd. (Seal affixed)

By: /s/ signed
    ------------------------------------
Name:
Title:

Party B: Sun Hao

By: /s/ signed
    ------------------------------------
Name:

Party C: Beijing Enterprise Network Technology Co., Ltd. (Seal affixed)

By: /s/ signed
    ------------------------------------
Name:
Title:

                                       12<PAGE>

                                                                   Exhibit 10.87

                        Equity Interests Pledge Agreement

This Equity Interests Pledge Agreement (the "Agreement") is entered into on the
day of August 15, 2004 by and between the following parties:

Pledgee:       Hurray! Times Communications (Beijing) Ltd.
Address:       Room B 07-A, Tong Heng Plaza, No. 4 Huayuan Road,
               Haidian District, Beijing

Pledgor:       Sun Hao
ID Card No.:   110108721231631
Address:       No. 301, Room 5, 6th Floor, 19 Xinwaidajie, Haidian District,
               Beijing

WHEREAS,

1.   Sun Hao, the Pledgor, is a citizen of the People's Republic of China
     ("PRC"). The Pledgor owns 50% of the equity interest in Beijing Enterprise
     Network Technology Co., Ltd. Beijing Enterprise Network Technology Co.,
     Ltd. is a limited liability company registered in Beijing, PRC carrying on
     value added telecommunication business.

2.   The Pledgee, a wholly foreign-owned company registered in Beijing, PRC, has
     been licensed by the PRC relevant government authority to engage in the
     business of technology development, software production, integrated system
     and technical services. The Pledgee and Beijing Enterprise Network
     Technology Co., Ltd. owned by the Pledgor enter into Exclusive Technical
     Consulting and Services Agreement (the "Service Agreement") on August 15,
     2004.

3.   In order to make sure that the Pledgee collects technical consulting and
     service fees as normal from Beijing Enterprise Network Technology Co.,
     Ltd., the Pledgor is willing to pledge all its equity interest in Beijing
     Enterprise Network Technology Co., Ltd. to the Pledgee as a security for
     the Pledgee to collect technical consulting and service fees under the
     Service Agreement.

     In order to implement the terms of the service agreement, the Pledgee and
     the Pledgor through mutual negotiations hereby enter into this Agreement
     based upon the following terms:

1.   Definitions

Unless otherwise provided in this Agreement, the following terms shall have the
following meanings:

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     1.1  Pledge means the full content of Article 2 hereunder

     1.2  Equity Interest means all its 50% equity interests in Beijing
          Enterprise Network Technology Co., Ltd. legally held by the Pledgor.

     1.3  Rate of Pledge means the ratio between the value of the equity
          interest pledged under this Agreement and the technical consulting and
          service fees under the Service Agreement.

     1.4  Term of Pledge means the period provided for under Article 3.2
          hereunder.

     1.5  Service Agreement means the Exclusive Technical Consulting and Service
          Agreement entered into by and between Beijing Enterprise Network
          Technology Co., Ltd. and the Pledgee.

     1.6  Event of Default means any event under Article 7 hereof.

     1.7  Notice of Default means the notice of default issued by the Pledgee in
          accordance with this Agreement.

2.   Pledge

     2.1  The Pledgor agrees to pledge all its equity interest in Beijing
          Enterprise Network Technology Co., Ltd. to the Pledgee as guarantee
          for the technical consulting and service fee payable to the Pledgee
          under the Service Agreement.

     2.2  Pledge under this Agreement refers to the rights owned by the Pledgee
          who shall be entitled to have priority in receiving payment arising
          from conversion of the equity interests pledged by the Pledgor to the
          Pledgee into money or auction or sale of the equity interests.

3.   Rate and Term of Pledge

     3.1  The rate of Pledge

          3.1.1 The rate of pledge shall be 100%

     3.2  The term of Pledge

          3.2.1 The Pledge of equity interests under this Agreement shall take
               effect as of the date when the equity interests under this
               Agreement are recorded

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               in the Register of Member of Beijing Enterprise Network
               Technology Co., Ltd. and registered with the competent
               Administration for Industry and Commerce. The term of the Pledge
               is the same as the term of Service Agreement.

