Document:

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                                                                   Exhibit 10.18
                                     FORM OF
                        CHINA FINANCE ONLINE CO. LIMITED
              INDEMNIFICATION AGREEMENT FOR DIRECTORS AND OFFICERS

     This Indemnification Agreement (this "AGREEMENT") is entered into as of the
___ day of __________, 2004 by and between China Finance Online Co. Limited (the
"COMPANY") and the director/officer of the Company identified on the signature
page hereto (the "INDEMNITEE").

                                 R E C I T A L S

     A. The Company recognizes the continued difficulty in obtaining liability
insurance for its directors, officers, employees, controlling persons,
fiduciaries and other agents and affiliates, the significant increases in the
cost of such insurance and the general reductions in the coverage of such
insurance.

     B. The Company further recognizes the substantial increase in corporate
litigation in general, subjecting directors, officers, employees, controlling
persons, fiduciaries and other agents and affiliates to expensive litigation
risks at the same time as the availability and coverage of liability insurance
has been severely limited.

     C. The current protection available to directors, officers, employees,
controlling persons, fiduciaries and other agents and affiliates of the Company
may not be adequate under the present circumstances, and directors, officers,
employees, controlling persons, fiduciaries and other agents and affiliates of
the Company (or persons who may be alleged or deemed to be the same), including
the Indemnitee, may not be willing to continue to serve or be associated with
the Company in such capacities without additional protection.

     D. The Company (i) desires to attract and retain the involvement of highly
qualified persons, such as the Indemnitee, to serve and be associated with the
Company, and (ii) accordingly, wishes to provide for the indemnification and
advancement of expenses to the Indemnitee to the maximum extent permitted by
law.

     NOW, THEREFORE, the Company and the Indemnitee hereby agree as follows:

          1.   Indemnification.

               (a) Indemnification of Expenses. In the event that the Indemnitee
or any Affiliated Person of the Indemnitee was or is or becomes a party to or
witness or other participant in, or is threatened to be made a party to or
witness or other participant in any Claim by reason of (or arising in part out
of) the occurrence of any Indemnification Event, the Company shall indemnify and
hold harmless the Indemnitee and his/her such Affiliated Person to the fullest
extent permitted by law against any and all Expenses. The Company shall make the
indemnification payment as soon as practicable but in any event no later than
ten (10) days after written demand by the Indemnitee therefor is presented to
the Company; provided that customary documentation supporting such payment, in a
form reasonably acceptable to the Company in accordance with its internal
accounting procedures, must be provided to the Company before any
indemnification payment is made.

               (b) Contribution. If the indemnification provided for in Section
1(a) above for any reason is held by a court of competent jurisdiction to be
unavailable to the Indemnitee in respect of any losses, claims, damages,
expenses or liabilities referred to therein, then the Company, in lieu of
indemnifying the Indemnitee, shall contribute to the amount paid or payable by
the Indemnitee as a result of such losses, claims, damages, expenses or
liabilities (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company (including its

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Subsidiaries and Consolidated Entities) and the Indemnitee from the transaction
or occurrence that the action or inaction leading to the Indemnification Event
related to, or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause (i) above but also the relative
fault of the Company (including its Subsidiaries and Consolidated Entities) and
the Indemnitee in connection with the action or inaction which resulted in such
losses, claims, damages, expenses or liabilities, as well as any other relevant
equitable considerations. In connection with the registration of securities of
the Company or any of its Subsidiaries, the relative benefits received by the
Company (including its Subsidiaries and Consolidated Entities) and the
Indemnitee shall be deemed to be in the same respective proportions that the net
proceeds from the offering (before deducting expenses) received by the Company
(including its Subsidiaries and Consolidated Entities) and the Indemnitee, in
each case as set forth in the table contained in the applicable prospectus, bear
to the aggregate public offering price of the securities so offered. In
connection with the registration of securities of the Company or any of its
Subsidiaries, the relative fault of the Company (including its Subsidiaries and
Consolidated Entities) and the Indemnitee shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to
information supplied by the Company (including its Subsidiaries and Consolidated
Entities) or the Indemnitee and the parties' relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission.

     The Company and the Indemnitee agree that it would not be just and
equitable if contribution pursuant to this Section 1(b) were determined by pro
rata or per capita allocation or by any other method of allocation which does
not take account of the equitable considerations referred to in the immediately
preceding paragraph. No person found guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act of 1933, as amended
(the "SECURITIES ACT")) shall be entitled to contribution from any person who
was not found guilty of such fraudulent misrepresentation.

               (c) Survival Regardless of Investigation. The indemnification and
contribution provided for in this Section 1 will remain in full force and effect
regardless of any investigation made by or on behalf of the Indemnitee.

               (d) Change in Control. The Company agrees that, if there is a
Change in Control of the Company, the Company shall, as a condition to
consummate any such Change in Control transactions, take necessary actions to
ensure that the Indemnitee stands in the same position under this Agreement with
respect to the resulting, surviving or changed corporation as the Indemnitee
would have with respect to the Company if its separate existence had continued
or if there had been no Change in Control of the Company.

               (e) Mandatory Payment of Expenses. Notwithstanding any other
provision of this Agreement other than Section 8 hereof, to the extent that the
Indemnitee has been successful on the merits or otherwise, including, without
limitation, the dismissal of an action without prejudice, in the defense of any
action, suit, proceeding, inquiry or investigation referred to in Section (1)(a)
hereof or in the defense of any claim, issue or matter therein, the Indemnitee
shall be indemnified against all Expenses incurred by the Indemnitee in
connection therewith; provided that customary documentation supporting such
indemnification, in a form reasonably acceptable to the Company in accordance
with its internal accounting procedures, must be provided to the Company before
any indemnification payment is made.

