Document:

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                                                                   Exhibit 10.12

                                 LOAN AGREEMENT

         The Loan Agreement (the "Agreement") is entered into as of May 27, 2004
between the following two parties:

         (1)  CHINA FINANCE ONLINE CO. LTD. (the "Lender"), a limited liability
company established and registered in Hong Kong, SAR.

              REGISTERED ADDRESS: Unit C, 8/F, East Wing, Sincere Insurance
              Building 4-6, Hennessy Road, Hong Kong, SAR.

         (2)  CHEN WU (the "Borrower")

              PRC ID NUMBER: 110108491204891
              ADDRESS: Rm 616,Tower A, COFCO Plaza, 8 Jianguomennei Dajie,
              Beijing, 100005 P.R.China

         Lender and Borrower will each be referred to as a "Party" and
collectively referred to as the "Parties."

         WHEREAS, Borrower holds 55% of the equity of Fuhua Innovation
Technology Development Co., Ltd. ("Fuhua"), a limited liability company
established and registered in the People's Republic of China (the "PRC").

         WHEREAS, Borrower wishes to borrow a loan from Lender to finance its
investment in Fuhua and Lender agrees to provide such loan to Borrower.

         NOW THEREFORE, the Parties agree as follows:

1.       LOAN

1.1      Lender agrees to provide a loan to Borrower with the principal amount
         equal to the US Dollar equivalent of RMB 1,650,000 in accordance with
         the terms and conditions set forth herein (the "Loan"). Term for such
         loan shall be ten (10) years which may be extended upon the agreement
         of the Parties (the "Term"). Notwithstanding the foregoing, in the
         following circumstances, Borrower shall repay the Loan regardless if
         the Term has expired:

         (1)   Borrower deceases or becomes a person without legal capacity or
               with limited legal capacity;

         (2)   Borrower commits a crime or is involved in a criminal act; or

         (3)   Lender or its designated assignee can legally purchase Borrower's
               interest in Fuhua under the PRC law and Lender chooses to do so.

1.2      Lender shall remit the amount of the Loan to an account designated by
         Borrower within seven (7) days after receiving Borrower's disbursement
         notice in writing, provided that all of the conditions precedent to
         disbursement set forth in Section 2 of

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         this Agreement have been fully satisfied. Borrower shall deliver a
         written confirmation to Lender within one (1) day after receiving the
         amount of the Loan.

1.3      The Loan shall only be used by Borrower to invest in Fuhua's registered
         capital. Without Lender's prior written consent, Borrower shall not use
         the Loan for any other purpose or transfer or pledge his interest in
         Fuhua to any third party.

1.4      Borrower can only repay the Loan by transferring all of his interest in
         Fuhua to Lender or a third party designated by Lender when such
         transfer is permitted under the PRC law.

1.5      In the event Borrower transfers his interest to any third party other
         than Lender, Borrower shall pay the full amount of the proceeds it
         receives from such transfer to Lender regardless if the amount of such
         proceeds exceeds the amount of the Loan.

1.6      Lender and Borrower hereby jointly agree and confirm that Lender has
         the right to, but has no obligation to, purchase or designate a third
         party (legal person or natural person) to purchase all or part of
         Borrower's interest in Fuhua at a price equal to the amount of the Loan
         when such purchase is allowed under the PRC law. If Lender or the third
         party assignee designated by Lender only purchases part of Borrower's
         interest in Fuhua, the purchase price shall be reduced on a pro rata
         basis.

1.7      In the event when Borrower transfers his interest in Fuhua to Lender or
         a third party transferee designated by Lender, (i) if the actual
         transfer price paid by Lender or the third party transferee equals or
         is less than the principal amount of the Loan, the Loan shall be deemed
         as interest free; or (ii) if the actual transfer price paid by Lender
         or the third party transferee is higher than the principal amount of
         the Loan, the amount exceeding the principal amount of the Loan shall
         be deemed as an interest accrued on the Loan and paid by Borrower to
         Lender in full.

2.       CONDITIONS PRECEDENT TO DISBURSEMENT

         The following conditions must be satisfied before the Loan is disbursed
         to Borrower:

2.1      Subject to the terms of Section 1.2, Lender has received the written
         disbursement notice from Borrower.

2.2      Borrower and Lender's wholly owned subsidiary, China Finance Online
         (Beijing) Co., Ltd. ("CFO (Beijing)"), have formally executed a equity
         pledge agreement (the "Equity Pledge Agreement"), under which Borrower
         agrees to pledge all his interest in Fuhua to CFO (Beijing).