          3.2.2 During the term of the Pledge, the Pledgor shall be entitled to
               dispose of the right to the Pledge in accordance with this
               Agreement in the event that Beijing Enterprise Network Technology
               Co., Ltd. fails to pay technical Consulting and service fee in
               accordance with the Service Agreement.

4.   Physical Possession of Pledge Documents

     4.1  The Pledgee shall be entitled to receive the dividends from the equity
          interests.

5.   Warranties and Representations of the Pledgor

     5.1  The Pledgor is the legal owner of the equity interests.

     5.2  Except as otherwise provided hereunder, the Pledgee shall not be
          interfered with any parties at any time when the Pledgee exercises its
          rights in accordance with this Agreement.

     5.3  Except as otherwise provided hereunder, the Pledgee shall be entitled
          to dispose of or assign the right to the pledge in accordance with
          this Agreement.

     5.4  The Pledgor does not pledge the equity interests to any other person
          except for the Pledgee.

6.   Undertaking of the Pledgor

     6.1  During the effective term of this Agreement, the Pledgor undertakes to
          the Pledgee that the Pledgor shall:

          6.1.1 Except for the transfer of equity interest by the Pledgor to the
               party designated by Hurray! Holding Co., Ltd. pursuant to the
               Contract Relating to the Exclusive Purchase Right of Equity
               Interest entered into among the Pledgor,

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               Hurray! Holding Co., Ltd. and Beijing Enterprise Network
               Technology Co., Ltd., not transfer or assign the equity
               interests, create or permit to be created any pledges which may
               have an effect on the rights or benefits of the Pledgee without
               prior written consent from the Pledgee;

          6.1.2 Comply with and implement all laws and regulations with respect
               to the pledge of rights, present to the Pledgee the notices,
               orders or suggestions with respect to the right to Pledge issued
               or made by the competent authority within five days upon
               receiving such notices, orders or suggestions and comply with
               such notices, orders or suggestions, or object to the foregoing
               matters at the reasonable request of the Pledgee or with consent
               from the Pledgee.

          6.1.3 Timely notify the Pledgee of any events or any received notices
               which may affect the Pledgor's equity interest or any part of its
               right, and any events or any received notices which may change
               the Pledgor's any warranty and obligation under this Agreement or
               which may affect the Pledgor's performance of its obligations
               under this Agreement.

     6.2  The Pledgor agrees that the Pledgee's right to exercise the Pledge
          obtained from this Agreement shall not be suspended or hampered
          through legal procedure by the Pledgor or any successors of the
          Pledgor or any person authorized by the Pledgor.

     6.3  The Pledgor warrants to the Pledgee that in order to protect or
          perfect the security over the payment of the technical consulting and
          service fees under the Service Agreement, the Pledgor shall execute in
          good faith and cause other parties who have interests in the pledge to
          execute all the title certificates, contracts, and/or perform and
          cause other parties who have interests to take action as required by
          the Pledgee and make access to exercise the rights and authorization
          vested in the Pledgee under this Agreement, and execute all the
          documents with respect to the changes of certificate of equity
          interests with the Pledgee or the person (natural person/legal
          entity) designed by the Pledgee, and provides all the notices, orders
          and decisions regarded as necessary by the Pledgee to the Pledgee
          within the reasonable time.

     6.4  The Pledgor warrants to the Pledgee that the Pledgor will comply with
          and perform all the guarantees, covenants, agreements, representations
          and conditions for the benefits of the Pledgee. The Pledgor shall
          compensate all the

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          losses suffered by the Pledgee for the reasons that the Pledgor does
          not perform or fully perform their guarantees, covenants, agreements,
          representations and conditions.