          2.   Expenses; Indemnification Procedure.

               (a) Advancement of Expenses. The Company shall advance all
Expenses incurred by the Indemnitee. The advancement to be made hereunder shall
be paid by the Company to the Indemnitee as soon as practicable but in any event
no later than ten (10) days after written demand by the Indemnitee therefor is
presented to the Company; provided that customary

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documentation supporting such advancement, in a form reasonably acceptable to
the Company in accordance with its internal accounting procedures, must be
provided to the Company before any advancement is made.

               (b) Notice/Cooperation by Indemnitee. The Indemnitee shall, as a
condition precedent to the Indemnitee's right to be indemnified under this
Agreement, give the Company a notice in writing as soon as practicable of any
Claim made against the Indemnitee for which indemnification will or could be
sought under this Agreement. In addition, the Indemnitee shall give the Company
such information and cooperation as it may reasonably require and as shall be
within the Indemnitee's power.

               (c) No Presumptions; Burden of Proof. For purposes of this
Agreement, the termination of any Claim by judgment, order, settlement (whether
with or without court approval) or conviction, or upon a plea of nolo
contendere, or its equivalent, shall not create a presumption that the
Indemnitee did not meet any particular standard of conduct or have any
particular belief or that a court has determined that indemnification is not
permitted by applicable law. In connection with any determination as to whether
the Indemnitee is entitled to be indemnified hereunder, the burden of proof
shall be on the Company to establish that the Indemnitee is not so entitled.

               (d) Notice to Insurers. If, at the time of the receipt by the
Company of a notice of a Claim pursuant to Section 2(b) hereof, the Company has
liability insurance in effect which may cover such Claim, the Company shall give
prompt notice of the commencement of such Claim to the insurers in accordance
with the procedures set forth in the respective policies. The Company shall
thereafter take all reasonable actions to cause such insurers to pay, on behalf
of the Indemnitee, all amounts payable as a result of such action, suit,
proceeding, inquiry or investigation in accordance with the terms of such
policies.

               (e) Assumption of Defense; Selection of Counsel. In the event the
Company shall be obligated hereunder to pay the Expenses of any Claim, the
Company shall be entitled to assume and control the defense of such Claim upon
the delivery to the Indemnitee of written notice of its election to do so. After
delivery of such notice, the Company will not be liable to the Indemnitee under
this Agreement for any fees of counsel subsequently incurred by the Indemnitee
with respect to the same Claim; provided that, (i) the Indemnitee shall have the
right to employ his/her own counsel in any such Claim at his/her own expense and
(ii) if (A) the employment of counsel by the Indemnitee has been previously
authorized by the Company, (B) the Indemnitee shall have reasonably concluded
that there is a material conflict of interest between the Company and the
Indemnitee in the conduct of any such defense, or (C) the Company shall not
continue to defend such Claim, then the fees and expenses of the Indemnitee's
counsel shall be at the expense of the Company. The Company shall have the right
to conduct such defense as it sees fit in its sole discretion, including the
right to settle any claim, action or proceeding against the Indemnitee without
the consent of the Indemnitee, provided such settlement includes a full release
of the Indemnitee by the claimant from all liabilities or potential liabilities
under such Claim.

          3.   Additional Indemnification Rights; Nonexclusivity.

               (a) Scope. The Company hereby agrees to indemnify the Indemnitee
to the fullest extent permitted by law, notwithstanding that such
indemnification may not be specifically authorized by other provisions of this
Agreement, the Company's Amended Memorandum and Articles of Association or by
statute. In the event of any change after the date of this Agreement in any
applicable law, statute or rule which expands the right of the Company to
indemnify a member of its Board of Directors or an officer, employee,
controlling person, agent or fiduciary, it is the intent of the parties hereto
that the Indemnitee shall enjoy by this Agreement the greater benefits afforded
by such change. In the event of any change in any applicable law, statute or
rule which narrows the right of the Company to indemnify a member of its Board
of Directors or an officer, employee, agent or fiduciary, such change, to the
extent not otherwise required by such law, statute or rule to be applied

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to this Agreement, shall have no effect on this Agreement or the parties' rights
and obligations hereunder except as set forth in Section 8(a) hereof.

               (b) Nonexclusivity. The indemnification provided by this
Agreement shall be in addition to any rights to which the Indemnitee may be
entitled under the Company's Amended Memorandum and Articles of Association, any
agreement, any vote of shareholders or disinterested directors, the corporation
law of Cayman Islands, or otherwise. The indemnification provided under this
Agreement shall continue as to the Indemnitee for any action the Indemnitee took
or did not take while serving in an indemnified capacity even though the
Indemnitee may have ceased to serve in such capacity.

          4.   No Duplication of Payments. The Company shall not be liable under
this Agreement to make any payment in connection with any Claim made against the
Indemnitee to the extent the Indemnitee has otherwise actually received payment
(under any insurance policy, the Company's Amended Memorandum and Articles of
Association or otherwise) of the amounts otherwise indemnifiable hereunder.

          5.   Partial Indemnification. If the Indemnitee is entitled under any
provision of this Agreement to indemnification by the Company for any portion of
Expenses incurred in connection with any Claim, but not, however, for all of the
total amount thereof, the Company shall nevertheless indemnify the Indemnitee
for the portion of such Expenses to which the Indemnitee is entitled.

          6.   Mutual Acknowledgment. The Company and the Indemnitee acknowledge
that in certain instances, United States federal law, other applicable law or
applicable public policy may prohibit the Company from indemnifying its
directors, officers, employees, controlling persons, fiduciaries or other agents
or affiliates under this Agreement or otherwise. The Indemnitee understands and
acknowledges that the Company has undertaken or may be required in the future to
undertake with the United States Securities and Exchange Commission to submit
the question of indemnification to a court in certain circumstances for a
determination of the Company's rights under public policy to indemnify the
Indemnitee.