2.3      Borrower, CFO (Beijing) and Fuhua have executed a purchase option and
         cooperation agreement (the "Purchase Option Agreement"), according to
         which Borrower grants CFO (Beijing) an irrevocable option to purchase
         all of his interest in Fuhua when certain conditions provided in the
         agreement are met.

2.4      The Equity Pledge Agreement and Purchase Option Agreement remain valid
         and effective. None of the parties under such agreements have
         materially breached any terms or conditions thereof and all of the
         necessary approvals, consents,

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         authorizations and registrations required under such agreements have
         been obtained or completed.

2.5      The representation and warranties under Section 3 remain true and
         correct on the day when the disbursement notice is delivered to Lender
         and on the date the Loan is disbursed to Borrower as if such
         representations and warranties are made as of such dates.

2.6      Borrower has not materially breached any terms or conditions hereof.

3.       REPRESENTATIONS AND WARRANTIES

3.1      Lender hereby represents and warrants to Borrower that:

         (a)  Lender is a company registered and validly existing under the laws
              of Hong Kong, SAR;

         (b)  subject to its Memorandum and Articles of Association and other
              organizational documents, Lender has full right, power and all
              necessary approvals and authorizations to execute and perform this
              Agreement;

         (c)  the execution and the performance of this Agreement will not
              contravene any provision of law applicable to Lender or any
              contractual restriction binding on or affecting it; and

         (d)  this Agreement shall constitute the legal, valid and binding
              obligations of Lender, which is enforceable against Lender in
              accordance with its terms upon its execution.

3.2      Borrower hereby represents and warrants to Lender that:

         (a)  Fuhua is a limited liability company registered and validly
              existing under the laws of PRC and Borrower owns 55% of Fuhua's
              equity;

         (b)  Borrower has full right, power and all necessary and appropriate
              approval and authorization to execute and perform this Agreement;

         (c)  the execution and the performance of this Agreement will not
              contravene any provision of law applicable to Borrower or any
              contractual restriction binding on or affecting Borrower;

         (d)  this Agreement shall constitute the legal and valid obligations of
              Borrower, which is enforceable against Borrower in accordance with
              its terms upon its execution; and

         (e)  there are no legal or other proceedings before any court, tribunal
              or other regulatory authority pending or threatened against
              Borrower.

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4.       NOTIFICATIONS

         Notice or other communications under this Agreement shall be delivered
         personally or sent by facsimile transmission or by registered mail to
         the address set forth below, except that such address has been changed
         in writing. The date noted on the return receipt of the registered mail
         is the service date of the notice if the notice is sent by registered
         mail; the sending date is the service date of the notice if the notice
         is sent personally or by facsimile transmission. The original of the
         notice shall be sent personally or by registered mail to the following
         address after the notice is sent by facsimile.

         Lender:     China Finance Online Co. Ltd.

                     Address: Unit C, 8/F, East Wing
                              Sincere Insurance Building 4-6
                              Hennessy Road, Hong Kong, SAR.

         Borrower:   Chen Wu

                     Address: Rm 616,Tower A, COFCO Plaza,
                              8 Jianguomennei Dajie,
                              Beijing, 100005 P.R.China

5.       CONFIDENTIALITY

         The Parties acknowledge and confirm that any oral or written materials
         concerning this Agreement exchanged between them are confidential
         information. The Parties shall protect and maintain the confidentiality
         of all such confidential data and information and shall not disclose to
         any third party without the other party's written consent, except (a)
         the data or information that was in the public domain or later becomes
         published or generally known to the public, provided that it is not
         released by the receiving party, (b) the data or information that shall
         be disclosed pursuant to applicable laws or regulations, and (c) the
         data or information that shall be disclosed to One Party's legal
         counsel or financial counsel who shall also bear the obligation of
         maintaining the confidentiality similar to the obligations hereof. The
         undue disclosing of the confidential data or information of One Party's
         legal counsel or financial counsel shall be deemed the undue disclosing
         of such party who shall take on the liability of breach of this
         Agreement.

6.       GOVERNING LAW AND SETTLEMENT OF DISPUTES

6.1      The execution, validity, interpretation, performance, implementation,
         termination and settlement of disputes of this Agreement shall be
         governed by the laws of Hong Kong, SAR.