7.   Events of Default

     7.1  The following events shall be regarded as the event of default:

          7.1.1 Beijing Enterprise Network Technology Co., Ltd. fails to make
               full payment of the technical consulting and service
               fees as scheduled under the Service Agreement;

          7.1.2 The Pledgor makes any material misleading or fraudulent
               representations or warranties under Article 5 herein, and/or the
               Pledgor is in violation of any representations and warranties
               under Article 5 herein;

          7.1.3 The Pledgor violates the covenants under Article 6 herein;

          7.1.4 The Pledgor violates any terms and conditions herein;

          7.1.5 The Pledgor waives the pledged equity interests or transfers or
               assigns the pledged equity interests without prior written
               consent of the Pledgee, except as provided in Article 6.1.1 in
               this Agreement;

          7.1.6 The Pledgor's any external loan, security, compensation,
               covenants or any other compensation liabilities (1) are required
               to be repaid or performed prior to the scheduled date because of
               breach of contract; or (2) are due but cannot be repaid or
               performed as scheduled and thereby cause the Pledgee to believe
               that the Pledgor's capacity to perform the obligations herein is
               affected;

          7.1.7 The Pledgor is incapable of repaying the general debt or other
               debt;

          7.1.8 This Agreement becomes illegal or the Pledgor fails to perform
               its obligations herein due to the promulgation of the relevant
               laws;

          7.1.9 Any approval, permits, licenses or authorization from the
               competent authority of the government necessary for the
               performance of this Agreement or legality or effectiveness of
               this Agreement are withdrawn, suspended, invalidated or
               materially amended;

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          7.1.10 The property of the Pledgor is adversely changed and causes the
               Pledgee to believe that the capability of the Pledgor to perform
               the obligations herein is affected;

          7.1.11 The successors or custodian of the Pledgor are only entitled to
               perform a portion of or refuse to perform the payment liability
               under the Service Agreement;

          7.1.12 Other circumstances whereby the Pledgee is incapable of
               exercising the right to dispose the Pledge in accordance with the
               related laws.

     7.2  The Pledgor shall immediately give a written notice to the Pledgee if
          the Pledgor is aware of or find that any event under Article 7.1
          herein or any events that may result in the foregoing events have
          happened.

     7.3  Unless the event of default under Article 7.1 herein has been solved
          to the Pledgee's satisfaction, the Pledgee, at any time when the event
          of default happens or thereafter, may give a written notice of default
          to the Pledgor and require the Pledgor to immediately make full
          payment of the outstanding service fees under the Service Agreement
          and other payables or dispose the Pledge in accordance with Article 8
          herein.

8.   Exercise of the Right to the Pledge

     8.1  The Pledgor shall not transfer or assign the equity interests without
          prior written approval from the Pledgee prior to the full repayment of
          the consulting and service fee under the Service Agreement.

     8.2  The Pledgee shall give a notice of default to the Pledgor when the
          Pledgee exercises the right to pledge.

     8.3  Subject to Article 7.3, the Pledgee may exercise the right to dispose
          the Pledge at any time when the Pledgee gives a notice of default in
          accordance with Article 7.3 or thereafter.

     8.4  The Pledgee is entitled to have priority in receiving payment arising
          from conversion of whole or part of the equity interests pledged
          herein into money or auction or sale of the equity interests in
          accordance with legal procedure until the outstanding technical
          consulting and service fees and all other payables under the Service
          Agreement are repaid.

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     8.5  The Pledgor shall not hinder the Pledgee from disposing the Pledge in
          accordance with this Agreement and shall give necessary assistance so
          that the Pledgee could realize his Pledge.

9.   Transfer or Assignment

     9.1  The Pledgor shall not donate or transfer his rights and obligations
          herein without prior consent from the Pledgee.

     9.2  This Agreement shall be binding upon the Pledgor and his successors
          and be effective to the Pledgee and his each successor and assignee.

     9.3  The Pledgee may transfer or assign all or any of his rights and
          obligations under the Service Agreement to any individual (natural
          person/legal person) at any time. In this case, the assignee shall
          enjoy and undertake the same rights and obligations herein of the
          Pledgee as if the assignee is a party hereto. When the Pledgee
          transfers or assigns the rights and obligations under the Service
          Agreement, at the request of the Pledgee, the Pledgor shall execute
          the relevant agreements and/or documents with respect to such transfer
          or assignment.

     9.4  After the change of Pledgee because of the transfer or assignment, the
          new parties to the pledge shall reexecute a pledge contract.