          7.   Liability Insurance. To the extent the Company maintains
liability insurance applicable to its directors, officers, employees,
controlling persons, fiduciaries or other agents and affiliates, the Indemnitee
shall be covered by such policies in such a manner as to provide to the
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company's directors, if the Indemnitee is a director, or of the
Company's officers, if the Indemnitee is not a director of the Company but is
an officer; or of the Company's key employees, controlling persons, fiduciaries
or other agents or affiliates, if the Indemnitee is not an officer or director
but is a key employee, controlling person, fiduciary, agent or affiliate.

          8.   Exceptions. Any other provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement:

               (a) Excluded Action or Omissions. To indemnify the Indemnitee for
any intentional malfeasance by the Indemnitee or any act undertaken by the
Indemnitee where the Indemnitee did not in good faith believe that the
Indemnitee was acting in the best interests of the Company, or for any other
acts, omissions or transactions from which the Indemnitee may not be relieved of
liability under applicable law;

               (b) Claims Initiated by Indemnitee. To indemnify or advance
Expenses to the Indemnitee with respect to Claims initiated or brought
voluntarily by the Indemnitee and not by way of defense, except (i) with respect
to actions or proceedings to establish or enforce a right to indemnify under
this Agreement or any other agreement or insurance policy or under the Company's
Amended Memorandum and Articles of Association now or hereafter in effect
relating to Claims for

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Indemnification Events, or (ii) in specific cases if the Board of Directors has
approved the initiation or bringing of such Claim;

               (c) Lack of Good Faith. To indemnify the Indemnitee for any
Expenses incurred by the Indemnitee with respect to any proceeding instituted by
the Indemnitee to enforce or interpret this Agreement, if a court of competent
jurisdiction determines that any of the material assertions made by the
Indemnitee in such proceeding was not made in good faith or was frivolous; or

               (d) Claims Under Section 16(b) of the Exchange Act. To indemnify
the Indemnitee for Expenses and the payment of profits arising from the purchase
and sale by the Indemnitee of securities in violation of Section 16(b) of the
Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT"), or any similar
successor statute, if and when applicable to the Company; or

               (e) Claims Under Section 165 of the Hong Kong Companies
Ordinance. To indemnify the Indemnitee for any liability to the Company or a
related company (as defined in Section 165 the Companies Ordinance, Chapter 32
of the Laws of Hong Kong) of the Company that by virtue of any law would
otherwise attach to him in respect of any negligence, default, breach of duty or
breach of trust of which he may be guilty in relation to the Company or such
related company.

          9.   Period of Limitations. No legal action shall be brought and no
cause of action shall be asserted by or in the right of the Company against the
Indemnitee, the Indemnitee's estate, spouse, heirs, executors or personal or
legal representatives after the expiration of two years from the date of accrual
of such cause of action, and any claim or cause of action of the Company shall
be extinguished and deemed released unless asserted by the timely filing of a
legal action within such two-year period; provided, however, that if any shorter
period of limitations is otherwise applicable to any such cause of action, such
shorter period shall govern.

          10.  Construction of Certain Phrases.

               (a) For the purposes of this Agreement, an "AFFILIATED PERSON" of
the Indemnitee shall include any director, officer, employee, controlling person
(within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act), agent or fiduciary of the Indemnitee, any shareholder of the
Company for whom Indemnitee serves as a director, officer, employee, controlling
person, agent or fiduciary, and any partnership, corporation, limited liability
company, association, joint stock company, trust or joint venture controlling,
controlled by or under common control with such a shareholder. For these
purposes, "CONTROL" means the possession, directly or indirectly, of the power
to direct management and policies of a person or entity, whether through the
ownership of voting securities, contract or otherwise.

               (b) For purposes of this Agreement, a "CHANGE IN CONTROL" shall
be deemed to have occurred if, after the date hereof, (i) any "person" (as such
term in used in Sections 13(d) and 14(d) of the Exchange Act) other than a
trustee or other fiduciary holding securities under an employee benefit plan of
the Company or a corporation owned directly or indirectly by the shareholders of
the Company in substantially the same proportions as their ownership of the
Company's shares, (A) who is or becomes the beneficial owner, directly or
indirectly, of securities of the Company representing 20% or more of the
combined voting power of the Company's then outstanding Voting Securities,
increases his/her beneficial ownership of such securities by 5% or more over the
percentage so owned by such person (except for acquisition of such securities by
the Company's existing shareholders or their affiliates who hold the Company's
shares, directly or indirectly, on the date hereof), or (B) becomes the
"beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company representing more than 30% of the
total voting power represented by the Company's then outstanding Voting
Securities (except for acquisition of such securities by the Company's existing
shareholders or their

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affiliates who hold the Company's shares, directly or indirectly, on the date
hereof), (ii) during any period of two consecutive years, individuals who at the
beginning of such period constitute the Board of Directors of the Company and
any new director whose election by the Board of Directors or nomination for
election by the Company's shareholders was approved by a vote of at least
two-thirds of the directors then still in office who either were directors at
the beginning of the period or whose election or nomination for election was
previously so approved, cease for any reason to constitute a majority thereof,
or (iii) the shareholders of the Company approve a merger or consolidation of
the Company with any other corporation, other than a merger or consolidation
which would result in the Voting Securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into Voting Securities of the surviving
entity) at least 60% of the total voting power represented by the Voting
Securities of the Company or such surviving entity outstanding immediately after
such merger or consolidation, or the shareholders of the Company approve a plan
of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of (in one transaction or a series of transactions)
all or substantially all of the Company's assets.