6.2      In event of any dispute arising from or in connection with this
         Agreement, the Parties shall attempt to resolve the dispute through
         friendly consultations. In the event that satisfactory resolution is
         not reached within thirty (30) days after commencement of such
         consultation, the dispute shall be submitted (which submission may be
         made by either Borrower or Lender) to resolution by arbitration
         administered by Hong Kong

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         International Arbitration Center (the "Center") in Beijing, China, in
         accordance with the procedural rules of the Center, which are in effect
         at the time the application for arbitration is made. The arbitral award
         shall be final and binding upon all parties hereto.

7.       MISCELLANEOUS

7.1      This Agreement is executed in both Chinese and English. In case of any
         inconsistency between the two versions, the Chinese version shall
         prevail.

7.2      This Agreement can only be amended by written agreements jointly
         executed by the parties.

7.3      Any provision of this Agreement that is invalid or unenforceable shall
         not affect the validity and enforceability of any other provisions
         hereof.

IN WITNESS WHEREOF, the Parties have duly executed this Agreement, or have
caused this Agreement to be duly executed on their behalf, as of the date first
hereinabove set forth.

                                    LENDER:

                                    CHINA FINANCE ONLINE CO. LTD

                                    /s/ Zhongshan Qian
                                    ____________________________
                                    By:
                                    Title: CFO

                                    BORROWER:

                                    CHEN WU

                                    /s/ Chen Wu
                                    ____________________________

                                       5<PAGE>
                                                                   Exhibit 10.17

Lessor: Beijing Ping'an Real Estate Development Co., Ltd. (hereafter referred to
as "Party A").

Lessee: China Finance Online (Beijing) Co., Ltd. (hereafter referred to as
"Party B").

      Party A is a legal person entity in China and a developer of Peace Mansion
(the "Property") located at 23 Jinrong Avenue, Xicheng District, Beijing.

      Party A agrees to lease and Party B agrees to rent part of the Property,
and Party A and Party B hereby enter into this Contract upon friendly
consultation and free will. To confirm the rights and obligations of both
parties, Part A and Party B hereby agree on the following terms and conditions
with which both Parties must comply.

ARTICLE 1. SCOPE AND PURPOSE OF LEASE

      Party B leases Units 610A, 610B, 611, and 615 (the "Leased Units") of
Peace Mansion from Party A for the purpose of business operation.

      The building area of the Leased Units is 558 square meters, as shown in
Appendix 1, which is marked in red on the floor plan attached to this Contract
for identification.

ARTICLE 2. TERM OF LEASE

2.01  Both parties agree that the term of lease shall be two year(s), from July
      4, 2003 (date of leasing) to July 3, 2005 (the "Lease Term").

ARTICLE 3. RENEWAL

      Three months prior to expiration of this Contract, Party B may apply for
renewal and shall have priority to renew the lease under equal conditions. If
Party B fails to give such a notice, Party A shall have the right to enter the
Leased Units for inspection at a reasonable time, upon advanced notice, and
Party A shall have the right to lease the Leased Units to other parties.

ARTICLE 4. RENTAL (INCLUDING PROPERTY MANAGEMENT FEE)

      The rent per square meter of building area of the Leased Units is US $20.6
per month, and the total monthly rent is US $11494.80.

ARTICLE 5. RENT DEPOSIT (INCLUDING PROPERTY MANAGEMENT FEE) AND ELECTRICITY
DEPOSIT

5.01  The rent deposit under this Contract is the equivalent of two (2) months
      of rent, or US $22989.60. Party B shall pay Party A two months of rent as
      a deposit on the date Party B signs this Contract. Party A shall have the
      right to deduct from the

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      deposit any unpaid rent which is due or other liquidated damages and to
      claim any remaining balance from Party B.

5.02  The electricity deposit under this Contract is 8.55 RMB yuan/square meter
      of the Leased Units, or a total of 4770.90 RMB yuan. Party B shall pay for
      the electricity deposit on the date Party B signs this Contract. If Party
      B fails to make timely payments for the electricity charge, Party A shall
      have the right to deduct from the electricity deposit and to claim any
      remaining balance from Party B.

5.03  The rent and electricity deposits shall be refunded without interest to
      Party B within thirty (30) days after Party B has returned the Leased
      Units in good condition to Part A and paid all fees upon expiration of the
      lease contract.

ARTICLE 6. PAYMENT

6.01  Except by written consent of Party A, Party B shall pay the rent
      (including property management fee) and other fees under this Contract
      prior to the 7th day of each month (all aforesaid payments shall be paid
      in RMB and calculated according to the medium foreign exchange rate issued
      by the State on the 1st day of the month).