10.  Termination

This Agreement shall not be terminated until the consulting and service fees
under the Service Agreement are paid off and Beijing Enterprise Network
Technology Co., Ltd. will not undertake any obligations under the Service
Agreement any more, and the Pledgee shall cancel or terminate this Agreement
within reasonable time as soon as practicable.

11.  Formalities Fees and other Charges

     11.1 The Pledgor shall be responsible for all the fees and actual
          expenditures in relation to this Agreement including but not limited
          to legal fees, cost of production, stamp tax and any other taxes and
          charges. If the Pledgee pays the relevant taxes in accordance with the
          laws, the Pledgor shall fully indemnify such taxes paid by the
          Pledgee.

     11.2 The Pledgor shall be responsible for all the fees (including but not
          limited to

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          any taxes, formalities fees, management fees, litigation fees,
          attorney's fees, and various insurance premiums in connection with
          disposition of Pledge) incurred by the Pledgor for the reason that the
          Pledgor fails to pay any payable taxes, fees or charges in accordance
          with this Agreement; or the Pledgee has recourse to any foregoing
          taxes, charges or fees by any means for other reasons.

12.  Force Majeure

     12.1 If this Agreement is delayed in or prevented from performing in the
          Event of Force Majeure ("Event of Force Majeure"), only within the
          limitation of such delay or prevention, the affected party is absolved
          from any liability under this Agreement. Force Majeure, means any
          unforeseen events beyond the reasonable control of a party and cannot
          be prevented by the affected party even with reasonable care,
          including without limitation acts of governments, acts of nature,
          fire, explosion, geographical change, typhoon, flood, earthquake,
          tide, lightning or war. However, any shortage of credit, capital or
          finance shall not be regarded as an event beyond the reasonable
          control of a party. The party affected by the Event of Force Majeure
          who seeks for exemption from performing any obligations under this
          Agreement or under any Article herein shall notify the other party of
          such exemption promptly and advice him of the steps to be taken for
          completion of the performance.

     12.2 The party affected by Force Majeure shall not assume any liability
          under this Agreement. However, subject to the party affected by Force
          Majeure having taken its reasonable and practicable efforts to perform
          this Agreement, the Party seeking for exemption of the liabilities may
          only be exempted from performing such liability as within limitation
          of the part performance delayed or prevented by Force Majeure. Once
          causes for such exemption of liabilities are rectified and remedied,
          both parties agree to resume performance of this Agreement with their
          best efforts.

13.  Dispute Resolution

     13.1 This Agreement shall be governed by and construed in accordance with
          the PRC law.

     13.2 The parties shall strive to settle any dispute arising from the
          interpretation or performance, or in connection with this Agreement
          through friendly consultation. In case no settlement can be reached
          through consultation, either party can submit such matter to China
          International Economic and Trade Arbitration Commission ("CIETAC") for
          arbitration in accordance with its arbitration rules currently in
          force.

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          The arbitration proceedings shall be conducted in Chinese and shall
          take place in Beijing. The arbitration award shall be final and
          binding upon the parties.

14.  Notice

     14.1 Any notice which is given by the parties hereto for the purpose of
          performing the rights, duties and obligations hereunder shall be in
          writing. Where such notice is delivered personally, it shall be deemed
          to have been served at the time when such notice actually reaches the
          addressee; where such notice is transmitted by telex or facsimile, it
          shall be deemed to have been served at the time when such notice is
          transmitted. If such notice does not reach the addressee on business
          date or reaches the addressee after the business time, it shall be
          deemed to have been served on the next business day following such
          day. The delivery place shall be the address first written above of
          the parties hereto or the address advised in writing including
          facsimile and telex from time to time.

15.  Effectiveness

     15.1 This agreement and any amendments, supplements, or changes hereto
          shall be in writing and come into effect upon being executed and
          sealed by the parties hereto.

     15.2 This Agreement is executed in duplicate in Chinese.

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                        Equity Interests Pledge Agreement

     (No text on this page)

The Pledgee: Hurray! Times Communications (Beijing) Ltd. (Seal affixed)

Authorized Representative: (Signed)

The Pledgor: Sun Hao

Signature: (Signed)

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