               (c) For purpose of this Agreement, a "CLAIM" shall mean any
threatened, pending or completed action, suit, proceeding or alternative dispute
resolution mechanism, or any hearing, inquiry or investigation that the
Indemnitee in good faith believes might lead to the institution of any such
action, suit, proceeding or alternative dispute resolution mechanism, whether
civil, criminal, administrative, investigative or other.

               (d) For purposes of this Agreement, references to the "COMPANY"
shall include, in addition to the resulting corporation, any constituent
corporation (including any constituent of a constituent) absorbed in a
consolidation or merger which, if its separate existence had continued, would
have had power and authority to indemnify is directors, officers, employees,
agents, fiduciaries and other Affiliated Persons, so that if the Indemnitee is
or was a director, officer, employee, agent, controlling person, fiduciary or an
Affiliated Person of such constituent corporation, or is or was serving at the
request of such constituent corporation as a director, officer, employee,
controlling person, agent or fiduciary or another corporation, partnership,
joint venture, employee benefit plan, trust or other enterprise, the Indemnitee
shall stand in the same position under the provisions of this Agreement with
respect to the resulting or surviving corporation as the Indemnitee would have
with respect to such constituent corporation if its separate existence had
continued.

               (e) For the purpose of this Agreement, "CONSOLIDATED ENTITY",
with respect to the Company, shall mean any entity the financial results of
which are consolidated with those of the Company in accordance with generally
accepted accounting principals in the United States, including but not limited
to Fuhua Innovation Technology Development Co., Ltd.

               (f) For purpose of this Agreement, "EXPENSES" shall mean any and
all of the losses, claims, damages, expenses and liabilities, joint or several
(including attorneys' fees and all other costs, expenses and obligations
incurred in connection with investigating, defending a witness in or
participating in (including on appeal), or preparing to defend, be a witness in
or participate in, any action, suit, proceeding, alternative dispute resolution
mechanism, hearing, inquiry or investigation) related to any Claim, judgments,
fines, penalties and amounts paid in settlement (if such settlement is approved
in advance by the Company) of any Claim and any federal, state, local or foreign
taxes imposed on the Indemnitee as a result of the actual or deemed receipt of
any payments under this Agreement, including all interest, assessments and other
charges paid or payable in connection with or in respect of such payments.

               (g) For purpose of this Agreement, an "INDEMNIFICATION EVENT"
shall mean any event or occurrence related to the fact that the Indemnitee is or
was (or is alleged to be or to have been) a director, officer, employee,
controlling person, fiduciary or other agent or affiliate of the Company or any
of its Subsidiaries, or is or was (or is alleged to be or to have been) serving
at the request of the Company as a director, officer, employee, controlling
person, fiduciary or other

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agent or affiliate of another corporation, partnership, limited liability
company, joint venture, trust or other enterprise, or by reason of any action or
inaction on the part of the Indemnitee while serving (or allegedly serving) in
such capacity; it being understood that Indemnification Events shall include,
without limitation, Claims made under the Securities Act, the Exchange Act, or
any other United States federal or state, or other statutory law or regulation,
domestic or foreign (including, without limitation, the laws of the Cayman
Islands, the People's Republic of China or Hong Kong S.A.R., as the case maybe),
at common law or otherwise, which relate directly or indirectly (i) to the
registration, purchase, sale or ownership of any securities of the Company or
its Subsidiaries, or (ii) to any fiduciary obligation owed with respect to the
Company, its Subsidiaries and its shareholders.

               (h) For purpose of this Agreement, a "SUBSIDIARY" of the Company
shall mean an entity of which the shares representing more than 10% of the total
voting power are directly or indirectly held by the Company.

               (i) For purposes of this Agreement, "VOTING SECURITIES" shall
mean any securities of the Company that vote generally in the election of
directors.

               (j) For purposes of this Agreement, references to "OTHER
ENTERPRISES" shall include employee benefit plans; references to "FINES" shall
include any excise taxes assessed on the Indemnitee with respect to an employee
benefit plan; and references to "SERVING AT THE REQUEST OF THE COMPANY" shall
include any service as a director, office, employee, agent or fiduciary of the
Company which imposes duties on, or involves services by, such director,
officer, employee, agent, fiduciary or other Affiliated Person with respect to
an employee benefit plan, its participants or its beneficiaries.

          11.  Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

          12.  Binding Effect; Successors and Assigns. This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, assigns, including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company (and the Company
may assign its rights and obligations in connection with any such transaction
without the consent of the Indemnitee), spouses, heirs, and personal and legal
representatives. The Company shall require and cause any successor (whether
direct or indirect by purchase, merger, consolidation or otherwise) to all,
substantially all, or a substantial part, of the business and/or assets of the
Company, by written agreement in form and substance satisfactory to the
Indemnitee, expressly to assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform if
no such succession had taken place. This Agreement shall continue in effect with
respect to Claims relating to Indemnification Events regardless of whether the
Indemnitee continues to serve as a director, officer, employee, agent,
controlling person, or fiduciary of the Company or of any other enterprise at
the Company's request.

          13.  Attorneys' Fees. In the event that any action is instituted by
the Indemnitee under this Agreement or under any liability insurance policies
maintained by the Company to enforce or interpret any of the terms hereof or
thereof, the Indemnitee shall be entitled to be paid all Expenses incurred by
the Indemnitee with respect to such action, regardless of whether the Indemnitee
is ultimately successful in such action, and shall be entitled to the
advancement of Expenses with respect to such action, unless, as a part of such
action, a court of competent jurisdiction over such action determines that any
of the material assertions made by the Indemnitee as a basis for such action was
not made in good faith or was frivolous. In the event of an action instituted by
or in the name of the Company under this Agreement to enforce or interpret any
of the terms of this Agreement, the Indemnitee shall be entitled to be paid all
Expenses incurred by the Indemnitee in defense of such action (including
Expenses incurred with respect to the Indemnitee's counterclaims and
cross-claims made in such action), and shall be entitled to the advancement of
Expenses with respect to such

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action, unless, as a part of such action, a court having jurisdiction over such
action determines that any of the Indemnitee's material defenses to such action
was made in bad faith or was frivolous.