6.02  If Party B fails to pay or is late on making payments for relevant fees
      for reasons of its own, Party A shall charge a late fee of 0.05% of the
      overdue amount per day, but the late period shall not exceed thirty (30)
      days.

6.03  For any month during which the lease period is less than a month, all fees
      shall be prorated according to the actual number of days leased.

ARTICLE 7. PARTY A'S RIGHTS AND OBLIGATIONS

7.01  Party A or its authorized property management company shall be responsible
      for the management of the property, and shall provide the following
      services and facilities with compensation: power supply, lighting and
      other necessary ancillary facilities.

7.02  Party A may establish, publish, amend or void the Lessee Manual, Rules on
      Decoration, and other rules and regulations in accordance with the actual
      situations in managing the Property and give timely notice to Party B.

7.03  Party A shall reserve the following rights:

7.03.01   The utilities of the Property such as the pipelines for communication
          wires, water supply, electricity may pass through the Leased Units.
          Party A or its management company has the right to enter into the
          office space leased by Party B for inspection, maintenance or
          renovation but shall give Party B advanced notice.

7.03.02   Upon reasonable notice (except under emergency situations), Party A or
          the management company may temporarily suspend operation of any
          equipment or facility in the Property for maintenance.

7.03.03   The precondition for Party A's above mentioned actions is that they
          shall not bring about any economic loss to Party B. Party A shall
          return the Leased Units to the original condition upon completion of
          the inspection, maintenance or renovation project; otherwise, Party A
          shall be liable for damages.

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7.04  Party A may terminate this Contract unilaterally if Party B fails to
      correct its improper practice upon notice by Party A under any of the
      following circumstances:

7.04.01   Party B changes the purpose of the Leased Units or is engaged in
          illegal operations

7.04.02   Party B runs a business in the Leased Units under a name other than
          its official corporate name.

7.04.03   Party B fails to pay the fees over thirty (30) days after their due
          date.

7.04.04. Without written consent by Party A, Party B subleases, sublets or
         transfers part of or the whole Leased Units to a third party or share
         the Leased Units with a third party.

ARTICLE 8. PARTY B'S RIGHTS AND OBLIGATIONS:

8.1   Party B has the right to use the Leased Units within the lease term as
      long as it has paid the entire amount of rent (including property
      management fee) and other fees under this Contract, and performed the
      obligations under the Contract.

8.2   Party B has the right to use the public space and facilities of the
      Property in a reasonable manner and shall pay for any related expense.

8.3   Party B shall make timely payments for rents (including property
      management fee), electricity charges, phone charges, various deposits, and
      fees for services Party A or the management company provides to Party B
      with Party B's consent.

8.4   Party B shall be responsible for keeping the interior of the Leased Units
      in good condition.

8.5   Party B shall timely notify Party A or the management company if the
      Leased Units are damaged in any way. Party B shall take all necessary
      precautions to prevent the Leased Units from being damaged by storms or
      other natural disasters.

8.6   If Party B is responsible for any damage to the Leased Units, it shall
      have the units repaired according to the requirements of Party A or the
      management company within one month upon receiving notice from Party A or
      the management company. If Party B fails to have the units repaired
      according to the requirements, Party A or the management company has the
      right to enter the office space for maintenance and repair, and Party B
      shall be liable for the losses and fees resulting from its negligent
      conduct.

8.7   If the lease is terminated or canceled, Party B shall return the Leased
      Units in good condition (except for reasonable wear and tear). If Party B
      refuses or fails to comply with the aforesaid requirements, then Party A
      has the right to deduct a sufficient amount (including property management
      fees) from the deposit and use that amount to complete the restoration,
      dismantling, removal and repair of its own accord and to cover any losses
      suffered by Party A. Party A shall claim against Party B for the remaining
      costs if the deposits are not sufficient.

8.8   Party B must comply with the Lessee Manual and all regulations stipulated
      by Party A or the management company and related laws and regulations in
      China.

8.9   Party B shall not conduct or allow others to conduct any peddling activity
      in the Leased Units.

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8.10  Without written consent by Party A, Party B shall not install any lock or
      security system on the doors of the leased offices. If alteration is
      needed, Party B shall apply in writing and may only proceed with the
      alteration upon receipt of written approval from Party A.

8.11  If Party B must decorate the units, Party B shall follow the application
      procedures in accordance with the Decoration Rules stipulated by the
      management company.

8.12  If Party B must redecorate the units, Party B shall reapply in accordance
      with the Decorations Rules and other procedures.