          14.  Notice. All notices and other communications required or
permitted hereunder shall be in writing and shall be effective upon the earlier
of receipt or (a) five (5) days after deposit with the applicable postal
service, if delivered by first class mail, postage prepaid, (b) upon delivery,
if delivered by hand, (c) one business day after the business day of deposit
with Federal Express or similar overnight courier, freight prepaid, or (d) one
business day after the day of delivery by facsimile transmission, if deliverable
by facsimile transmission, with copy by first class mail, postage prepaid, and
shall be addressed if to the Indemnitee at the Indemnitee's address as set forth
beneath the Indemnitee's signature to this Agreement, and if to the Company at
the address of its principal corporate offices (attention: Chief Executive
Officer) or at such other address as such party may designate by ten (10) days'
advance written notice to the other party hereto.

          15.  Severability. The provisions of this Agreement shall be severable
in the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable, and the remaining
provisions shall remain enforceable to the fullest extent permitted by law.
Furthermore, to the fullest extent possible, the provisions of this Agreement
(including, without limitations, each portion of this Agreement containing any
provision held to be invalid, void or otherwise unenforceable, that is not
itself invalid, void or unenforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid, illegal or
unenforceable.

          16.  Choice of Law. This Agreement shall be governed by and its
provisions construed and enforced in accordance with the laws of the State of
New York, United States, without regard to the conflict of laws principles
thereof.

          17.  Subrogation. In the event of payment under this Agreement, the
Company shall be subrogated to the extent of such payment to all of the rights
of recovery of the Indemnitee, who shall execute all documents required and
shall do all acts that may be necessary to secure such rights and to enable the
Company effectively to bring suit to enforce such rights.

          18.  Amendment and Termination. No amendment, modification,
termination or cancellation of this Agreement shall be effective unless it is in
writing and signed by both parties hereto. No waiver of any of the provisions of
this Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a
continuing waiver.

          19.  Integration and Entire Agreement. This Agreement sets forth the
entire understanding between the parties hereto and supersedes and merges all
previous written and oral negotiations, commitments, understandings and
agreements relating to the subject matter hereof between the parties hereto.

          20.  No Construction as Employment Agreement. Nothing contained in
this Agreement shall be construed as giving the Indemnitee any right to be
retained in the employ of the Company or any of its Subsidiaries.

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

COMPANY                           CHINA FINANCE ONLINE CO. LIMITED
                                  a Cayman Islands corporation

                                  By: __________________________________________

                                  Title: _______________________________________

                                  Address: _____________________________________

INDEMNITEE                        [NAME]

                                  Signature:____________________________________

                                  Title: _______________________________________

                                  Address: _____________________________________

                                       9<PAGE>

                                                                   Exhibit 10.19

                             FORM OF LABOR CONTRACT

     PARTY A: CHINA FINANCE ONLINE (BEIJING) CO., LTD.

     Address: Suites 610B & 605 Peace Mansion, 23 Jinrong Avenue,
     Xicheng District, Beijing

     PARTY B:
     Gender:
     Date of birth:
     Home address:
     Mailing address:
     Telephone:
     Zip code:
     ID Card No.:

     In accordance with the Labor Law of the People's Republic of China,
Regulations on Labor Contracts for Beijing Municipality, and related laws and
regulations, Party A and Party B hereby enter into this Labor Contract with
respect to Party A's employment of Party B upon consultation on the basis of
equality and free will. Both Party A and Party B shall comply with the terms
hereof.

CHAPTER I. TERM

Clause 1. The term of this Contract is one year. It will become effective on
_____(month) / ____(day) / ____ (year) and terminate on _____(month) / ____(day)
/ ____ (year). A new labor contract shall be signed upon expiration of this
Contract.

CHAPTER II. WORK DUTIES

Clause 2. Party A agrees that Party B shall work in the ________________
department of Party A. Party A may rearrange Party B's position according to
Party A's work needs.

Clause 3. The work and duties of Party B are defined under relevant regulations
of Party A.

CHAPTER III. WORKING HOURS

Clause 4. Party A may arrange for Party B the number of working days per week
and the number of working hours per day according to work needs. The arrangement
is not fixed and may be readjusted from time to time according to work needs.

Clause 5. Party A may extend Party B's working hours according to the
characteristics of the position and customers' needs. Party B may extend working
hours based on work arrangements by himself or herself or by the department.

Clause 6. Party A shall provide explanation to Party B if Party A needs to
arrange work for Party B on off-days or legal holidays; Party B shall cooperate
with Party A if there are no special circumstances. Party B may arrange to work
during the aforesaid period based on work arrangements by himself or herself or
by the department.

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CHAPTER IV. REMUNERATION, SOCIAL WELFARE, OTHER SUBSIDIES, AND SEVERANCE PAY

Clause 7. Party A shall compensate for Party B's work based on the principle of
distribution according to actual work and correlation of benefits with
responsibilities.

7.1 The remunerations shall be determined by Party A and Party B through
consultation. The remunerations of Party B includes 20% for basic salary, 30%
for bonus, 10% for position-based allowance, 10% for expenses for books and
newspapers, 7.5% for transportation subsidy, 2.5% for food subsidy, 15% for
labor protection, 2.5% for inflation subsidy, and 2.5% for medical subsidy.

7.2 Social security and welfare. Party A shall contribute on Party B's behalf to
the "four insurances and one fund," namely medical insurance for serious
illnesses, workers' compensation, unemployment insurance, retirement insurance,
and public accumulation fund for housing. The base contribution shall be equal
to Party B's base salary. Party B shall provide his or her dossier or follow
other relevant procedures at the request of Party A. If Party A is unable to
make the aforesaid contribution on Party B's behalf because of Party B's failure
to provide the dossier or follow other relevant procedures due to his or her own
cause, the contribution payments shall be given to Party B directly.

7.3 Other subsidies. Apart from the remunerations, social security and welfare
set forth under 7.1 and 7.2, Party A shall give attendance bonus, living
subsidy, books and newspapers subsidy, transportation subsidy to Party B
according to the business conditions of Party A and the job performance as well
as living and commute circumstances of Party B and so forth. Given the practical
considerations that the base level of "the four insurances and one fund" may
only be adjusted once a year in Beijing and that the employees of Party A tend
to switch jobs relatively frequently, Party A shall pay Party B directly the
amount for the "four insurances and one fund" contribution and leave to Party B
himself or herself to submit the contribution. If Party B wishes the company to
submit the contributions instead, Party B shall apply in writing to have Party A
withhold his or her income on a monthly basis and submit the withheld amount in
a lump sum the next year.

7.4 Severance compensation. If Party A terminates the labor contract in advance,
Party A shall not pay Party B attendance bonus, welfare subsidy, books and
newspapers subsidy, transportation subsidy and "subsidy for the four insurances
and one fund". Under these conditions, Party A shall pay Party B a severance
compensation based on Party B's monthly base salary pursuant to relevant
regulations under the Labor Law.

Clause 8. Party A shall pay Party B the last month's remuneration before the
fifth day of every month.

Clause 9. Party A may readjust Party B's remuneration level, department,
position, title and work on a regular or irregular basis according to the job
performance of Party B and the business conditions of Party A.

Clause 10. Party A shall follow relevant rules and regulations according to the
actual characteristics of Party A's business, when Party A arranges to have
Party B extend working hours or work during off days or holidays based on work
needs.

Clause 11. The salary paid by Party A to Party B shall not be lower than the
minimum wage standard for Beijing Municipality.

Clause 12. When working for Party A, Party B shall be responsible for his or her
own personal income tax, and Party A shall withhold the income tax for Party B.

CHAPTER V. LABOR PROTECTION AND LABOR CONDITIONS

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Clause 13. Party A shall provide Party B with a working environment that can
guarantee the safety and health of Party B according to relevant laws and
regulations.

Clause 14. Party A shall provide Party B with corresponding labor conditions
including work space, office equipment and facilities according to the work
nature and position characteristics of Party B.

CHAPTER VI. INSURANCE BENEFITS

Clause 15. When Party B works for Party A, Party A shall purchase social
insurance for Party B according to relevant regulations of the State and Beijing
Municipality, and Party B shall follow the required procedures. Party A and
Party B shall bear their respective costs for the insurance in accordance with
relevant regulations.

Clause 16. While working for Party A, Party B may take sick leaves, annual
leaves, marriage leave and bereavement leave in accordance with relevant rules
and regulations of Party A.

Clause 17. If Party B fails to perform his or her normal job duties because he
suffers from a professional disease or work-related injury or, for a female
employee, during her pregnancy, maternity or nursing period, Party A shall
follow relevant regulations of the State and Beijing Municipality.

Clause 18. If Party B is sick or suffers from a non-work related injury, Party A
shall provide medical leave according to diagnostics and treatment suggestions
from the hospital pursuant to relevant regulations of Party A.

Clause 19. If Party B becomes handicapped or dies as a result of a work-related
injury while working for Party A, Party A shall provide appropriate compensation
in accordance with relevant regulations of the State and Beijing Municipality.
If Party B is sick or suffers from a non-work related injury, Party A may make a
decision with respect to Party A's medical costs and wages during medical leave
or compensations for handicap or death on the basis of actual circumstances and
in accordance with relevant regulations of the State and Beijing Municipality.

CHAPTER VII. WORK DISCIPLINE, AWARDS AND PUNISHMENTS

Clause 20. Party B shall abide by laws and regulations and shall abide by
various rules and regulations and work discipline of Party A, accept the
leadership, management and education of Party A, and complete the work assigned
by Party A conscientiously, responsibly and diligently.

Clause 21. Party B shall not carry out any act that may harm the image, credit
or reputation of Party A; nor shall Party B harm Party A's interests for
personal gain. Party A has the right to fine Party B or dismiss Party B without
any severance compensation if Party B's conduct causes injury to Party A,
including reputation damage, leakage of technical and trade secrets, equipment
damage, loss of important data and materials, or any other losses. Meanwhile,
Party A shall reserve all rights to bring lawsuits against Party B.

Clause 22. Party B shall be liable for breach in accordance with Chapter X of
this Contract, if Party B intentionally or negligently causes materially adverse
injuries to Party A's image, credit and reputation.

Clause 23. If Party B violates the work discipline or regulations of Party A,
Party A may impose disciplinary

<PAGE>

punishments on Party B by giving warnings orally or in writing, or by suspending
remunerations; under serious circumstances, Party A may terminate this Contract
and claim liability against Party B for breach of contract pursuant to Chapter X
of this Contract. Party A may impose punishment on Party B according to the
regulations of Party A or even terminate the labor contract in view of the
seriousness of the losses. The aforesaid conduct of Party A shall not affect
Party A's rights to pursue Party B's responsibilities in accordance with the
laws and this Contract.