8.13  Without approval by Party A or the management company, Party B shall not
      erect any promotional material such as words, symbols or advertisements in
      any area outside the Property. Party B shall place its signs following the
      instructions of Party A or the management company. Party A shall provide
      Party B with a signboard in the lobby, and Party B must apply in writing
      for any additional sign and/or rental lamp chest for advertisement.

8.14  Part B shall not alter the building structure or external look of the
      Property; nor shall Party B block any window thereof.

8.15  Party B shall be responsible for any conduct by its employees, visitors,
      construction workers, and decoration workers and shall be liable for any
      damage to Party A or any third party caused by the conduct of the
      aforesaid persons.

ARTICLE 9. ASSIGNATION

     During the tenancy, the ownership of the building may be transferred by or
inherited from Party A, but the transferee or inheritor shall continue to comply
with the terms and conditions under this Contract.

ARTICLE 10. CANCELLATION OF THE CONTRACT

10.01 If this Contract cannot be performed due to force majeure described in
      Article 11, the party affected by force majeure may terminate this
      Contract.

10.02 If one party breaches this Contract and brings about severe losses of
      property and possessions to the other party, the other party may terminate
      the Contract in advance and claim for damages against the breaching party.

ARTICLE 11. FORCE MAJEURE

      Should either of the parties to this Contract fails to perform this
Contract due to force majeure, such as earthquake, hurricane, flood, fire or any
other unpreventable or unavoidable event, the party affected by the force
majeure shall immediately notify the other party by telegram or facsimile and
shall provide, within fifteen (15) days, details about the force majeure and a
certificate explaining the reasons for failure or delay to perform all or part
of the Contract. The certificate shall be provided by a public notary at the
location of the force majeure event. The party affected by the force majeure may
be exempt from liability.

ARTICLE 12. LIABILITY FOR BREACH OF CONTRACT

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12.01 Except under Article 10 of this Contract, neither party shall terminate
      this Contract of its own accord. Either party who breaches this Contract
      shall be liable for damages due to the breach (including economic losses
      to the other party).

12.02 In no excuse shall Party B refuse to pay for last month's electricity or
      phone charges upon receipt of the bills if the bills are accurate;
      otherwise, Party B is in breach of the Contract. When the bills are past
      due for over seven days, Party A has the right to cut off the electricity
      power supply and the telephone communication until the fees are paid.

12.03 After signing this Contract, the party who terminates this Contract
      unilaterally shall compensate the non-breaching party by paying liquidated
      damages equal to two months of rent.

12.04 Party B's termination of the lease during the lease term shall constitute
      breach, and Party B shall pay Party A liquidated damages equal to two
      months of rent as compensation for Party B's unilateral breach of the
      Contract.

12.05 When Party A deducts from the deposits in accordance with this Contract,
      Party B must make up for the deducted amount in twenty (20) days;
      otherwise, Party B has breached the Contract. Then Party A shall have the
      right to terminate this Contract and repossess the Leased Units and Party
      B shall forfeit all rents and deposits already paid.

ARTICLE 13. DISPUTE RESOLUTION

13.01 The formation, validity, interpretation, performance of this Contract and
      the dispute resolution thereunder shall be governed by the laws of the
      People's Republic of China.

13.02 When Party A and Party B dispute over this Contract, both parties shall
      make their best efforts to resolve the dispute through friendly
      consultation or mediation. If such consultation or mediation fails to
      resolve the dispute, then either party may submit the dispute to
      arbitration or resort to legal procedures.

ARTICLE 14. SUPPLEMENTARY ARTICLES

14.01 If any of the clauses under this Contract is deemed invalid, illegal or
      unenforceable under the applicable laws, the validity, legality and
      enforceability of the other clauses under this Contract shall not be
      affected, and both parties shall remain obligated to perform the other
      clauses.

14.02 This Contract has two counterparts written in Chinese, with one for each
      of Party A and Party B. The two counterparts have equal legal effect.

14.03 This Contract shall become effective after both Party A and Party B sign
      their names and affix their seals.

Party A:        Beijing Ping'an Real       Party B:        China Finance
                Estate Development Co.,                    Online (Beijing) Co.,
                Ltd.                                       Ltd.

Legal                                      Legal
representative: [/s/ COMPANY SEAL]         representative: [/s/ COMPANY SEAL]

Authorized                                 Authorized
representative: /s/ Yi Zhang               representative: /s/ Linghai Ma

                June 30, 2003                              June 30, 2003

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