Clause 24. Party B agrees to sign the Confidentiality, Non-Competition and
Intellectual Property Rights Agreement with Party A in the Appendix of this
Contract and observe the duties set forth in the Agreement. The Appendix is an
integral part of this Contract and shall be equal to this Contract in legal
effect. If the term of this Contract is extended, the term of the Appendix shall
be extended to the same extent.

CHAPTER VIII. ALTERATION, RESCINDING, TERMINATION AND EXTENSION OF THE LABOR
CONTRACT

Clause 25. If the laws, administrative regulation and rules under which this
Contract is formed have changed, Party A and Party B shall revise the relevant
content of this Contract according to the revised laws, regulations and rules.

Clause 26. If the objective conditions upon which this Contract is formed have
changed significantly, making it impossible for this Contract to be performed,
Party A and Party B may rescind this Contract through consultation.

Clause 27. If Party B is under any of the following circumstances, Party A may
immediately terminate this Contract by giving Party B a notice in writing:

       27.1 Party A deems Party B unqualified;

       27.2 Party B seriously breaches this Contract or seriously violates the
work discipline and regulations of Party A and Party A has sufficient reasons to
terminate this Contract according to the rules and regulations of Party A or
this Contract;

       27.3 Party B is seriously derelict in his or her duties, engages in
fraudulent practices for personal gains, causing material harm to Party A's
interests or serious damage to Party A's image, credit or reputation;

       27.4 Party B breaches the duties set forth in the Confidentiality,
Non-Competition and Intellectual Property Rights Agreement signed by both
Parties, resulting in substantial economic losses on Party A;

       27.5 Party B is undergoing labor re-education or is prosecuted for
criminal liability.

Clause 28. Under any of the following circumstances, Party A may terminate this
Contract with a thirty-day advanced notice to Party B:

       28.1 Party B suffers from an illness or a non-work related injury, and
after completion of medical treatment, Party B is unable to take his or her
former job or any other job assigned by Party A;

       28.2 Party B is incompetent for the job and remains incompetent after
training or reassignment; 28.3 Party A and Party B fail to reach an agreement
pursuant to Clause 26 of this Contract.

Clause 29. Under any of the following circumstances, Party B may terminate this
Contract by notifying Party A:

       29.1 During the probation period;

       29.2 Party A forces Party B to work through violence, coercion,
imprisonment, or illegal restriction of

<PAGE>

personal freedom;

       29.3 Party A fails to pay the remuneration in accordance with this
Contract;

       29.4 Party A fails to make the social security payments for Party B as
required under the law.

Clause 30. If Party B considers himself or herself unfit for the job assigned by
Party A, he or she may terminate this Contract by giving Party A a three-month
advanced notice, or a six-month advanced notice if Party B is a department
manager or above, provided that Party B has completed the handover procedures
set forth in Clause 36 of this Contract. If Party B demands to terminate this
Contract in breach of this Clause 30, Party A may refuse to terminate this Labor
Contract.

However, if Party B remains liable for breach of contract under Clause 31 and
Clause 39 of this Contract, then Party B may not terminate this Contract in
accordance with this Clause.

Clause 31. If Party A terminates this Labor Contract with Party B in accordance
with Clause 28 of this Contract, Party A shall provide Party B with compensation
pursuant to relevant regulations of Beijing Municipality. If Party B terminates
this Labor Contract in violation of laws and regulations and the provisions of
this Labor Contract or demands immediate termination of the Contract in breach
of Clause 30 of this Contract, Party B shall compensate for losses suffered by
Party A in accordance with Clause 39 of this Contract.

Clause 32. If Party B is under any of the following circumstances, Party A shall
not terminate this Contract pursuant to Clause 28 of this Contract: 32.1 Party B
suffers from any occupational disease or work-related injury and is confirmed to
have lost or partially lost work ability; 32.2 Party B suffers from an illness
or non-work related injury and is still under treatment; 32.3 Party B is during
pregnancy, maternity or nursing period, if Party B is a female employee.

CHAPTER IX. TERMINATION AND RENEWAL OF THIS CONTRACT AND JOB HANDOVER

Clause 33. Under any of the following circumstances, this Contract shall be
terminated:

       33.1 The term of this Contract has expired and either Party does not
agree to renew the labor contract;

       33.2 Party B has died, completely lost capacity of disposition not as a
result of an occupational disease or work-related jury, or partially lost
capacity of disposition but is unable to take on the job assigned by Party A;

       33.3 Party B has reached the statutory age for retirement.

       33.4 Party B has died or is pronounced missing or dead by the People's
Court.

       33.5 Party A is bankrupt or dissolved under the law.

       33.6 If any of the circumstances set forth in Clause 33.1, 33.2 and 33.5
leads to the termination of this Contract, Party A shall issue a written
statement to Party B to terminate this Contract and shall follow relevant
procedures.

Clause 34. Thirty (30) days prior to the expiration of this Contract, Party A
shall send a written notice to Party B, informing Party B that the Labor
Contract signed by both Parties is about to expire and that Party A will
terminate this Contract. If Party A decides to renew the Labor Contract with
Party B, Party A shall notify Party B in writing at least thirty (30) days prior
to the expiration of this Contract asking Party B to come to the human resource
department of Party A to renew the Labor Contract. If Party B fails to receive
the renewal notice

<PAGE>

thirty (30) days prior to the expiration of the Labor Contract, or if Party B
receives the renewal notice but fails to come to Party A to complete the renewal
procedures within the time limit specified in the notice, the employment
relationship between Party A and Party B shall end upon expiration of this
Contract.

Clause 35. Party A and Party B may renew the Labor Contract either by entering
into another labor contract upon consultation or by specifying the renewal term
in the Appendix of this Labor Contract upon signature of both Parties.

Clause 36. Upon termination of this Contract, Party B shall hand over his or her
job in a responsible and comprehensive manner. Party B shall hand over to the
receiving person at Party A in excellent conditions all office utilities,
equipment and facilities that Party B used and all files that Party B worked on
while working for Party A. Otherwise, Party A shall refuse to proceed with
relevant termination procedures and shall claim liability against Party B for
breach of contract under Chapter X of this Contract and demand that Party pay
for the liquidated damages.

Clause 37. Regardless of the reasons for terminating this Contract, Party B
shall resolve all issues on pending matters through consultation with Party A
before leaving the job. The shares and share options that Party B obtained shall
be exercised in accordance with relevant regulations set forth by the Board of
Directors of the company, and Party B shall take the initiative to consult with
the company secretariat and to complete relevant procedures. Regardless of the
circumstances, once Party B has settled with Party A on any unpaid salary and
severance payment, there shall no longer be any unresolved issues between Party
A and Party B, and Party B shall no longer be entitled to make any demand on
Party A.

CHAPTER X. BREACH

Clause 38. If Party A is under any of the following circumstances, Party B is
entitled to require Party A to continue performing this Contract and Party A
shall be liable for breach of contract:

       38.1 Party A fails to provide the labor protection and labor conditions
set forth in this Contract;

       38.2 Party A fails to provide the remuneration, insurance and welfare set
forth in this Contract.

Clause  39. If Party B is under any of the following circumstances, Party A is
entitled to demand that Party B pay liquidated damages to Party A:

       39.1 Party B leaves his position without permission and does not hand
over the work to his successor before the expiration of this Contract and not in
compliance with the conditions for terminating this Contract;

       39.2 Party B seriously violates the work discipline and rules and
regulations of Party A;

       39.3 Party B is seriously derelict in his or her duties, engages in
fraudulent practices for personal gains, causing material harm to Party A's
interests;

       39.4 Party B breaches the duties set forth in the Confidentiality,
Non-Competition and Intellectual Property Rights Agreement;

       39.5 Party B breaches the job hand-over requirement under Clause 36 of
this Contract.

       The standard amount of liquidated damages shall be equal to twice of
Party B's salary in the month prior to the date of the breach. If the breach has
caused actual economic losses to Party A and the losses exceed the amount of
liquidated damages, Party B shall be liable to Party A for the difference.

Clause 40. Party B warrants that (1) all relevant information that Party B
provides to Party A, including but

<PAGE>

not limited to identity, address, academic credentials, work experience, and
professional skills, is true; (2) Party B has terminated employment relationship
with his or her previous employer before entering into this Contract. If Party B
breaches the warrant under this Clause, Party A shall be entitled to rescind
this Contract and demand that Party B compensate Party A for losses due to the
breach.

Clause 41. If the employment relationship is terminated because Party B breaches
this Contract or is dismissed by Party A, Party A shall have the right to demand
that Party B pay the following expenses: (1) the expenses directly paid by Party
A for hiring Party B; and (2) the training expenses paid by Party A for Party B.

CHAPTER XI. DISPUTE RESOLUTION

Clause 42. Both Parties may resolve labor disputes arising from the performance
of this Contract through consultation and mediation. If such consultation and
mediation fail to reach a consensus, either Party may apply for arbitration by
the local arbitration commission in the place where Party A is located. Either
Party may apply for arbitration directly without first going through mediation.
If either Party does not accept the arbitration result, it may bring a lawsuit
to the People's Court for the Haidian District, Beijing.

CHAPTER XII. NOTICE

Clause 43. The notices required or allowed under this Contract may be delivered
using either of the following two methods:

       43.1 The notified Party signs the written notice issued by the notifying
Party;

       43.2 The notifying Party delivers via registered mail a written notice to
the notified Party at the address of the notified Party listed in this Contract.

Clause 44. If either Party A or Party B uses the aforesaid first method to
deliver the written notice to the other Party, the delivery shall be deemed as
completed on the date the other Party signs the notice. If either Party A or
Party B uses the second aforesaid method to deliver the written notice to the
other Party, the delivery shall be deemed as completed three days after the
delivery.

Clause 45. If either Party A or Party B changes its mailing address, it shall
inform the other Party in writing about the new address within three days after
the change. Otherwise, the Party that changes its mailing address shall be
liable for all resultant consequences.

CHAPTER XIII. SUPPLEMENTARY PROVISIONS

Clause 46. Any unresolved issue in this Contract shall be resolved by Party A
and Party B through consultation.

Clause 47. This Contract shall take effect after Party A affixes its seal and
Party B signs its name.

Clause 48. This Contract has two counterparts, with one for each Party. The two
counterparts have equal legal effect.

PARTY A: CHINA FINANCE ONLINE (BEIJING) CO., LTD.     PARTY B:

Representative appointed by the company:

Date: ____/____/________                              Date: ____/____/________

<PAGE>

                       LABOR CONTRACT EXTENSION AGREEMENT

     Party A and Party B sign the Labor Contract No. ________ with a term from
____/____/________ to ____/____/________.

     Party A and Party B hereby reach a consensus to renew the Labor Contract
No. ________. The term of the renewed contract shall start from
____/____/________ and end at ____/____/________. Upon expiration of this
Contract, both Parties shall sign a new Labor Contract.

        Except otherwise agreed upon by both Parties in writing, the rights and
obligations with respect to the employment relationship between Party A and
Party B shall be in compliance with the Labor Contract No. ________ and its
appendices.

PARTY A: CHINA FINANCE ONLINE (BEIJING) CO., LTD.     PARTY B:

Representative appointed by the company:

Date: ____/____/________                              Date: ____/____/________

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